1. Summary Information
|
|
|
Country |
|
|
Company Name |
SAVEX COMPUTERS
LIMITED |
Principal Name 1 |
Mr. Anil Ishwarlal Jagasia |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Anuradha Anil Jagasia |
|
|
|
Registration # |
11-046237 |
|
Street Address |
124-B, Maker Chambers III, Nariman Point, Mumbai-400 021, |
||
|
Established Date |
16.02.1988 |
SIC Code |
-- |
|
Telephone# |
91-22-22881616 |
Business Style 1 |
Distributor |
|
Fax # |
91-22-22041656 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Computers Hardware and Peripherals |
|
|
# of employees |
200 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.40,000,000 |
Product Name 3 |
-- |
|
Shareholders |
Directors or
relatives of Directors – 99.96% Other top fifty shareholders –
0.04% |
Banking |
Standard
Chartered Bank |
|
Public Limited Corp. |
No |
Business Period |
24 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
|
Savex Singapore Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,081,583,000 |
Current Liabilities |
572,461,000 |
|
Inventories |
1,499,349,000 |
Long-term Liabilities |
1,914,591,000 |
|
Fixed Assets |
49,583,000 |
Other Liabilities |
241,957,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,729,009,000 |
|
Invest& other Assets |
399,000 |
Retained Earnings |
861,905,000 |
|
|
|
Net Worth |
901,905,000 |
|
Total Assets |
3,630,914,000 |
Total Liab. & Equity |
3,630,914,000 |
|
Total Assets (Previous Year) |
2,794,548,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
17,758,502,000 |
Net Profit |
259,955,000 |
|
Sales(Previous yr) |
11,120,846,000 |
Net Profit(Prev.yr) |
195,372,000 |
MIRA
INFORM REPORT
|
Report Date : |
25.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAVEX COMPUTERS LIMITED [w.e.f. 01.07.1994] |
|
|
|
|
Formerly Known
As : |
SAVEX COMPUTERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
124-B, Maker Chambers III, Nariman Point, Mumbai-400 021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.02.1988 |
|
|
|
|
Com. Reg. No.: |
11-046237 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.40.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909MH1988PLC046237 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37240A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5547H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Distributor of Information Technology Products. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track.
Financially company is performing well. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for normal business dealings on a usual
trade terms and conditions. |
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) |
|
|
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/ Head Office : |
124-B, Maker Chambers III, Nariman Point, Mumbai-400 021, |
|
Tel. No.: |
91-22-22881616 / 1717 / 22799999 |
|
Fax No.: |
91-22-22041656 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office: |
Located at: Ø Mumbai Ø Bhiwandi Ø Ahmedabad Ø Ø Ø Kolkata Ø Chennai Ø Ø Ø Ø Ø Ø Noida Ø Jaipur Ø Ø Pune Ø Ø Ø Ø |
DIRECTORS
As on 15.09.2011
|
Name : |
Mr. Anil Ishwarlal Jagasia |
|||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||
|
Address : |
16, Soona Mahal, 143, |
|||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.08.1960 |
|||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E. (Electronics) |
|||||||||||||||||||||||||||||||||||||||
|
Experience: |
30 Years |
|||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.02.1988 |
|||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00031579 |
|||||||||||||||||||||||||||||||||||||||
|
Last Employment: |
Savex Corporation (as a Managing Director) |
|||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
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|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Name : |
Mrs. Anuradha Anil Jagasia |
|||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
|||||||||||||||||||||||||||||||||||||||
|
Address : |
16, Soona Mahal, 143, |
|||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.06.1962 |
|||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.A. |
|||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
16.02.1988 |
|||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00031603 |
|||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Devang Achyut Pandya |
|||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
|||||||||||||||||||||||||||||||||||||||
|
Address : |
13, Vora Bhuvan, |
|||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.06.1964 |
|||||||||||||||||||||||||||||||||||||||
|
Qualification : |
D.E.
