MIRA INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
TOP NOTCH INFOTRONIX INDIA PRIVATE LIMITED |
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Registered Office : |
6, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.04.1997 |
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Com. Reg. No.: |
18-38037 |
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CIN No.: [Company
Identification No.] |
U30006TN1997PTC038037 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Trader of Computer Hardware and Peripherals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 120000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Management of the company denied any business and financial details. Subject is a well established and reputed company in its field. Trade
relations are fair. Payments are correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms. |
LOCATIONS
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Registered Office : |
6, |
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Tel. No.: |
91-44-26616202/ 26481882 |
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Fax No.: |
91-44-42602365/ 26616203 |
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E-Mail : |
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Website : |
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Branches : |
Located at: Ahmedabad
Bhubaneshwar
Kolkata
Mumbai
Pune Jaipur Secunderabad 91-40
- 6638 5856 Phone : 91-120 - 2872620 Phone : 91-522 -
4063618 Phone : 91-161 -
5045480
Dehradun |
DIRECTORS
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Name : |
Mr. Rajesh Doshi |
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Designation : |
Director |
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Address : |
42/ 57, Shatrunjay Apartments, |
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Date of Birth/Age : |
15.02.1969 |
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Date of Appointment : |
23.04.1997 |
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Name : |
Mr. Pradeep Doshi |
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Designation : |
Director |
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Address : |
Old No.6, New No.4, |
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Date of Birth/Age : |
11.07.1974 |
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Date of Appointment : |
23.04.1997 |
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Name : |
Mrs. Urmila Doshi |
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Designation : |
Director |
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Address : |
Old No.6, New No.4, |
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Date of Birth/Age : |
19.11.1973 |
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Date of Appointment : |
23.04.1997 |
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Name : |
Mr. Sandeep Doshi |
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Designation : |
Director |
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Address : |
42/ 57, Shatrunjay Apartments, |
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Date of Birth/Age : |
22.09.1974 |
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Date of Appointment : |
01.10.2004 |
KEY EXECUTIVES
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Name : |
P K Panda and Company |
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Designation : |
Company Secretary |
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Tel. No.: |
91-44-26212287 |
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Fax No.: |
91-44-42183313 |
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E-Mail : |
pkpanda2deltalegalservice.com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
|
Rajesh Doshi |
32850 |
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Pradeep Doshi |
24600 |
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Sandeep Doshi |
7750 |
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Urmila Doshi |
10100 |
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Anju Doshi |
16000 |
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Alok Begwani |
1000 |
|
Elvis Securities Private Limited |
8000 |
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AHV Investment Private Limited |
1200 |
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Authentic Finlease Private Limited |
4000 |
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Blue Print Securities Company |
6800 |
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Ratanlal Doshi HUF |
15000 |
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Rajesh Doshi HUF |
10000 |
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Sandeep Doshi HUF |
10000 |
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Pradeep Doshi HUF |
20000 |
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Saroj Devi Doshi |
10000 |
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Vandana Doshi |
10000 |
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Total |
187300 |
As on 25.03.2008
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Names of Allottees |
No. of Shares |
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Avilax Exports Private Limited |
21600 |
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Clubside Dealcom Private Limited |
16000 |
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Singrodia Bros. Holdings Private Limited |
4800 |
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Rotomac Vinimay Private Limited |
4000 |
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Emkay Mercandise Private Limited |
21600 |
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Saroj Devi Doshi |
24000 |
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Total |
92000 |
As on 13.03.2007
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Names of Allottees |
No. of Shares |
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Saroj Devi Doshi |
5000 |
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Sandeep Doshi |
5000 |
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Vandana Doshi |
10000 |
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Ratanlal Doshi HUF |
5000 |
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Pradeep Doshi |
5000 |
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Elvis Securities Private Limited |
