MIRA
INFORM REPORT
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Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
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Name : |
VARDHAMAN TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
105, Jhalawar, Patanwala Compound, L B S Marg, Ghatkopar (West),
Mumbai-400 086, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.03.2007 |
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Com. Reg. No.: |
11-169415 |
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CIN No.: [Company
Identification No.] |
U72200MH2007PTC169415 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing, Assembling and Trading in Computer Systems and
Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 27000 |
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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 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
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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
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Name : |
Mr. Nikit Rambhia |
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Designation : |
Director |
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Contact No.: |
91-22-25007002 |
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Date : |
14.01.2011 |
LOCATIONS
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Registered Office : |
105, Jhalawar, Patanwala Compound, L B S Marg, Ghatkopar (West), Mumbai
– 400 086, |
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Tel. No.: |
91-22-25007002 / 25007502 |
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Fax No.: |
91-22-25007502 |
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E-Mail : |
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Website : |
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Warehouse: |
Sagar Complex, Godown No. K1, Gala No. 3 to 15, Opposite Sai Petrol
Pump, Thane Nashik Highway, Village Owali, Taluka Bhiwandi, District
Thane-421302, Maharashtra, India |
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Factory : |
F-6, 1st Floor, Avis Udyog Bhavan, Ringan Wada, |
DIRECTORS
As on 31.07.2010
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Name : |
Mr. Nikit Devchand Rambhia |
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Designation : |
Director |
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Address : |
42/502, Rajshree Dham, Jagdusha Nagar, Ghatkopar (West), Mumbai – 400
086, |
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Date of Birth/Age : |
09.10.1978 |
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Date of Appointment : |
30.03.2007 |
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Name : |
Mr. Amit Devchand Rambhia |
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Designation : |
Director |
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Address : |
42/502, Rajshree Dham, Jagdusha Nagar, Ghatkopar (West), Mumbai – 400
086, |
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Date of Birth/Age : |
23.09.1974 |
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Date of Appointment : |
30.03.2007 |
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Name : |
Mr. Devchand Lalji Rambhia |
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Designation : |
Director |
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Address : |
42/502, Rajshree Dham, Jagdusha Nagar, Ghatkopar (West), Mumbai – 400
086, |
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Date of Birth/Age : |
16.01.1948 |
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Date of Appointment : |
30.03.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.07.2010
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Names of Shareholders |
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No. of Shares |
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Nikit Devchand Rambhia |
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100000 |
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Amit Devchand Rambhia |
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100000 |
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Devchand Lalji Rambhia |
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100000 |
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Total |
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300000 |
As on 31.07.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Assembling and Trading in Computer Systems and Accessories. |
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Products : |
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Terms : |
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Selling : |
Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
Canara Bank, H. No. At 112, Jayamarajendra, Bangalore-560002,
BR. R D Shah Building, Ghatkopar (West), Mumbai-400086, ·
ICICI Bank ·
HDFC Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain Salia and Associates Chartered Accountant |
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Address : |
4 and 8, Pawawala Building, Near Elphinstone Station, |
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Tel. No.: |
91-22-24334447 / 24362369 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
Millions |
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 |
3.000 |
3.000 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.803 |
2.842 |
0.242 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.803 |
5.842 |
0.542 |
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LOAN FUNDS |
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1] Secured Loans |
24.815 |
12.410 |
17.347 |
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2] Unsecured Loans |
8.269 |
7.890 |
6.447 |
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TOTAL BORROWING |
33.084 |
20.300 |
23.794 |
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DEFERRED TAX LIABILITIES |
0.266 |
0.147 |
0.038 |
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TOTAL |
40.153 |
26.289 |
