MIRA INFORM REPORT
|
Report No. : |
313376 |
|
Report Date : |
20.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SILAB TECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.303, 2nd Floor, A Block, AECS Layout, Kundalahalli,
Bangalore – 560037, Karnataka |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
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|
Date of
Incorporation : |
14.06.2012 |
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|
|
|
Com. Reg. No.: |
08-064381 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200KA2012PTC064381 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS42940C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AARCS6770R |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the activities of development, manufacturing,
trading, importing and exporting of electronics, electrical, mechanical
products, and technical, mobile, automobile, laptop and other e-book products
and solutions, design and development of software and software services. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 27000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a company with limited operational history having moderate
track. Management has reported consecutive losses since its inception,
leading to accumulated of the same during FY14. However, trade relations are improving. Business is active. Payment
terms are reported as slow but correct. In view of experienced promoters, the company can be considered for
business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office / Factory : |
No.303, 2nd Floor, A Block, AECS Layout, Kundalahalli, Bangalore – 560037, Karnataka, India |
|
Tel. No.: |
91-91-80-4172-8296 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 13.09.2014
|
Name : |
Naveen Chava |
|
Designation : |
Director |
|
Address : |
G2, Magnolia, 170, 5th Main, Defence Colony, Indiranagar Bangalore –
560038, Karnataka, India |
|
Date of Birth/Age : |
29.07.1975 |
|
Date of Appointment : |
14.06.2012 |
|
DIN No.: |
03517306 |
|
|
|
|
Name : |
Sujoy Chinmoy Chakravarty |
|
Designation : |
Whole-time director |
|
Address : |
No.19, Vaswani Whispering Palms, Orr Marathahalli, Bangalore – 560037,
Karnataka, India |
|
Date of Birth/Age : |
23.03.1978 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05294730 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Naveen Chava |
|
40200 |
|
Sujoy Chinmoy Chakravarty |
|
15200 |
|
Gopal Krishna Naik |
|
15000 |
|
Biman Chatto Padhyay |
|
15200 |
|
Ravi Mehtha |
|
14400 |
|
Total |
|
100000 |
Equity Share Break up (Percentage of Total Equity)
As on 13.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
55.40 |
|
Other top fifty shareholders |
44.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the activities of development, manufacturing, trading,
importing and exporting of electronics, electrical, mechanical products, and
technical, mobile, automobile, laptop and other e-book products and
solutions, design and development of software and software services. |
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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|
Bankers : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
HIREMATH and Company Chartered Accountants |
|
Address : |
NO.7, GROUND FLOOR, 2ND CROSS, CSI COMPOUND, MISSION ROAD, BANGALORE –
560027, Karnataka, India |
|
Tel. No.: |
91-80-41734129 / 41735129 / 22210276 |
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E-Mail : |
|
|
Website : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAJPH7031B |
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|
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Memberships : |
-- |
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Collaborators : |
-- |
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|
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
14.06.2012 To 31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1.000 |
0.100 |
|
(b) Reserves &
Surplus |
|
(16.327) |
(1.506) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
24.524 |
8.295 |
|
Total Shareholders’ Funds
(1) + (2) |
|
9.197 |
6.889 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
7.421 |
1.283 |
|
(b) Deferred tax
liabilities (Net) |
|
0.012 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
7.433 |
1.283 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
7.933 |
1.508 |
|
(c) Other current
liabilities |
|
5.653 |
1.614 |
|
(d) Short-term provisions |
|
0.161 |
0.556 |
|
Total Current Liabilities
(4) |
|
13.747 |
3.678 |
|
|
|
|
|
|
TOTAL |
|
30.377 |
11.850 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
0.244 |
0.071 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
9.035 |
8.461 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.505 |
0.011 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
9.784 |
8.543 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
14.563 |
2.273 |
|
(d) Cash and cash
equivalents |
|
0.411 |
0.376 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
5.619 |
0.658 |
|
Total Current Assets |
|
20.593 |
3.307 |
|
|
|
|
|
|
TOTAL |
|
30.377 |
