MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
PACIFIC INFOTECH PRIVATE LIMITED |
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Registered Office : |
10B, Abbas Building, 1st Floor,
Jalbhai Street, Near Dreamland Cinema,
Grant Road (East), Mumbai – 400
004, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30-07-1997 |
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Com. Reg. No.: |
11-109740 |
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CIN No.: [Company
Identification No.] |
U72100MH1997PTC109740 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17258D MUMP17259E MUMP15087C |
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PAN No.: [Permanent
Account No.] |
AABCP1741K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for Computer and Peripherals for HP, Sony, DELL, LG and EPSON. |
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 84000 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
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Name : |
Mr. Ved Prakash |
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Designation : |
Accounts Manager |
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Date : |
20.10.2008 |
LOCATIONS
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Registered Office : |
10B, Abbas Building, 1st Floor, Jalbhai Street, Near
Dreamland Cinema, Grant Road
(East), Mumbai – 400 004, Maharashtra,
India. |
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Tel. No.: |
91 - 22 - 23814000 |
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Fax No.: |
91 - 22 - 23808626 |
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E-Mail : |
Corporates : corporates@pacificinfotech.com Sales : sales@pacificinfotech.com Enquiry : enquiry@pacificinfotech.com |
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Website : |
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Pacific Multimedia : |
Gala No. 4, 1st Floor, Dhanshri Complex, P.G. Solanki Path (Ghas
Galli), Off Lagminton Road, Near Minerva Theatre, Mumbai – 400 007. Tel:91-22-23002938, Mobile No.: 91- 9322713766 Contact Person: Sandeep Mehta |
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Branches : |
Thane Branch Sanket Apt., Basement, Near Shivshena Shaka, Opposite The Tel:91-22-2538 5060 Contact Person: Mr. Sunil Basantani-9324536199 Kalmboli Branch 41 C, Bima Complex, Kalmboli, Navi Mumbai- 410210 Tel:91-22-27421700 Mobile No.: 91-9867288211 Contact Person: Mr. S. Agrawal Pune Branch 2401, Tel:91-020-26332059 Mobile No.: 9326588177 Email:sales@pacificinfotech.com Ahmedabad Branch F-2, Sector 7, Suncity, 200ft Tel:91-0795-5302492 Shop No. 3, 1st Floor, Regency Plaza, Next To Gradis Showroom, Comba
Margoa, Goa – 403 801 Tel:91-95832–3095942 Bhojraj Complex, Near Kailash Petrol Pump, Behind Culcutta Hotel,
Amravati Road, Wadi, Nagpur Mobile No.:91-932070444 Email:sales@pacificinfotech.com 303, Bajaj House, Tel:91-11-28898243 Mobile No.: 91-9313833498 Email:remotesupport@pacificinfotech.com Kolkata Branch c/o S.M. Alam, 17/1, Tel:91-9903641747 Shop No. 18, Pawan Deep Arcade, Near Amon
Cinema, Tel:91-251-2548275,2554380,2543148 |
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Showrooms : |
IT Square–Mumbai 396, Shamitha Terrace, Shop No. 9 and 10,
Lamington Road, Opp. Naaz Cinema, Mumbai-04. Tel:32482255,32492255,9867044465 IT Square – Pune 2401, 1st Floor, East Street, Next To
Indusind Bank, Old Pool Gate, Pune - 411 001. Tel:020-26332059/26332047,9326588177 |
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Warehouse |
5B, Abbas Building, Ground Floor, Jalbhai Street, Near Dreamland
Cinema, Grant Road (East), Mumbai – 400 004, Maharashtra, India. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Ashok B. Jeswani |
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Designation : |
Director |
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Address : |
301/ C, Teak Wood Apartments, |
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Date of Birth/Age : |
06.01.1964 |
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Qualification : |
B.Com |
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Date of Appointment : |
30.07.1997 |
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Name : |
Mr. Kishore B. Jeswani |
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Designation : |
Director |
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Address : |
501/ F, Pine Wood Apartments, |
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Date of Birth/Age : |
12.07.1966 |
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Qualification : |
Degree in Pharmacy |
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Date of Appointment : |
30.07.1997 |
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Name : |
Mr. Sunil B. Jeswani |
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Designation : |
Director |
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Address : |
1503, |
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Date of Birth/Age : |
16.11.1970 |
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Qualification : |
B.Com |
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Date of Appointment : |
30.07.1997 |
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Name : |
Mr. Bhagwandas Jeswani |
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Designation : |
Director |
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Address : |
301/ C, Teak Wood Apartments, |
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Date of Birth/Age : |
28.07.1939 |
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Date of Appointment : |
30.07.1997 |
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Date of Resignation : |
23.03.2007 |
KEY EXECUTIVES
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Name : |
Yogesh D Dabholkar and Company |
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Designation : |
Company Secretary |
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Mobile No. : |
91-9892570815 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Mr. Ashok B. Jeswani |
8480 |
