MIRA
INFORM REPORT
|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
CONDOT SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 122, Niraj Industrial Estate, Behind Paper Box Industries,
Off Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.08.1996 |
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|
Com. Reg. No.: |
11-101846 |
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Capital
Investment / Paid-up Capital : |
Rs.10.672 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24294MH1996PTC101846 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC05957A |
|
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|
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PAN No.: [Permanent Account No.] |
AABCC1766B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Variable Data Printing Systems |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 111000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Reserve appears
to be low. However, trade relations are reported as fair. Business is active.
Payments are unknown. The company can be considered normal for business dealings with some
caution. Profit and Loss a/c of the company is not available. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Chander Daulatia |
|
Designation : |
Consultant and Controller of Company |
|
Contact No.: |
91-22-61401800 |
|
Date : |
30.10.2012 |
LOCATIONS
|
Registered Office : |
Unit No. 122, Niraj Industrial Estate, Behind Paper Box Industries,
Off Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-61401800 |
|
Mobile No.: |
91-9321088540 [Mr. Jigish Chiniwala] |
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Fax No.: |
91-22-26879078 |
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E-Mail : |
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Website : |
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Distributors : |
Located at : ·
·
Ahmedabad ·
·
|
|
|
|
|
Delhi Branch Office : |
B-45/141, Guru Nanak
Pura, Lane No 5, Opposite HDFC Bank, Laxmi Nagar, New Delhi – 110092, India |
|
Tel. No.: |
91-11-22015055 |
|
Fax No.: |
91-11-22422664 |
|
E-Mail : |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Jigish Bipin Chiniwala |
|
Designation : |
Director |
|
Address : |
Flat No. 1102, 11th Floor, Sanjeev Enclave CHS. Building
No.7 Bungalows J P Road, andheri (West), Mumbai – 400061, Maharashtra, India |
|
Date of Birth/Age : |
13.12.1968 |
|
Date of Appointment : |
14.08.1996 |
|
DIN No.: |
00538737 |
|
|
|
|
Name : |
Mr. Hemant Dhirajlal Malavia |
|
Designation : |
Director |
|
Address : |
C-610, 6th Floor Pavanputra Building, Maruti Nagar, Shiv Vallabh
Road, Dahisar East, Mumbai – 400068, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1965 |
|
Date of Appointment : |
14.08.1996 |
|
DIN No.: |
00538731 |
|
|
|
|
Name : |
Mr. Mukeshkumar Bhemajibhai Patel |
|
Designation : |
Director |
|
Address : |
Flat No.206, 2nd Floor, Yogi Villa CHS. Yogi Nagar, Eksar
Road, Borivali West, Mumbai – 400092, Maharashtra, India |
|
Date of Birth/Age : |
11.08.1971 |
|
Date of Appointment : |
14.08.1996 |
|
DIN No.: |
01299687 |
KEY EXECUTIVES
|
Name : |
Mr. Chander Daulatia |
|
Designation : |
Consultant and Controller of Company |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mukesh Bhimjibhai Patel |
|
11250 |
|
Sangeeta Mukesh Patel |
|
4500 |
|
Bhimjibhai Hirabhai Patel |
|
3000 |
|
Dwaliben Bhimjibhai Patel |
|
3000 |
|
Bharti Bipin Chiniwala |
|
9000 |
|
Jigish Bipin Chiniwala |
|
7875 |
|
Neha Jigish Chiniwala |
|
4845 |
|
Hemant Dhirajlal Malavia |
|
17625 |
|
Anita Hemant Malavia |
|
13125 |
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Hemant Malavia, Jt. Varun |
|
1500 |
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Jigish Bipin Chiniwala, Jt. Kinal |
|
9000 |
|
Nishita Mukesh Patel |
|
6750 |
|
Priyal Jigish Chiniwala |
|
1500 |
|
Usha Girish Patel |
|
3750 |
|
K.R.C. Trading Company Private Limited |
|
2500 |
|
Karma Ispat Limited |
|
5000 |
|
Isk Trading Company Private Limited |
|
2500 |
|
|
|
|
|
Total |
|
106720 |
(AS ON 30.09.2011)
Equity Shares Break – Up
|
Category |
|
Percentage |
|
|
|
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|
Directors or relatives of directors |
|
100.00 |
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|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Variable Data Printing Systems |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
·
HDFC Bank, Branch Ahura Centre, Andheri (East), Mumbai, Maharashtra, India ·
The
Vysya Bank Limited, Mira Road Branch,
Mira Road (East), Thane, Maharashtra, India ·
Citi Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
Deven C. Dholakia Chartered Accountants |
