MIRA INFORM REPORT
|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MINITEK SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Pingale Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.03.2000 |
|
|
|
|
Com. Reg. No.: |
11-124815 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.875 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72100MH2000PTC124815 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKM02789D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Sales and Service Provider of Hardware and Software. |
|
|
|
|
No. of Employees
: |
120 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 75000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported as decent. Business is active. Payments are
reported to be usually correct and as per commitments. 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.
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
|
Name : |
Mr. Deepak Pagare |
|
Designation : |
Head in Accounts |
|
Contact No.: |
91-253-2310686 |
|
Date : |
08.05.2013 |
LOCATIONS
|
Registered Office : |
1st Floor, Pingale Complex, |
|
Tel. No.: |
91-253-2310686 |
|
Fax No.: |
91-253-2339123/ 2310686 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Showroom : |
Head- Retail Services, Compaq Presario Showroom, Arvind Chambers,
Below Central Bank, Shranpur Road, Nashik-422002, Maharashtra, India |
|
Tel. No.: |
91-253-317219 |
|
|
|
|
Branch Office : |
Located At:
|
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Rajiv Ramchandra Gite |
|
Designation : |
Managing Director |
|
Address : |
18, Mangalya, Boystown Road, Opposite Water Purification Tank, Off
Trimbak Road, Nasik-422005, Maharashtra, India |
|
Date of Birth/Age : |
31.05.1973 |
|
Date of Appointment : |
10.03.2000 |
|
DIN No.: |
00647394 |
|
|
|
|
Name : |
Mrs. Archana Rajiv Gite |
|
Designation : |
Director |
|
Address : |
18, Mangalya, Boystown Road, Opposite Water Purification Tank, Off
Trimbak Road, Nasik-422005, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1980 |
|
Date of Appointment : |
30.10.2009 |
|
DIN No.: |
02742168 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Pagare |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Rajiv Ramchandra Gite |
8748 |
|
Trupti Nitin Gite |
02 |
|
TOTAL
|
8750 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Sales and Service Provider of Hardware and Software. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers : |
Others [Corporate]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
120 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Satish Ganpat Kothule Chartered Accountant |
|
Address : |
13, Hamelia Garden Co-operative Society, Anand Nagar, Behind Akashwani
Tower, Off Gangapur Road, Nashik-422013, Maharashtra, India |
|
Mobile No.: |
91-9371074611 |
|
PAN No.: |
AHDPK5715A |
|
|
|
|
Sister Concern :
|
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8750 |
Equity Shares |
Rs.100/- each |
Rs. 0.875
Million |
|
|
|
|
|
NOTES
|
RECONCILIATION OF EQUITY SHARES |
As at 31st March, 2012 |
|
|
Reconciliation of number of shares outstanding |
Number |
Rs. In Millions |
|
Shares outstanding at beginning of the year |
8,750 |
0.875 |
|
Add : Shares issued during the year |
-- |
-- |
|
Less : shares bought back during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
8,750 |
0.875 |
SHARES HELD IN THE COMPANY BY EACH SHAREHOLDER HOLDING MORE THAN 5%
SHARES
|
Name of the shareholder |
Number |
% of Holding |
|
Shri Rajiv Ramchandra Gite |
8,748 |
99.98 |
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 |
0.875 |
0.875 |
0.875 |
|
|
2] Share Application Money |
0.125 |
0.125 |
0.000 |
|
|
3] Reserves & Surplus |
17.768 |
10.998 |
6.550 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
18.768 |
11.998 |
7.425 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.986 |
10.142 |
7.186 |
|
|
2] Unsecured Loans |
10.247 |
7.534 |
3.578 |
|
|
TOTAL BORROWING |
21.233 |
17.676 |
10.764 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.001 |
29.674 |
18.189 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.655 |
4.593 |
4.741 |
|
|
Capital work-in-progress |
0.072 |
0.086 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.199 |
0.149 |
0.149 |
|
|
DEFERREX TAX ASSETS |
0.065 |
0.008 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.835
|
22.744 |
8.948 |
|
|
Sundry Debtors |
50.559
|
42.988 |
29.229 |
|
|
Cash & Bank Balances |
9.866
|
4.958 |
0.000 |
|
|
Other Current Assets |
3.589
|
1.499 |
5.901 |
|
|
Loans & Advances |
1.991
|
0.929 |
1.056 |
|
Total
Current Assets |
92.840
|
73.118 |
45.134 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
49.413
|
42.349 |
28.048 |
|
|
Other Current Liabilities |
3.345
|
1.418 |
2.642 |
|
|
Provisions |
5.072
|
4.513 |
1.145 |
|
Total
Current Liabilities |
