MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PROACTIVE COMPUTER SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
E/2/604 A Highway Park, Thakur Complex, Kandivali E, Mumbai – 400101,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.10.1996 |
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Com. Reg. No.: |
11-103548 |
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CIN No.: [Company Identification
No.] |
U52334MH1996PTC103548 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP10248A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer and Distributor of computer peripherals and also providing
networking solutions |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 9000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. It’s scale of activities are
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for small to mediocre business dealings
with some caution. |
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 PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Sandip |
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Designation : |
Accountant |
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Contact No.: |
91-22-26339366 |
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Date : |
18.04.2011 |
LOCATIONS
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Registered Office : |
E/2/604 A Highway Park, Thakur Complex, Kandivali E, Mumbai – 400101,
Maharashtra, India |
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Tel. No.: |
91-22-283993966 |
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E-Mail : |
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Area : |
1000 sq.ft |
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Location : |
Owned |
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Administrative Office : |
9, Magon Mahal, Riddhi Premises Society, 215, Sir M.V. Road, Andheri
(E), Mumbai – 400069, India |
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Tel. No.: |
91-22-26839366/82 |
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Fax No.: |
91-22-26840683 |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Sunil Gurunath Biradar |
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Designation : |
Managing Director |
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Address : |
E/2/604 A Highway Park, Thakur Complex, Kandivali E, Mumbai – 400101,
Maharashtra, India |
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Date of Birth/Age : |
20.03.1959 |
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Qualification : |
Graduate |
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Date of Appointment : |
28.10.1996 |
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DIN No.: |
01208876 |
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Name : |
Mrs. Sumangala Sunil Biradar |
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Designation : |
Director |
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Address : |
E/2/604 A Highway Park, Thakur Complex, Kandivali E, Mumbai – 400101,
Maharashtra, India |
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Date of Birth/Age : |
14.07.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
28.10.1996 |
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DIN No.: |
01208986 |
KEY EXECUTIVES
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Name : |
Mr. Sandip |
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Designation : |
Accountant |
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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Sunil Gurunath Biradar |
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4500 |
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Sumangala Sunil Biradar |
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1000 |
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Gurunath V Biradar |
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500 |
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Total |
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6000 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer and Distributor of computer peripherals and also providing networking
solutions |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit – Rs. 1.700 Million
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Sheth Chartered Accountant |
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Address : |
17-B Wing, Haji Habib Building, 2nd floor, 182, Naigaon
Cross Road, Dadar T. T, Mumbai – 400014, |
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Tel. No.: |
91-22-24151564 |
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Mobile No.: |
91-9323351564 |
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Pan No.: |
AAHPS8062R |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.600
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 |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.784 |
1.742 |
1.654 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.384 |
2.342 |
2.254 |
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LOAN FUNDS |
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1] Secured Loans |
1.697 |
1.110 |
0.718 |
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2] Unsecured Loans |
1.227 |
0.690 |
0.657 |
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TOTAL BORROWING |
2.924 |
1.800 |
1.375 |
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DEFERRED TAX LIABILITIES |
0.039 |
0.039 |
0.051 |
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TOTAL |
5.347 |
4.181 |
3.680 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.741 |
1.617 |
1.836 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.029 |
0.029 |
0.029 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.315
|
1.695 |
1.850 |
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Sundry Debtors |
2.016
|
1.722 |
2.806 |
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Cash & Bank Balances |
0.079
|
0.416 |
0.217 |
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Other Current Assets |
0.002
|
0.002 |
0.000 |
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Loans & Advances |
0.553
|
0.619 |
0.439 |
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Total
