MIRA INFORM REPORT

 

 

Report Date :

12.12.2012

 

IDENTIFICATION DETAILS

 

Name :

CDP (INDIA) PRIVATE LIMITED

 

 

Registered Office :

B2-603, Marathon Nextgen Innova, Off. G.K. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

07.07.1999

 

 

Com. Reg. No.:

11-120702

 

 

Capital Investment / Paid-up Capital :

Rs.9.900 Millions

 

 

CIN No.:

[Company Identification No.]

U72100MH1999PTC120702

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC10372F

 

 

PAN No.:

[Permanent Account No.]

AABCC42224

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealers of Computer Hardware, Software, Servicing and Peripherals

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 170000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. Company performance capacity seem good. But there is slight drop in profitability. 

 

However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment.

 

The company can be considered for business dealing at usual trade terms and condition.

 

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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

NSIC CRISIL

Rating

SE 2B

Rating Explanation

Financial strength seems to be moderate but performance capacity is high.

Date

May 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 DECLINED

 

Name :

Mr. Vinod Kothari

Designation :

Account Officer

Contact No.:

91-9833951811

Date :

11.12.2012

 

 

LOCATIONS

 

Registered Office :

B2-603, Marathon Nextgen Innova, Off. G.K. Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-67674600 / 01 / 02 / 03

Mobile No.:

91-9833951811 (Mr. Vinod Kothari)

Fax No.:

91-22-67674646 / 67674608

E-Mail :

shrisandip@gmail.com

vinod@cdpindia.com

nikesh@cdpindia.com

info@cdpindia.com

Website :

http://cdpindia.com

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Nikesh Jalamchand Sakaria

Designation :

Director

Address :

5 My Home Building, 3rd Floor Raghavji Lane, GOwalia Tank, Mumbai- 400007, Maharashtra, India

Date of Birth/Age :

25.09.1966

Date of Appointment :

07.07.1999

DIN No.:

01524657

 

 

Name :

Mr. Jalamchand Hirachand Sakaria

Designation :

Director

Address :

5 My Home Building, 3rd Floor Raghavji Lane, GOwalia Tank, Mumbai- 400007, Maharashtra, India

Date of Birth/Age :

31.08.1933

Date of Appointment :

07.07.1999

DIN No.:

01524660

 

 

Name :

Mrs. Alka Sakaria Nikesh

Designation :

Director

Address :

5 My Home Building, 3rd Floor Raghavji Lane, GOwalia Tank, Mumbai- 400007, Maharashtra, India

Date of Birth/Age :

18.09.1970

Date of Appointment :

07.07.1999

DIN No.:

01524883

 

 

Name :

Mrs. Anita Satish Sakaria

Designation :

Director

Address :

5 My Home Building, 3rd Floor Raghavji Lane, GOwalia Tank, Mumbai- 400007, Maharashtra, India

Date of Birth/Age :

15.08.1968

Date of Appointment :

07.07.1999

DIN No.:

01524893

 

 

Name :

Mr. Ankitkumar Ishwarlal Desai

Designation :

Director

Address :

602, 6th Floor, Mehul Palace, A Wing, Opposite Bhagwati Hospital, Borivali (West), Mumbai- 400103, Maharashtra, India

Date of Birth/Age :

21.06.1968

Date of Appointment :

02.04.2007

Pan No :

AAAPD8251G

DIN No.:

02391113

 

 

KEY EXECUTIVES

 

Name :

Mr. Vinod Kothari

Designation :

Account Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Nikesh J. Sakaria

 

46000

Alka Sakaria Nikesh

 

43000

Jalamchand H. Sakaria

 

5000

Anita Satish Sakaria

 

5000

Total

 

99000

 

 

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Dealers of Computer Hardware, Software, Servicing and Peripherals

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Bank of India, Nana Chouk Branch, 296-296 A Shanker Sheth Mansion, Javji Dadaji Road, Mumbai- 400007, Maharashtra, India
  • ICICI Bank, Nariman
  • Citi Bank , Fort

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

Secured Borrowings

Bank Of India

74.481

0.000

Bank of India (Cash Credit A/c)

36.166

18.680

Bank of India (Buyer's Credit A/c)

19.662

0.000

Total

130.309

18.680

 

(Nature of Security: Term Loans are Secured by in principal Hypothecation of book debts, mortgage of office premises at Lower Parel, Furniture and Factures and Collateral security of Gala at Vasai (East) held in name of director and pledge of FDR with bank of Rs 6.600 Millions)

 

(Terms of Repayment: Term Loan 1 (original limit-Rs.70.000 Millions) repayable in 114 EMI of Rs 1.103 Millions commencing from July 2012 carrying variable interest rate of 13.75% p a) Term Loan 2 ( original limit- Rs.6.000 Millions) repayable in 54 EMI of Rs 0.149 Million commencing from July 2012 carrying variable interest rate of 13.5% p.a)

 

