MIRA
INFORM REPORT
|
Report Date : |
25.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ABACUS PERIPHERALS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
29, Apurva Industrial Estate, Makawana Road, Off Andheri Kurla Road, Marol,
Andheri, Mumbai – 400 059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
14.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-038619 |
|
|
|
|
Paid-up Capital : |
Rs. 1.000 Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72200MH1986PTC038619 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA10647A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA7301F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Memory Modules (RAM) |
|
|
|
|
No. of Employees : |
100 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 350000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The Latest Profit and Loss of the company is not available. |
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 : |
Mr. Dinesh Jain |
|
Designation : |
Manager |
|
Contact No.: |
91-9321218168 |
|
Date : |
24.05.2011 |
LOCATIONS
|
Registered Office : |
29, Apurva Industrial Estate, Makawana Road, Off Andheri Kurla Road,
Marol, Andheri, Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-40914600 |
|
Fax No.: |
91-22-40914646 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 sq ft |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
F/ 2, F - 16, Chirag Industrial
Complex, 39/40 Golden Industrial Estate, |
|
|
|
|
Factory 2 : |
F – 17, Chirag Industrial Complex, 39/ 40, Gold Daman (UT), Daman –
396 210, |
|
|
|
|
Branch Office : |
Located at:
|
DIRECTORS
As On 30.09.2010
|
Name : |
Mrs. Deepa Devi Modi |
|
Designation : |
Director |
|
Address : |
Meenaxi, Row House No. 8, Gokuldham, Goregaon (East), Mumbai -400 063,
|
|
Date of Birth/Age : |
25.03.1964 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
28.09.1996 |
|
DIN No.: |
01296908 |
|
|
|
|
Name : |
Mr. Rajesh Kumar Modi |
|
Designation : |
Director |
|
Address : |
Meenaxi, Row House No. 8, Gokuldham, Goregaon (East), Mumbai -400 063,
|
|
Date of Birth/Age : |
14.10.1963 |
|
Qualification : |
B.Com, LLB |
|
Date of Appointment : |
01.04.2002 |
|
DIN No.: |
00739679 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Jain |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Deepa Modi |
|
5450 |
|
Banbury Impex
Private Limited |
|
18000 |
|
Shanti Devi Modi |
|
15800 |
|
Varun Modi |
|
16500 |
|
Anjana Modi |
|
10950 |
|
Vipul Modi |
|
11100 |
|
Kunal Modi |
|
5600 |
|
Neha Modi |
|
5600 |
|
Vatsal Modi |
|
11000 |
|
Total |
|
100000 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
18.00 |
|
Directors or relatives of Directors |
82.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Memory Modules (RAM) |
|
|
|
|
Products : |
Populated Printed Circuit Boards |
|
|
|
|
Brand Names : |
“ |
|
|
|
|
Agencies Held : |
|
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit: 30/60/90 Days |
|
|
|
|
Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
Unit |
|
|
Actual
Production |
|
Computer Peripherals |
Nos. |
|
|
451517 |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
100 (approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Cash Credit: Rs. 200.000 Millions (Standard Chartered Bank)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
ASL and Company Chartered Accountants |
|
Address : |
102, Gauresh Apartment, Agarkar Chowk, Old Police Lines, Andheri,
Mumbai – 400 069, |
|
Tel. No.: |
91-22-26841173/ 26838038/ 26830558/ 26838557 |
|
Fax No.: |
91-22-26842206 |
|
E-Mail : |
|
|
Pan No.: |
AAAFC1257B |
|
|
|
|
Group Companies (As On 31.03.2009) : |
|
|
|
|
|
Associates (As On 31.03.2009) : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
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 |
1.000 |
1.000 |
1.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
88.242 |
72.789 |
60.679 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
89.242 |
73.789 |
61.679 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
102.103 |
63.091 |
30.006 |
|
|
2] Unsecured
Loans |
0.304 |
0.000 |
9.071 |
|
|
TOTAL BORROWING |
191.649 |
63.091 |
39.077 |
|
|
DEFERRED TAX
LIABILITIES |
7.024 |
5.695 |
1.652 |
|
|
|
|
|
|
|
|
TOTAL |
198.673 |
142.575 |
102.408 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.264 |
6.796 |
7.373 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.075 |
0.074 |
0.073 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
84.677 |
62.635 |
38.180 |
|
|
Sundry Debtors |
94.294 |
86.364 |
52.206 |
|
|
Cash & Bank Balances |
20.826 |
18.570 |
14.202 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
63.918 |
43.733 |
43.916 |
