MIRA
INFORM REPORT
|
Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
EXPERT SOLUTIONS INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No T – 11, MIDC Area Chikalthana, Aurangabad – 431210,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.05.1996 |
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Com. Reg. No.: |
099655 |
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Capital
Investment / Paid-up Capital : |
Rs.0.940 Million |
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CIN No.: [Company Identification
No.] |
U72200MH1996PTC099655 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Hardware and Software |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
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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 33696 |
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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. The
management of the company has failed to file its financials with the
government department for the year 2012, As per previous years record, there appears some dip in the sales
turnover of the company. However, trade relations are reported as fair. Business is active.
Payments are reported are unknown in absence of latest financials. 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 PARTED BY (GENERAL INFORMATION)
|
Name : |
Mr. Pravin |
|
Designation : |
Accountant |
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Contact No.: |
91-240-6600244 |
|
Date : |
14.01.2013 |
LOCATIONS
|
Registered Office : |
Plot No T – 11, MIDC Area Chikalthana, Aurangabad – 431210,
Maharashtra, India |
|
Tel. No.: |
91-240-6600244 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Ajay Datta Deshkar |
|
Designation : |
Director |
|
Address : |
G-401, Sylven Height S Anewadi Opposite Seasons Aundh Sanewadi, Pune –
411007, Maharashtra, India |
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Date of Birth/Age : |
23.01.1967 |
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Date of Appointment : |
02.09.2002 |
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DIN No.: |
01684911 |
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Name : |
Mr. Prashant Vijay Deshpande |
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Designation : |
Director |
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Address : |
07, Samadhan Colony, Behind dist Court, Aurangabad – 431005, Maharashtra,
India |
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Date of Birth/Age : |
28.08.1965 |
|
Date of Appointment : |
17.05.1996 |
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DIN No.: |
01684995 |
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Name : |
Mr. Pravin Kamalakar Deshpande |
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Designation : |
Director |
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Address : |
604, Casablanka Opposite K Arishma Society Kothrud, Pune – 411029,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1963 |
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Date of Appointment : |
17.05.1996 |
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DIN No.: |
01685066 |
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Name : |
Mr. Sachin Arvind Kher |
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Designation : |
Director |
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Address : |
41 Khiwansara Park Garkheda, Aurangabad – 431005, Maharashtra,
India |
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Date of Birth/Age : |
01.02.1969 |
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Date of Appointment : |
26.08.1996 |
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DIN No.: |
01684843 |
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Name : |
Mr. Mukund Achyut Kulkarni |
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Designation : |
Director |
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Address : |
L 4 Chetana Nagar, Aurangabad – 431005, Maharashtra, India |
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Date of Birth/Age : |
20.01.1965 |
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Date of Appointment : |
17.05.2004 |
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DIN No.: |
03481615 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sachin Arvind Kher |
|
16907 |
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Prashant Vijay Deshpande |
|
16907 |
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Pravin Kamalakar Deshpande |
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16907 |
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Ajay Datta Deshkar |
|
16907 |
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Mukund Achyut Kulkarni |
|
16907 |
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Dalip A Bhuchar |
|
4658 |
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Naveen P Sharma |
|
2795 |
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Hemant Kank |
|
2025 |
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Total |
|
94013 |
AS ON 29.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Hardware and Software |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
Minitech System India Private limited |
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Customers : |
·
Good Year South Asia Tyre Private limited ·
Corporate |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
The Saraswat Co-Operative Bank Limited, Central
Administrative Office, Aspara Building; Dr. D.N. Bhadkamkar Marg; Grant,
Mumbai - 400007, Maharashtra, India ·
Janata Sahakari Bank Limited, Aurangabad Branch,
Opp. Gomtesh Market, Dalalwadi, Aurangabad
- 431001,Maharashtra, India |
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Facilities : |
Working capital limit is
secured against 1.
Hypothecation
of Stock, Book Debts other current
assets 2.
Personal
guarantee of the Directors Term laon is secured
against 1.
