MIRA INFORM REPORT
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Report No. : |
312266 |
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Report Date : |
20.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOURCEBITS TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Second Floor, Salarpuria Infozone, No.39 (P), 41(P), ND 42(P),
Electronic City Phase I, Doddathogur Village Begur, Bangalore – 560100,
Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.04.2006 |
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Com. Reg. No.: |
08-039143 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.668 Million |
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CIN No.: [Company Identification
No.] |
U72200KA2006PTC039143 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAJCS8491F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is developing the applications gaming products which gets uploaded
in the apps store. Part from development of products, the company is software
design and development services for the iPhone, Mobile Mac, IPad, Android,
Blackberry. Symbian, Win phone and the work. |
|
|
|
|
No. of Employees
: |
240 (Approximately) |
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Management of the company has not filed its financial with the government
department for the year 2014. As per available financial of 2013, the company has incurred a loss. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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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.
INFORMATION DENIED BY
|
Name : |
Mr. Subbaiya Palanganda |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-80-40650888 |
|
Date : |
18.03.2015 |
LOCATIONS
|
Registered Office : |
Second Floor, Salarpuria Infozone, No.39 (P), 41(P), ND 42(P),
Electronic City Phase I, Doddathogur Village Begur, Bangalore – 560100,
Karnataka |
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Tel. No.: |
91-80-40650855 |
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Fax No.: |
91-80-40650899 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Giani Ram Singal |
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Designation : |
Director |
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Address : |
No. 20 Sector -12, Panchkula, 134109, Haryana, India |
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Date of Birth/Age : |
24.03.1945 |
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Date of Appointment : |
02/05/2009 |
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DIN No.: |
02219121 |
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Other Directorship:
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Name : |
Mr. Munish Gupta |
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Designation : |
Director |
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Address : |
19, Basement Floor, Mandakini, Alaknanda, Delhi, 110019, India |
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Date of Appointment : |
30/07/2014 |
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DIN No.: |
02695562 |
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Other Directorship:
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Name : |
Mr. Konstantinos Papadimitrakopoulos |
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Designation : |
Director |
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Address : |
147A, Georgiou Lyra Street, Kifisia, 14561, , Greece |
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Date of Appointment : |
25.08.2014 |
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DIN No.: |
06924600 |
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KEY EXECUTIVES
|
Name : |
Mr. Subbaiya Palanganda |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Dr. Rohit Singal |
|
97500 |
|
Pooja Singal |
|
2500 |
|
Total |
|
100000 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Sourcebits Private Limited, Singapore |
|
166796 |
|
Total |
|
166796 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
45.00 |
|
Directors or relatives of Directors |
55.00 |
|
Total |
100.00 |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
45.00 |
|
Directors or relatives of Directors |
55.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is developing the applications gaming products which gets
uploaded in the apps store. Part from development of products, the company is
software design and development services for the iPhone, Mobile Mac, IPad,
Android, Blackberry. Symbian, Win phone and the work. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
240 (Approximately) |
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Bankers : |
ICICI Bank, Malleshwaram Branch, Bangalore, Karnataka,
India |
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Auditors : |
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|
Name : |
B S R and Associates Chartered Accountants |
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Address : |
Maruthi Infotech Centre, 11/1 and 12/1, Koramangala, Bangalore-560 071, Karnataka, India |
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Tel. No.: |
91-80-39806000 |
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Fax No.: |
91-8-39806999 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAIFB7355D |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives (31.03.2013): |
