MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
27.07.1999 |
|
|
|
|
Com. Reg. No.: |
11-135914 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L99999MH1999PLC135914 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company's Shares are Listed on
the Stocks Exchange. |
|
|
|
|
Line of Business : |
Dealer of Computers Software Development Services, Computer Parts,
Computer Hardware, Computers, Computers Peripheral. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
|
|
Tel. No.: |
91-22-23842200/1 |
|
Fax No.: |
91-22-23842210 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located at:
|
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Atul H.
Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhavesh H.
Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G.S. Ganesh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay
Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Preeti
Trivedi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Nilufer Irani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,518,953 |
67.93 |
|
|
3,518,953 |
67.93 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3,518,953 |
67.93 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
40 |
- |
|
|
40 |
- |
|
|
|
|
|
|
175,894 |
3.40 |
|
|
|
|
|
|
337,549 |
6.52 |
|
|
431,857 |
8.34 |
|
|
715,707 |
13.82 |
|
|
109,151 |
2.11 |
|
|
54,725 |
1.06 |
|
|
1,275 |
0.02 |
|
|
545,050 |
10.52 |
|
|
5,349 |
0.10 |
|
|
157 |
- |
|
|
1,661,007 |
32.07 |
|
Total Public shareholding (B) |
1,661,047 |
32.07 |
|
Total (A)+(B) |
5,180,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
5,180,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Dealer of Computers Software Development Services, Computer Parts,
Computer Hardware, Computers, Computers Peripheral. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
800 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
·
·
HDFC Bank Limited ·
Indian Overseas Bank ·
Standard Chartered Bank ·
ICICI Bank Limited ·
Barclays Bank ·
Indian Bank ·
Kotak Mahindra Bank ·
Central Bank of |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
B.V. Dalal and
Company Chartered
Accountants |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19254000 |
Equity Shares |
Rs.10/- each |
Rs.192.540 Millions |
|
4665600 |
Preference Shares |
Rs.0.10/- each |
Rs.0.467 Million |
|
3369344 |
Preference Shares |
Rs.10/- each |
Rs.33.693 Millions |
|
|
Total |
|
Rs.226.700
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5180000 |
Equity Shares |
Rs.10/- each |
Rs.51.800 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
51.800 |
72.982 |
85.954 |
|
|
2] Share Application Money |
30.150 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
165.904 |
115.142 |
70.717 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
247.854 |
188.124 |
156.671 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
592.483 |
351.698 |
123.646 |
|
|
2] Unsecured Loans |
472.593 |
369.020 |
231.442 |
|
|
TOTAL BORROWING |
1065.076 |
720.718 |
355.088 |
|
|
DEFERRED TAX LIABILITIES |
4.308 |
2.578 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1317.238 |
911.420 |
511.759 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
40.626 |
26.836 |
19.362 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.127 |
9.000 |
1.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.776 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1033.485
|
666.390 |
653.472
|
|
|
Sundry Debtors |
956.043
|
1002.912 |
588.425
|
|
|
Cash & Bank Balances |
302.222
|
181.307 |
128.029
|
|
|
Other Current Assets |
0.000 |
0.000 |
0.000
|
|
|
Loans & Advances |
295.787
|
167.486 |
96.916
|
|
Total
Current Assets |
2587.537
|
2018.095 |
1466.842 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
62.722
|
47.154 |
|
|
|
Other Current Liabilities |
1175.229
|
1037.655 |
933.446
|
|
|
Provisions |
89.101
|
57.702 |
40.623
|
|
Total
Current Liabilities |
1327.052
|
1142.511 |
974.069
|
|
|
Net Current Assets |
1260.485
|
875.584 |
492.773
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1317.238 |
911.420 |
511.759 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10878.017 |
8037.128 |
6113.781 |
|
|
|
Other Income |
6.919 |
5.617 |
3.383 |
|
|
|
TOTAL (A) |
10884.936 |
8042.745 |
6117.164 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
9944.911 |
7229.880 |
|
|
|
|
Employee Cost |
124.091 |
97.229 |
|
|
|
|
Administrative and Selling Expenses |
634.072 |
509.642 |
5978.039 |
|
|
|
TOTAL (B) |
10703.074 |
7836.751 |
5978.039 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
181.862 |
205.994 |
139.125 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
80.817 |
130.450 |
67.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
101.045 |
75.544 |
71.587 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.517 |
3.882 |
5.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
95.528 |
71.662 |
66.213 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.645 |
27.237 |
23.437 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
