MIRA
INFORM REPORT
|
Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT IT SERVICES LIMITED (w.e.f.27.06.2008) |
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Formerly Known
as: |
SPICE NET LIMITED |
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Registered
Office : |
60-D, Street No. C-5, Sainik Farms |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.07.1996 |
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Com. Reg. No.: |
11-080315 |
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Capital
Investment/ Paid-up Capital: |
Rs.70.050 Millions |
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CIN No.: [Company Identification
No.] |
U72100DL1996PLC080315 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELG07443C |
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PAN No.: [Permanent Account No.] |
AAACG4247N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing, trading, installation erection of computer hardware
including Printers and Office automation products. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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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 262000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Spice i2i Limited. It is an established
company having moderate track. It has recorded an healthy growth in its sales during 2011. There
appears some dip in the profits earned from operations. There appears some accumulated losses recorded by the company which
has reduces during 2011. 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 caution.
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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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
LOCATIONS
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Registered Office : |
60-D, Street No. C-5, Sainik Farms |
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Tel. No.: |
91-11-26537129 |
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Fax No.: |
Not Available |
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E-Mail : |
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Regional office: |
Kanti Kunj, 2nd Floor, Teli Galli Near Hero Honda Show
room, Andjeri (East), Mumbai, |
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Tel. No.: |
91-22- 26878027,26878063 26878065, 26878126, 30974028 |
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Fax No.: |
91-22-26875793 |
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Email: |
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Web site: |
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Regional office: |
Located at · Noida · Mumbai · Pune · Kolkata ·
· Chennai ·
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Branch office |
Located at ·
·
·
Dehradun ·
·
·
Thiruvanthapuram ·
·
·
· Jaipur |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Vijay Brijendra Chopra |
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Designation : |
Director |
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Address : |
23, Leonie Hill,
#22-01, |
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Date of Birth/Age : |
12.02.1958 |
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Date of Appointment : |
08.04.2010 |
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Din No.: |
02921000 |
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Other Directorship:
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Name : |
Mr. Gurtaj Singh Padda |
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Designation : |
Director |
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Address : |
55, |
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Date of Birth/Age : |
23.07.1968 |
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Date of Appointment : |
08.04.2010 |
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Din No.: |
02940162 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
M V Ramakanth |
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Designation : |
Secretary |
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Address : |
B – 201, Himgiri Apartments, Sector – 34, Noida – 201307 |
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Date of Appointment : |
25.08.2005 |
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Pan No.: |
AAHPR1422N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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S i2i Limited (Formerly known as Spice i2i Limited / Mediaring
Limited) |
|
7004994 |
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B K Modi |
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1 |
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Divya Modi |
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1 |
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Ashok Kumar Goyal |
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1 |
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Avdhesh Kumar Tayal |
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1 |
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Naveen Jain |
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1 |
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Ashok Kumar Saxena |
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1 |
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Total |
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7005000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2011
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, trading, installation erection of computer hardware
including Printers and Office automation products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
Rs.
in millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gupta Garg And Agarwal Chartered Accountant |
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Address : |
G-55, |
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Tel. No.: |
91-11-43016663 |
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Mobile No.: |
91-9312282105 |
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Fax No.: |
91-11-42487574 |
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E-Mail : |
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Pan No.: |
AAAFG3802E |
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Holding Company : |
Spice i2i Limited (formerly Media Ring Limited. (w.e.f. 18.12.09) |
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Ultimate Holding
Company (being holding of Spice Global Private Limited) : |
Spice Global Pte Limited ( |
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Fellow
Subsidiary Company : |
Spice BPO Services Limited |
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Former holding
company from 13.05.2009 till 18.12.2009 |
Spice Enfotainment Limited.(Formerly Spice corp Entertainment
Limited.) |
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Former holding company
till 12.05.2009 |
IO System Limited (Formerly Spice Systems Limited) |
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Holding of Spice
