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|
|
MIRA INFORM REPORT
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Report No. : |
507515 |
|
Report Date : |
21.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SFO TECHNOLOGIES PRIVATE LIMITED (w.e.f.12.05.2006) |
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Formerly Known
As : |
SUN FIBRE OPTICS PRIVATE LIMITED |
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Registered
Office : |
Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin – 682037, Kerala |
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Mobile No.: |
91-9847038159 (Mr. Satheesh Bharathan) |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
08.02.1990 |
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Com. Reg. No.: |
09-005620 |
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Capital
Investment / Paid-up Capital : |
INR 98.057 Million |
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CIN No.: [Company Identification
No.] |
U72900KL1990PTC005620 |
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IEC No.: [Import-Export
Code No.] |
1090001622 |
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GSTN : [Goods & Service Tax
Registration No.] |
32AADCS3318K1ZI |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCS3318K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of digital electronics, fiber optics, radio frequency and wireless, cable and wire harness, and sheet metal and plastics and also providing software maintenance and development services. [Registered activity and also confirmed by management] |
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|
|
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No. of Employees
: |
4500 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 13000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1990. It is a manufacturer and exporter of digital electronics, fiber optics, cable and wire harness, etc. It is also engaged in providing software maintenance and development services.
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term loans: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
26.04.2018 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term loans: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
26.04.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Satheesh Bharathan |
|
Designation : |
General Manager in Finance |
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Contact No.: |
91-9847038159 |
|
Date: |
19.05.2018 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin – 682037, Kerala,
India |
|
Tel. No.: |
91-484-2413246/ 6614338/6614300/ 6614000 |
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Mobile No.: |
91-9847038159 (Mr. Satheesh Bharathan) |
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Fax No.: |
91-484-2413053/ 2413147 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No 130, 4th Phase, KIADB Industrial Area, Bommasandra Hosur Road,
Jigani Link Road, Bangalore-560099, Karnataka, India |
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Branch Office : |
IA, First Floor, Anna IIllam, 2nd Cross Street, St. Simon Pet, Muthial Pet, Puducherry -605003, |
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Digital
Electronics Division ( |
Plot
No.37, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India |
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Tel. No.: |
91-484-2413205/
2413206 |
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Fax No.: |
91-484-2413204 |
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E-Mail : |
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Digital
Electronics Division ( |
Plot No.36, Cochin Special Economic Zone, Kakkanad, Cochin
- 682037 |
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Cable and Wire
Harness Division |
Plot No.17, Cochin
Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India |
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E-Mail : |
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Optoelectronics
Division : |
Plot No.43, Cochin
Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India |
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E-Mail : |
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Power
Electronics Division : |
Plot No.43 A, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India |
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E-Mail : |
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RF, Microwave
and Wireless Division : |
Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin - 682037, Kerala, India |
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Email: |
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Mechanical
Division (Bangalore) I / Factory 3: |
Plot No 99/100, KIADB
Industrial Area, Bommasandra, 4th Phase |
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Email |
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Software
Services Division (Kalamassery) |
Unit III, Nest Tower, University Junction, NH 47, Cochin University PO ,South Kalamassery, Ernakulam - 682022, Kerala, India |
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Email: |
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Electronics
Division / Magnetics Division : |
