MIRA
INFORM REPORT
|
Report Date : |
28.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
EOFFICEPLANET
INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
41-A,
Dr. Emoses Road, Worli, Mumbai – 400018, Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
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|
|
|
Date of Incorporation : |
14.05.1999 |
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|
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|
Com. Reg. No.: |
11-119874 |
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|
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CIN No.: [Company
Identification No.] |
U36991MH1999PTC119874 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME06075G |
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|
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PAN No.: [Permanent
Account No.] |
AAACE6222F |
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|
Legal Form : |
Private
Limited Liability Company. |
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|
|
|
Line of Business : |
Subject
offer a broad array of office supplies, document management solutions,
corporate and promotional products and other related business services. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
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|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow
but correct |
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|
|
Litigation : |
Clear |
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Comments : |
Subject
is a engaged in marketing of Computer Hardware and Software. The company performance is improving and
has wiped out previous losses substantially. Trade relations are fair.
Payments are reported as slow but correct. However,
the company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
41-A,
Dr. Emoses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-56627300 |
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Fax No.: |
91-22-56627400 |
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E-Mail : |
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|
Website : |
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Corporate
Office : |
Construction
House, 5 Walchand Hirachand Marg, Ballard Estate |
|
Tel.
No.: |
91-22-3020
7300 |
|
Fax
No.: |
91-22-3027
7300 |
|
|
|
|
Branches
: |
Bangalore
Chennai
Kolkata
Hyderabad
New Delhi
Pune |
DIRECTORS
|
Name : |
Mr.
Shyam Promode Barilits – Gupta |
|
Designation : |
Director
|
|
Address : |
Villat
Ville, 16, Ramchandani Marg, Colabad, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1967 |
|
Date of Appointment : |
14.05.1999 |
|
|
|
|
Name : |
Ms.
Maria Michaela Barilits |
|
Designation : |
Director
|
|
Address : |
Villat
Ville, 16, Ramchandani Marg, Colabad, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
19.07.1964 |
|
Date of Appointment : |
16.06.2000 |
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|
|
|
Name : |
Mr.
Suresh Rajpal |
|
Designation : |
Director
|
|
Address : |
F –
10, Radhe Mohan Drive, Banah Road, Gadaipur, New Delhi |
|
Date of Birth/Age : |
17.08.1943 |
|
Date of Appointment : |
13.03.2000 |
|
|
|
|
Name : |
Mr.
Michael Tojner |
|
Designation : |
Director
|
|
Address : |
Filgradergasse
15, 1060 Wien, Austria |
|
Date of Birth/Age : |
31.03.1966 |
|
Date of Appointment : |
03.06.2004 |
|
|
|
|
Name : |
Mr.
Bharat Kewalramani |
|
Designation : |
Director
|
|
Address : |
252,
Maker Tower A, Cufffe Parade, Mumbai – 400005 |
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Date of Birth/Age : |
03.03.1960 |
|
Date of Appointment : |
30.08.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Shyam
Promode Barilits – Gupta |
|
327948 |
|
Mr.
Prashant Hingorani |
|
8000 |
|
Mr.
Fardeen Khan |
|
2850 |
|
Mr.
Gangadhar Vakode |
|
285 |
|
Ms.
Mangala Vakode |
|
285 |
|
Mr.
Mohan Kumar |
|
285 |
|
Ms.
Ritu Khaitan |
|
285 |
|
Ms.
Suparna Mehra |
|
285 |
|
Ms.
Maria Barilits |
|
46136 |
|
Mr.
Suresh Rajpal |
|
6830 |
|
Mr.
Arayana Kewalramani |
|
1425 |
|
Ms.
Deepika Roy |
|
1425 |
|
Mr.
Alexander Strobl |
|
1000 |
|
Mr.
Andreas Strobl |
|
1000 |
|
Mr.
Priyanka Ghatalia |
|
1000 |
|
Ms.
Anuradha Bhagawat |
|
2500 |
|
Oracle
Securities Private Limited |
|
1660 |
|
Ms.
