MIRA
INFORM REPORT
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Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
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Name : |
DIXIT INFOTECH SERVICES PRIVATE LIMITED (w.e.f 06.11.2000) |
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Formerly Known As : |
DIKSHIT DISTRIBUTORS PRIVATE LIMITED |
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Registered Office : |
Kitab Mahal, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.07.1989 |
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Com. Reg. No.: |
11-052793 |
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Paid-up Capital : |
Rs. 7.000 Millions |
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CIN No.: [Company
Identification No.] |
U51900MH1989PTC052793 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09733D MUMD10992C |
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PAN No.: [Permanent
Account No.] |
AAACD1678A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Computer Peripherals and Accessories |
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No. of Employees : |
180 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 130000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Namdev |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-40982828 |
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Date : |
13.05.2011 |
LOCATIONS
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Registered/ Head Office : |
Kitab Mahal, 2nd Floor, |
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Tel. No.: |
91-22-22075263/28959053 |
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Fax No.: |
91-22-22077203 |
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E-Mail : |
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Website : |
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Area : |
30000 sq. ft. |
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Location : |
Rented |
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Branch Office : |
Located at:
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Service Centre : |
Located at:
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DIRECTORS
As On 30.09.2010
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Name : |
Mr. Yegneshwaran Shivram Kalpathi |
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Designation : |
Director |
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Address : |
14-391, Bharadwaj, Roop Nagar, Bandra – East, Mumbai – 400051, |
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Date of Birth/Age : |
16.10.1926 |
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Date of Appointment : |
28.07.1989 |
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DIN No.: |
00581366 |
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Name : |
Mr. Shivram Yegneswaran Iyer |
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Designation : |
Director |
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Address : |
14-391, Bharadwaj, Roop Nagar, Bandra – East, Mumbai – 400051, |
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Date of Birth/Age : |
30.12.1961 |
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Date of Appointment : |
28.07.1989 |
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DIN No.: |
00591524 |
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Name : |
Mrs. Shobhna Yegneswaran Iyer |
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Designation : |
Director |
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Address : |
14/391, Bharadwaj, Bandra – East, Mumbai – 400051, |
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Date of Birth/Age : |
26.10.1968 |
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Date of Appointment : |
28.07.1989 |
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Date of Cessation : |
31.03.2008 |
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DIN No.: |
00591488 |
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Name : |
Mr. Lakshmi Shivram Iyer |
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Designation : |
Director |
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Address : |
14-391, Bharadwaj, Roop Nagar, Bandra – East, Mumbai – 400051, |
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Date of Birth/Age : |
11.08.1968 |
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Date of Appointment : |
01.11.1996 |
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DIN No.: |
00591643 |
KEY EXECUTIVES
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Name : |
Mr. Namdev |
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Designation : |
Finance Manager |
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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Yegneshwaran S. Kalpathy |
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28820 |
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Shivram Y Iyer |
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27000 |
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Lakshmi Iyer |
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13180 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Computer Peripherals and Accessories |
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Agencies Held : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
180 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. A. Sangani and Accessories Chartered Accountant |
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Address : |
411, Dattani Trade Centre, |
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Tel No.: |
91-22-28959053/64511316 |
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Mobile No.: |
91-9820550811 |
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Fax No.: |
91-22-28959053 |
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Pan No.: |
AAIPS4312D |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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80000 |
Equity Shares |
Rs.100/- each |
Rs.8.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000 |
Equity Shares |
Rs.100/- each |
Rs.7.000
Millions |
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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 |
7.000 |
7.000 |
7.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.384 |
24.041 |
21.571 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.384 |
31.041 |
28.571 |
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LOAN FUNDS |
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1] Secured Loans |
33.838 |
23.651 |
19.442 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
33.838 |
23.651 |
19.442 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.222 |
54.692 |
48.013 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.486 |
1.480 |
1.692 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.838
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13.173
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12.687
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Sundry Debtors |
93.440
|
62.773
|
82.434
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Cash & Bank Balances |
13.393
