|
Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICRO HARD IT SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Lower Ground,
LG-1/2, Fountain Plaza, Near Fuwara, Navsari – 396445, Gujarat |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.03.2010 |
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|
|
|
Com. Reg. No.: |
04-059891 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.300
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900GJ2010PTC059891 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTM05459G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCM4155P |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Trader of Computer and Computer Peripherals and also Provide
Networking Solutions. |
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|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26700 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There appears dip in profit of the company. However, overall financial
position of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like situation
appears to have arisen as inflation jumped to an eight month high of 6.46 % for
the month of September. It is up from 6.10 % in August. Growth continues to be
muted with factory output plunging to 0.6 % in August. Onion prices have
risen nearly 300 % from last September. Vegetables cost nearly 90 % more than
they did last year. Wake up to the economic contribution of slum dwellers. They
contribute more than 7.5 % to the country’s gross domestic product, according
to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of India
has approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
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 PARTED BY
|
Name : |
Mr. Vishnubhai Patel |
|
Designation : |
Director |
|
Contact No.: |
91-9824751654 |
|
Date : |
19.12.2013 |
LOCATIONS
|
Registered Office/ Showroom : |
Lower Ground,
LG-1/2, Fountain Plaza, Near Fuwara, Navsari – 396445, Gujarat, India |
|
Tel. No.: |
91-2637-232160 |
|
Mobile No.: |
91-9824751654 (Mr. Vishnu Bhai) |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
|
|
Area : |
1000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
320, Golden Point, Near BSNL Bhavan, Falsawadi, Ring Road,
Surat - 395002, Gujarat, India |
|
Tel. No.: |
91-261-2455280 |
|
Area : |
1000 Sq. ft |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Bhaveshbhai Goverdhan Rathore |
|
Designation : |
Managing director |
|
Address : |
12-13 Chandan Park, At Po Kabilpore, Navsari – 396424, Gujarat, India |
|
Date of Birth/Age : |
24.08.1972 |
|
Date of Appointment : |
16.03.2010 |
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DIN No.: |
02933722 |
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|
|
|
Name : |
Mr. Vishnubhai Becharbhai Patel |
|
Designation : |
Managing director |
|
Address : |
15, Budhna Building, Mankodia Ashapuri Road, Navsari – 396445, Gujarat, India |
|
Date of Birth/Age : |
30.03.1965 |
|
Date of Appointment : |
16.03.2010 |
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DIN No.: |
02933729 |
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|
|
|
Name : |
Mrs. Madhubahen Vishnubhai Patel |
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Designation : |
Whole-time director |
|
Address : |
15, Budhna Building, Mankodia Ashapuri Road, Navsari – 396445, Gujarat, India |
|
Date of Birth/Age : |
17.12.1962 |
|
Date of Appointment : |
16.03.2010 |
|
DIN No.: |
02933745 |
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|
|
|
Name : |
Mrs. Rohini Bhavesh Rathore |
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Designation : |
Whole-time director |
|
Address : |
12-13 Chandan Park, At Po Kabilpore, Navsari – 396424, Gujarat, India |
|
Date of Birth/Age : |
18.06.1978 |
|
Date of Appointment : |
16.03.2010 |
|
DIN No.: |
02933755 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Bhaveshbhai Goverdhan Rathore |
|
14000 |
|
Vishnubhai Becharbhai Patel |
|
6000 |
|
Madhubahen Vishnubhai Patel |
|
3000 |
|
Rohini Bhavesh Rathore |
|
7000 |
|
|
|
|
|
Total |
|
30000 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Computer and Computer Peripherals and also Provide
Networking Solutions. |
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|
|
|
Agencies Held : |
· Lenovo Sony World Dell |
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Terms : |
|
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Selling : |
Cash and Credit (15 Days) |
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Purchasing : |
Cash and Credit (45 Days) |
GENERAL INFORMATION
|
Suppliers : |
K. Girdarlal and Company, Surat |
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Customers : |