|
Total Current Assets |
263.715 |
211.302 |
148.504 |
|
|
Less
: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry
Creditors |
57.241 |
61.309 |
41.640 |
|
|
Other Current Liabilities |
16.600 |
14.288 |
11.755 |
|
|
Provisions |
0.540 |
0.000 |
0.147 |
|
Total Current Liabilities |
74.381 |
75.597 |
53.542 |
|
|
Net Current Assets |
189.334 |
135.705 |
94.962 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
198.673 |
142.575 |
102.408 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
810.987 |
681.095 |
|
|
|
Other Income |
|
1.345 |
0.446 |
|
|
|
TOTAL (A) |
|
812.332 |
681.541 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
241.449 |
193.615 |
|
|
|
Excise Duty |
|
36.879 |
43.861 |
|
|
|
Cost of Goods Sold |
|
426.845 |
364.678 |
|
|
|
Sales Tax/ VAT |
|
26.994 |
19.828 |
|
|
|
Manufacturing, Administrative & Other
Expenses |
|
60.392 |
41.422 |
|
|
|
Increase/(Decrease) in Stock |
|
(1.021) |
0.596 |
|
|
|
TOTAL (B) |
|
791.538 |
664.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
20.794 |
17.541 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
20.794 |
17.541 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.549 |
1.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
19.245 |
16.127 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
7.128 |
6.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
12.117 |
9.928 |
|
|
|
|
|
|
|
|
|
Less |
(Excess)/Short Provision
for Income Tax for Earlier years |
|
0.007 |
0.030 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
60.679 |
50.781 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
72.789 |
60.679 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
235.878 |
190.786 |
|
|
|
Trading Goods |
|
288.876 |
214.180 |
|
|
|
Stores & Spares |
|
0.014 |
0.137 |
|
|
|
RMA Components |
|
1.495 |
0.965 |
|
|
TOTAL IMPORTS |
|
526.263 |
406.068 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
121.10 |
98.98 |
|
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (approximately) |
|
1200.000 |
990.000 |
|
|
|
|
|
Expected Sales (2011-12) : Rs. 1500.000 Millions
The above information has been parted by Mr. Dinesh Jain
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA |
1.49 |
1.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
2.37 |
2.37 |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
NA |
8.82 |
10.34 |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
NA |
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
2.98 |
1.88 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
3.55 |
2.80 |
2.77 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs. In
Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
57.241 |
61.309 |
41.640 |
HISTORY
The company was
incorporated on 14.01.1986 at Mumbai in
The Registered office
of the company has been shifted from 105, Unique House,
The company has
been converted into a private limited company vide the approval of Registrar of
Companies,
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U72200MH1986PTC038619 |
|
Name of the
company |
ABACUS
PERIPHERALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
29, Apurva Industrial Estate, Makawana Road, Off Andheri Kurla Road,
Marol, Andheri, Mumbai – 400 059, Maharashtra |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Standard
Chartered Bank, SME Credit, 23-25, E-Mail: reenabang@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry – Supplemental |
|
Date of instrument
Creating the charge |
25.02.2010 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Credit Facility. 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: The Bank is having first charge on the security given
by the company. |
|
Short particulars
of the property charged |
Mortgage of F-16,
Chirag Industrial Estate, Somnath, |
|
Date of latest
modification prior to the present modification |
23.02.2010 |
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.185.000 Millions enhanced to
Rs.200.000 Millions and now the entire credit facility of Rs.200.000 is
secured with mortgage of immovable property of the company at F-16, Chirag
Industrial Estate, Somnath, |
FIXED ASSETS:
- Air Conditioner
- Building
- Furniture and
Fixture
- Plant and
Machinery
- Office
Equipment
- Electrical
Installations
- Computers
- Testing
Equipments
- Motor Car and
Scooter
- Generator
- Mouldes and
Dies
TRADE REFERENCES:
- Ingram Micro (
- HCL Info Systems Limited
- Zenith Computers Limited
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.45.25 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.58 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
51 |
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.