Current Assets |
4.965
|
4.454 |
5.312 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.498
|
1.186 |
2.848 |
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Other Current Liabilities |
0.495
|
0.325 |
0.186 |
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Provisions |
0.395
|
0.408 |
0.463 |
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Total
Current Liabilities |
1.388
|
1.919 |
3.497 |
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Net Current Assets |
3.577
|
2.535 |
1.815 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.347 |
4.181 |
3.680 |
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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 |
7.452 |
10.306 |
11.060 |
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Other Income |
0.002 |
0.004 |
0.004 |
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TOTAL (A) |
7.454 |
10.310 |
11.064 |
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Less |
EXPENSES |
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Cost of Sales |
5.646 |
8.741 |
9.547 |
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Administrative Expenses |
0.994 |
0.966 |
0.834 |
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TOTAL (B) |
6.640 |
9.707 |
10.381 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.814 |
0.603 |
0.683 |
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Less |
FINANCIAL
EXPENSES (D) |
0.458 |
0.221 |
0.272 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.356 |
0.382 |
0.411 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.214 |
0.220 |
0.256 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.142 |
0.162 |
0.155 |
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Less |
TAX (I) |
0.100 |
0.074 |
0.084 |
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PROFIT AFTER TAX
(G-I) (J) |
0.042 |
0.088 |
0.071 |
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BALANCE CARRIED TO
THE B/S |
0.042 |
0.088 |
0.071 |
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Earnings Per
Share (Rs.) |
7.00 |
14.67 |
11.83 |
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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 |
(%) |
0.56
|
0.85 |
0.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.91
|
1.57 |
1.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.12
|
2.67 |
2.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.07 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
1.59 |
2.16 |
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Current Ratio (Current Asset/Current Liability) |
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3.58
|
2.32 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors |
0.498
|
1.186 |
2.848 |
OPERATIONS
Company has achieved
total turnover of Rs. 7.452 millions
during the period ended on 31.03.2010 company
has earned profit of Rs. 0.141 million before provision for taxation. Company
has earned lower profit because of heavy competition and lower business
activity. Company has started agency for cash register machines and expects
good business.
Form 8:
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Corporate
identity number of the company |
U52334MH1996PTC103548 |
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Name of the
company |
PROACTIVE
COMPUTER SOLUTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
E/2/604 A Highway
Parkthakur Complex, Kandivli E, Mumbai - 400101, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
1. Agreement of Hypothecation of Movable
property 2. Promissory Note 3. Letter of Lien and Set Off 4. Continuing Security Letter (All the above
documents constitute a single charge) |
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Date of
instrument Creating the charge |
03.10.2009 |
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Amount secured by
the charge |
Rs. 1.700 Million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 16% or such other rate as may be decided by the Bank from time to time in
consultation with the Borrower Company. Penal Interest -
@ 2% p.a. and Overdrawal in the account - @ 24% p.a. Terms of
Repayment - Cash Credit Limit for Working Capital requirement of the Company
are subject to review at the time of renewal / from time to time. Margin - 25% of
Stock and Book Debts or such other rate as may be determined by the Bank from
time to time. Extent and
Operation of the charge - The charge is to operate as a security for the due
repayment of enhanced Cash Credit Limits of Rs. 1.700 millions availed or to
be availed by the Company for its Working Capital Requirement, together with
interests, costs, charges, expenses, fees, penalty, and all other sums / dues of monies payable by the Company to the Bank
from time to time in terms of sanction / enhancement of the said limits. Others - All
other Terms and Conditions are as per the sanction letter and loan documents
executed by the Company with Bank from time to time. Except specified
herein, all other terms and conditions are as per the original loan documents
executed by the Company with Bank. |
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Particulars of
the property charged |
Hypothecation of Computers
and Electronics Parts and Book Debts of the Company as specified in detail in
the statement attached with the Agreement of Hypothecation of Movable
Property. |
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Particulars of
the present modification |
By this
Modification, Cash Credit Limits for Working Capital requirement of the
Company are enhanced from existing limits of Rs. 1.200 million to Rs. 1.700
million against the Hypothecation of Computers and Electronics Parts and Book
Debts of the Company as specified in detail in the statement attached with
the Agreement of Hypothecation of Movable Property. Except specified
herein above, all other terms and conditions are as per the original loan
documents executed by the Company with Bank. |
Fixed Assets:
- Office
premises
- Furniture and
fixtures
- Computer
- Machinery
- Tools
- Air
conditions
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.44.27 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.