(Electronics) |
|||||||||||||||||||||||||||||||||||||||
|
Experience: |
29 Years |
|||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.10.2001 |
|||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00576033 |
|||||||||||||||||||||||||||||||||||||||
|
Last Employment: |
Savex Corporation (as a Sales Manager) |
|||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Jayant Harkisandas Goradia |
|||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
|||||||||||||||||||||||||||||||||||||||
|
Address : |
203, Asha Niketan, |
|||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.09.1960 |
|||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E.
(Electronics) |
|||||||||||||||||||||||||||||||||||||||
|
Experience: |
30 Years |
|||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.10.2001 |
|||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00031623 |
|||||||||||||||||||||||||||||||||||||||
|
Last Employment: |
Clearpoint Electronics Private Limited (as a Director) |
|||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Anil Ishwarlal Jagasia |
|
199100 |
|
Anil Ishwarlal Jagasia |
|
3598200 |
|
Anuradha Anil Jagasia |
|
200 |
|
Anuradha Anil Jagasia jointly with Anil Ishwarlal Jagasia |
|
600 |
|
Deepak L. Dudhane |
|
200 |
|
Deepak L. Dudhane |
|
600 |
|
Raunak Anil Jagasia |
|
50000 |
|
Raunak Anil Jagasia |
|
150000 |
|
Ravindra L. Dudhane |
|
200 |
|
Ravindra L. Dudhane jointly with Anita R. Dudhane |
|
600 |
|
|
|
100 |
|
Devang Achyut Pandya |
|
100 |
|
Jayant Harkisandas Goradia |
|
100 |
|
|
|
|
|
Total |
|
4000000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.96 |
|
Other top fifty shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Information Technology Products. |
|
|
|
|
Products : |
Computers Hardware and Peripherals |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Standard Chartered Bank 90, M ·
Centurion Bank of Punjab Limited (now merged with
HDFC Bank Ltd.), HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400 013, Maharashtra, India ·
The Bank of ·
CITI Bank N.A., |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. K. Kalra and Associates Chartered Accountant |
|
Address : |
Sai Chambers, 1st Floor, Opposite Gulmarg Co-operative Housing Society,
R.C. Marg, Chembur Naka, Mumbai-400 071, |
|
PAN.: |
AAAPK9845K |
|
|
|
|
Subsidiaries : |
Savex Singapore Private Limited, |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives |
·
Clearpoint Electronics Private Limited, CIN No.: U99999MH1989PTC052939 ·
·
Savex Corporation, |
CAPITAL STRUCTURE
As on 15.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,000,000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
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 |
40.000 |
40.000 |
40.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
861.905 |
604.748 |
412.184 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
901.905 |
644.748 |
452.184 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1774.591 |
1564.315 |
572.961 |
|
|
2] Unsecured Loans |
140.000 |
120.000 |
110.000 |
|
|
TOTAL BORROWING |
1914.591 |
1684.315 |
682.961 |
|
|
DEFERRED TAX LIABILITIES |
1.158 |
0.592 |
1.021 |
|
|
|
|
|
|
|
|
TOTAL |
2817.654 |
2329.655 |
1136.166 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
49.583 |
30.189 |
24.788 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.259 |
0.091 |
0.089 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1499.349
|
1044.675 |
521.656 |
|
|
Sundry Debtors |
1656.563
|
1421.996 |
794.793 |
|
|
Cash & Bank Balances |
74.532
|
37.316 |
10.133 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
350.488
|
260.071 |
209.665 |
|
Total
Current Assets |
3580.932
|
2764.058 |
1536.247 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
486.165
|
232.712 |
273.062 |
|
|
Other Current Liabilities |
86.296
|
64.993 |
17.314 |
|
|
Provisions |
240.799
|
167.188 |
134.862 |
|
Total
Current Liabilities |
813.260
|
464.893 |
425.238 |
|
|
Net Current Assets |
2767.672
|
2299.165 |
1111.009 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.140 |
0.210 |
0.280 |
|
|
|
|
|
|
|
|
TOTAL |
2817.654 |
2329.655 |
1136.166 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17758.501 |
11120.845 |
8407.783 |
|
|
|
Other Income |
14.267 |
6.935 |
6.244 |
|
|
|
TOTAL (A) |
17772.768 |
11127.780 |
8414.027 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials changes Inventories |
16882.380 |
10492.730 |
|
|
|
|
Employee related Expenses |
166.639 |
121.129 |
|
|
|
|
Administrative selling other Expenses |
179.656 |
85.576 |
|
|
|
|
TOTAL (B) |
17228.675 |
10699.435 |
172.227 |
