MIRA
INFORM REPORT
|
Report Date : |
17.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BALAJI
SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
Kamalalaya
Centre, Room # 419, 156-A, Lenin Sarani, Kolkata-700013, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.02.2001 |
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Com. Reg. No.: |
21-92912 |
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CIN No.: [Company
Identification No.] |
U72900WB2001PTC092912 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB04929B
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Legal Form : |
Private
limited liability company. |
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Line of Business : |
Dealers
of Computer Peripherals, Accessories, Networking, IT Enabled Services,
Service and Maintenance. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
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
40000 |
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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 and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported as
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Kamalalaya
Centre, Room # 419, 156-A, Lenin Sarani, Kolkata-700013, West Bengal, India |
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Tel. No.: |
91-33-22155032-35
/ 22155037 |
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Fax No.: |
91-33-22155037 |
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E-Mail : |
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Area : |
9000
sq. ft. |
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Location : |
Owned
– Commercial |
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Head
Office : |
19, R
N Mukherjee Road, Ground Floor, Kolkata – 700001 |
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Tel.
No.: |
91-3322317521
/ 7525 / 7528 |
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Fax
No.: |
91-33-22317521 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Rajendra Sekasaria |
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Designation : |
Director
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Address : |
HB-30,
Salt Lake City, Kolkata – 700097, West Bengal, India |
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Date of Birth/Age : |
13.01.1972 |
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Name : |
Mr.
Mahabir Prasad Seksaria |
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Designation : |
Director
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Address : |
HB-30,
Salt Lake City, Kolkata – 700097, West Bengal, India |
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Date of Birth/Age : |
06.03.1942 |
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Name : |
Mrs.
Sushila Devi Seksaria |
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Designation : |
Director
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Address : |
HB-30,
Salt Lake City, Kolkata – 700097, West Bengal, India |
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Date of Birth/Age : |
01.01.1946 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Rajendra Sekasaria |
|
3500 |
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Mrs.
Sushila Devi Seksaria |
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15500 |
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Mr.
Mahabir Prasad Seksaria |
|
2500 |
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S. K.
Saksaria – HUF |
|
100 |
|
Sangeeta
Seksaria |
|
3500 |
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Rajani
Dalmia |
|
3500 |
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Parmila
Gupta |
|
100 |
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Kedar
Mall Jhanwar |
|
100 |
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Kamala
Devi Jhanwar |
|
100 |
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Dinesh
Bajaj – HUF |
|
4000 |
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Radha
Devi Vyas |
|
100 |
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Lata
Kedia |
|
100 |
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Vivek
Kedia |
|
100 |
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Govind
Lal Bajrang |
|
100 |
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Ram
Lal Saraf |
|
10100 |
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Gouri
Shankar Bajaj |
|
100 |
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Dinesh
Bajaj |
|
15000 |
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Kalpana
Kedia |
|
100 |
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M P
Seksaria - HUF |
|
4200 |
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Ram
Lal Saraf – HUF |
|
10100 |
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Annapurna
Bajaj |
|
5000 |
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Lata
Bajaj |
|
12000 |
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Mahesh
Kumar Bajaj |
|
9600 |
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Rajendra
Seksaria – HUF |
|
200 |
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Seksaria
Kumar |
|
16000 |
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Narayan
Tiwari |
|
5100 |
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Chanda
Saraf |
|
10100 |
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Ganesh
Kumar Bajaj |
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3500 |
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Rahul
Kumar Ganesh |
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10000 |
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Kailash
Kumar Saraf |
|
10100 |
BUSINESS DETAILS
|
Line of Business : |
Dealers
of Computer Peripherals, Accessories, Networking, IT Enabled Services, Service
and Maintenance. |
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Agencies Held : |
Acer,
etc |
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Terms : |
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Selling : |
Cash,
Contract and Credit |
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Purchasing : |
Cash,
Contract and Credit |
GENERAL
INFORMATION
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Suppliers : |
Acer,
etc |
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Customers : |
End
Users |
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Bankers : |
Indian
