MIRA
INFORM REPORT
|
Report Date : |
30.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
GLOABTEL CONVERGENCE LIMITED |
|
|
|
|
Formerly Known
As : |
MORAKHIA CYBER SOLUTIONS LIMITED |
|
|
|
|
Registered
Office : |
190 R K Builing, Ground Floor, 9th Khetwadi Road,
Mumbai-400004, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.08.2000 |
|
|
|
|
Com. Reg. No.: |
128007 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.116 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2000PLC128007 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM24268G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM3561F |
|
|
|
|
Legal Form : |
Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of Software Designing and Development. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 50632 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, Trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
190 R K Builing, Ground Floor, 9th Khetwadi Road,
Mumbai-400004, Maharashtra, India |
|
Tel. No.: |
91-22.40426440 |
|
Fax No.: |
91-22.66562611 |
|
E-Mail : |
DIRECTORS
AS ON 23.09.2011
|
Name : |
Mr. Chirag Ashokkumar Morakhia |
|
Designation : |
Director |
|
Address : |
289, 5th Floor, Shree Bhuvan, Mumbai-400004, Maharashtra,
India |
|
Date of Birth/Age : |
31.01.1977 |
|
Date of Appointment : |
10.05.2001 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72900MH2000PLC128007
|
GLOABTEL
CONVERGENCE LIMITED |
Director |
10/05/2001 |
10/05/2001 |
- |
Active |
NO |
|
2 |
U51109MH2009PTC195270
|
ELEKTROMED INDIA
PRIVATE LIMITED |
Director |
26/08/2009 |
26/08/2009 |
- |
Active |
NO |
|
Name : |
Mr. Shripal Rasiklal Morakhia |
|
Designation : |
Director |
|
Address : |
289, 5th Floor, Shree Bhuvan, Mumbai-400004, Maharashtra,
India |
|
Date of Birth/Age : |
23.08.1969 |
|
Date of Appointment : |
15.11.2000 |
Directorship in
Other Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72900MH2000PLC128007
|
GLOABTEL
CONVERGENCE LIMITED |
Director |
15/11/2000 |
15/11/2000 |
- |
Active |
NO |
|
2 |
U51109MH2009PTC195270
|
ELEKTROMED INDIA
PRIVATE LIMITED |
Additional
director |
26/08/2009 |
26/08/2009 |
- |
Active |
NO |
|
Name : |
Mr. Tushar Ashokkumar Morakhia |
|
Designation : |
Director |
|
Address : |
289, 5th Floor, Shree Bhuvan, Mumbai-400004, Maharashtra,
India |
|
Date of Birth/Age : |
10.12.1974 |
|
Date of Appointment : |
04.10.2008 |
Directorship in Other
Companies :
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72900MH2000PLC128007
|
GLOABTEL
CONVERGENCE LIMITED |
Additional
director |
04/10/2008 |
04/10/2008 |
- |
Active |
NO |
|
2 |
U51109MH2009PTC195270
|
ELEKTROMED INDIA
PRIVATE LIMITED |
Director |
26/08/2009 |
26/08/2009 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Tushar Ashokkumar |
|
16740 |
|
Mr. Shripal Morakhia |
|
27900 |
|
Mr. Sevantilal Morakhia |
|
1600 |
|
Mr. Prakash Morakhia |
|
200 |
|
Mr. Ashokkumar Morakhia |
|
1600 |
|
Mrs. Rekha |
|
100 |
|
Mr. Kantilal |
|
1500 |
|
Mr. Rasiklal |
|
1500 |
|
Morakhia Metal And Alloys, India |
|
500 |
|
Mr. Chirag Morakhia |
|
33480 |
|
Mr. Darshit Morakhia |
|
4480 |
|
Kantaben Morakhia |
|
2500 |
|
Shardaben Morakhia |
|
2500 |
|
Rasilaben |
|
5000 |
|
Pinal Morakhia |
|
1000 |
|
Jayshree |
|
1000 |
|
Sonal Morakhia |
|
1000 |
|
Shila M Morakhia |
|
1000 |
|
Dipika P Morakhia |
|
6000 |
|
Sangita B Morakhia |
|
1000 |
|
Sejal Morakhia |
|
1000 |
|
Total |
|
111600 |
AS ON 23.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
|
|
Bodies corporate |
0.44 |
|
Directors or relatives of Directors |
99.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of Software Designing and Development. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Bank of Maharashtra, 4 Riddhi Siddhi Apartment, 10th Lane, Khetwadi
Back Road, S P Road, Girgaum, Mumbai-400004, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Yatin C Shah And Associates Chartered Accountant |
|
Address : |
306, Goyal Trade Centre, Shantivan, Borivali (East)m Mumbai-400066,
Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
111600 |
Equity Shares |
Rs.10/- each |
Rs.1.116
Millions |
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 |
1.116 |
1.116 |
0.696 |
|
|
2] Share Application Money |
8.329 |
9.229 |
0.000 |
|
|
3] Reserves & Surplus |
3.780 |
3.780 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.567) |
(3.259) |
(3.345) |
|
|
NETWORTH |
12.658 |
10.866 |
(2.649) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.791 |
6.455 |
4.048 |
|
|
2] Unsecured Loans |
24.286 |
22.134 |
19.927 |
|
|
TOTAL BORROWING |
49.077 |
28.589 |
23.975 |
|
|
DEFERRED TAX LIABILITIES |
0.717 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62.452 |
39.455 |
21.326 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.998 |
