MIRA
INFORM REPORT
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Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MICROLINK SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
70, Nalanda Complex, Vastrapur, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.06.1996 |
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Com. Reg. No.: |
04-029818 |
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CIN No.: [Company
Identification No.] |
U30009GJ1996PTC029818 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a Network Consultant, System Integrator and a Complete IT
Solutions Provider. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 76000 |
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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.
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 (GENERAL DETAILS)
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Name : |
Mr. Pinakin |
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Designation : |
Senior Accountant |
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Date : |
12.03.2011 |
LOCATIONS
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Registered Office/ Project Office : |
70, Nalanda Complex, Vastrapur, |
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Tel. No.: |
91-79-26747556/ 26747561 |
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Fax No.: |
91-79-26767597/26747561 |
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E-Mail : |
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Website : |
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Corporate Office : |
10, 2nd Floor, Sarthik, Near |
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Tel. No.: |
91-79-26927683/ 26927684 |
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Fax No.: |
91-79-26927686 |
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E-Mail : |
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Branch Office : |
D/41, Amarjyoti, M.G. Complex, sector- 14, Vashi, Navi Mumbai- 400703,
Maharashtra, India. |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Ketan Natwarlal Khimani |
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Designation : |
Director |
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Address : |
G/34, Takshashila Apartment, |
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Date of Birth/Age : |
11.12.1965 |
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Date of Appointment : |
04.06.1996 |
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Name : |
Mr. Amit Manubhai Dave |
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Designation : |
Director |
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Address : |
29, Ramnagar Society, Opposite Swami Narayan Wadi, Maninagar,
Ahmedabad- 380008, |
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Date of Birth/Age : |
29.08.1970 |
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Date of Appointment : |
04.06.1996 |
KEY EXECUTIVES
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Name : |
Mr. Pinakin |
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Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ketan Natwarlal Khimani |
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86600 |
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Amit Manubhai Dave (HUF) |
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10 |
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Natwerlal K. Khimani (HUF) |
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10 |
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Ashvin Natwerlal Khimani (HUF) |
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10 |
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Netvision Technologies Private Limited, |
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140700 |
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Natwerlal K. Khimani |
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100 |
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Total |
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227430 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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61.87 |
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Directors
or relatives of directors |
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38.13 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is a Network Consultant, System Integrator and a Complete IT
Solutions Provider. |
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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 : |
v
Access Computers v
Asia Powercom Private Limited v
Cavitak Enterprise v
Circuit Enterprises v
DELL networks Limited v
Global Infotech v
Ideal Systems Private Limited v
Kirti telnet Private Limited v
Meet Marketing v
Remik Trading Company v
Riya Electronics v
Siddhi Sales and service v
Parr Computers Private Limited v
Rajguru Computers v
Smartnet technologies Private Limited |
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Customers : |
Manufacturing v
Ingersoll Rand, Naroda- Ahmedabad v
Dresser Rand- Ahmedabad v
v
L and T, ECC Group v
Nirma Soda- Ash, v
Bosch Rexroth (I) Limited, Vatva- Ahmedabad Governments: v
Airport Authority of India- Ahmedabad v
AG Office- Ahmedabad and v
ONGC-IRS, Chandkheda Educational
Institutions: v
v
Nirma Institute of Management v
National Institutre of Design- Ahmedabad Bank and
Services v
NABARD- Ahmedabad v
Dena Bank- 10 Branches in v
Corporation Bank- 12 Branches In v
State Bank of India- Ahmedabad HO Pharmaceuticals v
Torrent Pharma Limited- Ahmedabad v
Cadila Pharma Limited- 4 Locations in v
Claris Life Science (Core)- Ahmedabad IT, Software and
Telecom v
Vodafone v
Tata Teleservices Limited- Ahmedabad v
Bharti Cellular- Ahmedabad |
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No. of Employees : |
250 (In Office 230) (In Branch 20) (Approximately) |
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Bankers : |
v
State Bank of v
HDFC Bank Limited v
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Madhusudan C Mashruwala and Company Chartered Accountant |
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Address : |
301-303, Akik, Mithakhali, Ahmedabad- 380006, |
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Tel. No.: |
91-79-26462430/ 26467183 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
227430 |
Equity Shares |
Rs.10/- each |
Rs.2.274
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.274 |
2.274 |
2.274 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.905 |
13.578 |
11.611 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.179 |
15.852 |
13.885 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.147 |
0.351 |
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2] Unsecured Loans |
35.820 |
24.000 |
24.500 |