|
|
|
|
|
(including
financial expenses) |
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
544.093 |
428.345 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.755 |
120.535 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
403.338 |
307.810 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.593 |
6.754 |
7.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
392.745 |
301.056 |
164.233 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
132.790 |
105.684 |
57.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
259.955 |
195.372 |
106.357 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
503.122 |
330.558 |
247.009 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
|
|
|
Dividend |
2.400 |
2.400 |
2.400 |
|
|
|
Tax on Dividend |
0.399 |
0.408 |
0.408 |
|
|
BALANCE CARRIED
TO THE B/S |
740.278 |
503.122 |
330.558 |
|
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
449.940 |
217.305 |
96.546 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
64.99 |
48.84 |
26.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.46
|
1.75 |
1.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.21
|
2.71 |
1.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.81
|
10.77 |
10.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.47 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.02
|
3.33 |
2.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.40
|
5.94 |
3.61 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
Yes |
|
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) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
OPERATIONS:
The company performed very well and the same is reflected in the results.
Good demand for products, exploring new business opportunities, starting
business with new vendors and better utilization of available resources has
resulted in an outstanding performance of the Company.
Highlights of the
Company’s performance during the year 2010-11:
1. Gross revenue
increased from Rs.11611.408 millions in F.Y 10 to Rs.18669.986 millions in F.Y
11, which is an increase of 60.79%
2. The Company
earned a net profit after tax of Rs.259.955 millions in FY 11 as against
Rs.195.372 millions of FY10, which is an increase of 33.06%
During the year
the company started
In last AGM that
they have incorporated one Subsidiary Company at
The Company is a
National Distributor for Hewlett Packard India Sales Private Limited, Logitech
India, Samsung Electronics India Private Limited, Acer India Private Limited
and Microsoft Licensing GP. The products marketed by the Company are Notebooks,
Desktops, Inkjet and Laser Printers, plotters, server and storage products,
Colour Monitors, TFT monitors, Cartridges, Toners, Keyboards, Hard Disk Drives,
Optical Disk Drives, Mouse, Webcams, Microsoft Software, Accessories and other
Computer peripherals.
PRESENT SCENARIO:
As they step into
the new fiscal, they also get ready to complete the silver jubilee of their
operations. During these two and half decades the company has performed well and
is performing well during the current financial year too. The Directors of the
Company have put all efforts to control costs and simultaneously increase the
revenue of the company by approaching other branded companies for
distributorship and also by opening up newer geographies.
The current
environment presents a host of challenges. Inflation appears sticky and the GDP
growth may be moderate in the near term. Competitive pressure will be on the
rise. None of these challenges are new. Their ability to steer through these
conditions and lead the market is reflected in the numbers they have delivered.
The Company has a
strong portfolio of MNC brands like HP, Samsung, Acer, Logitech and Microsoft
which are the best IT vendors in the market. Reaching over 400 cities across
FUTURE PROSPECTS:
By March 2013, the
Company proposes to have over 43 branches covering 425+ cities and catering to
over 5000 customers. They expect to achieve turnover of Rs.25000.000 millions
in this financial year. This growth in revenue coupled with a sound credit
policy, a scalable ERP enabled business architecture will provide a healthy
increase in the Net PAT.
CONTINGENT LIABILITIES:
i) Counter
guarantee given to bankers for guarantee given to Sales Tax and other
Government Authorities Rs.1.505 Millions.
ii) Guarantee
given by the bank against performances, in favour of suppliers of the Company
Rs.218.670. It includes one standby LC issued in US Dollar amounting to USD
2,50,000.00.
iii) Outstanding
amount of contract remaining unexecuted on account of Capital Commitment Rs.
