MIRA INFORM REPORT
|
Report Date : |
14.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
VINTRON INFORMATICS LIMITED |
|
|
|
|
Registered
Office : |
F-90/1A, Okhla Industrial Area, Phase- I, New Delhi -
110 020, Delhi |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.08.1991 |
|
|
|
|
Com. Reg. No.: |
045276 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.78.366 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L72100DL1991PLC045276 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing only electronic products including
Security and Surveillance related electronic equipments. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 340000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has recovered its accumulated losses during the financial
year 2013. However, reserve of the company is low. Trade relations are fair. Business is active. Payment terms are 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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 Co-operative
Contact No.: 91-11-26817980
LOCATIONS
|
Registered Office / Works : |
F-90/1A, Okhla Industrial Area,, Phase-I, New Delhi - 110 020, Delhi,
India |
|
Tel. No.: |
91-11-26817980/43740018/43740019 |
|
Fax No.: |
91-11-26817980/26813681 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
D-153/A, First Floor, Okhla Industrial Area, Phase-I, New Delhi - 110
020, Delhi, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Shri Raj Kumar Gupta |
|
Designation : |
Chairman & Managing Director |
|
|
|
|
Name : |
Shri Jagdish Singh Dalal |
|
Designation : |
Director |
|
Name : |
Shri Satish Chand |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Vikas Gulechha |
|
Designation : |
Additional Director |
|
Name : |
Shri Parvesh Ahuja |
|
Designation : |
Additional Director |
|
Name : |
Shri Satish Raychand Chopra |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mrs. Kajal Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
781700 |
1.00 |
|
|
72560599 |
92.60 |
|
|
73342299 |
93.60 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
73342299 |
93.60 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
|
|
|
|
401919 |
0.51 |
|
|
|
|
|
|
4103497 |
5.24 |
|
|
427296 |
0.55 |
|
|
80789 |
0.10 |
|
|
500 |
0.00 |
|
|
853 |
0.00 |
|
|
79436 |
0.10 |
|
|
5013501 |
6.40 |
|
Total Public
shareholding (B) |
5013501 |
6.40 |
|
Total (A)+(B) |
78355800 |
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) |
78355800 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing only electronic products including
Security and Surveillance related electronic equipments. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
HDFC Bank Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
Note : A. Details of security in respect of long term borrowings disclosed in
note no. 4 above Secured loan of Holding Company is secured by way of first
charge on immovable property of the Company. B. Other Disclosures related to long term borrowings Loans from
holding Company is non-interest bearing and no stipulations are determined
for repayment of the same. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
M/s. O. P. Bagla and Company Chartered Accountants |
|
Address : |
8/12, Kalkaji Extension, New Delhi-110019, Delhi, India |
|
|
|
|
Internal
Auditors |
|
|
Name : |
M/s. S. Agarwal and Company |
|
Address : |
123, Vinoba Puri, Lajpat Nagar-II, New Delhi - 110 024, Delhi, India |
|
|
|
|
Associate : |
Goodworth Build Invest Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16,00,00,000 |
Equity Shares |
Re.1/- each |
Rs.160.000 Millions |
|
4,00,000 |
Preference Share |
Rs.100/- each |
Rs.40.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,83,55,800 |
Equity Shares |
Rs.1/- each |
Rs. 78.356 Millions |
|
|
Add: Shares Forfeited |
|
Rs. 0.010 Million |
|
|
Total |
|
Rs. 78.366
Millions |
a) During the year the Company has neither issued nor bought back any
share (equity or preference).
|
PARTICULARS |
AS AT 31.3.2013 |
|
Number of shares outstanding as at the
beginning of the year |
78,355,800 |
|
Number of shares outstanding as at the closing
of the year |
78,355,800 |
b) The holders of the equity shares are
entitled to receive dividends as declared from time to time, and are entitled
to vote at meetings of the Company.
c) Of the above 7,25,00,000 equity shares
(Previous Year 7,25,00,000 equity shares) are held by holding Company M/s. Good
worth Build Invest Private Limited that comprises 92.53% of share capital.
Besides this none of the shareholders is holding more than 5% of total share
capital of the Company.
d) Of the above 7,25,00,000 equity shares have
been issued for a consideration other than cash by way of conversion of loans
into equity pursuant to revival scheme as approved by the BIFR.
