MIRA
INFORM REPORT
|
Report Date : |
09.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
INSPAN INFOTECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.6, Bishop Wallers Avenue South, Mylapore, Chennai-600004, Tamil
Nadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
08.11.2001 |
|
|
|
|
Com. Reg. No.: |
18-048011 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900TN20001PTC048011 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI02427F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI8477Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading in Computers, Computer Parts and Peripherals. |
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 160000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There
appears some dip in the turnover and profitability of the company. However,
net worth appears to be satisfactory. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Head Quarters : |
No.6, Bishop Wallers Avenue South, Mylapore, Chennai-600004, Tamil
Nadu, India |
|
Tel. No.: |
91-44-42088250 / 51 |
|
Fax No.: |
91-44-42177194 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located At: ·
Tamil Nadu ·
Coimbatore ·
Madurai ·
Trichy ·
Pondicherry ·
Andhra Pradesh ·
Vijayawada ·
Visakapatnam ·
Mumbai ·
Kerala ·
Cochin ·
Calicut ·
Trivendram ·
Karnataka ·
Mysore ·
Mangalore ·
Gujarat ·
West Bengal
|
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Surendranath Sudhir |
|
Designation : |
Managing Director |
|
Address : |
2 A, Sankara, 41/97, 4th Main Road, Gandhinagar, Adyar,
Chennai-600020, Tamil Nadu, India |
|
Date of Birth/Age : |
15.07.1961 |
|
Date of Appointment : |
08.11.2001 |
|
DIN No : |
00752815 |
|
|
|
|
Name : |
Mr. Sudhir Sreevidya |
|
Designation : |
Director |
|
Address : |
2 A, Sankara, 41/97, 4th Main Road, Gandhinagar, Adyar, Chennai-600020,
Tamil Nadu, India |
|
Date of Birth/Age : |
31.05.1970 |
|
Date of Appointment : |
08.11.2001 |
|
DIN No : |
00752856 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
No. of Shares |
|
Surendranath Sudhir |
20000 |
|
Sudhir Sreevidya |
20000 |
|
Global Synergy Limited, India |
360000 |
|
|
|
|
Total |
400000 |
AS ON 27.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
90.00 |
|
Directors or relatives of Directors |
10.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Computers, Computer Parts and Peripherals. |
GENERAL INFORMATION
|
Bankers : |
·
The Hongkong and Sanghai Banking Corporation,
52/0, M. G. Road, Fort, Mumbai-400001, Maharashtra, India ·
Industrial Development Bank of India Limited, P. M.
Tower, 37- Greams Road, Thousand Lights, Chennai-600006, Tamil Nadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Balasubramanian and Kumar Chartered Accountant |
|
Address : |
No.12/16, 3rd Cross Street, sethammal Extention, Alwarpet,
Chennai-600018, Tamil Nadu, India |
|
Tel. No.: |
91-23661875 |
|
Mobile No.: |
91-9381035900 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs. 4.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- each |
Rs. 4.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.000 |
4.000 |
4.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
37.367 |
36.766 |
35.470 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
41.367 |
40.766 |
39.470 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.284 |
0.203 |
0.225 |
|
|
|
|
|
|
|
|
TOTAL |
41.651 |
40.969 |
39.695 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.692 |
4.954 |
5.542 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.005
|
50.124 |
110.715 |
|
|
Sundry Debtors |
71.882
|
85.680 |
208.038 |
|
|
Cash & Bank Balances |
2.635
|
2.800 |
11.782 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
44.449
|
60.580 |
15.398 |
|
Total
Current Assets |
164.971
|
199.184 |
345.933 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
128.455
|
162.161 |
305.699 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.569
|
1.032 |
6.118 |
|
Total
Current Liabilities |
129.024
|
163.193 |
311.817 |
|
|
Net Current Assets |
35.947
|
35.991 |
34.116 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.012 |
0.024 |
0.037 |
|
|
|
|
|
|
|
|
TOTAL |
41.651 |
40.969 |
39.695 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
521.920 |
1376.289 |
2006.003 |
|
|
|
Other Income |
20.949 |
30.906 |
30.688 |
|
|
|
TOTAL (A) |
542.869 |
1407.195 |
2036.691 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
490.877 |
1332.881 |
1951.838 |
|
|
|
Establishment Expenses |
31.857 |
47.937 |
43.901 |
|
|
|
Administrative Expenses |
9.633 |
14.798 |
16.601 |
|
|
|
Selling Expenses |
5.571 |
4.078 |
2.684 |
|
|
|
Preliminary Expenses W/Off |
0.012 |
0.012 |
0.012 |
|
|
|
TOTAL (B) |
537.950 |
1399.706 |
2015.036 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.919 |
7.489 |
21.655 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.540 |
3.724 |
3.355 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.379 |
3.765 |
18.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.128 |
1.458 |
1.408 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.251 |
2.307 |
16.892 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.403 |
1.010 |
6.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.848 |