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Mr. Ashok B. Jeswani HUF |
2520 |
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Mr. Bhagwandas Jeswani |
10030 |
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Mr. Kishore B. Jeswani |
12910 |
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Mr. Kishore B. Jeswani HUF |
12500 |
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Mr. Sunil B. Jeswani |
8410 |
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Mr. Sunil B. Jeswani HUF |
3020 |
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Mrs. Chandra Jeswani |
7500 |
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Mrs. Roma Jeswani |
5000 |
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Mrs. Komal Jeswani |
12500 |
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Mrs. Anisha Jeswani |
109 |
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Mr. Ramesh Jeswani |
1 |
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Mr. Rajkumar Jeswani |
1 |
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Mrs. Seema Jeswani |
1 |
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Mrs. Savita Jeswani |
1 |
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Mrs. Kanta Sadwani |
1 |
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Ms. Vandana Sadwani |
1 |
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Mr. Gautam Salecha |
1 |
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Mr. Gautam Salecha HUF |
1 |
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Mr. Jayprakash Gadiya |
1 |
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Mr. Mahesh Khushalani |
1 |
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Mrs. Saroj Salecha |
1 |
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Mr. Vimal Gadiya |
1 |
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Mr. Ganesh Chirania |
1 |
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Mr. Ram Ratan Chirania HUF |
1 |
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Shalimar Bansal Reattors Private Limited |
1 |
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Kotwala ( |
5000 |
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Indo-City Infotech Limited |
5000 |
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Mr. Shahani Bhisham |
1 |
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Ms. Poonam Shahani |
1 |
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Ms. Pushpa Rupani |
1 |
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Mr. Udhav C Rupani |
1 |
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Ms. Chandani Rupani |
1 |
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Sataguru KNS Construction Private Limited |
1 |
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2000 |
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Elpee Corporate Services Private Limited |
5000 |
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Aryman Merchandise Private Limited |
3000 |
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Total |
103000 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Bodies corporate |
19.00 |
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Directors or relatives of directors |
81.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader for Computer and Peripherals for HP, Sony, DELL, LG and EPSON. |
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Products : |
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Imports : |
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Products : |
Computer Parts |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit 15 days |
GENERAL INFORMATION
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No. of Employees : |
96 (including branch office and ware house) |
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Bankers : |
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Facilities : |
Secured loans :
Unsecured Loans
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s BNC and Associates Chartered Accountants |
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Address : |
B – 9/10, Chandra Darshan, Panch Rasta Chs., P K Road, Mulund (West),
Mumbai – 400 080, Maharashtra, India. |
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Associates/Subsidiaries : |
S B Data Systems Private Limited, Mumbai Central Line of Business: Installation and Services |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- Each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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103000 |
Equity Shares |
Rs.10/- Each |
Rs.1.030
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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890.000 |
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Expected Sales (2008-09) : Rs.1250.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.030 |
1.030 |
1.030 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.684 |
13.251 |
11.795 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.714 |
14.281 |
12.825 |
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LOAN FUNDS |
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1] Secured Loans |
43.839 |
0.200 |
0.018 |
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2] Unsecured Loans |
32.962 |
19.618 |
19.295 |
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TOTAL BORROWING |
76.801 |
19.818 |
19.313 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
93.515 |
34.099 |
32.138 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.498 |
1.866 |
1.934 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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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 |
52.660
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41.780 |
28.436 |
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Sundry Debtors |
76.965
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53.774 |
42.344 |
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Cash & Bank Balances |
3.767
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3.049 |
0.468 |
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Other Current Assets |
