MIRA
INFORM REPORT
|
Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MXC SOLUTIONS INDIA PRIVATE LIMITED [w.e.f. 12.08.2009] |
|
|
|
|
Formerly Known
As : |
KAYMO FASTENER COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Lankmark Building, 554, Dr. G.M. Bhosale Marg,
Worli, Mumbai-400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
28.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-126237 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.77.578
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2000PTC126237 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK19473G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK6981G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing E-Commerce Solutions and Software Developers. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
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 1000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. 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 but correct. 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Sathish |
|
Designation : |
Manager |
|
Contact No.: |
91-9490123943 91-22-43535200 |
|
Date : |
14.03.2012 |
LOCATIONS
|
Registered / Corporate Office : |
2nd Floor, Lankmark Building, 554, Dr. G.M. Bhosale Marg, Worli,
Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-43535200 |
|
Mobile No.: |
91-9490123943 [Mr. Sathish] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Branch Office : |
United India Colony, Near Chandran Bhavan Hotel, Kodambakkam,
Chennai-600024, Tamilnadu, India |
|
Tel. No.: |
91-44-66079593 |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Rajan Jitendra Mehra |
|
Designation : |
Director |
|
Address : |
5A, Premkutir, 177, Marines Drives, Mumbai-400020, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1969 |
|
Date of Appointment : |
06.07.2009 |
|
Din No.: |
00504892 |
|
|
|
|
Name : |
Mr. Vinay Vinod Sanghi |
|
Designation : |
Director |
|
Address : |
20, Mistry Court, Dinesh Vacha Road, Churchgate, Mumbai-400020,
Maharashtra, India |
|
Date of Birth/Age : |
08.05.1969 |
|
Date of Appointment : |
06.07.2009 |
|
Din No.: |
00309085 |
|
|
|
|
Name : |
Mr. Gaurav Vinod Saraf |
|
Designation : |
Director |
|
Address : |
Shreeram Bhavan, Ramdaspeth, Nagpur-440010, Maharashtra, India |
|
Date of Birth/Age : |
20.11.1978 |
|
Date of Appointment : |
16.12.2010 |
|
Din No.: |
00197231 |
|
|
|
|
Name : |
Mr. Alok Satishchandra Mittal |
|
Designation : |
Director |
|
Address : |
1201, Ivory Court, IV, Essel Towers, Sector 28, Gurgaon-122002,
Haryana, India |
|
Date of Birth/Age : |
16.05.1972 |
|
Date of Appointment : |
16.12.2010 |
|
Din No.: |
01290103 |
|
|
|
|
Name : |
Lee Jared Fixel |
|
Designation : |
Director |
|
Address : |
1015, FT Lauderdale Beach, BLVD, Unit 2005, Fort, Lauderdale, Florida,
Pin Code 33318 USA |
|
Date of Birth/Age : |
23.02.1980 |
|
Date of Appointment : |
02.09.2011 |
|
Din No.: |
02635091 |
KEY EXECUTIVES
|
Name : |
Mr. Sathish |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of
Preferences Shares Series “A” |
No. of
Preferences Shares Series “B” |
No. of
Preferences Shares Series “C” |
No. of Equity
Shares |
|
Austin Ligon |
79300 |
-- |
-- |
192730 |
|
Sumant Mandal |
12820 |
-- |
-- |
30754 |
|
Vishal Jain |
20000 |
-- |
-- |
50000 |
|
Dan Neary, Singapore |
20000 |
-- |
-- |
50000 |
|
Kamela Peden Armstrong, USA |
-- |
-- |
-- |
31127 |
|
Vinay Vinod Sanghi jointly with Seena Vinay Sanghi |
-- |
-- |
-- |
450050 |
|
Krishna Trust, India |
-- |
-- |
-- |
1000050 |
|
Gul Asrani |
-- |
-- |
-- |
4800 |
|
Vivek Asrani |
-- |
-- |
-- |
5100 |
|
Bina Vinod Sanghi jointly with Vinay Vinod Sanghi |
-- |
-- |
-- |
450000 |
|
Viraj Vinod Sanghi jointly with Niki Viraj Sanghi |
-- |
-- |
-- |
50000 |
|
Vinti Rajesh Gajree jointly with Rajesh Rajkumar Gajree |
-- |
-- |
-- |
50000 |
|
Rashida Asrani jointly with Abeer Asrani |
-- |
-- |
-- |
95000 |
|
Rashida Asrani jointly with Amal Asrani |
-- |
-- |
-- |
95000 |
|
Arun Singh |
-- |
-- |
-- |
75000 |
|
Akshay Shankar |
-- |
-- |
-- |
100000 |
|
Steve Greenfield, USA |
-- |
-- |
-- |
25350 |
|
Arun Surajprakash Sanghi jointly with Aarti Arun Sanghi |
-- |
-- |
-- |
75000 |
|
Aarti Arun Sanghi jointly with Arun Surajprakash Sanghi |
-- |
-- |
-- |
75000 |
|
Ranjan Surajprakash Sanghi jointly with Jayashree Ranjan Sanghi |
-- |
-- |
-- |
50000 |
|
Rajesh Rajesh Sanghi jointly with Bhairavi Rajesh Sanghi |
-- |
-- |
-- |
50000 |
|
Jyoti Pramod Ahuja jointly with Pramod Ahuja |
-- |
-- |
|
50000 |
|
Cannan VIII Mauritius, Mauritius |
1800000 |
1385228 |
1279943 |
300 |
|
Epiphany Overseas Ventures, Mauritius |
-- |
1385228 |
-- |
100 |
|
Tiger Global Six India II Holdings, Mauritius |
-- |
-- |
2377123 |
100 |
|
|
|
|
|
|
|
Total |
1932120 |
2770456 |
3657066 |
3055461 |
AS ON 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.82 |
|