Retailers and Corporates L and T, Surat |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Corporation Bank, Paradise Tower, Opposite Civil Hospital,
Station Road, Navsari - 396445, Gujarat, India |
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Facilities : |
Cash Credit – Rs. 5.000 Millions (From Corporation Bank)
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
Dinesh Vasani and Associates Chartered Accountants |
|
Address : |
103, Hare Krishna Complex, Above IDBI Bank, Near Vasant
Talkies, Navsari – 396445, Gujarat, India |
|
Tel. No.: |
91-2637-248744/ 45 |
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Fax No.: |
91-2637-248744/ 45 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AAGPV7332L |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.300 |
0.300 |
0.300 |
|
(b) Reserves & Surplus |
6.379 |
3.920 |
0.107 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6.679 |
4.220 |
0.407 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5.816 |
0.461 |
0.529 |
|
(b) Deferred tax liabilities (Net) |
0.121 |
0.059 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
5.937 |
0.520 |
0.529 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2.002 |
(0.839) |
(0.912) |
|
(b)
Trade payables |
14.695 |
17.804 |
15.629 |
|
(c)
Other current liabilities |
0.943 |
0.337 |
0.286 |
|
(d) Short-term
provisions |
1.038 |
1.646 |
0.014 |
|
Total Current
Liabilities (4) |
18.678 |
18.948 |
15.017 |
|
|
|
|
|
|
TOTAL |
31.294 |
23.688 |
15.953 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
7.342 |
1.480 |
0.795 |
|
(i)
Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.659 |
1.259 |
0.353 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9.001 |
2.739 |
1.148 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
7.612 |
7.189 |
7.946 |
|
(c)
Trade receivables |
12.022 |
11.899 |
4.808 |
|
(d) Cash
and cash equivalents |
2.319 |
1.571 |
1.949 |
|
(e) Short-term
loans and advances |
0.318 |
0.258 |
0.059 |
|
(f)
Other current assets |
0.022 |
0.032 |
0.043 |
|
Total
Current Assets |
22.293 |
20.949 |
14.805 |
|
|
|
|
|
|
TOTAL |
31.294 |
23.688 |
15.953 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
152.692 |
149.813 |
41.793 |
|
|
|
Other Income |
8.934 |
6.289 |
0.182 |
|
|
|
TOTAL |
161.626 |
156.102 |
41.975 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
157.864 |
150.458 |
41.790 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.762 |
5.644 |
0.185 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.204 |
0.126 |
0.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.558 |
5.518 |
0.121 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.099 |
1.705 |
0.014 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.459 |
3.813 |
0.107 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
81.97 |
127.10 |
3.57 |
|
Expected Sales (2013-2014): Rs. 200.000 Millions
The above information has been parted by Mr. Vishnubhai Patel (Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.52
|
2.44 |
0.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.33
|
3.68 |
0.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.37
|
23.29 |
0.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
1.31 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.17
|
(0.09) |
(0.94) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.11 |
0.99 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10423569 |
08/04/2013 |
3,420,000.00 |
CORPORATION BANK |
PARADISE TOWER, OPP. CIVIL HOSPITAL, STATION ROAD, NAVSARI - 396445, GUJARAT, INDIA |
B74361544 |
|
2 |
10270358 |
28/01/2011 |
5,000,000.00 |
CORPORATION BANK |
NAVSARI BRANCH, NAVSARI - 396445, GUJARAT, INDIA |
B07107725 |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Bhavesh G. Rathod |
1.400 |
0.000 |
|
Vishnu B. Patel |
0.600 |
0.000 |
|
|
|
|
|
Total |
2.000 |
0.000 |
PERFORMANCE AND FUTURE OUTLOOK:
During the year,
the company has earned commendable net profit of Rs.152.692 Millions and has
earned net profit of Rs.2.459 Millions. The performances of the company improve
in term of Revenue but profitability yet not improve due to competitive prices
prevailing in the Technology sector. The Management is emphasing on providing
quality hardware accessories to its consumers. The performance of company has
remained satisfactory considering slowdown in economic growth. The directors
are making efforts to improve the performance and confident that company will
post better result in coming years.
TRADE REFERENCES
· K. Girdarlal and Company, Surat
L
and T, Surat
FIXED ASSETS:
· Mobile Phone
Air
Conditioner
Office
Equipments
Office
Building
Furniture
and Fixture
Vehicles
Computer
and Printer
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. 62.38 |
|
|
1 |
Rs. 102.15 |
|
Euro |
1 |
Rs. 85.29 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.