|
Address : |
303, Sagar Building, Prabhat Industrial Estate, Before Dahisar Toll
Plaza, Dahisar (East), Mumbai - 400068, Maharashtra, India |
|
PAN No.: |
AAAPD6982E |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Share |
Rs.100/- each |
Rs. 20.000 Millions |
|
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
106720 |
Equity Share |
Rs.100/- each |
Rs.10.672
Millions |
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|
|
|
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 |
10.672 |
10.672 |
0.645 |
|
|
2] Share Application Money |
0.000 |
0.000 |
10.000 |
|
|
3] Share Premium |
9.000 |
9.000 |
0.000 |
|
|
4] Reserves & Surplus |
8.132 |
5.062 |
9.036 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27.804 |
24.734 |
19.681 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.486 |
2.104 |
0.974 |
|
|
2] Unsecured Loans |
0.065 |
0.065 |
0.065 |
|
|
TOTAL BORROWING |
2.551 |
2.169 |
1.039 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.355 |
26.903 |
20.720 |
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|
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|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
8.320 |
6.383 |
4.199 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.005 |
0.005 |
0.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.528
|
12.826 |
8.601
|
|
|
Sundry Debtors |
13.318
|
13.028 |
6.144
|
|
|
Cash & Bank Balances |
3.658
|
4.245 |
4.244
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
8.681
|
7.403 |
5.204
|
|
Total
Current Assets |
38.185
|
37.502 |
24.193 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
5.413
|
7.571 |
|
|
|
Other Current Liabilities |
2.571
|
2.618 |
|
|
|
Provisions |
8.171
|
6.798 |
4.932
|
|
Total
Current Liabilities |
16.155
|
16.987 |
7.677
|
|
|
Net Current Assets |
22.030
|
20.515 |
16.516
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.355 |
26.903 |
20.720 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
0.77 |
0.44
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.21 |
3.15
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
|
|
|
|
-
For Supplier |
3.995 |
7.008 |
NA |
|
-
For Expenses |
1.418 |
0.563 |
NA |
|
|
|
|
|
|
Total |
5.413
|
7.571 |
NA |
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE
Registered office of the company has been shifted from 110, Menakshi
Chambers Panchal Nagar, Bhayander (East), Thane to the present address w.e.f.
11.03.2008.
Bankers Charges
Report as per Registry
|
Name of the
company |
CONDOT SYSTEMS PRIVATE LIMITED |
|
Presented By |
Jointly by the
Company and the Bank |
|
1) Date and description of instrument creating the change |
Agreement of Hypothecation
of stock in trade, machinery dated 17.07.2002 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.200 Millions
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods, book debts and all other movable of the borrower including
documents of title to goods and all other belonging to or in the possession
or under the control of the borrower wherever lying stored and kept and
whether in borrower or of the Bank or of any third party. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin: Stocks 25% and Book Debts 50% Rate of
Interests: 16% or such other
rate as may be prescribed by the bank from time to time. 4% above Vysya bank
PLR subject to a minimum of 18% p.a. or such other rate as may be prescribed
by the Bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
(The Vysya Bank
Limited) ING Vysya Bank Limited Mira Road Branch,
Mira Road (East) Now at Regional
Office, Central Bombay Infotech Park, Modern Mill Compound, Sane Guruji Marg,
Modern Mill Coumpound, sane Guruji Marg, Mahalaxmi, Mumbai – 400011 |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement of Hypothecation of stock in trade machinery, book debts, bill and
all other movable September 2003. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The limit stands
interests from Rs.1.200 Millions to Rs.1.500 Millions vide the supplemental
agreement dated 16.09.2003. |
FIXED ASSETS
·
Factory Premises
·
·
Computers
·
Computer Monitor
·
·
Demo Table
·
Drilling Machine
·
Electric Fan and Fittings
·
EPBAX
·
Fax Machine
·
Furniture
·
Microprocessor
·
Mobile Phone
·
Office Equipments
·
UPS Systems
·
Computer Printer
·
Hard Disk
·
Telephone
·
Pager
·
Winding System Demo Machine
·
Patent
·
Plant and Machinery
·
Motor Cars
·
Air Conditioner
·
·
Server Board
·
Vaccume Cleaner
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 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.54.17 |
|
|
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
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.