MIRA INFORM REPORT
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Report No. : |
347205 |
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Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
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Name : |
VVDN TECHNOLOGIES PRIVATE LIMITED (w.e.f. 28.08.2008) |
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Formerly Known
As : |
E-CON INFOTECH PRIVATE LIMITED |
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Registered Office
: |
12/10 ,East Patel Nagar, Delhi – 110008 |
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Tel. No.: |
91-7838165958 (Mr. Arun) |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.04.2007 |
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Com. Reg. No.: |
55-162619 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.794 Million |
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CIN No.: [Company Identification
No.] |
U72200DL2007PTC162619 |
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IEC No.: |
0507038096 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCE7582R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in primarily rendering of information technology
services. |
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No. of Employees
: |
More than 300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 106400 |
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Status : |
Satisfactory |
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Payment Behavior : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the 2007 having satisfactory track record. For the financial year ended 2014, company has reported decent revenue
growth and it has maintained sound profitability margins at 4.27% during the
year under a review. Rating also takes into consideration company’s sound financial profile
marked by its adequate networth base along with modest liquidity position and
satisfactory debt protection indicators. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In a view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition.
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Arun Sayal |
|
Designation : |
Finance Manager |
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Contact No.: |
91-7838165958 |
|
Date : |
28.10.2015 |
LOCATIONS
|
Registered Office : |
12/10, East Patel Nagar, Delhi – 110008, India |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-7838165958 (Mr. Arun Sayal) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
D-22, Infocity – II, Basement and Ground Floor, Gurgaon – 122001,
India |
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Tel. No.: |
91-124-4284250 |
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Fax No.: |
91-124-4284251 |
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E-Mail : |
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Overseas Office : |
Located at :
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Branch Office : |
Located at :
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DIRECTORS
AS ON 29.09.2014
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Name : |
Mr. Bhupender Saharan |
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Designation : |
Director |
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Address : |
1460/3, Gali No-6, Rajeev Nagar, Gurgaon - 122001, Haryana, India |
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Date of Appointment : |
25.03.2008 |
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DIN No.: |
02174889 |
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Other Directorship:
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Name : |
Mr. Murali Jayaraman |
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Designation : |
Director |
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Address : |
No-33/14, New Street, Arcot, Vellore District, Chennai - 632503, Tamilnadu, India |
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Date of Appointment : |
25.03.2008 |
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DIN No.: |
02154362 |
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Other Directorship:
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Name : |
Mr. Puneet Agarwal |
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Designation : |
Director |
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Address : |
1312 - P, Urban Estate - II, Hisar - 125005, Haryana, India |
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Date of Appointment : |
25.03.2008 |
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DIN No.: |
02167848 |
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Other Directorship:
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Name : |
Mr. Vivek Bansal |
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Designation : |
Director |
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Address : |
433, Sector- 22, Gurgaon - 122015, Haryana, India |
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Date of Birth/Age : |
05.11.1979 |
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Date of Appointment : |
25.03.2008 |
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DIN No.: |
02154177 |
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Other Directorship:
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Name : |
Mr. Chinnusamy Balakumar |
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Designation : |
Director |
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Address : |
6/899, D1, E.B. Colony, Paramathi Road, Periyapatti, Namakkal - 637001, Tamilnadu, India |
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Date of Birth/Age : |
07.06.1982 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
05283662 |
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KEY EXECUTIVES
|
Name : |
Mr. Arun Sayal |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Vivek Bansal |
|
114562 |
|
Murali Jayaraman |
|
70239 |
|
Bhpender Saharan |
|
185373 |
|
Puneet Agarwal |
|
109246 |
|
Total |
|
479420 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in primarily rendering of information technology
services. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Hardware and Software Design Products |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
More than 300 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Bhudladia and Company Chartered Accountants |
