MIRA
INFORM REPORT
|
Report Date : |
20.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VCOM TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
13/14, 4th Floor, C Wing, Paranjape Complex, Subhash Road, Vile
Parle (East), Mumbai – 400 057, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
12.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-96230 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U30000MH1996PTC096230 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV07477B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Providing solution for LAN, Enterprise Networks, Hardware, Backup devices. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
13/14 C, 4th Floor, Paranjape Complex, Subhash Road, Vile
Parle (East), Mumbai – 400 057, Maharashtra, India |
|
Tel. No.: |
91-22-28248157 |
|
Fax No.: |
91-22-66929863 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Sairus Adi Printer |
|
Designation : |
Director |
|
Address : |
A-502, 5th Floor, Gokul Concorde, Surya Village, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
10.11.1968 |
|
Date of Appointment : |
29.11.1997 |
|
|
|
|
Name : |
Mr. Rajiv N Vashi |
|
Designation : |
Director |
|
Address : |
Flat No. 22, Building No. 15, Asha Chs Limited, Asha Nagar, W.E. Highway,
Borivali (East), Mumbai – 400 066, Maharashtra, India |
|
Date of Birth/Age : |
09.01.1972 |
|
Date of Appointment : |
12.01.1996 |
|
|
|
|
Name : |
Mrs. Cecilia S Printer |
|
Designation : |
Director |
|
Address : |
A-502, 5th Floor, Gokul Concorde, Surya Village, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
16.09.1971 |
|
Date of Appointment : |
21.12.1998 |
|
|
|
|
Name : |
Mrs. Nisha Rajiv Vashi |
|
Designation : |
Director |
|
Address : |
Flat No. 22, Building No. 15, Asha Chs Limited, Asha Nagar, W.E.
Highway, Borivali (East), Mumbai – 400 066, Maharashtra, India |
|
Date of Birth/Age : |
11.04.1974 |
|
Date of Appointment : |
21.12.1998 |
|
|
|
|
Name : |
Mr. Kalpesh Shashikant Patel |
|
Designation : |
Director |
|
Address : |
C/45, Ajit Nagar, S V Road, Malad (West), Mumbai – 400 064,
Maharashtra, India |
|
Date of Appointment : |
12.01.1996 |
|
|
|
|
Name : |
Mr. Mehul Kishorbhai Desai |
|
Designation : |
Director |
|
Address : |
1/22, Samved Rajendra Nagar, Borivali (East), Mumbai – 400 066,
Maharashtra, India |
|
Date of Birth/Age : |
19.11.1965 |
|
Date of Appointment : |
12.01.1996 |
|
|
|
|
Name : |
Mrs. Trupti S Printer |
|
Designation : |
Director |
|
Address : |
A-502, 5th Floor, Gokul Concorde, Surya Village, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1979 |
|
Date of Appointment : |
01.04.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Sairus Adi Printer |
49400 |
|
Trupti S Printer |
49400 |
|
|
|
|
Total |
98800 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing solution for LAN, Enterprise Networks, Hardware, Backup
devices. |
GENERAL
INFORMATION
|
Bankers : |
Bank of India Turner Road,
Bandra (West), Mumbai – 400 050, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Jawahar Rohinton Sumondy Chartered Accountants |
|
Address : |
·
64/A, Mulji Jetha Co-Op Society, 3rd Floor, 185 / 187
Princess Street, Mumbai – 400 002, Maharashtra, India ·
4, Rajshila , 597, J S S Road, Near Princess Street, Mumbai – 400 002,
Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98800 |
Equity Shares |
Rs.10/- each |
Rs.0.988
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.988 |
0.988 |
0.988 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.122 |
0.053 |
0.027 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.110 |
1.041 |
1.015 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.540 |
1.568 |
1.728 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.312 |
|
|
TOTAL BORROWING |
1.540 |
1.568 |
2.040 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3.650 |
2.609 |
3.055 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.576 |
0.689 |
0.782 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.888
|
0.627 |
0.000 |
|
|
Sundry Debtors |
5.464
|
2.304 |
2.095 |
|
|
Cash & Bank Balances |
0.562
|
0.339 |
0.045 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.227
|
2.890 |
3.033 |
|
Total
Current Assets |
10.141
|
6.160 |
5.173 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
6.456
|
3.991 |
2.749 |
|
|
Provisions |
0.612
|
0.250 |
0.152 |
|
Total
Current Liabilities |
7.068
|
4.241 |
2.901 |
|
|
Net Current Assets |
3.073
|
1.919 |
2.272 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3.650 |
2.609 |
3.055 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
30.590 |
16.873 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
30.590 |
16.873 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.540 |
0.168 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
1.540 |
0.168 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.200 |
0.244 |
|
|
Depreciation & Amortization |
|
0.130 |
0.144 |
|
|
Other Expenditure |
|
28.720 |
16.317 |
|
Total Expenditure |
|
29.050 |
16.705 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.03
|
0.99 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.03
|
0.99 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.37
|
2.45 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.73
|
0.16 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.08
|
5.58 |
4.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.45 |
1.78 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
VCOM TECHNOLOGIES PRIVATE LIMITED |
|
Presented By |
Bank of India Turner Road,
Bandra (West), Mumbai – 400 050 |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation
of plant and machinery, stocks and book debts dated 21.09.2002. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 millions |
|
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 |
·
All tangible
movable machineries plant (both present and future), whether installed or not
and whether lying loose in or cases at site or in transit. ·
All tangible
movable properties and assets of whatsoever nature of the borrower (both
present and future) and including all stocks of raw materials such as
medicals equipments and semi finished goods, spare parts components and
stocks in process of borrower including furniture / fixture. ·
All the
present and future book debts, outstanding, money receivables claims, bills
which may at any time hereafter during the continuance of this security
become due and owing to the borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
@ 4% p.a Over BOIPLR PRESL
@ 16% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Turner Road,
Bandra (West), Mumbai – 400 050, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Not Available |
|
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. |
Not Available |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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
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 |
|