10.300
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2.297 |
0.789 |
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Loans & Advances |
0.847
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2.971 |
1.656 |
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Total
Current Assets |
144.539
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103.871 |
73.693 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49.018
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68.525 |
41.568 |
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Provisions |
5.555
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3.166 |
1.975 |
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Total
Current Liabilities |
54.573
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71.691 |
43.543 |
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Net Current Assets |
89.966
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32.180 |
30.150 |
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MISCELLANEOUS EXPENSES |
0.001 |
0.003 |
0.004 |
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TOTAL |
93.515 |
34.099 |
32.138 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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587.064 |
418.935 |
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Other Income |
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11.895 |
9.598 |
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Total Income |
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598.959 |
428.533 |
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Profit/(Loss) Before Tax |
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3.816 |
2.397 |
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Provision for Taxation |
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1.382 |
0.942 |
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Profit/(Loss) After Tax |
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2.434 |
1.455 |
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Import Value |
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11.683 |
NA |
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Total Expenditure |
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595.143 |
426.136 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.41
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0.34 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.65
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0.57 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.58
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2.27 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.17 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.86
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6.41 |
4.90 |
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Current Ratio (Current Asset/Current Liability) |
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2.65
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1.45 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U72100MH1997PTC109740 |
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Name of the
company |
PACIFIC INFOTECH PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
10B, Abbas Building, 1st Floor,
Jalbhai Street, Near Dreamland Cinema,
Grant Road (East), Mumbai – 400
004, Maharashtra, India. |
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Type of charge |
Book Debts |
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Particular of
charge holder |
New India Co-operative Bank Limited, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Charge and Hypothecation of Book Debts. |
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Date of
instrument Creating the charge |
02.05.2008 |
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Amount secured by
the charge |
Rs.10.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As may be decided, from time to time, by the Bank Margin: As may be
decided, from time to time, by the Bank Extent and
Operation of the charge: To secure the due repayment of loan of Rs.10.000
Millions granted by the Bank to the Company. |
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Short particulars
of the property charged |
All present and future, book debts outstanding, moneys receivable, claims
and bills of the Company. |
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Name of the company |
PACIFIC INFOTECH PRIVATE LIMITED |
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Presented By |
New India Co-operative Bank Limited, Girgaum, Mumbai – 400 004 |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Book debts to secure Cash Credit facility dated
24.07.2001. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
1) All present
and future stock such as computer and peripherals, of the Borrower. 2) All Book debts
such as Sundry Debtors, due to the Borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure Cash
Credit facility together with all interest, costs, charges and expenses
thereon, granted by the Bank to the Borrower. 1) Rate of
Interest: 1535% p.a. 2) Margin: 30% |
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5) Name and Address and description of the person entitled to the charge. |
New India Co-operative Bank Limited, Girgaum, Mumbai – 400 004 |
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6) Date and brief description of instrument modifying the charge |
Supplemental Deed
of Hypothecation / Pledge: Additional Limit dated 24.12.2005. |
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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. |
By 1st
modification dated 25.03.2004, the charge had been enhanced from Rs.3.000
Millions to Rs.5.000 Millions (Registered on 28.04.2004 under document Serial
No.29). By this
modification, the securities as mentioned in the here above, shall now also
hold good to secure the due repayment of additional Cash Credit facility of
Rs.20.000 Millions granted by the Bank to the Borrower. Hence, the Cash
Credit limit has been enhanced from Rs.5.000 Million to Rs.25.000 Millions.
