MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DIMENSION DATA INDIA LIMITED (w.e.f. 26.03.2011) |
|
|
|
|
Formerly Known
As : |
DATACRAFT INDIA LIMITED DATACRAFT RPG LIMITED DATACRAFT ICIM PRIVATE LIMITED |
|
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|
Registered
Office : |
Trade View, 2nd Floor, Pandurang Budhkar Marg, Kamala Mills
Compound, Mumbai – 400013, Maharashtra |
|
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|
|
Country : |
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|
|
|
|
Financials (as
on) : |
30.09.2011 |
|
|
|
|
Date of
Incorporation : |
13.12.1994 |
|
|
|
|
Com. Reg. No.: |
11-083713 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 63.810
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH1994PLC083713 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD04432B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD2145G |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The Company is engaged in the business of data communication,
networking and trading of networking equipments. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) (400 are fixed workers and 600 on Contract
Workers) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 9240000 |
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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 a reputed company it is spread all
over the world. The company has create good stand in the market. Financially the
company performance is good. But their appears fall in the profitability.
However, liquidity position seems good. Fundamentals are healthy and strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be regulars and as per commitments. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-24981212)
LOCATIONS
|
Registered Office : |
Trade View, 2nd Floor, Pandurang Budhkar Marg, Kamala Mills
Compound, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24981212 |
|
Fax No.: |
91-22-24971818 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Branch Office : |
3rd Floor, Wing B, E2 Block, Silver Oak, Manyata Embassy
Business Park, Outer Ring Road, Nagavara, Bangalore – 560045, Karnataka,
India |
|
Tel. No.: |
91-80-22387060 |
|
Fax No.: |
91-80-22355319 |
DIRECTORS
AS ON 30.12.2011
|
Name : |
Mr. William Bruce Grahame Padfield |
|
Designation : |
Director |
|
Address : |
22-A, Tudor Close, Singapore 297979 |
|
Date of Birth/Age : |
26.05.1958 |
|
Date of Appointment : |
02.12.2002 |
|
DIN No.: |
00225462 |
|
|
|
|
Name : |
Mr. Dilip Kumar Chathanath |
|
Designation : |
Director |
|
Address : |
57, Myer Road # 02-07, Seafront on Myer, The Singapore – 43787 |
|
Date of Birth/Age : |
02.05.1963 |
|
Qualification : |
Bachelor of
Science and Masters in Marketing and Sales Management |
|
Date of Appointment : |
09.09.2003 |
|
DIN No.: |
00195604 |
|
|
|
|
Name : |
Mr. Ip Sik Ming |
|
Designation : |
Director |
|
Address : |
Oodcoronation Road West, Singapore- 286301 |
|
Date of Birth/Age : |
03.08.1956 |
|
Qualification : |
Bachelor of
Commerce |
|
Date of Appointment : |
23.09.2008 |
|
DIN No.: |
01405977 |
|
|
|
|
Name : |
Kiran Bhagwanani |
|
Designation : |
Whole-time director |
|
Date of Birth/Age : |
26.08.1970 |
|
Qualification : |
Diploma in
Industrial Electronics, Diploma in Marketing Management |
|
Date of Appointment : |
01.05.2011 |
|
DIN No.: |
03510929 |
KEY EXECUTIVES
|
Name : |
Mr. Satish Vijayagopal Menon |
|
Designation : |
Secretary |
|
Address : |
401, Shivalaya Towers, Thakur Complex, Kandivili East, Mumbai –
400101, Maharashtra, India |
|
Date of Birth/Age : |
12.10.1958 |
|
Date of Appointment : |
09.12.2003 |
|
PAN No.: |
AAHPM2708G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shailendra Badoni |
|
1 |
|
Ramaswamy R |
|
1 |
|
Dimension Data Asia Pacific, Singapore |
|
4019998 |
|
Ananth Padmanabha |
|
1 |
|
Satish Menon |
|
1 |
|
Dimension Data Asia Pacific, Singapore |
|
2361000 |
|
Dilip Kumar C |
|
1 |
|
Kiran Bhagwanani |
|
1 |
|
Total |
|
6381004 |
AS ON 30.12.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of data communication,
networking and trading of networking equipments. |
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) (400 are fixed workers and 600 on Contract
Workers) |
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||||||||||||
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Bankers : |
DBS Bank Limited, 3rd Floor, Fort House, 221, Dr. D.N. Road,
Fort, Mumbai – 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus,
1st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai –
400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
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|
|
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Holding Company
: |
Dimension Data
Asia Pacific Pte Limited (formerly Datacraft Asia Pte Limited) |
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|
|
|
Ultimate Holding company: |
Nippon Telegraph
and Telephone Corporation |
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|
|
|
Erstwhile Ultimate Holding Company : |
Dimension Data Holdings Plc (upto 10 October 2010) |
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|
|
|
Fellow Subsidiary Companies : |
Ř Dimension Data
(Singapore) Pte Limited (formerly Datacraft (Singapore) Pte Limited ) Ř Dimension Data
(Thailand) Limited (formerly Datacraft (Thailand) Limited) Ř Dimension Data
(Malaysia) Sdn Bhd (formerly Datacraft Advanced Network Services Sdn Bhd) Ř Dimension Data
New Zealand Limited (formerly Datacraft New Zealand Limited) Ř Dimension Data
China / Hongkong Limited (formerly Datacraft China / Hongkong Limited Ř Dimension Data
