MIRA
INFORM REPORT
|
Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
|
Correct Name : |
SOFTECH
COMPUTERS DELHI LIMITED |
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|
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Registered Office : |
2058,
Ashok Bhawan, 93, |
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Country : |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.12.1993 |
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Com. Reg. No.: |
55-56526 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PLC056526 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS11853C |
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PAN No.: [Permanent
Account No.] |
AAACS3952L |
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Legal Form : |
A
Closely Held Public Limited Liability Company. |
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Line of Business : |
Distributor
and Supplier of Computers, Computer Hardware and Accessories |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD15000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
correct |
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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 normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
2058,
Ashok Bhawan, 93, |
|
Tel. No.: |
91-11-26421742
/ 26421743 / 26421744 / 41808094 / 95 / 96 |
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Fax No.: |
91-11-26421742
/ 26421744 |
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E-Mail : |
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Website : |
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Area : |
2000
Sq. ft. |
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Location : |
Owned
– Commercial |
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WareHouse: |
B-4,
Ashok Bhawan, 93, |
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Branch
– |
306,
Adarsh Complex Industrial Area, Phase-I, Wazipur, |
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Tel.
No. : |
91-11-27377723 |
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GF-
20, Kirti Shikhra, District Janak Puri, New Delhi – 110058, State Bank of
India, Najafgarth Road Branch, New Delhi |
DIRECTORS
|
Name : |
Ms Raj
Kumari |
|
Designation : |
Whole
Time Director |
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Address : |
24/62A,
Tilak Nagar, |
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Date of Birth/Age : |
10.04.1956 |
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Date of Appointment : |
30.12.1993 |
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Name : |
Mr
Ashok Taneja |
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Designation : |
Whole
Time Director |
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Address : |
36, Surya
Kiran Apartment, Vikas Puri, |
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Date of Birth/Age : |
01.04.1954 |
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Date of Appointment : |
22.09.1994 |
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Name : |
Mr
Charanjeet Taneja |
|
Designation : |
Whole
Time Director |
|
Address : |
RA
24/62A, Tilak Nagar, |
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Date of Birth/Age : |
05.01.1962 |
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Date of Appointment : |
02.04.2001 |
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|
Name : |
Mr
Rashim Adlakha |
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Designation : |
Director |
|
Address : |
A-1,
Ispatika Apartment, sector 4, Dwarka, |
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Date of Birth/Age : |
14.09.1972 |
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Date of Appointment : |
11.05.2006 |
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Name : |
Mr
Yash Pal Gulati |
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Designation : |
Director |
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Address : |
A-1/B-5
janak Puri, |
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Date of Birth/Age : |
01.05.1965 |
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Date of Appointment : |
08.08.2006 |
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Name : |
Mr
Sandeep Bedi |
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Designation : |
Director |
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Address : |
18-C,
Block BG-1, Shalimar Bagh, |
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Date of Birth/Age : |
08.08.1977 |
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Date of Appointment : |
01.04.2006 |
KEY EXECUTIVES
|
Name
: |
S B
Garg and Associates |
|
Designation
: |
Company
Secretary |
|
Address
: |
A-2/33,
Prateek Apartments, Paschim Vihar, |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Ms