Infotainment Limited |
Spice Global Investments Private Limited |
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Related Party |
·
Vcorp Mercantile Private Limited. ·
Spice Foundation ·
Wall Street Finance Limited ·
Spice Digital Limited ·
Spice Retail Limited |
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Former Related
Party |
·
Spice Mobile Limited (up to 18.12.2009) ·
Spice Innovative Technologies Private
Limited.(Formerly Excellent Tech Private Limited.) (up to 18.12.2009) ·
Spice Investment and Finance Advisors Private
Limited. (up to 18.12.2009) ·
Spice Televentures Private Limited (up to
18.12.2009) ·
Mudliar and Sons Hotels Private Limited. (up to
18.12.2009) ·
Scorp(Europe) Limited (Formerly Mcorp ( ·
First Choice Private Limited. |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
7005000 |
Equity Shares |
Rs.10/- each |
Rs.70.050
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (15 Months) |
31.12.2009 (9 Months) |
31.03.2009 (9 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
70.050 |
70.050 |
20.050 |
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2] Share Application Money |
0.000 |
0.000 |
50.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(4.528) |
(17.967) |
(39.182) |
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NETWORTH |
65.522 |
52.083 |
30.868 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
59.282 |
58.822 |
65.349 |
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TOTAL BORROWING |
59.282 |
58.822 |
65.349 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.805 |
110.905 |
96.217 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.681 |
2.426 |
2.695 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.513 |
0.622 |
0.471 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.637
|
13.379 |
27.147 |
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Sundry Debtors |
83.509
|
57.716 |
83.401 |
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Cash & Bank Balances |
46.590
|
152.571 |
88.503 |
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Other Current Assets |
7.636
|
10.763 |
4.603 |
|
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Loans & Advances |
29.916
|
25.130 |
21.006 |
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Total
Current Assets |
178.288
|
259.559 |
224.660 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
10.809
|
96.045 |
80.953 |
|
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Other Current Liabilities |
41.872
|
41.600 |
46.905 |
|
|
Provisions |
4.996
|
14.057 |
3.751 |
|
Total
Current Liabilities |
57.677
|
151.702 |
131.609 |
|
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Net Current Assets |
120.611
|
107.857 |
93.051 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.805 |
110.905 |
96.217 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (15 Months) |
31.12.2009 (9 Months) |
31.03.2009 (9 Months) |
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SALES |
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|
|
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Income |
473.980 |
259.039 |
332.103 |
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Other Income |
13.195 |
18.198 |
7.310 |
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|
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TOTAL (A) |
487.175 |
277.237 |
339.413 |
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Consumption materials changes inventories |
289.687 |
151.251 |
|
|
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Employee related expenses |
73.380 |
34.644 |
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Administrative selling other expenses |
94.895 |
52.405 |
|
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|
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TOTAL (B) |
457.962 |
238.300 |
320.616 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.213 |
28.937 |
18.797 |
|
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Less |
FINANCIAL
EXPENSES (D) |
8.234 |
5.805 |
5.538 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.979 |
33.132 |
13.259 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.746 |
0.436 |
0.435 |
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PROFIT BEFORE
TAX (E-F) (G) |
20.233 |
32.696 |
12.824 |
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Less |
TAX (H) |
6.588 |
11.479 |
3.086 |
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PROFIT AFTER TAX
(G-H) (I) |
13.645 |
21.217 |
9.738 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17.965) |
(39.182) |
(48.920) |
|
|
|
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|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
(4.320) |
(17.965) |
(39.182) |
|
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|
Earnings Per
Share (Rs.) |
1.95 |
4.54 |
4.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (15 Months) |
31.12.2009 (9 Months) |
31.03.2009 (9 Months) |
|
PAT / Total Income |
(%) |
2.80 |
7.65 |
2.86 |
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.27 |
12.62 |
3.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.25 |
12.48 |
5.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.63 |
0.42 |
|
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|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
1.79 |
4.04 |
6.39 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.09 |
1.71 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
No |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
No |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
NOTE:
The Registered office of the company has been shifted from M
Square Press Enclave Road Saket,
OPERATING RESULTS:
During the period
(i.e. for 15 months), the total turnover (sales and other income) of the
company was Rs. 487.174 Millions against last years’ (i.e. for 9 months) the
total turnover (sales and other income) of Rs.277.237 Millions in total, in absolute terms.
Further during the period
(i.e. for 15 months), the company earned net profit after tax of Rs.136.46
Millions as against last years’ (i.e. for 9 months) the profit after tax
amounted to Rs.21.216 Millions
NATURE OF OPERATIONS
The Company is in the business of Manufacturing, trading, installation erection of computer hardware including Printers and Office automation products. The Company also undertakes maintenance and servicing of computer hardware.
CONTINGENT LIABILITI ES
a) Counter
guarantees given by the company to the banks against the guarantees given by
them on the behalf of the company for Rs. 6.963(P.Y. 5.173 Million
b) For counter
guarantees given to the bank against letter of credit opened in favour of
foreign supplier for Rs. Nil(PY.Rs. 4.000 Millions) by First Choice Enterprises
Private Limited Rs.Nil (PY.Rs.4.000 Millions) respectively.
c) For Civil suit
filed in the Court of City Civil Judge, Chennai for recovery of Salary dues -
Rs. 0.175 Million + Cost (P.Y. 0.175 Million - + Cost)
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.53.59 |
|
|
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.