MIRA INFORM REPORT
|
Report No. : |
314176 |
|
Report Date : |
26.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARCTERN CONSULTING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
49/8, 2nd Floor, Near Jyothi Nivas College, 60 Feet Road, Koramangala
Industrial Layout, Bangalore – 560095, Karnataka |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
19.08.2004 |
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|
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Com. Reg. No.: |
08-034530 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs.76.645 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210KA2004PTC034530 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA06532B |
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|
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PAN No.: [Permanent Account No.] |
AAECA9113F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company engaged in the business of software consultancy service for software development and solution services. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Management of the company has failed to file its latest financial for the
year 2014 with the Government Department. As per available financial of 2013, financial position of the company
seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
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 |
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High |
B2 |
|
Very High |
C1 |
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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.
INFORMATION DENIED BY
|
Name : |
Mr. Suresh Anandham |
|
Designation : |
Finance Head and Secretary |
|
Contact No.: |
91-80-79437000 |
|
Date : |
24.03.2015 |
LOCATIONS
|
Registered Office / Corporate Office: |
49/8, 2nd Floor, Near Jyothi Nivas College, 60 Feet Road, Koramangala Industrial Layout, Bangalore – 560095, Karnataka, India |
|
Tel. No.: |
91-80-79437000 / 42448999 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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|
Bangalore Office : |
5th Floor Tower 2B, Embassy Tech Village SEZ, Deeverabeesanahalli Village, Outer Ring Road, Bangalore – 560037, Karnataka, India |
|
Tel. No.: |
91-80-4244-8999 |
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|
|
|
Mumbai Office : |
6th Floor, Crystal Center, Raheja Vihar, Off Chandivali Road, Between Saki Naka and Powai, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22–4248-8200 |
DIRECTORS
AS ON 06.11.2014
|
Name : |
Bijal Mehta |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing director |
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|
Address : |
# 906, Athens 111,
Prestige Acropolis Apartments, Koramangala, Bangalore - 560029, Karnataka, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
13.09.1968 |
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Date of Appointment : |
20.08.2006 |
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DIN No.: |
00872210 |
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Other Directorship:
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Name : |
Kamalesh Ambalal Mehta |
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|
Designation : |
Director |
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|
Address : |
# 906, Athens 111,
Prestige Acropolis Apartment, Koramangala,
Bangalore – 560029, Karnataka, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.04.1942 |
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Date of Appointment : |
20.08.2006 |
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DIN No.: |
00974098 |
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Other Directorship:
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|
Name : |
Ronald Martin Kochman |
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|
Designation : |
Additional director |
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|
Address : |
369,
Frankel Boulevard, Merrick New York
- 11566, USA |
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Date of Appointment : |
07.09.2012 |
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DIN No.: |
01531755 |
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Other Directorship:
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Name : |
James Whitney Mayhew |
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Designation : |
Additional director |
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|
Address : |
6392, Fairway Pl Se,
Snoqualmie, WA-98065 - 9769, USA |
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|
Date of Birth/Age : |
24.01.1962 |
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Date of Appointment : |
07.09.2012 |
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DIN No.: |
06390576 |
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KEY EXECUTIVES
|
Name : |
Suresh Anandham |
|
Designation : |
Secretary and Finance Head |
|
Address : |
C703, Oceanus Monarda, Kasvanahalli Road, Off Sarjapur Road, Bangalore
– 560035, Karnataka, India |
|
Date of Birth/Age : |
20.03.1968 |
|
Date of Appointment : |
11.12.2013 |
|
PAN No.: |
AJSPS3077L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.11.2014
|
Names of Shareholders [Equity Shares] |
|
No. of Shares |
|
|
|
|
|
Bijal Kamalesh Mehta |
|
3000 |
|
Pallavi Yeshwant Ganesh Naik Mehta |
|
1000 |
|
Volt Asia Enterprises Limited, U.S.A. |
|
35960 |
|
Nuco I Limited, U.S.A. |
|
40 |
|
|
|
|
|
Total |
|
40000 |
|
Names of Shareholders [Preference
Shares] |
|
No. of Shares |
|
|
|
|
|
Volt
Asia Enterprises Limited, U.S.A. |
|
7,624,465 |
|
|
|
|
|
Total |
|
7,624,465 |
Share Break up (Percentage of Total Equity)
AS ON 06.11.2014
|
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 |
