MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEGAHERTZ SYSTEMS PRIVATE LIMITED |
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Registered Office : |
251/253, Tardeo Court, Near Bhatia Hospital, Tardeo Road, Mumbai-400007,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
25.11.2003 |
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Com. Reg. No.: |
11-143284 |
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CIN No.: [Company
Identification No.] |
U7220MH2003PTC143284 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Dealer and Distributor of Computer Hardware and Peripherals |
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 46000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. No complaints have bee
heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Deepa |
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Designation : |
Account Department |
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Date : |
11.12.2008 |
LOCATIONS
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Registered Office : |
251/253, Tardeo Court, Near Bhatia Hospital, Tardeo Road,
Mumbai-400007, Maharashtra, India |
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Tel. No.: |
91-22-66249800 |
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Mobile No.: |
91-9322549003 |
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Fax No.: |
91-22-66249800 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Vipul Bhikalal Sangani |
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Designation : |
Director |
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Address : |
53, Dinanath Society, M.G.Road, Kandivali (West), Mumbai-400067,
Maharashtra, India |
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Date of Birth/Age : |
06.11.1971 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mr. Ramesh Veljibhai Vora |
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Designation : |
Director |
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Address : |
6, Matruchhaya, 2nd Floor, Road No. 2, Daulat Nagar,
Borivali (East), Mumbai-400066, Maharashtra, India |
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Date of Birth/Age : |
05.06.1971 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mrs. Priti Vipul Sangani |
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Designation : |
Director |
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Address : |
53, Dinanath Society, M.G.Road, Kandivali (West), Mumbai-400067,
Maharashtra, India |
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Date of Birth/Age : |
12.05.1973 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mr. Nimesh Bhagirath Shah |
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Designation : |
Director |
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Address : |
E/2, B-508, Highway Park, Thakur Complex, Kandivali (East),
Mumbai-400101, Maharashtra, India |
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Date of Birth/Age : |
14.09.1972 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mrs. Keni Nimesh Shah |
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Designation : |
Director |
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Address : |
E/2, B-508, Highway Park, Thakur Complex, Kandivali (East),
Mumbai-400101, Maharashtra, India |
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Date of Birth/Age : |
25.04.1977 |
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Date of Appointment : |
25.11.2003 |
KEY EXECUTIVES
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Name : |
Ms. Deepa |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2008
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Names of Shareholders |
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No. of Shares |
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Keni N Shah |
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2000 |
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Nimesg B Shah |
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2000 |
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Priti V Sangani |
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2000 |
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Vipul B Sangani |
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9500 |
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Ramesh V Vora |
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7000 |
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Total |
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22500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Dealer and Distributor of Computer Hardware and Peripherals |
GENERAL
INFORMATION
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No. of Employees : |
100 ( Office 30, Branches 70) |
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Bankers : |
·
Union Bank of India, Tardeo Branch, 251-B, Sethna, Tardeo Road, Mumbai-400007,
Maharashtra, India ·
ICICI Bank ·
Kotak Mahindra Bank ·
Standard Chartered Bank ·
HDFC Bank Limited |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
BMC and Associates Chartered Accountant |
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Address : |
15, Munshi Estate, Ground Floor, M.G. Road, Mulund (West),
Mumbai-400080, Maharashtra, India |
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Tel. No.: |
91-22-25922732/ 32602732 |
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Mobile No.: |
91-22-25677314 |
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Associates/Subsidiaries : |
·
Megahertz ·
Jigahertz |
CAPITAL STRUCTURE
As on 29.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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22500 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.250
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.250 |
2.250 |
2.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.073 |
3.791 |
2.194 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.323 |
6.041 |
4.444 |
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LOAN FUNDS |
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1] Secured Loans |
25.956 |
14.499 |
2.422 |
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2] Unsecured Loans |
23.269 |
12.214 |
5.390 |
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TOTAL BORROWING |
49.225 |
26.713 |
7.812 |
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DEFERRED TAX LIABILITIES |
0.054 |
0.066 |
0.061 |
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TOTAL |
58.602 |
32.820 |
12.317 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.984 |
0.763 |
0.279 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
70.281
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41.053 |
27.034 |
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Sundry Debtors |
65.234
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52.131 |
21.331 |
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Cash & Bank Balances |
0.807
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1.157 |
1.050 |
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Other Current Assets |
8.383
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4.916 |
2.125 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
144.705
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99.257 |
