MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ACE BRAIN SYSTEM AND SOFTWARE PRIVATE LIMITED |
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Registered Office : |
No. 1559, Sadashiv Peth, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.05.1998 |
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Com. Reg. No.: |
25-12516 |
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CIN No.: [Company
Identification No.] |
U72200PN1998PTC012516 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Software Solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 30000 |
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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 experience 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. Mr. H. M. Pathan, Accounts manager of the company remained
non-cooperative and declined to part with any details. |
LOCATIONS
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Registered Office : |
No. 1559, Sadashiv Peth, Tilak Road, Opposite Hotel Suryah, Pune –
411030, Maharashtra, India |
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Tel. No.: |
91-20-24329730/1/2 |
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Fax No.: |
91-20-24329730 / 1 / 2 / 24335871 |
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E-Mail : |
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Website : |
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Head Office : |
1211 / 3, |
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Tel. No.: |
91-20-5520003-4 |
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Fax No.: |
91-20-5534076 |
DIRECTORS
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Name : |
Mr. Sandeep Madhav Bendigiri |
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Designation : |
Director |
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Address : |
C – 37, Kothari Colony, Bebewadi, Pune – 411037, |
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Date of Birth/Age : |
12.04.1968 |
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Date of Appointment : |
19.05.1998 |
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Name : |
Mr. Sarang Yashwant Satarkar |
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Designation : |
Director |
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Address : |
B – 28, Kothari Colony, Bebewadi, Pune – 411037, |
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Date of Appointment : |
19.05.1998 |
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Name : |
Mr. Yogesh Pramod Godbole |
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Designation : |
Director |
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Address : |
F No. 202 Vidyashree Apartments, Surve No. 31, Dhankwadi, Pune –
411043, |
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Date of Appointment : |
19.05.1998 |
KEY EXECUTIVES
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Name : |
Mr. Arun M Deshpande |
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Designation : |
Company Secretary |
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Address : |
Office No. 311, Mahadkar Chambers, |
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Tel No.: |
91-20-25425869 |
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Mobile No.: |
91-9371011908 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Yogesh Pramod Godbole |
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83400 |
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Mr. Sandeep Madhav Bendigiri |
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83300 |
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Mr. Sarang Yashwant Satarkar |
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83300 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Software Solutions. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Central Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V K Gujarathi and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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625,000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.250
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.250 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.396 |
4.421 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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7.646 |
6.921 |
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LOAN FUNDS |
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1] Secured Loans |
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4.147 |
4.337 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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4.147 |
4.337 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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11.793 |
11.258 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.942 |
0.861 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.125 |
0.000 |
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DEFERREX TAX ASSETS |
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0.080 |
0.075 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.118 |
4.416 |
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Sundry Debtors |
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47.114 |
50.162 |
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Cash & Bank Balances |
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1.321 |
1.784 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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14.219 |
10.102 |
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Total
Current Assets |
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69.772 |
66.464 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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49.570 |
45.063 |
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Provisions |
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9.650 |
11.199 |
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Total
Current Liabilities |
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59.220 |
56.262 |
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Net Current Assets |
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10.552 |
10.202 |
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MISCELLANEOUS EXPENSES |
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0.094 |
0.120 |
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TOTAL |
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11.793 |
11.258 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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128.188 |
211.377 |
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Other Income |
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3.744 |
2.721 |
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Total Income |
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131.932 |
214.098 |
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Profit/(Loss) Before Tax |
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1.988 |
3.736 |
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Provision for Taxation |
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0.871 |
1.345 |
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Profit/(Loss) After Tax |
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1.117 |
2.391 |
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Expenditures : |
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Cost of Goods Sold |
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110.277 |
183.354 |
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Interest |
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1.227 |
1.656 |
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Depreciation & Amortization |
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0.251 |
0.182 |
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Other Expenditure |
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18.189 |
25.170 |
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Total Expenditure |
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129.944 |
210.362 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.85 |
1.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.55 |
1.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.81 |
5.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.54 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.29 |
8.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.18 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
ACE BRAIN SYSTEM
AND SOFTWARE PRIVATE LIMITED |
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Presented By |
Central Bank of |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation dated 14.02.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
The borrower
herby hypothecates in favour of the Bank Tangible Movable Property such as
products, stock in trade and goods whether finished or raw or manufactured
there from purchased by it under the letters of credit opened by the bank
which now or hereafter from time to time during this security by brought in
stored or lies in or about the premises warehouses or godowns f the borrowers
at its aforesaid factory premises, or any where else, including any such
goods in course of transit or delivery and also by way of collateral security
all movable plant and machinery, spares, stores equipments, furniture, fixture electric and electronic
installations office equipments vehicles and other movable assets and also
all present and future book debts outstanding claims etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 4 % over PLR of Bank minimum 15.50 % p.a. with monthly rates Margin : 5 % Repayment : on
Demand |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of |
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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 |
Profile
Ace Brain founded in 1990 has been always making headlines
in the IT field and has won many accolades for excellence in sales n service.
Top of the line display and hands on demonstration is available at the showroom
which is located in the centre of heart area of Pune. The company has
authorised dealership of Acer, Hp, Lenovo and all the leading brands in the
computer industry today. The company specialises in Bulk and turnkey solutions
provided to corporate and govt sectors. Staff of 50 engineers and welcome sales
executives cater to every and any query of the customer. Shaking hands with ace
brain has always been a smiling experience for the customers.' solutions.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.73 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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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 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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