MIRA
INFORM REPORT
|
Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRECISION INFOMATIC [MADRAS] PRIVATE LIMITED |
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Registered Office : |
22, Habibullah Road, T – Nagar, Chennai – 600017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.06.1996 |
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Com. Reg. No.: |
18-35871 |
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CIN No.: [Company
Identification No.] |
U40101TN1996PTC035871 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP02170A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Sale and Service of Computer. |
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 110000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Prakash |
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Designation : |
Marketing |
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Date : |
27.06.2008 |
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Name : |
Mrs. Sangeeta |
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Designation : |
Account Manager |
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Date : |
27.06.2008 |
LOCATIONS
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Registered/ Head Office : |
22, Habibullah Road, T – Nagar, Chennai – 600017, Tamilnadu, India |
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Tel. No.: |
91-44-52199500 |
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Fax No.: |
91-44-42199502 |
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Service No.: |
91-44-42199521 |
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Email : |
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Website : |
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Warehouse : |
126, Valluvar Kottam High Road, Nugambakkam, Chennai – 600034,
Tamilnadu, India |
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Tel. No.: |
91-44-8235323/ 8220081/ 8223108 |
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Fax No.: |
91-44-8223108 |
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E-Mail : |
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Locations : |
Owned |
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Regional Office: |
Karnakata Bangalore Board – 91-80-40198181 Service Desk – 91-80-40198198 Fax – 91-80-25253470 Andhra Pradesh Hyderabad Phone : 91-40-40409000 Fax : 91-40-66316430 / 40409040 Maharashtra Mumbai Phone: 91-22 - 40903777 Delhi Contact No : 91-11 - 46594600/ 46594612 Fax : 91-11 - 46594626 |
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Branch Office : |
Tamil Nadu Trichy Phone : 91-431 - 2480921 / 2480922 Coimbatore Phone : 91-422 - 5385805 / 5385806 Madurai Phone : 91-452 - 5354880. Andhra Pradesh Vishakapatanam Phone: 0891 - 5526907. |
DIRECTORS
|
Name : |
Mr. Tanjore Govindarajan Ramesh |
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Designation : |
Managing Director |
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Address : |
42, Sankarapuram, Mylapore, Chennai– 600004, Tamilnadu, India |
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Date of Birth/ Age : |
10.01.1964 |
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Date of Appointment : |
26.06.1996 |
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Name : |
Mr. Chacko Mathew |
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Designation : |
Director |
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Address : |
Plot No. 299, 38th Street, 7th Sector, K. K.
Nagar, Chennai – 600078, Tamilnadu, India |
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Date of Appointment : |
26.06.1996 |
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Name : |
Mr. V. Murali |
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Designation : |
Director |
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Address : |
30, Bharathi Nagar, 1st Street, 3rd Lane, T. Nagar,
Chennai – 600017, Tamilnadu, India |
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Date of Appointment : |
26.06.1996 |
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Name : |
Mr. Chandraasekaran Kalyansundaram |
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Designation : |
Additional Director |
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Address : |
No.25, Vaidyaram Street, T. Nagar, Chennai – 600017, Tamilnadu, India |
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Date of Birth/ Age : |
18.02.1962 |
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Date of Appointment : |
18.11.2007 |
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Email : |
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Name : |
Mr. Nerur Thiagarajan Kumar |
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Designation : |
Additional Director |
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Address : |
43 Strawberry Patch Lane, Stamford – 06902 |
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Date of Birth/ Age : |
03.09.1967 |
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Date of Appointment : |
18.11.2007 |
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Email : |
MAJOR SHAREHOLDERS
(As on 31.03.2006)
|
Names of Shareholders |
|
No. of Shares |
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Mr. T G Ramesh |
|
6000 |
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Mr. Chacko athew |
|
12000 |
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Mr. V. Murli |
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12000 |
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Total |
|
30000 |
(As on 31.03.2007)
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Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Sale and Service of Computer. |
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Terms : |
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Selling : |
Cash and Credit (30 days),
Cheque |
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Purchases : |
Cash and Credit (30 days) Depends on Customers |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
589 |
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Bankers : |
Habibullah Road Branch, T. Nagar, Chennai – 600017, Tamilnadu, India
Mariam Centre, 1st Floor, 751-B, Ana Salai, Chennai –
600002 |
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Facilities : |
Secured Loan (As on
31.03.2007 Rs. In Millions) From Bank and Financial Institutions 133.564 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suresh and Balaji Chartered Accountant |
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Address : |
8A/83, Abhiramapuram 4th Street, Abhiramapuram, Chennai –
600018, Tamilnadu, India |
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Associates/