62.883 |
44.425 |
42.776 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
91.970 |
60.517 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to capital Redemption Reserve |
0.000 |
12.972 |
NA |
|
|
|
Proposed Dividend |
10.360 |
0.000 |
NA |
|
|
|
Dividend Distribution Tax |
1.761 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
142.732 |
91.970 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.14 |
8.58 |
8.26 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 1st
Quarter |
30.09.2010 2nd
Quarter |
31.12.2010 3rd
Quarter |
|
Net Sales |
2746.460 |
3648.890 |
3429.000 |
|
Total Expenditure |
2697.510 |
3589.090 |
3381.840 |
|
PBIDT (Excl OI) |
48.950 |
59.800 |
47.160 |
|
Other Income |
2.130 |
1.760 |
3.240 |
|
Operating Profit |
51.080 |
61.560 |
50.400 |
|
Interest |
15.660 |
13.720 |
28.960 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
35.420 |
47.840 |
21.440 |
|
Depreciation |
3.430 |
3.580 |
3.720 |
|
Profit Before Tax |
31.990 |
44.260 |
17.720 |
|
Tax |
10.630 |
14.700 |
4.690 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
21.360 |
29.56 |
13.03 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.57
|
0.55 |
0.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.88
|
0.89 |
1.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.63
|
3.50 |
6.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.38 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.65
|
9.90 |
8.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.77 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS REVIEW:
The year gone by
has been a good year with company closing on a profitable note. The company’s
revenue grew to Rs.10884.936 millions registering a growth of 35% and
consolidated revenue growing to Rs.11012.112 millions, registering a growth of
36.20%. The profit after tax grew to Rs 62.883 millions, growing by 41.55% over
the previous year. Consolidated profit after tax grew to Rs.57.707 millions,
growing by 29.36%. The company has continued to strengthen its infrastructure,
reach and product portfolio.
FUTURE OUTLOOK:
Future outlook of
Compuage is very promising. It operates in growth oriented industry which is
likely to grow by 20% per annum for the next few years. The company being
small, will be able to grow more than the IT industry’s growth rate.
SUBSIDIARY
COMPANIES:
The total number
of subsidiaries of the Company as on March 31, 2010 is 3, which are as under:
(1) Greenvision
Technologies Private limited
(2) ADIT E-commerce
Private limited
(3) Compuage
Infocom (S) Pte. Limited
(1) Greenvision Technologies Private limited
Greenvision
Technologies Private limited was incorporated on March 19, 2008 with Compuage
holding 52% of its Equity Share Capital and voting power. As on March 20, 2009
we acquired additional 24% of the Equity Share Capital of Greenvision. As at
March 31, 2010, we hold 76% of the Equity Share Capital and voting power of
Greenvision Technologies Private limited
Greenvision Technologies
Private limited focuses on Power Solutions for the Enterprise Customers and
sealed Maintenance free Batteries for the UPS segment. The Company is also
exploring manufacturing of Batteries.
During the year
Greenvision Technologies Private limited has achieved a turn over of Rs.160.100
millions and has made a net profit before tax of Rs. 0.338 millions
(2) ADIT E-commerce Private limited
ADIT E-commerce
Private limited was incorporated on May 17, 2008, we acquired 80% of the Equity
in the Company on January 19,2010. The investment was made in the Company to
take advantage of the growing online business.
(3) Compuage
Infocom (S) Pte. limited
Compuage Infocom
(S) Pte. limited is our wholly owned subsidiary and was formed to expand our
business operation in
The Company has
been granted exemption for the year ended March 31, 2010 by the Ministry of
Corporate Affairs from attaching to its Balance sheet, the Individual Annual
Reports of its subsidiary Companies. As per the terms of the Exemption letter,
a statement containing the brief financial details of the Companies
Subsidiaries for the year ended March 31, 2010 is included in the Annual
Report. The annual accounts of these subsidiaries and the related detailed
information will be made available to any member of the Company/its
subsidiaries seeking such information at any point of time and are also
available for inspection by any member of the Company/its subsidiaries at the
registered office of the Company. The annual accounts of the said subsidiaries
will also be available for inspection, as above, at the Registered Offices of
the respective subsidiary Companies.
MANAGEMENT
DISCUSSIONS and ANALYSIS
Compuage
Management kept reviewing the worldwide economic situation and its resulting
impact on
Fixed Assets:
·
Office Premises
·
Information Technology
·
Equipments
·
Vehicle
·
Office Equipment
·
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.45.50 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.