No.690/55/3, Nest Towers,
Hosur Road, Bommasandra, Bangalore - 560099, Karnataka, India |
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Email: |
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Mechanical
Division ( |
14A, KIADB
Industrial Estate, Veerasandra, Hosur Road, Bangalore, Karnataka, India |
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Email: |
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Software
Services Division ( |
A-3, Periyar, Technopark, Kariyavattam, Trivandrum –
695581 ,Kerala, India |
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Email: |
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Software Services
Division ( |
T. C. 13/ 58,
Gnayalloor Buildings, Kesavadasapuram, Trivandrum – 695004 |
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Email: |
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Cyber Campus
(Alwaye) : |
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Cyber Campus ( |
Sumaj Complex,
Chavadimukku, Sreekariyam, Trivandrum – 695017, Kerala, India |
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Corporate
Headquarters : |
4511 Singer Court, Suite 201 Chantilly, VA 20151 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Nagoor Jehangir Rawther |
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|
Designation : |
Managing Director |
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|
Address : |
Macker Manzil, XX/125, Thynothil Lane, Alwaye-683101, Kerala, India |
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Date of Birth/Age : |
01.12.1955 |
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Date of Appointment : |
08.02.1990 |
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DIN No.: |
00002790 |
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Other Directorship:
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Name : |
Javad Kuttikaran Hassan |
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Designation : |
Director |
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Address : |
1900, Yorkshire Drive, Blue Bell-19422, US |
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Date of Birth/Age : |
07.10.1940 |
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Date of Appointment : |
22.12.2004 |
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DIN No.: |
00004483 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Padmanabhan Kumaravel |
|
Designation : |
Company Secretary |
|
Address : |
Kausthoobam, M and B Lane, Thammanam, Kochi-682032, Kerala, India |
|
Date of Appointment : |
01.09.2006 |
|
PAN No: |
AERPK4579H |
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|
|
|
Name : |
Mr. Satheesh Bharathan |
|
Designation : |
General Manager in Finance |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
A M Iqbal |
|
140 |
|
Gul Mohammed Iqbal |
|
1000 |
|
Nishi Jehagir |
|
139860 |
|
Javad K. Hassan |
|
559000 |
|
N Jehangir |
|
157091 |
|
Nest Technologies Corporation, USA |
|
65013 |
|
Althaaf Jehangir |
|
58420 |
|
Al-Anaam Electronic Components Private Limited |
|
50 |
|
|
|
|
|
TOTAL |
|
980574 |
AS ON 01.02.2016
|
Names of Allottee |
|
No. of Shares |
|
Althaaf Jehangir |
|
28 |
|
Total |
|
28 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2016
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– Individual/Hindu Undivided Family (Indian) |
16.02 |
|
Promoters
– Individual/Hindu Undivided Family (Foreign national (other than NRI) |
57.00 |
|
Public/
Other than Promoters – Individual/Hindu Undivided Family (Indian) |
20.34 |
|
Public/ Other than Promoters – Bodies corporate |
6.64 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer of digital electronics, fiber optics, radio frequency and wireless, cable and wire harness, and sheet metal and plastics and also providing software maintenance and development services. [Registered activity and also confirmed by management] |
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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 : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw materials |
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Countries : |
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Terms : |
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||||||
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Selling : |
L/C, Advance Payment, Cheque, Credit and Others (RTGS / NEFT) (30,60
Days) |
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|
||||||
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Purchasing : |
L/C, Advance Payment, Cheque, Credit and Others (RTGS / NEFT) (30,60
Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
End Users, Manufacturer
|
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No. of Employees : |
4500 (Approximately) |
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Bankers : |
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||||||||||||||||||||||
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Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
1st Floor, Wilmont Park, Business Centre Warriam Road, Kochi - 682016, Kerala, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD3771D |
|
|
|
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
|
Enterprises under
