MIRA
INFORM REPORT
|
Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
BEST IT WORLD [ |
|
|
|
|
Registered Office : |
87, Mistry Industrial Complex,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
17.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104553 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U30000MH1996PTC104553 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of UPS, Paper and Printer for Computers. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
87, Mistry Industrial Complex,
|
|
Tel. No.: |
91-22-28251820 / 28235360 / 30815100 / 56935135 / 30814050 |
|
Fax No.: |
91-22-28376545 / 66936262 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located at
|
|
|
|
|
|
Located at :
|
DIRECTORS
|
Name : |
Mr. Sandeep Sitaram Parasrampuria |
|
Designation : |
Director |
|
Address : |
402, Resort View, Thakur Complex, Kandiwali [East], Mumbai – 400101, |
|
Date of Birth/Age : |
20.07.1965 |
|
Date of Appointment : |
17.12.1996 |
|
|
|
|
Name : |
Mr. Anil Parasrampuria |
|
Designation : |
Director |
|
Address : |
18-B, Laxmi Estate, |
|
Date of Birth/Age : |
06.09.1967 |
|
Date of Appointment : |
17.12.1996 |
|
|
|
|
Name : |
Mr. Rakesh Yogeshkumar Shah |
|
Designation : |
Director |
|
Address : |
R / 104, Shanti Apartments, Mathurdas Exten. Road, Kandivali [East],
Mumbai – 400067, |
|
Date of Birth/Age : |
20.11.1965 |
|
Date of Appointment : |
21.05.1998 |
|
|
|
|
Name : |
Mr. Vijay Kumar Dalmia |
|
Designation : |
Director |
|
Address : |
603 / 604, |
|
Date of Birth/Age : |
28.12.1957 |
|
Date of Appointment : |
07.06.2000 |
|
|
|
|
Name : |
Mr. Sunil B. Kedia |
|
Designation : |
Director |
|
Address : |
B – 10/26, Khira Nagar, |
|
Date of Birth/Age : |
30.10.1959 |
|
Date of Appointment : |
07.06.2000 |
SHAREHOLDING PATTERN
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors of relatives of directors |
|
100.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of UPS, Paper and Printer for Computers. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
V. B. Goel and Company Chartered Accountants |
|
Address : |
9/429, Bhagyodaya, Kher Nagar, Bendra [East], Mumbai – 400051, |
|
|
|
|
Associates/Subsidiaries : |
Natasha Industries |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,499,500 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500
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 |
7.500 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.077 |
16.866 |
12.421 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
43.577 |
21.866 |
17.421 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.961 |
24.511 |
15.003 |
|
|
2] Unsecured Loans |
22.794 |
29.691 |
26.837 |
|
|
TOTAL BORROWING |
47.755 |
54.202 |
41.840 |
|
|
DEFERRED TAX LIABILITIES |
1.453 |
1.962 |
1.787 |
|
|
|
|
|
|
|
|
TOTAL |
92.785 |
78.030 |
61.048 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.469 |
16.878 |
17.115 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.131 |
0.138 |
0.143 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
87.125
|
75.778 |
37.746 |
|
|
Sundry Debtors |
126.116
|
89.318 |
89.773 |
|
|
Cash & Bank Balances |
20.460
|
14.399 |
13.032 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.904
|
6.933 |
9.119 |
|
Total
Current Assets |
241.605
|
186.428 |
149.670 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
158.677
|
124.650 |
100.236 |
|
|
Provisions |
9.747
|
0.769 |
5.650 |
|
Total
Current Liabilities |
168.424
|
125.419 |
105.886 |
|
|
Net Current Assets |
73.181
|
61.009 |
43.784 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.004 |
0.005 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
92.785 |
78.030 |
61.048 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 [Expected] |
31.03.2005 [Expected] |
31.03.2004 |
|
|
Sales Turnover |
1500.000 |
1200.000 |
909.505 |
|
|
Other Income |
|
|
6.655 |
|
|
Total Income |
|
|
916.160 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
12.880 |
|
|
Provision for Taxation |
|
|
4.914 |
|
|
Profit/(Loss) After Tax |
|
|
7.966 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
|
|
147.006 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
829.220 |
|
|
Employees Expenses |
|
|
19.749 |
|
|
Administrative and other Expenses |
|
|
17.746 |
|
|
Selling and Promotional Expenses |
|
|
27.855 |
|
|
Interest and Finance Charges |
|
|
7.129 |
|
|
Loss on |
|
|
0.346 |
|
|
Depreciation & Amortization |
|
|
1.236 |
|
Total Expenditure |
|
|
903.281 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
1.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
7.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.96
|
8.21 |
8.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.49 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Office
Premises
- Computer
Systems
- Electrical
