MIRA INFORM REPORT
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Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MIDAS BUSINESS MACHINES PRIVATE LIMITED |
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Registered Office : |
Unit No.7, Kartik Complex, New |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.10.1992 |
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Com. Reg. No.: |
11-68931 |
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CIN No.: [Company
Identification No.] |
U30007MH1992PTC068931 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Computers for HP. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
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Name : |
Mr. Sunil Nagrani |
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Designation : |
Director |
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Contact No. : |
91-9320080305 |
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Date : |
07.04.2011 |
LOCATIONS
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Registered Office : |
Unit No.7, Kartik Complex, New |
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Tel. No.: |
91-22-26730158 / 26730817 |
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E-Mail : |
midas_mbm@midas.net.in |
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Area : |
1000 sq ft |
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Location : |
Leased |
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DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Sunil Haresh Nangrani |
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Designation : |
Director |
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Address : |
B-403 Sky Pan Oberoi Complex, New |
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Date of Birth/Age : |
01.05.1968 |
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Date of Appointment : |
09.10.1992 |
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Name : |
Mrs. Shalini Sunil Nangrani |
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Designation : |
Director |
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Address : |
B-403 Sky Pan Oberoi Complex, New |
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Date of Birth/Age : |
01.07.1969 |
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Date of Appointment : |
01.10.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Sunil Haresh Nangrani |
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500 |
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Mrs. Shalini Sunil Nangrani |
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500 |
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Total |
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1000 |
As on : 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Computers for HP. |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
Reseller and End Users. |
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No. of Employees : |
18 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Gami Associates Chartered Accountants |
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Address : |
615, Sai Chambers, Santacruz (East), Mumbai – 400 055, |
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Associates/Subsidiaries : |
Midas Infotech Address: 7 Kartik
Complex, New Line of
Business: They handle home department. |
CAPITAL STRUCTURE
As on 30.09.2010:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100/- Each |
0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100/-
Each |
0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.816 |
3.455 |
1.802 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.916 |
3.555 |
1.902 |
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LOAN FUNDS |
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1] Secured Loans |
9.000 |
0.000 |
0.324 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.000 |
0.000 |
0.324 |
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DEFERRED TAX LIABILITIES |
0.019 |
0.000 |
0.000 |
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TOTAL |
13.935 |
3.555 |
2.226 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.835 |
0.737 |
0.901 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.501 |
0.500 |
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DEFERREX TAX ASSETS |
0.000
|
0.135
|
0.123 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.405
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0.000
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0.000 |
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Sundry Debtors |
41.323
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0.000
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0.000 |
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Cash & Bank Balances |
16.776
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0.000
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0.000 |
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Other Current Assets |
0.000
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63.389
|
49.340 |
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Loans & Advances |
1.945
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5.885
|
1.969 |
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Total
Current Assets |
84.449
|
69.274
|
51.309 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities and Sundry Creditors |
84.800
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64.967
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49.644 |
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Provisions |
1.049
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2.125
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0.963 |
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Total
Current Liabilities |
85.849
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67.092
|
50.607 |
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Net Current Assets |
(1.400)
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2.182
|
0.702 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.435 |
3.555 |
2.226 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
266.764 |
242.987 |
209.912 |
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Other Income |
4.101 |
2.528 |
1.518 |
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TOTAL |
270.865 |
245.515 |
211.430 |
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Less |
EXPENSES |
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Increase and Decrease in Stock |
(6.898) |
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209.889 |
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Operation and General expenses |
273.763 |
250.246 |
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TOTAL |
266.865 |
241.926 |
209.889 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.000 |
3.589 |
1.541 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.290 |
0.211 |
0.272 |
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PROFIT BEFORE
TAX |
3.710 |
3.378 |
1.269 |
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Less |
TAX |
1.036 |
1.066 |
0.418 |
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PROFIT AFTER TAX
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2.674 |
2.312 |
0.851 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.988 |
1.558 |
NA
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
1.095 |
1.430 |
0.146 |
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BALANCE CARRIED
TO THE B/S |
4.083 |
2.988 |
1.558 |
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Earnings Per
Share (Rs.) |
2674.00 |
2312.00 |
0.00 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.98 |
0.94 |
0.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.39 |
1.39 |
0.60 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
3.73 |
4.78 |
2.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.75 |
0.95 |
0.67 |
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Debt Equity Ratio (Total Liability/Networth) |
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19.29 |
18.87 |
26.77 |
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Current Ratio (Current Asset/Current Liability) |
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0.98 |
1.03 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE :
The Company is in
the business of trading, maintenance and support systems for computers and this
segment of the business is the niche area that the Company has made its mark.
The Directors are pleased to inform that the Company's turnover has increased
from 245.515 millions to Rs.270.865 millions which is nearly about 10.32%
increase in the turnover of the Company.
sUndry creditors Details:
Not Available
Form : 8
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Corporate
identity number of the company |
U30007MH1992PTC068931 |
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Name of the
company |
MIDAS BUSINESS
MACHINES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Ing Vysya Bank
Limited, |
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Nature of
instrument creating charge |
Letter from Bank |
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Date of
instrument Creating the charge |
18/03/2010 |
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Amount secured by
the charge |
Rs. 9.324
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 1st and 2nd year
fixed rate of 8.25%. From 3rd year
onwards floating rate of interest at
HPLR-6.75% Terms of repayment : Repayable in
equated monthly installments of Rs.90,463/- Margin : Nil. Extent and operation of the charge : First charge on
the immovable property of the company. Other : Nil |
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Short particulars
of the property charged (Including location of the property) |
Property at Flat
No.2703, from Oberoi Constructions. |
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 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. 44.22 |
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|
1 |
Rs. 71.97 |
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Euro |
1 |
Rs. 63.23 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
No |
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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 |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.