Subsidiary : |
Precision Tecso
and Galary (Sales and Services) Precision Tocnet (Sales and Services) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
95000 |
Equity Shares |
Rs.10/- each |
Rs.0.950
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
0.950 |
0.950 |
0.900 |
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2] Share Application Money |
0.250 |
0.250 |
0.300 |
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3] Reserves & Surplus |
21.528 |
13.498 |
8.590 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
22.728 |
14.698 |
9.790 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
133.564 |
8.708 |
7.131 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
133.564 |
8.708 |
7.131 |
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DEFERRED TAX LIABILITIES |
1.487 |
0.643 |
0.575 |
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TOTAL |
157.779 |
24.049 |
17.496 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.505 |
16.115 |
12.002 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.612 |
2.062 |
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 |
42.681
|
24.888 |
3.800 |
|
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Sundry Debtors |
216.184
|
113.712 |
90.695 |
|
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Cash & Bank Balances |
4.275
|
5.478 |
5.853 |
|
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Other Current Assets |
0.304
|
0.269 |
1.453 |
|
|
Loans & Advances |
19.187
|
8.868 |
1.266 |
|
Total
Current Assets |
282.631
|
153.215 |
103.067 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
143.139
|
139.062 |
97.055 |
|
|
Provisions |
12.830
|
8.281 |
0.518 |
|
Total
Current Liabilities |
155.969
|
147.343 |
97.573 |
|
|
Net Current Assets |
126.662
|
5.872 |
5.494 |
|
|
|
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|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
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TOTAL |
157.779 |
24.049 |
17.496 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
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|
|
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Sales Turnover |
946.728 |
619.370 |
0.400 |
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Other Income |
0.206 |
0.027 |
0.000 |
|
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Total Income |
946.934 |
619.397 |
0.400 |
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
13.424 |
8.382 |
0.039 |
|
|
Provision for Taxation |
5.395 |
3.474 |
0.017 |
|
|
Profit/(Loss) After Tax |
8.029 |
4.908 |
0.022 |
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Expenditures : |
|
|
|
|
|
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Cost of Goods Sold |
817.027 |
546.146 |
NA |
|
|
Employee Cost |
64.969 |
36.436 |
NA |
|
|
Other Operating Expenses |
34.201 |
21.466 |
NA |
|
|
Financial Charges |
10.029 |
2.863 |
NA |
|
|
Depreciation & Amortization |
6.985 |
4.103 |
NA |
|
|
Other Expenditure |
0.299 |
0.001 |
NA |
|
Total Expenditure |
933.510 |
611.015 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.85
|
0.79 |
5.50 |
|
|
|
|
|
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Net Profit Margin (PBT/Sales) |
(%) |
1.42
|
1.35 |
9.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.33
|
4.95 |
0.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.57 |
0.00 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
12.74
|
10.62 |
10.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.04 |
1.06 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8: Bankers Charges
Report as per Registry
|
Name of the
company |
PRECISION INFOMATIC [MADRAS] PRIVATE LIMITED |
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Presented By |
-- |
||||||||
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1) Date and description of instrument creating the change |
Letter of
Hypothecation of Stocks and Book Debts dated 10.12.2005 |
||||||||
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.40.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecate by
way of first exclusive charge to th Bank the following On all the stock
in trade both present and future consisting of raw materials, finished goods,
goods and process of manufacturing and other merchandise whatsoever
being movable properties now or at
any time hereafter belonging to the borrower or at their disposal and now or
at any time and from time to time hereafter stores or to be sorted or brought
into or upon or in course of transit to their factory or premised or at any
other place whatsoever in their possession of occupation or at any other premises or place of the borrower. All the book
debts, outstanding, monies receivable, claims and bolls which are now due and
owing or which may at any time hereafter during the continuance of this security
becomes due and owing to the borrower in the course of its business by any
person, firm, company or body corporate or by the government department or
office or any Municipal or Local or Public or Semi Government Body or
authority or office or any Municipal or Local or Public or Semi Government
Body or authority or any Body corporate or undertaking or Project whatever in
the Public sector. |
||||||||
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited Mariam Centre, 1st Floor, 751-B, Ana Salai, Chennai –
600002, Tamilnadu, India |
||||||||
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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 |
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Corporate
identity number of the company |
U40101TN1996PTC035871 |
|
Name of the
company |
PRECISION INFOMATIC [MADRAS] PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
22, Habibullah Road, T – Nagar, Chennai – 600017, Tamilnadu, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Hypothecation
|
|
Particular of charge
holder |
Canara Bank Habibullah Road Branch, T. Nagar, Chennai – 600017, Tamilnadu, India |
|
Nature of
instrument creating charge |
Common
hypothecation agreement for CDB |
|
Date of
instrument Creating the charge |
20.07.2006 |
|
Amount secured by
the charge |
Rs.85.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
CC/ODBD Rs.30.000
Millions FLC Rs.30.000 Millions BG Rs.2.500 Millions CDB Rs.2.500 Millions carrying
interest # 0.75 % above BPLR with a minimum of 12 % and all other terms and
condition are as per the agreements dated above. |
Website
Profile:
Subject the
Flagship Company of the group was incorporated in July 1996. The history of Infomatic
is all about what strong vision, integrity, expertise and customer service can
create. With objectives that are realistic, easy to understand and which
reflect the organization's basic character and personality, Subject has grown
from strength to strength.
