MIRA
INFORM REPORT
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Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ASHTECH INFOTECH PRIVATE LIMITED |
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Registered
Office : |
G-5/7, Laxmi Woolen Mills Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.11.1993 |
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Com. Reg. No.: |
11-074939 |
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CIN No.: [Company Identification
No.] |
U3007MH1993PTCO74939 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20781F |
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PAN No.: [Permanent Account No.] |
AAACA3546N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of computer hardware and computer peripherals. |
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 300000 |
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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
|
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. Anil Singh |
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Designation : |
Account Manager |
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Contact No.: |
91-22-43454345 |
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Date : |
14.01.2011 |
LOCATIONS
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Registered Office : |
G-7, Laxmi Woolen Mills Estate, |
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Tel. No.: |
91-22-43454345 |
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Fax No.: |
91-22-24963300 |
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E-Mail : |
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Website : |
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Area : |
1000Sq.ft. |
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Location : |
Owned |
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Branches : |
Ahmedabad Gr. Floor, Sadarang (Front Line), 2994,
12th 'A'
22, B-50/A, 2nd Floor, Kalkaji,
5/Om Laxmi Niwas, Email: Hyderabad@ashinfo.com |
DIRECTORS
As On 21.09.2010
|
Name : |
Mr. Surin Devendra Shah |
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Designation : |
Chairman Cum Managing Directors |
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Address : |
15, Avillion, 4th Floor, Little |
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Date of Birth/Age : |
11.12.1958 |
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Date of Appointment : |
05.11.1993 |
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DIN No : |
00677051 |
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Name : |
Mr. Shreyas Narendra Shah |
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Designation : |
Whole Time Director |
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Address : |
7, Pavlova, Little |
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Date of Birth/Age : |
24.01.1948 |
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Date of Appointment : |
01.07.2001 |
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DIN No : |
00677664 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Singh |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Surin Devendra Shah |
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164900 |
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Shreyas Narendra Shah |
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58900 |
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Surin Devendra Shah (HUF) |
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13900 |
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Shreyas Narendra Shah (HUF) |
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6700 |
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Kalpana Shreyas Shah |
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109900 |
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Devendra Ramanlal Shah (HUF) |
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114800 |
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Zarna Saurin Shah |
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207900 |
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Devendra Ramanlal Shah |
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61400 |
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Shilpa Devendra Shah |
|
100 |
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Suchita Devendra Shah |
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100 |
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Sonali Devendra Shah |
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100 |
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Narendra Ramanlal Shah |
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100 |
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Narendra Ramanlal Shah (HUF) |
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100 |
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Virbala Narendra Shah |
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100 |
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Rajul Asit Shah |
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100 |
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Rajendra Ramanlal Shroff (HUF) |
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100 |
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Sohil Shreyas Shah |
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100 |
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Aashini Saurin Shah |
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40100 |
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Aesha Saurin Shah |
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40100 |
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Shimoni Rajesh Sheth |
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100 |
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Romil Rajesh Sheth |
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100 |
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Sohil Shreyas Shah |
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200 |
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Anupa Sohil Shah |
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100 |
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Total |
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820000 |
AS ON 30.09.2010
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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 |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of computer hardware and computer peripherals. |
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Products : |
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Agencies Held : |
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Terms : |
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Selling : |
Cash, Credit (30days / 60days / 90days) |
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Purchasing : |
Cash, Credit (30days / 60days / 90days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
State Bank of Industrial Finance Branch, Shivsagar Estate, |
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Facilities : |
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Cash Credit Limit : Rs.77.500 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandrakant and Sevantilal Chartered Accountant |
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Address : |