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Address 1 : |
12/10, East Patel Nagar, New Delhi – 110008, India |
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Tel No: |
91-11-25818656/45032910 |
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Fax No : |
91-11-25863818 |
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Email : |
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Website : |
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PAN. No.: |
AABFB0828L |
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Address 2 : |
5CC, IInd, Additional Mandi, Sirsa Haryana, India |
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Tel No: |
91-1666-242540/237302 |
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Fax No : |
91-1666-242840 |
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Email : |
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Memberships : |
----- |
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Collaborators : |
----- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
479420 |
Equity Shares |
Rs.10/- each |
Rs. 4.794 Million |
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FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
4.794 |
4.794 |
4.794 |
|
(b) Reserves &
Surplus |
32.452 |
25.295 |
23.231 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
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|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
37.246 |
30.089 |
28.025 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.437 |
1.539 |
0.000 |
|
(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 |
2.361 |
1.557 |
0.975 |
|
Total Non-current
Liabilities (3) |
2.798 |
3.096 |
0.975 |
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(4) Current Liabilities |
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|
|
|
(a) Short term borrowings |
7.622 |
10.315 |
2.438 |
|
(b) Trade payables |
5.297 |
1.993 |
2.101 |
|
(c) Other current
liabilities |
17.709 |
12.092 |
5.391 |
|
(d) Short-term provisions |
1.883 |
0.041 |
0.000 |
|
Total Current Liabilities
(4) |
32.511 |
24.441 |
9.930 |
|
|
|
|
|
|
TOTAL |
72.555 |
57.626 |
38.930 |
|
|
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|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19.971 |
9.525 |
10.074 |
|
(ii) Intangible Assets |
14.038 |
0.398 |
0.485 |
|
(iii) Capital
work-in-progress |
0.000 |
17.098 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.474 |
0.511 |
0.537 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
4.797 |
2.136 |
1.378 |
|
Total Non-Current Assets |
39.280 |
29.668 |
12.474 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.790 |
1.286 |
17.831 |
|
(c) Trade receivables |
19.366 |
6.442 |
2.508 |
|
(d) Cash and cash
equivalents |
4.408 |
3.712 |
0.854 |
|
(e) Short-term loans and
advances |
8.100 |
7.627 |
1.973 |
|
(f) Other current assets |
0.611 |
8.891 |
3.290 |
|
Total Current Assets |
33.275 |
27.958 |
26.456 |
|
|
|
|
|
|
TOTAL |
72.555 |
57.626 |
38.930 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
167.405 |
97.261 |
91.438 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENDITURE |
(Including Financial
Expenses and Depreciation) |
(Including Financial Expenses
and Depreciation) |
86.101 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
5.337 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
0.395 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
4.942 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
4.161 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
11.092 |
3.372 |
0.781 |
|
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|
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|
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|
Less |
TAX |
3.936 |
1.308 |
0.304 |
|
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|
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|
|
PROFIT/ (LOSS) AFTER TAX |
7.156 |
2.064 |
0.477 |
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3.878 |
42.056 |
44.151 |
|
|
TOTAL EARNINGS |
3.878 |
42.056 |
44.151 |
|
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IMPORTS |
|
|
|
|
|
Consumables |
9.815 |
4.124 |
0.566 |
|
|
TOTAL IMPORTS |
9.815 |
4.124 |
0.566 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
14.93 |
4.31 |
0.99 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
24.829 |
24.815 |
NA |
|
Net cash flow from (used in) operations |
20.931 |
23.534 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
4.27
|
2.12 |
0.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/ Total Income) |
(%) |
NA |
NA |
5.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.39 |
8.43 |
2.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.11 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.39 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.14 |
2.66 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
4.794 |
4.794 |
4.794 |
|
Reserves & Surplus |
23.231 |
25.295 |
32.452 |
|
Net worth |
28.025 |
30.089 |
37.246 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
1.539 |
0.437 |
|
Short term borrowings |
2.438 |
10.315 |
7.622 |
|
Total borrowings |
2.438 |
11.854 |
8.059 |
|
Debt/Equity ratio |
0.087 |
0.394 |
0.216 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
91.438 |
97.261 |
167.405 |
|
|
|
6.368 |
72.119 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
91.438 |
97.261 |
167.405 |
|
Profit |
0.477 |
2.064 |
7.156 |
|
|
0.52% |
2.12% |
4.27% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
borrowing |
|
|
|
Business loan |
0.253 |
1.539 |
|
Short-term
borrowing |
|
|
|
Business loan |
2.313 |
2.055 |
|
Total |
2.566 |
3.594 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10278410 |
08/07/2011 * |
10,000,000.00 |
HDFC BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013,
MAHARASHTRA, INDIA |
B19519859 |
* Date of charge modification
FIXED ASSETS
- Tangible Assets
- Computer Equipments
- Plant and Machinery
- Furniture and Fixture
- Electrical Installation
- Office Equipment
- Vehicle
- Permanent Improvement in Leasehold Premises
Intangible Assets
- Computer Software
- Software Development
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. 65.15 |
|
|
1 |
Rs. 99.36 |
|
Euro |
1 |
Rs. 71.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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
unfavorable 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.