Japan Inc.(formerly Datacraft Japan Inc.) Ř PT Dimension
Data Indonesia (formerly PT Datacraft Indonesia) Ř Dimension Data
Korea Inc.(formerly Datacraft Korea Inc.) Ř Dimension Data
Philippines Inc. (formerly Datacraft Philippines Inc.) Ř Dimension Data
Taiwan Limited (formerly Datacraft Taiwan Limited) Ř Datacraft
Vietnam Limited Ř Datacraft
Communications Systems Inc * Ř Dimension Data
Australia Pty Limited Ř Dimension Data
Supply Chain Services Limited Ř Dimension Data
Commerce Centre Limited Ř Dimension Data
Germany AG and Company KG Ř Dimension Data
Germany AG and Company KG Ř Dimension Data
Holding PLC* Ř Dimension Data
Espana, S.L.U Ř Dimension Data
S.A.(Switzerland) Ř Dimension Data North
America Inc. Ř Dimension Data
Network Services Limited Ř J Q Networks Pte
Limited Ř Training
Partners Pte Limited Ř Training
Partners Company Limited Ř Dimension Data
France SAS Ř Dimension Data
Belgium S.A. Ř Dimension Data
Netherlands BV Ř Dimension Data
(Pty) Limited (Saudi Arabia ) Ř Dimension Data
(Pty) Limited (South Africa) Ř Dimension Data
Middle East L.L.C* Ř Dimension Data
Canada Inc. Ř Datacraft
Americas Holding Limited Ř Dimension Data
United Arab Emirates Ř Dimension Data
Management Services |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,381,004 |
Equity Shares |
Rs.10/- each |
Rs. 63.810
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
63.810 |
63.810 |
63.810 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2248.460 |
2107.415 |
1769.717 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2312.270 |
2171.225 |
1833.527 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
10.934 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
10.934 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2323.204 |
2171.225 |
1833.527 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
180.546 |
57.751 |
62.440 |
|
|
Capital work-in-progress |
545.791 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.031 |
|
|
DEFERREX TAX ASSETS |
18.452 |
19.612 |
10.264 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
29.557
|
21.008
|
71.774 |
|
|
Sundry Debtors |
877.472
|
910.036
|
602.430 |
|
|
Cash & Bank Balances |
1260.311
|
1621.230
|
1472.689 |
|
|
Other Current Assets |
10.196
|
37.078
|
0.000 |
|
|
Loans & Advances |
845.163
|
502.770
|
326.928 |
|
Total
Current Assets |
3022.699
|
3092.122
|
2473.821 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1106.119
|
705.171
|
435.044 |
|
|
Other Current Liabilities |
321.680
|
273.469
|
254.265 |
|
|
Provisions |
16.485
|
19.620
|
23.720 |
|
Total
Current Liabilities |
1444.284
|
998.260
|
713.029 |
|
|
Net Current Assets |
1578.415
|
2093.862
|
1760.792 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2323.204 |
2171.225 |
1833.527 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4258.031 |
3776.280 |
3141.903 |
|
|
|
Other Income |
105.445 |
64.643 |
106.346 |
|
|
|
TOTAL (A) |
4363.476 |
3840.923 |
3248.249 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1213.063 |
1106.130 |
|
|
|
|
Manufacturing service costs |
1638.574 |
1077.666 |
|
|
|
|
Employee related expenses |
573.244 |
483.267 |
|
|
|
|
Administrative selling other expenses |
702.367 |
636.390 |
|
|
|
|
TOTAL (B) |
4127.248 |
3303.453 |
2390.739 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
236.228 |
537.470 |
857.510 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
236.228 |
537.470 |
857.510 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.645 |
45.446 |
59.314 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
189.583 |
492.024 |
798.196 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
73.657 |
171.961 |
278.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
115.926 |
320.063 |
519.735 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1971.156 |
1651.093 |
1429.831 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Contribution Reserve |
0.000 |
0.000 |
17.673 |
|
|
|
Premium buy Back of Shares |
0.000 |
0.000 |
276.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
4.800 |
|
|
BALANCE CARRIED
TO THE B/S |
2087.082 |
1971.156 |
1651.093 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Advisory Service Fees |
49.514 |
26.489 |
44.236 |
|
|
|
Sales – Services and others |
284.640 |
254.206 |
249.943 |
|
|
|
Miscellaneous Income |
6.222 |
0.743 |
2.400 |
|
|
TOTAL EARNINGS |
340.376 |
281.438 |
296.579 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
86.898 |
23.656 |
27.246 |
|
|
|
Products |
1231.235 |
797.737 |
624.933 |
|
|
TOTAL IMPORTS |
1318.133 |
821.393 |
652.179 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.17 |
50.16 |
80.93 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
PAT / Total Income |
(%) |
2.66 |
8.33
|
16.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.45 |
12.81
|
24.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.92 |
15.62
|
31.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.23
|
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63 |
0.46
|
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09 |
3.10
|
3.47 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.107 |
0.000 |
0.651 |
|
Creditors due others |
1106.012 |
705.171 |
434.393 |
|
Sundry creditors |
1106.119 |
705.171 |
435.044 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BACKGROUND
Dimension Data
India Limited (formerly Datacraft India Limited) (the Company) was incorporated
in the year 1994 and is a subsidiary of Dimension Data Asia Pacific Pte
Limited, Singapore since 1997 and has been working closely with the group to
leverage international business opportunities in India.
