MIRA INFORM REPORT
|
Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PCS TECHNOLOGY LIMITED (w.e.f.22.11.2004) |
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Formerly Known
As : |
PCS INDUSTRIES LIMITED (w.e.f.25.03.1994) PCS DATA PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Office Premise No.1, Gat No. 478, Alandi Markaal Road, Alandi Taluka,
Khed, Pune – 412106, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.04.1981 |
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Com. Reg. No.: |
11-024279 |
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Capital
Investment / Paid-up Capital : |
Rs.249.257 Millions |
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CIN No.: [Company Identification
No.] |
L74200MH1981PLC024279 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
PNEP08887E |
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PAN No.: [Permanent Account No.] |
AABCP0316J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Trader of Computers, Peripherals, Computer Parts and
Maintenance of Computers and Related IT Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3890000 |
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Status : |
Satisfactory |
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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 satisfactory track record. Even though sales of the company has dipped, profit has increased in 2012-13.
Overall financial position appears to be good. Rating also takes into consideration strong promoters group and
company diversification into IT services and solution business. Trade relations reported to be fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
BBB- (Fund Based Limits) |
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Rating Explanation |
Moderate credit quality and average credit
risk |
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Date |
May 2012 |
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Rating Agency Name |
ICRA |
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Rating |
A3 (Non Fund Based Limits) |
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Rating Explanation |
Moderate degree of safety and higher credit
risk. |
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Date |
May 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.
INFORMATION DENIED
Management Non-Cooperative (91-40-27767182)
LOCATIONS
|
Registered Office : |
Office Premise
No.1, Gat No. 478, Alandi Markaal Road, Alandi Taluka, Khed, Pune – 412106,
Maharashtra, India |
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Tel. No.: |
91-22-28521177 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office |
6th and 7th Floor, Technocity, Plot No. X 5/3, MIDC, Mahape,
Opposite MBP, Next to Sarovar Portico, Navi Mumbai – 400701, Maharashtra,
India |
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Tel. No.: |
91-22-39166111 |
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Branch Office : |
Located at: Ř Hyderabad Ř Vishakhapatnam Ř Assam Ř Bihar Ř Chhattisgarh Ř New Delhi Ř Goa Ř Ahmedabad Ř Baroda Ř Mohali Ř Jharkhand Ř Bangalore Ř Kerala Ř Navi Mumbai Ř Mumbai Ř Pune Ř Nagpur Ř Bhopal Ř Indore Ř Odisha Ř Kolkatta Ř Rajasthan Ř Uttar Pradesh Ř Tamilnadu |
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Overseas Office : |
Located at: Ř U.A.E. Ř USA Ř Africa |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Gajendrakumar S Patni |
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Designation : |
Chairman |
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Address : |
42-A, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Date of Birth : |
24.03.1941 |
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Qualification : |
B.Chem. |
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Date of Appointment : |
22.04.1981 |
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DIN No. : |
00014163 |
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Name : |
Mr. Ashokkumar S Patni |
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Designation : |
Vice Chairman |
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Address : |
22-A, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Date of Birth : |
01.08.1951 |
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Qualification : |
B. Tech. |
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Date of Appointment : |
22.04.1981 |
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Name : |
Mr. H. C. Tandon |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. N. K. Patni |
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Designation : |
Director |
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Name : |
Mr. Apoorva Ashokkumar Patni |
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Designation : |
Director |
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Address : |
22-A, Jolly Maker Apartment No. 1, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Date of Birth |
18.06.1982 |
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Date of Appointment : |
18.12.2007 |
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DIN No. : |
01647791 |
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Name : |
Mr. Satish B. Ajmera |
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Designation : |
Director |
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Address : |
B. L. Ajmera and Company, Malji Chhoganlalji Trust Building, M J Road,
Jaipur – 302001, Rajasthan, India |
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Date of Birth : |
26.10.1944 |
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Date of Appointment : |
25.06.1990 |
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DIN No. : |
00208919 |
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Name : |
Mr. Dadi B. Engineer |
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Designation : |
Director |
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Address : |
Sea Shells, 1st Floor, 13 Darabsha Road, Off Nepeansea
Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth : |
02.05.1933 |
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Date of Appointment : |
29.09.1995 |
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DIN No. : |