Mamta Maddan |
1800 |
1.18 |
|
Ms
Santosh Dhingra |
700 |
0.45 |
|
Mr D D
Arora |
1500 |
0.98 |
|
Ms
Suman Malik |
500 |
0.32 |
|
Ms
Laxmi Wadhwa |
3500 |
2.29 |
|
Ms
bina Wadhwan |
100 |
0.65 |
|
|
200 |
1.31 |
|
Mr D
pathak |
4800 |
3.14 |
|
Ms
Manju Gupta |
1000 |
0.65 |
|
Mr Vinay Kr Mittal |
1500 |
0.98 |
|
Ashdeep
PortFolios |
2500 |
1.63 |
|
Mr
Vishnusaran |
8000 |
5.24 |
|
Mr A D
Dhingra |
1000 |
0.65 |
|
Ms
Balbinder Kaur |
1000 |
0.65 |
|
Mr
Rashim Adlakha |
1500 |
0.98 |
|
Mr
Syed Khan |
1500 |
0.98 |
|
Mr G D
Khattar |
1000 |
0.65 |
|
Mr
Atul Kulkarni |
1000 |
0.65 |
|
Ms
Sumitra Devi |
5000 |
3.27 |
|
Mr
Sandeep Kumar |
1500 |
0.98 |
|
Ms
Shalini Swaroop |
1000 |
0.65 |
|
Ms Raj
Kumari |
5300 |
3.47 |
|
Mr
Vijay Kumar Sharma |
300 |
0.19 |
|
Ms S L
Madan |
300 |
0.19 |
|
Mr S
Ram |
36500 |
23.91 |
|
Mr R P
Wadhwa |
5000 |
3.27 |
|
Mr
baldev Raj Dhingra |
300 |
0.19 |
|
Ms
Neelam Chawla |
2000 |
1.31 |
|
Ms
Maya Devi |
2000 |
1.31 |
|
Ms
Shashi Bala |
1000 |
0.65 |
|
Mr V K
Chopra |
1000 |
0.65 |
|
Mr
Laxmi Kant |
3740 |
2.45 |
|
Mr
Jagdish Yadav |
2640 |
1.73 |
|
Mr
Charanjeet Taneja |
8500 |
5.57 |
|
Ms
anita Taneja |
8000 |
5.24 |
|
Mr D N
Chakarvati |
1000 |
0.65 |
|
Ms
Kiran Taneja |
4500 |
2.94 |
|
Ms
Lalita Pathak |
2500 |
1.63 |
|
Ms
Veena Juneja |
2500 |
1.63 |
|
Mr
MoiKureshi |
2500 |
1.63 |
|
Mr
Manoj Adhlaka |
2500 |
1.63 |
|
Mohit
Investment |
9500 |
6.22 |
|
Mr
Ajay Sharma |
3000 |
1.96 |
|
Ms
Neetu Yadav |
2500 |
1.63 |
|
Others |
2220 |
1.45 |
|
Total |
152600 |
100.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Distributor
and Supplier of Computers, Computer Hardware and Accessories |
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Products : |
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|
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Brand Names : |
Subject
is an authorised distributor of the following companies. ·
Intel, Asrock, Gigabyte (Mother Boards) ·
Intel (Processors) ·
Transcent, Hynix (Memory) ·
Seagate, Maxtor, Smasung, Western Digital (Hard Disk Drives) ·
Mercury, Frontech, Intex, ADDCOM, Odessy (Computer Cases) ·
Microtech, Sukam, Frontech (UPS) ·
Frontech (Add on Cards) ·
Samsung, LG, Benq, IOMEGA, (CD R/W, DVD R/W) ·
Frontech, Intex, Creative, altech, Addcom (Multimedia Speaker) ·
HP, UMAX (Scanners) ·
HP, Samsung, Epson (Printers) ·
Logitech, Microsoft, Frontech (Mouse) ·
Logitech, Microsoft, TVS, Frontech (Key Board) |
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Exports to : |
Subject
dose not export and supplies to retailers |
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Imports from : |
Subject
does not import. |
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Terms : |
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Selling : |
On
Cash against Delivery |
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Purchasing : |
On
Credit : 15 to 30 days |
GENERAL INFORMATION
|
Suppliers : |
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No. of Employees : |
Around
60 |
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Bankers : |
Union
Bank of 73-74,
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Facilities : |
Cash
Credit Facilities : Rs 12.000 Millions from Union Bank of |
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|
Auditors : |
Pawan
Singhal and Company Chartered
Accountants |
|
Tel. No.: |
201, A-1/B-6,
Second Floor, Local Shopping Centre, Janak Puri, |
|
Mobile No.: |
91-11-25502809
/ 25617232 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity
Shares |
Rs 10/- each |
Rs 2.000 Millions |
|
100,000 |
Preference
Shares |
Rs 10/- each |
Rs 1.000 Millions |
|
|
Total |
|
Rs 3.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
152,600 |
Equity
Shares |
Rs 10/- each |
Rs 1.526 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
1.526 |
1.526 |
1.526 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
2.404 |
2.232 |
1.934 |
|
4] (Accumulated Losses) |
---- |
--- |
--- |
|
NETWORTH |
3.930 |
3.758 |
3.460 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
6.618 |
4.577 |
5.038 |
|
2] Unsecured Loans |
1.790 |
0.407 |
0.000 |
|
TOTAL BORROWING |
8.408 |
4.984 |
5.038 |
|
DEFERRED TAX LIABILITIES |
0.019 |
0.058 |
0.065 |
|
|
|
|
|
|
TOTAL |
12.357 |
8.800 |
8.563 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.046 |
1.215 |
1.065 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
14.188
|
2.702 |
7.884 |
|
Sundry Debtors |
20.532
|
19.613 |
11.214 |
|
Cash & Bank Balances |
0.204
|
0.281 |
0.112 |
|
Other Current Assets |
1.298
|
0.962 |
0.554 |
|
Loans & Advances |
0.977
|
0.452 |
0.584 |
|
Total Current Assets |
37.199
|
24.010 |
20.348 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
25.599
|
16.238 |
12.445 |
|
Provisions |
0.289
|
0.187 |
0.405 |
|
Total Current Liabilities |
25.888