the control of the Person controlling the Company (AS ON 31.03.2016): |
|
|
|
|
|
Enterprises under the
control of Managing Director (AS ON 31.03.2016): |
|
CAPITAL STRUCTURE
AFTER 30.09.2016
Authorised Capital : INR 352.100 Million
Issued Subscribed & Paid-up Capital : INR 91.559
Million
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3521000 |
Equity Shares |
INR 100/- each |
INR 352.100 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
980574 |
Equity Shares |
INR 100/- each |
INR 98.057 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
98.057 |
98.057 |
79.897 |
|
(b) Reserves & Surplus |
4408.592 |
4174.867 |
2441.285 |
|
(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) |
4506.649 |
4272.924 |
2521.182 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
56.770 |
16.007 |
1229.610 |
|
(b) Deferred tax liabilities
(Net) |
145.654 |
134.074 |
148.734 |
|
(c) Other long term
liabilities |
5.807 |
7.500 |
7.500 |
|
(d) long-term provisions |
60.504 |
61.402 |
35.365 |
|
Total
Non-current Liabilities (3) |
268.735 |
218.983 |
1421.209 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1854.949 |
4548.359 |
1969.522 |
|
(b) Trade payables |
2094.626 |
1734.185 |
1483.460 |
|
(c) Other current liabilities |
224.578 |
181.424 |
365.885 |
|
(d) Short-term provisions |
5.582 |
4.402 |
5.695 |
|
Total
Current Liabilities (4) |
4179.735 |
6468.370 |
3824.562 |
|
|
|
|
|
|
TOTAL |
8955.119 |
10960.277 |
7766.953 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1735.846 |
1701.400 |
1497.156 |
|
(ii) Intangible Assets |
242.444 |
303.456 |
3.709 |
|
(iii) Capital work-in-progress |
0.000 |
2.291 |
6.423 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
268.875 |
265.575 |
1423.124 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
771.925 |
620.219 |
281.598 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3019.090 |
2892.941 |
3212.010 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
762.630 |
652.000 |
1.994 |
|
(b) Inventories |
2059.183 |
1916.333 |
2140.182 |
|
(c) Trade receivables |
2206.728 |
1866.474 |
1898.361 |
|
(d) Cash and cash equivalents |
212.659 |
2987.994 |
157.459 |
|
(e) Short-term loans and advances |
676.214 |
531.825 |
355.724 |
|
(f) Other current assets |
18.615 |
112.710 |
1.223 |
|
Total
Current Assets |
5936.029 |
8067.336 |
4554.943 |
|
|
|
|
|
|
TOTAL |
8955.119 |
10960.277 |
7766.953 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
9535.452 |
10048.092 |
7873.654 |
|
|
Other Income |
120.386 |
3916.123 |
73.989 |
|
|
TOTAL
|
9655.838 |
13964.215 |
7947.643 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6818.407 |
6422.205 |
5684.966 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(213.796) |
10.810 |
(157.753) |
|
|
Employees benefits expense |
1170.083 |
1742.665 |
819.034 |
|
|
CSR expenditure |
4.408 |
1.211 |
0.000 |
|
|
Other expenses |
979.437 |
3255.591 |
928.748 |
|
|
TOTAL |
8758.539 |
11432.482 |
7274.995 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
897.299 |
2531.733 |
672.648 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
275.140 |
413.155 |
313.055 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
622.159 |
2118.578 |
359.593 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
269.334 |
257.654 |
176.502 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
352.825 |
1860.924 |
183.091 |
|
|
|
|
|
|
|
Less |
TAX |
119.100 |
597.158 |
89.671 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
233.725 |
1263.766 |
93.420 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
Basic |
238.36 |
1,288.80 |
116.93 |
|
|
Diluted |
238.35 |
1,288.77 |
87.40 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
27.630 |
13.433 |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
565.756 |
466.842 |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
458.236 |
(482.728) |
NA |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
84.47 |
67.80 |
88.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.32 |
5.38 |
4.15 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
112.13 |
98.56 |
95.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.44 |
1.32 |
0.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.45 |
1.26 |
0.45 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.48 |
0.59 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.43 |
1.07 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.93 |
1.51 |
1.52 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.44 |
0.47 |
0.60 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.26 |
6.13 |
2.15 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.45 |
12.58 |
1.19 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.61 |
11.53 |
1.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.19 |
29.58 |
3.71 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.42 |
1.25 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.93 |
0.95 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.50 |
0.39 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
19.78 |
46.69 |
40.04 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.42 |
1.25 |
1.19 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
79.897 |
98.057 |
98.057 |
|
Reserves & Surplus |
2441.285 |
4174.867 |
4408.592 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2521.182 |
