MIRA INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION DETAILS
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Name : |
ONLINE
IT SHOPPE INDIA PRIVATE LIMITED |
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Formerly Known As : |
ONLINE
TELEMATICS PRIVATE LIMITED |
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Registered Office : |
Online House, 39/3655, SA
Road, South Over Bridge West End, Valanjambalam, Cochin – 682 016, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
10.01.
1997 |
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Com. Reg. No.: |
09-11109 |
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CIN No.: |
U52392KL1997PTC011109 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
CHNO00169B |
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PAN No.: (Permanent Account No.) |
AAACO5629E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Carry
on the business of Sale of Information Technology Products, both Hardware and
Software and engaged in Software Development, develop and operate marketing
of its products by establishing ‘Online IT Shops’ either by themselves or
through franchisees. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Online House, 39/3655, SA
Road, South Over Bridge West End, Valanjambalam, Cochin – 682 016, Kerala,
India |
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Tel. No.: |
91-484-2356464
/ 2374707 |
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Mobile No.: |
91-9846092226 |
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Fax No.: |
91-484-2356464 |
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E-Mail : |
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Website : |
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DIRECTORS
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Name : |
Mr.
Shyju Antony |
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Designation : |
Managing
Director |
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Address : |
Koroth
House, 29/3B, Gandhi Nagar, Gas Agency Road, Thekkumbhagon, Tripuni Thura,
Kochi – 682 301, Kerala, India |
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Date of Birth/Age : |
28.05.1965 |
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Date of Appointment : |
23.12.2003 |
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Name : |
Mr.
Fready Paul |
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Designation : |
Whole
Time Director |
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Address: |
Manaparabil
House, Machanthuruthu Vadakkekalam Northparuru, Ernakulam – 683523 |
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Date of Birth/Age : |
11.11.1965 |
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Date of Appointment : |
23.12.2003 |
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Name : |
Mr.
Jose K George |
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Designation : |
Director
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Date of Birth/Age : |
11.12.1968 |
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Date of Appointment : |
10.01.1997 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr. Shyju Antony |
23350 |
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Mr. Fready Paul |
23350 |
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Mrs. Teena Fready |
36650 |
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Mrs. Rani S Antony |
36650 |
BUSINESS DETAILS
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Line of Business : |
Carry
on the business of Sale of Information Technology Products, both Hardware and
Software and engaged in Software Development, develop and operate marketing of
its products by establishing ‘Online IT Shops’ either by themselves or
through franchisees. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Secured Loan (figures are in Rs. Millions)
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Banking Relations : |
Satisfactory
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Auditors : |
P
Z Chackos and Company Chartered
Accountants Kochi
– 682 038, Kerala, India |
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Address |
Thottungal
Lane, Poonithura Petta, Kochi – 682038 |
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Tel. No |
91-484-2303010 |
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Mobile |
91-9846166130 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 2.500 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
120000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 1.200 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.200 |
0.500 |
0.102 |
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2] Reserves & Surplus |
0.511 |
0.234 |
0.000 |
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3] (Accumulated Losses) |
0.000 |
0.000 |
(0.003) |
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NETWORTH
|
1.711 |
0.734 |
0.099 |
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LOAN FUNDS |
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1] Secured Loans |
5.946 |
2.994 |
0.128 |
