MIRA
INFORM REPORT
|
Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAVEX COMPUTERS LIMITED (w.e.f. 01.07.1994) |
|
|
|
|
Formerly Known
As : |
SAVEX COMPUTERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
124-B, Maker Chambers III, Nariman Point, Mumbai - 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.02.1988 |
|
|
|
|
Com. Reg. No.: |
11-046237 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 40.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909MH1988PLC046237 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37240A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5547H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Distributor of Information Technology Products and Mobile Phones. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5590000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The ratings continue to derive strength from the diversified product
portfolio, distributorship of established brands in computer handware and mobiles
and widespread distribution network. Profit and sales turnover of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. The company can be considered for business dealing at usual trade
terms and conditions. Note: Latest financial fo the year 2013, is not available with us. |
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
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 |
CARE |
|
Rating |
Long term bank facilities: “A-” (Suspended) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
10.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating: “A2+” (Suspended) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
10.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Ajmera |
|
Designation : |
Manager |
|
Contact No.: |
91-22-22881616 |
|
Date : |
11.11.2013 |
LOCATIONS
|
Registered Office / Head Office : |
124-B, Maker Chambers III, Nariman Point, Mumbai - 400021, |
|
Tel. No.: |
91-22-22881616 / 1717 / 22799999 |
|
Fax No.: |
91-22-22041656 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located at: · Mumbai · Bhiwandi · Ahmedabad ·
·
· Kolkata · Chennai ·
·
·
·
·
· Noida · Jaipur ·
· Pune ·
·
· Nashik ·
·
·
· Vijaywada · Dehradun · Gurgaon ·
·
·
·
·
·
· Parwanoo · Mangalore · Bhubaneshwar ·
· Guwahati · Kanpur · Varanasi · Jabalpur · Jammu · Bhopal ·
Pondicherry · Singapore |
DIRECTORS
As on 25.09.2013
|
Name : |
Mr. Anil Ishwarlal Jagasia |
|
Designation : |
Managing director |
|
Address : |
16, Soona Mahal, 143, |
|
Date of Birth/Age : |
24.08.1960 |
|
Qualification : |
B.E. Electronics |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
ADHPJ5576A |
|
DIN No.: |
00031579 |
|
|
|
|
Name : |
Mrs. Anuradha Anil Jagasia |
|
Designation : |
Whole-time director |
|
Address : |
16, Soona Mahal, 143, |
|
Date of Birth/Age : |
15.06.1962 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
ACYPJ3749F |
|
DIN No.: |
00031603 |
|
|
|
|
Name : |
Mr. Jayant Harkisandas Goradia |
|
Designation : |
Whole-time director |
|
Address : |
203, Asha Niketan, |
|
Date of Birth/Age : |
04.09.1960 |
|
Qualification : |
B.Tech. I.I.T. |
|
Date of Appointment : |
01.04.2010 |
|
Experience: |
31 Years |
|
PAN No.: |
AABPG2007J |
|
DIN No.: |
00031623 |
|
|
|
|
Name : |
Mr. Devang Achyut Pandya |
|
Designation : |
Whole-time director |
|
Address : |
13, Vora Bhuvan, |
|
Date of Birth/Age : |
05.06.1964 |
|
Qualification : |
D.E. Electronics |
|
Experience : |
30 Years |
|
Date of Appointment : |
23.10.2001 |
|
PAN No.: |
AABPP7117J |
|
DIN No.: |
00576033 |
KEY EXECUTIVES
|
Name : |
Mr. Ajmera |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Anil I. Jagasia |
|
199100 |
|
Anil I. Jagasia jointly with Anuradha A. Jagasia |
|
3598200 |
|
Anuradha A. Jagasia |
|
200 |
|
Anuradha A. Jagasia jointly with Anil I. Jagasia |
|
600 |
|
Deepak L. Dudhane |
|
200 |
|
Deepak L. Dudhane jointly with Sreedhara D. Dudhane |
|
600 |
|
Raunak A. Jagasia |
|
50000 |
|
Raunak A. Jagasia jointly with Anuradha A. Jagasia |
|
150000 |
|
Ravindra L. Dudhane |
|
200 |
|
Ravindra L. Dudhane jointly with Anita R. Dudhane |
|
600 |
|
|
|
100 |
|
Devang A. Pandya |
|
100 |
|
Jayant H. Goradia |
|
100 |
|
Total |
|
4000000 |
As on 25.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
99.96 |
|
Other top fifty shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Information Technology Products and Mobile Phones. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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|
||||||||||||
|
Bankers : |
· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India Societe General Bank, 6th Floor, Mohan Dev, 13, Tolstoy
Marg, New Delhi - 110001, Delhi, India Citibank N. A., First International Financial Centre, 9th
Floor, Plot No. C-54, C-55, G-Block, Bkc, Bandra (East), Mumbai - 400051,
Maharashtra, India Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of
India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India Firstrand Bank, 4th Floor Tcg Financial Centre Plot No C
53 Gblock, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India Ing Vysya Bank Limited, Mittal Towers,A-Wing,Ground Floor,
210 Nariman Point, Mumbai - 400021, Maharashtra, India Dbs Bank Limited, 221, Fort House, 3rd Floor, D. N. Road,
Fort, Mumbai - 400001, Maharashtra, India · The Hongkong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India |
||||||||||||
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|
||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.K.Kalra and Associates Chartered Accountants |
|
Address : |
Shiv Kripa, First Floor, Bhakti Bhavan Lane, Sindhi Society, Chembur ,Mumbai - 400071, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAPK9845K |
|
|
|
|
Associate : |
Clearpoint Electronics Private Limted CIN No.: U99999MH1989PTC052939 |
|
|
|
|
Subsidiary Company
: |
Savex Singapore Pte. Limted |
CAPITAL STRUCTURE
As on 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
Millions |
|
|
|
|
|
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 |
|
40.000 |
40.000 |
|
(b) Reserves & Surplus |
|
1356.965 |
861.905 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1396.965 |
901.905 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
151.100 |
140.000 |
|
(b) Deferred tax liabilities (Net) |
|
1.080 |
1.158 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.230 |
|
Total Non-current Liabilities (3) |
|
152.180 |
141.388 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2091.518 |
1760.534 |
|
(b) Trade payables |
|
612.697 |
466.897 |
|
(c) Other current
liabilities |
|
181.680 |
99.632 |
|
(d) Short-term provisions |
|
12.385 |
17.981 |
|
Total Current Liabilities (4) |
|
2898.280 |
2345.044 |
|
|
|
|
|
|
TOTAL |
|
4447.425 |
3388.337 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
51.574 |
42.047 |
|
(ii) Intangible Assets |
|
7.328 |
7.536 |
|
(iii) Capital
work-in-progress |
|
1.206 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.167 |
0.167 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
112.884 |
75.252 |
|
(e) Other Non-current assets |
|
0.010 |
0.080 |
|
Total Non-Current Assets |
|
173.169 |
125.082 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.092 |
|
(b) Inventories |
|
2017.791 |
1499.349 |
|
(c) Trade receivables |
|
2167.443 |
1635.616 |
|
(d) Cash and cash
equivalents |
|
54.586 |
74.532 |
|
(e) Short-term loans and
advances |
|
14.137 |
44.843 |
|
(f) Other current assets |
|
20.299 |
8.823 |
|
Total Current Assets |
|
4274.256 |
3263.255 |
|
|
|
|
|
|
TOTAL |
|
4447.425 |
3388.377 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
40.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
604.748 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
644.748 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1564.315 |
|
|
2] Unsecured Loans |
|
|
120.000 |
|
|
TOTAL BORROWING |
|
|
1684.315 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.592 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2329.655 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
30.189 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.091 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1044.675 |
|
|
Sundry Debtors |
|
|
1421.996 |
|
|
Cash & Bank Balances |
|
|
37.316 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
260.071 |
|
Total
Current Assets |
|
|
2764.058 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
232.712 |
|
|
Other Current Liabilities |
|
|
64.993 |
|
|
Provisions |
|
|
167.188 |
|
Total
Current Liabilities |
|
|
464.893 |
|
|
Net Current Assets |
|
|
2299.165 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.210 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2329.655 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28120.619 |
17758.502 |
11120.845 |
|
|
|
Other Income |
15.965 |
14.266 |
6.935 |
|
|
|
TOTAL (A) |
28136.584 |
17772.768 |
11127.780 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
27179.652 |
17335.952 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(518.442) |
(454.674) |
|
|
|
|
Employee benefit expense |
228.018 |
166.372 |
|
|
|
|