00047028 |
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Name : |
Mr. Girish Mohanlal Dave |
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Designation : |
Director |
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Address : |
1st Floor, Sethna Building, 55 Maharshi Karve Road, Marine
Lines, Mumbai – 400002, Maharashtra, India |
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Date of Birth : |
12.07.1938 |
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Qualification : |
M.Com., LLB, C.A.I.I.B. |
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Date of Appointment : |
29.09.1995 |
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DIN No. : |
00036455 |
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Name : |
Mr. Prakash V. Mehta |
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Designation : |
Director |
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Address : |
123-A, Maker Apartments, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
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Date of Birth : |
12.02.1942 |
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Date of Appointment : |
23.07.1987 |
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Name : |
Mr. Kamal Kumar Barjatya |
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Designation : |
Director |
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Address : |
39 Worli Sea Face, Mumbai – 400025, Maharashtra, India |
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Date of Birth : |
25.03.1938 |
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Date of Appointment : |
30.10.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Bhaskar J. Patel |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
(1) Indian |
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|
1750504 |
8.36 |
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|
5704679 |
27.23 |
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|
7245112 |
34.58 |
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|
7245112 |
34.58 |
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|
14700295 |
70.17 |
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|
Total shareholding
of Promoter and Promoter Group (A) |
14700295 |
70.17 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
131583 |
0.63 |
|
|
995 |
0.00 |
|
|
213383 |
1.02 |
|
|
700 |
0.00 |
|
|
346661 |
1.65 |
|
|
|
|
|
|
178606 |
0.85 |
|
|
|
|
|
|
3718689 |
17.75 |
|
|
1851033 |
8.84 |
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|
155393 |
0.74 |
|
|
748 |
0.00 |
|
|
31964 |
0.15 |
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|
100800 |
0.48 |
|
|
21881 |
0.10 |
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|
5903721 |
28.18 |
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Total Public
shareholding (B) |
6250382 |
29.83 |
|
Total (A)+(B) |
20950677 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20950677 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Rajnikanta G Patni |
2386116 |
11.39 |
|
2 |
Ashoka Computer Systems Private Limited |
1901560 |
9.08 |
|
3 |
PCS Finance Limited |
1901560 |
9.08 |
|
4 |
PCS Cullinet Private Limited |
1901559 |
9.08 |
|
5 |
Sadhana A Patni |
1652122 |
7.89 |
|
6 |
Vasundhara Apoorva Patni |
1000000 |
4.77 |
|
7 |
Poonam Narendrakumar Patni |
601547 |
2.87 |
|
8 |
Gajendrakumar S Patni |
579685 |
2.77 |
|
9 |
Ashokkumar S Patni |
575995 |
2.75 |
|
10 |
Anirudh Narendrakumar Patni |
559270 |
2.67 |
|
11 |
Apoorva Ashok Kumar Patni |
389676 |
1.86 |
|
12 |
Arihant Gajendra Kumar Patni |
283056 |
1.35 |
|
13 |
Amit Kumar Patni |
261899 |
1.25 |
|
14 |
Ruchi Amit Kumar Patni |
152540 |
0.73 |
|
15 |
Sobhagmal Patni |
130936 |
0.62 |
|
16 |
Apoorva Ashok Kumar Patni |
111069 |
0.53 |
|
17 |
Arihant Gajendrakumar Patni |
101130 |
0.48 |
|
18 |
Narendra Kumar Patni |
94079 |
0.45 |
|
19 |
Kanchanbai S Patni |
60286 |
0.29 |
|
20 |
Sadhana A Patni |
42814 |
0.20 |
|
21 |
Rajnikanta G Patni |
4965 |
0.02 |
|
22 |
Aakriti Amitkumar Patni |
2830 |
0.01 |
|
23 |
Ayushi Amitkumar Patni |
2830 |
0.01 |
|
24 |
Kanchanbai Patni |
1300 |
0.01 |
|
25 |
Rajkumar Barjatya |
760 |
0.00 |
|
26 |
Sooraj Barjatya |
145 |
0.00 |
|
27 |
Rajrani Gangwal |
128 |
0.00 |
|
28 |
Pankaj Patni |
86 |
0.00 |
|
29 |
Meeta Devi Gangwal |
64 |
0.00 |
|
30 |
Munish Kumar Gangwal |
64 |
0.00 |
|
31 |
Meeta Devi Gangwal |
56 |
0.00 |
|
32 |
Rajrani Gangwal |
56 |
0.00 |
|
33 |
Munish Kumar Gangwal |
56 |
0.00 |
|
34 |
Rajrani Gangwal |
56 |
0.00 |
|
|
Total |
14700295 |
70.17 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
|
1 |
Balram Bharwani |
474500 |
2.26 |
|
|
2 |
Mukesh Mohanlal Kelawala HUF |
255300 |
1.22 |
|
|
|
Total |
729800 |
3.48 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Computers, Peripherals, Computer Parts and
Maintenance of Computers and Related IT Services. |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. C. Bandi and Company Chartered Accountants |
|
Address : |
812, Maker Chamber V, 221, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Tel. No.: |
91-22-22834298 |
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Subsidiary
Companies : |
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Affiliates
(Enterprises over which Key Management personnel or their relatives have
significant influence) : |
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CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21025000 |
Equity Shares |
Rs.10/- each |
Rs.210.250 Millions |
|
3975000 |
Redeemable, Non-Convertible and Non-Cumulative Preference Shares |
Rs.10/- each |
Rs.39.750 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20950677 |
Equity Shares |
Rs.10/- each |
Rs.209.507 Millions |
|
3975000 |
9% Redeemable, Non-Convertible and Non-Cumulative Preference Share |
Rs.10/- each |
Rs.39.750 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.249.257 Millions |
a) Reclassification of Authorised Share Capital:
During the current year, the Company has reclassified the Authorised Share Capital of Rs.250.000 Millions into 2,10,25,000 Equity Shares of Rs.10 each and 3,975,000 Redeemable, Non Convertible and Non-Cumulative Preference Shares of Rs.10 each.