4000 |
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Total |
34000 |
As on 30.09.2006
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Names of Allottees |
No. of Shares |
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Ratanlal Doshi HUF |
10000 |
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Rajesh Doshi HUF |
10000 |
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Sandeep Doshi HUF |
10000 |
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Pradeep Doshi HUF |
20000 |
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Urmila Doshi |
10000 |
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Anju Doshi |
5000 |
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Saroj Devi Doshi |
5000 |
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Total |
70000 |
As on 03.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
89.00 |
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Other top 50 shareholders |
11.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Computer Hardware and Peripherals. |
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Products : |
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Brand Names : |
“ZEBRONICS” |
GENERAL INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Axis Bank Limited Purasawalkam Branch, No. 57, |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
L Ramesh and Associates Chartered Accountants |
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Address : |
28, |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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187300 |
Equity Shares |
Rs.10/- Each |
Rs.1.873
Millions |
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FINANCIAL DATA
[all figures are
in Rupees 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 |
1.873 |
0.833 |
0.573 |
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2] Share Application Money |
0.000 |
0.500 |
0.000 |
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3] Reserves & Surplus |
22.190 |
7.688 |
3.132 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.063 |
9.021 |
3.705 |
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LOAN FUNDS |
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1] Secured Loans |
14.152 |
3.604 |
0.00 |
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2] Unsecured Loans |
11.625 |
14.439 |
7.747 |
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TOTAL BORROWING |
25.777 |
18.043 |
7.747 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
49.840 |
27.064 |
11.452 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.429 |
3.162 |
2.570 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.295 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
47.929
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20.698 |
16.630 |
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Sundry Debtors |
49.961
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19.764 |
11.333 |
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Cash & Bank Balances |
2.671
|
0.567 |
2.028 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
10.798
|
3.242 |
2.065 |
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Total
Current Assets |
111.359
|
44.271 |
32.056 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
62.760
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19.232 |
22.484 |
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Provisions |
3.515
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1.137 |
0.690 |
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Total
Current Liabilities |
66.275
|
20.369 |
23.174 |
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Net Current Assets |
45.084
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23.902 |
8.882 |
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MISCELLANEOUS EXPENSES |
0.032 |
0.000 |
0.000 |
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TOTAL |
49.840 |
27.064 |
11.452 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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564.930 |
291.242 |
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Other Income |
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0.144 |
0.139 |
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Total Income |
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565.074 |
291.381 |
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Profit/(Loss) Before Tax |
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8.489 |
3.053 |
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Provision for Taxation |
|
3.233 |
1.237 |
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Profit/(Loss) After Tax |
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5.256 |
1.816 |
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Expenditures : |
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Financial Charges |
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6.282 |
4.348 |
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Depreciation & Amortization |
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1.040 |
0.743 |
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Other Expenditure |
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549.263 |
283.237 |
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Total Expenditure |
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556.585 |
288.328 |
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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 |
(%) |
0.93
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0.62 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.50
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1.05 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.33
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6.44 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.35
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0.34 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.83
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4.26 |
8.35 |
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Current Ratio (Current Asset/Current Liability) |
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1.68
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2.17 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