The Company is
primarily engaged in the business of data communication, networking and trading
of networking equipments. The Company combines an expertise in networking,
security, data centre, storage, microsoft solutions and converged
communications and contact centre technologies, with advanced skills in
consulting, integration, training and managed services to craft IT solutions for
businesses.
OPERATIONS AND OUTLOOK
The Company’s
revenues increased over the previous year by around 14 % with increase in both
the product and service revenues.
Operating profits
during the year were impacted by –
a) Decrease in
services business profitability due to competitive pressures, including from
OEMs directly
b) Mandatory
purchase of product support costs from the vendors under a global agreement
signed between the company’s parent and the principal vendor Cisco that
commenced from the previous financial year increasing the costs of backlining
support
c) Costs related
to additional billings for new service offering infrastructure -as -a-service
as per the market requirements resulted in services revenues from this line of
offering not giving the traditional margins
d) Increase in costs of outsourcing and higher operating expenses
The outlook for
the ensuing year is more optimistic with greater alignment with market trends
and focus on newer, more profitable offerings. To ease the pressure on margins,
various steps have been taken including re-aligning the cost base with the
business model and optimizing the services outsourced costs. This along with
overall expenses control should help improve the profitability in the following
years.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U72200MH1994PLC083713 |
|
Name of the
company |
DIMENSION DATA
INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Trade View, 2nd Floor, Pandurang Budhkar Marg, Kamala Mills
Compound, Mumbai – 400013, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90212967 |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
DBS Bank Limited, 3rd Floor, Fort House, 221, Dr. D.N.
Road, Fort, Mumbai – 400001, Maharashtra, India Email: vikramrao@dbs.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation between Datacraft India
Limited (DCIN) and DBS Bank Limited on 6th November 2008 based on which the
credit facilities were increased from Rs. 90 Millions to Rs 250 millions for
which a modification of charge was filed and registered vide number 90212967
on 11th Dec 2008. Unfortunately, the registration document shows that
"the amount secured after modification is Rs 2500.000 Millions -
only" instead of "Rs 250.000
Millions " |
|
Date of
instrument Creating the charge |
30.11.2011 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Letter of credit
"LC)/ Bank Guarantee (BG) upto Rs 170 millions for a term of 180 days /
3 years (including the claim period) Terms of Repayment There are no terms
of repayment, but the processing fees has to be paid within seven days of
acceptance of the extended offer. Margin No Margins
specified Extent and Operation of the charge Charge to be
created on current assets and movable fixed assets present and future of the
company in favour of DBS Bank to cover Working Capital Facility of INR 250
Million |
|
Short particulars
of the property charged |
Hypothecation
deed executed 06.11.08 |
|
Particulars of
the present modification |
To correct the registration
certificate issued to the company as follows - to change from " The amount secured after modification
is Rs 2500.000 Millions " to " The amount secured after modification
is Rs 250.000 Millions " ( the certificate
issued wrongly states the amount as Rs 2500.000 Millions instead of Rs
250.000 Millions) |
CONTINGENT
LIABILITIES NOT PROVIDED FOR CONSIST OF THE FOLLOWING MATTERS:
(Rs.
in millions)
|
Particulars |
30.09.2011 |
30.09.2010 |
|
Sales-tax matters |
|
|
|
TNGST (year
2002-03) disputed in appeal. These related to
the classification of goods and consequent disputes on applicable rates of
tax (pending before Hon. High Court of Madras) |
-- |
0.323 |
|
West Bengal VAT
and CST in the matters of a. Adjustment in
aggregate sale price on account of best judgment b. Non
production of books of accounts c. Non production of Form C |
0.630 |
-- |
|
Income-tax
matters disputed in appeal (AY 2002-03) These relate to the
disallowances of various expenses claimed by the Company and interest/
penalty thereon (pending before Commissioner of Income-tax (Appeals) and
Income-tax Appellate Tribunal) |
6.771 |
6.771 |
|
Note: In all the above
matters, the Company is hopeful of succeeding and as such does not expect any
significant liability to crystallize. |
||
FIXED ASSETS:
Ř Computer
Ř Office Equipment
Ř Furniture and Fittings
Ř Softwares
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 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 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. 54.56 |
|
|
1 |
Rs. 87.46 |
|
Euro |
1 |
Rs. 71.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.