4, Fairy Manor, 2nd Floor, 13, R. Sidhwa Marg, Fort,
Mumbai-400001, |
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Tel. No : |
91-22-22660672 |
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Fax No : |
91-22-22662744 |
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Subsidiaries : |
Ashtech Infotech ( |
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Related Parties : |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1450000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.500 millions |
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50000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 0.500 millions |
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Total |
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Rs. 15.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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820000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.200
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
8.200 |
8.200 |
8.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
68.707 |
60.231 |
55.470 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
76.907 |
68.431 |
63.670 |
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LOAN FUNDS |
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1] Secured Loans |
0.034 |
0.414 |
43.448 |
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2] Unsecured Loans |
24.925 |
24.430 |
11.820 |
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TOTAL BORROWING |
24.959 |
24.844 |
55.268 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.559 |
0.471 |
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TOTAL |
101.866 |
93.835 |
119.409 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.481 |
9.401 |
12.755 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.138 |
13.257 |
6.649 |
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DEFERREX TAX ASSETS |
0.460 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
37.989
|
25.056 |
35.532 |
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Sundry Debtors |
56.181
|
118.566 |
201.654 |
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Cash & Bank Balances |
24.890
|
16.861 |
32.519 |
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Other Current Assets |
0.648
|
4.816 |
0.184 |
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Loans & Advances |
47.831
|
93.578 |
54.058 |
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Interest accrued on Bank Deposits |
0.367
|
0.295 |
0.255 |
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Total
Current Assets |
167.906
|
259.173 |
324.202 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
31.978
|
131.028 |
149.698 |
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Other Current Liabilities |
22.018
|
26.068 |
45.515 |
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Provisions |
24.124
|
30.900 |
28.985 |
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Total
Current Liabilities |
78.119
|
187.996 |
224.198 |
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Net Current Assets |
89.786
|
71.177 |
100.004 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
101.866 |
93.835 |
119.409 |
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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 |
616.502 |
985.421 |
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Maintenance Contract, Deputation and Other Service Charge |
135.586 |
118.071 |
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Other Income |
5.389 |
4.025 |
1365.627 |
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Refund of Special Addition Duty Claim of earlier years |
3.515 |
0.000 |
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TOTAL (A) |
760.992 |
1107.517 |
1365.627 |
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Less |
EXPENSES |
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Cost of Materials |
603.332 |
918.492 |
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Other Expenses |
62.929 |
66.421 |
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Employees Remuneration |
50.719 |
53.944 |
|
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|
Increase/(Decrease) in Finished Goods |
(12.932) |
10.476 |
1322.025 |
|
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|
Increase/(Decrease) in Service Support Packs |
1.824 |
(2.289) |
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Municipal Cess paid of earlier years |
1.183 |
0.000 |
|
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Administrative Expenses |
35.682 |
38.625 |
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TOTAL (B) |
742.737 |
1085.669 |
1322.025 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.255 |
21.848 |
43.602 |
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Less |
FINANCIAL
EXPENSES (D) |
3.008 |
4.485 |
4.760 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.247 |
17.363 |
38.842 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.830 |
4.087 |
5.385 |
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|
PROFIT BEFORE TAX
(E-F) (G) |
12.417 |
13.276 |
33.457 |
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Less |
TAX (H) |
1.542 |
8.516 |
12.741 |
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PROFIT AFTER TAX
(G-H) (I) |
10.875 |
4.760 |
20.716 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.225 |
49.463 |
56.332 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.087 |
NA |
2.072 |
|
|
|
Dividend |
2.050 |
NA |
4.100 |
|
|
|
Tax on Dividend |
0.348 |
NA |
0.697 |
|
|
BALANCE CARRIED
TO THE B/S |
61.615 |
54.223 |
49.464 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Earnings |
0.452 |
2.458 |
1.903 |
|
|
|
Export Earning |
0.000 |
0.000 |
0.402 |
|
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TOTAL EARNINGS |
0.452 |
2.458 |
2.305 |
|
|
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IMPORTS |
|
|
|
|
|
|
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Others |
21.217 |
69.743 |
105.027 |
|
|
|
Capitals Goods |
0.000 |
0.000 |
0.137 |
|
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TOTAL IMPORTS |
21.217 |
69.743 |
105.164 |
|
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|
|
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|
Earnings Per
Share (Rs.) |
13.26 |
5.81 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.42
|
4.31 |
1.52 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.01
|
1.35 |
2.45 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.06
|
4.94 |
9.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.19 |
0.52 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
3.12 |
1.26 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
1.38 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Other Dues |
31.978 |
131.028 |
149.698 |
|
Total |
31.978 |
131.028 |
149.698 |
OPERATIONAL REVIEW :
During the year, the sales of the Company have
gone down significantly and on the contrary the Services Charges received have
gone up marginally. Western economies were badly hit by the much discussed
economic recession recently and they are still the reviving process. The
business of the Company has also affected because of the poor performance of
western economy. The Directors are confident and optimistic that the situation
will change soon and the Company would do better in the coming years.
