MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOLARIS COMPUTERS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
22.11.1995 |
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Com. Reg. No.: |
18-33602 |
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CIN No.: [Company Identification
No.] |
U72300TN1995PTC033602 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
CHES05205E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer and Distributor of Compaq, HP, IBM, HCL Datamini, LAN and WAN
Products, etc. |
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 41000 |
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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 company having fine track. Trade
relations are fair. Payments are reported as correct and as per commitments.
Financial position is satisfactory. The company can be considered good for any
normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered
Office/Factory : |
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Tel. No.: |
91-44-28291156/ 28290295 / 28290094 |
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Mobile No.: |
91-9840074001 |
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Fax No.: |
91-44-28290295 |
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E-Mail : |
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Website : |
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DIRECTORS
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Name : |
Mr. P M Gopalakrishnan |
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Designation : |
Managing Director |
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Address : |
New No. 13, J Block, 17th |
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Date of
Birth/Age : |
05.04.1948 |
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Date of
Appointment : |
22.11.1995 |
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Name : |
Mrs. Rukmani Gopalakrishnan |
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Designation : |
Director |
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Address : |
New No. 13, J Block, 17th |
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Date of
Birth/Age : |
23.05.1952 |
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Date of
Appointment : |
01.06.1998 |
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Name : |
Mr. T Jayakumar |
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Designation : |
Director |
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Address : |
15, |
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Date of
Appointment : |
23.10.2002 |
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Name : |
Mr. U Haridas Nair |
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Designation : |
Director |
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Address : |
38, Lakshmi Nagar, Alwarthirunagar, Virugambakkam, Chennai – 600 087, |
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Date of
Appointment : |
23.10.2002 |
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Name : |
Mr. K C Ramesh |
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Designation : |
Director |
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Address : |
106, |
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Date of
Appointment : |
23.10.2002 |
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Name : |
Mr. Deepak Srinivas |
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Designation : |
Director |
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Address : |
D 001, Atosh Residency, B Block, Jayanagar, |
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Date of
Appointment : |
23.10.2002 |
MAJOR SHAREHOLDERS
(As on 31.03.2006)
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Names of Shareholders |
No. of Shares |
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P M Gopalakrishnan |
10 |
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G Dhanalakshmi |
50 |
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G Sapna |
50 |
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G Balaji |
50 |
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P M Gopalakrishnan, HUF |
45500 |
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Rukmani Gopalakrishnan |
500 |
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T Jayakumar |
10 |
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Total |
46170 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2006)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business
: |
Dealer and Distributor of Compaq, HP, IBM, HCL Datamini, LAN and WAN
Products, etc. |
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Products : |
·
Compaq ·
HP ·
IBM ·
HCL Datamini ·
LAN ·
WAN Products |
GENERAL
INFORMATION
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Bankers : |
·
State Bank of Siruthozhil Branch, Chennai – 600 034, ·
HSBC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
K Ramakrishna and Company Chartered Accountants |
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Address: |
New No. 19, Old No. 9A, |
CAPITAL
STRUCTURE
(As on 30.09.2006)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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46170 |
Equity Shares |
Rs.100/- each |
Rs.4.617 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.617 |
4.617 |
4.617 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.572 |
3.682 |
2.690 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
8.189 |
8.299 |
7.307 |
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LOAN FUNDS |
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1] Secured Loans |
14.255 |
20.475 |
21.128 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.500 |
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TOTAL BORROWING |
14.255 |
20.475 |
21.628 |
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DEFERRED TAX LIABILITIES |
0.719 |
0.666 |
0.498 |
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TOTAL |
23.163 |
29.440 |
29.433 |
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APPLICATION OF
FUNDS |
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FIXED ASSETS [Net
Block] |
4.028 |
4.584 |
3.267 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.260 |
0.760 |
0.760 |
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CURRENT ASSETS,
LOANS & ADVANCES |
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Inventories |
15.795
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10.684
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8.595 |
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Sundry Debtors |
24.637
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20.455
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18.871 |
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Cash & Bank
Balances |
0.475
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0.466
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0.100 |
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Other Current
Assets |
0.037
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0.063
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0.099 |
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Loans &
Advances |
2.039
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5.532
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3.779 |
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Total Current Assets |
42.983
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37.200
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31.444 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
24.402
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11.396
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6.041 |
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Provisions |
1.706
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1.708
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0.000 |
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Total Current Liabilities |
26.108
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13.104
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6.041 |
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Net
Current Assets |
16.875
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24.096
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25.403 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
23.163 |
29.440 |
29.433 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover
[including other income] |
173.369 |
176.560 |
167.012 |
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Profit/(Loss) Before Tax |
(0.110) |
2.585 |
0.218 |
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Provision for Taxation |
0.000 |
(1.639) |
(2.472) |
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Profit/(Loss) After Tax |
(0.110) |
4.224 |
2.690 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
(5.112) |
0.000 |
0.000 |
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Other Expenditure |
178.591 |
0.000 |
0.000 |
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Total
Expenditure |
173.479 |
173.975 |
166.794 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total
Income |
(%) |
(0.06) |
2.39
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1.61 |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.06) |
1.46
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0.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.23) |
6.07
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0.61 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.01) |
0.31
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0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.93 |
5.12
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4.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.65 |
2.84
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5.20 |
LOCAL
AGENCY FURTHER INFORMATION
Form No. 8
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Name of the company |
SOLARIS COMPUTERS PRIVATE LIMITED |
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Presented By |
Solaris Computers Private Limited (herein after called “The borrower”)
and State Bank of |
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1) Date and description of instrument creating the change |
10.07.2000 1. Agreement of Loan for Overall Limit in
Form C-1. 2. Agreement of Hypothecation of goods and
assets in Form C-2. 3. Letter regarding the grant of individual
limits within the overall limit in Form C-5.
