MIRA
INFORM REPORT
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Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC INFOTECH PRIVATE LIMITED |
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Registered Office : |
10B, Abbas Building, 1st Floor,
Jalbhai Street, Near Dreamland Cinema,
Grant Road (East), Mumbai – 400
004, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.07.1997 |
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Com. Reg. No.: |
11-109740 |
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CIN No.: [Company
Identification No.] |
U72100MH1997PTC109740 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15087C |
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PAN No.: [Permanent
Account No.] |
AABCP1741K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Dealer and Distributor of Computer Components, Peripherals 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 230000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
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. Ved Prakash |
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Designation : |
Accountant |
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Contact No.: |
91-22-23814000 |
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Date : |
28.01.2011 |
LOCATIONS
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Registered Office : |
10B, Abbas Building, 1st Floor, Jalbhai Street, Near
Dreamland Cinema, Grant Road
(East), Mumbai – 400 004, Maharashtra,
India. |
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Tel. No.: |
91-22-23814000 |
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Fax No.: |
91-22-23808626 |
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E-Mail : |
corporates@pacificinfotech.com
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Website : |
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Area : |
2500 sq. ft. |
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Location : |
Owned |
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Warehouse : |
Gala No. 4, 1st Floor, Dhanshri Complex, P.G. Solanki Path (Ghas
Galli), Off Lagminton Road, Near Minerva Theatre, Mumbai – 400 007,
Maharashtra, India |
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Tel. No.: |
91-22-23002938 |
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Location : |
Owned |
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Branches : |
Located AT: ·
Thane ·
Kalmboli ·
Pune ·
Ahmedabad ·
·
·
·
Kolkata ·
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Showrooms : |
·
IT Square–Mumbai 396, Shamitha Terrace, Shop No. 9 and 10, Lamington
Road, Opp. Naaz Cinema, Mumbai-04, Tel: 91-22-32482255/32492255 Email:itsquare@pacificinfotech.com ·
IT Square – Pune 2401, 1st Floor, East Street, Next To
Indusind Bank, Old Pool Gate, Pune - 411 001, Tel: 91-20-26332059/26332047 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ashok Bhagwandas Jeswani |
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Designation : |
Director |
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Address : |
301/ C, Teak Wood Apartments, |
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Date of Birth/Age : |
06.01.1964 |
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Qualification : |
B.Com |
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Date of Appointment : |
30.07.1997 |
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Name : |
Mr. Kishore Bhagwandas Jeswani |
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Designation : |
Director |
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Address : |
501/ F, Pine Wood Apartments, |
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Date of Birth/Age : |
12.07.1966 |
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Qualification : |
Degree in Pharmacy |
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Date of Appointment : |
30.07.1997 |
KEY EXECUTIVES
|
Name : |
Mr. Ved Prakash |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashok B. Jeswani |
|
50935 |
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Kishore B. Jeswani |
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52053 |
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Ramesh Jeswani |
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1 |
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Rajkumar Jeswani |
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1 |
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Seema Jeswani |
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1 |
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Savita Jeswani |
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1 |
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Kanta Sadwani |
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1 |
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Vandana Sadwani |
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1 |
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Ram Ratan Chirania – HUF |
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1 |
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Bhisham R. Sahani |
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1 |
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Poonam Sahani |
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1 |
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Pushpa C. Rupani |
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1 |
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Udhav C. Rupani |
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1 |
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Chandani Rupani |
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1 |
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2000 |
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Elpee Corporate Services Private Limited |
|
5000 |
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Aryman Merchandise Private Limited |
|
3000 |
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Total |
|
113000 |
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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Bodies
corporate |
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8.84 |
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Directors
or relatives of directors |
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91.16 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Dealer and Distributor of Computer Components, Peripherals and
Accessories. |
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Products : |
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Agencies Held : |
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Imports : |
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Products : |
Computer Accessories |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 to 60 to 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 to 60 to 90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s ·
Corporate |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
New India Co-operative Bank Limited, ·
Citi Bank, Trent House, 2nd Floor, G.
Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
S.K. Patodia and Associates Chartered Accountants |
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Address : |
A/8, Narayan Plaza, 26-A, Chandivali Road, Off Saki Vihar Road,
Andheri East, Mumbai- 400 072, Maharashtra, India |
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Associates/Subsidiaries : |
v
S B Data Systems Private Limited, Mumbai Central Activity : Installation and Services |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
113000 |
Equity Shares |
Rs.10/- Each |
Rs.1.130
millions |
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 |
1.130 |
1.130 |
1.030 |
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2] Share Application Money |
18.200 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.605 |
31.038 |
20.795 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.935 |
32.168 |
21.825 |
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LOAN FUNDS |
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1] Secured Loans |
111.012 |
61.733 |
51.328 |
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2] Unsecured Loans |
34.187 |
33.296 |
34.678 |
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TOTAL BORROWING |
145.199 |
95.029 |
86.006 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.003 |
0.000 |
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TOTAL |
202.134 |
127.200 |
107.831 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.616 |
6.866 |
3.642 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.550 |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.060 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
111.402
|
87.276 |
99.057
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Sundry Debtors |
145.317
|
98.675 |
116.573
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Cash & Bank Balances |
36.951
|
7.686 |
11.612
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Other Current Assets |
15.038
|
10.780 |
9.351
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Loans & Advances |
3.108
|
2.498 |
1.694
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Total
Current Assets |
311.816
|
206.915 |
238.287
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
89.154
|
55.851 |
75.390 |
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Other Current Liabilities |
20.937
|
23.458 |
54.516
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Provisions |
10.974
|
7.530 |
4.242
|
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Total
Current Liabilities |
121.065
|
86.839 |
134.148
|
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Net Current Assets |
190.751
|
120.076 |
104.139
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MISCELLANEOUS EXPENSES |
0.154 |
0.208 |
0.000 |
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TOTAL |
202.134 |
127.200 |
107.831 |
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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 |
1189.596 |
966.148 |
897.874 |
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Other Income from Operating Activities |
9.339 |
30.909 |
8.196 |
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Other Income |
3.869 |
3.307 |
18.302 |
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TOTAL (A) |
1202.804 |
1000.364 |
924.372 |
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Less |
EXPENSES |
|
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|
|
|
|
|
Cost of Material Traded |
1139.776 |
937.608 |
872.120 |
|
|
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Direct Expenses |
3.669 |
1.376 |
4.581 |
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Employee Cost |
14.808 |
15.147 |
9.723 |
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|
Administrative, Selling and Distribution Expense |
13.854 |
18.411 |
17.819 |
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TOTAL (B) |
1172.107 |
972.542 |
904.243 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.697 |
27.822 |
20.129 |
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Less |
FINANCIAL
EXPENSES (D) |
20.282 |
18.019 |
12.083 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.415 |
9.803 |
8.046 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.777 |
0.821 |
0.648 |
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PROFIT BEFORE
TAX (E-F) (G) |
9.638 |
8.982 |
7.398 |
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Less |
TAX (H) |
3.071 |
3.639 |
2.287 |
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PROFIT AFTER TAX
(G-H) (I) |
6.567 |
5.343 |
5.111 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21.863 |
16.520 |
11.409 |
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BALANCE CARRIED
TO THE B/S |
28.430 |
21.863 |
16.520 |
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IMPORTS |
NA |
1.547 |
13.011 |
|
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Raw Materials |
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Earnings Per
Share (Rs.) |
58.11 |
51.42 |
49.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.55
|
5.32 |
0.55
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
0.93 |
0.82
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.99
|
4.20 |
3.06
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.28 |
0.34
|
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Debt Equity Ratio (Total Liability/Networth) |
|
4.68
|
5.65 |
10.09
|
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Current Ratio (Current Asset/Current Liability) |
|
2.58
|
2.38 |
1.78
|
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
89.154
|
55.851 |
75.390 |
Form 8
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Name of the company |
PACIFIC INFOTECH PRIVATE LIMITED |
|
Presented By |
New India Co-operative Bank Limited, Girgaum, Mumbai – 400 004 |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Book debts to secure Cash Credit facility dated
24.07.2001. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1) All present
and future stock such as computer and peripherals, of the Borrower. 2) All Book debts
such as Sundry Debtors, due to the Borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure Cash
Credit facility together with all interest, costs, charges and expenses
