MIRA
INFORM REPORT
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Report Date : |
10.09.2011 |
IDENTIFICATION DETAILS
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Name : |
HORIZZON INFORMATION TECHNOLOGIES PRIVATE LIMITED (w.e.f. 18.04.2007) |
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Formerly Known
as: |
DIMENSION TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
705, Peninsula Plaza, Veera Industrial Estate, Andheri (West), Mumbai
– 400058, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of Incorporation
: |
07.01.2003 |
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Com. Reg. No.: |
138565 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U72900MH2003PTC138565 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMD08848A |
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PAN No.: [Permanent Account No.] |
AABCD7041A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing of Computer Networking Products
and Services |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financials of the company with the
government departments. However, business is active. Payments are unknown. Initially, the company can be considered for business dealings on a
secured 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 DECLINED BY
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Name : |
Mr. Vrunda Thure |
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Designation : |
Accounts Manager |
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Date : |
09.09.2011 |
LOCATIONS
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Registered Office : |
705, Peninsula Plaza, Veera Industrial Estate, Andheri (West), Mumbai
– 400058, Maharashtra, India |
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Tel. No.: |
91-22-40514000 |
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Fax No.: |
91-22-26733400 |
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E-Mail : |
DIRECTORS
AS ON 28.09.2009
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Name : |
Mr. Vinay Mohanlal Sahni
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Designation : |
Director |
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Address : |
705
A Sunny Side, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra,
India |
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Date of Birth/Age : |
19.04.1973 |
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Date of Appointment : |
07.01.2003 |
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Directorship in other Company: |
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Name : |
Mr. Manish Bharat Kachwala
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Designation : |
Director |
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Address : |
401 B Sunny Side, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
19.01.1976 |
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Date of Appointment : |
07.01.2003 |
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Directorship in other Company: |
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KEY EXECUTIVES
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Name : |
Mr. Vrunda Thure |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2009
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Names of Shareholders |
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No. of Shares |
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Vinay
Sahni |
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3900 |
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Manish
Kachwala |
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4500 |
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Grishma
Kachwala |
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500 |
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Bipin
Sahni |
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1000 |
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Asha
Sahni |
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100 |
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Total |
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10000 |
AS ON 28.09.2009
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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 : |
Providing of Computer Networking Products
and Services |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kailash Kejriwal And Company Chartered Accountant |
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Address : |
B - 4 Jay Chambers Service Road, Off W E Highway Vile Parle (East),
Mumbai – 400057, Maharashtra, India |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(5.854) |
(3.712) |
(3.255) |
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NETWORTH |
(5.754) |
(3.612) |
(3.155) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
9.479 |
8.015 |
5.728 |
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TOTAL BORROWING |
9.479 |
8.015 |
5.728 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.725 |
4.403 |
2.573 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.764 |
3.367 |
2.277 |
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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 |
0.400
|
0.000 |
0.000 |
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Sundry Debtors |
1.357
|
1.184 |
0.529 |
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Cash & Bank Balances |
1.150
|
0.761 |
0.207 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.273
|
0.333 |
0.043 |
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Total
Current Assets |
3.180
|
2.278 |
0.779 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.221
|
1.154 |
0.469 |
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Other Current Liabilities |
0.071
|
0.071 |
0.000 |
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Provisions |
0.030
|
0.024 |
0.024 |
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Total
Current Liabilities |
2.322
|
1.249 |
0.493 |
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Net Current Assets |
0.858
|
1.029 |
0.286 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.007 |
0.010 |
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TOTAL |
3.725 |
4.403 |
2.573 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
14.888 |
8.085 |
3.188 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.888 |
8.085 |
3.188 |
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Less |
EXPENSES |
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Cost of Goods Sold |
1.853 |
0.000 |
0.000 |
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Salaries |
7.538 |
4.550 |
2.723 |
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Advertising Expenses |
0.295 |
0.000 |
0.008 |
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Professional Fees |
2.457 |
0.697 |
0.089 |
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Other Expenses |
4.107 |
3.000 |
1.194 |
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TOTAL |
16.250 |
8.247 |
4.014 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(1.362) |
(0.162) |
(0.826) |
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Less |
FINANCIAL
EXPENSES |
0.003 |
0.000 |
0.007 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1.359) |
(0.162) |
(0.833) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.752 |
0.595 |
0.468 |
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LOSS FOR THE
YEAR |
(2.111) |
(0.433) |
(1.301) |
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Add |
SHORT PROVISION OF FRINGE BENEFIT TAX W/OFF |
0.000 |
0.000 |
0.000 |
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Add |
PROVISION FOR FRINGE BENEFIT TAX |
0.030 |
0.024 |
0.024 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.713 |
3.255 |
1.930 |
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BALANCE CARRIED
TO THE B/S |
5.854 |
3.713 |
3.255 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
NA
|
NA
|
NA
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA
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NA
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Return on Investment (ROI) (PBT/Networth) |
|
NA
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NA
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NA
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Debt Equity Ratio (Total Liability/Networth) |
|
(2.05)
|
(2.56) |
(1.97) |
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Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.82 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
2.221
|
1.154 |
0.469 |
NOTE:
The registered office address of the company
has been shifted from 18 RNA Arcade First Floorlokhandwala Complex, Andheri West,
Mumbai – 400053, Maharashtra, India to present w.e.f. 31.08.2006
STATE OF AFFAIRS
The company has taken up Offshore Software Development work for clients located in USA, UK and ITALY. The company develops the software for its clients and exports it to them. The company’s accounting software BOOKTRACKER is facing tough competition in the domestic market and the directors are making all the efforts to get a grip of the market and stay afloat. The company has started selling video conferencing software “Easymeeting” during the current period. The software is imported from Feedback Interactive Systems Italia, S.p.A. The initial response is encouraging and the company expects to do well in this venture.
FINANCIAL RESULTS
The Profit and Loss Account of the Company for the year ended 31st March, 2009 shows a net loss of Rs. 2.111 Millions (before tax). In view of the losses, the directors do not recommend any dividend.
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.46.38 |
|
|
1 |
Rs.74.00 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.