TOP NOTCH INFOTRONIX INDIA PRIVATE LIMITED |
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Presented By |
Mr. Sandeep Doshi, Director |
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1) Date and description of instrument creating the change |
02.12.2005 a. Agreement for
Hypothecation of Book debts b. Agreement for
Hypothecation of Current assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Short Term Loan
Rs.2.500 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 |
Hypothecation of
Way of 1st Charge in feature of Income on all the stock in trade
both present and future consisting stock including raw material, stock in
process, cash and other current assets whatsoever, being movable properties,
and all Book debts all outstanding monies receivable, claims and bills which
are now due and owing or which may at any time hereafter during the
continuance of this security become due and owing to the borrower in the
course of its business by any person, firm company or body corporate or by
the Government Department or office any Municipal or Local or Public or Semi
Government body or authority or any corporate to secure the above sanction
limit of Rs.2.500 Millions. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
PLR minus 1.30 i.e. @10.70% (PLR 12% currently) Period of Sanction/
Tenor: Within a period of 3 months from the date of availment. |
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5) Name and Address and description of the person entitled to the charge. |
Axis Bank Limited Purasawalkam Branch, No. 57, Tel. No.: 91-44-26613063 |
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6) Date and brief description of instrument modifying the charge |
NIL |
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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. |
NIL |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90288616 |
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Corporate
identity number of the company |
U30006TN1997PTC038037 |
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Name of the
company |
TOP NOTCH INFOTRONIX INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
6, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Axis Bank Limited Purasawalkam Branch, No. 57, E-Mail: m.palaniappan@axisbank.com |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Deed (Current Assets, Movables, Plant and Machinery) Deed of
Hypothecation of Brand |
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Date of
instrument Creating the charge |
15.02.2008 |
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Amount secured by
the charge |
Rs.80.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
CC (H): BPLR – 2.75% (At present 12% p.a.) with monthly rests. Terms of Repayment:
CC (H): Repayable on demand Margin: CC (H):
25% on stocks and book debts not older than 90 days Extent and
Operation of the charge: As per the instruments executed on 15.02.2008 and as
mentioned in this form. Others:
(Sub Limit to CC
(H) : LC/ Buyers Credit : Rs.55.000 Millions) (Sub Limit to LC
: LER on Forward Contracts : Rs.5.000 Millions) All other terms and
conditions as per the sanction letter and the instruments executed on
15.02.2008 |
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Date of latest
modification prior to the present modification |
29.06.2007 |
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Particulars of
the present modification |
The amount secured
by this charge has been enhanced from Rs.55.000 Millions to Rs.80.000
Millions. All other terms
and conditions of the original charge and the subsequent modification remain
unchanged. |
FIXED ASSETS:
- Furniture and Fixtures
- Electrical Fittings
- Plant and Machinery
- Vehicles
- Computers
WEBSITE DETAILS:
Inception of a Market
Leader:
Subject: established in 1997 with its head quarters based at
Chennai with its focus on quality computer chassis. Within a few years the
product portfolio has expanded so much that it is now known as the leader in
the Indian IT industry empowering customers with the 3C's of the IT revolution;
Computers, Consumer Electronics and Communication. Subject has offices in major
cities like
Today's Zebronics
Over the years the brand "ZEBRONICS" has grown
into one of the leading and most trusted brand names in Computer Hardware and
Peripherals and has become from 'OUR' to 'YOUR' brand. With a vast Network of
Dealers and an ever growing number of Distributors in various other parts of
the Country "ZEBRONICS" has a divers and ever growing product
portfolio; which incidentally covers nearly the entire PC Component spectrum.
They have set industry benchmarks for Indian companies by winning prizes and
raving reviews with the following products; Graphic cards, Computer Chassis
[Servers and Gaming PC Chassis alike]. Under Zebronics they have a huge product
base, they initially started with PC cabinets and now they have an array of
more than 25 individual product lineups. They have an unchallenged array of PC
and Server cabinets, of more than 50 design under the catalogue. Zebronics has
the largest range of headphones, power supplies, and web cameras in
'Zebronics' The
distribution channel
They have not only covered almost every major city in
Innovation
Subject has an in-house Research and Development (R&D)
Department, which monitors the latest developments in the field of technology
and innovation and tests them to find the most suitable products and services
for the market. Ensuring Quality of product and service, constant radical
thought, the Dealers faith in them as a brand and last but not the least the
teams dedication which have been factors to the continuing success. So much so,
that they are currently the Only Official SLI Partners of NVIDIA in
Corporate Vision
Staying one step ahead of the market has always been the goal. Like other world-class companies, they are proud of the success, but they are never satisfied. At Subject, they are committed to delivering the innovative solutions the customers need, building the framework for sustainable growth going forward and staying "Always Ahead".
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.49.29 |
|
|
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
|
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 |
|