MIRA
INFORM REPORT
|
Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MONARCH INNOVATIVE TECHNOLOGIES PRIVATE LIMITED (w.e.f. 14.07.2008) |
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Formerly Known
As : |
MONARCH COMPUTERS PRIVATE LIMITED |
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Registered Office
: |
Monarch House Master Mind II, Aarey Milk Colony, Mayur Nagar, Goregaon
(East), Mumbai – 400065, |
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Country : |
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Financials (as
on) : |
31.03.2012 (Summarized Figures) |
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Date of
Incorporation : |
01.05.1996 |
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Com. Reg. No.: |
11-099218 |
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Capital
Investment / Paid-up Capital : |
Rs. 353.997 millions |
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CIN No.: [Company Identification
No.] |
U33005MH1996PTC099218 |
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PAN No.: [Permanent Account No.] |
AACCM6709P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is
engaged mainly in the business of Editing Solution products consisting for
all types of Audio-Visual Media including financing of the Product sold by the
Company. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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 2460000 |
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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 an established company having moderate track. Reserves
appears to be low. It has incurred loss from its operations during 2012. 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
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+ (Long term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
23.01.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A4+ (Short term Bank Facilities) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
23.01.2012 |
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 BY
|
Name : |
Mr. Devendra Modi |
|
Designation : |
Finance Manager |
|
Date : |
05.12.2012 |
LOCATIONS
|
Registered / Corporate Office : |
Monarch House Master Mind II, Aarey Milk Colony, Mayur Nagar, Goregaon
(East), Mumbai – 400065, |
|
Tel. No.: |
91-22-61464500 / 28794545 |
|
Mobile No.: |
91-9324838393 |
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Fax No.: |
91-22-28795454 / 28794554 |
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E-Mail : |
lokesh.jain@monarchinnovative.com
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Website : |
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Factory : |
F 90, Industrial Area, Bhdrabad Haridwar – 249402, |
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Tel. No.: |
91-133-4235389 |
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Fax No.: |
91-133-22618706 |
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E-Mail : |
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Showroom/ Branch Office 1 : |
8/16, M.K. Amin Marg, Behind Central Camera Bldg, Fort, Mumbai -
400001, |
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Tel. No.: |
91-22-705555/40455555 |
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Fax No.: |
91-22-618706 |
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Branch Office 2 : |
35/36, Kucha Chaudhary 2nd Floor-3rd Floor Opposite State Bank Of |
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Tel. No.: |
91-11-2324 0101 |
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Fax No.: |
91-11- 2324 0202 |
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Mobile No.: |
91-9324216176/9312655575 |
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Contact Person : |
Mir Ashraf |
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E-Mail : |
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Location : |
Rented |
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Branch Office 3 : |
Shop no: 1-6-226, 1st Floor–Video & 2nd
Floor–Broadcasting, Khandoji Bazar,
Beside Golden Bakery lane, Park lane,
Near to CTC, Secunderabad - 500003. |
|
Tel. No.: |
91-40-30686361 (Video) 91-40-32448370 (Broadcasting) |
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Fax No.: |
91-40-30686362 |
DIRECTORS
As on 26.09.2012
|
Name : |
Mr. Viren Nanji Satra |
|
Designation : |
Managing director |
|
Address : |
1702, 17th Floor, Building 'B', A-
Wing, Mahindra Eminente, S.V. Road, Goregaon (West), Mumbai- 400062,
Maharashtra, India |
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Date of Birth/Age : |
03.05.1965 |
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Date of Appointment : |
01.05.1996 |
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DIN No.: |
00381001 |
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Name : |
Mrs. Hina Viren Satra |
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Designation : |
Director |
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Address : |
1702, 17th Floor, Building 'B',
A- Wing, Mahindra Eminente, S.V. Road, Goregaon (West), Mumbai- 400062,
Maharashtra, India |
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Date of Birth/Age : |
14.04.1970 |
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Date of Appointment : |
01.05.1996 |
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DIN No.: |
00829676 |
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Name : |
Mr. Kumar Shiralagi |
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Designation : |
Nominee director |
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Address : |
No. 384, 1st Cross Judges Colony,
R T Nagar, Bangalore- 560032, Karnataka, India |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
23.09.2010 |
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DIN No.: |
01873430 |
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Other Directorship: |
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Name : |
Mr. Shailesh Premjibhai Chheda |
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Designation : |
Director |
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Address : |
14, Matrubhumi, Shri Nagar Society, M G
Road, Goregaon (West), Mumbai- 400062, Maharashtra, India |
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Date of Birth/Age : |
23.10.1977 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
00310168 |
KEY EXECUTIVES
|
Name : |
Mr. Devendra Modi |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
Shareholders file attached
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
73.08 |
|
Others |
26.92 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged mainly in the business of Editing Solution
products consisting for all types of Audio-Visual Media including financing
of the Product sold by the Company. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Small Industries Development Bank of India 11-13, Atlanta, 1st Floor, 209, V K Shah Marg, Nariman
Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
Haribhakti and Co42, Free Press House,215, Nariman Point,
Mumbai-400021, Maha |
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PAN No.: |
AAAFH2010F |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
6265000 |
Preference Shares |
Rs.39.9039/- each |
Rs. 249.998 Millions |
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|
|
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|
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Total |
|
Rs.399.998
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
10400100 |
Equity Shares |
Rs.10/- each |
Rs.104.001 Millions |
|
6264960 |
Preference Shares |
Rs.39.9039/- each |
Rs. 249.996 Millions |
