MIRA INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SUPREME COMPUTERS INDIA PRIVATE LIMITED |
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Registered
Office : |
No. 18/18, |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
20.07.1999 |
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Com. Reg. No.: |
18-42878 |
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CIN No.: [Company
Identification No.] |
U30006TN1999PTC042878 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
CHES22326D |
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PAN No.: [Permanent
Account No.] |
AAGCS1406H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributors of Laptops and Desktop Computers |
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 270000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
|
Name : |
Mr. Jay Kumar |
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Designation : |
Accounts Manager |
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Date : |
18.10.2008 |
LOCATIONS
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Registered
Office : |
No. 18/18, |
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Tel. No.: |
91-44-28552279 / 28416521 (Hunting), 28411111 / 28410011 / 28410003
/ 28410088 / 28416522 / 28550884 /
28591430 / 24998363 |
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Mobile No.: |
91-9840085482 |
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Fax No.: |
91-44-28510904 |
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E-Mail : |
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Website : |
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Area : |
11000 sq. ft. |
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Location : |
Rented |
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Branch Office : |
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Tel. No.: |
91-44- 4214 9380/81/82 / 42146428 / 2858 8928 |
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Fax No.: |
91-44- 42147836 |
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E-Mail : |
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Area : |
Above 800 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Anraj Jain |
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Designation : |
Director |
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Address : |
6/3, |
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Date of
Birth/Age : |
12.02.1943 |
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Qualification : |
Engineer |
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Date of
Appointment : |
20.07.1999 |
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Name : |
Mr. Jitendra Jain |
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Designation : |
Director |
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Address : |
6/3, |
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Date of
Birth/Age : |
25.08.1972 |
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Qualification : |
B.Com |
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Date of
Appointment : |
20.07.1999 |
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Name : |
Mr. Rakesh Kumar Jain |
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Designation : |
Director |
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Address : |
6/3, |
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Date of
Birth/Age : |
15.08.1975 |
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Qualification : |
Engineer |
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Date of
Appointment : |
20.07.1999 |
KEY EXECUTIVES
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Name : |
M/s Deepak Rathi and Company |
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Designation : |
Company Secretary |
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Address : |
No. 1C, 4th Block, Arihant Vaikunth, Puraswakkam, Chennai –
600 007, |
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Tel No.: |
91-44-43539174 |
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Mobile No.: |
91-9940189174 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
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
: |
Distributors of Laptops and Desktop Computers |
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Products : |
·
Samsung 2243 NWX LCD Monitor ·
Compaq Presario CQ40-108TU Notebook NEW ·
Compaq Presario SG3540IL NEW ·
Compaq
Presario SG3550IL NEW ·
Compaq
Presario SG3570IL NEW ·
Compaq Presario CQ50-106AU Notebook ·
HP Deskjet D2460 Colour Inkjet Printer ·
ViewSonic VA1912wb ·
HP Scanjet G4010 Photo Scanner ·
SONY VAIO VGN-TZ38GN/X ·
ViewSonic VA703M |
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Agencies Held : |
·
HP ·
Samsung ·
Intel ·
Sony ·
Acer ·
Lenovo |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
150 |
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Bankers : |
Standard Chartered Bank No. 8, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
M. G. Bohara and Company Chartered Accountants |
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Address : |
Maruthi Complex, No. 60-A, N. S. C. Bose Road, 1st Floor,
Sowcarpet, Chennai – 600079, Tamilnadu, India |
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Tel. No.: |
91-44-25357676 / 25356868 |
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E-Mail : |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
919500 |
Equity Shares |
Rs.10/- each |
Rs.9.195 millions |
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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1] Share Capital |
9.195 |
9.195 |
0.195 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.853 |
31.082 |
0.024 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.048 |
40.277 |
0.219 |
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LOAN FUNDS |
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1] Secured Loans |
20.967 |
0.000 |
0.000 |
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2] Unsecured Loans |
52.700 |
51.936 |
0.000 |
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TOTAL BORROWING |
73.667 |
51.936 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.483 |
0.483 |
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TOTAL |
127.198 |
92.696 |
0.219 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.794 |
2.637 |
0.000 |
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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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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
69.871
|
63.324 |
0.000 |
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Sundry Debtors |
98.406
|
66.976 |
0.000 |
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Cash & Bank Balances |
3.765
|
4.691 |
0.035 |
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Other Current Assets |
3.158
|
0.179 |
0.197 |
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Loans & Advances |
1.898
|
11.890 |
0.005 |
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Total
Current Assets |
177.098
|
147.060 |
0.237 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
65.861
|
56.813 |
0.027 |