Other expenses |
263.910 |
181.096 |
|
|
|
|
TOTAL (B) |
27153.138 |
17228.746 |
10699.435 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
983.446 |
544.022 |
428.345 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
227.045 |
140.755 |
120.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
756.401 |
403.267 |
307.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.581 |
10.593 |
6.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
741.820 |
392.674 |
301.056 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
244.447 |
132.719 |
105.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
497.373 |
259.955 |
195.372 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
740.278 |
503.122 |
330.558 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
|
|
|
Dividend |
2.400 |
2.400 |
2.400 |
|
|
|
Tax on Dividend |
0.389 |
0.399 |
0.408 |
|
|
BALANCE CARRIED
TO THE B/S |
1214.862 |
740.278 |
503.122 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Other Earnings |
26.880 |
4.832 |
N.A. |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
709.373 |
454.359 |
217.305 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
124.34 |
64.99 |
48.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.77
|
1.46
|
1.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.64
|
2.21
|
2.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.68
|
11.59
|
10.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.44
|
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.61
|
2.11
|
2.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.39
|
5.95 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10453851 |
18/09/2013 |
250,000,000.00 |
SOCIETE GENERAL BANK |
6TH FLOOR, MOHAN DEV, 13, TOLSTOY MARG, NEW DELHI - 110001, INDIA |
B87034823 |
|
2 |
10431543 |
13/06/2013 |
250,000,000.00 |
FIRSTRAND BANK |
4TH FLOOR TCG
FINANCIAL CENTRE PLOT NO C 53 GBLOCK |
B77286789 |
|
3 |
10388000 |
17/10/2012 |
200,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE,WADIA INTERNATIONAL CENTRE,GROUND FLOOR, PANDURANG BUDHKAR MARG,WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B62560560 |
|
4 |
10377246 |
18/09/2012 |
250,000,000.00 |
ICICI BANK LIMITED |
ICICI CENTRE, 163, H. T. PAREKH MARG, BACKBAY, RECLAMATION, CHURCHGATE, MUMBAI - 400021, MAHARASHTRA, INDIA |
B58395427 |
|
5 |
10371630 |
27/07/2012 |
200,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN. THIMMAYYA ROAD, CANTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B56077555 |
|
6 |
10332439 |
24/10/2013 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA |
B88784244 |
|
7 |
10294548 |
24/12/2012 * |
400,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE, 3RD FLOOR, D. N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B66754037 |
|
7 |
10294548 |
24/12/2012 * |
400,000,000.00 |
DBS BANK LIMITED |
221, FORT HOUSE, 3RD FLOOR, D. N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B66754037 |
|
8 |
10187886 |
30/01/2013 * |
150,000,000.00 |
ING VYSYA BANK LIMITED |
MITTAL TOWERS,A-WING,GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B68626316 |
|
9 |
10164373 |
08/06/2012 * |
400,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B41386541 |
|
10 |
10124610 |
28/08/2012 * |
500,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B56817000 |
|
11 |
10051873 |
30/09/2013 * |
625,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B88048426 |
|
12 |
10004866 |
01/08/2012 * |
700,000,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
B56020050 |
|
13 |
10011050 |
02/05/2012 * |
100,000,000.00 |
CENTURION BANK OF
PUNJAB LTD. (NOW MERGED WITH HDF |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B40208621 |
|
14 |
80046051 |
28/06/2013 * |
490,000,000.00 |
CITIBANK N. A. |
FIRST INTERNATIONAL
FINANCIAL CENTRE, 9TH FLOOR, PLOT NO. C-54, C-55, G-BLOCK, BKC, BANDRA
(EAST), |
B78569449 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
2091.518 |
1760.534 |
|
Total |
2091.518 |
1760.534 |
PERFORMANCE:
Financial Year 2012 being the Silver Jubilee year of the company, they are extremely pleased that the company is able to report a commendable growth of 58.35% in FY 12. The company has grown consistently year on year under different challenging circumstances. It is even more heartening, that during FY 12 they have achieved a growth rate well above the industry average.
They are happy to place in the hands the `TWENTY FIFTH ANNUAL REPORT" of the Company together with Audited Annual Accounts and the Auditors Report for the year ended 31st March, 2012.
