MIRA INFORM REPORT
|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEHTA INFOCOM PRIVATE LIMITED |
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Registered
Office : |
Gala 401, AF/3, Cama Industrial Estate, C.T.S. N, Opposite Kusum
Masala, Goregaon (East), Mumbai – 400063, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.08.2007 |
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Com. Reg. No.: |
11-173072 |
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Capital
Investment / Paid-up Capital : |
Rs.3.752 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U72900MH2007PTC173072 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of all types of Internet Products and
Telecom Products. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 86000 |
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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 a moderate track record. The
latest financial are not made available with the government department. As per previous year’s, the company performance seems to be good.
Financial position of the company is improving. Trade relations are reported to be fair. Business is active. Payments
are reported to be unknown. The company can be considered for business dealings with slight
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 DENIED
Not Reachable
(91-9506823707)
LOCATIONS
|
Registered Office : |
Gala 401, AF/3, Cama Industrial Estate, C.T.S. N, Opposite Kusum
Masala, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-28775743 / 28741898 / 28786316 / 28773065 |
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Fax No.: |
91-22-28775517 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Head Office : |
“Mehta House”, Cama Industrial Estate, Near Hub Mall, Opposite Kusum Masala
and Next To Montex Pen House, Off Western Express Highway, Goregaon (East),
Mumbai-400063, Maharashtra, India |
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|
|
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Sales Office / Admin Office : |
15, Gyan Mandir Building, Jitendra Road, Malad (East), Mumbai –
400097, Maharashtra, India |
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Tel No.: |
91-22-28775743 (4 Lines) / 28782103 |
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Fax No.: |
91-22-28775517 |
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E-mail Id : |
DIRECTORS
AS
ON 30.09.2011
|
Name : |
Mr. Jignesh Sumatilal Mehta |
|
Designation : |
Managing Director |
|
Address : |
A-301, Atul Apartment, 3rd Floor, |
|
Date of Birth/Age : |
23.08.1969 |
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Date of Appointment : |
13.08.2007 |
|
DIN No.: |
01632850 |
|
Name : |
Mrs. Nital Jignesh Mehta |
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Designation : |
Director |
|
Address : |
A-301, Atul Apartment, 3rd Floor, |
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Date of Birth/Age : |
24.07.1969 |
|
Date of Appointment : |
13.08.2007 |
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DIN No.: |
01632835 |
|
Name : |
Mrs. Sushilaben Sumatibhai Mehta |
|
Designation : |
Director |
|
Address : |
A-301, Atul Apartment, 3rd Floor, |
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Date of Birth/Age : |
27.01.1933 |
|
Date of Appointment : |
13.08.2007 |
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DIN No.: |
01632846 |
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|
|
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Name : |
Mr. Chintan Prakash Lalji |
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Designation : |
Director |
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Address : |
Flat No.62, 6th Floor, Mansarovar Building, Borivali (West),
Mumbai-400092, Maharashtra, India |
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Date of Birth/Age : |
09.06.1977 |
|
Date of Appointment : |
24.05.2010 |
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DIN No.: |
03083070 |
KEY EXECUTIVES
|
Name : |
Ms. Sanchita |
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Designation : |
Audit Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS
ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Jignesh Mehta |
248000 |
|
Nital Mehta |
1000 |
|
Sushila Mehta |
1000 |
|
Rishab Avinash Modi |
10 |
|
Aashay Avinash Modi |
10 |
|
Aashtha J Mehta |
100 |
|
Parshwa J Mehta |
100 |
|
Ayush Multitrade Private Limited, India |
125000 |
|
Total |
375220 |
AS
ON 30.09.2011
|
Equity Shares
Break-Up |
Percentage |
|
Bodies corporate |
33.31 |
|
Directors or relatives of Directors |
66.69 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of all types of Internet Products and
Telecom Products. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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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. C. Doshi and Company Chartered Accountants |
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Address : |
307/308, Vaishali Apartments, Near Harkishandas Hospital, Mumbai-400004,
Maharashtra, India |
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Tel. No.: |
91-22-67437416 / 17 |
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Fax No.: |
91-22-23824232 |
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PAN No.: |
AACPD4437A |
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E-Mail : |
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Related Parties
: |
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CAPITAL STRUCTURE
AS
ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
375220 |
Equity Shares |
Rs.10/- each |
Rs. 3.752
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 |
3.752 |
3.752 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
3.000 |
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|
3] Reserves & Surplus |
17.647 |
14.182 |
0.910 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.399 |
17.934 |
6.410 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
17.041 |
0.000 |
0.000 |
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2] Unsecured Loans |
14.988 |
18.678 |
2.788 |
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TOTAL BORROWING |
32.029 |
18.678 |
2.788 |
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DEFERRED TAX LIABILITIES |
0.155 |
0.057 |
0.010 |
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TOTAL |
53.583 |
36.669 |
