1. Summary Information
|
|
|
Country |
|
|
Company Name |
SAVEX COMPUTERS
LIMITED |
Principal Name 1 |
Mr. Anil Ishwarlal Jagasia |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Anuradha Anil Jagasia |
|
|
|
Registration # |
11-46237 |
|
Street Address |
124-B, Maker
Chambers III, Nariman Point, Mumbai – 400021, |
||
|
Established Date |
16.02.1988 |
SIC Code |
-- |
|
Telephone# |
91-22-22881616 /
1717 / 22799999 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-22-22041656 |
Business Style 2 |
Dealers |
|
Homepage |
Product Name 1 |
All kinds of electronic goods |
|
|
# of employees |
200
(Approximately) |
Product Name 2 |
Components |
|
Paid up capital |
Rs. 40000000 /- |
Product Name 3 |
Materials |
|
Shareholders |
Directors and
relatives of directors - 99.96 Other - 0.04 |
Banking |
·
Bank of |
|
Public Limited Corp. |
NO |
Business Period |
22 years |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba
(46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,689,174,000 |
Current Liabilities |
469,703,000 |
|
Inventories |
1,044,674,00 |
Long-term Liabilities |
1,649,297,000
|
|
Fixed Assets |
30,188,000 |
Other Liabilities |
591,000 |
|
Deferred Assets |
-- |
Total Liabilities |
2,119,591,000 |
|
Invest& other Assets |
303,000 |
Retained Earnings |
604,748,000 |
|
|
|
Net Worth |
644,748,000 |
|
Total Assets |
2,764,339,000 |
Total Liab. & Equity |
2,764,339,000 |
|
Total Assets (Previous Year) |
1,561,405,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
11,165,806,000 |
Net Profit |
195,371,000 |
|
Sales(Previous yr) |
8,070,405,000 |
Net Profit(Prev.yr) |
106,357,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
124-B, Maker Chambers III, Nariman Point,
Mumbai – 400 021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
16.02.1988 |
|
|
|
|
Com. Reg. No.: |
11-46237 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31909MH1988PLC046237 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37240A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACS5547 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers, Dealers, Importers and Exporters of all kinds of
electronic goods, components, materials, sub-assemblies, instruments, devices
and systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
|
|
|
|
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track records. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory / Head Office : |
124-B, Maker Chambers III, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-22881616 / 1717 / 22799999 |
|
Fax No.: |
91-22-22041656 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Warehouse |
B-4, Mitul Industrial Estate, Village Valiv, |
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|
|
|
Branches : |
Located at ·
Mumbai ·
Vasai ·
Ahmedabad ·
·
·
Kolkata ·
Chennai ·
·
·
·
·
·
Noida ·
Jaipur ·
·
Pune ·
·
·
Nashik ·
·
·
·
Vijaywada ·
Dehradun ·
Gurgaon ·
·
·
·
·
·
·
Parwanoo ·
Mangalore ·
Bhubaneshwar ·
·
Guwahati ·
·
·
|
|
|
|
|
Overseas Office : |
3, |
DIRECTORS
As on : 20.09.2010
|
Name : |
Mr. Anil Ishwarlal Jagasia |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
16, Soona Mahal, 143, |
|
Date of Birth/Age : |
24.08.1960 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
16.02.1988 |
|
Previous
Employment |
Savex Corporation – Managing Partner (2
years) |
|
Email : |
|
|
|
|
|
Name : |
Mrs. Anuradha Anil Jagasia |
|
Designation : |
Whole Time Director |
|
Address : |
16, Soona Mahal, 143, |
|
Date of Birth/Age : |
15.06.1962 |
|
Date of Appointment : |
16.02.1988 |
|
|
|
|
Name : |
Mr. Devang A. Pandya |
|
Designation : |
Whole Time Director |
|
Address : |
13, Vora Bhuvan, |
|
Date of Birth/Age : |
05.06.1964 |
|
Date of Appointment : |
23.10.2001 |
|
|
|
|
Name : |
Mr. Jayant H Goradia |
|
Designation : |
Whole Time Director |
|
Address : |
203, Asha Niketan, |
|
Date of Birth/Age : |
04.09.1960 |
|
Date of Appointment : |
23.10.2001 |
|
Email: |
|
|
|
|
|
Name : |
Mr. Raunak Anil Jagasia |
|
Designation : |
Director |
|
Address : |
16/A, Soona Mahal, 143, |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 20.09.2010
|
Names of Shareholders |
No. of Shares |
|
199100 |
|
|
Anil Ishwarlal
Jagasia J/W Anuradha A. Jagasia |
3598200 |
|
Anuradha A. Jagasia |
200 |
|
Anuradha A. Jagasia J/W Anil Ishwarlal Jagasia |
600 |
|
Deepak L. Dudhane |
200 |
|
Deepak L. Dudhane J/W Sreedhara D. Dudhane |
600 |
|
Raunak A. Jagasia |
50000 |
|
Raunak A. Jagasia J/W Anuradha A. Jagasia |
150000 |
|
Ravindra L. Dudhane |
200 |
|
Ravindra L. Dudhane J/W Anita R. Dudhane |
600 |
|
|
100 |
|
Devang A. Pandya |
100 |
|
Jayant Goradia |
100 |
|
|
|
|
Total |
4000000 |
As on : 20.09.2010
|
Category |
Percentage |
|
Directors and relatives of directors |
99.96 |
|
Other top fifty (50) Shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Dealers, Importers and Exporters of all kinds of
electronic goods, components, materials, sub-assemblies, instruments, devices
and systems. |
||||||
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|
|
||||||
|
Products : |