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 |
78.366 |
78.366 |
78.366 |
|
(b) Reserves & Surplus |
5.039 |
(24.575) |
(44.871) |
|
(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) |
83.405 |
53.791 |
33.495 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
85.505 |
86.455 |
68.465 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
85.505 |
86.455 |
68.465 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
36.217 |
31.495 |
14.178 |
|
(c) Other current liabilities |
9.779 |
2.476 |
13.748 |
|
(d) Short-term provisions |
0.414 |
0.376 |
0.351 |
|
Total
Current Liabilities (4) |
46.410 |
34.347 |
28.277 |
|
|
|
|
|
|
TOTAL |
215.320 |
174.593 |
130.237 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
60.874 |
66.807 |
78.261 |
|
(ii) Intangible Assets |
1.600 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.255 |
0.321 |
0.280 |
|
(e) Other Non-current assets |
4.600 |
4.600 |
4.600 |
|
Total
Non-Current Assets |
67.329 |
71.728 |
83.141 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
45.641 |
52.713 |
6.274 |
|
(c) Trade receivables |
88.626 |
38.129 |
26.484 |
|
(d) Cash and cash equivalents |
5.005 |
5.275 |
3.625 |
|
(e) Short-term loans and
advances |
5.432 |
4.449 |
9.129 |
|
(f) Other current assets |
3.287 |
2.299 |
1.584 |
|
Total
Current Assets |
147.991 |
102.865 |
47.096 |
|
|
|
|
|
|
TOTAL |
215.320 |
174.593 |
130.237 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
213.739 |
123.910 |
55.372 |
|
|
Other Income |
0.849 |
7.572 |
2.524 |
|
|
TOTAL
|
214.588 |
131.482 |
57.896 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
97.396 |
16.203 |
6.466 |
|
|
Purchases of Stock-in-Trade |
12.966 |
107.265 |
14.870 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
35.749 |
(42.098) |
(2.368) |
|
|
Employees benefits expense |
18.715 |
13.357 |
10.172 |
|
|
Manufacturing, Administration
& Other Expenses |
12.301 |
7.952 |
8.973 |
|
|
Provision for bad &
doubtful debts |
0.881 |
0.176 |
1.298 |
|
|
TOTAL
|
178.008 |
102.855 |
39.411 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
36.580 |
28.627 |
18.485 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
36.580 |
28.627 |
18.485 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
6.912 |
6.568 |
6.769 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
29.668 |
22.059 |
11.716 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.053 |
0.164 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
29.615 |
21.895 |
11.716 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(398.083) |
(419.978) |
(431.694) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(368.468) |
(398.083) |
(419.978) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
89.315 |
15.344 |
4.115 |
|
|
Finished Goods |
11.711 |
12.122 |
0.000 |
|
|
TOTAL
IMPORTS |
101.026 |
27.466 |
4.115 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.380 |
0.280 |
0.150 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.80
|
16.65 |
20.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.88
|
17.80 |
21.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.78
|
12.63 |
8.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.41 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.03
|
1.61 |
2.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.19
|
2.99 |
1.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
78.366 |
78.366 |
78.366 |
|
Reserves & Surplus |
(44.871) |
(24.575) |
5.039 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
33.495 |
53.791 |
83.405 |
|
|
|
|
|
|
long-term borrowings |
68.465 |
86.455 |
85.505 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
68.465 |
86.455 |
85.505 |
|
Debt/Equity
ratio |
2.044 |
1.607 |
1.025 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
55.372 |
123.910 |
213.739 |
|
|
|
123.777 |
72.495 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
55.372 |
123.910 |
213.739 |
|
Profit After Tax |
11.716 |
21.895 |
29.615 |
|
|
21.16% |
17.67% |
13.86% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year
of Establishment |
Yes |
|
2] |
Locality
of the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type
of Business |
Yes |
|
6] |
Line
of Business |
Yes |
|
7] |
Promoter's
background |
No |
|
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% |
No |
|
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 |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans |
|
|
|
From Holding Company (A Related Party) unsecured |
66.130 |
67.080 |
|
|
|
|
|
Total |
66.130 |
67.080 |
BUSINESS PHILOSOPHY
The Company
and its management has always been cautious of its brand and corporate image
apart from its corporate social responsibility. Even within the limitation of
having limited resources and infrastructure available at its disposal, the
management of the Company has worked out product basket considering the
strength of the Company and market acceptability and is consistently improving
upon the same, so as to ensure that the products of the Company command its
respect and demand in the market in terms of quality, service and
acceptability, competitiveness etc. apart from giving maximum return on
investment thereby multiplying the investors fund. After sanction of the
revival scheme from the Hon’ble BIFR, the Company has been consistently making
its efforts to re-establish its brand and product in the market. With emphasis
on quality, competitiveness and service, the Company and its management is
confident to itself on the rapid growth path very shortly. The Company has
always endeavored to provide innovative products with quality and the said
approach of the management of the Company stands more strengthened by every
passing moment.
OUTLOOK
Although
the financial Year 2012-2013 has been difficult and challenging for the Company
considering the constraints such as shortage of working capital finance,
discontinuation of operations and change in product apart from complete
re-organization of the organizational structure, the management has put all
their efforts to exploit the best under the prevailing circumstances. The year
under consideration has also been challenging as the Company was to ensure that
on the one hand, it does not incur any loss despite of the acute shortage of
working capital fund whereas on the other hand, it had to re-introduce and
establish itself in the market with new energy and strength. The Company has
made all its efforts to optimally utilize all the resources available at its
disposal and achieve the maximum targeted result. The circumstances prevailing
with the Company during the previous years have almost continued with little
improvement. However, the Directors are working constantly towards a better
future and by optimum utilization of resources at their disposal, have been
able to make a remarkable improvement, both in top line as well as bottom line.
