MIRA
INFORM REPORT
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Report Date : |
06.12.2012 |
IDENTIFICATION DETAILS
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Name : |
TASAA INFOSOLUTIONS PRIVATE LIMITED (w.e.f. 04.08.2010) |
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Formerly Known
As : |
TASAA NETCOM PRIVATE LIMITED TASAA NETCOM LIMITED |
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Registered
Office : |
301, Krishna
Kunj, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.01.1995 |
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Com. Reg. No.: |
11-085020 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 millions |
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CIN No.: [Company Identification
No.] |
U92110MH1995PTC085020 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT08876A |
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PAN No.: [Permanent Account No.] |
AAACT2068G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing IT Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 86000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. It has incurred
heavy loss from its operations. There appear huge accumulated losses recorded by the company. Financial position of the company is under pressure. Business is active. Payment terms are slow. The company can be considered for business dealings with great
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 |
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 DECLINED BY
|
Name : |
Ms. Vrinda |
|
Designation : |
HR Manager |
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Contact No.: |
91-22-66701717 |
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Date : |
05.12.2012 |
LOCATIONS
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Registered Office : |
301, Krishna
Kunj, |
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Tel. No.: |
91-22-66701717 |
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Fax No.: |
91-22-66701718 |
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E-Mail : |
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Website : |
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Branch Office : |
4, Dhanlaxmi, |
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E-Mail : |
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The Workstation Computer Education (Juhu) : |
502, Royal Chambers, Next to
Jewel Nursing Home, Opposite Club Millennium, Main Gulmohar Road, Mumbai -
400 049, Maharashtra, India |
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Tel. No.: |
91-22-65251060 |
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E-Mail : |
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The Workstation Computer Education (Pune) : |
1202/32, Bhagya, Near Santosh
Bakery, |
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Tel. No.: |
91-20-32926545 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Ameet Babubhai Shah |
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Designation : |
Managing Director |
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Address : |
B-19, Daulat Vihar, 57-58, |
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Date of Birth/Age : |
15.02.1958 |
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Date of Appointment : |
30.01.1995 |
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DIN No.: |
01386496 |
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Name : |
Mr. Rushabh Ameet Shah |
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Designation : |
Director |
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Address : |
B-19, Daulat Vihar, 57-58, |
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Date of Birth/Age : |
09.12.1985 |
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Date of Appointment : |
06.02.2007 |
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DIN No.: |
01280036 |
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PAN No.: |
AWXPS5662B |
KEY EXECUTIVES
|
Name : |
Ms. Vrinda |
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Designation : |
HR Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
Note:
Shareholding details file attached.
As on 30.09.2011
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
99.99 |
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Other
top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing IT Services. |
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Products/ Services : |
v
Corel Draw (Computer Software) v
Maya Complete (Computer Software) v
Adobe CS5 (Computer Software) |
GENERAL INFORMATION
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Customers : |
v
The Walt Disney
Company ( v
Set v
Star v
Edit Institute v
INX Media v
Reliance Communication v
CADD v
Z.Z. Architects v
NDTV Image v
Neo Modern Architects v
Neo Sports
v
UTV v
Balaji Telefilms v
Tata Realty and Infrastructure Limited |
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No. of Employees : |
Information declined by the management |
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Bankers : |
v Bombay
Mercantile Co-Operative Bank Limited, Andheri Branch, Om Niketan, 314,
Paliram Road, Andheri (West), Mumbai, Mumbai – 400 058, Maharashtra, India v HDFC Bank
Limited v Standard Chartered
Bank v Deutsche Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rohit Desai and Company Chartered Accountants |
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Address : |
703/C, Tulsi Villa, |
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Income-tax
PAN of auditor or auditor's firm : |
ABDPD8374N |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
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|
(Out of the above 2500100
shares of Rs.10/-each were issued on take over of businesses of Tasaa Graphics,
Tasaa Netcom Private Limited and Tasaa Container System under deed of
assignment dated 01.07.1999 without receiving subscription in cash)
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 |
|
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1] Share Capital |
30.000 |
30.000 |
30.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
202.508 |
202.508 |
202.508 |
|
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4] (Accumulated Losses) |
(211.060) |
(154.948) |
(134.819) |
|
|
NETWORTH |
21.448 |
77.560 |
97.689 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
28.124 |
29.279 |
32.232 |
|
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2] Unsecured Loans |
198.580 |
211.639 |
169.860 |
|
