MIRA INFORM REPORT

 

 

Report Date :

30.01.2013

 

IDENTIFICATION DETAILS

 

Name :

ATCOMAART SERVICES LIMITED (w.e.f. 05.01.2009)

 

 

Formerly Known As :

HARVEST ELECTRONICS LIMITED (w.e.f. 25.06.2004)

HARVEST ELECTRONICS PRIVATE LIMITED

 

 

Registered Office :

6A, Lalwani Industrial Estate, 14, G.D. Ambekar Road, Wadala, Mumbai – 400 031, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

25.06.2004

 

 

Com. Reg. No.:

11-112674

 

 

Capital Investment / Paid-up Capital :

Rs.5.110 millions

 

 

CIN No.:

[Company Identification No.]

U20100MH2004PLC112674

 

 

PAN No.:

[Permanent Account No.]

AACCA7974N

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Trader of all types of Office Automation Products.

 

 

No. of Employees :

Information declined by the Management

 

 

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

 

Maximum Credit Limit :

USD 78000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. The profitability of the company appears to be low. The external borrowing of the company appears to be huge which may have impact on liquidity position of the company.

 

However, performance capacity seems to be good. Trade relations are reported to be fair. Business is active. Payments are slow but correct.

 

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.

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 :

Mr. Omprakash Talreja

Designation :

Finance Department

Contact No.:

91-22-40375600

Date :

30.01.2013

 

 

LOCATIONS

 

Registered Office :

6A, Lalwani Industrial Estate, 14, G.D. Ambekar Road, Wadala, Mumbai – 400 031, Maharashtra

Tel. No.:

91-22-40375600

Fax No.:

91-22-40375602

E-Mail :

company.compliance4@gmail.com

omprakash.talreja@nhn.co.in

contact@atcomaart.com

Website :

http://www.atcomaart.com

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Nitin Hariyantlal Datanwala

Designation :

Director

Address :

B-702, Gods Grace, Adarsh Dugdhalaya Lane, Off Marve Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Birth/Age :

29.11.1951

Qualification :

B. Com, ACS, FCA

Date of Appointment :

14.01.2012

DIN No.:

00047544

 

 

Name :

Mr. Mahendra Jagmohan Sanghvi

Designation :

Director

Address :

302, Arth Apartments, Brahman Mitra Mandal Society, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Date of Birth/Age :

18.05.1956

Date of Appointment :

15.11.2008

DIN No.:

00134648

 

 

Name :

Mr. Sanjay Shankar Nimbalkar

Designation :

Director

Address :

64, 3rd, Worli B.D.D. Chawl No.78, B Waghmare Marg, Worli, Mumbai – 400 018, Maharashtra, India

Date of Birth/Age :

09.06.1971

Date of Appointment :

24.11.2011

DIN No.:

03298937

 

 

KEY EXECUTIVES

 

Name :

Mr. Omprakash Talreja

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders*

 

No. of Shares

 

Atco Limited, India

 

2554970

Sanjay Nimbalkar (As a Nominee of Atco Limited)

 

5

Pushkar Singh (As a Nominee of Atco Limited)

 

5

Leena Doshi (As a Nominee of Atco Limited)

 

5

Omprakash Talreja (As a Nominee of Atco Limited)

 

5

Tanvi Doshi (As a Nominee of Atco Limited)

 

5

Vickram Dosshi (As a Nominee of Atco Limited)

 

5

Total

 

2555000

 

* Above Six Individual holds shares jointly as 2nd Joint holder in their capacity as nominee of Atco Limited to comply with requirement of minimum 7 members in case of Public Limited Company, under Companies Act, 1956.

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies Corporate

 

100.00**

 

** Includes 30 Shares which are held by Atco Limited jointly with 6 different Individuals. Hence, the individuals are holding the Shares as 2nd joint holder in their capacity as nominee of body corporate.

 

BUSINESS DETAILS

 

Line of Business :

Trader of all types of Office Automation Products.

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the Management

 

 

Bankers :

v      HDFC Bank Limited

v      ICICI Bank Limited

v      Axis Bank Limited

v      Corporation Bank

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

G.C. Patel and Company

Chartered Accountants

Address :

102, Summer Villa CHS., 7th Road, Near HDFC Bank ATM, Santacruz (East), Mumbai – 400 055, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

ABUPP9735E

 

 

Holding Company :

Atco Limited, India

CIN No.: U29219MH2010PLC201847

 

 

Ultimate Holding Company:

Vaarad Ventures Limited, India

CIN No.: L65990MH1993PLC074306

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

Edesk Services Limited, India

CIN No.: U15540MH2004PTC223176

 

 

CAPITAL STRUCTURE

 

