MIRA
INFORM REPORT
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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
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Name : |
POS SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Unit No. 426, 4th Floor, Gundecha Industrial Estate, Akurli Road, Kandivali (East), Mumbai 400101, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
11.03.2005 |
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Com. Reg. No.: |
11-151920 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U72100MH2005PTC151920 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company engaged in Computer Software. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 19000 |
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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.
There appears some accumulated losses recorded by the company. The external
borrowing appears to be huge. However, the company has performed well and are slowly wiping its
accumulated losses. Trade relations are reported to be fair. Business in active. Payments
are reported to be slow. The company can be considered for Business dealings with great
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 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 : |
Ms. Vidya |
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Designation : |
Office Executive |
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Contact No.: |
91-22-32230991 |
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Date : |
15.04.2013 |
LOCATIONS
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Registered Office : |
Unit No. 426, 4th Floor, Gundecha Industrial Estate,
Akurli Road, Kandivali (East), Mumbai 400101, Maharashtra, India |
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Tel. No.: |
91-22-32230991 / 32209495 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
Locate At Dubai |
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Warehouse : |
Godown No. J -101, J-Building, 1st Floor, Sambhav Complex, Rehnal Village Road, Village Rehnal, Bhiwandi, District Thane – 421302, Maharashtra, India |
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Tel. No.: |
91-2522-311127 |
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Regional Offices : |
Locate At · Chennai · Kerala · New Delhi · Bangalore · Coimbatore |
DIRECTORS
As on 27.09.2012
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Name : |
Mr. Sasikumar Parakkuth |
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Designation : |
Director |
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Address : |
Geethanjaly, 12/58, Pottail, 3rd Subline, Thrissur –
680004, Kerala, India |
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Date of Birth/Age : |
15.05.1966 |
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Date of Appointment : |
11.03.2005 |
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DIN No.: |
00318940 |
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Name : |
Mr. Nalini Sasikumar Parakkuth |
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Designation : |
Director |
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Address : |
Geethanjaly, 12/58, Pottail, 3rd Subline, Thrissur – 680004,
Kerala, India |
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Date of Birth/Age : |
20.09.1971 |
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Date of Appointment : |
11.03.2005 |
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DIN No.: |
01950205 |
KEY EXECUTIVES
|
Name : |
Ms. Vidya |
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Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2012
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Names of Shareholders |
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No. of Shares |
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Sasikumar Parakkuth |
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224150 |
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Kizhakkepat Variath AC Huthan Nalini |
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225850 |
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Lalan Vishal Abhay |
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50000 |
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Total |
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500000 |
As on 27.09.2012
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
90.00 |
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Other top fifty shareholders |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company engaged in Computer Software. |
GENERAL INFORMATION
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Customers : |
· A N. Traders Private Limited · Access Computer · Ace Brain Systems & Software Private Limited · Amain Infotceh · AND Desigues India Limited · Angelsolt Technologies · Appotu Medicals · Aramark Pauian Services Private Limited · Archies Limited · Archies Limited · ARCHILS- ROHTAK · Arpita Bar · Arvind Retail Limited · AS Infolech · Ascension Technocrats · B S Enterprises ·
Barcode Retail systems |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Union Bank of India, Thrissur Branch, Tuda Building, Near
Sakthan Bus Stand, Thrissur - 680001, Kerala, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M P Gopalakrishnan Chartered Accountant |
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Address : |
"Janaki Nivas", 540 N S R Road, Saibaba Mission Po,
Coimbatore – 641011, Tamilnadu, India |
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PAN.: |
AEGPG2264Q |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
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a) terms/rights
attached to the equity shares
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity is entitled to one vote per share
In the event of the liquidation of the company, the holder of equity shares will be entitled to received remaining, assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b) Shares issued for consideration other than cash and shares bought back during the immediately preceding years is NIL
c) Details of
shareholders holding more than 5% shares in the company
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Particular |
As at 31.03.2012 |
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Nalini Sasikumar |
225850.00 |
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Sasikumar Parakkuth |
224150.00 |
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Vishal Lalan |
50000.00 |
As per the record of" the company, including its register of shareholders and other from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial.