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Provisions |
1.838
|
0.195 |
0.000 |
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Total
Current Liabilities |
67.699
|
57.008 |
0.027 |
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Net Current Assets |
109.399
|
90.052 |
0.210 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.007 |
0.009 |
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TOTAL |
127.198 |
92.696 |
0.219 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
1304.669 |
970.648 |
0.022 |
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Other Income |
42.924 |
0.113 |
0.000 |
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Total Income |
1347.593 |
970.761 |
0.022 |
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Profit/(Loss) Before Tax |
24.686 |
30.229 |
(0.002) |
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Provision for Taxation |
11.914 |
0.679 |
0.000 |
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Profit/(Loss) After Tax |
12.772 |
29.550 |
(0.002) |
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Expenditures : |
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Financial Charges |
4.664 |
1.852 |
0.000 |
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Other Expenditure |
1318.243 |
938.680 |
0.000 |
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Total Expenditure |
1322.907 |
940.532 |
0.024 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.95
|
3.04 |
(9.09) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.89
|
3.11 |
(9.09) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.67
|
20.19 |
(0.84) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.47
|
0.75 |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.66
|
2.70 |
0.12 |
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Current Ratio (Current Asset/Current Liability) |
|
2.62
|
2.58 |
8.78 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
|
Corporate identity
number of the company |
U30006TN1999PTC042878 |
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Name of the
company |
SUPREME COMPUTERS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 18/18, |
|
This form is for |
Creation of
charge |
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Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Standard Chartered Bank No. 8, |
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Nature of
instrument creating charge |
·
Agreement
of Hypothecation of Stocks and Book Debts. ·
Letter
of Banking Arrangement ·
Agreement
for Overdraft |
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Date of
instrument Creating the charge |
25.08.2006 |
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Amount secured by
the charge |
Rs.17.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest 10% p.a. with monthly rests on the Overdraft facility. Any withdrawal in excess of the limits specified shall attract a penal
interest rate of 2% p.a. over the contracted rate. ·
Terms
of repayment Repayable on Demand ·
Margin 75% of the stock and book debts (upto 60 days) less sundry creditors. ·
Extent
and operation of the charge Overdraft facility valid for 1 year (i.e. upto August 14, 2007) |
|
Particulars of
the property charged |
Primary Security
: Hypothecation of Stock and Book Debts Collateral
Security : Mortgage of the properties as follows: Commercial property
located at F-199A, First Floor, Phase III, Commercial
property located at F-198A, First Floor, Phase III, Residential
property located at No. 8, Residential
property located at No. 8, |
AS PER
WEBSITE
Founded In October 1994, Subject, has achieved excellence in the trade
and distribution of IT products portfolio virtually comprising of all computer
hardwares, peripherals, accessories, multimedia, audio, video-editing products,
and software. In a short span of five years, with a team of dedicated and
experienced people headed by Rakesh Jain has achieved a distinguished position
in the Indian IT industry. The key to its success has been to pay careful
attention to its customers by providing them complete range of products at
competitive pricing with professional services and strong after sales and
warranty support.
The company has a team of right people, talented, flexible and empowered
to act rightly for the customers, having keenness and willingness to serve them
in all respects, using the right process thereby helping then to achieve the
desired growth. The company has forged strong links with all major IT Players
in
Their Business Activities can be summarised
as :
·
Distribution and Marketing of IT products
·
Selling of MNC Branded Computers
·
Solution Providing on Audio / Video Editing
Products
Their Vision is to have proactive and prompt interaction with all their
business partners, to be responsible in their approach, to have integrity in
conduct of their business and accountability for all their actions. Their aim
is to provide online business transactions using this website, where their
channel partners and customers can seek various information about all major IT
products, log in their orders, using their users ID Password and other
necessary controls.
Vendors: HP, Samsung, Seagate, Canon, Epson, Entrasys, Cisco, Intel
Highlights: Recorded 44 percent growth in revenue Spruce up technical manpower to
provide post-sales service Chennai-based sub-distributor Supreme Computers has
evolved a simple formula to sustain growth: Include more products under
distribution portfolio and focus on channel partners.
Set up in 1994, Supreme currently sub-distributes over 40 brands of
varied IT products, ranging from hardware, peripherals, networking and
multimedia. Sourcing from national players like Reding on, Ingram Micro and
Tech Pacific, Supreme addresses the market through its retail outlet in Chennai
and 200 channel partners.
Rakesh Jain, director of Supreme Computers, said, "We are in the
process of roping in more quality products." The company is looking at
channel partners to handle the new products. It has 100-125 assemblers, 15-20
dealers and 20-25 value-added resellers.
The emphasis, he said, would be to involve more VARs across the country.
The company has two offices in Chennai and
Supreme employs 15 people, and the company intends to spruce up its
technical manpower to provide value-add and strengthen post-sales service.
Meanwhile, Supreme would invest on channel promotions such as road shows
and seminars to update them on the latest technologies.
Subject’s revenue grew from Rs 250 millions in 1999-2000 to Rs 360
millions last fiscal. It has projected Rs 420 millions this fiscal. The company
generates 80 percent revenue from its channel partners while the remaining
comes through direct sales.
Giving a break up of last fiscal revenue, Jain said 40 percent was
generated from products like motherboards, hard disk drives and CPUs. An equal
amount was chipped in by peripherals. The remaining 20 percent were divided
equally among networking products.
Besides Rakesh, the other key decision-makers in the company are
Jitendra Jain and J Anraj Jain.
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 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|