MIRA INFORM REPORT
|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ABACUS PERIPHERALS PRIVATE LIMITED |
|
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Registered
Office : |
29, Apurva Industrial Estate, Makwana Road, Off Andheri Kurla Road, Marol,
Andheri, Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.01.1986 |
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Com. Reg. No.: |
11-038619 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U72200MH1986PTC038619 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA10647A |
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PAN No.: [Permanent Account No.] |
AAACA7301F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Memory Modules and Distributor of Computer
Peripherals. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 380000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
seems a dip in the turnover of the company during current year. Profitability
of the company also appears to be low. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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.
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. Ankush |
|
Designation : |
Financial Head |
|
Contact No.: |
91-22-40914611 |
|
Date : |
15.11.2013 |
LOCATIONS
|
Registered Office : |
29, Apurva Industrial Estate, Makwana Road, Off Andheri Kurla Road, Marol,
Andheri, Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-40914611/ 600 |
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Fax No.: |
91-22-40914646 |
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E-Mail : |
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Website : |
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Area : |
3000 sq ft |
|
Location : |
Owned |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Rajesh Kumar Modi |
|
Designation : |
Director |
|
Address : |
Meenaxi, Row House No. 8, Gokuldham, Goregaon (East), Mumbai - 400063,
Maharashtra, India |
|
Date of Birth/Age : |
14.10.1963 |
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Qualification : |
B.Com, LLB |
|
Date of Appointment : |
01.04.2002 |
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DIN No.: |
00739679 |
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|
|
|
Name : |
Mrs. Deepa Devi Modi |
|
Designation : |
Director |
|
Address : |
6, Meenaxi, Gokuldham, Goregaon (East), Mumbai - 400063, Maharashtra,
India |
|
Date of Birth/Age : |
25.03.1964 |
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Qualification : |
H.S.C |
|
Date of Appointment : |
28.09.1996 |
|
PAN No.: |
AAHPM0771D |
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DIN No.: |
01296908 |
KEY EXECUTIVES
|
Name : |
Mr. Ankush |
|
Designation : |
Financial Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Deepa Modi |
|
27250 |
|
Banbury Impex Private Limited, India |
|
90000 |
|
Shanti Devi Modi |
|
79000 |
|
Kunal Modi |
|
28000 |
|
Rajesh Kumar Modi Neha Modi |
|
28000 |
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Rajesh Kumar Modi Varun Modi |
|
82500 |
|
Rajesh Kumar Modi Anjana Modi |
|
54750 |
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Rajesh Kumar Modi Vipul Modi |
|
55500 |
|
Rajesh Kumar Modi Vatsal Modi |
|
55000 |
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|
|
|
|
Total |
|
500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
18.00 |
|
Directors or relatives of directors |
|
82.00 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Memory Modules and Distributor of Computer
Peripherals. |
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Products : |
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Imports : |
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Products : |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking Relations
: |
-- |
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Finance Institutions: |
Dewan Housing Finance Corporation Limited, Warden House, 2nd Floor, P M Road, Fort, Mumbai - 400001, Maharashtra, India |
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Auditors : |
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|
Name : |
ASL and Company Chartered Accountants |
|
Address : |
102, Gauresh Apartment, Agarkar Chowk, Old Police Lines, Andheri,
Mumbai – 400 069, |
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Tel. No.: |
91-22-26841173/ 26838038/ 26830558/ 26838557 |
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Fax No.: |
91-22-26842206 |
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E-Mail : |
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PAN No.: |
AAAFC1257B |
CAPITAL STRUCTURE
As on: 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.000 |
1.000 |
1.000 |
|
(b) Reserves & Surplus |
91.683 |
95.201 |
94.766 |
|
(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) |
96.683 |
96.201 |
95.766 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
28.365 |
29.176 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.759 |
1.006 |
3.202 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
3.894 |
2.915 |
3.087 |
|
Total
Non-current Liabilities (3) |
33.018 |
33.097 |
6.289 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
120.160 |
114.255 |
112.516 |
|
(b)
Trade payables |
51.020 |
89.239 |
76.099 |
|
(c)
Other current liabilities |
10.056 |
10.115 |
7.156 |
|
(d)
Short-term provisions |
4.489 |
6.667 |
5.703 |
|
Total
Current Liabilities (4) |
185.725 |
220.276 |
201.474 |
|
|
|
|
|
|
TOTAL |
315.426 |
349.574 |
303.529 |
|
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|
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II.
ASSETS |
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|
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|
(1) Non-current assets |
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|
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(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12.341 |
14.128 |
13.850 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
48.704 |
44.856 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
0.078 |
0.077 |
0.077 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.745 |
1.628 |
2.609 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
62.868 |
60.689 |
16.536 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
99.193 |
104.618 |
81.132 |
|
(c)
Trade receivables |
85.406 |
104.956 |
98.500 |
|
(d)
Cash and cash equivalents |
22.068 |
23.087 |
26.865 |
|
(e)
Short-term loans and advances |
45.891 |
56.224 |
80.496 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
252.558 |
288.885 |
286.993 |
|
|
|
|
|
|
TOTAL |
315.426 |
349.574 |
303.529 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
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Other Income |
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TOTAL (A) |
881.837 |
1104.117 |
1191.124 |
|
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|
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|
Less |
EXPENSES |
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|
|
|
|
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|
Raw Material Consumed |
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|
Excise Duty |
|
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Cost of Goods Sold |
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Sales Tax/ VAT |
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Manufacturing, Administrative & Other Expenses
|
|
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|
Increase/(Decrease) in Stock |
|
|
|
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|
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TOTAL (B) |
883.869 |
1106.992 |
1178.982
(Including Financial Expenses) |
|
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||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
||
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|
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||
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
||
|
|
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|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
12.142 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
2.000 |
|
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|
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|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.087 |
0.899 |
10.142 |
|
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|
|
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|
|
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|
Less |
TAX (H) |
0.605 |
0.464 |
3.617 |
|
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|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
0.482 |
0.435 |
6.525 |
|
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IMPORTS |
412.438 |
208.560 |
898.963 |
|
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|
|
|
Earnings Per
Share (Rs.) |
0.96 |
0.87 |
65.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.06 |
0.03 |
0.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.41 |
0.30 |
3.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.01 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.53 |
1.50 |
1.18 |
|
|
|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.31 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
0.811 |
0.713 |
0.000 |
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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 three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
REVIEW OF OPERATIONS
During the year the Company has performed exceedingly well and achieved higher income from operation of Rs. 881.800 millions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10443175 |
30/12/2011 |
30,000,000.00 |
DEWAN HOUSING FINANCE CORPORATION LIMITED |
WARDEN HOUSE 2ND FLOORSIR P M ROAD, FORT, MUMBAI, |
B35267723 |
|
2 |
10027326 |
25/02/2010 * |
200,000,000.00 |
STANDARD CHARTERED BANK |
SME CREDIT, 23-25, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A81454555 |
* Date of charge modification
FIXED ASSETS
- Air
Conditioner
- Building
- Furniture and
Fixture
- Plant and
Machinery
- Office
Equipment
- Electrical
Installations
- Computers
- Testing
Equipments
- Motor Car and
Scooter
- Generator
- Mouldes and
Dies
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. 62.62 |
|
|
1 |
Rs. 101.06 |
|
Euro |
1 |
Rs. 84.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.