MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
LINC DIGITAL SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
403, J B House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.05.1996 |
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Com. Reg. No.: |
029663 |
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CIN No.: [Company Identification
No.] |
U51507GJ1996PTC029663 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealers for Air Conditioner |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 43284 |
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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 a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments terms are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Divyesh |
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Designation : |
Accountant |
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Contact No.: |
91-79-26445290 |
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Date : |
10.03.2011 |
LOCATIONS
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Registered Office : |
403, J B House, Ishwar Bhuvan Road, B/H Sarada High School,
Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26445290 |
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Fax No.: |
91-79-26445289 |
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E-Mail : |
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Area : |
1000sq.fts |
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Location : |
Rented |
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Corporate Office : |
101,J. B. House, |
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Tel. No.: |
91-79-26445289/ 90 |
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Fax No.: |
DIRECTORS
AS ON 20.09.2010
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Name : |
Mr. Alok Sohan Prakash Kellogg |
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Designation : |
Director |
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Address : |
9-E, |
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Date of Birth/Age : |
06.05.1965 |
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Date of Appointment : |
17.05.1996 |
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Name : |
Mr. Amit Rajendrakumar Telluja |
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Designation : |
Director |
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Address : |
46/3, Bima Nagar, Opposite Umiya VJY Stop, AMB, Satelite Road,
Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
15.01.1965 |
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Date of Appointment : |
17.05.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Divyesh |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
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Names of Shareholders |
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No. of Shares |
|
Alok Sohan Prakash Kellogg |
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7260 |
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Amit Rajendrakumar Telluja |
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7260 |
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Total |
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14520 |
AS ON 20.09.2010
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Category |
Percentage |
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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 : |
Dealers for Air Conditioner |
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Agencies Held : |
Ř
Daikin
(Air-Conditioner ) Ř
Ř
Honywell (Security Systems) Ř
Icn Exchange (Water Treatment Plant ) Ř
Siemens (Key Telephone ) |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days) |
GENERAL INFORMATION
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Customers : |
Wholesaler, End Users , Retailers |
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Products : |
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No. of Employees : |
40 (In office) |
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Bankers : |
UCO Bank, St Xaviers School Road Branch, Swati Five Rasta, Sarda School, 1,2 Motinagar Co Op Housing Society,, Ahmedabad - 380014, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kantilal Pater and Company Chartered Accountant |
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Address : |
202, Paritosh Usmanpura, Ahmedabad – 380013, |
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Associates : |
Linc Strategic |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14520 |
Equity Shares |
Rs.10/- each |
Rs.0.145
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.90.000 Millions
ABRIDGED BALANCE
SHEET
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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 |
0.145 |
0.145 |
0.535 |
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2] Share Application Money |
0.000 |
5.421 |
0.000 |
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3] Reserves & Surplus |
10.676 |
0.000 |
2.764 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.821 |
5.566 |
3.299 |
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LOAN FUNDS |
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1] Secured Loans |
3.801 |
0.444 |
1.924 |
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2] Unsecured Loans |
1.214 |
2.182 |
0.417 |
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TOTAL BORROWING |
5.015 |
2.626 |
2.341 |
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DEFERRED TAX LIABILITIES |
0.131 |
(0.028) |
0.127 |
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TOTAL |
15.967 |
8.164 |
5.767 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.398 |
3.955 |
4.455 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.012 |
0.012 |
0.012 |
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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 |
11.054
|
4.683 |
3.588 |
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Sundry Debtors |
15.831
|
10.870 |
7.675 |
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Cash & Bank Balances |
6.189
|
1.247 |
1.402 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.346
|
1.047 |
0.716 |
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Total
Current Assets |
36.420
|
17.847 |
13.381 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.306
|
4.484 |
6.831 |
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Other Current Liabilities |
19.295
|
8.996 |
5.085 |
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Provisions |
0.262
|
0.170 |
0.165 |
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Total
Current Liabilities |
28.863
|
13.650 |
12.081 |
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Net Current Assets |
7.557
|
4.197 |
1.300 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.967 |
8.164 |
5.767 |
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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 |
105.739 |
79.672 |
52.446 |
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Other Income |
2.954 |
3.360 |
1.563 |
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TOTAL (A) |
108.693 |
83.032 |
54.009 |
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Less |
EXPENSES |
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Cost of Sales |
78.160 |
60.130 |
41.358 |
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Employees Remuneration and Benefits |
14.375 |
12.753 |
7.139 |
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Administrative, Selling and Other
Expenses |
6.990 |
5.020 |
2.853 |
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TOTAL (B) |
99.525 |
77.903 |
51.350 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.168 |
5.129 |
2.659 |
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Less |
FINANCIAL
EXPENSES (D) |
0.385 |
0.205 |
0.129 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.783 |
4.924 |
2.530 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.917 |
0.815 |
0.856 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.866 |
4.109 |
1.674 |
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Less |
TAX (I) |
2.611 |
1.482 |
0.552 |
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PROFIT AFTER TAX
(G-I) (J) |
5.255 |
2.627 |
1.122 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.119 |
1.463 |
0.340 |
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BALANCE CARRIED
TO THE B/S |
9.375 |
4.119 |
1.463 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.83
|
3.16 |
2.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.44
|
5.16 |
3.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.55
|
18.84 |
9.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.73
|
0.74 |
0.51 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.13
|
2.92 |
4.37 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.31 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U51507GJ1996PTC029663 |
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Name of the
company |
LINC DIGITAL SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
403, J B House, Ishwar Bhuvan Road, B/H Sarada High School,
Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
This form is for |
Modification of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
UCO BANK |
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Nature of
instrument creating charge |
Memorandum Of Entry By Way of Extension UCO Bank |
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Date of
instrument Creating the charge |
01/09/2010 |
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Amount secured by
the charge |
Rs.3.750 Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 12 % (P.A (MONTHLY) Terms of
Repayment AS ON DEMAND Extent and
Operation of the charge The Charge Operates In Favour Of The Bank To Secure Financial Assistance Extended To The Company Together With Repayment Of Interest, Commission Charges, Expenses, Costs And All Other Moneys Repayable By Borrower To The Bank With All Costs, Charges, Expenses, Whatsoever Paid Or Incurred By The Bank. |
|
Short particulars
of the property charged |
Property Unit No-101, On The Ground Floor Admeasuring About 1280 Square Feets & Unit No-102 On The Ground Floor Admeasuring About 1180 Square Feets Of The Scheme Known As J.B.House Of Suvas Shree Members Assocation Situated On The Plot Of Land Bearing Sub Plot No 23 Of Final Plot No 209 Paiki ( Allotted In Lieu Of Survey No -149, 150 And 151 ) Of Town Planning Scheme No -19 Mouje – Sheikhpur Khannpur, Taluka - City, District-Sub-District-Ahmedabad |
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Date of instrument
modifying the charge |
03.11.2004 |
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Particulars of
the present modification |
By The Present Modification Above Mention Property Colletral Secutrity For The Increasing Limit Of Cash Credit From Rs.1.000 Million To Rs.2.500 Millions And Bank Guarentee Rs 1.250 Millions. |
Fixed Assets:
Ř
Office Premises
Ř
Air Conditioner
Ř
Office Equipments
Ř
Computers
Ř
Furniture and Fixtures
Ř
Electric Fittings
Ř
Motor Car/Bike
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.21 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.