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TOTAL BORROWING |
226.704 |
240.918 |
202.092 |
|
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DEFERRED TAX LIABILITIES |
0.994 |
0.955 |
0.787 |
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|
|
|
|
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TOTAL |
249.146 |
319.433 |
300.568 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
230.547 |
230.552 |
230.820 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.407 |
0.407 |
0.407 |
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DEFERRED TAX ASSETS |
11.706 |
11.706 |
11.706 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
9.470
|
143.699 |
83.896 |
|
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Sundry Debtors |
25.269
|
43.703 |
17.121 |
|
|
Cash & Bank Balances |
1.592
|
1.309 |
0.578 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
7.939
|
6.611 |
6.258 |
|
Total
Current Assets |
44.270
|
195.322 |
107.853 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
14.036 |
32.926 |
17.411 |
|
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Other Current Liabilities |
7.051
|
75.330 |
1.311 |
|
|
Provisions |
16.697
|
10.298 |
31.496 |
|
Total
Current Liabilities |
37.784
|
118.554 |
50.218 |
|
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Net Current Assets |
6.486
|
76.768 |
57.635 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
249.146 |
319.433 |
300.568 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Income |
253.959 |
123.501 |
93.767 |
|
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Other Income |
|
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|
|
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TOTAL |
253.959 |
123.501 |
93.767 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
308.915 |
142.270 |
179.083 |
|
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
308.915 |
142.270 |
179.083 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(54.956) |
(18.769) |
(85.316) |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.118 |
1.191 |
2.127 |
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PROFIT/ (LOSS)
BEFORE TAX |
(56.074) |
(19.960) |
(87.443) |
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Less |
TAX |
0.038 |
0.169 |
(11.781) |
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PROFIT/ (LOSS)
AFTER TAX |
(56.112) |
(20.129) |
(75.662) |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Service |
4.587 |
0.636 |
0.000 |
|
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TOTAL EARNINGS |
4.587 |
0.636 |
0.000 |
|
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|
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|
|
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IMPORTS |
|
|
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|
|
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|
Software (For |
0.141 |
0.000 |
0.215 |
|
|
|
Software - Assets |
0.000 |
0.014 |
0.022 |
|
|
TOTAL IMPORTS |
0.141 |
0.014 |
0.237 |
|
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|
Earnings/ (Loss)
Per Share (Rs.) |
(18.70) |
(6.71) |
(25.22) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(22.09)
|
(16.30)
|
(80.69)
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.40)
|
(4.69)
|
(25.82)
|
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Return on Investment (ROI) (PBT/Networth) |
|
(2.61)
|
(0.26)
|
(0.90)
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
12.33
|
4.63 |
2.58 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.65 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
14.036 |
32.926 |
17.411 |
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
|
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 |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
Yes |
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31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
OPERATIONS
IT Business has shown
growth this year and expected to show greater growth in next financial year to
generate profits. They have added representation of several IT Products for
Sales and Support.
FUTURE BUSINESS
PLANS
The Company has expanded
its operations geographically within
CONTINGENT
LIABILITIES: (AS ON 31.03.2011)
1. Estimated value
of contracts remaining to be executed on capital account, to the extent not Provided
Rs. Nil
2. Claims against
the company not acknowledged as debts Rs. Nil.
3. Outstanding guarantees furnished to bank Rs.0.300 million
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U92110MH1995PTC085020 |
|
Name of the
company |
TASAA INFOSOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
301, Krishna
Kunj, E-Mail: query@tasaa.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bombay Mercantile
Co-Operative Bank Limited, Andheri Branch, Om Niketan, 314, Paliram Road,
Andheri (West), Mumbai, Mumbai – 400 058, Maharashtra, India E-Mail: emailroc@rediffmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
1) Agreement For
Loan 2) Memo of
Deposit of Title Deed (Both the above
documents constitute a single charge) |
|
Date of
instrument Creating the charge |
02.04.2012 |
|
Amount secured by
the charge |
Rs.15.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @ 13.75%
p.a. or such other rate as agreed between the borrower company and the bank
from time to time. Terms of
Repayment: Repayment, as
agreed between the borrower company and the bank from time to time. Margin: Margin Rate, as
agreed between the borrower company and the bank from time to time. Extent and
Operation of the charge: At the request of
the borrower company, the bank has sanctioned Term Loan of Rs.15.000 millions
against Mortgage of the immovable property i.e. All that Flat No. 401
situated at situated in AUM Jaydeep Heights, admeasuring 1167 Sq. Ft. Plot
No. 3, JVPD Scheme, Vile Parle (W), Mumbai - 400056, in addition to 1
basement puzle parking. |
|
Short particulars
of the property charged |
Mortgage of the
immovable property i. e All that Flat No. 401 situated at situated in AUM Jaydeep
Heights, admeasuring 1167 Sq. Ft. Plot No. 3, JVPD Scheme, Vile Parle (W),
Mumbai – 400056 in addition to 1 basement puzle parking. |
FIXED ASSETS:
v Brand Equity
v Plant and Machinery
v Furniture and Fittings
v Motor Car
v
Computers and Software
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.54.57 |
|
|
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.71.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
2 |
|
--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 |
|
26 |
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.