The efforts and commitments of the management have also been demonstrated as is
evident from the improved financials of the Company and acceptance of its
products in the market. Having experienced the stiff competition in the market
for electronic products under the prevailing constraints, the Company has been
very cautiously selecting and adjusting its product basket with the objective
to achieve improved optimum rotation of available finances and to ensure
optimum profitability. With the more widely acceptable products having
increased demand, the Directors are confident that with the available
infrastructure and resources including brand, which had enjoyed its reputation
for more than two decades, the Company shall revive its operations and re-gain
the glory of its brand at the earliest. The Company is also making all its
efforts to enter into manufacturing and trading of further innovative products
having demand in the market and has accordingly, entered into products such as
CCTV Cameras, Digital Video Recorders (DVR) as well and its accessories etc.
FINANCIAL RESULTS AND PERFOMANCE
Despite
of all the constraints including non-adequate working capital and inability of
the Company in raising fresh funds because of sickness of the Company in the
recent past, the Company and its Directors have made all attempts and efforts
to optimally utilize all the resources available at their disposal and the net
worth of the Company has shown remarkable improvement resulting into reduction
of accumulated losses. The management is pleased to note that the revenue of
the Company has increased by 63% whereas the net profit has increased by more
than 35% as compared to the last year with the same resources.
The
management is confident that during the current year, the working capital fund
requirement of the Company shall also be slowly met by arranging fresh funds
for which the Directors of the Company are making all their efforts and with
the strength of its products, quality, marketing and other infrastructure
facilities, the Company is confident that it will once again move forward. With
this commitment to the investors, work force and society at large, the
management reassures that the directors are putting all their efforts to
arrange the working capital, which may take some time in view of the past
history of the Company. But, they are confident about the potential of the
Company and express their gratitude for the confidence reposed by the investors
and all other stake holders.
SEGMENT
WISE PERFORMANCE
The
Company has been operating in the electronic industry and dealing and
manufacturing only electronic products including Security and Surveillance
related electronic equipments. The Company’s products are mainly electronic and
therefore there is a single segment of operation. In view of the same, segment
wise reporting is not required.
INTERNAL
CONTROL SYSTEMS AND ADEQUACY
The
Internal Control Systems of the Company are designed to provide adequate
assurance on the efficiency of the operation and security of its assets, and
the Company is committed to high standards in this regard. The accounting are
adequate for preparation of financial statements and other financial
information. The adequacy and effectiveness of the Internal Control as well as
compliance with laid down systems and policies are comprehensively monitored by
the Company’s Internal Auditors. The Audit Committee of the Board, which meets
regularly, actively reviews Internal Control Systems as well as financial
disclosures.
SUBSIDIARY
COMPANY
The
Company had incorporated a Wholly Owned Subsidiary by the name of VSOFT GLOBAL
INC. at #107, 451 Village Green BLVD, ANN ARBOR, MI-48105 USA, with a total subscribed
and paid-up capital of 1500 Capital Stocks held by the Company.
Despite
of all efforts by the management and Directors of the Company, the necessary
documents and details including financials of the said subsidiary could not be
obtained from the sole person who was looking after the affairs in USA. The
said person is now untraceable and due to the limited resources of the Company,
the huge expenditure which may be required to incur in finding the said person
has become burdensome considering the small investment and prevailing financial
constraints of the Company. The Company had sought appropriate relief from the
Hon’ble BIFR from penal provisions as applicable in the case and the Hon’ble
BIFR has directed to approach the concerned authorities for the same.
TENURE
As
per the statute two third of the total strength of the Board of Directors
should be subject to retirement by rotation. Further one third of the retiring
Directors are required to retire by rotation every year and if eligible, qualify
for re-appointment. Accordingly, Shri Satish Chand retires by rotation at the
ensuing Annual General Meeting and is eligible for re-appointment.
MANAGEMENT
INFORMATION SYSTEMS
As a
matter of transparency and good governance, key operational and financial data,
and also other relevant information are furnished to the Directors in every
meeting of the Board.
LISTING ON STOCK EXCHANGES
The Company’s Equity Shares are listed on the following
Stock Exchange/s:
i) The BSE Limited, Floor-25, Phiroze Jeejeebhoy Towers,
Dalal Street, Fort, Mumbai–400001
ii) The Calcutta Stock Exchange Limited, 7 Lyons Range,
Calcutta - 700 001
iii) The Delhi Stock Exchange Limited, DSE House, 3/1 Asaf
Ali Road, New Delhi-110002 (De-listing is sought in terms of the sanctioned
revival scheme)
Contingent
Liabilities not provided for in the books of accounts:-
(Rs. In Millions)
|
Particulars |
AS AT 31.03.2013 |
AS AT 31.03.2012 |
|
a) Counter Guarantee issued against outstanding - Bank
Guarantees |
8.095 |
8.095 |
|
b) Demand under Foreign Exchange Laws (Pending being
disputed) |
1.200 |
1.200 |
|
c) Demand under Custom Act |
61.045 |
61.045 |
|
d) Sales Tax disputed demand |
8.670 |
8.670 |
|
e) ESI Demand |
4.415 |
4.415 |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.