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2] Unsecured Loans |
0.000 |
0.064 |
0.206 |
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TOTAL
BORROWING
|
5.946 |
3.058 |
0.334 |
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DEFERRED TAX LIABILITIES |
0.013 |
0.003 |
0.006 |
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TOTAL
|
7.670 |
3.795 |
0.439 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1.210 |
0.537 |
0.261 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.225 |
0.132 |
0.000 |
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|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
3.802
|
2.647 |
1.297 |
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Sundry Debtors
|
12.417
|
11.593 |
1.008 |
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Cash & Bank Balances
|
0.072
|
0.322 |
0.103 |
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Other Current Assets
|
0.627
|
0.439 |
0.022 |
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Loans & Advances
|
1.189
|
0.394 |
0.002 |
Total Current Assets
|
18.107
|
15.395 |
2.432 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
11.732
|
12.103 |
2.257 |
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Provisions
|
0.143
|
0.168 |
0.000 |
Total Current Liabilities
|
11.875
|
12.271 |
2.257 |
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Net Current
Assets
|
6.232
|
3.124 |
0.175 |
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MISCELLANEOUS EXPENSES
|
0.003 |
0.002 |
0.003 |
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TOTAL
|
7.670 |
3.795 |
0.439 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
197.179 |
139.206 |
3.320 |
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Profit/(Loss) Before Tax
|
0.441 |
0.402 |
0.003 |
Provision for Taxation
|
0.163 |
0.168 |
0.000 |
Profit/(Loss) After Tax
|
0.278 |
0.234 |
0.003 |
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Total Expenditure
|
196.738 |
138.804 |
3.317 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.14
|
0.17 |
0.09 |
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Net Profit Margin
(PBT/Sales) |
(%) |
0.22
|
0.29 |
0.09 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
2.28
|
2.50 |
0.11 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.25
|
0.54 |
0.03 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
10.41
|
21.89 |
27.23 |
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Current Ratio
(Current Asset/Current
Liability) |
|
1.52
|
1.25 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
The
company has achieved a Sales Turnover of Rs. 193.900 millions up to 31st
March, 2005 and earned a profit before tax of Rs. 0.441 millions. During the
current year Directors are hopeful of achieving better results.
Name of the Company: Online IT Shoppe
India Private Limited
Presented by: Director
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1.
Date and description of the instrument creating or evidencing the charge
|
S-3
hypothecation (goods) agreement executed by the company on 01.01.2004 |
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2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
2.400 millions |
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3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
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The
borrower hypothecates in favor of the bank all the stock of computer and
accessories, printers UPS, etc. which expression shall be include all
products goods and movable property of any kind belonging to the borrower
which now or hereafter from time to time during this security shall be
brought in, stored or to be in or about the borrowers premises or Godown at
39/3655, South over bridge west end, SA raod, Valanjambalam, Kochi 682 016,
Kerala and in transit or with the borrowers agents or wherever else they may
be as security for advances made or which may be made to the borrower or any
one or more of them whether alone or jointly or any current account or
otherwise and for any liability on bills discounted or held by the bank at
borrower request or bearing the borrower name and also for any other
liability on the borrower part to the bank incurred or which may be incurred
at the borrower request on any account whatsoever (including monies owing
from a survivor or survivors on any joint account) and whether as principle
debtor, surety or guarantor together with interest and all customary charges
thereon. |
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4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 13.5% pa or at such other rate as may be prescribed by the bank from time
to time. Margin to be provided by the borrower on the goods hypothecated 25%.
Submitting statement of goods hypothecated to the bank every month or such
intervals as the bank may prescribe from time to time. The advance is payable
to demand. |
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5.
Names, address and description of the
persons entitled to charge |
Union
Bank of India , Panampilly Nagar,
Ernakulam, Cochin 682 036 |
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6.
