MIRA
INFORM REPORT
|
Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
WITS INTERACTIVE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
WIPL House, 76-D, Government Industrial Estate, Charkop, Kandivali
(West), Mumbai-400067, Maharashtra |
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.06.2003 |
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|
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Com. Reg. No.: |
11-141091 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.0.258
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2003PTC141091 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02843B |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACW4926E |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is specialise in Mobile
Learning, Blended Learning, Game Based Learning, Medical Simulations, Mobile Application
Development, Interactive and Advertising and Outdoor Communications. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 110000 |
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|
|
|
Status : |
Satisfactory |
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|
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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. Profit and loss of the company is not available. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
WIPL House, 76-D, Government Industrial Estate, Charkop, Kandivali
(West), Mumbai-400067, Maharashtra, India
|
|
Tel. No.: |
91-22-65983731/2/3/4 |
|
Fax No.: |
91-22-28696883 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Hitesh Champalal Jain |
|
Designation : |
Director |
|
Address : |
601, Sai Enclave, Behind Citi Center, S.V. Road, Goregaon (West),
Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
10.07.1975 |
|
Date of Appointment : |
27.06.2003 |
|
Din No.: |
00242648 |
|
|
|
|
Name : |
Mr. Vinod Champalal Jain |
|
Designation : |
Director |
|
Address : |
601, Sai Enclave, Behind Citi Center, S.V. Road, Goregaon (West),
Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
30.12.1971 |
|
Date of Appointment : |
27.06.2003 |
|
Din No.: |
00242975 |
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|
|
|
Name : |
Mr. Champalal Mangilal Dhoka |
|
Designation : |
Director |
|
Address : |
601, Sai Enclave, Behind Citi Center, S.V. Road, Goregaon (West),
Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1951 |
|
Date of Appointment : |
27.06.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Hitesh Champalal Jain |
|
11006 |
|
Champalal Mangilal Dhoka |
|
10468 |
|
Vinod Champalal Jain |
|
143 |
|
Hitesh Champalal Jain |
|
1227 |
|
Champalal Mangilal Dhoka |
|
2124 |
|
Vinod Champalal Jain |
|
871 |
|
|
|
|
|
Total |
|
25839 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is specialise in Mobile
Learning, Blended Learning, Game Based Learning, Medical Simulations, Mobile Application
Development, Interactive and Advertising and Outdoor Communications. |
GENERAL INFORMATION
|
Bankers : |
·
Dena Bank, S.V. Road, Malad (West),
Mumbai-400064, Maharashtra, India ·
Bank of Baroda, Plot No. 93/A, Jaydev House, Government
Industrial Area, Sahyadri Nagar, Charkop, Kandivali (West), Mumbai-400067,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
N.K. Jalan and Company Chartered Accountants |
|
Address : |
24, Mayur Apartment, Dadabhai Cross Road No. 3, Vile Parle (West),
Mumbai-400056, Maharashtra, India |
|
Pan No.: |
AAAPJ4209Q |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25839 |
Equity Shares |
Rs.10/- each |
Rs.0.258
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.258 |
0.258 |
0.257 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
28.783 |
25.738 |
19.240 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.041 |
25.996 |
19.497 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.083 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
29.124 |
25.996 |
19.497 |
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|
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APPLICATION OF FUNDS |
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|
|
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|
|
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FIXED ASSETS [Net Block] |
6.961 |
5.033 |
4.167 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.041 |
0.032 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
16.799
|
20.947 |
12.272 |
|
|
Cash & Bank Balances |
7.582
|
2.526 |
4.304 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
17.580
|
13.815 |
10.237 |
|
Total
Current Assets |
41.961
|
37.288 |
26.813 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.475
|
1.835 |
2.095 |
|
|
Other Current Liabilities |
10.265
|
5.095 |
2.717 |
|
|
Provisions |
9.064
|
9.445 |
6.715 |
|
Total
Current Liabilities |
19.804
|
16.375 |
11.527 |
|
|
Net Current Assets |
22.157
|
20.913 |
15.286 |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.006 |
0.009 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
29.124 |
25.996 |
19.497 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.68
|
0.63 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.28 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U72900MH2003PTC141091 |
|
Name of the company |
WITS INTERACTIVE PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
WIPL House, 76-D, Government Industrial Estate, Charkop, Kandivali
(West), Mumbai-400067, Maharashtra, India
|
|
Type of charge |
Book Debts
|
|
Particular of charge holder |
Bank of Baroda,
Plot No. 93/A, Jaydev House, Government Industrial Area, Sahyadri Nagar,
Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India |
|
Email |
|
|
Nature of description of the instrument
creating or modifying the charge |
Composite hypothecation agreement. Dated
17th October 2007 duly executed by Wits Interactive Private
Limited, for hypothecation of debtors. |
|
Date of instrument Creating the charge |
17.10.2007 |
|
Amount secured by the charge |
Rs.4.500 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest 0.25% below banks prime lending rate with
minimum 13% p.a. plus interest tax with monthly rests. Terms of Repayment On demand Margin 40% Extent and Operation of the charge Hypothecation of sundry debtors of the
company. |
|
Short particulars of the property charged |
Hypothecation of sundry debtors. |
FIXED ASSETS:
·
Air Conditioner
·
Computer
·
Computer Software
·
Car
·
Fax Machine
·
Furniture and Fixtures
·
Exhibition Assets
·
Office Equipments
·
Water Purifier
·
Fan
·
Water Cooler
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.51.39 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
46 |
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.