Directors
or relatives of directors |
|
42.55 |
|
Other
top fifty shareholders |
|
46.63 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing E-Commerce Solutions and Software Developers. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli,
Mumbai-400018, Maharashtra, India |
|
Pan No.: |
AACFD4815A |
CAPITAL STRUCTURE
AS ON 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
8800000 |
Preferences Shares |
Rs.10/- each |
Rs.88.000 Millions |
|
|
Total |
|
Rs.138.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3055461 |
Equity Shares |
Rs.10/- each |
Rs.30.555
Millions |
|
8359642 |
Preferences Shares |
Rs.10/- each |
Rs.83.596
Millions |
|
|
Total |
|
Rs.114.151 Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
4800000 |
Preferences Shares |
Rs.10/- each |
Rs.48.000 Millions |
|
|
Total |
|
Rs.98.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3055261 |
Equity Shares |
Rs.10/- each |
Rs.30.553
Millions |
|
4702576 |
Preferences Shares |
Rs.10/- each |
Rs.47.025
Millions |
|
|
Total |
|
Rs.77.578 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 |
77.578 |
49.872 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
225.734 |
28.983 |
0.000 |
|
|
4] (Accumulated Losses) |
(46.084) |
(15.957) |
(0.039) |
|
|
NETWORTH |
257.228 |
62.898 |
0.061 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.190 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
257.228 |
63.088 |
0.061 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.207 |
2.064 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
261.751 |
60.794 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
4.931
|
3.798 |
0.000 |
|
|
Cash & Bank Balances |
1.787
|
3.441 |
0.001 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.741
|
1.470 |
0.049 |
|
Total
Current Assets |
10.459
|
8.709 |
0.050 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.070
|
3.113 |
|
|
|
Other Current Liabilities |
10.473
|
5.897 |
0.004 |
|
|
Provisions |
0.646
|
0.185 |
0.000 |
|
Total
Current Liabilities |
16.189
|
9.195 |
0.004 |
|
|
Net Current Assets |
(5.730)
|
(0.486) |
0.046 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.716 |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
257.228 |
63.088 |
0.061 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27.533 |
5.389 |
|
|
|
|
Other Income |
2.475 |
0.795 |
|
|
|
|
TOTAL |
30.008 |
6.184 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(28.832) |
(15.342) |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.019 |
0.005 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(28.851) |
(15.347) |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.467 |
0.380 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(30.318) |
(15.727) |
(0.004) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.190) |
0.190 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(30.128) |
(15.917) |
(0.004) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.956 |
0.039 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
46.084 |
15.956 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(9.86) |
(11.47) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(100.40)
|
(257.39) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(110.12)
|
(291.84) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(259.88)
|
(145.99) |
(8.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
(0.25) |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.06
|
0.15 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.95 |
12.50 |
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 |
|
|
|
|
Creditors due
small micro enterprises |
0.099 |
0.000 |
|
|
Creditors due
others |
4.971 |
3.113 |
|
|
Total |
5.070 |
3.113 |
NA |
BACKGROUND:
During the year,
the Company began operations to provide sellers and buyers with a platform to
sell and buy used vehicles. The Company has entered into numerous agreements with
sellers of vehicles and has enlisted buyers to bid for these vehicles.
OPERATIONS:
During the year,
the company continued to expand operations. Office premises were taken on lease
in New Delhi, to cater to its activities in the northern part of the country.
The company also entered into numerous agreements with sellers of vehicles and
enlisted buyers to bid on these vehicles.
As seen from the
above figures the operating income received by the company showed an
appreciable increase from Rs. 5.389 millions to Rs.27.533 millions.
CAPITAL
Considering the
increased funds which would be needed for its new activities, the company
further increased its Authorised Share Capital from Rs.70.000 millions to Rs.
98.000 millions consisting of 50,00,000 Equity Shares of Rs.10/- each and
48,00,000 Preference Shares of Rs.10/- each, during the year.
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.49.90 |
|
|
1 |
Rs.78.15 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.