· Computers · Peripherals · Electronic goods · Components · Materials · Sub-assemblies · Instruments · Devices · Systems |
GENERAL INFORMATION
|
Suppliers : |
·
Aditya
Infotech Private Limited ·
Allion
Computer Inc. ·
Lanbit
·
Redington
·
Samsung
Electronics Company Limited (Display), ( ·
View
Sonic International Corporation, ( ·
Savex
Enterprises |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
·
3
Com India Private Limited ·
Add-on
Infotech Private Limited ·
BIIT
Computers ·
Delstar
Systems and Services ·
·
Gemini
Infotech Private Limited ·
International
Roofs Electronics Systems Private Limited ·
Kunbar
Peripherals Private Limited ·
Lanbit
Peripherals Private Limited ·
Mini
Comp Limited ·
Novo
Computers Private Limited ·
Pacific
Infotech Private Limited ·
PCS
Industries Limited ·
S.
D. Computers Limited ·
Sujata
Electronics Limited ·
Zenith
Computers Limited |
||||||||||||||||||||||||||||||||||||
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|
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No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of ·
Syndicate Bank ·
State Bank of ·
IDBI Bank ·
CITI Bank NA, Bandra Kurla Complex, Bandra
(East), Mumbai -400051, Maharashtra, ·
India Centurion Bank, Mumbai, Indore ·
HDFC Bank, Chennai, Coimbatore ·
Union Bank of India, Nariman Point, Mumbai,
Maharashtra, India ·
Union Bank of India, Tardeo Branch, 251-B, Sethna
House, Mumbai - 400 007, Maharashtra, India ·
Standard Chartered Bank 90, M G Road, Fort,
Mumbai – 400001, Maharashtra, India ·
The Hong Kong and Shanghai Banking Corporation
Limited, 52/60, M G Road, Fort, Mumbai – 400 001, Maharashtra, India ·
ING Vysya Bank Limited, Mittal Towers, A-Wing
Ground Floor 210, Nariman Point, Mumbai – 400021, Maharashtra, India ·
Citi
Bank N.A. Citi Tower, Dr. S S
Rao Road, Parel, Mumbai – 400 012, Maharashtra, India ·
Barclays
Bank Plc 601/603, Ceejay
House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai -400018,
Maharashtra, INDIA |
||||||||||||||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
|
|
Name : |
N. K. Karla and Associates Chartered Accountant |
|
Address : |
Sai Chamber, 1st Floor, Opp. Gulmarg Co-operative Housing Society,
R. C. Marg, Chembur Naka, Mumbai - 400 071, |
|
Tel. No.: |
91-22-25293005/7 |
|
Fax No.: |
91-22-25293649 |
|
E-Mail : |
|
|
|
|
CAPITAL STRUCTURE
As on :
31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
40.000 |
40.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
604.748 |
412.185 |
308.636 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
644.748 |
452.185 |
348.636 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1529.297 |
572.961 |
671.828 |
|
|
2] Unsecured Loans |
120.000 |
110.000 |
83.000 |
|
|
TOTAL BORROWING |
1649.297 |
682.961 |
754.828 |
|
|
DEFERRED TAX LIABILITIES |
0.591 |
1.021 |
0.855 |
|
|
|
|
|
|
|
|
TOTAL |
2294.636 |
1136.167 |
1104.319 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
30.188 |
24.788 |
25.558 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.093 |
0.089 |
0.096 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1044.674
|
521.656
|
402.836
|
|
|
Sundry Debtors |
1421.996
|
794.794
|
693.248
|
|
|
Cash & Bank Balances |
7.108
|
10.133
|
9.377
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
260.070
|
209.665
|
156.823
|
|
Total
Current Assets |
2733.848
|
1536.248
|
1262.284
|
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
NA
|
273.062
|
91.858
|
|
|
Current Liabilities |
302.515
|
17.314
|
14.585
|
|
|
Provisions |
167.188
|
134.862
|
77.176
|
|
Total
Current Liabilities |
469.703
|
425.238
|
183.619
|
|
|
Net Current Assets |
2264.145
|
1111.010
|
1078.665
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.210 |
0.280 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2294.636 |
1136.167 |
1104.319 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11165.806 |
8070.405 |
6593.970 |
|
|
|
Other Income |
6.934 |
6.244 |
2.262 |
|
|
|
TOTAL (A) |
11172.740 |
8076.649 |
6596.232 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
7621.214 |
6250.249 |
|
|
|
Administrative and Establishment Expenses |
|
39.308 |
31.985 |
|
|
|
Selling and Marketing Expenses |
10946.954 |
47.954 |
29.838 |
|
|
|
Staff Cost |
|
84.962 |
56.135 |
|
|
|
Donation |
|
0.734 |
1.501 |
|
|
|
Miscellaneous Expenses W/Off |
|
0.000 |
0.000 |
|
|
|
TOTAL (B) |
10946.954 |
7794.172 |
6369.708 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
225.786 |
282.407 |
226.524 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
113.463 |
110.180 |
69.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
112.323 |
172.227 |
156.650 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.753 |
7.994 |
7.851 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
105.570 |
164.233 |
148.799 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(89.801 |
57.876 |
52.326 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
195.371 |
106.357 |
96.473 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
330.567 |
247.009 |