Date and brief description of instrument modifying the charge |
S-3
hypothecation (goods) agreement dated 12.08.2004 |
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7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
The
limit increased from Rs. 2.400 millions to Rs. 4.500 millions. Interest at
BPLR plus 2.75% with a minimum of 12.25% pa. The existing securities of all
stock of computers and accessories, printers, UPS, etc were extended to the
enhanced limit of Rs. 4.500 millions. No other charges in terms and
conditions. |
Name of the Company: Online IT Shoppe
India Private Limited
Presented by: Mr. Shyju Antony, Managing
Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
S-3
hypothecation (goods) agreement executed by the company on 01.01.2004 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
2.400 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
The
borrower hypothecates in favor of the bank all the stock of computer and
accessories, printers UPS, etc. which expression shall be include all
products goods and movable property of any kind belonging to the borrower
which now or hereafter from time to time during this security shall be
brought in, stored or to be in or about the borrowers premises or Godown at
39/3655, South over bridge west end, SA raod, Valanjambalam, Kochi 682 016,
Kerala and in transit or with the borrowers agents or wherever else they may
be as security for advances made or which may be made to the borrower or any
one or more of them whether alone or jointly or any current account or
otherwise and for any liability on bills discounted or held by the bank at
borrower request or bearing the borrower name and also for any other
liability on the borrower part to the bank incurred or which may be incurred
at the borrower request on any account whatsoever (including monies owing
from a survivor or survivors on any joint account) and whether as principle
debtor, surety or guarantor together with interest and all customary charges
thereon. |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 13.5% pa or at such other rate as may be prescribed by the bank from time
to time. Margin to be provided by the borrower on the goods hypothecated 25%.
Submitting statement of goods hypothecated to the bank every month or such
intervals as the bank may prescribe from time to time. The advance is payable
to demand. |
|
5.
Names, address and description of the
persons entitled to charge |
Union
Bank of India , Panampilly Nagar,
Ernakulam, Cochin 682 036 |
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6.
Date and brief description of instrument modifying the charge |
NA |
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7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
NA |
Name of the Company: Online IT Shoppe
India Private Limited
Presented by: Mr. John Samuel, Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
S-3
hypothecation (goods) agreement executed by the company on 01.01.2004 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
2.400 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
The
borrower hypothecates in favor of the bank all the stock of computer and
accessories, printers UPS, etc. which expression shall be include all products
goods and movable property of any kind belonging to the borrower which now or
hereafter from time to time during this security shall be brought in, stored
or to be in or about the borrowers premises or Godown at 39/3655, South over
bridge west end, SA raod, Valanjambalam, Kochi 682 016, Kerala and in transit
or with the borrowers agents or wherever else they may be as security for
advances made or which may be made to the borrower or any one or more of them
whether alone or jointly or any current account or otherwise and for any
liability on bills discounted or held by the bank at borrower request or
bearing the borrower name and also for any other liability on the borrower
part to the bank incurred or which may be incurred at the borrower request on
any account whatsoever (including monies owing from a survivor or survivors
on any joint account) and whether as principle debtor, surety or guarantor
together with interest and all customary charges thereon. |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 13.5% pa or at such other rate as may be prescribed by the bank from time
to time. Margin to be provided by the borrower on the goods hypothecated 25%.
Submitting statement of goods hypothecated to the bank every month or such
intervals as the bank may prescribe from time to time. The advance is payable
to demand. |
|
5.
Names, address and description of the
persons entitled to charge |
Union
Bank of India , Panampilly Nagar,
Ernakulam, Cochin 682 036 |
|
6.
Date and brief description of instrument modifying the charge |
hypothecation (goods)
agreement of goods debts and assets dated 08.12.2005 |
|
7.
Particular of modification specifying the terms and conditions or the extent or operation of the charge in which modification is made and the details of modification |
On
08.12.2005 the existing loan limit of Rs. 4.500 millions was enhanced to Rs.
8.000 millions. Computers
with accessories, spare parts, printer, UPS etc which expression shall
include all produce, goods and other movable property of any kind now or at any time hereafter belonging to
or at the disposal of the borrower and which hereafter may from time to time be
brought into our stored or be in or about the borrower premises or Godown at
various places and at other centre in the Union of India and all other places
of storage. Whatsoever at or at any other place in the Union of India or
wherever also they may be include any of the said goods with any of the
borrower agents or at any of the borrower agencies or in course of transit by
ship, rail or otherwise or in the process of manufacture and the borrower
book debts, outstanding, monies, receivables, claims and bill which are now
due and owning or which may at any time hereafter during the continuance of
this security becoming due and owing to the borrower in the course of its
business by any person, any local of public body or authority were extended
to the enhanced loan limit of Rs. 8.000 millions. Interest
rate was revised to 10.50% pa.
|
As Per Web Details
Profile
Online IT Shoppe is a premier
provider of functional and elegant technology solutions. They have expertise in
areas of application development, database engineering, internet development,
web design, network consulting, corporate marketing, hardware and brand
identity management.
