MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
Note: The
registered office of the company has been shifted from D-88, Ground Floor, Okhla Industrial Area,
Phase I, New Delhi-110020,
IDENTIFICATION DETAILS
|
Name : |
GLOBAL INFONET DISTRIBUTION PRIVATE LIMITED |
|
|
|
|
Registered Office : |
241, Ground
Floor, Ghalib Apartment, |
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Country : |
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|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.12.2007 |
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Com. Reg. No.: |
55-171871 |
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CIN No.: [Company
Identification No.] |
U51101DL2007PTC171871 |
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|
IEC No.: |
0507080084 |
|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELG10863G |
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PAN No.: [Permanent
Account No.] |
AADCG0161G |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Distributor of Laptops and Servers from Dell, Machines and Consumables
from Xerox, Mother Boards from Jetway, Hard Disc Drives from Western Digital,
Laptops from Lenovo, Peripherals from Phillips. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 890000 |
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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 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 |
INFORMATION DECLINED BY
|
Name : |
Mr. Vishal |
|
Designation : |
Marketing Head |
|
|
|
|
Name : |
Mr. Vikas Malik |
|
Designation : |
General Finance Manager |
|
Date : |
08.01.2011 |
LOCATIONS
|
Registered Office : |
241, Ground
Floor, Ghalib Apartment, |
|
Tel. No.: |
91-11-40531589 |
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E-Mail : |
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Website : |
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Branches : |
Located at:
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DIRECTORS
As on 08.06.2010
|
Name : |
Mr. Muthu Chandrasekar |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
28.06.1968 |
|
Date of Appointment : |
15.02.2008 |
|
|
|
|
Name : |
Mr. Vibu Venkatsubramanian |
|
Designation : |
Director |
|
Address : |
Old No.6, New No.11, |
|
Date of Birth/Age : |
20.03.1979 |
|
Date of Appointment : |
31.10.2008 |
|
|
|
|
Name : |
Mr. Neeraj Chauhan |
|
Designation : |
Director |
|
Address : |
G-603 Central Park, |
|
Date of Birth/Age : |
20.12.1970 |
|
Date of Appointment : |
01.04.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal |
|
Designation : |
Marketing Head |
|
|
|
|
Name : |
Mr. Vikas Malik |
|
Designation : |
General Finance Manager |
|
|
|
|
Name : |
Mr. Diviay Chadha |
|
Designation : |
Secretary |
|
Address : |
20/16 Flat West, Patel Ngar, New Delhi-110008, |
|
Date of Birth/Age : |
15.12.1980 |
|
Date of Appointment : |
01.04.2009 |
|
Date of Ceasing: |
31.08.2009 |
|
|
|
|
Name : |
Mr. Mrityunjay Prasad Roy |
|
Designation : |
Secretary |
|
Address : |
BK 2/9, Shalimar Bagh, New Delhi-110088, |
|
Date of Birth/Age : |
08.12.1983 |
|
Date of Appointment : |
01.09.2009 |
|
Date of Ceasing: |
31.01.2010 |
|
|
|
|
Name : |
Ms. Shubhangi Garg |
|
Designation : |
Secretary |
|
Address : |
E-161, 3rd Floor, Gautam Nagar, New Delhi-110049, |
|
Experience : |
26.12.1985 |
|
Date of Appointment : |
02.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vibu Venkatsubramanian |
|
34545 |
|
Global Distribution FZE |
|
17575950 |
|
|
|
|
|
Total |
|
17610495 |
As on 08.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.80 |
|
Directors
or relatives of directors |
|
0.20 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Laptops and Servers from Dell, Machines and Consumables
from Xerox, Mother Boards from Jetway, Hard Disc Drives from Western Digital,
Laptops from Lenovo, Peripherals from Phillips. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountant |
|
Address : |
Golf View, Corporate Tower B, Sector 42, |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
|
|
|
|
Holding Company: |
Global Distribution FZE, |
CAPITAL STRUCTURE
As on 08.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17610495 |
Equity Shares |
Rs.10/- each |
Rs.176.104
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
176.104 |
36.632 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
47.008 |
95.096 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
223.112 |
131.728 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
81.243 |
0.000 |
|
|
2] Unsecured Loans |
|
3.400 |
3.200 |
|
|
TOTAL BORROWING |
|
84.643 |
3.200 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.007 |
|
|
|
|
|
|
|
|
TOTAL |
|
307.755 |
134.935 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
5.547 |
1.188 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
2.423 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
413.016
|
338.473 |
|
|
Sundry Debtors |
|
526.436
|
385.951 |
|
|
Cash & Bank Balances |
|
99.354
|
12.705 |
|
|
Other Current Assets |
|
0.819
|
0.036 |
|
|
Loans & Advances |
|
55.947
|
4.003 |
|
Total
Current Assets |
|
1095.572
|
741.168 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
769.235
|
589.380 |
