MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
FACT IMPEX PRIVATE LIMITED |
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Registered Office : |
302, 3rd Floor, So Lucky Corner Co-operative Premises
Society Limited, Andheri Kulra Road, Chakala, Andheri (East), Mumbai –
400099, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.11.1997 |
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Com. Reg. No.: |
11-111783 |
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CIN No.: [Company
Identification No.] |
U51900MH1997PTC111783 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF02193C |
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PAN No.: [Permanent
Account No.] |
AAACF1215A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Computers Hardware, Spares and Telecom Equipments. |
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 103000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established trader of computers hardware, spares and
telecom equipments. Trade relations are fair. Financial position is
satisfactory. Payments are reported as slow but 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.
ECGC Country Risk Classification List – April 1, 2010
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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 : |
302, 3rd Floor, So Lucky Corner Co-operative Premises
Society Limited, Andheri Kulra Road, Chakala, Andheri (East), Mumbai –
400099, Maharashtra, India |
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Tel. No.: |
91-22-66973156/ 66973157 |
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Fax No.: |
91-22-66973157 |
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E-Mail : |
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Warehouse : |
Guruprom Grihanirman CHS, Shop No.3, Ground Floor, Plot No.25, Sector
– 4, Kalamboli, Navi Mumbai – 410218, |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Vinod Satelkar |
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Designation : |
Director |
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Address : |
12/C, |
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Date of Birth/Age : |
10.11.1972 |
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Date of Appointment : |
02.12.1997 |
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Name : |
Mr. Dhiraj Manaji Chavan |
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Designation : |
Director |
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Address : |
31-1649, Kher Nagar, Bandra East, Mumbai – 400051, |
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Date of Birth/Age : |
20.09.1969 |
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Date of Appointment : |
18.11.1997 |
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Name : |
Mr. Govind D. Masurkar |
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Designation : |
Director |
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Address : |
B – 24, Rushabh Towerm Chs. Flat No.602, Shanti Nagar, |
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Date of Birth/Age : |
26.09.1966 |
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Date of Appointment : |
23.06.2003 |
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Date of Cessation: |
01.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Vinod Satelkar |
14400 |
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Dhiraj Manaji Chavan |
9950 |
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Govind D. Masurkar |
2250 |
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Total |
26600 |
AS ON 30.09.2010
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Category |
Percentage
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Directors or relatives of directors |
92.00 |
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Other top fifty shareholders |
8.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Computers Hardware, Spares and Telecom Equipments. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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Suppliers : |
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No. of Employees : |
60 Approximately |
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Bankers : |
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Facility: |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
PNV Raju Gupta Chartered Accountant |
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Address : |
Building No.2-A, Flat No.34, Vrindavan Society, Thane West, Thane –
400601, |
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Tel No.: |
91-9819655769 |
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Email : |
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Name : |
P. Parikh and Associates Chartered Accountant |
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Address : |
4th Floor, |
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Name : |
Yogesh S Thakkar and Associates Chartered Accountant |
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Address : |
26, |
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Tel. No.: |
91-22-28701030 |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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26600 |
Equity Shares |
Rs.10/- each |
Rs.0.266
Million |
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FINANCIAL DATA
[all figures are
in Rupees 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 |
0.266 |
0.266 |
0.266 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.683 |
24.176 |
18.453 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.949 |
24.442 |
18.719 |
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LOAN FUNDS |
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1] Secured Loans |
245.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1446.237 |
0.000 |
0.000 |
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TOTAL BORROWING |
1691.237 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.005 |
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TOTAL |
1717.186 |
24.442 |
18.724 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.054 |
0.050 |
0.071 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.745 |
1.830 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
503.375
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748.541 |
0.000
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Sundry Debtors |
2.759
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18.184 |
39.606
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Cash & Bank Balances |
23.404
|
1.199 |
1.382
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Other Current Assets |
58.526
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50.585 |
9.906
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Loans & Advances |
1717.213
|
542.155 |
399.975
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Total
Current Assets |
2305.277
|
1360.664 |
450.869 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
287.197
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941.965 |
166.716
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Current Liabilities |
289.915
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381.380 |
255.951
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Provisions |
11.778
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14.757 |
9.552
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Total
Current Liabilities |
588.890
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1338.102 |
432.219
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Net Current Assets |
1716.387
|
22.562 |
18.650
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1717.186 |
24.442 |
18.724 |
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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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Sales |
952.478 |
828.942 |
436.848 |
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Other Income |
0.000 |
0.000 |
22.565 |
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TOTAL (A) |
952.478 |
828.942 |
459.413 |
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Less |
EXPENSES |
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Cost of Goods Sold |
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432.384 |
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Administrative Expenses |
949.459 |
819.842 |
1.482 |
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Staff Expenses |
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0.061 |
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Donation |
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|
1.500 |
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TOTAL (B) |
949.459 |
819.842 |
435.427 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.019 |
9.100 |
23.986 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
10.574 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.019 |
9.100 |
13.412 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
0.014 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.019 |
9.100 |
13.398 |
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Less |
TAX (H) |
1.513 |
3.376 |
4.986 |
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PROFIT AFTER TAX
(G-H) (I) |
1.506 |
5.724 |
8.412 |
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IMPORTS |
43.156 |
0.686 |
4.150 |
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Earnings Per
Share (Rs.) |
56.62 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total
Income |
(%) |
0.15
|
0.69 |
1.83
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Net Profit Margin (PBT/Sales) |
(%) |
0.31
|
1.09 |
3.07
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.13
|
0.66 |
2.97
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.37 |
0.72
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Debt Equity Ratio (Total Liability/Networth) |
|
87.86
|
54.74 |
23.09
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Current Ratio (Current Asset/Current Liability) |
|
3.91
|
1.01 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE:
They are pleased to place before the, the Company's performance for the financial
year 2009-10. During the year under review, the Company recorded an income from
operations of Rs. 952.478 millions, as against Rs. 828.942 millions during the previous year. The Company has
managed to earn a Profit After Tax of Rs. 1.506 millions as against Profit of
Rs. 5.724 millions during the previous year. During the year in spite of
increase in turnover Company could not maintain its profitability due to
increase in Costs and stiff competition.
The directors hope to
maintain performance in the coming year barring any unforeseen circumstances.
FIXED ASSETS:
- Computers
- Fax Machine
- Typewriter Machine
- Furniture and Fixture
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 |
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|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.