1.297 |
10.682 |
|
|
|
|
|
|
|
|
|
Less |
Provision Relating
To Earlier Year |
0.247 |
0.000 |
0.077 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.767 |
35.470 |
24.865 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
37.368 |
36.767 |
35.470 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
6.500 |
11.700 |
19.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
420.500 |
1198.700 |
1625.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.12 |
3.24 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.16
|
0.09 |
0.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.24
|
0.17 |
0.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.73
|
1.13 |
4.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.13
|
4.01 |
7.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.22 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from New No.8, (Old No.52), Laxmi Complex, 2nd
Floor, North Boag Road, (B N Road), T Nagar, Chennai-600017, Tamil Nadu, India
to the present address w.e.f. 15.02.2007
BUSINESS
PERFORMANCE:
The company has achieved a turnover of Rs. 521.900 millions and has
earned a profit before tax of Rs. 1.250 millions during the year compared to
the turnover of Rs. 1376.200 millions and a Profit before tax 2.307 millions
attained in the preceding year.
FORM 8
|
Corporate
identity number of the company |
U72900TN2001PTC048011 |
|
Name of the
company |
INSPAN
INFOTECH PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.6, Bishop Wallers Avenue South, Mylapore, Chennai-600004, Tamil
Nadu, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Floating charge |
|
Particular of
charge holder |
The Hongkong and Sanghai Banking Corporation, 52/0, M. G. Road, Fort,
Mumbai-400001, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement
For Overdraft/Loan And /Or Any Other Banking Facilities Against Hypothecation
Of Book Debts. |
|
Date of
instrument Creating the charge |
28.08.2008 |
|
Amount secured by
the charge |
Rs. 50.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Rate
of Interest As Mutually Agreed Upon. Terms of
repayment On demand Margin As may be stipulated by Bank from time to time. Extent and
operation of the charge The Company
hypothecates to the Bank all book debts as described in Column No. 14 as
security for the payment to the Bank of the balance at any time at debit of
the said facilities together with all interest discount commission charges
costs and expenses payable to or incurred by the Bank in relation to any such
indebtedness or liabilities. |
|
Short particulars
of the property charged (Including location of the property) |
All
of the above and all the Company's present and future book debts, discounted /
factored with the Hongkong and Shanghai Banking Corporation including
outstanding monies, receivables, claims due and owing or which may at any
time |
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computers and Software
WEB SITE DETAILS
PROFILE
Subject one of the fastest growing and
leading Distribution Company has carved a niche for itself with its innovative
out of box distribution .In the second year of operation we were listed as the
Top 20 IT distribution company in India. In a short span they were highly
successful in capturing a major market share with its penetration in A, B, C
and D class cities.
Subject is managed by a group of young
entrepreneurs, They provide a basket of offerings that are closely aligned with
the needs of the industry. This is possible because of the in-depth sales
knowledge that the company has acquired in various industry segments over the
years .Their Aim is to become the leading distribution company by 2015.
Subject has over 17 branch offices covering
over 500 cities and towns directly. Over hundred System integrators and 5000
channel partners across the country have grown and prospered with us along this
journey 2011. Subject Partner meets was the highlight in 2010-2011 – a popular
event – an equal opportunity forum that brought together participating Vendors
/ channel partners and their secondary partners on a common platform for mutual
interaction which helped cement the confidence for mutual benefit . They have conducted
about 30 meets covering A,B,C,D and E Class cities across India . The Vendors
and Channel community were very appreciate of Inspan’s effort of reaching out
to the masses.
In
its 11th year of operation subject has rightly been recognized and awarded the prestigious “Most Reliable
Distributor -2009 Award by NCN Magazine in 2010. Subject value chain of bridging the Gap
between the Product and Customer results in a Win–Win situation for the Vendor
/ channel and customer at large. Subject has been the recipient of various vendor recognitions YOY.
Subject has gained the goodwill and
appreciation of the I.T Media community; which is reflected in its wide
coverage in all leading magazines across the country.
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.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
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 |
NO |
|
--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.