11.850 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
14.06.2012 To 31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
34.550 |
7.820 |
|
|
Other Income |
|
NA |
NA |
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
|
49.361 |
9.363 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(14.809) |
(1.506) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.012 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(14.821) |
(1.506) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
|
(1.506) |
0.000 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE
B/S |
|
(16.327) |
(1.506) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
23.510 |
2.120 |
|
|
TOTAL EARNINGS |
|
23.510 |
2.120 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
148.21 |
-- |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
14.06.2012 To 31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
(42.90) |
(19.26) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(69.39) |
(44.44) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(1.61) |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.81 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.50 |
0.90 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
|
14.06.2012 TO 31.03.2013 |
31.03.2014 |
|
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
|
0.100 |
1.000 |
|
Reserves & Surplus |
|
(1.506) |
(16.327) |
|
Share Application money pending allotment |
|
8.295 |
24.524 |
|
Net worth |
|
6.889 |
9.197 |
|
|
|
|
|
|
long-term borrowings |
|
1.283 |
7.421 |
|
Short term borrowings |
|
0.000 |
0.000 |
|
Total borrowings |
|
1.283 |
7.421 |
|
Debt/Equity ratio |
|
0.186 |
0.807 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
14.06.2012 TO 31.03.2013 |
31.03.2014 |
|
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
|
7.820 |
34.550 |
|
|
|
341.816 |
NET PROFIT MARGIN
|
Net Profit Margin |
|
14.06.2012 TO 31.03.2013 |
31.03.2014 |
|
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
|
7.820 |
34.550 |
|
Profit/Loss |
|
(1.506) |
(14.821) |
|
|
|
(19.26%) |
(42.90%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-Term
Borrowings |
|
|
|
Loans from Directors |
|
|
|
Naveen Chava |
0.487 |
0.500 |
|
Sujoy Charavarthy |
0.607 |
0.000 |
|
Loans from others |
|
|
|
Sicon INC |
6.327 |
0.783 |
|
Total |
7.421 |
1.283 |
FINANCIAL PERFORMANCE
The directors are pleased to state that during
the year of operation of the business, the company has earned the revenue of
Rs.34.550 Million and incurred an expenditure of Rs.49.361 Million. Which is
more compared to the previous year revenue of Rs.7.820 Million and expenditure
of Rs.9.363 Million. The loss before tax during the year is Rs.14.809 Million
and the loss after tax is Rs.14.821 Million which is increased from the
previous year loss before tax of rs.1.506 Million and loss after tax of
Rs.1.506 Million respectively.
NOTE
The registered office of the company has been
shifted from 4th Floor, Sri Narayani Arcade, S. NO.7/3, 100 Feet, Road, Near
Kundalahalli Gate Beml, Layout, ITPL Road, Bangalore – 560037, Karnataka, India
to the present address w.e.f. 08.11.2013.
FIXED ASSETS
- Computer and Printer
- Furniture and Fixture
- Office Equipment
WEBSITE
ARTICLE
EVOLUTE AND SILABTECH
ARE THE STARTUPS TO WATCH IN INDIAN HARDWARE MANUFACTURING SECTOR
FEB 4, 2014
BANGALORE: Payment device maker Evolute Systems and chip technology provider SilabTech were picked as the startups to watch out for in the Indian hardware manufacturing sector by the India Electronics and Semiconductor Association.
The two companies were chosen from a pool of 10 at the annual gathering of the IESA in Bangalore on Monday. Mumbai-based Evolute, set up in 2009, has built three mobile handheld devices that facilitate financial transactions.
"We wanted to make a strong foray into the rural environment, and enable financial inclusion," said Parag Mehta, 40-yearold cofounder of the company that expects to earn revenue of about Rs 20 crore this fiscal. Mehta, a management graduate from Mumbai University, said his firm has sold about 75,000 devices so far, of which 55,000 were to rural customers.
The company's products find applications across industries such as micro finance, m-Commerce , and ticketing. The State Bank of India and ICICI Bank are among those who use their devices. For Bangalore-based SilabTech, the customer base for its chip-design technology is in overseas markets. The company builds intellectual property that chipmakers integrate onto their chip.
"We let chipmakers concentrate on their end product by giving them our initial building blocks," said Sujoy Chakravarty, CEO of SilabTech who expects his company to earn revenue of over $1 million (. 620 Million ) next fiscal. The company founded in 2012, by five former employees of Texas Instruments, has three customers, none from India. "We're hoping that will change soon. We need chipmakers to set up base in India," said Chakravarty.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.42 |
|
|
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.67.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.