Vimal Kamath |
|
2500 |
|
ICICI
Eco-Net Limited |
|
81928 |
|
Asia
Private Equity Beteilingungs – Invest AG |
|
122066 |
|
Cimarron
Financial Corporation |
|
16046 |
|
Antheria
Holding AG |
|
16046 |
|
Paul
Barilits |
|
392830 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Subject
offer a broad array of office supplies, document management solutions,
corporate and promotional products and other related business services. |
GENERAL
INFORMATION
|
No. of Employees : |
80 |
|
|
|
|
Bankers : |
Bank of Bahrain and Kuwait B. S. C. Jolly Maker Chamber Nariman Point Mumbai – 400021 |
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|
|
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Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Rajeev
and Rajesh Chartered
Accountants Block
34 D, 2nd Floor, Phoenix Mill Compound, S B Marg, Lower Parel,
Mumbai – 400013 |
|
Tel. No.: |
91-22-24910601 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
2000000 |
10 %
Preference Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
Total
|
|
Rs. 40.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
641785 |
Equity
Shares |
Rs. 10/- each |
Rs. 6.418 Millions |
|
392830 |
10 %
Preference Shares |
Rs. 10/- each |
Rs. 3.928 Millions |
|
|
Total
|
|
Rs. 10.346 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
||
|
SHAREHOLDERS FUNDS |
|
|
|
||
|
1] Share Capital |
10.192 |
6.097 |
6.097 |
||
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
||
|
3] Reserves & Surplus |
190.561 |
144.471 |
147.172 |
||
|
4] (Accumulated Losses) |
[99.680] |
[106.563] |
[109.700] |
||
|
NETWORTH |
101.073 |
44.005 |
43.569 |
||
|
LOAN FUNDS |
|
|
|
||
|
1] Secured Loans |
39.905 |
18.834 |
0.000 |
||
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
||
|
TOTAL BORROWING |
39.905 |
18.834 |
0.000 |
||
|
DEFERRED TAX LIABILITIES |
3.726 |
2.794 |
0.000 |
||
|
|
|
|
|
||
|
TOTAL |
144.704 |
65.633 |
43.569 |
||
|
|
|
|
|
||
|
APPLICATION OF FUNDS |
|
|
|
||
|
|
|
|
|
||
|
FIXED ASSETS [Net Block] |
44.643 |
22.910 |
21.110 |
||
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
||
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
||
|
|
Inventories |
36.627
|
|
|
|
|
|
Sundry Debtors |
67.424
|
10.532 |
|
|
|
|
Cash & Bank Balances |
15.935
|
5.983 |
38.092 |
|
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
|
Loans & Advances |
5.607
|
8.890 |
|
|
|
Total Current Assets |
125.593
|
58.579 |
38.092 |
||
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
||
|
|
Current Liabilities |
25.579
|
15.872 |
|
|
|
|
Provisions |
0.000
|
0.000 |
|
|
|
Total Current Liabilities |
25.579
|
15.872 |
15.653 |
||
|
Net Current Assets |
100.014
|
42.707 |
22.439 |
||
|
|
|
|
|
||
|
MISCELLANEOUS EXPENSES |
0.0487 |
0.016 |
0.020 |
||
|
|
|
|
|
||
|
TOTAL |
144.704 |
65.633 |
43.569 |
||
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
276.709 |
177.165 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
8.928 |
3.231 |
|
Provision
for Taxation |
|
1.652 |
0.094 |
|
Profit/(Loss)
After Tax |
|
7.276 |
3.137 |
|
|
|
|
|
|
Total
Expenditure |
|
267.781 |
173.934 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.63
|
1.77 |
-- |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
3.23
|
1.82 |
-- |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
5.24
|
3.96 |
-- |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
-- |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.65
|
0.79 |
0.36 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
4.91
|
3.69 |
2.43 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Furniture
and Fixture
v
Building
v
Office
Equipments
v
Motor
Vehicles
v Computers
The
Directors recommend dividend @ 10 % on Preference Shares of Rs. 10/- each for
the financial year ended 31st March 2005, and that the same shall be
payable to the shareholders those name stand registered in the register of
member as on September 30, 2005.
