%20PRIVATE%20LIMITED%2024-May-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
PACE COMMUNICATIONS ( |
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|
|
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Registered Office : |
17-II-B Ghanshyam Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.07.1996 |
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Com. Reg. No.: |
11-100948 |
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CIN No.: [Company
Identification No.] |
U74140MH1996PTC100948 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17417B |
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|
|
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PAN No.: [Permanent
Account No.] |
AAACP6647B |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business : |
Commission and Consultation of Recording and Broadcasting Equipments |
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 : |
USD 3000 |
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|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established marketing company. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. 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 : |
17-II-B Ghanshyam Industrial Estate, |
|
Tel. No.: |
91-22-56941914/15/16 |
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Fax No.: |
91-22-56941917 |
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E-Mail : |
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Website : |
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Area : |
Rented |
DIRECTORS
|
Name : |
Joseph U. Gonsalves |
|
Designation : |
Chairman |
|
Address : |
17-II-B Ghanshyam Industrial Estate, |
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Date of Birth/Age : |
10th March 1948 |
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Date of Appointment : |
11th July 1996 |
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|
Name : |
Adrienne J. Gonsalves |
|
Designation : |
Director |
|
Address : |
17-II-B Ghanshyam Industrial Estate, |
|
Date of Appointment : |
11th July 1996 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Joseph U. Gonsalves |
|
1600 |
|
Adrienne J. Gonsalves |
|
50 |
BUSINESS DETAILS
|
Line of Business : |
Commission and Consultation of Recording and Broadcasting Equipments |
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|
|
|
Products : |
GENERAL INFORMATION
|
Suppliers : |
Otari Singapore Private Limited, Gandharva Digital, Pawan Agencies |
|
|
|
|
Customers : |
Gramaphone Company Limited |
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|
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No. of Employees : |
20 |
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|
|
|
Bankers : |
Not divulged |
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Facilities : |
-- |
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|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
V. A. Panjwani and Company Chartered Accountants |
|
Address : |
8, Shanta Society, |
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|
|
|
Associates/Subsidiaries : |
Pace Communications |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100 each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1650 |
Equity Shares |
Rs. 100 each |
Rs. 0.165 million |
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 |
0.165 |
0.165 |
0.165 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.712 |
0.688 |
0.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.877 |
0.853 |
0.725 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.862 |
0.995 |
0.090 |
|
|
TOTAL BORROWING |
0.862 |
0.995 |
0.090 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1.739 |
1.848 |
0.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.081 |
0.099 |
0.077 |
|
|
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 |
2.478
|
2.478 |
2.478
|
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000
|
|
|
Cash & Bank Balances |
0.414
|
0.002 |
1.625
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.073
|
|
|
Loans & Advances |
10.827
|
11.585 |
9.454
|
|
Total
Current Assets |
13.719
|
14.065 |
13.630 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
11.974
|
12.124
|
11.819
|
|
|
Provisions |
0.087
|
0.192 |
1.073
|
|
Total
Current Liabilities |
12.061
|
12.316 |
12.892
|
|
|
Net Current Assets |
1.658
|
1.749 |
0.738
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1.739 |
1.848 |
0.815 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
0.180 |
-- |
2.060 |
|
|
Other Income |
0.565 |
3.744 |
-- |
|
|
Total Income |
0.745 |
3.744 |
2.060 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.086 |
0.187 |
0.069 |
|
|
Provision for Taxation |
0.062 |
0.060 |
0.026 |
|
|
Profit/(Loss) After Tax |
0.024 |
0.127 |
0.043 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
0.314 |
1.577 |
|
|
|
Installation and Services Expenses |
0.000 |
0.840 |
|
|
|
Legal and Processional Expenses |
0.028 |
0.028 |
|
|
|
Selling and Exhibition Expenses |
0.107 |
0.780 |
|
|
|
Remuneration to director |
0.192 |
0.312 |
|
|
|
Preliminary Expenses Writing off |
0.000 |
0.001 |
|
|
Total Expenditure |
0.641 |
3.538 |
1.970 |
|
%20PRIVATE%20LIMITED%2024-May-2007_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.22
|
3.39 |
2.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
47.78
|
-- |
3.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.62
|
1.32 |
0.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.22 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
14.74
|
15.60 |
17.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.14 |
1.05 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
Ř
Furniture
Ř
Computer
Ř
Video Camera
AS PER WEBSITE
Pace Communications (
Pace
Communications (
They
are able to offer flexibility and customization in design of total professional
audio, video & broadcast systems. They provide an ideal platform for their
project management & engineering teams to consult and configure systems,
either independently or with the customer engineers to the customer most
exacting requirements. Whether you need analogue support or digital solutions
for the future they have the solutions. Throughout their country they are
regarded as the leading supplier of customized turnkey fit outs of professional
recording studios, enabling their clients to achieve their goals. Their valued
clients include both large and small commercial and government studios.