The scorching pace of growth maintained by the company right
since its inception brought in partnerships with Industry leaders like Hewlett
Packard, Microsoft, IBM and Toshiba. Subject is amongst the top few commercial
Resellers for HP in South. The company is also a key player for Microsoft, IBM
and Toshiba in the Southern Region.
Certifications:
Subject has more than 200 dedicated Sales and Support
Personnel and this includes a team of high caliber Microsoft certified, HP certified,
IBM certified, Novell certified, Linux certified and Toshiba certified
professionals.
Group Profile:
Precision group is an Rs.1500.000 Millions IT Group; head
quartered at Chennai and is one of India's premier sources for IT products and
support services. Born in 1996, out of a need to fill the void for a quality
service provider to address the Information Technology requirements of
Corporate, Small and Medium enterprises in India. Precision today has offices
in Chennai, Bangalore, Hyderabad, Trichy, Madurai, Coimbatore, Vishakapattinam
and recent commencement of Mumbai and has over 500 professionals on board.
They address the end-to-end IT infrastructure requirements
of their clients by focusing on planning and building dedicated expertise and
managing the relevant business relationship with global partners on the
specific domain. Through this they ensure that their clients have access to
latest technology products and solutions at competitive prices, backed up with
world-class expertise and quality support services.
Management:
Mr. V. Murali
A sales veteran with over two decades of experience in handling
sales operations at various levels. A commerce graduate from Madras University,
he has started off his career in health care industry and moved to IT during
late eighties. He had a stint with HCL for 7 years, during which he has handled
various assignments such as Channel Management, Direct Sales Team Management
etc. He was instrumental in revamping the whole channel network of HCL in South
India. He was involved in putting together new channel policies of HCL and
identification of new channel partners, appointing them, and conducting channel
preparedness programs. He was involved in business process re-engineering for
HCL in West as Divisional Manager before starting up Precision Group in 1996.
As a Founder Director he handles marketing and business development activities
of the computer products business.
Mr. Mathew Chacko
Mathew carries over 18 years of experience in IT service
delivery functions at various levels. A graduate engineer from University of
Madras, he started his career with HCL (the largest IT Company in India ) as a
customer support engineer and rose to the level of heading the support services
for HCL Front Line one of the group companies of HCL in a span of 9 years. His
achievement included, putting together customer support processes across the
country. An ITSM certified professional, he manages the Services Delivery
operation of the group, which are modeled as per ITSM Processes. As a Founder
Director he is responsible for the technology initiatives and is instrumental
in devising, implementing and managing the support operations of the group.
Mr. T.G. Ramesh (TGR)
TGR has around 20 years of experience in managing finance and back-end operations. A commerce graduate from University of Madras, TGR started his career as an accounts executive in a manufacturing company and held various positions in financial management over the last 20 years. He had joined HCL in 1988 and was heading the finance and commercial operations, when he moved on in 1996 to start Precision Group. He was the brain behind putting together prudent finance management practices for the group and spearheads the financial and commercial activities of the group.
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.42.79 |
|
UK Pound |
1 |
Rs.85.04 |
|
Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|