Fittings
- Dies and
Moulds
- Office
Equipment
- Furniture and
Fixture
- Vehicles
Bankers Charges
Report as per Registry
|
Name of the company |
BEST IT WORLD [ |
|
Presented By |
Cosmos
Co-operative Bank Limited, Vile Parle Branch, Mumbai – 400057 |
|
1) Date and description of instrument creating the change |
Hypothecation of Tangible
Goods / Movable Property to secure A Demand cash credit Account / Demand
overdraft account / demand loan account dated 04.03.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
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 |
Hypothecation of
all the goods of the borrowers namely computers, peripherals under L/C
arrangements more particularly described in the schedule attached herewith
including there in the stocks thereof the time being whether raw or
manufactured or in process of manufacture and also all products, goods and
any every tangible movable property of the borrowers whether new lying or a
any time hereafter during the continuance of this security lying or being in
or about the borrowers premises and godowns at Mumbai or whether ever else
the same may be or be held by any party anywhere. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. 12 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Cosmos Co-operative Bank Limited Vile Parle Branch, 45, Sarawati Niwas, Vile Parle [East], Mumbai – 400057 |
|
6) Date and brief description of instrument modifying the charge |
Deed of Mortgage
dated 11.06.2004 |
|
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. |
The original
charge is dated 04.03.2002 for Rs. 10.000 Millions and further modified on
25.10.2002 making total limit to Rs. 17.000 Millions now by present
modification dated 11.06.2004 the L/C limit has been enhanced by Rs. 8.000
Millions making total limit to Rs. 25.000 Millions further mortgage of all
piece and parcel of the Industrial premises known as unit no 75 situated at
second floor of the building known as Mistri Industrial Complex, constructed
on the piece of land or ground situated, lying and being at village Mulgaon
more particularly described in schedule attached herewith. This is collateral
security for the L/C Limit R.O.I. 12 % p.a. or at such rate as may be
determined by the bank from time to time. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90164041 |
|
Corporate
identity number of the company |
U30000MH1996PTC104553 |
|
Name of the
company |
BEST IT WORLD [ |
|
Address of the
registered office or of the principal place of business in |
87, Mistry Industrial Complex,
|
|
Type of charge |
|
|
Particular of
charge holder |
Cosmos Co-operative Bank Limited Vile Parle Branch, 45, Sarawati Niwas, Vile Parle [East], Mumbai – 400057 |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage |
|
Date of
instrument Creating the charge |
09.10.2006 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As determined by
the bank from time to time Terms of
repayment As determined by
the bank from time to time Margin As determined by
the bank from time to time Extent operation
of the charge This cash credit
facility Others Mortgage property
is also security for bank guarantee facility of Rs. 1.000 Millions and
Cheques purchase facility of Rs. 0.500 Millions |
|
Short particulars
of the property charged |
Hypothecation of
all the movable assets of the borrower including raw material, semi finished
and finished goods and machinery, including instruments, gigs fixture,
devise, receivables, claims, interest, rights, bills, invoices and all future
movable, including machinery, raw material, semi-finished and finished goods
belonging to or in the possession or under the control of the borrower
wherever stored and kept. |
|
Date of latest
modification prior to the present modification |
04.03.2002 |
|
Particulars of
the present modification |
Additional Cash
Credit facility of Rs. 12.500 Millions is granted enhancing the total limit
of Rs. 32.500 Millions. Mortgage of all that piece and parcel of the commercial
premises know as gala no 70, 75 and 93 situated in Mistri Industrial Complex,
Andheri [East]. |
AS PER WEBSITE
To be the BEST
September 2001 saw
the launch of iBall in
At iBall, there is
a constant and continuous effort to improve, get better and provide latest
robust products. The vision to grow as a Company is not the only goal at iBall.
Its ideologies include sharing technology and technological advancements with
its customers on a day to day basis.
The motto – “Your
eyeball view. Our technology new” is therefore sacrosanct.
It’s innovative
and committed approach has ensured that iBall is not only considered as one of
the fastest growing brand in its own segment but it also reflects on iBall
consistently winning various awards and ratings in different surveys conducted
from time to time.
