MIRA
INFORM REPORT
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Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
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Name : |
PLUS TECH SYSTEMS AND SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Lloyds Chambers, Building No. 2, Office No. 207, Barne Road, 409, Mangalwar
Peth, Pune-411001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.03.2006 |
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Com. Reg. No.: |
11-022119 |
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Capital
Investment / Paid-up Capital : |
Rs.9.950
Millions |
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CIN No.: [Company Identification
No.] |
U74210PN2006PTC022119 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP10515B |
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PAN No.: [Permanent Account No.] |
AADCP8513B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Consultancy and Services in Metal Finished Equipment and Process
Plants. |
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No. of Employees
: |
More than 27 (Approximately) |
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 59000 |
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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.
INFORMATION PARTED BY
|
Name : |
Ms. Smita |
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Designation : |
Admin Department |
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Contact No.: |
91-20-26114961 |
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Date : |
27.07.2011 |
LOCATIONS
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Registered Office : |
Lloyds Chambers, Building No. 2, Office No. 207, Barne Road, 409,
Mangalwar Peth, Pune-411001, Maharashtra, India |
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Tel. No.: |
91-20-26114961/32907712/26056366 |
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Fax No.: |
91-20-26114961 |
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E-Mail : |
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Area : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Dinesh Appanna Adiga |
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Designation : |
Director |
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Address : |
Plot No. 62, Section 27A, “Yadav Niwas”, Pradhikara, Nigdi,
Pune-411044, |
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Date of Birth/Age : |
02.09.1971 |
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Date of Appointment : |
02.03.2006 |
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Din No.: |
01670793 |
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Name : |
Mr. Rajesh Sivasankara Pillai |
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Designation : |
Director |
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Address : |
Flat No. T-22, 6th Floor Scared |
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Date of Birth/Age : |
30.05.1967 |
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Date of Appointment : |
02.03.2006 |
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Din No.: |
01441782 |
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Name : |
Mr. Pallichalathu Paramu Prabhakaran |
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Designation : |
Director |
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Address : |
102 H, |
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Date of Birth/Age : |
17.03.1946 |
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Date of Appointment : |
02.03.2006 |
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Din No.: |
00312757 |
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Name : |
Mr. Chellythody Puthanvidu Mohandas |
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Designation : |
Director |
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Address : |
Duplex D 2/4, S. No. 18, Wanawadi Padmavilas Enclave, Pune-411400, |
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Date of Birth/Age : |
25.07.1958 |
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Date of Appointment : |
02.03.2006 |
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Din No.: |
02036841 |
KEY EXECUTIVES
|
Name : |
Ms. Smita |
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Designation : |
Admin Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Rajesh Sivasankara Pillai |
|
248750 |
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Dinesh Appanna Adiga |
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248750 |
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Pallichalathu Paramu Prabhakaran |
|
248750 |
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Chellythody Puthanvidu Mohandas |
|
248750 |
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Total |
|
995000 |
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 : |
Consultancy and Services in Metal Finished Equipment and Process Plants.
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
More than 27 (Approximately) |
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Bankers : |
The South Indian Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Satheesh Manmohan and Associates Chartered Accountant |
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Address : |
C-12, 3rd Floor, |
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Tel. No.: |
91-20-30429021 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
995000 |
Equity Shares |
Rs.10/- each |
Rs.9.950
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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|
|
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1] Share Capital |
9.950 |
9.950 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.879 |
1.715 |
9.233 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.829 |
11.665 |
10.233 |
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LOAN FUNDS |
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1] Secured Loans |
3.333 |
0.000 |
0.000 |
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2] Unsecured Loans |
7.626 |
0.909 |
0.190 |
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TOTAL BORROWING |
10.959 |
0.909 |