|
|
Other Current Liabilities |
|
16.230
|
15.683 |
|
|
Provisions |
|
10.322
|
2.358 |
|
Total
Current Liabilities |
|
795.787
|
607.421 |
|
|
Net Current Assets |
|
299.785
|
133.747 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
307.755 |
134.935 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
3183.732 |
1220.862 |
|
|
|
Other Income |
|
15.250 |
0.103 |
|
|
|
TOTAL (A) |
|
3198.982 |
1220.965 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
3053.286 |
1173.317 |
|
|
|
Employees costs |
|
31.848 |
12.585 |
|
|
|
Others expenses |
|
51.611 |
26.357 |
|
|
|
TOTAL (B) |
|
3136.745 |
1212.259 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
62.237 |
8.706 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
7.652 |
0.755 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
54.585 |
7.951 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.847 |
0.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
53.738 |
7.311 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
16.867 |
2.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
36.871 |
4.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
4.800 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
41.671 |
4.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Information technology related products |
|
660.013 |
128.053 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
2.25 |
0.38 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
|
1.15 |
0.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.69 |
0.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.88 |
0.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.24 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.95 |
4.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.38 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
Total outstanding
deeds of creditors others than micro and small enterprises |
769.235
|
589.380 |
Background:
Global Infonet Distribution Private Limited (the company) a wholly owned
subsidiary of Global FZE, Dubai is engaged in the trading of information technology products and are
distributors for Dell, Lenovo, Xerox, Western Digital Hard Drives, Jetway
Motherboards. As is distributors of IT Products the company purchases goods
from the above said vendors for selling them in
Review of
Operation:
During the year revenues for they year ended December 31, 2009 stood at
Rs.3183.732 millions and profit after tax has been Rs.36.871 millions as
against Rs.4.800 millions for the year ended December 31, 2008.
The business has performed very well, with productivity gains, growth in
volumes and sustained margins notwithstanding rise in input costs. The business
of the company continues despite several environmental constraints. The company
ability to neutralize cost increase and improve margins together with
purchasing efficiencies and expenses control helped in increasing the
profitability. The performances had established a new milestone for the
company.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10230997 |
|
Corporate
identity number of the company |
U51101DL2007PTC171871 |
|
Name of the
company |
GLOBAL INFONET
DISTRIBUTION PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
241, Ground
Floor, Ghalib Apartment, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
ICICI Bank Limited, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation |
|
Date of
instrument Creating the charge |
11.10.2010 |
|
Amount secured by
the charge |
Rs.750.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment On demand Extent and
Operation of the charge 1. Exclusive
charge on entire stocks, consumable stores and spares and such other movables
including book-debts, bills outstanding monies, receivables, both present and
future. 2. Exclusive
charge on all of the co. movable assets, save and except those financed by other banks/FIs,
both present and future Others The above is CC
Rs. 100 mn, Buyer's Credit - 1 (as sub
limit of LC - 1) Rs. 100 mn, Purchase Bill Discounting (as sublimit of CC)
Rs. 60 mn, CMS (as sub limit of CC) Rs. 20 mn, Buyers' Credit (as sub limit
of LC) Rs. 200 mn, WCDL (as sub limit of CC) Rs. 100 mn, LC Rs. 200 mn, LC -
1 (sub limit of CC) Rs. 100 mn, BG Rs. 140 mn, SBLC (sub limit of BG) Rs. 30
mn, BG - 1 Rs. 200 mn, SBLC -1 (sub limit of BG-1) Rs. 200 mn, Derivatives
Rs. 110 mn, Bank Guarantees (as sub limit of LC) Rs. 20 million |
|
Short particulars
of the property charged |
I)
Exclusive
charge on entire stocks of raw materials, semi-finished and finished goods,
consumable stores and spares and such other movables in including book-debts,
bills, II)
outstanding
monies, receivables, both present and future III)
Exclusive
charge on all movable assets, save and
except those financed by other banks/FIs, both present and future |
|
Particulars of
the present modification |
Limits has been
enhanced to Rs. 750 million. Security has been
extended to cover the enhanced limits |
Fixed Assets:
- Computer and
Peripherals
- Furniture and
Fittings
- Office
Equipment
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.93 |
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 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.