173.344 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
|
|
|
Dividend |
2.400 |
2.400 |
2.400 |
|
|
|
Tax on Dividend |
0.408 |
0.408 |
0.408 |
|
|
BALANCE CARRIED
TO THE B/S |
503.121 |
330.558 |
247.009 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
96.546 |
58.982 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
26.59 |
24.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.74
|
1.32 |
1.46
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.94
|
2.03 |
2.26
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.81
|
10.52 |
11.55
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.36 |
0.43
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.28
|
2.45 |
2.69
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.82
|
3.61 |
6.87
|
LOCAL AGENCY FURTHER INFORMATION
OPEATIONS :
Financial Year was one of the best years from
a business Prospectus. Their company performance was excellent and the same is
reflected in the results. Their company crossed the 10000 millions mark for the
first time in FY 10. Good demand for products. Exploring news business
opportunities , starting business with new vendors and better utilization of
available resources resulted in an outstanding performance of their company
Form No. 8
|
Name of the company |
SAVEX COMPUTERS LIMITED |
|
Presented By |
Citi Bank N.A.
and Savex Computer Limited |
|
1) Date and description of instrument creating the change |
Dated : 29th
July, 2003 No Instrument;
but a mortgage created by way of deposit of title deeds in respect of the
Company’s immovable properties as security. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.466 millions
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
·
Unit
No. 104 on the First Floor in CFC Building of Mitul Industrial Premises Co-Op
Housing Society Limited, situated at Village Valiv, Taluka – Vasai and
District – Thane admeasuring about 295 sq. ft. together with all rights title
and interest in respect of the said Unit No. 104 in the Society. ·
Unit
No. 105 on the First Floor in CFC Building of Mitul Industrial Premises Co-Op
Housing Society Limited, situated at Village Valiv, Taluka – Vasai and
District – Thane admeasuring about 295 sq. ft. together with all rights title
and interest in respect of the said Unit No. 104 in the Society. ·
Unit
No. 106 on the First Floor in CFC Building of Mitul Industrial Premises Co-Op
Housing Society Limited, situated at Village Valiv, Taluka – Vasai and District
– Thane admeasuring about 295 sq. ft. together with all rights title and
interest in respect of the said Unit No. 104 in the Society. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The company has
created a mortgage by way of deposit of title deeds in respect of the above
properties for securing the financial facilities aggregating to Rs.3.466
millions in favor of the Bank to the Borrower to secure repayment of all
monies including interest, costs, charges and expenses due or becoming due
and payable by the Borrower to the Bank under or in respect of all or some or
any of the facilities either in Indian or Foreign currencies granted and / or
agreed to be granted to the Borrower by way of overdrafts, cash credits, term
loans, pre-shipment and post shipment credits, opening a letters of credit,
issuing of guarantees including deferred payment guarantees and indemnities,
negotiation and discounting of demand and / or usance bills and cheques
Inland as well as foreign and such other facilities as may be agreed upon
from time to time between the Bank and the Borrower ad for any other
indebtedness and liabilities past, present and future of the Borrower to the
Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
Citi Bank N.A. |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
|
Corporate identity
number (CIN) Foreign company registration number |
U31909MH1988PLC046237 |
|
Name of the
Company |
SAVEX COMPUTERS LIMITED |
|
Address |
124-B, Maker Chambers III, Nariman Point, Mumbai – 400
021, |
|
This form is for |
Modification of Charge |
|
Charge identification (ID) number of the charge to be modified |
10095163 |
|
Type of Charge |
·
Book debts ·
Movable property ·
Floating charge |
|
Particulars of
the charge holder |
Barclays Bank Plc 601/603, Ceejay House,
Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai -400018, Maharashtra, INDIA |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Supplemental
Hypothecation Agreement |
|
Date of the
instrument creating or modifying the charge |
27.08.2010 |
|
Amount secured by
the charge |
Rs. 235.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
·
Rate
of Interest Interest /
Commission - As agreed by and with the Bank from time to time. ·
Terms
of Repayment As agreed by and
with the Bank from time to time. ·
Margin As applicable,
if any. ·
Extent
and operation of the charge: Hypothecation by
way of first ranking pari passu charge on the hypothecated assets of Company
as particularly described in Column No.14 for repayment of Rs.23.50 Crs and
all other amount due and payable by the Company to the Bank.