14.580 |
3.996 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.138 |
0.498 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.035
|
2.934 |
2.356 |
|
|
Sundry Debtors |
72.464
|
11.251 |
8.251 |
|
|
Cash & Bank Balances |
7.491
|
2.471 |
1.206 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
29.349
|
12.300 |
7.266 |
|
Total
Current Assets |
112.339
|
28.956 |
19.079 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
4.049 |
1.919 |
|
|
Other Current Liabilities |
63.750
|
0.229 |
0.348 |
|
|
Provisions |
0.170
|
0.000 |
0.064 |
|
Total
Current Liabilities |
63.920
|
4.278 |
2.331 |
|
|
Net Current Assets |
48.419
|
24.678 |
16.748 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.035 |
0.059 |
0.084 |
|
|
|
|
|
|
|
|
TOTAL |
62.452 |
39.455 |
21.326 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
182.100 |
80.631 |
65.238 |
|
|
|
Other Income |
1.338 |
1.146 |
0.470 |
|
|
|
TOTAL (A) |
183.438 |
81.777 |
65.708 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
167.609 |
74.599 |
60.742 |
|
|
|
Administrative Expenses |
8.806 |
5.398 |
4.377 |
|
|
|
Preliminary Expenses W/off |
0.025 |
0.025 |
0.025 |
|
|
|
Increase/ (Decrease) in stock |
(0.100) |
(0.578) |
(0.635) |
|
|
|
TOTAL (B) |
176.340 |
79.444 |
64.509 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
7.098 |
2.333 |
1.199 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.725 |
1.427 |
0.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.373 |
0.906 |
0.710 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.656 |
0.460 |
0.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.717 |
0.446 |
0.245 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.025 |
0.361 |
0.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2.692 |
0.085 |
(0.397) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3.259) |
(3.344) |
(2.947) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.567) |
(3.259) |
(3.344) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.46
|
0.10 |
(0.60) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.04
|
0.54 |
0.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.94
|
1.02 |
1.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.04 |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.92
|
3.02 |
(9.93) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.75
|
6.76 |
8.18 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10064221 |
|
Corporate identity number of the company |
U72900MH2000PLC128007 |
|
Name of the company |
GLOABTEL CONVERGENCE LIMITED |
|
Address of the registered office or of the
principal place of business in |
190 R K
Buildingground Floor, 9th Khetwadi Road, Mumbai-400004, Maharashtra,
India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge holder |
Bank of Maharashtra, 4 Riddhi Siddhi Apartment, 10th Lane,
Khetwadi Back Road, S P Road, Girgaum, Mumbai-400004, Maharashtra, India |
|
Nature of description of the instrument
creating or modifying the charge |
Composite Deed of Hypothecation for Cash
Credit and Term Loan. |
|
Date of instrument Creating the charge |
29.06.2010 |
|
Amount secured by the charge |
Rs.7.850 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest BPLR 1.75% = Presently @10.50% p.a. Terms of Repayment Initial moratorium of 3 months is granted
from the date of first drawdown. Entire loan is to be repaid within a period
of 48 months with monthly installment of Rs.0.055 million. Interest to be
serviced as and when applied including moratorium period. Margin In case of Cash Credit 25% of the amount.
In case of Term Loan 42.64% in relation to project cost of Rs.462.000
Millions. Extent and Operation of the charge Security to cover principal amount
together with interest, cost, charges and expenses. Others NIL |
|
Short particulars of the property charged |
First and Exclusive charge and security by
way of hypothecation of present and future stocks and book debts. |
|
Date of latest modification prior to the
present modification |
07.02.2009 |
|
Particulars of the present
modification |
Total Limit Enhanced From Rs. 3.700
Millions To Rs. 7.850 Millions As Per Below Breakup 1) Cash Credit Enhanced From Rs.3.000
Millions To Rs.4.500 Millions 2) Term Loan Of Rs.0.700 Million To
Rs.3.350 Millions |
Fixed Assets:
·
Data Processing
Equipments
·
Cellular Phone
·
Air Condition
·
Furniture And Fixtures
·
Office Equipments
·
Electrification
·
Testing Equipments
·
Property at Chatral
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 records 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.49.64 |
|
|
1 |
Rs.77.79 |
|
Euro |
1 |
Rs.65.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
29 |
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.