MIRA INFORM REPORT
|
Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AVNET TECHNOLOGY SOLUTIONS (INDIA) PRIVATE LIMITED (w.e.f.18.05.2009) |
|
|
|
|
Formerly Known
As : |
ONTRACK SOLUTIONS PRIVATE LIMITED |
|
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Registered
Office : |
A-301, 3rd Floor, Supreme Business Park, Behind, Lake Castle,
Hiranandani Garden, Powai, Mumbai- 400076, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
21.06.1995 |
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|
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Com. Reg. No.: |
11-089798 |
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Capital Investment
/ Paid-up Capital : |
Rs. 2.508 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200MH1995PTC089798 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO01083F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD3686M |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading of Information Technology Products. |
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
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|
Litigation : |
clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated losses recorded by the company. The external
borrowing seems be huge which act as a threat to the liquidity. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
MANAGEMENT NON-COOPERATIVE
LOCATIONS
|
Registered Office/ Head Office : |
A-301, 3rd Floor, Supreme Business Park, Behind, Lake Castle,
Hiranandani Garden, Powai, Mumbai- 400076, Maharashtra, India |
|
Tel. No.: |
91-22-44200300 |
|
Fax No.: |
91-22-44200301 |
|
E-Mail : |
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Website: |
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|
Sales Office : |
B-302 Delphi, |
|
Tel. No.: |
91-22-44200300 |
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Fax No.: |
91-22-44200301 |
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E-Mail : |
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Branch Office : |
Located At: ·
Mumbai · Kolkata ·
Ahmedabad ·
Pune ·
Bangalore ·
Chennai ·
Hyderabad ·
Delhi · Nagpur · Surat · Kochi · Chandigarh · Bhubaneshwar · Lucknow ·
Coimbatore |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Naresh Ambelal Desai |
|
Designation : |
Director |
|
Address : |
204, Prime Rose A, Lokhandwala Complex, Versova, Andheri (West),
Mumbai-400053, Maharashtra, India. |
|
Date of Birth/Age : |
27.03.1962 |
|
Date of Appointment : |
21.06.1995 |
|
PAN No.: |
AACPD0723D |
|
DIN No.: |
00085255 |
|
|
|
|
Name : |
Mr. Raymond John Sadowski |
|
Designation : |
Director |
|
Address : |
13120 E, |
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Date of Birth/Age : |
24.04.1954 |
|
Date of Appointment : |
05.05.2009 |
|
DIN No.: |
02631470 |
|
|
|
|
Name : |
Mr. Michael Ryan Mccoy |
|
Designation : |
Additional director |
|
Address : |
6125 E, Wethersfield Road, Scottsdale, AZ 85254 USA |
|
Date of Birth/Age : |
02.01.1976 |
|
Date of Appointment : |
09.01.2013 |
|
DIN No.: |
06470664 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Avnet India Private Limited, India |
|
250749 |
|
Naresh Ambelal Desai |
|
1 |
|
Total |
|
250750 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Information Technology Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|
|
|
|
Bankers : |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
Engineering Centre, 6th Floor, 9 Matthew Road, Opera House |
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PAN No.: |
AAAFW4298E |
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Ultimate Holding Company: |
Avnet Inc. |
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Holding Company : |
Avnet India Private Limited CIN No.: U31909KA1998PTC034391 |
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Fellow Subsidiary Company : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250750 |
Equity Shares |
Rs.10/- each |
Rs.2.508
Million |
|
|
|
|
|
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 |
2.508 |
2.508 |
2.507 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
7.483 |
|
|
4] (Accumulated Losses) |
(352.070) |
(90.693) |
0.000 |
|
|
NETWORTH |
(349.562) |
(88.185) |
9.990 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1411.571 |
1349.155 |
538.579 |
|
|
TOTAL BORROWING |
1411.571 |
1349.155 |
538.579 |
|
|
DEFERRED TAX LIABILITIES |
1.342 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1063.351 |
1260.970 |
548.569 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
18.848 |
23.162 |
16.109 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
9.389 |
0.010 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
8.249 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
273.362
|
371.537 |
35.524
|
|
|
Sundry Debtors |
1574.529
|
1252.600 |
691.687
|
|
|
Cash & Bank Balances |
11.221
|
19.801 |
53.977
|
|
|
Other Current Assets |
0.003
|
0.425 |
0.000
|
|
|
Loans & Advances |
292.019
|
124.295 |
94.182
|
|
Total
Current Assets |
2151.134
|
1768.658 |
875.370 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
946.736
|
422.973 |
103.132
|
|
|
Other Current Liabilities |
154.605
|
112.792 |
241.396
|
|
|
Provisions |
5.290
|
4.474 |
6.641
|
|
Total
Current Liabilities |
1106.631
|
540.239 |
351.169
|
|
|
Net Current Assets |
1044.503
|
1228.419 |
524.201
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1063.351 |
1260.970 |
548.569 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
||
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SALES |
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||
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Income |
|
|
|
|
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Other Income |
|
|
|
|
|
|
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TOTAL |
5201.888 |
2915.138 |
1397.305 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
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||
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
5452.535 |
3014.454 |
1413.998 |
|
|
|
|
|
|
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||
|
|
PROFIT / (LOSS)
BEFORE TAX |
(250.647) |
(99.396) |
(16.693) |
||
|
|
|
|
|
|
||
|
Less |
TAX |
10.730 |
NA |
(6.212) |
||
|
|
|
|
|
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||
|
|
PROFIT / (LOSS)
AFTER TAX |
(261.377) |
NA |
(10.481) |
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
5.419 |
|
|
|
|
Commission Earnings |
|
|
0.245 |
|
|
|
|
Reimbursement of expenses from group companies |
|
|
0.000 |
|
|
|
TOTAL EARNINGS |
0.000 |
NA |
5.664 |
||
|
|
|
|
|
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||
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IMPORTS |
|
|
|
||
|
|
|
Purchase of components and Software |
NA |
NA |
40.289 |
|
|
|
TOTAL IMPORTS |
NA |
NA |
40.289 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1042.38) |
NA |
NA |
||
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.02)
|
NA
|
(0.75) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.55)
|
(5.55)
|
(1.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.72
|
1.13
|
(1.67) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(4.04)
|
(15.30)
|
53.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
3.27
|
2.49 |
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 |
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 |
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 |
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 |
Yes |
|
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 D/4131-39
Oberoi Gardenestati Off Saki Vihar Road Chandivli, Andheri (East),
Mumbai-400072, Maharashtra, India to the present address w.e.f. 16.05.2012
BUSINESS
The total expenditure grew by 55.29% to Rs 5452.534 millions and total loss after deducting deferred tax stood at Rs. 261.377 millions.
The Board of Directors have embarked ambitious strategies for turnaround to enhance market share and manifold increase in profit.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Term loans |
25.836 |
0.000 |
|
Working capital loans from banks |
770.000 |
765.000 |
|
Loans and advances from others |
615.735 |
584.155 |
|
Total |
1411.571 |
1349.155 |
FIXED ASSETS
v Tangible Assets
· Furniture and fixtures
· Office equipment
· Leasehold improvements
· Office equipment
v
Intangible
Assets
· Computer software
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.