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15.776
|
20.543
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
7.951
|
6.887
|
7.990
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Total
Current Assets |
132.622
|
98.609
|
123.654 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
57.548
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35.219
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69.042
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Other Current Liabilities |
6.440
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7.823
|
3.515 |
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Provisions |
1.898
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2.355
|
4.776
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Total
Current Liabilities |
65.886
|
45.397
|
77.333
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Net Current Assets |
66.736 |
53.212 |
46.321 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.222 |
54.692 |
48.013 |
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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 |
439.332 |
408.626 |
436.330 |
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Operating Income |
1.782 |
0.929 |
0.804 |
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Other Income |
1.408 |
1.122 |
0.863 |
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TOTAL (A) |
442.522 |
410.677 |
437.997 |
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Less |
EXPENSES |
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Purchases |
395.579 |
355.942 |
387.748 |
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Administrative and Other Expenses |
17.218 |
16.584 |
16.059 |
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Expenses on employees |
24.493 |
27.448 |
23.532 |
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Increase/Decrease in stock |
(4.665) |
(0.486) |
(6.272) |
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TOTAL (B) |
432.625 |
399.488 |
421.067 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.897 |
11.189 |
16.930 |
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Less |
FINANCIAL
EXPENSES (D) |
4.469 |
5.595 |
4.494 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.428 |
5.594 |
12.436 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.242 |
0.364 |
0.329 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.186 |
5.230 |
12.107 |
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Less |
TAX (I) |
1.843 |
2.239 |
4.606 |
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PROFIT AFTER TAX
(G-I) (J) |
3.343 |
2.991 |
7.501 |
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Excess/Short
Provision for Tax |
0.000 |
(0.521) |
0.002 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24.041 |
21.571 |
14.068 |
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BALANCE CARRIED TO
THE B/S |
27.384 |
24.041 |
21.571 |
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Earnings Per
Share (Rs.) |
47.75 |
42.73 |
107.16 |
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Particulars |
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31.03.2011 |
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Sales Turnover |
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450.000 |
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Expected Sales (2011-12) : Rs. 500.000 Millions
The above information has been parted by Mr. Namdev
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.76 |
0.71 |
1.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.18 |
1.28 |
2.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.87
|
5.23
|
9.66
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17
|
0.42
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Debt Equity Ratio (Total Liability/Networth) |
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2.90
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2.22
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3.38
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Current Ratio (Current Asset/Current Liability) |
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2.01
|
2.17
|
1.60
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LOCAL AGENCY FURTHER INFORMATION
The details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry creditors |
57.548 |
35.219 |
69.042 |
Operations:
During the year there has been all round growth in the gross revenue.
- Turnover of the
company increased to 439.300 millions as against 408.600 millions in the
preceding year.
- Operating
income increased to 17.820 millions as against 0.929 million in the
preceding year.
- Similarly
other income of the company increased to 1.407 million as against 1.122
million in the preceding year.
The Turn around in the economy, efforts by the marketing term and
financial supports form the management / bankers has resulted in an all round
growth. The performance of the branches is also healthy and contributing to the
overall growth of the company. All efforts have been made to exercise control
over the expenses so that profit below the line can be improved.
Current year has begun on a good note and if the same trend continues,
10% to 15% increase in the performance is expected.
Trade References:
- Sonicwall
- Aladdin
- Sybase
Contingent
Liabilities:
Contingent liabilities are not provided till they are crystalised.
Form 8:
|
Corporate
identity number of the company |
U51900MH1989PTC052793 |
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Name of the
company |
DIXIT INFOTECH SERVICES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Kitab Mahal, 2nd Floor, |
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This form is for |
Creation of charge |
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Type of charge |
Book Debts Floating Charge |
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Particular of
charge holder |
Standard Chartered Bank, SME Credit, 23-25 M G Road, Fort, Mumbai –
400001, E-mail: Biplab.Das1@sc.com |
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Nature of
instrument creating charge |
Hypothecation
Agreement |
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Date of
instrument Creating the charge |
21.09.2010 |
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Amount secured by
the charge |
Rs. 35.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 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 charge: The Bank is
having first charge on the security given by the Company |
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Particulars of
the property charged |
Hypothecation by
way of first charge on: a) all the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise b) all the present and future book debts,
outstanding moneys receivable, claims and bills. |
Fixed Assets:
- Motor Vehicles
- Computers
- Furniture
- Fax Machine
- Office Equipments
- Air Conditioner
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.44.91 |
|
|
1 |
Rs.73.06 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
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--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 |
|
52 |
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.