They represent:
- AMEK - Live,
Recording Studio and Post Production Audio Mixing Consoles and Processors.
- Comtech -
Wireless Transmitters & Receivers
- DK Audio -
Digital Meters
- DOREMI -
Digital Video Recorder / Editor
- DPA (B&K)
- Microphones.
- DRAWMER -
Compressors, Limiters, Noise Gates and Equalisers
HISTORY/BACKGROUND:
Pace
Communications, has a long association with recording & postproduction
facilities catering to the Film, Video & Broadcast sectors. The success
over the past 15 years has been a result of dedication to planning, designing,
integrating, commissioning of Professional recording & postproduction
studios and rendering the finest after sales in the country. The company
provides a perfect bridge between overseas suppliers and domestic users by
representing these companies on an exclusive basis and is committed to
achieving one clear goal - to produce superior quality recording and editing
systems. The team and staff have the ability, experience and qualifications to
offer flexibility and customisation in design of total professional audio,
video & broadcast systems, providing an ideal platform for the project
management & engineering teams to consult and configure systems, either
independently or with the customer’s engineers to the most exacting
requirements and throughout the country are regarded as the leading supplier of
customized turnkey projects for professional recording studios, enabling
clients to achieve their goals.
Products on Display:
Steinberg "Nuendo" & "Cubase SX"
"Nuendo"
is postproduction software by Steinberg used for complete tracking, mixing and
mastering. Third party Software Plug ins can be seamlessly integrated into the
system along with "Nuendo" Plug ins. Surround Mixing as well as
encoding can be easily carried out in "Nuendo". The VST System Link
feature allows the user to have "Cross - Platform" networking between
"Nuendo" and "Cubase SX" with complete synchronisation.
"Cubase SX" for the musician is complete music composition and
production software. Based on the Nuendo engine; it gives the user total
control. over midi sequencing and editing.
Principals Represented:
GLW Inc -
Yamaha
Corporation
Regional offices:
Chennai: Pace Communications
No-15, First Floor,
URL: pace-comm.com Contact: Mr. M. Sathish Kumar
A - 55, Second Floor Lajpat Nagar 1,
Tel/Fax: (+91-11) 330 327 54.
E-mail: pace_delhi@yahoo.co.in
URL: pace-comm.com
Contact: Mr. Arup Chakarvarthy
FINANCIAL DATA
[all figures are
in Rupees Millions]
PACE
COMMUNICATIONS
Prop. Mr. Joseph
U. Gonsalves
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietors Capital |
|
|
[1.175] |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
[1.175] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
3.328 |
|
|
TOTAL BORROWING |
|
|
3.328 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.153 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.626 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.218 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6.830 |
|
|
Sundry Debtors |
|
|
6.994 |
|
|
Cash & Bank Balances |
|
|
2.650 |
|
|
Other Current Assets |
|
|
0.574 |
|
|
Loans & Advances |
|
|
4.047 |
|
Total
Current Assets |
|
|
21.095 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
19.593 |
|
|
Provisions |
|
|
0.193 |
|
Total
Current Liabilities |
|
|
19.786 |
|
|
Net Current Assets |
|
|
1.309 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.153 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
20.768 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
|
20.768 |
|
|
|
|
|
|
|
|
Gross Profit |
|
|
4.930 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
0.734 |
|
|
Payment to Auditors |
|
|
0.020 |
|
|
Interest |
|
|
0.401 |
|
|
Insurance Expenses |
|
|
0.002 |
|
|
Power & Fuel |
|
|
0.135 |
|
|
Depreciation & Amortization |
|
|
0.213 |
|
|
Other Expenditure |
|
|
3.156 |
|
Total Expenditure |
|
|
4.661 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
[19.67] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.07 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
PACE
COMMUNICATIONS [
Prop. Mr. Joseph
U. Gonsalves
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietors Capital |
|
|
0.262 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.262 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.262 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.004 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.408 |
|
|
Sundry Debtors |
|
|
1.421 |
|
|
Cash & Bank Balances |
|
|
0.373 |
|
|
Other Current Assets |
|
|
1.345 |
|
|
Loans & Advances |
|
|
0.003 |
|
Total
Current Assets |
|
|
3.550 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
3.070 |
|
|
Provisions |
|
|
0.222 |
|
Total
Current Liabilities |
|
|
3.292 |
|
|
Net Current Assets |
|
|
0.258 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.262 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
12.021 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
|
12.021 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.223 |
|
|
Provision for Taxation |
|
|
-- |
|
|
Profit/(Loss) After Tax |
|
|
0.223 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
1.116 |
|
|
Depreciation & Amortization |
|
|
0.001 |
|
|
Other Expenditure |
|
|
1.646 |
|
Total Expenditure |
|
|
2.763 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
1.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
1.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
6.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
12.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.08 |
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 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.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
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 |
NO |
|
--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 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 |
|