MIRA
INFORM REPORT
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Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
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Name : |
CUBIX MICRO SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
2 - 3 , 3rd
Floor, A Wing, Mangalmurti Complex, S. No. 1171, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.09.1999 |
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Com. Reg. No.: |
25-13992 |
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Capital Investment
/ Paid-up Capital : |
Rs.25.165
Millions |
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CIN No.: [Company Identification
No.] |
U72200PN1999PTC013992 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Trader of IT products and solutions. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.
INFORMATION PARTED BY
|
Name : |
Ms. Manisha Patwardhan |
|
Designation : |
Finance Head |
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Date : |
13.05.2011 |
LOCATIONS
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Registered Office/Head Office 1 : |
2 - 3 , 3rd
Floor, A Wing, Mangalmurti Complex, S. No. 1171, |
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Tel. No.: |
91-20-24251594
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Fax No.: |
91-20-24251591 |
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E-Mail : |
vijay@cubixindia.com manisha.patwardhan@cubixindia.com apdhavalikar@vsnl.com |
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Website : |
www.cubixindia.com |
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Area: |
1200 Sq. ft |
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Location : |
Owned |
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Head Office 2: |
5th Floor, Senate, S. No. 118A, Jaidev Nagar, |
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Tel. No.: |
91-20-24251594 (6 Lines) |
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Fax No.: |
91-20-24251591 |
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Email: |
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Branch office: |
Located At:
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Overseas Office : |
Cubix Micro
Systems, Singapore Pte
Limited, 10 Jalana Besar, #11-05, |
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Tel. No.: |
65 - 9639 5363 |
DIRECTORS
As on 20.09.2010
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Name : |
Mr. Vijay Sakharam Joshi |
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Designation : |
Director |
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Address : |
3, Vishwa Laxmi Co-operative Housing Society, Mayur Colony, Kothrud,
Pune – 411 029, |
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Date of Birth/Age : |
13.09.1964 |
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Date of Appointment : |
17.09.1999 |
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Name : |
Mr. Nitin Anand Naik |
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Designation : |
Director |
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Address : |
Pinnac Memories, G – 707, S .No..3+4, Pune – 411 029, |
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Date of Birth/Age : |
07.05.1966 |
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Date of Appointment : |
17.09.1999 |
KEY EXECUTIVES
|
Name : |
Ms. Manisha Patwardhan |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
|
Names of Shareholders |
No. of
Preferences Shares |
No. of Equity
Shares |
|
Vijay Sakharam Joshi |
-- |
10 |
|
Nitin Anand Naik |
77330 |
10 |
|
Sarita Vijay Joshi |
75320 |
490 |
|
Shilpa Nitin Naik |
-- |
490 |
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Vijay Sakharam Joshi |
-- |
49000 |
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Nitin Anand Naik |
-- |
49000 |
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Total |
152650 |
99000 |
As on 20.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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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 IT products and solutions. |
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Products : |
· KVM Switch and Solutions · Network Traffic Management · Bandwidth Optimization · Internet and Gateway Security · Intrusion Prevention Systems |
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Agencies Held : |
· IBM · Microsoft · Wipro · Lenova |
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Imports : |
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Products : |
IT Products |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
Cosmos Co-Operative Bank Limited, 269/270,
Shaniwar Peth, Pune – 411 030, · Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.B. Awari and Company Chartered Accountant |
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Address : |
Flat No. 02 B Wing, Plot No. 28, S. No. 50/2, Akshay Terrace Chandan Nagar,
Kharadi, Pune-411014, |
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Associates/Subsidiaries : |
Address: 2 - 3 , 3rd Floor, A Wing,
Mangalmurti Complex, S. No. 1171, Line of Business: Trader of IT products
and solutions. |
CAPITAL STRUCTURE
As on 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
160000 |
Preferences Shares |
Rs.100/- each |
Rs.16.000 Millions |
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Total |
|
Rs.26.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99000 |
Equity Shares |
Rs.100/-
each |
Rs.9.900
Millions |
|
152650 |
Preferences Shares |
Rs.100/- each |
Rs.15.265 Millions |
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Total |
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Rs.25.165 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.165 |
25.165 |
25.165 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.303 |