|
16.425 |
12.850 |
|
Net Current Assets |
11.311
|
7.585 |
7.498 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
12.357 |
8.800 |
8.563 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other
income] |
299.335 |
269.155 |
224.255 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
0.407 |
0.475 |
0.466 |
|
Provision
for Taxation |
0.275 |
0.187 |
0.185 |
|
Profit/(Loss)
After Tax |
0.132 |
0.288 |
0.281 |
|
|
|
|
|
|
Total
Expenditure |
299.266 |
268.983 |
223.789 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
0.04
|
0.11 |
0.13 |
|
|
|
|
|
|
|
Net
Profit Margin(PBT/Sales) |
|
0.14
|
0.18 |
0.21 |
|
|
|
|
|
|
|
Return
on Total Assets(PBT/Total Assets} |
|
0.35
|
1.14 |
2.18 |
|
|
|
|
|
|
|
Return
on Investment (ROI)(PBT/Networth) |
|
3.36
|
7.66 |
0.13 |
|
|
|
|
|
|
|
Debt
Equity Ratio(Total Liability/Networth) |
|
2.14
|
1.33 |
5.17 |
|
|
|
|
|
|
|
Current
Ratio(Current Asset/Current Liability) |
|
1.44
|
1.46 |
1.58 |
|
|
|
|
|
|
|
Quck
Ratio |
|
0.89
|
1.30 |
0.97 |
|
|
|
|
|
|
|
Current
Liabilities/ Networth |
|
6.59
|
4.37 |
3.71 |
|
|
|
|
|
|
|
Fixed
Asset / Networth |
|
0.27
|
0.32 |
0.31 |
|
|
|
|
|
|
|
Average
Collection Days |
|
25.52
|
26.97 |
18.60 |
|
|
|
|
|
|
|
Account
Receivables Turnover |
|
14.30
|
13.53 |
19.63 |
|
|
|
|
|
|
|
Inventory
Turnover |
|
20.70
|
98.25 |
27.92 |
|
|
|
|
|
|
|
Asset
Turnover |
|
280.76
|
218.48 |
206.68 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Computer Hardware
- Electric Installation
- Furniture and Fixtures
- Bicycle
- EPABX
- Refrigerator
- Telephone Instruments
- Fan
- Air Conditioner
- Motor Car
- Cellular Phone
- Fax machine
- Office Equipment
- Invertors
- Generator
Industry Overview
Consequent shift has been from monopoly of Government as service
provider to private entry in telecom to promote competition and establishing a
neutral regulatory agency. The essence of the convergence spirit and the
vitality of changes have led to lowering of tariffs, plentiful availability of
bandwidth at increasingly lower cost, competition and growth in technology.
Sales of Personal Computers (PC) crossed 3.6 million units during the
year 2004-05, registering a growth of 20%. Sales in 2005-06 are expected to
cross 4.7 million units. The growth in PC sales is largely attributed to
increased IT consumption by Industry verticals and corporate sectors such as
Telecom, Banking and Financial Services, Manufacturing and IT enabled services.
Apart from these traditional sectors, higher consumption is also being
witnessed in SMEs, IT training institutes and other computer centric small
enterprises. In addition, the trend of increased PC purchase in households,
smaller towns and cities is continuing. Aggressive pricing by the PC vendors
has also helped improve the PC penetration, especially in the households and
the SME segments. The Department has conducted a study on ‘Improving PC
penetration in the country’. The report envisages a seven-fold growth in the
domestic IT market by 2008 with annual PC sales at 28 million.
The software and services industry continue to be the dominating factor
in the overall growth of the Indian industry. In 2004-05, the Indian software
and services industry exports witnessed a healthy growth, with total exports
reaching Rs. 801800.000 Millions (US$ 17.7 billion), an increase of 37% over
the previous financial year. This segment will continue to show a robust growth
and the total value of software and services export is estimated at Rs.
1032000.000 Millions(US$ 23.4 billion) in 2005-06, an increase of 29 per cent
in Rupee terms and 32 per cent in dollar terms. The Business Process
Outsourcing (ITES-BPO) sector has emerged as a key driver of growth for the
Indian software and services Industry. The ITES-BPO industry is likely to grow
by about 37% in 2005-06 to reach US$ 6.3 billion. In 2004-05, the Indian
ITES-BPO industry grew by 48% to US$ 4.6 billion.
The Desktop PC market grossed 2.340 million units registering a growth
of 36% in the first half of 2005-06 over the same period last fiscal. With
sound macroeconomic condition and buoyant buying sentiment in the market, PC
sales are expected to touch 4.700 million units during the year 2005-06. A
similar growth trend was also witnessed in all other associated peripherals.
FURTHER
INFORMATION
Incorporated
on
Subject company
was incorporated in 1993 and engaged in the business of distributor and
supplier of computer hardware and accessories and computer education-related
products. Two years later it diversified into computer components and
peripherals. During 2003-04 the company opened a new retail outlet in
Mr Ashok
Taneja, CEO of the subject company is having experienced of around 27 years.
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.21 |
|
|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|