(Nature of Security: Cash Credit are secured by in principal Hypothecation of book debts, mortgage of office premises at Lower Parel, Furniture and Fixtures and Collateral security of Gala at Vasai (East) held in name of director and pledge of FDR with bank of Rs 6.600 Millions. Rate PF Interest 14% p.a) Bank of India (Buyer's Credit A/c)

 

(Nature of Security: Buyers Credit are Secured by Hypothecation of book debts upto 90 days and repayable in Foreign Currency USD 379043.06 by 15.06.2012 with interest)

 

Unsecured Loan

As on

31.03.2012

As on

31.03.2011

Directors Loan

22.452

11.215

Total

22.452

11.215

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mr. Ratanchand M Jain

Chartered Accountant

Address :

4, Krisha Bhavan, Hasana Bad Lane, Mumbai- 400054, Maharashtra, India

Tel. No.:

91-22-66973797

Mobile No.:

91-9821137267

Qualification :

B.Com, F.C.A.

PAN.:

AAGPJ7388C

 

 

Associates :
  • CDP esolution
  • Computer Consultancy Services

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

99000

Equity Shares

Rs.100/- each

Rs.9.900 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

99000

Equity Shares

Rs.100/- each

Rs.9.900 Millions

 

 

 

 

 

 

NAME OF SHARE HOLDERS HOLDING SHARES MORE THAN 5%

Name of Shareholders

No. of Shares

% of Holding

Nikesh Sakaria

46000

46.46%

Alka Sakaria

43000

43.43%

Anita Sakaria

5000

5.05%

Jalamchand Sakaria

4990

5.04%

 

98990

99.99%

 

There has been no movement in equity share capital during the year


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

9.900

9.900

9.900

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

34.224

27.438

19.143

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

44.124

37.338

29.043

LOAN FUNDS

 

 

 

1] Secured Loans

130.309

18.680

10.211

2] Unsecured Loans

22.452

11.215

8.290

TOTAL BORROWING

152.761

29.895

18.501

DEFERRED TAX LIABILITIES

1.264

0.000

0.004

 

 

 

 

TOTAL

198.149

67.233

47.548

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

103.690

0.941

0.948

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.032

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
28.230

20.937

17.650

 

Sundry Debtors
105.713

94.388

35.384

 

Cash & Bank Balances
11.567

3.085

0.635

 

Other Current Assets
0.300

0.058

0.000

 

Loans & Advances
4.828

5.367

7.272

Total Current Assets
150.638

123.835

60.941

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
44.397

49.920

6.529

 

Other Current Liabilities
6.289

3.567

3.090

 

Provisions
5.493

4.088

4.722

Total Current Liabilities
56.179

57.575

14.341

Net Current Assets
94.459

66.260

46.600

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

198.149

67.233

47.548

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

509.859

432.511

316.818

 

 

Other Income

19.747

10.696

5.354

 

 

TOTAL                                     (A)

529.606

443.207

322.172

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase of Stock-in-Trade

468.543

403.016

 

 

Changes in inventories of Finished Goods

(7.793)

(3.455)

 

 

 

Employee benefit expense

13.476

10.210

314.897

 

 

Administrative & Other Operating expenses

24.301

18.596

 

 

 

Exceptional items

0.688

0.000

 

 

 

TOTAL                                     (B)

499.215

428.367

314.897

 

 

 

 

 

Less

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

30.391

14.840

7.275

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

12.248

1.938

1.341

 

 

 

 

 

 

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

18.143

12.902

5.934

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

7.597

0.309

0.416

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

10.546

12.593

5.518

 

 

 

 

 

Less

TAX                                                                  (H)

3.760

4.299

0.002

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

6.786

8.294

5.516

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods calculated on FOB basis

45.085

0.048

NA

 

TOTAL EARNINGS

45.085

0.048

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Traded Goods

92.103

NA

NA

 

TOTAL IMPORTS

92.103

NA

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

68.55

83.78

55.72

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
1.28

1.87

1.71

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.07

2.91

1.74

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.15

10.09

8.92

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.24

0.34

0.19

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
4.74

2.34

1.13

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.68

2.15

4.25

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

RS. IN MILLIONS

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

For Goods and Services
44.397

49.920

6.529

Total

44.397

49.920

6.529

 

 

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

No

4]

Premises details

Yes

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

Yes

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

Yes

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

OPERATIONS:

 

The Director have increased the sales of the company substantially In spite of tough competition faced by the company. Similarly the company has increased its share of other income. Your company will endeavor its best in the coming years to enhance the business of the company.

 

 

CONTINGENT LIABILITIES:

Rs. In Millions

Particular

31.03.2012

31.03.2011

Fringe Benefits Tax Demand Disputed by the Company

0.020

0.020

Bank Guarantees

1.469

0.522

 

 

FIXED ASSETS

 

  • Air conditioners
  • Computers
  • EPABX
  • Furniture
  • Machinery
  • Computer
  • Vehicles
  • Office Equipment

 

 

 

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.54.31

UK Pound

1

Rs.87.36

Euro

1

Rs.70.36

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

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

5

--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

 

44

 

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.