MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
OFFICEDGE INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
INTELLIVEST INVESTMENT ( |
|
|
|
|
Registered
Office : |
509, Shah and Nahar, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.05.2000 |
|
|
|
|
Com. Reg. No.: |
11-126561 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.9.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH2000PTC126561 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO03386F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO6577D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading in Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 190000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
There appears some dip in the profitability of the company during current year.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BB (ind) = Long term |
|
Rating Explanation |
This rating indicate an elevated vulnerable to default risk, however, business
of financial flexibility exist which supports the servicing of financial
commitments. |
|
Date |
March 2012 |
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.
LOCATIONS
|
Registered Office : |
509, Shah and Nahar, Off |
|
Tel. No.: |
91-22-56661000/ 30407777 |
|
Mobile No.: |
91-9892182988 (Mr. Feroz) |
|
Fax No.: |
91-22-56669870 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Shailesh Karwa |
|
Designation : |
Director |
|
Address : |
87, Bomanji Petit Road, Mumbai-400036, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1977 |
|
Qualification : |
MBA |
|
Date of Appointment : |
16.05.2000 |
|
DIN No.: |
00062674 |
|
|
|
|
Name : |
Mr. Anupama Sharad Dalmia |
|
Designation : |
Director |
|
Address : |
301, Samudra Setu, |
|
Date of Birth/Age : |
03.12.1978 |
|
Qualification : |
MBA |
|
Date of Appointment : |
22.12.2004 |
|
DIN No.: |
00062788 |
MAJOR SHAREHOLDERS
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Karwa
Shailesh |
|
36000 |
|
Karwa
Vindhya |
|
6000 |
|
Karwa
Shreevallabh |
|
1500 |
|
Karwa
Shakuntala |
|
1500 |
|
Dalmia
Anupama |
|
31500 |
|
Dalmia
Sharad |
|
13500 |
|
Total |
|
90000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Chemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Syndicate Bank, Industrial Finance Branch, 3rd Floor, 10, Homji Street, Fort, Mumbai-400023, Maharashtra, India · Citibank N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai – 400051, Maharshtra, India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Sandeep Kabra and Associates Chartered Accountant |
|
Address : |
22, Manav Mandir, 17th Road, Siddharth Nagar,
Goregaon-West, Mumbai-400062, |
|
Tel. No.: |
91-22-22078274/ 28745304 |
|
PAN.: |
AAGPK8150P |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
Rs.100/-
each |
Rs.9.000
Millions |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding at the beginning and at end of the year
|
Particulars |
As at March 31, 2012 Rupees |
|
Number of share out
standing at the beginning of the year |
90,000 |
|
|
|
|
Add: |
|
|
(i) Number of shares issued during the year |
- |
|
|
|
|
Less: |
|
|
(i) Number of Shares bought back during the year |
- |
|
|
|
|
Number of share out
standing at the End of the year |
90,000 |
Shares in the company
held by each shareholders holding more than 5 % shares
|
Particulars |
No. of Shares |
% of Share holding |
Face Value Per Share |
|
Karwa Shailesh |
36,000.0 |
40.00 |
100.00 |
|
Karwa Vindhya |
6,000.0 |
6.67 |
100.00 |
|
Dalmia Anupama |
45,000.0 |
50.00 |
100.00 |
|
Total |
87,000.0 |
96.67% |
|
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 |
9.000 |
9.000 |
1.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39.685 |
31.735 |
29.103 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
48.685 |
40.735 |
30.603 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
36.906 |
3.461 |
16.592 |
|
|
2] Unsecured Loans |
13.233 |
0.750 |
0.834 |
|
|
TOTAL BORROWING |
50.139 |
4.211 |
17.426 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
98.824 |
44.946 |
48.029 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.629 |
1.311 |
1.028 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
78.303
|
57.138 |
38.504 |
|
|
Sundry Debtors |
81.165
|
46.051 |
46.004 |
|
|
Cash & Bank Balances |
8.933
|
8.557 |
9.179 |
|
|
Other Current Assets |
3.301 |
5.218 |
0.000 |
|
|
Loans & Advances |
18.311
|
14.300 |
15.958 |
|
Total
Current Assets |
190.013
|
131.264 |
109.645 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
88.261
|
|
62.759 |
|
|
Other Current Liabilities |
0.757
|
1.310 |
|
|
|
Provisions |
3.800
|
4.800 |
|
|
Total
Current Liabilities |
92.818
|
87.629 |
62.759 |
|
|
Net Current Assets |
97.195
|
43.635 |
46.886 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.115 |
|
|
|
|
|
|
|
|
TOTAL |
98.824 |
44.946 |
48.029 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
589.882 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
574.944 |
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
574.944 |
|
|
|
|
|
|
NA |
|
|
|
PROFIT BEFORE
TAX |
|
14.938 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
4.806 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
10.132 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
113.00 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.72 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
11.27 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.37 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.03
|
0.10 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
1.50 |
1.75 |
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 one year |
Yes |
|
12] |
Profitability for last one year |
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 |
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 |
Yes |
UNSECURED LOAN:
(Rs in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
From Shareholders |
6.408 |
0.750 |
|
Intercorporate - Deposits |
6.825 |
0.000 |
|
Total |
13.233 |
0.750 |
BANKERS CHARGES REPORT
AS PER REGISTRY:
|
Corporate
identity number of the company |
U67120MH2000PTC126561 |
|
Name of the
company |
OFFICEDGE INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
509, Saha and Nahar Off Dr. E. Moses Road Worli, Mumbai – 400018, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Floating charge |
|
Particular of
charge holder |
Citibank N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai – 400051, Maharshtra, India |
|
Nature of
instrument creating charge |
Goods Security
Agreement. |
|
Date of
instrument Creating the charge |
12.06.2012 |
|
Amount secured by
the charge |
Rs.70.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest on
principal amount of the aforesaid fund based facilities advanced and
outstanding form time to time @ 13.25% p.a. (exclusive of applicable interest
tax). Terms of Repayment On demand. Margin 20% against the
said Stocks, 20% against the
said Book Debts. Extent and Operation of the charge The hypothecated
First exclusive charge on Assets, shall remain as security to the Bank for
the due repayment by the Borrower to the Bank of the credit facilities
together with interest, costs, charges and expenses and other monies payable
by the Borrower AND also for due payment and discharge of all
indebtedness/liability of the Borrower to the Bank. Others The Borrower
expressly recognizes and accepts that the Bank shall be absolutely entitled
and have full power/authority to sell, assign or transfer in any manner and
on such terms as the Bank may decide any or all outstanding dues of the
Borrower to any third party of the Bank's choice without any further
reference or intimation to the Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
·
The
whole of the Borrower's present and future stocks of raw materials, goods in
process of manufacture, semi-finished goods and all finished and manufactured
goods. ·
All
of the Borrower's present and future book debts, outstanding Monies,
receivables, claims, bills, investments, rights to or in moveable properties. ·
Pledge
on Fixed Deposit of Rs.17.5 MM. |
FIXED ASSETS:
·
Computers
·
Motor Car
·
Air Conditioner
·
Furniture and Fixture
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.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.