MIRA
INFORM REPORT
|
Report Date : |
04.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ECS BIZTECH PRIVATE LIMITED (w.e.f. 08.12.2011) |
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Formerly Known
As : |
SAC INFOSYSTEM PRIVATE LIMITED |
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Registered
Office : |
11, Garden View, Opposite Auda Garden, Pakwan Circle,
Sindhu Bhavan Road, Off. S. G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.11.2010 |
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Com. Reg. No.: |
04-063070 |
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Capital
Investment / Paid-up Capital : |
Rs. 104.259 Millions |
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|
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CIN No.: [Company Identification
No.] |
U30007GJ2010PTC063070 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS19868C |
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PAN No.: [Permanent Account No.] |
AAPCS0315J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Retail of IT Products Like Laptop
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 430000 |
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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 a relatively new company having moderate track. It has
achieved good sales turnover in its first year of operation. Mr. S.K. Gupta, Chief Financial Officer of the subject has provided all required
details to us. Reserves of the company appears to be low. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some
caution. |
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 PARTED BY
|
Name : |
Mr. Suresh Gupta |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-79-40400300 |
|
Date : |
03.12.2012 |
LOCATIONS
|
Registered Office / Head Office
: |
11, Garden View, Opposite Auda Garden, Pakwan Circle,
Sindhu Bhavan Road, Off. S. G. Highway, Bodakdev, Ahmedabad – 380054,
Gujarat, India |
|
Tel. No.: |
91-79-40400300 / 30900600 |
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Fax No.: |
91-79-40300055 / 30900600 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 20.09.2011
|
Name : |
Mr. Vijay Mansinhbhai Mandora |
|
Designation : |
Managing Director |
|
Address : |
14/6, Pariavar Co-operative HSG Society, Satyagruh Chhavni Road, Vastrapur,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
24.05.1971 |
|
Date of Appointment : |
29.11.2010 |
|
DIN No.: |
00328792 |
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|
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Name : |
Mr. Prabhakar Reddy Kasu |
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Designation : |
Additional Director |
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Address : |
H.No.36, Road No.7, Film Nagar, Jubilee Hills, Hyderabad – 500033,
Andhra Pradesh, India |
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Date of Birth/Age : |
26.02.1964 |
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Date of Appointment : |
03.01.2011 |
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DIN No.: |
00945783 |
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Name : |
Mrs. Seema Vijay Mandora |
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Designation : |
Additional Director |
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Address : |
14/6, Pariavar Co-operative HSG Society, Satyagruh Chhavni Road,
Vastrapur, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.04.1976 |
|
Date of Appointment : |
18.11.2012 |
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DIN No.: |
02848441 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Gupta |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Mansinhbhai Mandora |
|
19999000 |
|
Seemaben V. Mandora |
|
1000 |
|
Total |
|
20000000 |
As on 31.03.2012
|
Names of Allottee |
|
No. of Shares
Allotted |
|
Vijay Mansinhbhai Mandora |
|
4950000 |
|
Mandora Finserve Private Limited, India |
|
650000 |
|
Mandora Securities private Limited, India |
|
1200000 |
|
Total |
|
6800000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail of IT Products Like Laptop
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
State Bank of India, Overseas Branch, 3rd
Floor, Amrit Jaynti Bhavan, Navjivan Trust Complex, Navjivan P.O., Ahmedabad
- 380014, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nitin K Shah and Company Chartered Accountants |
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Address : |
36-38, 3rd Floor, Empire Tower, Near Associated
Petrol Pump, C.G Road, Ahmedabad-380006, Gujarat, India |
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PAN.: |
ABIPS3503K |
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Sister Concern : |
·
ECS Infotech ·
UM Infosystem Private Limited |
CAPITAL STRUCTURE
After 20.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26800000 |
Equity Shares |
Rs.10/- each |
Rs.268.000
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
10425870 |
Equity Shares |
Rs.10/- each |
Rs.104.259
Millions |
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|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
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|
104.259 |
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2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
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|
3.990 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
108.249 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
100.482 |
|
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2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
100.482 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.001 |
|
|
|
|
|
|