51.540 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
84.513
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65.536 |
38.329 |
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Provisions |
2.582
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1.685 |
1.206 |
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Total
Current Liabilities |
87.095
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67.221 |
39.535 |
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Net Current Assets |
57.610
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32.036 |
12.005 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.021 |
0.033 |
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TOTAL |
58.603 |
32.820 |
12.317 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales |
458.080 |
293.267 |
207.739 |
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Other Income |
19.977 |
11.945 |
3.465 |
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Total Income |
478.057 |
305.212 |
211.204 |
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Profit/(Loss) Before Tax |
5.006 |
2.491 |
2.166 |
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Provision for Taxation |
1.724 |
1.597 |
0.804 |
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Profit/(Loss) After Tax |
3.282 |
0.894 |
1.362 |
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Expenditures : |
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Cost of Goods Sold |
450.198 |
289.582 |
201.409 |
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Administrative Expenses |
18.623 |
13.027 |
7.545 |
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Depreciation & Amortization |
0.230 |
0.112 |
0.084 |
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Total Expenditure |
469.051 |
302.721 |
209.038 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.69
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0.29 |
0.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.09
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0.85 |
1.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.44
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2.49 |
4.18 |
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Return on Investment (ROI) (PBT/Networth) |
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0.54
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0.41 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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14.62
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15.55 |
10.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.66
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1.48 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80008410 |
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Corporate
identity number of the company |
U7220MH2003PTC143284 |
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Name of the
company |
MEGAHERTZ SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
251/ 253, Tardeo Court, Next to Bhatia Hospital, Tardeo Road, Tardeo
Muumbai-400007, Maharashtra, Inida |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Union Bank of India, Tardeo Branch, 251-B, Sethna, Tardeo Road,
Mumbai-400007, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement to Hypothecation Agreement of Goods and Debts |
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Date of
instrument Creating the charge |
03.03.2008 |
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Amount secured by
the charge |
Rs. 25.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.50% per annum
with monthly rests. Terms of
Repayment On demand Margin As per sanction
terms Extent and
Operation of the charge To secure Cash
Credit (Hypothecation) stocks and Book-debts facility to the extent of Rs.
25.000 Millions granted by the Bank to the Company. |
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Short particulars
of the property charged |
That the
Hypothecated goods, Book-Debts and Movable property covered by the principal
Hypothecation Agreement shall continue to be security for the Bank for the
enhanced Cash Credit (Hypothecation) Stocks and Book-debts facility of Rs.
25.000 Million granted by the Bank to the company. |
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Date of latest
modification prior to the present modification |
21.07.2006 |
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Name of the company |
MEGAHERTZ SYSTEMS PRIVATE LIMITED |
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Presented By |
Union Bank of India, Tardeo Branch, 251-B, Sethna, Tardeo Road, Mumbai-400007,
Maharashtra, India |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Deed (SD-20) Dated : 18tj March 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million |
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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
hypothecates by way of first charge in favour of the Bank:- (i) All tangible
movable machineries, plant, Machinery, Fixtures, Fittings, other
installations, cranes, furniture, computers and other accessories, vehicles
together with spares tools and accessories and all other articles lying on
the premises 251/253, Tardeo Road, Mumbai-400007 or in the godown of the Borrowers or in the custody of any
person who are Mercantile Agents of the Borrower or in the course of transit
which may hereinafter be brought, stored or be lying in or upon the said
premises of the Borrower (ii) The whole of
the Borrower’s movable goods and assets, both present and future and
including but without prejudice to the generality of the foregoing words ,
all stocks of raw materials, work-in-process, semi finished good and finished
goods, packing materials, consumables stores and spares etc. whatsoever and
whosesoever situate and or in transit whether now belonging to or that may at
any time during the continuance of this security belong to the Borrower or
that may be held by any party anywhere to the order and disposition of the
Borrower. (iii) All the
present and future book-debts, outstanding, monies receivables, claims,
bills, contracts, engagement and securities which are now due and owing or
which may at any time hereafter during the continuance of this security
become due and owing to the borrower in the course of its business by any
person, firm, company or body corporate or by the Government of India or any
State Government or Indian Railways or any Government Department or Office or
any Municipal or Local or Public or Semi-Government body or authority
whatsoever including those relating to the assets leased our and/ or given on
hire purchased basis. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Nature of Facility:
Cash credit (Hypothecation) Stocks/ Book – debts Limit: Rs. 1.000
Million Rate of Interest:
14.25% p.a. Margin of
security: 25% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Tardeo Branch, 251-B, Sethna, Tardeo Road,
Mumbai-400007, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A |
Fixed Assets:
·
Computer
·
Mobile Phone
·
Telephone Equipment
·
Vehicle
·
Furniture and Fixture
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.48.52 |
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UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
|