Material
Purchased, Sold and Stocks during the year :
v
Basic
Office Supplies
v
Baggage’s
v
Writing
Instruments
v
Office
/ Business machines
v
General
Supplies
v
Photographic
Products
v
Printing
Services
v
Sports
products
v
Computer
Accessories, Media and Peripherals
v
Paper
Products
|
Name of the company |
EOFFICEPLANET INDIA PRIVATE LIMITED |
|
Presented By |
Bank of Bahrain and Kuwait BSC and Eofficeplanet India Private Limited |
|
1) Date and description of instrument creating the change |
Dated 19.09.2002 Agreement of Hypothecation of Goods and Assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the present and future goods, book debts and all other movable assets of the borrower including documents of title to the goods, outstanding money, receivable by way of cash assistance and cash incentive scheme or any other scheme claims including claims by way of refund of customs duties under the duty drawback credit scheme or any other scheme, bills, invoice documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and rights and the present machinery listed in the schedule to the agreement and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored and kept and whether in possession of the borrower or of the bank or of any third party whether in India or else where throughout the world including all such goods, other movable assets as may be in course of shipment transit or delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest shall be charged on the outstanding in the accounts opened in respect of the aforesaid credit facilities at such rate as may be determined by the Bank from time to time at the Banks sole discretion. The Borrower will at all times maintain a sufficient quality and market value of the said goods and assets to provide the margins of security required by the Bank from time to time. This agreement shall operate as a continuing security for all moneys indebt ness and liabil8ities aforesaid notwithstanding the existence of a credit balance in the account or accounts of time or any partial payment or flections of accounts. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Bahrain and Kuwait B. S. C. Jolly Maker Chamber Nariman Point Mumbai – 400021 |
|
6) Date and brief description of instrument modifying the charge |
N A |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N A |
|
|
|
|
Name of the company |
EOFFICEPLANET INDIA PRIVATE LIMITED |
|
Presented By |
Bank of Bahrain and Kuwait BSC and Eofficeplanet India Private Limited |
|
1) Date and description of instrument creating the change |
Dated 19.09.2002 Agreement of Hypothecation of Goods and Assets |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the present and future goods, book debts and all other movable assets of the borrower including documents of title to the goods, outstanding money, receivable by way of cash assistance and cash incentive scheme or any other scheme claims including claims by way of refund of customs duties under the duty drawback credit scheme or any other scheme, bills, invoice documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and rights and the present machinery listed in the schedule to the agreement and all future machinery belonging to or in the possession or under the control of the borrower wherever lying stored and kept and whether in possession of the borrower or of the bank or of any third party whether in India or else where throughout the world including all such goods, other movable assets as may be in course of shipment transit or delivery. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest shall be charged on the outstanding in the accounts opened in respect of the aforesaid credit facilities at such rate as may be determined by the Bank from time to time at the Banks sole discretion. The Borrower will at all times maintain a sufficient quality and market value of the said goods and assets to provide the margins of security required by the Bank from time to time. This agreement shall operate as a continuing security for all moneys indebt ness and liabil8ities aforesaid notwithstanding the existence of a credit balance in the account or accounts of time or any partial payment or flections of accounts. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Bahrain and Kuwait B. S. C. Jolly Maker Chamber Nariman Point Mumbai – 400021 |
|
6) Date and brief description of instrument modifying the charge |
Date 20.01.2005 Supplemental agreement of Hypothecation of goods and assets for increase in the overall limit |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Past Modification The original charge created on 19.9.2002 for Rs. 20 Millions was modified on 28.05.2004 for Rs. 25 millions Further modified on 31.07.2004 for Rs. 30 millions Present Modification The bank having at the request of the company has agreed to increase the aggregate limit of the aforesaid credit facilities form Rs. 30 millions to Rs. 40 millions against hypothecation of goods and asset of the company. All other terms and conditions shall remain the same. Thus the charges now stand secured at Rs. 40 millions. |
Company
Information
eOfficePlanet
India Private Limited (eOP) is one of India’s preeminent eProcurement and
distribution platform offering a broad array of office supplies, document
management solutions, corporate and promotional products and other related
business services.
Their
supply model is designed to reduce the aggregate costs, including internal
operating costs incurred in managing the procurement process through a
comprehensive national distribution and logistics network, information systems
that integrate the complete product and service offering and procurement management
and consulting solutions.
Currently,
eOP carries over 4,500 SKU’s and has distribution centers which include own
warehouse facilities, delivery fleet and local distribution, serving Mumbai,
New Delhi, Bangalore, Kolkata, Chennai, and Pune. The Company is further
investing to build a comprehensive national network which will include 60 own
distribution centers, to enable eOP to rapidly serve its large corporate
customers needs across the country and ensure efficient order fulfillment,
distribution and shipping.
eOP
provides its users with multiple order and service communication interfaces
which include the Internet, a proprietary LAN-based ordering application,
email, fax and telephone. This is augmented by professional management of
customer relationships through trained Business Managers.
The
advantages their supply format have over traditional purchasing channels
include:
v
Immediate
access to the largest and most comprehensive inventory of office products in
India
v
Substantial
savings on printing and stationery costs
v
Comprehensive
product usage reports
v
Convenient
ordering formats which will include a customized, frequent order product list
for each customer
v
Rapid
delivery, within 3-4 hours, to the customer's doorstep
v
Full
product and price guarantees
v
Service
standards unparalleled in India
v
National
footprint
v
Transparency
Provided
below is a list of product categories that they currently carry. This list is
being continually enhanced to ensure that they provide with the widest range of
office products and services in India.
v
Basic
office Supplies
v
Cartridges,
Toners & Ribbons
v
Cleaning
& Maintenance Products
v
Computer
Accessories, Media and Peripherals
v
Corporate
Gifts and Accessories
v
Filling,
Binding and Organizing
v
Postal
and shipping supplies
v
Office/Business
Machines
v
Pantry
Supplies
v
Paper
products, Pads and Notebooks
v
Planners
& Desk Accessories
v
Presentation
Products
v
Software,
Books and Training
v
Writing
Instruments
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.68 |
|
UK
Pound |
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.57.07 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|