NIL.
iv) State bank of
v) The custom
department has raised a demand of Rs.1.597 Millions due to short duty paid on
imports. The demand is disputed by the company before West Regional Bench of
Custom, Excise and Service Tax Appellate Tribunal (CESTAT) and the same is
pending for disposal. No provision is made in the books of accounts. In other
cases with similar facts the Appellate authority has given decision in favour
of the assessee.
vi) The Company has disputed liability for the demand raised during
assessment by various assessing authorities under Sales Tax/VAT Act which are
not acknowledged and disputed with the higher authorities. Total amount
involved Rs.1.956 Millions. The Company feels that there is strong case in
favour of the Company hence the liability is not provided.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31909MH1988PLC046237 |
|
Name of the
company |
SAVEX COMPUTERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
124-B, Maker
Chambers III, Nariman Point, Mumbai-400 021, Email: savex@vsnl.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10004866 |
|
Type of charge |
Released Charge
over Collateral Security. |
|
Particular of
charge holder |
Standard
Chartered Bank, 90, M Email: avinash.bahutule@sc.com |
|
Nature of
instrument creating charge |
Letter for No
Objection / Confirmation of No Charge on the Immovable Property received from
the Bank. |
|
Date of
instrument Creating the charge |
08/05/2012 |
|
Amount secured by
the charge |
Rs.630.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest No Change Terms of repayment No Change Margin No Change Extent and operation of the charge No Change |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
No Change |
|
Date of
instrument modifying the charge |
30.01.2011 |
|
Particulars of
the present modification |
There is no
change in the limit of Rs.630.000 Millions. The existing
collateral securities of Unit No.104,105,106 situated at CFC Building, Mutual
Industrial Premises Co.operative Housing Society Limited, Village-Valiv,
Taluka Vasai, Didtrict -Thane and Unit No.8 comprised in Sy No.59 situated at
Mota Chambers, Sampanji Ramaswamy Temple Road, Bangalore which are released
by the bank. All other terms
and conditions are remaining same. |
FIXED ASSETS:
·
Gala at Vasai and Andheri
·
Improvement of Leased Property
·
Computers and Software
·
Electronic Equipment
·
Furniture and Fixture
·
Vehicles
WEBSITE DETAILS
COMPANY INFO:
The company was founded in 1986 as Savex Corporation by Mr. Anil Jagasia,
and later incorporated as Savex Computers Limited in 1988.We are today among
the six largest Information Technology distributors in India.
With its headquarters in Mumbai, and 40 sales offices and stock
locations (and growing) spread across the country, Savex is well poised to take
on the challenge of being a potent force in Information Technology
Distribution.
With over two decades of expertise and experience in Distribution that
yield better reseller leads, Savex also offers its Vendors access to more than
5000 Channel Partners, Retailers, Corporate resellers,VARs and System
Integrators.
They focus on proven best-of-breed manufacturers and on quality, rather
than quantity of companies on their line card.
Their core competencies in distribution are, better Logistics,
efficiently monitored Inventory management, flexible credit financing for
dealers, a national channel reach and an excellent reseller account management
system.
Unlike other large Multinational distributors who have their 'own axe to
grind', Savex has always worked together with Vendors to help them implement
their plans for the Indian market.
Addressing the SMB market effectively is currently their key agenda.
Their endeavor is to focus on each individual channel member's requirement,
especially when the customer needs solutions and not just boxes, on schedule
and within budget.
Their efficient credit evaluation cell continuously corroborates the
financial requirements of the channel members and is able to quickly resolve any
ad hoc credit or deal financing requirement.
Savex has always
strived to continually discover new ways to take costs out of the supply chain.
Improved business processes have helped the company operate efficiently,
sometimes even on wafer thin margins.
As technology
grows more complex, product knowledge across multiple vendor lines helps us to
offer their resellers guidance in assembling solutions from different
manufacturers to deliver the most efficient solutions to their end customers.
Localized expertise
and knowledge is the driving power in their I.T. supply chain solutions. Other
than being known in
Their business
continues to evolve based on ever-changing market conditions. Willingness to
embrace change is the key to their continued success. They at Savex continually
innovate their order management and delivery systems to improve customer
satisfaction, ensuring growth and higher profitability for their business
partners and shareholders.
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.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPTP |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.