Bank, Dharmotalla Branch, Kolkata – 700013 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
K K
Chanani and Associates Chartered
Accountants 5/1,
Dr. Rajendra Prasad Sarani [Formerly Clive Row], 3rd Floor, Room
No. 78, Kolkata – 700001 |
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Tel. No.: |
91-33-22302096
/ 9315 |
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Associates/Subsidiaries : |
Foxin
Technologies Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
161500 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.615 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.615 |
1.545 |
1.545 |
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2] Share Application Money |
2.650 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.593 |
3.665 |
1.248 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.858 |
5.210 |
2.793 |
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LOAN FUNDS |
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1] Secured Loans |
15.487 |
0.707 |
2.556 |
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2] Unsecured Loans |
0.000 |
8.390 |
8.126 |
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TOTAL BORROWING |
15.487 |
9.097 |
10.682 |
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DEFERRED TAX LIABILITIES |
0.274 |
0.346 |
0.256 |
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TOTAL |
25.619 |
14.653 |
13.731 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.876 |
3.868 |
4.075 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.816
|
4.820 |
14.572 |
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Sundry Debtors |
27.938
|
20.448 |
22.158 |
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Cash & Bank Balances |
1.839
|
1.822 |
1.376 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.159
|
1.926 |
1.176 |
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Total Current Assets |
57.752
|
29.016 |
39.282 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
35.626
|
17.275 |
29.232 |
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Provisions |
1.383
|
0.970 |
0.420 |
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Total Current Liabilities |
37.009
|
18.245 |
29.652 |
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Net Current Assets |
20.743
|
10.771 |
9.630 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.014 |
0.026 |
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TOTAL |
25.619 |
14.653 |
13.731 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
422.679 |
391.371 |
338.829 |
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Profit/(Loss)
Before Tax |
1.992 |
1.457 |
1.170 |
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Provision
for Taxation |
-- |
-- |
0.418 |
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Profit/(Loss)
After Tax |
1.992 |
1.457 |
0.752 |
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Total
Expenditure |
420.757 |
389.914 |
337.659 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.47
|
0.37 |
0.22 |
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Net
Profit Margin (PBT/Sales) |
(%) |
0.47
|
0.37 |
0.35 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
3.18
|
4.43 |
2.70 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.28 |
0.42 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
5.33
|
5.25 |
14.44 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.56
|
1.59 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry
on business of rendering services and development of computer, computer
packages for industrial, commercial, entertainment, personal, training,
education, defence, internet, electronic commerce, multimedia communication and
for all other purpose and to establish multimedia centres, and to offer
consultancy development, data processing and any activity relating to
information technology that are normally offered by such enterprises to
commercial, industrial, business, advertisement, artistic, cultural and other
types of end users in India or abroad.
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Name of the company |
BALAJI SOLUTIONS PRIVATE LIMITED |
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Presented By |
Union Bank of India, Ezra street Branch,
Kolkata |
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1) Date and description of instrument creating the change |
Hypothecation of agreement of goods and debts dated
03.01.2006 Letter
of continuity [AD-09] dated 03.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
40.000 Millions |
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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 |
Hypothecation
by way of first charge created on All
the company’s present and future stocks of computers of various brands along
with peripherals etc. kept / stored / lying at the company’s premises / shop
at 19, R N Mukherjee Road, & 4, Ganesh Chandra Avenue, Kolkata or
elsewhere the same may be kept / stored / lying or are in course of transit. All
the company’s present and future book dents, outstanding monies, deposit,
received claims, bills, contract, security investments, right an assets bills
inland and foreign etc as stated in the agreements cited in paragraph
above. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Union
Bank of India has sanctioned and extended credit facilities limits to the
company to the extent of Rs. 40.000 Millions comprising of : Cash
credit limit of Rs. 40 millions, Margin 25 % and Interest @ 10 % p.a. at
monthly rests. Further rate of interest is subject to Bank’s BPLR and Credit
policy fixed from time to time. the
above credit facilities are interalia secured by Stock and Assets of the
company as mentioned in paragraph 3 and in the agreement as cited in
paragraph 1 and all other supporting security documents executed by the
company in favour of the bank. The company further undertakes that it shall
not do or allow anything which may prejudice the security and shall comply
with all the terms and conditions of these agreements. |
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5) Name and Address and description of the person entitled to the charge. |
Union
Bank of India, Ezra
street Branch, 55/58,
Ezra Street, Kolkata
– 700001 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.44.27 |
|
UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 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 |
|