12.207 |
9.873 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
46.468 |
37.372 |
35.038 |
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LOAN FUNDS |
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1] Secured Loans |
34.625 |
26.670 |
19.733 |
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2] Unsecured Loans |
11.696 |
11.031 |
10.532 |
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TOTAL BORROWING |
46.321 |
37.701 |
30.265 |
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DEFERRED TAX LIABILITIES |
0.011 |
0.000 |
0.000 |
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TOTAL |
92.800 |
75.073 |
65.303 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.308 |
38.224 |
27.932 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.206 |
0.206 |
0.206 |
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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 |
14.354
|
10.119 |
9.512 |
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Sundry Debtors |
53.965
|
33.329 |
48.140 |
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Cash & Bank Balances |
2.677
|
7.264 |
2.261 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.313
|
12.991 |
12.893 |
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Total
Current Assets |
98.309
|
63.703 |
72.806 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
35.414
|
22.676 |
22.424 |
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Other Current Liabilities |
2.910
|
2.122 |
4.252 |
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Provisions |
6.699
|
2.262 |
8.965 |
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Total
Current Liabilities |
45.023
|
27.060 |
35.641 |
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Net Current Assets |
53.286
|
36.643 |
37.165 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
92.800 |
75.073 |
65.303 |
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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 |
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|
98.235 |
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Other Income |
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NA |
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TOTAL |
264.893 |
181.051 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
245.402 |
174.067 |
NA |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
245.402 |
174.067 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
19.491 |
6.984 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.808 |
2.562 |
NA |
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PROFIT BEFORE
TAX |
15.683 |
4.422 |
15.321 |
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Less |
TAX |
6.587 |
2.088 |
6.278 |
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PROFIT AFTER TAX
|
9.096 |
2.334 |
9.043 |
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BALANCE
TRANSFERRED TO BALANCE SHEET |
21.303 |
12.207 |
NA |
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Earnings Per
Share (Rs.) |
91.88 |
23.58 |
91.35 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
350.000 |
Expected Sales (2011-12) : Rs.500.000 Millions
The above information has been parted by Ms. Manisha Patwardhan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.43
|
1.29 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.40
|
4.34 |
15.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.12 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.97
|
1.73 |
1.88 |
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Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.35 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors
for Expenses |
7.321 |
10.228 |
9.236 |
|
Sundry Creditors
for Purchases |
25.920 |
12.447 |
13.188 |
|
Sundry Creditors
for Outstanding Purchases |
2.173 |
0.000 |
0.000 |
|
Total |
35.414 |
22.675 |
22.424 |
Note: The
registered office of the company has been shifted from 26/6 Vitthal Wadihingne
Khurd, Pune-411051,
Review of Business
Operations:
The total income at the company was Rs.264.893 millions as against
Rs.181.051 millions in the previous years and the profit after tax was Rs.9.096
millions as against Rs.2.334 millions in the previous year. The company has
achieved this growth in sales and profit due to effective sales promotion
measures undertaken and reduction in expenses. The director are confident in
increasing the sales and profit of the company during the coming years.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U72200PN1999PTC013992 |
|
Name of the
company |
CUBIX MICRO
SYSTEMS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2 - 3 , 3rd
Floor, A Wing, Mangalmurti Complex, S. No. 1171, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Cosmos Co-Operative Bank Limited, 269/270, Shaniwar Peth, Pune
– 411 030, |
|
Email |
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|
Nature of
description of the instrument creating or modifying the charge |
Deed of mortgage
for securing bank guarantee facility. |
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Date of instrument
Creating the charge |
15.12.2010 |
|
Amount secured by
the charge |
Rs.2.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
- 2% Terms of
Repayment As per bank
guarantee terms. Margin 25% In Banks
Favour. Extent and
Operation of the charge As per bank
guarantee terms, subject to review within 9 months. |
|
Short particulars
of the property charged |
Immovable property
being premises situated at unit 201, a wing 2nd floor, Kanara business
center, |
Fixed Assets:
- Air
Conditioner
- Computer
- Computer
Application Software
- Computer
Software
- Electrical
Installation
- Fax Machine
- Furniture and
Fixtures
- Office
Premises
- Office
Equipment
- Vehicles
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.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.