And also the collateral security in respect of all, present and future,
Stocks as per the aforesaid agreement of the borrower, shall also now further
hold good to secure the said enhanced Cash Credit facility. Therefore, the
overall charge now stands at Rs.25.000 Millions. |
FIXED ASSETS:
- Computer
- Computer
Systems
- Air
Conditioner
- Electrical
Fitting
- Furniture and
Fixture
- Laptop
- Mobile Phone
- Office
Equipments
- Plant and
Machinery
- Telephone and
EPABX
- Television
- Two Wheeler
- Vehicle
- Land and
Building
CORPORATE OVERVIEW
Subject founded in 1994, to cater the market of Technology Distribution. Since, it have come up a long way, as a leading provider of IT products and Logistics management in western India - from the heart of India's commercial capital - Mumbai.
Subject is an aggressive and dynamic company that
distributes and markets high end computer solutions with the help of dealers,
resellers, system integrators spreaded throughout western
Latest, Leading edge hardware and software technology applications as per the customer needs - it's the secret of their success, in corporates, institutional sales, back boned by a dynamic sales people and full fledged customer support team.
PACIFIC GROUP
As subject signature lines says "Always specific in IT needs" so they
believe in the same. To center the upcoming demands they have created some
sister concerns to be more specific on customer needs- They are
S. B. Data Systems - The company mainly focused on End Users, Generated a huge growth in short span of time only because of customer satisfaction they have.
Pacific Computers - To meet the huge demand of consumables and peripherals Pacific group give a birth of Pacific Computers - you name it they have it.
Computer Campus - There is a market and demand of branded
computers, so they have with exclusive 'Compaq' Dealership - The most
successful brand in
Customer Profile:
Subject sells only to major key players of the market,
Corporates and Government institutions along with the expansion of product
portfolio, and geographics, Pacific Group has successfully expanded into new
market segment.
SALES PHILOSOPHY
As they head into the year of operation, they have reaffirmed the goals and commitments. They have developed a solid financial and technical base that assures even more growth in the years to come. They have achieved many significant milestones and look forward to the challenges of the future with the same professionalism and enthusiasm that have proven successful in the past.
It is the mission of subject to distribute, market and sells latest premium quality computer hardware and software's equipment solutions to the customers, Supported by close working relationship with key technology leaders and excellent customer service. The goal is to provide IT products and peripherals that reflect the lowest possible total cost of purchase.
THE FUTURE
As the success continues to fill the reach throughout India, Pacific Group has identified key opportunities for achieving operational efficiencies and minimizing overheads. These includes new warehouse facilities and advanced new systems for warehousing and distribution, Company financials, enhanced e-commerce capabilities and ultimately strong, dynamic sales and customer support team spread through out India to meet the needs of the corporate clients, Government ,Institutions, Dealers/ Reseller.
SERVICES:
Subject is a virtual one-stop place for Computer Hardware and Network Solutions.
Subject undertakes assignments from various sectors like banks, Insurance
Industry, Government and semi government ions, Retail and Wholesale trade,
Hotels and Hospitals, The range of services in that the Company can offer you
are
They offer a large number of services:
System
Integration
They provide custom-configured systems to all size organizations. Using only
quality components, they assemble robust systems that provide guaranteed
satisfaction. Their system integration services include
• Customized assembly of computers
• Computer peripheral supply
• Computer consumables supply
Network Integration
The network integration services include
• Supply of networking equipment
• Setup of LAN's
• Remote Connectivity
* Using best of breed products, they are able to provide a comprehensive level
of expertise in LAN's.
Maintenance Contracts
They provide component level of repair services and other maintenance services
both under AMC's and otherwise for the following
• Computers
• Select computer peripherals
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various stheces
including but not limited to: The Cthets,
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] Cthet 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 :
The 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.
The 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.48.83 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
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
unfavtheable 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 |
Unfavtheable & favtheable 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 |
|