24.374 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.158 |
4.767 |
0.845 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.998 |
0.332 |
0.360 |
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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 |
19.628
|
24.702 |
16.349 |
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Sundry Debtors |
15.063
|
6.014 |
10.657 |
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Cash & Bank Balances |
1.065
|
0.433 |
5.645 |
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Other Current Assets |
3.752
|
1.433 |
0.822 |
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Loans & Advances |
1.212
|
1.914 |
1.244 |
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Total
Current Assets |
40.720
|
34.496 |
34.717 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
7.058
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12.514 |
10.887 |
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Provisions |
0.678
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0.812 |
0.688 |
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Total
Current Liabilities |
7.736
|
13.326 |
11.575 |
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Net Current Assets |
32.984
|
21.170 |
23.142 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.020 |
0.027 |
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TOTAL |
40.153 |
26.289 |
24.374 |
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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 |
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Other Income |
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TOTAL |
15.325 |
18.898 |
8.944 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
13.958 |
14.967 |
8.518 |
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PROFIT BEFORE
TAX |
1.367 |
3.931 |
0.426 |
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Less |
TAX |
0.406 |
1.331 |
0.184 |
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PROFIT AFTER TAX
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0.961 |
2.600 |
0.242 |
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Earnings Per
Share (Rs.) |
3.20 |
8.67 |
8.06 |
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Expected Sales (2010-2011) : Rs.20.000 Millions
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
6.27
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13.76 |
2.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.92
|
10.01 |
1.20 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
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0.67 |
0.79 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.00
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5.76 |
65.26 |
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Current Ratio (Current Asset/Current Liability) |
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5.26
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2.59 |
3.00 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors: Not Available
Note: The
registered office of the company has been shifted from 313, Bhaveshar Arcade,
LBS Marg, Ghatkopar West, Mumbai,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10110959 |
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Corporate
identity number of the company |
U72200MH2007PTC169415 |
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Name of the
company |
VARDHAMAN
TECHNOLOGY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
105, Jhalawar, Patanwala Compound, L B S Marg, Ghatkopar (West),
Mumbai – 400 086, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
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Particular of
charge holder |
Canara Bank, H. No. At 112, Jayamarajendra, Bangalore-560002, BR. R D
Shah Building, Ghatkopar (West), Mumbai-400086, |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Hypothecation Agreement Dated 19.03.2010 Letter Evidencing
Deposit of Title Deeds Dated 19.03.2010 (Both the
agreements creating a single modification of the original charge) Nature of
facility: OCC (SL-B D) 35.000 MILLIONS (Increase from Rs.20.000 Millions to Rs.35.000 Millions ) ILC/FLC 25.000 MILLIONS (Increase from Rs.5.000 Millions to Rs.25.000 Millions ) BG 2.500 MILLIONS TOTAL 62.500 MILLIONS |
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Date of
instrument Creating the charge |
19.03.2010 |
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Amount secured by
the charge |
Rs.62.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.25% p.a.
floating compounded monthly (subject to changes as advised by Bank/RBI from
time to time) Terms of
Repayment Working Capital -
Running Limits Margin 20% on Stocks and
40% on Book Debts Extent and
Operation of the charge The Charge is
Operative and Modified to Rs.62.500 Millions |
|
Short particulars
of the property charged |
The whole of the
borrowers present and future stocks of raw materials, goods in process of
manufacture and all finished and manufactured goods at various locations |
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Date of latest
modification prior to the present modification |
02.12.2008 |
|
Particulars of
the present modification |
By the present
modification the limit is increased from Rs.25.000 Millions to Rs.62.500 Millions and charge is further secured by
hypothecation of stock of computer and its accessories etc. also collaterally
secured by equitable mortgage by deposit of title deeds as detailed in the
Letter Evidencing Deposit of Title Deeds |
Fixed Assets
·
Furniture and Fixture
·
Plant and Machinery
·
Air Conditioner
·
Motor Car
·
Mobile Hand Set
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Telephone Instrument
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Tools and Instrument
·
Computer System
·
Lap Top
·
Software
Trade References:
- Cotmac - Proex Solution Private Limited
- Ampson Engineering Private Limited, Mumbai
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.45.30 |
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|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.