MIRA
INFORM REPORT
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Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
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Name : |
MEGAHERTZ SYSTEMS PRIVATE LIMITED |
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Registered Office : |
251/253, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
25.11.2003 |
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Com. Reg. No.: |
11-143284 |
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Capital Investment / Paid-up Capital : |
Rs. 2.250 Millions |
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CIN No.: [Company
Identification No.] |
U7220MH2003PTC143284 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Dealer and Distributor of Computer and Computer Peripherals |
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No. of Employees : |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 46528 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financials of the company with the Government
Departments. However, trade relations are reported as fair. Business is
active. Payments terms are unknown. Initially, subject can be considered for 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.
INFORMATION PARTED BY
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Name : |
Mr. Balak |
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Designation : |
Finance Manager |
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Date : |
19.08.2011 |
LOCATIONS
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Registered Office : |
251/253, |
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Tel. No.: |
91-22-66249800/ 23889800 |
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Fax No.: |
91-22-66249800/ 66249843 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Vipul Bhikalal Sangani |
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Designation : |
Director |
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Address : |
53, Dinanath Society, M.G.Road, Kandivali (West), Mumbai-400067, |
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Date of Birth/Age : |
06.11.1971 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mr. Ramesh Veljibhai Vora |
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Designation : |
Director |
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Address : |
6, Matruchhaya, 2nd Floor, Road No. 2, Daulat Nagar,
Borivali (East), Mumbai-400066, |
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Date of Birth/Age : |
05.06.1971 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mrs. Priti Vipul Sangani |
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Designation : |
Director |
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Address : |
53, Dinanath Society, M.G.Road, Kandivali (West), Mumbai-400067, |
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Date of Birth/Age : |
12.05.1973 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mr. Nimesh Bhagirath Shah |
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Designation : |
Director |
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Address : |
E/2, B-508, |
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Date of Birth/Age : |
14.09.1972 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mrs. Keni Nimesh Shah |
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Designation : |
Director |
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Address : |
E/2, B-508, |
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Date of Birth/Age : |
25.04.1977 |
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Date of Appointment : |
25.11.2003 |
KEY EXECUTIVES
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Name : |
Mr. Balak |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2008
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Names of Shareholders |
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No. of Shares |
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Keni N Shah |
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2000 |
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Nimesg B Shah |
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2000 |
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Priti V Sangani |
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2000 |
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Vipul B Sangani |
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9500 |
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Ramesh V Vora |
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7000 |
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Total |
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22500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Dealer and Distributor of Computer and Computer Peripherals |
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Agencies Held : |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· Union Bank of · ICICI Bank
Limited ·
Axis Bank · Kotak Mahindra
Bank · Standard
Chartered Bank · HDFC Bank
Limited ·
Saraswat Co-Operative Bank Limited, Gadkari Chow
Branch, 10, Shivsena Bhavan, 177, N.C. Kelkar Road, Dadar (West),
Mumbai-400028, Maharashtra, India ·
ABN Amro Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institute: |
· Cholamandalam DBS Finance Limited · Indiabulls Finance Services |
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Auditors : |
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Name : |
BMC and Associates Chartered Accountant |
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Address : |
15, Munshi Estate, Ground Floor, |
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Tel. No.: |
91-22-25922732/ 32602732 |
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Mobile No.: |
91-22-25677314 |
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Name : |
Keval Shah and Associates Chartered Accountant |
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Associates/Subsidiaries : |
· Megahertz · Jigahertz Address: 251/253, |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
22500 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.250
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
510.000 |
390.000 |
The above information has been parted by (Mr. Balak - Finance Manager)
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.250 |
2.250 |
2.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.382 |
7.073 |
3.791 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.632 |
9.323 |
6.041 |
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LOAN FUNDS |
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1] Secured Loans |
28.743 |
25.956 |
14.499 |
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2] Unsecured Loans |
25.698 |
23.269 |
12.214 |
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TOTAL BORROWING |
54.441 |
49.225 |
26.713 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.054 |
0.066 |
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TOTAL |
66.073 |
58.602 |
32.820 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.095 |
0.984 |
0.763 |
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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 |
0.234 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
72.851
|
