MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
EXPRESS AIROTRONICS PRIVATE LIMITED |
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Registered
Office : |
Sai Chambers, 5th Floor, Room No.514, Behind Best Terminus,
Next to Syndicate Bank, Santacruz Station (East), Mumbai – 400055,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.07.1993 |
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Com. Reg. No.: |
11-72828 |
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CIN No.: [Company Identification
No.] |
U32109MH1993PTC072828 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Mume05073f |
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PAN No.: [Permanent Account No.] |
Aaace0826h |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Networking Software. |
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 160000 |
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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 trader and suppliers of
computer hardware it also undertakes maintenance of computer. General
financial position is satisfactory. Trade relations are fair. Nothing adverse
reported. 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 |
LOCATIONS
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Registered Office : |
Sai Chambers, 5th Floor, Room No.514, Behind Best Terminus,
Next to Syndicate Bank, Santacruz Station (East), Mumbai – 400055, Maharashtra,
India |
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Tel. No.: |
91-22-26126629 |
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Fax No.: |
91-22-26126629 |
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E-Mail : |
expressairotronics@gmail.com |
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Website : |
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Area : |
500 sq. ft. |
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Location |
Rented |
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Corporate Office : |
106, 1st Floor, 24B Raja Bahadur Compound, Ambala Doshi Marg, Fort,
Mumbai- 400023, |
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Tel. No.: |
91-22-22624499/ 22624535/ 22623935 |
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Fax No.: |
91-22-226244960 |
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E-Mail : |
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Branch Office: |
303, Lanewala Complex, |
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Tel. No.: |
91-2532-241648 |
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Warehouse : |
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Area : |
500 sq. ft. |
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Location |
Rented |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Anand Laxman Veer |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
29.09.1972 |
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Qualification : |
B. Com |
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Date of Appointment : |
09.05.2005 |
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Name : |
Mr. Ajay Nana Walanju |
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Designation : |
Director |
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Address : |
Sahajeevan 32 1735 Khernagar MHB Colony, Bandra (East), Mumbai –
400051, |
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Date of Birth/Age : |
20.03.1967 |
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Qualification : |
B. Com |
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Date of Appointment : |
16.08.2000 |
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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Ajay Nana Walanju |
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28000 |
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Commune Equipments and Tr. Company Private Limited, |
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80000 |
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Mercantile Teletronics Private Limited, |
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14000 |
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Anand Laxman Veer |
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29000 |
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Total |
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151000 |
As on 29.09.2010
|
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 : |
Trader of Networking Software. |
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Products : |
·
Communication Equipments · Computer Hardware · Computer Software Packages |
GENERAL INFORMATION
|
Suppliers : |
·
IGTL Solutions (S) PTE Limited · JC Packer’s System Pte. Limited · Navneet Computer ·
Nageshwar Infotech Limited |
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Customers : |
Corporates ·
Aamrae ·
Algodex System Private Limited ·
ABC Bearings Limited ·
·
Carina Finvest Limited ·
Chief Post Master General ·
City Civil Court Mumbai ·
Dyna Rubber Workds Private Limited ·
Dhere and Yeolekar, Chartered Accountants ·
General Post Office, Mumbai ·
Globe Transport Corporation ·
G.R. Engineering Works Limited ·
Ginza Industries Limited ·
GTL Limited ·
Gwalior Chemicals Industries Limited ·
K.Flexipack (Vapi) ·
KLB Marketing ·
Kothari Sugar and Chemicals Limited ·
Lalit Rest. and Bar ·
Mukhtyar International ·
Puma Lift Trucks Private Limited ( ·
Ruby Exporters ·
Rapid Transport Corporation ·
Rapid Trans Carriers ·
Rani Sati Investment ·
Regional Evolution Office ·
·
Sarvana Trades (I) Private Limited ·
Safetech Software Services ·
Shree Siddhivinayak Distributors ·
The ·
The Ravalgaon Sugar Farm Limited ·
T.T.Biological Development Company Limited ·
V.K.C.Forex [P] Limited ·
Walia Electrical ·
Wool and Woolens |
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No. of Employees : |
8 (Approximately) |
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Bankers : |
·
Syndicate Bank, · The Sangli Bank Limited · Indus Ind Bank |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Vipin Ladda Chartered Accountants |
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Address : |
D-701, Subh Sarita, Apaa Saheb Siddhe Marg, Borivali (East),
Mumbai-400 066, Maharashtra, |
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Tel. No.: |
91-22-32199275 |
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Associates/Subsidiaries : |
Commune Equipments and Tr. Company Private Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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151000 |
Equity Shares |
Rs.10/- each |
Rs.1.510
millions |
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Note:
More than 51% shares holds by Commerce
Equipments Private Limited
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 |
1.510 |
1.510 |
1.510 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.808 |
12.117 |
6.482 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39.318 |
13.627 |
7.992 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.149 |
0.420 |
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2] Unsecured Loans |
300.828 |
0.000 |
0.000 |
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TOTAL BORROWING |
300.828 |
0.149 |
0.420 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
340.146 |
13.776 |
8.412 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.504 |
0.662 |
0.812 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.003 |
1.003 |
1.003 |
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DEFERREX TAX ASSETS |
0.082 |
0.993 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
27.878
|
58.718 |
0.240
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Sundry Debtors |
0.960
|
0.833 |
0.748
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Cash & Bank Balances |
6.134
|
1.743 |
5.476
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Other Current Assets |
0.000 |
0.000 |
0.000
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Loans & Advances |
1202.236
|
510.647 |
276.120
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Total
Current Assets |
1237.208
|
571.941 |
282.584
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
855.303 |
499.314 |
72.612
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Other Current Liabilities |
23.244
|
54.147 |
200.141
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Provisions |
20.104
|
7.362 |
3.234
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Total
Current Liabilities |
898.651
|
560.823 |
275.987
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Net Current Assets |
338.557
|
11.118 |
6.597
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
340.146 |
13.776 |
8.412 |
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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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TOTAL |
937.931 |
895.030 |
498.970 |
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Less |
EXPENSES |
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TOTAL |
897.760 |
886.255 |
498.006 |
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PROFIT BEFORE
TAX |
40.171 |
8.775 |
0.964 |
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Less |
TAX |
14.479 |
3.141 |
0.380 |
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PROFIT AFTER TAX
|
25.692 |
5.634 |
0.584 |
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Earnings Per
Share (Rs.) |
170.14 |
37.31 |
3.87 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.74
|
0.63 |
0.12
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.25
|
1.53 |
0.34
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Return on Investment (ROI) (PBT/Networth) |
|
1.02
|
0.64 |
0.12
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Debt Equity Ratio (Total Liability/Networth) |
|
22.86
|
41.17 |
34.59
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Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.02 |
1.02
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LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted
from, Navjivan Commercial Society Limited, Building No.3, Office No.1410 R, 14th
Floor,
Results of
Operations:
During the year 2009-2010, the company has achieved total income of
Rs.937.931 millions as against Rs.895.030 millions in the previous year. Hence
there has been growth in the total income of the company over the previous
year. The profit after tax for the year 2009-2010 was Rs.25.692 millions against
profits of Rs.5.634 millions in the previous year.
Fixed Assets:
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Computer and Accessories
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 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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--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.