Mortgage
of office building Personal guarantee of the Directors
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vithal Deshmukh and Associates Chartered Accountant |
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Address : |
1st Floor Tapan Down Town, Adalat Road Aurangabad 431001 Maharashtra,
India |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
94013 |
Equity Shares |
Rs.10/- each |
Rs.0.940
Million |
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|
|
|
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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 |
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1] Share Capital |
0.940 |
0.940 |
0.940 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.484 |
6.773 |
6.348 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.424 |
7.713 |
7.288 |
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LOAN FUNDS |
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1] Secured Loans |
9.301 |
8.706 |
8.596 |
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2] Unsecured Loans |
2.106 |
2.942 |
2.730 |
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TOTAL BORROWING |
11.407 |
11.648 |
11.326 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
19.831 |
19.361 |
18.614 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.922 |
5.821 |
7.070 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.845 |
3.260 |
3.611 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.463
|
5.108 |
3.636 |
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Sundry Debtors |
11.379
|
12.558 |
13.056 |
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Cash & Bank Balances |
0.650
|
0.821 |
0.854 |
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Other Current Assets |
6.227
|
6.641 |
4.249 |
|
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Loans & Advances |
1.921
|
0.172 |
0.448 |
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Total
Current Assets |
30.640
|
25.300 |
22.243 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.512
|
9.967 |
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|
Other Current Liabilities |
2.100
|
3.441 |
|
|
|
Provisions |
0.965
|
1.612 |
2.643 |
|
Total
Current Liabilities |
18.577
|
15.020 |
14.310 |
|
|
Net Current Assets |
12.063
|
10.280 |
7.933 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
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|
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TOTAL |
19.831 |
19.361 |
18.614 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
70.708 |
94.950 |
93.779 |
|
|
|
Other Income |
3.066 |
2.420 |
2.222 |
|
|
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TOTAL (A) |
73.774 |
97.370 |
96.001 |
|
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|
|
|
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|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
58.042 |
78.337 |
65.732 |
|
|
|
Trading Expenses |
0.564 |
0.423 |
0.498 |
|
|
|
Selling Expenses |
0.706 |
0.561 |
0.855 |
|
|
|
AMC and Networking Expenses |
1.010 |
2.938 |
3.107 |
|
|
|
Administrative Expenses |
10.489 |
11.309 |
22.523 |
|
|
|
TOTAL (B) |
70.811 |
93.568 |
92.715 |
|
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|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.963 |
3.802 |
3.286 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.257 |
1.639 |
0.928 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.706 |
2.163 |
2.358 |
|
|
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.852 |
1.116 |
0.953 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.854 |
1.047 |
1.405 |
|
|
|
|
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|
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|
Less |
TAX (I) |
0.032 |
0.400 |
0.000 |
|
|
|
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|
|
|
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|
|
PROFIT AFTER TAX
(G-I) (J) |
0.822 |
0.647 |
1.405 |
|
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|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.094 |
0.094 |
0.000 |
|
|
|
Dividend Tax |
0.016 |
0.016 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
0.712 |
0.537 |
1.405 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.74 |
6.89 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.11
|
0.66 |
1.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.21
|
1.10 |
1.50 |
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.40
|
3.36 |
4.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.13 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
3.45 |
3.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.68 |
1.55 |
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
|
15.512
|
9.967 |
NA |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
OPERATIONS
In the year 2010-2011 the
turnover got reduced due to transfer of business to their new joint venture for
CAD product sales. Now in this company they continue to do IT Infrastructure
business. They are experiencing positive growth in this business domain.
Despite tremendous cost pressures, they are able to maintain consistency in
profitability.
FORM 8:
|
Corporate
identity number of the company |
U72200MH1996PTC099655 |
|
Name of the
company |
EXPERT SOLUTIONS
(INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1st Floor, "Sarada
Arcade", Opp. Hotel Rajdhani, Station Road, Aurangabad – 431005,
Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
JANATA SAHAKARI
BANK LTD PUNE |
|
Nature of instrument
creating charge |
Hypothecation of
Plant and Machinery/Goods. |
|
Date of
instrument Creating the charge |
03.09.2012 |
|
Amount secured by
the charge |
Rs.2.000 Millions
|
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 13.50% p.a. Terms of
Repayment Repayment in 60
installment of Rs. 0.046 Millions each. Margin 30% Extent and
Operation of the charge The Bank has sanctioned
loan of Rs. 20 Lacs by way of hypothecation on all present and future
furniture and hardware. |
|
Short particulars
of the property charged |
First charge by
way of hypothecation on all present and future furniture and hardware. |
FIXED ASSETS:
·
Computer
·
Air Conditioner
·
Vehicle
·
Mobile
·
Furniture
·
Fax machine
·
EPBX
·
Electrical Fittings
·
Building
·
Water Cooler
·
Networking Showroom
·
Showroom Interior
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.88.17 |
|
Euro |
1 |
Rs.73.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.