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TOTAL BORROWING |
35.820 |
24.147 |
24.851 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.999 |
39.999 |
38.736 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.246 |
2.586 |
3.164 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.044 |
18.181 |
0.232 |
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DEFERREX TAX ASSETS |
0.180 |
0.160 |
0.128 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.278
|
2.630 |
4.465 |
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Sundry Debtors |
33.738
|
21.716 |
44.906 |
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Cash & Bank Balances |
5.597
|
1.164 |
2.231 |
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Other Current Assets |
19.447
|
2.714 |
13.154 |
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Loans & Advances |
11.346
|
9.551 |
0.047 |
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Total
Current Assets |
88.406
|
37.775 |
64.803 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
34.077
|
16.424 |
26.136 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
1.800
|
2.279 |
3.455 |
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Total
Current Liabilities |
35.877
|
18.703 |
29.591 |
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Net Current Assets |
52.529
|
19.072 |
35.212 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.999 |
39.999 |
38.736 |
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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 |
|
62.226 |
76.897 |
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Other Income |
|
50.456 |
58.544 |
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TOTAL |
146.678 |
112.682 |
135.441 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
143.372 |
109.775 |
131.354 |
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PROFIT BEFORE
TAX |
3.306 |
2.907 |
4.087 |
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Less |
TAX |
0.000 |
0.939 |
0.002 |
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PROFIT AFTER TAX
|
3.306 |
1.968 |
4.085 |
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Earnings Per
Share (Rs.) |
14.54 |
8.65 |
8.17 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.25
|
1.75 |
3.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
4.67
|
5.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.65
|
7.20
|
10.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.18
|
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.74
|
2.70
|
3.92 |
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Current Ratio (Current Asset/Current Liability) |
|
2.46
|
2.02
|
2.22 |
LOCAL AGENCY FURTHER INFORMATION
Partial Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Creditors for Goods |
|
|
|
|
Dax Networks
Limited |
10.698 |
0.124 |
0.000 |
|
Ideal Computer
Services |
0.066 |
0.194 |
0.000 |
|
Ideal Systems
Private Limited, Jaipur |
0.091 |
0.091 |
0.091 |
|
Microserve
Solutions Private Limited |
3.989 |
3.761 |
4.968 |
|
Network
Technologies Private Limited |
6.529 |
7.672 |
4.768 |
|
Redington ( |
1.274 |
0.029 |
1.895 |
|
Total |
22.647 |
11.871 |
11.722 |
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Creditors for Expenses |
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Advances Given to
Employees |
0.013 |
0.006 |
0.000 |
|
Bharat Sanchar
Nigam Limited |
0.005 |
0.004 |
0.007 |
|
Sainik Seva
Services |
0.019 |
0.012 |
0.015 |
|
Maya Associates |
0.792 |
0.000 |
0.000 |
|
Nirav Interiors |
0.792 |
0.000 |
0.000 |
|
Rushabh
Stationers |
0.002 |
0.002 |
0.000 |
|
Total |
1.623 |
0.024 |
0.022 |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80029011 |
|
Corporate identity
number of the company |
U30009GJ1996PTC029818 |
|
Name of the
company |
MICROLINK
SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Ahmedabad-380015, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Others |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
(1) Letter of
hypothecation against goods to secure a demand cash credit (2) Agreement for
overdraft / cash credit (hypothecation
of debts and assets) |
|
Date of
instrument Creating the charge |
16.03.2007 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate of 1.00 % over PLR subject to the minimum of 13.50 % shall be calculated
on the daily balance due upon the cash credit account granted by the bank to
the borrower. Terms of
Repayment The aggregate
enhanced financial assistance in the form of working capital limit of
Rs.20.000 Millions (comprising of bank guarantee of Rs.10.000 and ODBD limit
of Rs.10.000 Millions) is repayable on demand. Margin The borrower
shall make and furnish to the bank the
returns of book debts, receivables and outstanding moneys etc due to the
borrower from time to time and shall maintain a margin of security of not
less than 50.00 % on such book debts, receivables, claims etc. Extent and
Operation of the charge The charge
created on the assets described herein shall stand and continue to stand
security for the repayment of the aggregate enhanced financial assistance of
Rs.200.00 Millions to gather with all interest, costs, charges, expenses,
commission and other moneys payable by the borrower to the bank. Others The charge
created hereby shall rank as exclusive first charge in favour of the bank for
repayment of the aggregate amount of Rs.20.000 Millions . |
|
Short particulars
of the property charged |
(1) All present
and future book debts, outstanding
moneys, receivables, claims, bills, all existing and future contracts and
engagements in favour of the borrower, investments and all other similar
rights and assets including goodwill and
connections in the business, (2) All goods, i. e, all tangible movable
property such as products, stock in trade, goods of the borrower like
computer hardware, ups, cables etc brought in, stored in or about the
premises or godowns of the borrower at Ahmedabad. |
|
Particulars of
the present modification |
Original charge
of Rs.10.000 Millions created in favour of the bank on 08.03.2006 to secure
due discharge and repayment of bank guarantee of Rs.10.000 Millions is now
enhanced to Rs.20.000 Millions of w. C. Facilities (comprising of bg of Rs.10.000
Millions and ODBD of Rs.10.000 Millions). Properties described herein at sr.
No.14 read with those described in agreement for OD and letter of
hypothecation both dated. 16.03.2007 shall continue to stand security for
repayment to the bank the said w. C. Facilities Rs.20.000 Millions. |
Fixed Assets:
v Air Conditioner
v Computer
v Furniture and Fixture
v Office Equipments
v Plant and Machinery
v Kinetic Honda
v Motor Car
v Mobile Phone
v Computer Software (Pay Roll)
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.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
49 |
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.