MIRA
INFORM REPORT
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Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MODI INFOSOL PRIVATE LIMITED [w.e.f. 07.11.2009] |
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Formerly Known
As : |
MODI PERIPHERALS PRIVATE LIMITED |
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Registered
Office : |
Unit No.17, Building No.5 A Mittal Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.01.1987 |
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Com. Reg. No.: |
11-042085 |
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Capital
Investment / Paid-up Capital : |
Rs.9.275 Millions |
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CIN No.: [Company Identification
No.] |
U70100MH1987PTC042085 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19310E |
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PAN No.: [Permanent Account No.] |
AADCM4507G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
They Deal in Detronics, Computers, Computers Peripherals |
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No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba [46] |
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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 93000 |
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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. 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
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Name : |
Mr. Amit |
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Designation : |
Administrater |
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Contact No.: |
91-22-40183333 |
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Date : |
20.06.2011 |
LOCATIONS
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Registered Office : |
Unit No.17, Building No.5 A Mittal Industrial Estate, |
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Tel. No.: |
91-22-28500309 / 66432664 |
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Fax No.: |
91-22-28863582 |
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E-Mail : |
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Website : |
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Branches : |
103, Skipper Corner, 88, |
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Tel. No.: |
91-11-40746900 |
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Fax No.: |
91-11-26425958 |
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Branches : |
9, Hanuman Taerrace, |
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Tel. No.: |
91-22-40183333 |
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Fax No.: |
91-22-23863582 |
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Other Branches : |
Located at
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DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Shyam Modi |
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Designation : |
Director |
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Address : |
1/32, Nidhi Apartments, |
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Date of Birth/Age : |
09.09.1957 |
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Date of Appointment : |
02.01.1987 |
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DIN : |
01221009 |
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Name : |
Mr. Jagdish Modi |
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Designation : |
Director |
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Address : |
1/32, Nidhi Apartments, |
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Date of Birth/Age : |
06.04.1952 |
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Date of Appointment : |
02.01.1987 |
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DIN : |
01221113 |
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Name : |
Mr. Vivek Modi |
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Designation : |
Director |
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Address : |
15-199, Malviya Nagar, |
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Date of Birth/Age : |
05.07.1983 |
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Date of Appointment : |
22.06.2009 |
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DIN : |
02861396 |
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Name : |
Mr. Anuj Jagdish Prasad Modi |
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Designation : |
Director |
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Address : |
15-199, Malviya Nagar, |
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Date of Birth/Age : |
01.03.1982 |
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Date of Appointment : |
02.07.2007 |
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DIN : |
00596074 |
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Name : |
Mr. Anuj Jagdish Prasad Modi |
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Designation : |
Director |
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Address : |
15-199, Malviya Nagar, |
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Date of Birth/Age : |
20.11.1980 |
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Date of Appointment : |
02.07.2007 |
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DIN : |
00610488 |
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Name : |
Mr. Brijnand BIhari Modi |
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Designation : |
Director |
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Address : |
1/32, Nidhi Apartments, |
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Date of Birth/Age : |
03.08.1960 |
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Date of Appointment : |
02.01.1987 |
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DIN : |
00577002 |
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Name : |
Mr. Mahesh Chand Modi |
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Designation : |
Director |
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Address : |
1/32, Nidhi Apartments, |
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Date of Birth/Age : |
04.01.1955 |
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Date of Appointment : |
02.01.1987 |