Hypothecated
Assets shall be the continuing security for payment of the facility together
with all interest and all other monies due to the Bank and any future loans
provided by the Bank. |
|
Short particulars
of the property charged (including location of the property) |
First ranking
pari passu charge on all the movable properties of the Company, present and
future, including without limitation its stocks of raw materials, semi
finished and finished goods, outstanding,
receivables, investments, deposits, book debts, monies receivable, claims,
bills and consumable stores and other movables. (As more described in the
Schedule 2 of enclosed Deed) |
|
Date of last modification prior to the present modification |
30/12/2009 |
|
Particulars of the present modification |
By present
modification, the existing charge of Rs.15 Crores enhanced to Rs.23.50
Crores. |
|
Corporate
identity number of the company |
U31909MH1988PLC046237 |
|
Name of the
company |
SAVEX COMPUTERS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
124-B Maker
Chambers Linariman Point, Mumbai - 400021, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Nature of
instrument creating charge |
As Per Constructive
Memorandum Of Entry Attached |
|
Date of
instrument Creating the charge |
30/01/2011 |
|
Amount secured by
the charge |
Rs. 200.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : As Per Terms Of
Banks Sanction Letter Terms of repayment : As Per Terms Of
Banks Sanction Letter Margin : As Per Terms Of
Banks Sanction Letter Extent and operation of the charge : First pari-passu
charge by way of equitable mortgage on the immovable properties being land
and building situated at Vasai and Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Date of
instrument modifying the charge |
16/11/2010 |
|
Particulars of
the present modification |
By this
modification the company has extnded the mortgage over its immovable property
at |
Fixed Assets
·
Gala at Vasai and Andheri
·
Improvement of Leased Property
·
Computers
·
Electronic Equipment
·
Furniture and Fixture
·
Vehicles
Website Details
The company was founded in 1986 as Savex Corporation by Mr. Anil
Jagasia, and later incorporated as subject in 1988. They are today among the
six largest Information Technology distributors in India.(Ref: Dataquest
With its
headquarters in Mumbai, and 40 sales offices and stock locations (and growing)
spread across the country, Subject is well poised to take on the challenge of
being a potent force in Information Technology Distribution.
With over two
decades of expertise and experience in Distribution that yield better reseller
leads, Subject also offers its Vendors access to more than 5000 Channel
Partners, Retailers, Corporate resellers, VARs and System Integrators.
They focus on
proven best-of-breed manufacturers and on quality, rather than quantity of
companies on the line card.
The core
competencies in distribution are, better Logistics, efficiently monitored
Inventory management, flexible credit financing for dealers, a national channel
reach and an excellent reseller account management system.
Unlike other large
Multinational distributors who have their 'own axe to grind', Subject has
always worked together with Vendors to help them implement their plans for the
Indian market.
Addressing the SMB
market effectively is currently the key agenda. The endeavor is to focus on
each individual channel member's requirement, especially when the customer
needs solutions and not just boxes, on schedule and within budget.
The efficient
credit evaluation cell continuously corroborates the financial requirements of
the channel members and is able to quickly resolve any ad hoc credit or deal
financing requirement.
Subject has always
strived to continually discover new ways to take costs out of the supply chain.
Improved business processes have helped the company operate efficiently,
sometimes even on wafer thin margins.
As technology
grows more complex, product knowledge across multiple vendor lines helps them
to offer the resellers guidance in assembling solutions from different
manufacturers to deliver the most efficient solutions to their end customers.
Localized
expertise and knowledge is the driving power in the I.T. supply chain
solutions. Other than being known in
The business
continues to evolve based on ever-changing market conditions. Willingness to
embrace change is the key to the continued success. They at subject continually
innovate the order management and delivery systems to improve customer
satisfaction, ensuring growth and higher profitability for the business
partners and shareholders.
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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.65 |
|
|
1 |
Rs. 71.91 |
|
Euro |
1 |
Rs. 63.28 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.