FORM 8
|
Corporate
identity number of the company |
U3007MH1993PTC074939 |
|
Name of the
company |
ASHTECH INFOTECH
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
G-7, Laxmi Woolen Mills Estate, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of Industrial Finance Branch, Shivsagar Estate, |
|
Nature of
instrument creating charge |
No Instrument
State Bank of India Dated 09.06.2010 Release of mortgage Poperty |
|
Date of
instrument Creating the charge |
09.06.2010 |
|
Amount secured by
the charge |
Rs.77.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per sanction
terms and conditions Terms of repayment As per sanction
terms and conditions Margin As per sanction terms
and conditions Extent and operation of the charge Not Applicable Other Not Applicable |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Charge
identification number of the charge to be modified |
90156279 |
|
Particulars of
the present modification |
Now by the present
modification date 09.06.2010. the borrower company has released its property
which was mortgaged earlier on 18.06.1996. As a security by way of an
equitable mortgage by deposit of title deeds. Released property such as :
Gala NO.402, Shah and Nhar Industrial Estate, Rambhua Bhosale Marg, Worli,
Mumbai-400018. |
TRADE REFERENCE :
- Dalal Consultants
- Somaiya Group
- Citix
- Unimark Remedies
FIXED ASSETS :
- Computer systems
- Software
- Office and Other Equipments
- Testing Equipments
- Furniture and Fixtures
- Air Conditioners and Refrigerators
- Vehicles
- Electrical Fittings
WEB SIDE DETAILS
Overview
Subject is best described as one of the most powerful force that’s been active
in the world of InfoTech, ever since the advent of the digital age.
Ashtech delivers unmatched business value to customers through a combination of
process excellence, quality frameworks and service delivery innovation. Ashtech
believes in providing the appropriate end-to-end business solutions that
leverage technology. They provide solutions for a dynamic environment where
business and technology strategies converge.
Their approach focuses on new ways of business combining IT innovation and
adoption while also leveraging an organization's current IT assets.
They work with large global corporations and new generation technology
companies - to build new services and to implement prudent business and
technology strategies in today's dynamic digital environment.
Ashtech is driven by a highly trained staff operating out of a nationwide
network and practicing unique customer-centric methodologies. Together, they
offer an array of value-added solutions aimed at simplifying customers’ IT
systems, bettering enterprise efficiency and optimizing the total cost of
ownership.
Our
Establish the Foundation That Empowers Clients To Succeed : Ashtech
mission is to build a reliable, secure, manageable, and flexible IT
infrastructure that establishes the foundation for clients to meet their
business objectives. They fulfill this mission through adherence to their core
values.
Understanding Clients' Business Requirements: Success is
only measured in reaching business goals. Ashtech’s core value is to develop an
understanding their clients' business and business drivers. And then clay the
technical foundation and built the success.
Employing Best Practices and Proven Methodologies: Without
an IT strategy that is focused on business value, it is not possible for any
organization to succeed. Speed and adaptability are essential ingredients for
survival. Yet, identifying and planning for changing technology must occur
while supporting daily operations. Ashtech helps clients meet this challenge by
guiding them through the entire IT life cycle - planning, readiness, implementation,
and operations.
Developing Core Competencies Through Continual Staff
Development: Ashtech focuses on providing best-of-breed services in
areas of our core competencies.
Partnership: subject partners with leading
technology firms to provide comprehensive solutions. They have developed a
strong coalition of support that ensures open lines of communication are
available to provide early access to new technologies and resolve potential
challenges. Their strategic partnerships provide access to additional tools and
support, and increase their depth of expertise.
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 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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.