MIRA INFORM REPORT
|
Report Date : |
21.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
CYGNUS TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
139, Hiramani, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.02.2003 |
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Com. Reg. No.: |
11-139392 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U72900MH2003PTC139392 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC13151F |
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|
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PAN No.: [Permanent Account No.] |
AACCC1130A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in Computer Hardware and Peripherals. |
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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 41000 |
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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. Rating reflects
moderate financial risk profile due to low profitability. However, trade
relations are fair. Business is active. Payment terms are slow but correct. The company can
be considered for business dealing 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.
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
Management non-cooperative
(Tel. No.: 91-22-24700296)
LOCATIONS
|
Registered Office/ Corporate Office : |
139, Hiramani, Dr. B.A. Road, Lalbaug, Mumbai – 400 012, Maharashtra,
India |
|
Tel. No.: |
91-22-24700296/ 167 |
|
Fax No.: |
91-22-66633837 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Manoj Shahaji More |
|
Designation : |
Directors |
|
Address : |
203, Hema Apartment, Eastern Express Highway, Thane (West), Mumbai –
400 604, Maharashtra, India |
|
Date of Birth/Age : |
09.04.1979 |
|
Date of Appointment : |
28.02.2003 |
|
DIN No.: |
00456376 |
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|
|
|
Name : |
Mr. Amit Shahaji More |
|
Designation : |
Directors |
|
Address : |
203, Hema Apartment, Eastern Express Highway, Thane (West), Mumbai – 400
604, Maharashtra, India |
|
Date of Birth/Age : |
23.03.1977 |
|
Date of Appointment : |
28.02.2003 |
|
DIN No.: |
00456489 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Manoj Shahaji More |
5000 |
50.00 |
|
Amit Shahaji More |
5000 |
50.00 |
|
Total
|
10000 |
100.00 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Computer Hardware and Peripherals. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.C. Surana and Company Chartered Accountants |
|
Address : |
205-6, Standard House, 83, Mharshi Karve Road, Marine Lines, Mumbai –
400 002, Maharashtra, India |
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Tel. No.: |
91-22-66346856 |
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Fax No.: |
91-22-66346857 |
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E-Mail : |
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PAN No.: |
AAAFP6482D |
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Associates (As on 31.03.2012): |
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CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
|
|
|
|
|
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 |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
10.238 |
9.929 |
9.171 |
|
(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) |
10.338 |
10.029 |
9.271 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.881 |
1.412 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.032 |
0.054 |
|
(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) |
0.881 |
1.444 |
0.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
14.360 |
15.549 |
28.939 |
|
(b)
Trade payables |
33.444 |
31.831 |
42.467 |
|
(c)
Other current liabilities |
1.146 |
0.612 |
0.422 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
48.950 |
47.992 |
71.828 |
|
|
|
|
|
|
TOTAL |
60.169 |
59.465 |
81.153 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2.256 |
2.267 |
1.380 |
|
(ii)
Intangible Assets |
0.000 |
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 |
0.437 |
0.437 |
0.437 |
|
(c) Deferred tax assets
(net) |
0.022 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2.715 |
2.704 |
1.817 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
15.731 |
13.564 |
14.665 |
|
(c)
Trade receivables |
15.621 |
21.025 |
44.603 |
|
(d)
Cash and cash equivalents |
6.845 |
5.236 |
4.761 |
|
(e)
Short-term loans and advances |
19.257 |
16.936 |
15.305 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.002 |
|
Total
Current Assets |
57.454 |
56.761 |
79.336 |
|
|
|
|
|
|
TOTAL |
60.169 |
59.465 |
81.153 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
100.598 |
168.427 |
180.487 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.839 |
4.825 |
4.375 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
3.023 |
3.260 |
1.896 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.816 |
1.565 |
2.479 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.378 |
0.337 |
0.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
0.438 |
1.228 |
2.126 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.129 |
0.470 |
1.136 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
0.309 |
0.758 |
0.990 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
9.929 |
9.171 |
8.181 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
10.238 |
9.929 |
9.171 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
75.83 |
99.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.73
|
2.08 |
2.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.12 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47
|
1.69 |
3.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.18 |
1.10 |
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 |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
9.171 |
9.929 |
10.238 |
|
Net worth |
9.271 |
10.029 |
10.338 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
1.412 |
0.881 |
|
Short term borrowings |
28.939 |
15.549 |
14.360 |
|
Total borrowings |
28.939 |
16.961 |
15.241 |
|
Debt/Equity ratio |
3.121 |
1.691 |
1.474 |
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) |
|
Turnover |
180.487 |
168.427 |
100.598 |
|
|
|
(6.682) |
(40.272) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Turnover |
180.487 |
168.427 |
100.598 |
|
Profit |
0.990 |
0.758 |
0.309 |
|
|
0.55% |
0.45% |
0.31% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Current maturities of
long term debt |
0.294 |
0.237 |
0.000 |
|
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 |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
ADDRESS |
Service Request Number
(SRN) |
|
1 |
10191548 |
11/12/2009 |
13,500,000.00 |
THE MAHANAGAR
CO-OPERATIVE BANK LIMITED |
201-208, HIRAMANI SUPER
MARKET, DR. B. AMBEDKAR |
A74543083 |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
From Others |
4.823 |
7.508 |
|
Total |
4.823 |
7.508 |
PERFORMANCE FOR
THE YEAR 2012-2013:
The company achieved the turnover of Rs.100.598 millions in the year as
against the turnover of Rs.168.427 millions of the last year showing a decline
of 40.27% in turnover over the previous year and the profit before interest,
depreciation and tax stood at Rs.3.839 millions against the same of Rs.4.825
millions of the last year showing a decline of 20.44% over that of the previous
year. Due to substantial decrease in turnover and high cost of interest cost
the net profit after tax also declined from Rs.0.758 millions of the previous
year to Rs.0.309 million during the year.
FIXED ASSETS:
·
Air Conditioner
·
Computer
·
Mobile Phone
·
Motor Car
·
New Motor Car (Scoda)
·
Office Equipment
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.60.38 |
|
UK Pound |
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
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.