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.500
millions
Together with interest,
cost charges and other expenses which may be debited to the said account from
time to time. |
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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 |
Primary Security : Hypothecation of
all present and future goods viz, stock in trade, book debt and all other
movable assets of the Company including documents of title of goods, current
assets, such as out-standing moneys, receivables, including receivables by
way of cash assistance and / or cash incentives under Cash Incentive Schemes
or any other scheme claims including claims by way of refund of customs /
excise duties under the Duty Drawback Credit Scheme or any other Scheme,
bills invoices, documents, contrast, insurance policies, guarantees,
engagements, securities, investments and rights and all the present and
future machinery belonging to or in the possession or under the control of
the Company wherever lying stored and kept and whether in possession of the
Company or of whether in India or else where thought out the World (including
all such goods, movables and other assets as may be in course of shipment,
transit or delivery) shall stand hypothecated to the Bank by way of First
Charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 3.50% p.a. over the SBAR with a minimum of 14.75% p.a. Margin Stocks – 40% Book – Debts –
50% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Siruthozhil
Branch, Chennai – 600 034, |
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6) Date and brief description of instrument modifying the charge |
01.12.2005 Agreement of
Loan-cum-Hypothecation SME-2 dated 01st December 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 the present
modification the credit facility availed by the Company has been renewed for
the existing limit of Rs.20.000 millions. (Rs. In millions)
Rate of interest : Interest at the rate
of 1.50% above SBAR with a minimum of 11.75% p.a. monthly rests. Margin: Finished goods :
40% Bill : 50% The existing
charge on all present and future machinery belonging to or in the possession
or under the control of the Borrower whether lying stored and kept and
whether in possession of the Borrower of the Bank of any third party whether
in India or else where throughout the World and; The existing
charge over Plant and Machinery, stocks, Stock in process, finished goods,
bills, etc. which are already hypothecated to the Bank as security, shall
continue to secure the existing renewed limit of Rs.20.000 millions together
with interest, costs, charges and all other expenses which may be debited to
the account from time to time. All other terms
and conditions remain the same. |
Web Details
Subject was
established in the year 1995, as a private limited firm by a team of young
technocrats, under the dynamic leadership of the MD. Mr. P.M. Gopalakrishnan . The
company has been incorporated with the firm objective of providing high quality
I.T. Products innovation to all section of Industry.
Organizational Spasm
Identity One stop shop
for all the IT related needs of the Customers
Motto
"CUSTOMER SATISFACTION"
Profound Deliverable Higher Quality after sales Service
and support
Subject as an Organization providing sales and after sales effective and
efficient services covering the complete spectrum of I.T products and is
organized along the industrial lines in order to provide the Customer the
utmost satisfaction. To achieve this objective we have sales and support
branches in all metros and cosmos.
They supply and
support the entire ranges of - Intel and Amd based Desktops, Laptops and
Servers, dot matrix, line matrix, desk jets and laser printers, tape and disk
libraries, networking products, security products, ups systems, office
automation products like currency counting systems, point of sale systems and
time recorders.
M/s.
Sole Distributor for Beatron Products in
PRODUCTS: TIME RECORDERS
M/s. Hewlett Packard India Private Limited
Premium
Business Partner and Registered Supplies Reseller
The accreditations with regard to
HP Business
1. Mobile Moguls
2. PC Club Partner
3. Sultan of Servers
Products: Desktops, Laptops, Thinclients, Workstations, Servers, Rack
Servers, Blade Servers, Storage Solutions (Tape And Disk), Printers, Networking
Switches And Backup Softwares
M/s. WeP Peripherals Limited
Regional
Distributor and ASP
Products: Dotmatrix and Line Matrix Printers, Security Products, Line
Interactive and Online Ups Systems,
M/s. Microsoft System Builder
Products: Oem and Molp Products
M/s. Watch Guard
Business Partner
Products:Security Appliance
M/s. CISCO
CISCO Partner
Products: Networking Products
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
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|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
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. |
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 |
|