4272.924 |
4506.649 |
|
|
|
|
|
|
Long Term borrowings |
1229.610 |
16.007 |
56.770 |
|
Short Term borrowings |
1969.522 |
4548.359 |
1854.949 |
|
Total
borrowings |
3199.132 |
4564.366 |
1911.719 |
|
Debt/Equity
ratio |
1.269 |
1.068 |
0.424 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
7873.654 |
10048.092 |
9535.452 |
|
|
|
27.617 |
-5.102 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
7873.654 |
10048.092 |
9535.452 |
|
Profit |
93.420 |
1263.766 |
233.725 |
|
|
1.19% |
12.58% |
2.45% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
98.057 |
98.057 |
|
(b) Reserves and Surplus |
|
4379.553 |
4152.034 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
4477.610 |
4250.091 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
56.770 |
15.107 |
|
(b) Deferred tax liabilities (Net) |
|
145.654 |
134.074 |
|
(c) Other long-term
liabilities |
|
31.547 |
33.226 |
|
(d) long-term
provisions |
|
60.504 |
61.402 |
|
Total Non-current
Liabilities (3) |
|
294.475 |
243.809 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
1854.949 |
4548.359 |
|
(b) Trade
payables |
|
2132.023 |
1757.545 |
|
(c) Other
current liabilities |
|
224.679 |
181.432 |
|
(d) Short-term
provisions |
|
5.582 |
4.402 |
|
Total Current
Liabilities (4) |
|
4217.233 |
6491.738 |
|
|
|
|
|
|
TOTAL |
|
8989.318 |
10985.638 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1759.138 |
1721.227 |
|
(ii)
Intangible Assets |
|
242.444 |
303.456 |
|
(iii) Tangible assets
capital work-in-progress |
|
217.328 |
140.257 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
50.575 |
50.575 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
774.329 |
702.394 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
3043.814 |
2917.909 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
762.630 |
652.000 |
|
(b)
Inventories |
|
2059.183 |
1916.333 |
|
(c) Trade
receivables |
|
2206.728 |
1866.474 |
|
(d) Cash and
bank balances |
|
213.779 |
2988.387 |
|
(e)
Short-term loans and advances |
|
680.118 |
531.825 |
|
(f) Other
current assets |
|
23.066 |
112.710 |
|
Total
Current Assets |
|
5945.504 |
8067.729 |
|
|
|
|
|
|
TOTAL |
|
8989.318 |
10985.638 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
9535.452 |
10048.092 |
|
|
Other Income |
|
120.386 |
3916.123 |
|
|
TOTAL |
|
9655.838 |
13964.215 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
6818.407 |
6422.205 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(213.796) |
10.810 |
|
|
Employee benefit expense |
|
1170.083 |
1742.665 |
|
|
CSR expenditure |
|
4.408 |
1.211 |
|
|
Other expenses |
|
985.574 |
3278.424 |
|
|
TOTAL |
|
8764.676 |
11455.315 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
891.162 |
2508.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
275.140 |
413.155 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
616.022 |
2095.745 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
269.364 |
257.654 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
346.658 |
1838.091 |
|
|
|
|
|
|
|
Less |
TAX |
|
119.100 |
597.158 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
227.558 |
1240.933 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
|
232.07 |
1265.52 |
|
|
Diluted
|
|
232.06 |
1265.48 |
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 |
Yes |
|
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
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 |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
No |
|
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 |
Yes |
|
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 |
CORPORATE INFORMATION
(AS ON 31.03.2016)
Subject is registered as a 'private company' under the Companies Act, 1956 and belongs to 'NeST Group', a highly diversified business conglomerate. The Company has strong presence in niche technology areas like Digital Electronics, Fiber Optics, Radio Frequency and Wireless, Cable and Wire Harness, and Sheet Metal and Plastics. The Company has manufacturing facilities at Cochin and Bangalore. With effect from 1st April 2014, Network Systems and Technologies Limited and Nest Aerospace Private Limited got merged with the company as approved by the Honourable High Court of Kerala during January, 2016. Network Systems and Technologies Limited was engaged in rendering software development and maintenance services to leading multinational corporations. This division was sold to Quest Global Engineering Services Private Limited in October 2014. Nest Aerospace Private Limited is engaged in the dealing in all types of products and services to various industries in Aerospace.
RESULTS OF OPERATIONS (AS ON 31.03.2016)
Revenue recorded for the year was INR 9655.800 Million as against the last year revenue of INR 13964.200 Million. The company has achieved a Profit Before Tax of INR 352.800 Million as against INR 1860.900 Million in the previous year. Total Profit After Tax for the year under report is INR 233.700 Million as against the previous year figure of INR 1263.700 Million. Income for the previous year 2014-15 includes INR 3916.100 received from the sale of Embedded and Engineering software business conducted through the subsidiary of the company namely “Network Systems and Technologies Limited”.