OPERATIONS
the last financial year was one of the best from a business perspective. Their Company performed very well and the same is reflected in the results. A robust demand for their products, exploring and starting business withnew vendors along with optimum utilization of available resources has resulted in an outstanding performance of their Company.
It gives me great pleasure to share with you the highlights of their Company's performance during the year 2011:12:
1. Netrevenue increased from Rs 17758.502 Millions in F.Y 11 to Rs 28120.619 Millions in F.Y 12, which is an increase of 58.35% on a standalone basis.
2. Their Company earned a net profit after tax of Rs 497.373 Millions in FY 12 as against Rs 259.955 Millions of FY11, which is an increase of 91.33%
3. On Consolidated basis, Net revenue increased from Rs 17761.960 Millions in F.Y 11 to Rs 28234.408 Millions in F.Y 12, which is an increase of 58.96%
The Company presently has 41branches/warehouses with 72 sales locations spread across the country which provides a national network for their vendors. Through these branches, their Company is reaching out to over 6500 customers consisting of System Integrators, Retailers, Resellers, VAR's etc in over 400 cities and towns of India.
As informed you in last AGM, they commenced operations at Singapore under the name and style of `Savex Singapore Pte. Limited`. In FY12 they achieved a good growth compared to FY 11 which was their first year of operations. Revenue increased from Rs.3.458 Millions (SGD 100956) in F.Y 11 to Rs 113.789 Millions (SGD 29,67,253.71) in F.Y 12, which is an increase of 31.90%. They are expecting this revenue to grow substantially over the years which will help in the overall growth of the Company.
At Singapore, they are distributors for HP Singapore Sales Pte. Limited for their ESSN (Enterprise, Server, Storage and Networking) division.
In India, their Company is a National Distributor for Hewlett Packard India Sales Private Limited, Logitech India, Samsung Electronics India Private Limited (IT and Mobile division), Acer India Private Limited and Microsoft Licensing GP. The products marketed by their Company are Notebooks, Desktops, Mobiles, Smart Phones,Inkjet and Laser Printers, Plotters, Servers, Storage products, Colour Monitors, TFT monitors, Cartridges,Toners, Mice, Keyboards, Hard Disk Drives,Optical Disk Drives, Mouse, Webcams, Microsoft Software, networking equipment's, Accessories and other Computer peripherals.
Their focused approach, extensive resources, market leadership and proven financial stability are the reasons they are consistently the preferred distributor for Samsung, HP, Logitech and others. Their services help a vendor optimize their supply chain and ensure a smooth flow of goods from manufacturing locations anywhere in the world, to any Indian channel partner.
PRESENT SCENARIO
this year they have completed the silver jubilee of their operations. It has been tremendous journey in these two and half decades. Their Company has performed well with its Net Worth constantly growing and they expect a good performance in the current financial year too. The Directors of the Company have put all efforts to control costs by continually discovering the new ways for better supply chain management and simultaneously increasing the revenue of the Company by approaching other branded Companies for distributorship and also by opening up newer geographies.
The current environment presents a host of challenges too. Inflation appears sticky and the overall GDP growth of their country may be moderate in the near and medium term. Competitive pressure from other brands will also be on the rise. None of these challenges are new. Their ability to steer through these conditions and lead in the market is reflected in the numbers they have delivered. They will not get complacent and shall continue to strive for higher growth with greater efficiency in their operations.
The Company has a strong portfolio of brands like HP, Samsung, Acer, Logitech and Microsoft which are among the best IT Product vendors in the world. Their 550+ professional employees across the Country are their true advantage which helps the Company provide excellence in execution, a sharp focus on quality, continuous improvement in their distribution and overall satisfied customers.
Samsung recently reorganized the distribution matrix for phones by taking the city of Bangalore from them and awarding them with the much larger state of Tamil Nadu. This will give them additional revenue from mobile distribution. They continue with mobile distribution for the states of Rajasthan and Kerala.
Keeping in view the performance and future prospects of the company's business, expansion being undertaken and business of its subsidiary, the company is poised for sustained growth and outlook is bright. By March 2013, their Company proposes to have a greater reach to cater to many more customers. They expect a revenue of over Rs 40000.000 Millions in this financial year.
FIXED ASSETS
v
Tangible
Assets
Buildings
Other
building
Plant
and Equipment
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
Equipment
Computer
Equipments
Leasehold
Improvements
v
Intangible Assets
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.