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TOTAL |
|
|
208.732 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
1.226 |
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Capital work-in-progress |
|
|
52.801 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
54.416 |
|
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Sundry Debtors |
|
|
55.549 |
|
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Cash & Bank Balances |
|
|
1.440 |
|
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Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
68.820 |
|
Total
Current Assets |
|
|
180.225 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
33.951 |
|
|
Other Current Liabilities |
|
|
1.156 |
|
|
Provisions |
|
|
1.783 |
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Total
Current Liabilities |
|
|
36.890 |
|
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Net Current Assets |
|
|
143.335 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
|
|
11.370 |
|
|
|
|
|
|
|
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TOTAL |
|
|
208.732 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
68.008 |
|
|
|
Other Income |
|
|
1.901 |
|
|
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TOTAL (A) |
|
|
69.909 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
64.134 |
|
|
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Advertising Expenses |
|
|
|
|
|
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TOTAL (B) |
|
|
64.134 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
5.775 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
5.298 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
5.183 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
|
|
1.785 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
3.990 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
0.38 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
2600.000 |
The above information has been parted by Mr. Suresh Gupta
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
5.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
7.62 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
2.86 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.05 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.27 |
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|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
|
|
4.89 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Million
|
Particular |
31.03.2011 |
|
Creditors due others |
33.951 |
|
Total |
33.951 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last one year |
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 |
Yes |
|
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 |
No |
|
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 |
FUTURE OUTLOOK:
The Company expects to look for fresh investment opportunities in Gujarat. The Directors have taken all possible action to make coming year very fruitful in the nature of sales and net profit. Management of the Company having rich experience and wide knowledge of the business and marketing, which lead Company its new heights. All required technology up-gradation, Employment of technical Staff, Credit Policies, HR Policies, information systems, reporting system schedule, work allocation, Internal Audit, etc. has been taken place in the Company to minimize the expanses, increase accuracy, time saving and to take higher return on capital investment made by the Company. After managing all above, the Company has taken all strong initiative actions for the better growth of the Company.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U30007GJ2010PTC063070 |
|
Name of the
company |
ECS BIZTECH PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
11, Garden View, Opposite Auda Garden, Pakwan Circle, Sindhu Bhavan Road, Off. S. G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10292237 |
|
Type of charge |
· Immovable property · Book debts ·
Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, 3rd Floor, Amrit Jaynti Bhavan, Navjivan Trust Complex, Navjivan P.O., Ahmedabad - 380014, Gujarat, India |
|
Nature of
instrument creating charge |
Agreement of hypothecation dated 21.09.2012 executed by Central Bank of India |
|
Date of
instrument Creating the charge |
21.09.2012 |
|
Amount secured by
the charge |
Rs.754.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BR PLUS 5.75% i.
e. present effective rate is Rs. 16.25% Terms of Repayment within 90 days
from date of disbursement Margin RM:- 25% Stores and Spares
25% SIP 25% FG 25% Receivable (cover
period 90 days) 40% Letter of
Credit/Buyes Credit 15% Extent and Operation of the charge All properties
mentioned hereunder charged/mortgaged by the bank shall continue to remained
mortgaged to SBI Consortium (Both State Bank of India and Central Bank of
India) as security for and charged with the repayment to the SBI Consortium
of the sum of Rs. 754.400 Millions.. |
|
Date of
instrument modifying the charge |
18.02.2012 |
|
Particulars of
the present modification |
Central Bank of India
has sanctioned ad hoc working capital limit of Rs. 20.000 Millions so the
total credit limit of consortium bank has been increased from Rs. 734.400
Millions to Rs. 754.400 Millions (excluding the adhoc facilities granted by
SBI of Rs. 50.000 Millions and registered with ROC with separate charge ID. |
FIXED ASSETS
· Plant Machinery
· Office Equipments
· Furniture Fixtures
· 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 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.54.56 |
|
|
1 |
Rs.87.46 |
|
Euro |
1 |
Rs.71.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
30 |
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.