thereon, granted by the Bank to the Borrower. 1) Rate of
Interest: 1535% p.a. 2) Margin: 30% |
|
5) Name and Address and description of the person entitled to the charge. |
New India Co-operative Bank Limited Girgaum, Mumbai – 400 004 |
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6) Date and brief description of instrument modifying the charge |
Supplemental Deed
of Hypothecation / Pledge: Additional Limit dated 24.12.2005. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By 1st
modification dated 25.03.2004, the charge had been enhanced from Rs.3.000
Millions to Rs.5.000 Millions (Registered on 28.04.2004 under document Serial
No.29). By this modification,
the securities as mentioned in the here above, shall now also hold good to
secure the due repayment of additional Cash Credit facility of Rs.20.000
Millions granted by the Bank to the Borrower. Hence, the Cash Credit limit
has been enhanced from Rs.5.000 Million to Rs.25.000 Millions. And also the
collateral security in respect of all, present and future, Stocks as per the
aforesaid agreement of the borrower, shall also now further hold good to
secure the said enhanced Cash Credit facility. Therefore, the
overall charge now stands at Rs.25.000 Millions. |
|
Corporate
identity number of the company |
U72100MH1997PTC109740 |
|
Name of the
company |
PACIFIC INFOTECH PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
10B, Abbas Building, 1st Floor, Jalbhai Street, Near
Dreamland Cinema, Grant Road
(East), Mumbai – 400 004, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citi Bank, Trent House, 2nd Floor, G. Block, Plot No.C60,
Bandra Kurla Complex, Bandra (East), Mumbai- 400 051, Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Goods Security
Agreement. |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs.80.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on
principal amount of the aforesaid fund based facilities advanced and
outstanding - As per negotiated terms Terms of
Repayment On demand Margin 20% against
Stocks and Book Debts. Extent and
Operation of the charge The hypothecated
First pari passu charge on Assets, shall remain as security to the Bank for
the due repayment by the Borrower to the Bank of the credit facilities
together with interest, costs, charges and expenses and other monies payable
by the Borrower AND also for due payment and discharge of all
indebtedness/liability of the Borrower to the Bank. Others The Borrower expressly
recognises and accepts that the Bank shall be absolutely entitled and have
full power/authority to sell, assign or transfer in any manner and on such
terms as the Bank may decide any or all outstanding dues of the Borrower to
any third party of the Bank's choice without any further reference or
intimation to the Borrower. The charge of
Citibank NA on Assets shall rank First Pari Passu charge with the charge of
Standard Chartered Bank. |
|
Short particulars
of the property charged |
The whole of the
Company's present and future, stocks of raw materials, goods in process of manufacture,
semi-finished goods and all finished and manufactured goods All of the
Company's present and future book debts, outstanding Monies, receivables,
claims, bills, investments, securities, rights to or in moveable properties |
Trade Reference:
·
Samsung
·
Microtek
·
Logitech
Fixed Assets
·
Computer
·
Air Conditioner
·
Furniture and Fixture
·
Mobile Phone
·
Office Equipments
·
Machinery
·
Television
·
Land and Building
·
Vehicle
CORPORATE OVERVIEW
Subject founded in 1994, to cater the market of Technology Distribution. Since, it have come up a long way, as a leading provider of IT products and Logistics management in western India - from the heart of India's commercial capital - Mumbai.
Subject is an aggressive and dynamic company that
distributes and markets high end computer solutions with the help of dealers,
resellers, system integrators spreaded throughout western
Latest, Leading edge hardware and software technology applications as per the customer needs - it's the secret of their success, in corporates, institutional sales, back boned by a dynamic sales people and full fledged customer support team.
PACIFIC GROUP
As subject signature lines says "Always specific in IT needs" so they
believe in the same. To center the upcoming demands they have created some
sister concerns to be more specific on customer needs- They are
S. B. Data Systems - The company mainly focused on End Users, Generated a huge growth in short span of time only because of customer satisfaction they have.
Pacific Computers - To meet the huge demand of consumables and peripherals Pacific group give a birth of Pacific Computers - you name it they have it.
Computer Campus - There
is a market and demand of branded computers, so they have with exclusive
'Compaq' Dealership - The most successful brand in
Customer Profile:
Subject sells only to
major key players of the market, Corporates and Government institutions along
with the expansion of product portfolio, and geographics, Pacific Group has
successfully expanded into new market segment.
SALES PHILOSOPHY
As they head into the year of operation, they have reaffirmed the goals and commitments. They have developed a solid financial and technical base that assures even more growth in the years to come. They have achieved many significant milestones and look forward to the challenges of the future with the same professionalism and enthusiasm that have proven successful in the past.
THE FUTURE
As the success continues to fill the reach throughout India, Pacific Group has identified key opportunities for achieving operational efficiencies and minimizing overheads. These includes new warehouse facilities and advanced new systems for warehousing and distribution, Company financials, enhanced e-commerce capabilities and ultimately strong, dynamic sales and customer support team spread through out India to meet the needs of the corporate clients, Government, Institutions, Dealers/ Reseller.
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 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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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.