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Total |
|
Rs. 353.997
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARIZED FIGURES
|
SOURCES OF FUNDS |
31.03.2012 |
|
Sources of Funds |
|
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Paid up Capital |
353.997 |
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Reserves & Surplus |
262.041 |
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Secured Loans |
281.121 |
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Unsecured Loans |
142.637 |
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Application of
Funds |
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Net Fixed Assets |
392.741 |
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Investment |
0.000 |
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Net Current Assets |
291.461
|
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Misc. Expenditure |
0.000
|
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
|
|
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1] Share Capital |
353.997 |
104.000 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
262.334 |
242.197 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
616.331 |
346.197 |
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LOAN FUNDS |
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1] Secured Loans |
253.267 |
164.400 |
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2] Unsecured Loans |
169.980 |
242.376 |
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TOTAL BORROWING |
423.247 |
406.776 |
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DEFERRED TAX LIABILITIES |
3.706 |
6.661 |
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TOTAL |
1043.284 |
759.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
141.955 |
134.638 |
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Capital work-in-progress |
185.339 |
66.742 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
174.080 |
146.262 |
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Sundry Debtors |
448.835 |
402.587 |
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Cash & Bank Balances |
75.784 |
14.360 |
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Other Current Assets |
3.082 |
0.000 |
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Loans & Advances |
60.659 |
48.472 |
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Total
Current Assets |
762.440 |
611.681 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
8.983 |
8.108 |
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Other Current Liabilities |
30.166 |
26.765 |
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Provisions |
7.301 |
18.554 |
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Total
Current Liabilities |
46.450 |
53.427 |
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Net Current Assets |
715.990 |
558.254 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
1043.284 |
759.634 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
402.435 |
438.423 |
440.289 |
|
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Other Income |
NA |
37.566 |
39.231 |
|
|
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TOTAL (A) |
NA |
475.989 |
479.520 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
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|
445.183 (Including
Financial Expenses and Depreciation) |
412.572 |
330.667 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
412.572 |
330.667 |
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||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
63.417 |
148.853 |
||
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|
|
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||
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Less |
FINANCIAL
EXPENSES (D) |
37.279 |
42.308 |
||
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||
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.138 |
106.545 |
||
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||
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.832 |
20.635 |
||
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|
PROFIT BEFORE
TAX (E-F) (G) |
3.160 |
0.306 |
85.910 |
|
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|
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Less |
TAX (H) |
3.452 |
(27.331) |
1.097 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
(0.292) |
27.637 |
87.007 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
242.334 |
214.697 |
127.690 |
|
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|
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|
BALANCE CARRIED
TO THE B/S |
242.042 |
242.334 |
214.697 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
NA |
160.180 |
92.227 |
|
|
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
0.00 |
1.49 |
10.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
5.81 |
18.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.79
|
0.07 |
19.51 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.03 |
11.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.01
|
0.00 |
0.25 |
|
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|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
NA
|
0.76 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
16.41 |
11.45 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Creditors due others |
NA
|
8.983 |
8.108 |
|
|
|
|
|
|
Total |
NA
|
8.983 |
8.108 |
|
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 |
No |
|
9] |
Name of person
contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
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 |
No |
|
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 |
Yes |
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate identity number of the company |
U33005MH1996PTC099218 |
|
Name of the company |
MONARCH INNOVATIVE TECHNOLOGIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Monarch House Master Mind II, Aarey Milk Colony, Mayur Nagar, Goregaon
(East), Mumbai – 400065, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Small Industries
Development Bank of India 11-13, Atlanta, 1st Floor, 209, V K Shah Marg, Nariman
Point, Mumbai - 400021, Maharashtra, India Email: dinesh@sidbi.in |
|
Nature of instrument creating charge |
Declaration and undertaking in the matter of equitable mortgage by
constructive deposit of title deeds in favour of SIDBI on second charge basis,
as additional comfort for financial assistance to customers of the Company,
under SIDBI's direct credit scheme |
|
Date of instrument Creating the charge |
07.05.2012 |
|
Amount secured by the charge |
Rs. 50.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest PLR (fixed) 12.75% p.a. for loans up to Rs. 0.200 million, above Rs.
0.200 million PLR +1% i.e. 13.75% p.a. to customers of the Company, under
direct credit scheme Terms of Repayment MITPL would collect the payments/ repayments due to SIDBI from the
borrowers and remit the amount to SIDBI on/ before due dates by way of local
cheque/ Pay order Margin As stipulated in the loan agreement Extent and Operation of the charge Second charge on immovable property of the Company, as additional
comfort for financial assistance to its customers under SIDBI's direct credit
scheme |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
second charge on F/90, UPSIDC Industrial area, Bahadrabad, Haridwar,
Uttaranchal 249403, charged with IDBI Bank on 1st charge basis second charge on premises No.1, Building 'E', Master Mind II, Royal
Palms, Mayur Nagar, Aarey Colony, Goregaon (East), Mumbai 400065, charged
with IDBI Bank on 1st charge basis |
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.87.89 |
|
Euro |
1 |
Rs.71.52 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.