MIRA INFORM REPORT
|
Report Date : |
05.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
VISTA TECH SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Sambava Chambers, 20, Sir P M Road, Fort, Mumbai – 400001, Maharashtra
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
09.08.2006 |
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Com. Reg. No.: |
163679 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U72900MH2006PTC163679 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
IT Infrastructure Services |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 8176 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The company
has incurred a loss during current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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. Ashish Shah |
|
Designation : |
Director |
|
Contact No.: |
91-22-25008062 |
|
Date : |
05.04.2013 |
LOCATIONS
|
Registered Office : |
Sambava Chambers, 20, Sir P M Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
E-Mail : |
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Website : |
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Offices : |
MUMBAI 8- Jhalawar, Patanwala Estate, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India sales.m@vistait.in Tel: 022-43407600/01 Fax: 022 – 25008062 PUNE 1-Vitthal Apartments, Deccan Gymkhana, Shivaji Nagar, Pune – 411004, Maharashtra, India sales.p@vistait.com Tel: 020-30497600/01 Fax: 020 – 30496393 AHMEDABAD Jawahar Chowk, Above BOI, Mani Nagar, Ahmedabad – 380008, Gujarat, India sales.a@vistait.com Tel: 079-25461084 DELHI 86-B, First Floor, Shahpur Jat, Asiad Village, New Delhi- 110049, Delhi, India sales.d@vistait.com Tel: 011-26490223 Fax: 011-26490223 RANCHI 204, Gupta Bhavan, Nazir Ali Lane, Church Road, Ranchi – 834001, India sales.r@vistait.com Tel: 0651-2350188 Fax: 0651-2350188 |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ashish
Rajnikant Shah |
|
Designation : |
Director |
|
Address : |
A/16, Jay Bandhu,
90 feet Road, Ghatkopar (E), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1970 |
|
Date of Appointment : |
09.08.2006 |
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DIN No.: |
00304436 |
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|
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|
Name : |
Ms. Sejal Ashish
Shah |
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Designation : |
Director |
|
Address : |
A/16, Jay Bandhu,
90 feet Road, Ghatkopar (E), Mumbai 400077, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1974 |
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Date of Appointment : |
10.10.2009 |
|
DIN No.: |
03418516 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ashish Rajnikant
Shah |
|
3400 |
|
Sejal Ashish Shah |
|
6600 |
|
Total |
|
10000 |
AS ON 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
IT Infrastructure Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
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Bankers : |
ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri,
Baroda - 390015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vishal H Shah and Associates Chartered Accountant |
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Address : |
A-302, Kailash Esplanade, Opp. Shreyas Cinema, L B S Marg, Ghatkopar
(W) Mumbai 400086 Maharashtra, India |
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|
|
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.944 |
2.390 |
1.899 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.044 |
2.490 |
1.999 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
41.460 |
21.153 |
24.403 |
|
|
TOTAL BORROWING |
41.460 |
21.153 |
24.403 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
43.504 |
23.643 |
26.402 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
4.630 |
5.785 |
3.514 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.221 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.196
|
5.261 |
3.334 |
|
|
Sundry Debtors |
18.527
|
27.641 |
18.767 |
|
|
Cash & Bank Balances |
2.031
|
5.231 |
15.800 |
|
|
Other Current Assets |
15.240
|
10.145 |
4.334 |
|
|
Loans & Advances |
0.427
|
0.416 |
0.243 |
|
Total
Current Assets |
41.421
|
48.694 |
42.478 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.026
|
26.915 |
18.490 |
|
|
Other Current Liabilities |
4.901
|
3.921 |
0.000 |
|
|
Provisions |
0.000
|
0.000 |
1.117 |
|
Total
Current Liabilities |
22.927
|
30.836 |
19.607 |
|
|
Net Current Assets |
18.494
|
17.858 |
22.871 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.017 |
|
|
|
|
|
|
|
|
TOTAL |
43.504 |
23.643 |
26.402 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
110.400 |
148.816 |
93.577 |
|
|
|
Other Income |
NA |
0.485 |
0.382 |
|
|
|
TOTAL (A) |
NA |
149.301 |
93.959 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Expenses |
|
130.172 |
|
|
|
|
Administrative Expenses |
|
13.346 |
|
|
|
|
Selling and Distribution Expenses |
|
4.385 |
|
|
|
|
TOTAL (B) |
|
147.903 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
|
|
|
|
|
NA |
|
91.802 |
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1.398 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.681 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.200 |
0.717 |
2.157 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.600 |
0.227 |
0.571 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(0.400) |
0.490 |
1.586 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.390 |
1.899 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.944 |
2.390 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
0.33 |
1.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.18
|
0.48 |
2.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.43
|
1.32 |
4.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.29 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
20.28
|
8.49 |
12.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.58 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
PARTICULARS
|
Rs.
In Millions 31.03.2011 |
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Sundry Creditors
|
18.026
|
26.915 |
18.490 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
No |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
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 |
No |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U72900MH2006PTC163679 |
|
Name of the
company |
VISTA TECH SOLUTIONS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sambava Chambers,
20, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India |
|
This form is for |
Modification
of charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
ICICI BANK
LIMITED |
|
Nature of
instrument creating charge |
DEED OF
HYPOTHCATION |
|
Date of
instrument Creating the charge |
23/10/2012 |
|
Amount secured by
the charge |
Rs.5.000 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.5%P.A. Terms of
Repayment On Demand Extent and
Operation of the charge Exclusive Charge In
Favour of ICICI Bank Ltd By Way of Hypothecation of The Entire Stocks of Raw
Material, Semifinished and Finished Goods, Concumable Stores and Spares and
Such Other Movables Including Book Debts, Bills Wether Documentaty or Clean,
Outstanding Monies, Receivables Both Present and Future. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Entire stocks of
all raw materials, semi-finished and finished goods, consumables and book
debts, all bills, receivables- present+ future located at 8, Jhalawar,
Patanwala Estate, LBS Marg, Mumbai 86. |
FIXED ASSETS:
- Telephone
- Air
Conditioner
- Electrical
Fittings
- Furniture and
Fixtures
- Motor Car
- Computers
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 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.54.64 |
|
|
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.