d) Share reserved for issue under options Company has not reserved any equity shares for issue under the employee stock option (ESOP) plan of the company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.104) |
(0.438) |
(1.317) |
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NETWORTH |
4.896 |
4.562 |
3.683 |
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LOAN FUNDS |
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1] Secured Loans |
18.707 |
17.030 |
14.170 |
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2] Unsecured Loans |
0.000 |
0000 |
3.466 |
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TOTAL BORROWING |
18.707 |
17.030 |
17.636 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.603 |
21.592 |
21.319 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.877 |
2.326 |
2.184 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.315 |
0.200 |
0.025 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.462
|
14.332 |
16.730 |
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Sundry Debtors |
14.562
|
19.206 |
15.053 |
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Cash & Bank Balances |
1.713
|
0.614 |
0.664 |
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Other Current Assets |
4.485
|
3.355 |
0.972 |
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Loans & Advances |
10.589
|
6.810 |
7.152 |
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Total
Current Assets |
51.811
|
44.317 |
40.571 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.250
|
14.883 |
19.127 |
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Other Current Liabilities |
11.150
|
10.368 |
2.334 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
30.400
|
25.251 |
21.461 |
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Net Current Assets |
21.411
|
19.066 |
19.110 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.603 |
21.592 |
21.319 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
88.814 |
76.434 |
59.517 |
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Other Income |
5.261 |
2.453 |
1.105 |
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TOTAL (A) |
94.075 |
78.887 |
60.622 |
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EXPENSES |
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Administrative Expenses |
901.049 |
74.817 |
58.244 |
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Advertising Expenses |
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TOTAL (B) |
90.049 |
74.817 |
58.244 |
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PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.026 |
4.070 |
2.378 |
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FINANCIAL
EXPENSES (D) |
3.195 |
2.545 |
1.788 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.831 |
1.525 |
0.590 |
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DEPRECIATION/
AMORTISATION (F) |
0.656 |
0.703 |
0.642 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
0.276 |
0.878 |
(0.052) |
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TAX (H) |
(0.058) |
(0.001) |
0.000 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
0.334 |
0.879 |
(0.052) |
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Earnings Per
Share (Rs.) |
0.668 |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.36
|
1.11 |
(0.09) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.31
|
1.11 |
(0.09) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.51
|
1.88 |
(0.12) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.19 |
(0.01) |
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Debt Equity Ratio (Total Debt /Networth) |
|
3.82
|
3.73 |
4.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.76 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Trade Payables |
19.250
|
14.883 |
19.127 |
|
Total |
19.250
|
14.883 |
19.127 |
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Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
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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 |
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 |
Yes |
|
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:
The registered office of the company has been shifted from
B-84, Sanjiay 5, Mittal Estate,Andheri Kurla Road Marol, Andheri (East), Mumbai
– 400059, Maharashtra, India to present address w.e.f.
WORKING OF THE
COMPANY:
The performance of the company during the year reported a total revenue amounts to Rs.94.075 Millions as against Rs 78.887 Millions during the previous year. This has resulted a net profit before tax of Rs 0.276 Millions for the year against a net profit before tax of Rs 0.878 Millions for the corresponding last year.
FIXED ASSETS
· Furniture and Fittings
· Plant and Machinery
· Computer
· Furniture and Fixtures
· Motor Car
AS PER WEBSITE
PRESS RELEASE
MATRIX PARTNERS INDIA
INVESTS IN POS SOLUTIONS STARTUP MSWIPE
Matrix Partners India today announced that it has led the first institutional round of unding in Mswipe Technologies Private Limited. Mswipe is an early leader in providing cost effective point of sale (POS) solutions which enable merchants to accept debit and credit card payments using their Android, iOS or notably feature phones. In 4 months since going live Mswipe’s POS terminals have been deployed in over 200 cities and towns across India.
“Mswipe enables small and mid-sized merchants to accept regular credit and debit cards on their mobile phones with the same security & speed as conventional POS terminals at a very affordable price point and competitive card interchange fees. Other than conventional brick and mortar stores, Mswipe’s solution enables card acceptance by insurance agents, home delivery services providers etc. Merchants have access to their transaction on their mobile phones as well as a host of online reports.” saidManish Patel, Founder and Managing Director, Mswipe
“Mswipe is an early leader in creating a low cost, mobile POS infrastructure in India. Manish has extraordinary entrepreneurial energy and insights into the challenges faced by small and mid-size merchants, and we are excited to be his partners. This opportunity is at the cross section of financial services and mobile, two important focus areas for Matrix India.” said Rishi Navani, Managing Director, Matrix India
Earlier this year, Mswipe was looking to raise about 5 million USD in funding. While the size of funding hasn’t been mentioned, we have reached out to Matrix for a statement on this and more questions.
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.54.63 |
|
|
1 |
Rs.83.70 |
|
Euro |
1 |
Rs.71.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
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 |
|
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.