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DIN : |
00577371 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Shyam Modi |
|
101600 |
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Mahesh Chand Modi |
|
7200 |
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Brijnand BIhari Modi |
|
28750 |
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Anuj Jagdish Prasad Modi |
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105100 |
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Atul Jagdish Prasad Modi |
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80200 |
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Vivek Modi |
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46400 |
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Jagdish Prasad Modi |
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252800 |
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Satyanarayan Modi |
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14050 |
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Tarun S Modi |
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8700 |
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Invesca Shares Securities Limited |
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45000 |
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Divya A Modi |
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63400 |
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Manisha Modi |
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98000 |
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Shruti Modi |
|
6000 |
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B B Modi HUF |
|
30000 |
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M. C. Modi |
|
7000 |
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S.N. Modi HUF |
|
5000 |
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Rekha Modi |
|
4100 |
As on 29.09.2010
|
Category |
Percentage |
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Bodies corporate |
4.85 |
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Directors or relatives of Directors |
95.15 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
They Deal in Detronics, Computers, Computers Peripherals |
GENERAL INFORMATION
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No. of Employees : |
200 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. K.K. Khadaria and Company Chartered Accountant |
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Address : |
401 – A, Pearl Arcade, Opposite P.K. Jewellers, Off |
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Tel. No.: |
91-22-26778155 / 26797750 |
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Fax No.: |
91-22-26781187 |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
1,500,000 |
Equity Shares |
Rs.10/-each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
927,500 |
Equity Shares |
Rs.10/-each |
Rs.9.275 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.275 |
4.895 |
0.950 |
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2] Share Application Money |
0.000 |
0.450 |
0.000 |
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3] Reserves & Surplus |
14.003 |
10.342 |
8.550 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[2.003] |
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NETWORTH |
23.278 |
15.687 |
7.497 |
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LOAN FUNDS |
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1] Secured Loans |
19.951 |
20.710 |
17.754 |
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2] Unsecured Loans |
5.230 |
6.521 |
3.819 |
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TOTAL BORROWING |
25.181 |
27.231 |
21.573 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
48.459 |
42.918 |
29.070 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.045 |
4.742 |
4.079 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.400 |
0.428 |
0.058 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
72.897
|
188.038 |
73.275 |
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Sundry Debtors |
61.932
|
71.894 |
65.225 |
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Cash & Bank Balances |
2.370
|
0.936 |
1.995 |
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Other Current Assets |
2.994
|
3.539 |
1.777 |
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Loans & Advances |
6.188
|
10.842 |
5.849 |
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Total
Current Assets |
146.381
|
275.249 |
148.121 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
99.751
|
234.952 |
99.678 |
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Other Current Liabilities |
3.559
|
2.355 |
23.368 |
|
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Provisions |
0.057
|
0.194 |
0.142 |
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Total
Current Liabilities |
103.367
|
237.501 |
123.188 |
|
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Net Current Assets |
43.014
|
37.748 |
24.933 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
48.459 |
42.918 |
29.070 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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TRUNOVER [GROSS
RECEIPTS] |
|
687.748 |
626.644 |
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Less |
EXPENSES |
|
682.282 |
621.698 |
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PROFIT BEFORE
TAX |
|
5.466 |
4.946 |
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Less |
TAX |
|
1.805 |
1.150 |
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PROFIT AFTER TAX |
|
3.661 |
3.796 |
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Earnings Per
Share (Rs.) |
|
7.26 |
23.63 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.53
|
0.60 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.63
|
1.77 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.31 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.52
|
16.87 |
19.31 |
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Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.16 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Due to Micro
Small and Medium Enterprises |
0.000 |
0.000 |
NA |
|
Due to others |
99.751 |
234.952 |
NA |
|
Total |
99.751 |
234.952 |
99.678 |
Contingent
Liabilities