Source Bits Inc, US |
CAPITAL STRUCTURE
As on 30.09.2013
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
200,000 |
Preference shares |
Rs.10/- each |
Rs. 2.000 Million |
|
|
Total |
|
Rs. 3.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
166,796 |
Preference shares |
Rs.10/- each |
Rs. 1.668 Million |
|
|
Total |
|
Rs. 2.668
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2.668 |
2.668 |
1.000 |
|
(b) Reserves & Surplus |
79.611 |
97.785 |
13.924 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
82.279 |
100.453 |
14.924 |
|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.301 |
0.000 |
|
(c) Other long term
liabilities |
9.779 |
7.682 |
2.767 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
9.779 |
7.983 |
2.767 |
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1.159 |
2.037 |
3.599 |
|
(c) Other
current liabilities |
23.494 |
6.777 |
12.962 |
|
(d) Short-term
provisions |
0.732 |
0.635 |
58.760 |
|
Total Current
Liabilities (4) |
25.385 |
9.449 |
75.321 |
|
|
|
|
|
|
TOTAL |
117.443 |
117.885 |
93.012 |
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II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9.677 |
11.774 |
8.092 |
|
(ii)
Intangible Assets |
1.111 |
1.464 |
1.312 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
23.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
36.338 |
34.324 |
21.816 |
|
(e) Other Non-current
assets |
0.000 |
0.350 |
0.350 |
|
Total Non-Current
Assets |
47.126 |
47.912 |
54.570 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
20.488 |
40.721 |
3.487 |
|
(d) Cash
and cash equivalents |
13.869 |
21.310 |
27.581 |
|
(e)
Short-term loans and advances |
2.963 |
5.182 |
0.000 |
|
(f) Other
current assets |
32.997 |
2.760 |
7.374 |
|
Total
Current Assets |
70.317 |
69.973 |
38.442 |
|
|
|
|
|
|
TOTAL |
117.443 |
117.885 |
93.012 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total Income |
277.591 |
250.711 |
191.144 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
287.050 |
248.546 |
135.001 |
|
|
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|
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|
|
PROFIT
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(9.459) |
2.165 |
56.143 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.715 |
6.600 |
3.579 |
|
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|
PROFIT (LOSS)
BEFORE TAX |
(18.174) |
(4.435) |
52.564 |
|
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|
Less |
TAX |
0.000 |
0.648 |
10.476 |
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|
|
PROFIT (LOSS)
AFTER TAX |
(18.174) |
(5.083) |
42.088 |
|
|
|
|
|
|
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|
|
EARNINGS IN FOREIGN
CURRENCY |
226.200 |
225.658 |
NA |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(181.74) |
(50.83) |
420.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.47) |
(3.76) |
75.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
(0.04) |
3.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77 |
7.41 |
0.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1.000 |
2.668 |
2.668 |
|
Reserves & Surplus |
13.924 |
97.785 |
79.611 |
|
Net worth |
14.924 |
100.453 |
82.279 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
191.144 |
250.711 |
277.591 |
|
|
|
31.163 |
10.722 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
191.144 |
250.711 |
277.591 |
|
Profit/Loss |
42.088 |
(5.083) |
(18.174) |
|
|
22.02% |
(2.03%) |
(6.55%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three 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 |
Yes |
|
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 |
No |
|
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 |
BACKGROUND:
(31.03.2012)
The company was incorporated on 27 April 2006 in Bangalore. The company
has been registered as a 100 Percent export Oriented Unit, and is registered
under software Technology Parks of India
(STPI) scheme at Bangalore.
Source bits is the leading iPhone Operating software (IOS) developer in
the industry, with a stupendous collection of Application Portfolio. The iPhone
Software development services necessitate impeccable cade and user interface.
The company has development and successfully delivered more than 500 mobile,
web and cloud projects since 2006.
The company has pioneered in the business of mobile application
development. The company has two lines of Business –products and Services. The
Company is developing the applications gaming products which gets uploaded in
the apps store. Part from development of products, the company is software
design and development services for the iPhone, Mobile Mac, IPad, Android,
Blackberry. Symbian, Win phone and the work.
Note: Registered Office
of the company has been shifted from “Salarpuria Infozone, SY No.39 (P), 41(P),
and 42(P), Electronic City Phase I, Doddathogur Villege Begur,
Bangalore-560100, Karnataka India” to the present address w.e.f. 08.08.2011.
INDEX OF CAHREGS: NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS:
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Other equipments
- Computer software
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
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--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.