BUSINESS: (AS ON 31.03.2016)
The company has recorded continuous growth in its business during the year and has successfully added new customers including global electronic leaders, in the sectors including Healthcare, Industrial, Defence, Transportation, Automotive. The company, through its inherent strengths and capabilities is confident of achieving increased pace in sales and profitability in the upcoming years also.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2016 |
As
on 31.03.2015 |
|
LONG TERM
BORROWING |
|
|
|
Fully convertible debentures others |
0.068 |
0.068 |
|
Loans and advances from directors |
0.000 |
7.026 |
|
Total |
0.068 |
7.094 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G48141709 |
100108880 |
YES BANK LIMITED |
03/02/2017 |
- |
- |
300000000.0 |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAI MA 400018 IN |
|
2 |
G09016403 |
100050536 |
HDFC BANK LIMITED |
04/06/2016 |
- |
- |
4970000.0 |
HDFC BANK
HOUSESENAPATI BAPAT MARGLOWER PAREL W MUMBAI MH 400013 IN |
|
3 |
G11848025 |
100049931 |
HDFC BANK LIMITED |
20/02/2016 |
- |
- |
500000000.0 |
HDFC BANK
HOUSESENAPATI BAPAT MARGLOWER PAREL W MUMBAI MH 400013 IN |
|
4 |
G16222028 |
10568146 |
THE SOUTH INDIAN
BANK LIMITED |
20/04/2015 |
23/09/2016 |
- |
1090000000.0 |
BANGALORE
BANGALORE KA 560025 IN |
|
5 |
G80857790 |
90015856 |
INDIAN BANK |
12/01/1991 |
08/12/2017 |
- |
751000000.0 |
ERNAKULAM BRANCH
SHANMUGHAM ROAD ERNAKULAM KL682031 IN |
|
6 |
G86277639 |
10618233 |
STATE BANK OF
TRAVANCORE |
30/07/2015 |
- |
26/04/2018 |
100000000.0 |
COMMERCIAL BRANCH
ERNAKULAM ERNAKULAM KL 682035 IN |
|
7 |
G86275278 |
10308684 |
STATE BANK OF
TRAVANCORE |
14/09/2011 |
30/07/2015 |
26/04/2018 |
1275000000.0 |
COMMERCIAL BRANCH
ERNAKULAMERNAKULAM KL682035IN |
|
8 |
G37758901 |
10100855 |
STATE BANK OF
INDIA |
11/04/2008 |
14/02/2014 |
08/02/2017 |
1077500000.0 |
COMMERCIAL BRANCH,
FIRST FLOOR VANKARATH TOWER SBYE PASS ROAD ERNAKULAM KL682024 IN |
|
9 |
C54389028 |
10313477 |
AXIS BANK LIMITED |
10/10/2011 |
16/12/2011 |
15/05/2015 |
400000000.0 |
CHICAGO PLAZA
RAJAJI ROAD COCHIN KL682035 IN |
|
10 |
C52619988 |
10336996 |
STATE BANK OF
TRAVANCORE |
13/01/2012 |
14/02/2014 |
30/04/2015 |
300000000.0 |
COMMERCIAL BRANCH
MALANKARA CENTRE, M G ROAD ERNAKULAMKL68203 5IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Office equipment
- Computer equipments
- Leasehold improvements
Intangible assets
- Goodwill
- Computer software
SITE VISIT 1
|
OBSERVATION
POINTS |
|
Name of Company : |
SFO TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Address : |
Stone Housemarket Road, Aluva, Ernakulam – 683101, Kerala,
India |
|
|
|
|
Person to whom we met: |
Name: Mrs. Radhamani (Post Women) |
|
|
|
|
Name Board : |
Not Sighted |
|
|
|
|
Location: |
very difficult |
|
|
|
|
Landmark (If Any): |
Market Road |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
Proof of visit: |
Photographs |
SITE VISIT 2
|
OBSERVATION
POINTS |
|
Name of Company : |
SFO TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Address : |
Plot No.2, Cochin Special Economic Zone, Kakkanad, Cochin – 682037, Kerala |
|
|
|
|
Person to whom we met: |
Name: Mr. Vasu (Security Guard) |
|
|
|
|
Name Board : |
Not Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Landmark (If Any): |
Opposite Axis Bank |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area : |
Upmarket |
|
|
|
|
Proof of visit: |
Photographs |
PICTURES
SITE VISIT 1
SITE VISIT 2
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 records 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
|
INR |
|
US Dollar |
1 |
INR 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.