The iBall base in
Blending new ideas
of business with established business values of integrity and a quest for
excellence, Best IT World places high premium on all-round quality in products
and services. Best IT World has been almost always exceeding the industry
growth rates and has reached revenues of over Rs.1,600 million for the F.Y.
ended 2006-07.
News
Rated No.1 brand in 4 key categories by Golden Rhino Awards 2007.
It is really heartening to share with all of you the results of Golden
Rhino Awards 2007. iBall has been rated as No.1 brand in 4 key categories i.e.
Mouse, Keyboard, Speakers and Cabinet. It is a great feeling to win the award
at the beginning of a new financial year which included all brands available in
iBall launches yet another first in
iBall Uni-Retractable Laser Precise Mouse will be a great boon to the
laptop users to get the latest laser technology with absolute convenience and
hassle free usage. In other parts of the world this uni-retractable technology is
already creating waves and stock out positions. The product has been launched
across the country at all its 19 offices coinciding with the beginning of a new
financial year. As a special offer to the users it will carry a 15 days money
back guarantee if not satisfied one can return it with no questions asked.
iBall launches Compact Keyboard.
iBall, known for its innovative and latest technology products, brings
yet another innovation with the launch of iBall Compact Keyboard. iBall Compact
Keyboard is very stylishly designed and comes in Black Silver color. It is
enriched with many key benefits for the users viz its very sleek, small and
compact design to save on the space required and yet, makes it extremely
desired product with its aesthetics, a special slide out / slide in numeric
pad. Such an option is being introduced in a keyboard for the FIRST TIME in
iBall Swing
Hold the breath and get ready to be captured at ease with the movements.
iBall known for its innovative and latest technology products introduces iBall
Swing Cam - a high performance web camera that swings to the motion. iBall
Swing Cam detects & tracks motion automatically with built-in mechanism for
panning. It is a 1.3 mega pixel interpolated web camera with 1280 x 980 video
size. It allows 180 degree panning with a view angle of 230 degrees. It has a
tilt upto 60 degrees with a view angle of 90 degrees. iBall Swing Cam package
also includes a complimentary headphone with mic for easy and clear
communication. A special stand for LCD Monitors and Laptops is included free.
This makes it easily usable with almost every computing display unit
conveniently and comfortably.
Awards
Won
Golden Rhino Awards - 2007 (360 Magazine
Survey)
No.1 Mouse Brand
No.1 Cabinet Brand
No.1 Speaker Brand
No.1 Keyboard Brand
Intel Awards (2005 & 2006)
Laptop Awards
December 2006 (IT Nation) 360 Magazine
Survey
No.1 Mouse Brand
No.1 Cabinet Brand
No.1 Speaker Brand
No.1 Keyboard Brand
August 14, 2006 (IT Nation) 360 Magazine
Survey
No.1 Mouse Brand
No.2 Keyboard brand
No.1 Cabinet Brand
No.1 Speaker Brand
No.2 Power Protection (UPS) Brand
No.3 Laptop Brand
December 2005 (IT Nation) 360 Magazine
Survey
No.1 Mouse Brand
No.1 Cabinet Brand
No.1 Speaker Brand
August 15, 2005 (IT Nation) 360 Magazine
Survey
No.1 Mouse Brand
No.2 Keyboard brand
No.1 Cabinet Brand
No.2 Speaker Brand
August 14, 2004 (IT Nation) 360 Magazine
Survey
iBall - No.1 Mouse Brand
iKey - No.2 Keyboard brand
iBox - No.1 Cabinet Brand
iSound - No.2 Speaker Brand
Golden Rhino Awards - 2004 / May 14, 2004
(IT Nation) Magazine Survey
iBall was rated no.2 after Logitech before
Microsoft
August 14, 2003 (IT Nation) 360 Magazine
Survey
iBall - No.1 Mouse Brand
iKey - No.1 Keyboard brand
iBox - No.1 Cabinet Brand
iSound - No.1 Speaker Brand
March 16-31, 2003 DQ Channels Satisfaction
Survey
The Best i-series was at the fifth position
after Samsung, HP, Intel and Compaq as the most preferred brand
August 14, 2002 (IT Nation) Magazine Survey
iBall - No.1 Mouse Brand
iKey - No.3 Keyboard brand
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.40.30 |
|
|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.55.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|