MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ITCG SOLUTIONS PRIVATE LIMITED

 

 

Registered Office :

204, Anand Complex, Jetalpur Road, Alkapuri, Vadodara – 390 007, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

18.03.2010

 

 

Com. Reg. No.:

04-059927

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U72900GJ2010PTC059927

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDI00698F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of selling of Software license and installation of such Software.

 

 

No. of Employees :

45 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 21000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for 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 PARTED BY

 

Name :

Ms. Smita Amin

Designation :

Accountant

Contact No.:

91-265-2359804

Date :

05.12.2012

 

 

LOCATIONS

 

Registered Office/ Head Office :

204, Anand Complex, Jetalpur Road, Alkapuri, Vadodara – 390 007, Gujarat, India

Tel. No.:

91-265-2359804

Fax No.:

91-265-2310258

E-Mail :

sales@itcgindia.com

accounts@itcgindia.com

sheetal.saraiya@yahoo.co.in

Website :

www.itcgindia.com

Area :

1500 sq. ft.

Location :

Owned

 

 

Branch Office 1 :

403, Atlantics Enclave, Near IDBI Bank, Subhash Chowk, Ahmedabad – 380 052, Gujarat, India

Tel. No.:

91-79-40058472

E-Mail :

salesahm@itcgindia.com

Location :

Owned

 

 

Branch Office :

Also located at:

 

v      Surat

v      Pune

 

 

DIRECTORS

 

As on 24.09.2012

 

Name :

Mr. Nilesh Mahendra Kuvadia

Designation :

Director

Address :

B-26, Orchid Bunglows, B/H Aims Oxygen, Old Padra Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

04.05.1969

Date of Appointment :

18.03.2010

DIN No.:

02846519

 

 

Name :

Mrs. Kavita Nilesh Kuvadia

Designation :

Director

Address :

B-26, Orchid Bunglows, B/H Aims Oxygen, Old Padra Road, Vadodara – 390 007, Gujarat, India

Date of Birth/Age :

21.03.1975

Date of Appointment :

18.03.2010

DIN No.:

02846520

 

 

Name :

Mr. Manish Vinod Shah

Designation :

Director

Address :

J/603, Indraprasth Towers, Drive In Road, Ahmedabad – 380 052, Gujarat, India

Date of Birth/Age :

08.04.1972

Date of Appointment :

08.06.2010

DIN No.:

03068881

 

 

Name :

Mrs. Pinky Manish Shah

Designation :

Director

Address :

J/603, Indraprasth Towers, Drive In Road, Ahmedabad – 380 052, Gujarat, India

Date of Birth/Age :

28.07.1975

Date of Appointment :

08.06.2010

DIN No.:

03072072

 

 

KEY EXECUTIVES

 

Name :

Ms. Smita Amin

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 24.09.2012

 

Names of Shareholders

 

No. of Shares

 

Nilesh Mahendra Kuvadia

 

5000

Kavita Nilesh Kuvadia

 

5000

Total

 

10000

 

As on 24.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of selling of Software license and installation of such Software.

 

 

Product / Services :

Software License

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Suppliers :

v      Aditya Infotech Limited – Vadodara

v      Amin Infotech

v      Balaji Enterprises

v      Care Office Equipment Limited

v      Hi Tech Infoworls

v      Ingram Micro India Limited – Vadodara

v      Ingram Micro India Limited

v      Jolly Enterprise

v      IT Consultancy Group – Vadodara

v      Redignton (India) Limited  

v      Westcon India Private Limited

 

 

Customers :

Corporate

 

v      Rishabh Software Private Limited

v      A Solution

v      Abhishek Enterprise

v      Anju Corporation

v      Axel Networks

v      Core It Solutions

v      Data Care Serices Vadodara

v      Dynamic Computers

v      Excel Informatics Private Limited

v      Gautam Technologies

v      Gujarat Computer Services

v      Krupa Computer Education

v      M-Net Computer

v      Parth Systems

v      R S Infotech

v      Shakti Vital Link Private Limited

v      Yoko Escape Lange

v      V Tech Solutions

 

 

No. of Employees :

45 (Approximately)

 

 

Bankers :

v      IDBI Bank Limited, Race Cource Branch, Vadodara, Gujarat, India

v      Kotak Mahindra Bank

 

 

Facilities :

Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Unsecured Loan from Director and Shareholder:

 

 

Kavita Kuvadia

0.015

0.015

Total

0.015

0.015

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Jaimin Deliwala and Company

Chartered Accountants

Address :

406,Time square, Nr. Pariseema Complex, C.G Road, Ahmedabad – 380 006, Gujarat, India

Income-tax PAN of auditor or auditor's firm :

AAJPD4307L

 

 

Related Party :

IT Consultancy Group

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

 

 

Shareholders holding more than 5% of the Equity Shares:

 

 

Name

As at 31.03.2012

No. of Shares

Amount

(Rs. in millions)

Nilesh Kuvadia

5000

0.050

Kavita Kuvadia

5000

0.050

Total

10000

0.100

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

 

31.03.2012

31.03.2011

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.100

0.100

2] Share Application Money

 

0.050

0.050

3] Reserves & Surplus

 

5.187

1.189

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

5.337

1.339

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.015

0.015

TOTAL BORROWING

 

0.015

0.015

DEFERRED TAX LIABILITIES

 

0.018

0.000

 

 

 

 

TOTAL

 

5.370

1.354

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.198

0.000

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.266

1.580

DEFERRED TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

8.384

2.919

 

Sundry Debtors
 

25.897

11.083

 

Cash & Bank Balances
 

1.658

1.284

 

Other Current Assets
 

0.330

0.285

 

Loans & Advances
 

4.189

0.796

Total Current Assets
 

40.458

16.367

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

29.069

13.899

 

Other Current Liabilities
 

4.672

2.148

 

Provisions
 

1.811

0.546

Total Current Liabilities
 

35.552

16.593

Net Current Assets
 

4.906

(0.226)

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

5.370

1.354

 

PROFIT & LOSS ACCOUNT 

 

 

PARTICULARS

 

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue From Operations (Net)

 

174.358

36.614

 

 

Other Income

 

0.036

0.006

 

 

TOTAL                                     (A)

 

174.394

36.620

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

 

150.320

32.826

 

 

Employee Benefits Expenses

 

8.785

1.128

 

 

Other Expenses

 

9.415

0.942

 

 

TOTAL                                     (B)

 

168.520

34.896

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

 

5.874

1.724

 

 

 

 

 

Less

FINANCE COSTS                                               (D)

 

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

5.874

1.724

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

0.065

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

 

5.809

1.724

 

 

 

 

 

Less

TAX                                                                  (H)

 

1.812

0.535

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

3.997

1.189

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

399.73

118.93

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2012

31.03.2011

PAT / Total Income

(%)
 

2.29

3.25

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

3.33

4.71

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

14.29

10.53

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

1.09

1.29

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

6.66

12.40

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.14

0.99

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

 

31.03.2012

(Rs. in millions)

31.03.2011

(Rs. in millions)

Sundry Creditors

 

 

 

- Trade Payable for Goods

 

29.069

13.899

Total

 

29.069

13.899

 

Details of Sundry Creditors: (Partial Details)

 

Particulars

 

 

 

31.03.2012

(Rs. in millions)

Sundry Creditors

 

 

 

- Trade Payable for Goods

 

 

 

Aditya Infotech Limited – Vadodara

 

 

0.036

Aditya Infotech Limited

 

 

0.060

Amin Infotech

 

 

0.020

Balaji Enterprises

 

 

0.001

Care Office Equipment Limited

 

 

0.401

Hi Tech Infoworls

 

 

0.008

Ingram Micro India Limited – Vadodara

 

 

5.758

Ingram Micro India Limited

 

 

6.150

Jolly Enterprise

 

 

0.044

IT Consultancy Group – Vadodara

 

 

0.776

Redignton (India) Limited  

 

 

1.848

Westcon India Private Limited

 

 

1.594

Wizcraft Computer Systems – Vadodara

 

 

0.058

 

 

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

Yes

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 two 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

Yes

18) Major customers

Yes

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

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

 

 


FINANCIAL RESULT:

 

During the year the company had made a profit of Rs.5.809 millions before provisions of all Taxes.

 

TRADE REFERENCES:

 

v      Rishabh Software Private Limited

v      Ingram Micro India Limited

 

FIXED ASSETS:

 

v      Computer System

v      Computer

v      Fan

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No

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.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

 

42

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.