As on 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Shares

Rs.2/- each

Rs.10.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2555000

Equity Shares

Rs.2/- each

Rs.5.110 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.110

5.110

5.110

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

14.269

12.850

7.008

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

19.379

17.960

12.118

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

46.649

36.262

11.574

TOTAL BORROWING

46.649

36.262

11.574

DEFERRED TAX LIABILITIES

7.341

0.000

0.000

 

 

 

 

TOTAL

73.369

54.222

23.692

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

55.561

0.559

0.406

Capital work-in-progress

0.000

0.000

2.180

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.016

0.066

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
4.887

5.206

10.744

 

Sundry Debtors
760.489

787.125

435.512

 

Cash & Bank Balances
0.221

0.611

4.088

 

Other Current Assets
0.000

0.003

0.000

 

Loans & Advances
1.929

0.387

0.437

Total Current Assets
767.526

793.332

450.781

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
730.717

738.681

428.540

 

Other Current Liabilities
16.959

0.265

0.140

 

Provisions
2.042

0.739

1.061

Total Current Liabilities
749.718

739.685

429.741

Net Current Assets
17.808

53.647

21.040

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

73.369

54.222

23.692

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Revenue from Operations

1705.214

2168.720

592.658

 

 

Other Income

0.029

1.046

0.070

 

 

TOTAL                                     (A)

1705.243

2169.766

592.728

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

0.498

0.319

584.819

 

 

Purchases of stock-in-trade

1653.668

2140.437

 

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

0.318

5.233

 

 

 

Employee benefit expense

6.523

5.640

 

 

 

Other expenses

10.123

11.528

 

 

 

TOTAL                                     (B)

1671.130

2163.157

584.819

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

34.113

6.609

7.909

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.000

0.141

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

34.113

6.468

7.909

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

23.383

0.186

0.089

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

10.730

6.282

7.820

 

 

 

 

 

Less

TAX                                                                  (H)

9.311

0.440

1.049

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1.419

5.842

6.771

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.56

2.29

2.62

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
0.08

0.27

1.14

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.63

0.29

1.32

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.33

0.85

1.82

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.55

0.35

0.65

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
2.41

2.02

0.96

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.02

1.07

1.05

 

 

LOCAL AGENCY FURTHER INFORMATION

 

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

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

Yes

17) Major suppliers

No

18) Major customers

No

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

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 311/312, Wadala Udyog Bhawan, Naigaon Cross Road Wadala, Mumbai – 400 031, Maharashtra to the present address w.e.f. 05.08.2008.

 

Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

1.000

0.000

Loans and advances from related parties

45.649

36.262

Total

46.649

36.262

 

FIXED ASSETS:

 

v      Factory Equipments

v      Other Plant and Equipment

v      Motor Vehicles

v      Computer Equipments

v      Other Equipments

 

WEBSITE DETAILS:

 

PRESS RELEASES:

 

“ATCOMAART PROUDLY ANNOUNCES ITS ASSOCIATION WITH GODREJ AND BOYCE GROUP – INTERIO AND MATERIAL HANDLING DIVISION AND CROSSING THE 10,000 VENDOR REGISTRATION MARK IN ITS B2B ONLINE BUSINESS”


Ahmedabad, September 28, 2012 - Atcomaart proudly announces its association with prestigious Godrej and Boyce Mfg Co. and its crossing the 10,000 vendor registration mark this month. The Atcomaart – India’s 1st Industrial and Business Supplies Store now hosts world class Godrej Office Furniture and Interio products. “With increase in spending power of the Indian consumers there has been shift towards owning branded furniture products,” said, Mr. Sumair Vidha, Head Operations – Atcomaart Services Limited. “Since Godrej Interio leads in this domain, we want to serve our customers with world class products”. “This has motivated us to enter into business alliance with Godrej and host its entire range of office furniture on our online store,” he concluded.

 

Atcomaart’s association with Godrej and Boyce Group extends to other department, which is Godrej Material Handling. Our clients can now access various Godrej Material Handling Equipments like Forklift, Pallet Trucks, Side Loaders, Mobile Work Platforms etc, on the Atcomaart Online Store. They can examine products, compare them and shoot technical or commercial enquires, at click of buttons. The Godrej and Boyce Group today touches the lives of millions of people and their association with us is a step in the direction to reach many more across the globe.


“Crossing 10,000 vendor registration mark is another feather in our cap,” said Mr. Sumair Vidha. “This speaks in volume about our capability to generate useful business leads for our clients and help them grow in their domain.”
About Atcomaart Services Limited


Atcomaart is India’s first network of industrial and business supply stores that connects suppliers with purchaser to significantly reduce the hassles of logistics. With over 41,000 products and 5, 10,000 SKU’s hosted in 35 different industrial categories; Atcomaart becomes one of the leading B2B services provider in India with more than 45,000 Industrial Customers.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.53.70

UK Pound

1

Rs.84.35

Euro

1

Rs.72.21 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

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

NO

--AFFILIATION

YES/NO

YES

--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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.