|
Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
INNOVA SYSTEMS ( |
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|
|
|
Formerly Known
As : |
Printer Plus
Services PRIVATE LIMITED |
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|
|
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Registered
Office : |
4, Samyak, Gitabaug Society, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
10.04.1995 |
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|
|
|
Com. Reg. No.: |
04-025432 |
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|
Capital
Investment / Paid-up Capital : |
Rs.1.000 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200gj1995ptc025432 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMI00618C |
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|
|
Legal Form : |
Private Limited Liability Company
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|
|
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Line of Business
: |
Distributor of Computer Peripherals. |
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|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18000 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
Profitability of the company appears to be low. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Jatin Desai |
|
Designation : |
Business Manager |
|
Contact No.: |
91-9825046368 |
|
Date : |
20.06.2013 |
LOCATIONS
|
Registered Office : |
4, Samyak, Gitabaug Society, |
|
Tel. No.: |
91-79-26650423/ 0053/ 26650026/ 26561011 |
|
Mobile No.: |
91-9825046368 (Mr. Jatin Desai) |
|
Fax No.: |
91-79-26650453/ 65458003/ 26650026 |
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E-Mail : |
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|
Website : |
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|
Area : |
220 sq. yards |
|
Location : |
Owned |
DIRECTORS
As on 24.09.2012
|
Name : |
Mrs. Uravashi Jagdish Dave |
|
Designation : |
Director |
|
Address : |
4, Samyak Apartment, 11, Gitabaug Society, Paldi Ahmedabad – 380 007, |
|
Date of Birth/Age : |
31.10.1950 |
|
Qualification : |
Ba |
|
Date of Appointment : |
18.11.1996 |
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E-Mail: |
|
|
DIN No.: |
00773617 |
|
|
|
|
Name : |
Mr. Jagdish Chimanlal Dave |
|
Designation : |
Director |
|
Address : |
4, Samyak Apartment, 11, Gitabaug Society, Paldi Ahmedabad – 380 007, |
|
Date of Birth/Age : |
21.05.1946 |
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Qualification : |
Ba, LLb |
|
Date of Appointment : |
21.09.2003 |
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E-Mail: |
|
|
DIN No.: |
00380294 |
KEY EXECUTIVES
|
Name : |
Mr. Jatin Desai |
|
Designation : |
Business Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Apurva J. Dave |
|
15000 |
|
Urvashi J. Dave and Jagdish Dave |
|
72010 |
|
Ashish J. Dave and Jagdish Dave |
|
40 |
|
Apurva J. Dave and Urvashi Dave |
|
900 |
|
Nital R. Trivedi and Apurva J. Dave |
|
2000 |
|
Jigna A. Dave and Ashish J. Dave |
|
40 |
|
Jagdish Dave and Urvashi J. Dave |
|
10010 |
|
Total |
|
100000 |
As on 24.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Computer Peripherals. |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit and Depend |
GENERAL INFORMATION
|
Customers : |
Corporates v
Adani v
Arvind v
NABARD v
v
v
Larsen and Toubro v
JK Lakshmi Cement v
Blue Dart v
Sabarmati Gas v
v
Sanghi Cement v
Meridien v
Lubi Pumps and Motors |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
v
Nutan Nagarik
Sahakari Bank Limited, Central Office, Near Samartheshwar Mahadev, Near v
Nutan Nagarik Sahakari Bank Limited, v
Ahmedabad
District Co-Operative Bank v
The
Mehsana Urban Co-Operative Bank Limited v
Bank
of |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Naimish N. Shah and Company Chartered Accountants |
|
Address : |
“Shree Ganesh”, B/3, Trupti Apartments, 3rd Floor, B/H. Old
Gujarat High Court, Navrangpura, Ahmedabad – 380 006, |
|
Tel. No.: |
91-79-27546336 |
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Mobile No.: |
91-9824021625 |
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Fax No.: |
91-79-27540736 |
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E-Mail : |
|
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Income-tax
PAN of auditor or auditor's firm : |
AKYPS8781J |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
SHAREHOLDING 5% OR MORE THAN 5%
|
NAME OF SHAREHOLDERS |
PERCENTAGE |
NO. OF SHARES |
|
Urvashi J. Dave |
72.01% |
72010 |
|
Jagdish C. Dave |
10.01% |
10010 |
|
Apurva J. Dave |
15.00% |
15000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1.000 |
1.000 |
|
(b) Reserves & Surplus |
|
3.488 |
2.691 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
3.694 |
5.232 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
7.652 |
(2.116) |
|
(b) Trade payables |
|
24.853
|
24.683 |
|
(c) Other current
liabilities |
|
5.416
|
0.863 |
|
(d) Short-term provisions |
|
1.729
|
2.930 |
|
TOTAL |
|
47.832 |
35.283 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2.512 |
1.663 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.281 |
0.946 |
|
(c) Deferred tax assets (net) |
|
0.083 |
0.067 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
3.360
|
1.806 |
|
(c) Trade receivables |
|