b) Terms/ Rights attached to Equity Shares:
The Company has only one class of equity
shares having a par value of Rs.10 per share. Each holder of equity share is
entitled to one vote per share. In the event of liquidation of the company, the
holders of equity shares will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
c) Terms/ Rights attached to Preference Shares:
The Company has only one class of preference
shares having a par value of Rs.10 per share, redeemable at par in the 12th and
13th year from the date of allotment. Each holder of preference share is
entitled to one vote per share. In the event of liquidation of the company,
before any entitlement of assets to holders of equity shares, the holders of
preference shares will be entitled to receive remaining assets of the company,
after distribution of all other preferential amounts. The distribution will be
in proportion to the number of preferencial shares held by the shareholders.
d) Reconciliation of
the shares outstanding at the beginning and end of the year 31st March 2013.
|
Particulars |
Equity Shares |
|
|
|
Number |
Rs. IN Millions |
|
Shares outstanding at the beginning of the year |
20950677 |
209.507 |
|
Shares issued during the year |
- |
- |
|
Shares brought back during the year |
- |
- |
|
Shares outstanding at the end of the year |
20950677 |
209.507 |
e) Details of
shareholding more than 5% Equity Shares of total Equity Shares in the company:
|
Name of shareholder |
As at 31.03.2013 |
|
|
|
No. of shares |
% holding |
|
Rajnikanta Patni |
2386116 |
11.39 |
|
PCS Finance Private Limited |
1901560 |
9.08 |
|
Ashoka Computer Systems Private Limited |
1901560 |
9.08 |
|
PCS Cullinet Private Limited |
1901559 |
9.08 |
|
Sadhana A. Patni |
1652122 |
7.89 |
f) Details of shareholding
more than 5% Preference Shares of total Preference Shares in the company:
|
Name of shareholder |
As at 31.03.2013 |
|
|
|
No. of shares |
% holding |
|
Mr. Ashok Kumar Patni |
1965000 |
49.43 |
|
Mr. Gajendra Kumar Patni |
1480000 |
37.23 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
249.257 |
210.240 |
210.240 |
|
(b) Reserves & Surplus |
723.324 |
217.076 |
923.590 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
972.581 |
427.316 |
1133.830 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
107.706 |
627.023 |
691.103 |
|
(b) Deferred tax liabilities (Net) |
32.934 |
29.956 |
40.860 |
|
(c) Other long term liabilities |
3.671 |
5.750 |
6.269 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
144.311 |
662.729 |
738.232 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
143.888 |
215.776 |
245.363 |
|
(b) Trade payables |
128.347 |
205.182 |
466.977 |
|
(c) Other current liabilities |
60.032 |
136.840 |
193.706 |
|
(d) Short-term provisions |
1.103 |
1.116 |
1.167 |
|
Total Current
Liabilities (4) |
333.370 |
558.914 |
907.213 |
|
|
|
|
|
|
TOTAL |
1450.262 |
1648.959 |
2779.275 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
267.499 |
372.276 |
540.838 |
|
(ii) Intangible Assets |
1.380 |
0.000 |
76.608 |
|
(iii) Capital work-in-progress |
0.000 |
2.188 |
82.167 |
|
(iv) Intangible assets under development |
5.872 |
5.452 |
7.677 |
|
(b) Non-current Investments |
65.735 |
65.735 |
65.725 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
103.758 |
134.993 |
95.029 |
|
(e) Other Non-current assets |
3.384 |
8.585 |
17.324 |
|
Total Non-Current
Assets |
447.628 |
589.229 |
885.368 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
82.125 |
87.455 |
107.037 |
|
(c) Trade receivables |
758.833 |
734.046 |
1503.337 |
|
(d) Cash and cash equivalents |
31.280 |
89.742 |
93.638 |
|
(e) Short-term loans and advances |
61.612 |
64.680 |
83.889 |
|
(f) Other current assets |
68.784 |
83.807 |
106.006 |
|
Total Current
Assets |
1002.634 |
1059.730 |
1893.907 |
|
|
|
|
|
|
TOTAL |
1450.262 |
1648.959 |
2779.275 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
975.392 |
1332.425 |
1817.584 |
|
|
|
Other Income |
7.835 |
32.471 |
31.025 |
|
|
|
TOTAL (A) |
983.227 |
1364.896 |
1848.609 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
0.000 |
9.931 |
233.198 |
|
|
|
Purchases of stock-in-trade |
132.229 |
327.149 |
628.430 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
2.436 |
17.754 |
(2.514) |
|
|
|
Employee benefits expense |
567.842 |
633.467 |
598.314 |
|
|
|
Other expenses |
178.373 |
243.439 |
243.614 |
|
|
|
Extra-ordinary items |
0.000 |
1.334 |
0.000 |
|
|
|
TOTAL (B) |
880.880 |
1233.074 |
1701.042 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
102.347 |
131.822 |
147.567 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.881 |
70.974 |
88.987 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.466 |
60.848 |
58.580 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.332 |
39.101 |
49.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
49.134 |
21.747 |