9.208 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.705 |
3.993 |
0.810 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.080
|
5.347
|
2.758 |
|
|
Sundry Debtors |
90.572
|
51.470
|
21.327 |
|
|
Cash & Bank Balances |
8.871
|
4.904
|
0.553 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1.524
|
5.136
|
17.834 |
|
Total
Current Assets |
108.047
|
66.857
|
42.472 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
56.440 |
28.431 |
31.038 |
|
|
Other Current Liabilities |
6.775
|
5.805
|
2.829 |
|
|
Provisions |
0.002
|
0.001
|
0.271 |
|
Total
Current Liabilities |
63.217
|
34.237
|
34.138 |
|
|
Net Current Assets |
44.830
|
32.620
|
8.334 |
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|
MISCELLANEOUS EXPENSES |
0.048 |
0.056 |
0.064 |
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TOTAL |
53.583 |
36.669 |
9.208 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
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|
Other Income |
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TOTAL |
165.457 |
105.789 |
69.393 |
|
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|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
102.459 |
68.109 |
|
|
|
Advertising Expenses |
|
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|
|
|
|
TOTAL |
160.451 (Including
Depreciation) |
102.459 |
68.109 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
3.330 |
1.284 |
|
|
|
|
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|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.422 |
0.072 |
|
|
|
|
|
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|
|
|
PROFIT BEFORE
TAX |
5.006 |
2.908 |
1.212 |
|
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|
|
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|
|
|
|
Less |
TAX |
1.541 |
0.906 |
0.573 |
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|
PROFIT AFTER TAX
|
3.465 |
2.002 |
0.639 |
|
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|
Prior
Period Adjustments |
NA |
0.047 |
0.010 |
|
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|
|
|
Earnings Per
Share (Rs.) |
9.24 |
5.34 |
0.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.09
|
1.89
|
0.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29
|
4.10
|
2.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.16
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.50
|
1.04
|
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.95
|
1.24 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors for Others |
56.440 |
28.431 |
31.038 |
|
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 |
No |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
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 |
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 |
No |
|
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 |
DETAILS
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
From Banks and
Financial Institution |
1.200 |
7.386 |
|
|
|
|
|
Short Term Loans
and Advances |
|
|
|
From Directors |
0.000 |
0.347 |
|
From the relatives of Directors |
5.107 |
3.442 |
|
From Others |
0.282 |
2.498 |
|
|
|
|
|
Others |
|
|
|
From Directors |
1.116 |
1.008 |
|
From the relatives of Directors |
0.130 |
0.000 |
|
From Others |
3.156 |
0.000 |
|
|
|
|
|
Corporate Deposits |
3.997 |
3.997 |
|
Total |
14.988 |
18.678 |
NOTE:
The registered office address of the company
has been shifted from “A-301, Atul Apartment, 3rd Floor, Nivetia
Road, Malad (East), Mumbai – 400 097, Maharashtra, India” to the present
address w.e.f. 01.04.2012
OPERATIONS:
The Company has earned the operational income of Rs.165.457 Millions in the year. The directors are optimistic about the future earnings and growth of the Company.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Guarantees given by Company's Bankers |
14.175 |
0.000 |
FORM
8
|
Corporate identity number of the company |
U72900MH2007PTC173072 |
|
Name of the company |
MEHTA INFOCOM PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Gala 401, AF/3, Cama Industrial Estate, C.T.S. N, Opposite Kusum Masala, Goregaon (East), Mumbai – 400063, Maharashtra, India E-mail Id : office@sachinfcs.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10208246 |
|
Type of charge |
Book debts Others (current assets and Stock) |
|
Particular of charge holder |
Oriental Bank of Commerce Limited, fort Branch, Bombay Samachar Marg, Fort, Mumbai-400001, Maharashtra, India E-mail Id : emailroc@rediffmail.com |
|
Nature of instrument creating charge |
Suppplemental Agreement to Secure Credit/ Loan Facilities |
|
Date of instrument Creating the charge |
02.06.2012 |
|
Amount secured by the charge |
Rs. 20.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of interest Int rate or such other rate as agreed between the borrower company and the bank from time to time and penal interest @ 2% p.a. over and above the normal interest rates in case of default. Terms of repayment Repayment, as agreed between the Borrower company and the Bank from time to time. Margin Margin rate as agreed between the Borrower company and the Bank from time to time. Extent and operation of the charge At the request of the Borrower company the Bank has sanctioned Ad-hoc Cash Credit limit of Rs.1.500 Millions [the total banking limits stands enhanced upto Rs.39.000 Millions i. e Cash Credit Rs.29.000 Millions, sub-limit Letter of Credit (inland/foreign) Rs.27.500 Millions and Bank Guarantee of Rs. 10.000 Millions] against Hypothecation of all current assets and Stocks and Book Debts. The charge stands modified upto Rs.39.000 Millions |
|
Short particulars of the property charged (Including location of the property) |
Hypothecation of all current assets and Stocks and Book Debts. |
|
Particulars of the present modification |
At the request of the Borrower company the Bank has sanctioned Ad-hoc Cash Credit limit of Rs.1.500 Millions [the total banking limits stands enhanced upto Rs.39.000 Millions i. e Cash Credit Rs.29.000 Millions, sub-limit Letter of Credit (inland/foreign) Rs.27.500 Millions and Bank Guarantee of Rs. 10.000 Millions] against Hypothecation of all current assets and Stocks and Book Debts. The charge stands modified upto Rs.39.000 Millions. |
FIXED
ASSETS
·
Computer
·
Office Equipments
·
Plant and Machinery
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.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.