For us, how they do is as
important as what they do. They believe what makes us a cut above the rest is
our excellence in IT process management and proficiency in managing
multicultural sensitivities.
They have been growing, changing and adapting ever since they began their
operations.
Markets
- Online IT Shoppe
- IBM
- NEC
- HP
- Epson
Computer Peripherals
- COMPAQ
- Intel
Networking Solutions
Networking
is the process of using a network to gain access to specific resources,
including job search information. As an activity, networking can take place in
almost any place. Effective networking requires that you know the basic
cultural forms (i.e. how to act) in each type of networking situation.
Cisco Systems
Cisco
provides an infrastructure roadmap to implement a safe and secure intelligent
information network to businesses of all sizes.
Band Width Solutions
The
maximum amount of data that can travel a communications path in a given time,
usually measured in bits per second. If you think of the communications path as
a pipe, then bandwidth represents the width of the pipe that determines how
much data can flow through it all at once.
Packeteers
Packeteer,
founded in 1996 and headquartered in Cupertino, California, is the pioneer and
global leader in WAN Application Traffic Management. Packeteer solutions
combine a family of scalable appliances with patented software capabilities to
deliver unmatched visibility, control, acceleration, and management of
application traffic across WAN and Internet links.
Security Systems
Security
Services reduce online threats to the critical business assets with
enterprise-wide security assessments as well as design and deployment services
that improve the network security management. Security Systems deliver
preemptive protection - keeping you ahead of the next online threat more
effectively and more affordably than conventional security
Security
Services reduce online threats to the critical business assets with
enterprise-wide security assessments as well as design and deployment services
that improve the network security management. Security Systems deliver
preemptive protection - keeping you ahead of the next online threat more
effectively and more affordably than conventional security methods.
Access
Control
Determines a user~s identity, as well as determining what a user is authorized
to access, eg a financial database or a support knowledgebase. The most common
form of authentication is user name and password, although this also provides
the lowest level of security. VPNs use digital certificates and digital
signatures to more accurately identify the user.
BAR Coding Applications
Bar coding is the encoding of alphanumeric characters by a series of varying
thickness bars to be read by a scanning device for tracking purposes.
Partners
NEC
NEC
aims to provide optimal solutions to its customers. Innovation is the key to
their ongoing success. After all, their company has been at the cutting edge of
research and development in its field for over a century. We are committed to
serving the specific needs of their various customers. In order to remain the
leading solutions provider for broadband networking and mobile Internet, they
are focusing on two key domains IT-Network integrated solutions and
semiconductor solutions. In the process, their customers are empowered to
unleash creativity, seize new opportunities and achieve their goals. Achieving
SEI-CMM Level 5 certification. With the mission to be cost-effective and high
quality global IT solutions provider, Satyam has built a
IBM
At IBM, they strive to lead in the invention,
development and manufacture of the industry’s most advanced information
technologies, including computer systems, software, storage systems and
microelectronics. They translate these advanced technologies into value for
their customers through their professional solutions, services and consulting
businesses worldwide
The
company’s fixed asset of important value includes:
- Furniture and Fittings
- Mini Door Delivery Van
- Computer
- Interior Fittings
- Office Equipments
- Telephone Hand Set
- T V Camera
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.56 |
|
UK
Pound |
1 |
Rs.86.16 |
|
Euro |
1 |
Rs.57.76 |
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 |
|
--PROFITABILIRY |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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
|
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 |