Contingent Liabilities not provided for : (Rs. in million)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
(i) Guarantee given by bank on behalf of the Company (Margin Money
kept by way of Fixed deposit Rs. 0.025 million, P. Y. Rs.0.025 million) |
0.100 |
0.100 |
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||
|
(ii) Sales Tax demands against which the Company has preferred
appeals. |
0.000 |
0.446 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U70100MH1987PTC042085 |
|
Name of the
company |
MODI INFOSOL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No 17 Bldg
No 5-A, Mittal Indl Estate, Andheri Kurla Road Andheri E, Mumbai – 400059,
Maharashtra, India |
|
This form is for |
Creation
of Charge |
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Type of charge |
|
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Particular of charge
holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
[West], Mumbai - 400013, Maharashtra, India |
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Nature of
instrument creating charge |
Letter of
Hypothecation. |
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Date of
instrument Creating the charge |
03.03.2010 |
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Amount secured by
the charge |
Rs.60.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest at the rate as may be communicated by the Bank from time to time. Terms of
Repayment - On Demand. Margin - Company
shall at all times during the continuance of this security maintain the said
debts of a sufficient amount to provide the margin of security as may from
time to time advised by the Bank. Extent and Operation
of the charge - Hypothecation by way of First Charge on Company's Stocks,
Book Debts etc., to secure as a continuing security as mentioned in Column
No.15 below for the repayment of Rs.60.000 millions, together with interest,
costs, charges, expenses and other moneys due and payable by the Company to
the Bank. Others – Nil |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the stock in trade
both present and future consisting of raw materials, finished goods. All the
book-debts, outstandings monies receivables, claims and bills which are now
due and owing or which may at any time hereafter during the continuance |
FIXED ASSETS :
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer
·
Office Equipments
·
Electrical Installations
·
Vehicles
·
Air Conditioner
·
Type Writer
·
Refrigerator
As per Website
Company Review
Modi Infosol Private Limited formerly known as Modi Peripherals
Private Limited is a customer oriented technology aware IT solution Provider
Company providing a range of IT products and expert services to create
competitive advantage. Modi’s group turnover exceeds Rs. 1020
Million, with its Head Office in
The spectrum of offering is continuous, starting from
Software, PCs, Laptops, Servers, Printers, Multi-function Machines/Photo
Copiers, Video projection system, Storage and networking products to develop
customized IT Solution for all sorts of customer needs.
They at Modi believe that Technology has reached a level of
maturity and the latest information and availability of products makes a big
difference in this industry. It is their endeavor to make the industry a level
playing field where performance and size both determine success. They have
proven theirselves by providing satisfactory services to their esteemed
customers through the best of the ideas and management practices.
22 years
of experience and with work force of 100 people, Modi is
ready to setup a network of like-minded people who are ready to create success
for them as well as for their customers.
They at Modi InfoSol Private Limited
undertake maintenance of the Servers, PCs, and peripherals and all other IT
related hardware on an Annual Maintenance Contract basis. The terms of such a
contract can be structured as mutually agreed between the client and Modi
InfoSol Private Limited to take care of the special needs of
the users. AMC can be comprehensive or covering services with or without parts.
E-mail, Virus and application support can be included in the contract. They
also undertake repairs and up gradation on all Brands of Laptop PCs
They believe that reliability and performance are equally
important to small networks and to larger, more complex ones.
They have a great deal of experience in the design and
implementation of both small, peer-to-peer networks with minimal resource
sharing, and multi-server, multi-protocol client/server networks handling
critical data.
LAN and WAN Local and Wide Area Networks for voice and data
communication including Structured cabling with Cat V, Cat VI, Fiber Optic.
Full range of Switches, Routers, Racks, and Patch Panels etc. seamlessly
integrated to provide network efficiency and resource sharing across
enterprise.
Their office and service centre is equipped with experienced
engineers and material to provide the prompt and efficient support which is crucial
for uninterrupted network operation.
On the basis of their strategic business alliances, they can
deliver end-to-end solutions for diverse business needs, and their partnerships
are with the world leaders in information technology.
They are registered for supply of
“Branded Software, Desktops, Servers, Peripherals, Note Books, photocopiers and
various other products” to All Government Departments through N.C.C.F.
(National Co-operative Consumer Federation of India Ltd.). They can supply
directly on DGSND rate contract and execute
orders on Form131. They can also supply IT products on NICSI rate contract.
They are Premium Business Partner for HP,
IBM, Lenovo, Acer, Vsnl, Samsung, Intel, AMD,
Seagate, Epson, Xerox, Microsoft, wipro and solution
provider for PITNEY BOWES,Red Hat and few others. They
are referral Partners of SAP. Modi
InfoSol is today a name to reckon with in the IT industry
because they not only believe in sales but after sales service support, which
keeps their customer to utmost satisfaction.
I request you to kindly register name of their company in
the list of approved supplier and revert back to them for queries and business
orders.
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.44.82 |
|
|
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.