MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

LDS INFOTECH PRIVATE LIMITED

 

 

Registered Office :

B – 502, Dipti Clasic, Suren Road Andheri (East Mumbai -)- 400093,  Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

06.05.1999

 

 

Com. Reg. No.:

11-119747

 

 

Capital Investment/ Paid-up Capital:

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U72100MH1999PTC119747

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUML03100G

 

 

PAN No.:

[Permanent Account No.]

AAACL4239K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing IT Products, services and Consulting.

 

 

No. of Employees:

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 82000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record. The latest financial is missing from government department.

 

However, form the previous year record company seems to be satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are unknown.

 

The company can be considered for business dealing 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 (PARTIAL DETAILS)

 

Name :

Mr. Manoj

Designation :

Accounts Head

Contact No.:

91-22-42310310

Date :

04.12.2012

 

 

LOCATIONS

 

Registered Office :

B – 502, Dipti Clasic, Suren Road Andheri (East Mumbai -)- 400093,  Maharashtra, India

Tel. No.:

91-22-42310310/ 26849192

Fax No.:

91-22-42310300/ 26849192

E-Mail :

alshetty@ldsinfotech.com

accounts@ldsinfotech.com

sales@ldsinfotech.com

Website :

www.Idsinfotech.com

Location:

Owned

 

 

Brach Offices:

Located at

·         Bangalore

·         Pune

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr.  Amarnath Laxman Shetty

Designation :

Director

Address :

3B 405 Dheeraj Enclave, Borivali – 400066, Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

30.10.1965

Date of Appointment :

22.08.2000

Din No.:

00813041

 

 

Name :

Mr. Jagannatha Laxmana Shetty

Designation :

Director

Address :

B 305, Green Field, Thakur Complex, Kandivali (East) Mumbai, Maharashtra, India

Date of Birth/Age :

01.06.1962

Date of Appointment :

06.05.1999

Din No.:

02044085

 

 

Name :

Ms. Shailaja Amarnath Shetty

Designation :

Director

Address :

3B 405 Dheeraj Enclave, Borivali – 400066, Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

16.08.1973

Date of Appointment :

06.05.1999

Din No.:

00815046

 

 

KEY EXECUTIVES

 

Name :

Mr. Manoj

Designation :

Accounts Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Amarnath Laxman Shetty

 

46000

Shailaja Amarnath Shetty

 

3900

Jagannatha Laxmana Shetty

 

100

 

 

 

Total

 

50000

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2011

 

Category

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing IT Products, services and Consulting.

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

Corporate

·         Angel Broking

·         LT

·         Future Group

·         ICICI Prudential Life Insurance 

·         Gitanjali

·         WNS

·         Gold Shield

·         Kores India Limited

·         Accenture

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Not Divulged

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Arora and Arora

Chartered Accountant

Address :

Dhanlaxmi, Hanuman Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India 

Tel. No.:

91-22- 2616 6915/ 2611 4821

Pan No.:

AABFA2147F

 

 

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

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

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs. 0.500 Million

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

20.185

16.690

13.347

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

20.685

17.190

13.847

LOAN FUNDS

 

 

 

1] Secured Loans

1.000

0.000

0.329

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

1.000

0.000

0.329

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

21.685

17.190

14.176

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.221

2.542

3.170

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.005

0.005

0.005

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
6.181

2.080

4.620

 

Sundry Debtors
37.992

50.000

37.908

 

Cash & Bank Balances
4.220

1.186

4.013

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
14.361

9.401

4.697

Total Current Assets
62.754

62.667

51.238

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
42.346

47.113

39.449

 

Other Current Liabilities
 

 

 

 

Provisions
0.949

0.911

0.789

Total Current Liabilities
43.295

48.024

40.238

Net Current Assets
19.459

14.643

11.000

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.001

 

 

 

 

TOTAL

21.685

17.190

14.176

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2011

31.03.2010

 

 

 

 

 

 

 

TURNOVER

 

250.693

234.033

 

 

 

 

 

 

EXPENSES

 

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX                         

 

5.137

NA

 

 

 

 

 

 

TAX                                                                 

 

1.648

NA

 

 

 

 

 

 

PROFIT AFTER TAX

 

3.493

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

69.86

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.91

NA

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.25

NA

NA

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.14

2.79

2.93

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.45

1.30

1.27

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

No

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

No

Name of Person Contacted

Yes

Designation of contact person

Yes

Turnover of firm for last two years

Yes

Profitability for last one year

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

No

Capital the business

Yes

Details of sister concerns

No

Major Suppliers

No

Major Customers

Yes

Payment Terms

Yes

Export / Import Details [If Applicable]

No

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

No

Banking Facility Details

No

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

No

Major Shareholders, if applicable

Yes

Date of Birth of Proprietor/Partner/Director, if available

Yes

PAN of Proprietor/Partner/Director, if available

No

Voter ID No of Proprietor/Partner/Director, if available

No

External Agency Rating, if available

No

 

SUNDRY CREDITORS DETAILS ARE NOT AVAILABLE

 

 

Note:

The Registered office of the company has been shifted from B/305, Green Field, Thakur Complex, Kandivali (East), Mumbai – 400101, Maharashtra, India to the present address w.e.f. 01.12.2008 

 

 

OPERATIONS:

During the year  the Company has earned profit before tax of Rs. 5.137 Millions- and after providing for Rs. 1.648 Million on account of Income Tax, net profit available to the equity shareholders is Rs. 3.493 Million Turnover of the Company during the year  was Rs. 250.693 Millions ( previous years Rs.234.033 Millions ). In spite of marginal turnover growth and considering the scope of Information and technology industry in the existing Indian economy, the directors are very hopeful to have best share of the total software business partners and authorized distributors of major software development companies such as Microsoft, Abode, Oracle etc.

 

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 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.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

 

Information Gathered by :

PDT

 

 

Report Prepared by :

BYI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

-

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

 

 

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.