0.190 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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OTHERS |
56.227 |
29.609 |
17.882 |
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TOTAL |
82.015 |
42.183 |
28.305 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.290 |
2.410 |
0.819 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
43.084 |
34.017 |
20.531 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
122.917
|
66.384 |
81.868 |
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Cash & Bank Balances |
0.893
|
0.842 |
1.655 |
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Other Current Assets |
16.957
|
8.942 |
6.081 |
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Loans & Advances |
0.183
|
0.174 |
0.055 |
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Total
Current Assets |
140.950
|
76.342 |
89.659 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
67.313
|
31.894 |
48.548 |
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Other Current Liabilities |
33.795
|
29.041 |
21.601 |
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Provisions |
19.211
|
9.672 |
12.586 |
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Total
Current Liabilities |
120.319
|
70.607 |
82.735 |
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Net Current Assets |
20.631
|
5.735 |
6.924 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.021 |
0.031 |
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TOTAL |
82.015 |
42.183 |
28.305 |
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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 |
299.900 |
189.500 |
147.200 |
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Less |
EXPENSES |
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Administrative Expenses |
250.907 |
166.746 |
114.810 |
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Advertising Expenses |
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TOTAL |
250.907 |
166.746 |
114.810 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
48.993 |
22.754 |
32.390 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.784 |
0.584 |
0.210 |
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PROFIT BEFORE
TAX |
48.209 |
22.170 |
32.180 |
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Less |
TAX |
16.518 |
7.846 |
11.012 |
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PROFIT AFTER TAX
|
31.691 |
14.324 |
21.168 |
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APPROPRIATIONS |
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Provision for Dividend (16%) |
1.592 |
0.995 |
1.000 |
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Provision for Dividend Distribution Tax |
0.270 |
0.169 |
0.170 |
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Transfer to General Reserve |
3.163 |
1.432 |
2.117 |
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BALANCE CARRIED
TO THE B/S |
26.617 |
11.727 |
17.881 |
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Earnings Per
Share (Rs.) |
31.85 |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.57
|
7.56 |
14.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.27
|
28.15 |
35.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
3.25
|
1.90 |
3.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.85
|
6.13 |
8.10 |
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Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.08 |
1.08 |
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 |
67.313
|
31.894 |
48.548 |
PARTIAL DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Arihant Tubes |
13.668 |
3.434 |
8.886 |
|
Ganesh Travels |
0.005 |
0.010 |
0.000 |
|
Membrance Systems
Specialities India Private Limited |
2.195 |
2.577 |
8.487 |
|
Pratham Project
Engineers |
18.030 |
13.084 |
2.542 |
|
Plastics
Fabricators |
1.128 |
0.128 |
0.727 |
|
Thermotech
Engineers |
1.507 |
0.816 |
0.000 |
|
Retention
Thermotech Engineers |
0.037 |
0.037 |
0.000 |
|
Retention Webb
India Private Limited |
3.284 |
3.000 |
0.000 |
|
Retention Plastic
Fabricator |
0.120 |
0.022 |
0.000 |
|
Retention Vinar
Systems |
0.957 |
0.200 |
0.000 |
FINANCIAL RESULTS:
The contract receipts and other income
amounted to Rs.299.900 millions in the year 2009-10 as against Rs.189.500 million
in the previous year 2008-09. The turnover of the company has increased by
Rs.110.400 millions during the year 2009-10 showing a growth of about 58.25%.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74210PN2006PTC022119 |
|
Name of the
company |
PLUS TECH SYSTEMS
AND SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Lloyds Chambers, Building No. 2, Office No. 207, Barne Road, 409,
Mangalwar Peth, Pune-411001, Maharashtra, India |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
The South Indian Bank Limited, |
|
Email |
|
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Nature of
description of the instrument creating or modifying the charge |
1) Credit
Facility Agreement Dated 18th June 2009 For Bank Guarantee For Rs. 30.000 millions 2)Hypothecation
Agreement Dated 18th June 2009 For Overdraft Facility For Rs. 10.000
millions. |
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Date of
instrument Creating the charge |
18.06.2009 |
|
Amount secured by
the charge |
Rs.40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14% per annum
with monthly rests Terms of
Repayment 1) For bank guarantee- not applicable 2) Account to be
brought to credit balance on completion of the present work orders - for
overdraft facility Margin 25% of total
amount as deposit in the bank Extent and
Operation of the charge First and
exclusive charge on hypothecated
assets - book debts and deposits pledge with bank |
|
Short particulars
of the property charged |
Book debts
outstanding in the books of the company and fixed deposits pledged with the
bank |
TRADE REFERENCES:
- Ashok Leyland Private Limited
- Badve Engineering Private Limited
FIXED ASSETS:
- Land
- Computer
- Furniture and Fixtures
- Mobile Phone
- Office Equipments
- Software
- Plant and Machinery
- Printer
- Vehicles
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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
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.