9.394 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.752 |
7.306 |
1.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
35.382 |
14.441 |
7.869 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24.441 |
237.888 |
230.019 |
|
|
|
|
|
|
|
|
|
|
TRANSFER TO
STATEMENT OF PROFIT AND LOSS |
0.000 |
227.888 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
59.823 |
24.441 |
237.888 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales and services |
9.572 |
3.028 |
39.720 |
|
|
TOTAL EARNINGS |
9.572 |
3.028 |
39.720 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material, Store & spares and Computer Peripherals |
2.659 |
5.420 |
72.181 |
|
|
TOTAL IMPORTS |
2.659 |
5.420 |
72.181 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Before
extraordinary items |
1.69 |
0.75 |
0.38 |
|
|
|
- After
extraordinary items |
1.69 |
0.69 |
0.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.60 |
1.06
|
0.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.04 |
1.63
|
0.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.56 |
1.38
|
0.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.05
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26 |
1.97
|
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01 |
1.90
|
2.09 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM DEBT
(Rs. In Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long term debt |
3.118 |
1.978 |
1.315 |
|
|
|
|
|
|
Total |
3.118 |
1.978 |
1.315 |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Directors |
98.800 |
544.800 |
|
Inter corporate deposits |
0.950 |
72.500 |
|
Total |
99.750 |
617.300 |
Notes:
The loan taken from Directors and Inter Corporate Deposits
are interest free and are returnable after 31st March, 2015.
OPERATIONS
In the year the Company continued to witness the challenges in the price competition.
During the year, the Company has achieved Gross Sales of Rs.981.700 Millions as against Rs.1361.900 Millions in the previous year.
As planned in the interest of the Company, the Company has started focusing more on expanding IT and Facility Management Services which is now a major key driver over IT Hardware business operations, for improvement of margins and profitability. In view of the above restructuring of the business operations, the sales turnover of the Company of the current year will not be comparable with previous year’s sales turnover.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY SCENARIO AND
REVIEW
The domestic IT sector comprises of Computer hardware – manufacturing and selling, IT services- software development, implementation, IT infrastructure and facility management services. The Company is mainly engaged in the activities of IT infrastructure facility management services. The financial year 2012-13 witnessed challenges. The pricing competition continued with MNC and major players putting pressure on margins.
PERFORMANCE AND
REVIEW
IT Services
After careful evaluation and to utilize available resources and expertises to optimal level, the company decided to focus more on IT infrastructure and facility management services and discontinued the manufacturing of computer hardware.
The Company has achieved the Gross Turnover of Rs. 983.227 Millions and net profit of Rs.35.382 Millions as against previous year’s Gross Turnover of Rs. 1364.896 Millions and the net profit of Rs.15.775 Millions. Post this scenario the turnover the current year is not comparable with the sale turnover of previous year.
OPERATIONS
In view of restructuring of business, the management has discontinued IT hardware manufacturing activities and diverted its focus more on IT and Facility Management Services, where margin are better.
Other products such as Laboratory and Hospital Management solutions have performed in promoting sales and the Company has established overseas market in Africa, Nigeria and UAE.
FUTURE OUTLOOK
The Company is one of the leading managed services provider for IT infrastructures. With the growth in IT Infrastructure and Company’s PAN India presence coupled with strong existing client relationship, the Company is well placed and able to meet potential business opportunities. The Company will continue to develop and improve service offerings in IT infrastructure and Facility Management to clients.
However, we may face competition from IT and ITES companies operating on large volume services.
The company will continue to give its focus on other products i.e. Laboratory and Hospital Management solutions.
In order to meet the challenging environment, the Company is taking all measures to remain financially stable and cost efficient.
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Building
- Plant and Equipment
- Furniture and Fixture
- Vehicle
- Office Equipment
Intangible Assets
- 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.62.73 |
|
|
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.