90.00 |
|
Directors or relatives of Directors |
10.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in the business of software consultancy service for software development and solution services. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
|
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Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9118A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Ultimate Holding
Company [AS ON 31.03.2013]
: : |
Volt Information Sciences Inc, USA |
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Holding Company [AS ON 31.03.2013]
: |
Volt Asia Enterprises Limited, Singapore |
|
|
|
|
Group Companies [AS ON 31.03.2013]
: |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
7,650,000 |
Preference Shares |
Rs.10/- each |
Rs.76.500 Million |
|
|
|
|
|
|
|
TOTAL |
|
Rs.77.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000 |
Equity Shares |
Rs.10/- each |
Rs.0.400
Million |
|
7,624,465 |
Preference Shares |
Rs.10/- each |
Rs.76.245 Million |
|
|
|
|
|
|
|
TOTAL |
|
Rs.76.645 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 |
76.645 |
76.645 |
76.645 |
|
(b) Reserves & Surplus |
228.366 |
192.860 |
116.178 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
305.011 |
269.505 |
192.823 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
15.660 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.476 |
0.000 |
7.604 |
|
Total
Non-current Liabilities (3) |
4.476 |
0.000 |
23.264 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
30.660 |
15.660 |
0.000 |
|
(b) Trade payables |
24.353 |
5.372 |
4.745 |
|
(c) Other current liabilities |
56.166 |
45.159 |
23.964 |
|
(d) Short-term provisions |
4.703 |
1.933 |
2.099 |
|
Total
Current Liabilities (4) |
115.882 |
68.124 |
30.808 |
|
|
|
|
|
|
TOTAL |
425.369 |
337.629 |
246.895 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
76.364 |
85.014 |
110.417 |
|
(ii) Intangible Assets |
6.736 |
6.136 |
1.806 |
|
(iii) Capital work-in-progress |
1.012 |
0.000 |
2.576 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
0.976 |
4.463 |
0.468 |
|
(d) Long-term Loan and Advances |
68.213 |
56.161 |
52.294 |
|
(e) Other Non-current assets |
0.245 |
0.245 |
0.000 |
|
Total
Non-Current Assets |
153.571 |
152.044 |
167.586 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
217.358 |
129.118 |
42.113 |
|
(d) Cash and cash equivalents |
25.218 |
23.505 |
20.132 |
|
(e) Short-term loans and
advances |
29.013 |
32.212 |
17.036 |
|
(f) Other current assets |
0.209 |
0.750 |
0.028 |
|
Total
Current Assets |
271.798 |
185.585 |
79.309 |
|
|
|
|
|
|
TOTAL |
425.369 |
337.629 |
246.895 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Gross Income |
531.162 |
523.700 |
517.128 |
|
|
Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
49.444 |
73.504 |
84.173 |
|
|
|
|
|
|
|
Less |
TAX |
13.939 |
(3.096) |
(0.036) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
35.505 |
76.600 |
84.209 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
491.628 |
472.500 |
501.473 |
|
|
TOTAL EARNINGS |
491.628 |
472.500 |
501.473 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.63 |
9.99 |
10.99 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.68 |
22.06 |
34.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.27 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.10 |
0.06 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.35 |
2.72 |
2.57 |
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 |
76.645 |
76.645 |
76.645 |
|
Reserves & Surplus |
116.178 |
192.860 |
228.366 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
192.823 |
269.505 |
305.011 |
|
|
|
|
|
|
long-term borrowings |
15.660 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
15.660 |
30.660 |
|
Total borrowings |
15.660 |
15.660 |
30.660 |
|
Debt/Equity ratio |
0.081 |
0.058 |
0.101 |
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) |
|
Gross Income |
517.128 |
523.700 |
531.162 |
|
|
|
1.271 |
1.425 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Gross Income |
517.128 |
523.700 |
531.162 |
|
Profit |
84.209 |
76.600 |
35.505 |
|
|
16.28% |
14.63% |
6.68% |
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 |
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 |
Yes |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Million) |
31.03.2012 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Intercorporate
borrowings |
|
|
|
Loan from Volt Information Science (India) Private Limited [The above outstanding loan has been borrowed for working capital purposes and carries interest @10% p.a to 13% p.a. The loan is repayable within 45 days of receipt of written demand from Volt Information Science (India) Private Limited.] |
30.660 |
15.660 |
|
|
|
|
|
Total |
30.660 |
15.660 |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
FINANCIAL RESULTS AND
OPERATIONS [AS ON 31.03.2013]
The Company has achieved a Gross Turnover of Rs. 531.162 Million during the year. The Company has earned a Net Profit of Rs. 35.505 Million.
BACKGROUND [AS ON
31.03.2013]
The company was incorporated as a private limited company under the Companies Act, 1956 (the Act) on 19th August 2004.The registered office of the Company is located at Bengaluru. The Company has commenced commercial operations from 19th August 2004 and is engaged in the business of IT enabled services.
FIXED ASSETS
Tangible Asset
- Land
- Buildings
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment
- Leasehold improvements
Intangible Asset
- 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 records 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.62.34 |
|
|
1 |
Rs.92.65 |
|
Euro |
1 |
Rs.68.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.