57.830
|
48.280 |
31.835 |
|
|
Net Current Assets |
35.010
|
24.838 |
13.299 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.001 |
29.674 |
18.189 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Turnover of Sales and Services |
418.376 |
294.907 |
175.542 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
14.376 |
9.527 |
5.642 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.111 |
2.437 |
1.436 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.265 |
7.090 |
4.206 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.607 |
0.559 |
0.463 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
9.658 |
6.531 |
3.743 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.013 |
1.936 |
1.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
6.645 |
4.595 |
2.565 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6.645 |
4.595 |
2.565 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
759.43 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover [Approximately] |
|
|
690.000 |
The above information has been parted by Mr. Deepak Pagare.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.90
|
8.40 |
7.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.54 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.21
|
5.50 |
5.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.51 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
|
|
|
|
-Sundry Creditors for Materials |
|
|
|
|
-Sundry Creditors- National Distributors |
38.691 |
33.143 |
|
|
-Sundry Creditors- Associate Concerns |
3.440 |
0.087 |
|
|
-Sundry Creditors- Mumbai |
3.226 |
4.348 |
28.048 |
|
-Sundry Creditors- Pune |
2.277 |
0.953 |
|
|
-Sundry Creditors- Nashik |
1.043 |
3.240 |
|
|
-Sundry Creditors- Aurangabad |
0.043 |
0.000 |
|
|
-Sundry Creditors- Other Places |
0.184 |
0.538 |
|
|
-Sundry Creditors for Expenses |
|
|
|
|
-Sundry Creditors for maintenance work |
0.079 |
0.000 |
|
|
-Sundry Creditors for Expenses |
0.430 |
0.040 |
|
|
TOTAL |
49.413 |
42.349 |
28.048 |
|
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
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
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 |
OPERATIONAL AND FINANCIAL HIGHLIGHTS
The sales and maintenance
turnover of the Company has increased
by Rs. 123.500 Millions as compared to earlier year. This was due
to the overall growth in the Indian Economy. Indian IT sector is doing very
well, due to encouragement of IT in educational sector, and increasing use of
IT in industrial and service sectors. The bottom line could show little
improvement, due to improved margin on sale of the computers, software, and
other accessories, in the environment of stiff completion. Overall Net Margin
increased by 0.31% as compared to the previous year.
FORM 8
|
Corporate
identity number of the company |
U72100MH2000PTC124815 |
|
Name of the
company |
MINITEK SYSTEMS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1st Floor, Pingale Complex, Ghanekar Lane, Ravivar Karanja, Nashik-422001, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10064184 |
|
Type of charge |
|
|
Particular of
charge holder |
Shri Samarth Sahakari Bank, M.G. Road, Nashik-422001, Maharashtra,
India |
|
Nature of
instrument creating charge |
Agreement of hypothecation
dated 31st May 2011. |
|
Date of
instrument Creating the charge |
31.05.2011 |
|
Amount secured by
the charge |
Rs. 8.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate of interest
is 14% p. a. Terms of repayment The loan is to be
repaid on demand. Margin 30% Extent and operation of the charge The borrower has
hypothecated in the favour of the bank the machinery and goods described in the
schedule and also includes all machinery products, goods and moveable
property of any kind as security for the repayment of the loan amount along
with interest, expenses and liabilities arising out of operation of the loan
account. |
|
Short particulars
of the property charged (Including location of the property) |
Stock, Debtors,
FDR of Rs.3.676 Millions, machinery and goods, including machinery products,
movable property of any kind, situated at borrower's premises at Nashik or
wherever else. |
|
Date of
instrument modifying the charge |
12.05.2009 |
|
Particulars of
the present modification |
By way of this
modification dated 31st May 2011, the hypothecation loan limit is increased from
Rs.5.300 Millions to Rs.8.500 Millions and the security is extended to cover
the additional loan facility. |
FIXED ASSETS
- Furniture and
Fixtures
- Computer and
Printers
- UPS System
for Office
- Software for
Office Use
- Office
Equipments and Tools
- Mobile Phones
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] 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.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.