31.117
|
28.038 |
|
(d) Cash and cash
equivalents |
|
1.659
|
1.148 |
|
(e) Short-term loans and
advances |
|
1.084
|
0.903 |
|
(f) Other current assets |
|
6.736
|
0.712 |
|
TOTAL |
|
47.832 |
35.283 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1.904 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2.904 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2.019 |
|
|
2] Unsecured Loans |
|
|
4.869 |
|
|
TOTAL BORROWING |
|
|
6.888 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9.792 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.234 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.095 |
|
|
DEFERRED TAX ASSETS |
|
|
0.038 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2.294
|
|
|
Sundry Debtors |
|
|
28.656
|
|
|
Cash & Bank Balances |
|
|
1.816
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1.625
|
|
Total
Current Assets |
|
|
34.391 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
22.844
|
|
|
Other Current Liabilities |
|
|
1.816
|
|
|
Provisions |
|
|
1.306
|
|
Total
Current Liabilities |
|
|
25.966 |
|
|
Net Current Assets |
|
|
8.425 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9.792 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
TOTAL REVENUE
FROM OPERATION |
231.481 |
150.558 |
340.449 |
|
|
|
|
|
|
|
|
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.158 |
1.168 |
1.041 |
|
|
|
|
|
|
|
|
TAX |
0.369 |
0.376 |
0.269 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.797 |
0.787 |
0.772 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2.651 |
1.864 |
1.092 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.448 |
2.651 |
1.864 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.97 |
7.87 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.49
|
3.41 |
2.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.32 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.53
|
0.84 |
2.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.24 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- For Goods |
24.772 |
24.378 |
22.607 |
|
- For Expenses |
0.081 |
0.305 |
0.237 |
|
Total |
24.853 |
24.683 |
22.844 |
|
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 |
No |
|
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 |
-- |
|
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 |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
FROM DIRECTORS AND SHAREHOLDERS: |
|
|
|
Jagdish C. Dave |
0.149 |
2.545 |
|
Urvashi J. Dave |
2.800 |
2.200 |
|
Apurva J. Dave |
0.500 |
0.000 |
|
Total
|
3.449 |
4.745 |
ACTIVITY AND OPERATION
Due to aggressive marketing efforts, the turnover of the company has increased
from Rs.150.500 millions during the previous financial year to Rs.231.400
millions during the current financial year. The rise in Sales of Computer and
Computer Spare-parts has been encouraging. The income from Annual Maintenance
Contract have also increased significantly during the year.
The margins have declined due to Global Slowdown and therefore the
Profit Before Tax (PBT) and Profit After Tax (PAT) have remained stagnant. The
Directors are hopeful of better performance in forthcoming years.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U72200gj1995ptc025432 |
|
Name of the
company |
INNOVA SYSTEMS ( |
|
Address of the
registered office or of the principal place of business in |
4, Samyak, Gitabaug Society, E-Mail: pranav07shah@yahoo.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others
(Hypothecation of goods and/or book debts) |
|
Particular of
charge holder |
Nutan Nagarik Sahakari Bank Limited, Central Office, Near
Samartheshwar Mahadev, Near E-Mail: pranav07shah@yahoo.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of goods and/or book-debts to secure cash credit facilities
dated 30.05.2012. |
|
Date of
instrument Creating the charge |
30.05.2012 |
|
Amount secured by
the charge |
Rs.16.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 13.00% Terms of
Repayment: Limits are
subject to review on yearly basis. Margin: 20.00% Extent and
Operation of the charge: First and
exclusive charge on all the stock of computer, laptop, printer, computer hardware,
software, etc of the company and both present and future book-debts of the
company to secure the unsecured portion of inland letter of credit for an
amount of Rs.20.000 millions Others: (1) Personal
Guarantee of (1.01) Apurva Jagdishbhai Dave (1.02) Ashish Jagdishbhai Dave (1.03) Nital Apurva Dave (1.04) All directors of the Company. (2) Investment in
shares of the bank for an amount of Rs.0.260 million |
|
Short particulars
of the property charged |
The charge is
secured against stocks of the borrower company like computers, printers, etc
lying at 4, Samayak Apartment, 11, Gitabaug Society, Paldi, Ahmedabad-380007 And/or godowns or
any other place along with all the book-debts (present and future) belonging
to the Company. |
FIXED ASSETS:
v Furniture and Fixture
v
Refrigerator
v
Water
Purifier
v
EPBAX
v
Fax
v
Computers
v
Tools
and Equipment
v
Motor
Car
v
Scooter
v
Mobile
Phone
v
Air Conditioner
v
Honda City Car
v
Sony LED 3D TV
v
Vending Machine
v
Networking Spares
v
Electric and Fitting
v
Trade Mark
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.59.35 |
|
|
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.