70.281
|
41.053 |
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Sundry Debtors |
54.658
|
65.234
|
52.131 |
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Cash & Bank Balances |
1.172
|
0.807
|
1.157 |
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Other Current Assets |
10.633
|
8.383
|
4.916 |
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Loans & Advances |
0.000
|
0.000
|
0.000 |
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Total
Current Assets |
139.314
|
144.705
|
99.257 |
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Less : CURRENT LIABILITIES
& PROVISIONS |
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Sundry Creditors |
72.540
|
83.761
|
64.825 |
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Current Liabilities & Provisions |
3.030
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3.334
|
2.396 |
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Total
Current Liabilities |
75.570
|
87.095
|
67.221 |
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Net Current Assets |
63.744
|
57.610
|
32.036 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.008 |
0.021 |
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TOTAL |
66.073 |
58.603 |
32.820 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Gross Sales |
401.162 |
458.080 |
293.267 |
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Direct Income |
19.172 |
15.937 |
11.939 |
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Other Income |
0.137 |
0.040 |
0.006 |
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Total Income |
420.471 |
474.057 |
305.212 |
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Profit/(Loss) Before Tax |
3.228 |
5.006 |
2.491 |
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Provision for Taxation |
0.919 |
1.724 |
1.597 |
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Profit/(Loss) After Tax |
2.309 |
3.282 |
0.894 |
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Expenditures : |
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Cost of Goods Sold |
389.729 |
450.198 |
289.582 |
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Administrative Expenses |
27.000 |
18.623 |
13.027 |
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Depreciation & Amortization |
0.514 |
0.230 |
0.112 |
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Total Expenditure |
417.243 |
469.051 |
302.721 |
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Earnings Per Share (Rs.) |
102.61 |
145.89 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.55
|
0.69
|
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.80
|
1.09
|
0.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.28
|
3.44
|
2.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.54
|
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
|
11.18
|
14.62
|
15.55 |
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Current Ratio (Current Asset/Current Liability) |
|
1.84
|
1.66
|
1.48 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors for Expenses |
0.453 |
0.764 |
0.404 |
|
Sundry Creditors for Goods |
72.087 |
82.997 |
64.421 |
|
Total |
72.540 |
83.761 |
64.825 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U7220MH2003PTC143284 |
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Name of the
company |
MEGAHERTZ SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
251/ 253, Tardeo Court, Next to Bhatia Hospital, Tardeo Road, Tardeo
Muumbai-400007, Maharashtra, Inida |
|
This form is for |
Creation of
Charge |
|
Type of charge |
· Book Debts · Movable Property |
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Particular of charge
holder |
Saraswat Co-Operative Bank Limited, Gadkari Chow Branch, 10, Shivsena
Bhavan, 177, N.C. Kelkar Road, Dadar (West), Mumbai-400028, Maharashtra,
India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Movable Property |
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Date of
instrument Creating the charge |
04.02.2010 |
|
Amount secured by
the charge |
Rs. 45.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest @ 14% p.a. Terms of
Repayment On Demand Margin @ 30% Extent and
Operation of the charge The charge will
operate to the extent of Rs. 45.000 Millions on the security offered by the
company |
|
Short particulars
of the property charged |
The borrower
doth do hereby hypothecates to and in favour
of the Bank all the tangible movable property (both present and future)
belonging to the borrowers lying and being at the borrowers places. 251/253, Tardeo
court, Tardeo Mumbai-40007, Borrower doth further hereby hypothecates and
charge in favour of the bank by way of first charge all the book debts,
outstandings, monies receivables. Claims and bills which are now due and owing or which
may at any time hereafter during the continuance of this security. |
|
Name of the company |
MEGAHERTZ SYSTEMS PRIVATE LIMITED |
|
Presented By |
Union Bank of |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Deed (SD-20) Dated : 18tj March 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million |
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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 |
The Borrower
hypothecates by way of first charge in favour of the Bank:- (i) All tangible
movable machineries, plant, Machinery, Fixtures, Fittings, other
installations, cranes, furniture, computers and other accessories, vehicles
together with spares tools and accessories and all other articles lying on
the premises 251/253, Tardeo Road, Mumbai-400007 or in the godown of the Borrowers or in the
custody of any person who are Mercantile Agents of the Borrower or in the
course of transit which may hereinafter be brought, stored or be lying in or
upon the said premises of the Borrower (ii) The whole of
the Borrower’s movable goods and assets, both present and future and
including but without prejudice to the generality of the foregoing words ,
all stocks of raw materials, work-in-process, semi finished good and finished
goods, packing materials, consumables stores and spares etc. whatsoever and
whosesoever situate and or in transit whether now belonging to or that may at
any time during the continuance of this security belong to the Borrower or
that may be held by any party anywhere to the order and disposition of the
Borrower. (iii) All the
present and future book-debts, outstanding, monies receivables, claims,
bills, contracts, engagement and securities 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 of India or any
State Government or Indian Railways or any Government Department or Office or
any Municipal or Local or Public or Semi-Government body or authority
whatsoever including those relating to the assets leased our and/ or given on
hire purchased basis. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Nature of
Facility: Cash credit (Hypothecation) Stocks/ Book – debts Limit: Rs. 1.000
Million Rate of Interest:
14.25% p.a. Margin of
security: 25% |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
N.A |
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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. |
N.A |
Fixed Assets:
·
Computer
·
Mobile Phone
·
Telephone Equipment
·
Vehicle
·
Furniture and Fixture
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.