MIRA
INFORM REPORT
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Report Date : |
01.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOTAL I T SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
514, Suneja Tower-I, District Centre, Janakpuri, New Delhi - 110058 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.04.2002 |
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Com. Reg. No.: |
55-114759 |
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Capital
Investment / Paid-up Capital : |
Rs.2.550 Millions |
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CIN No.: [Company Identification
No.] |
U72900DL2002PTC114759 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company carry
on business of providing customized software solutions for management and
access of physical and e-resources of a library. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small business |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. The company possesses a favourable financial
profile marked by small networth base and
comfortable capital structure characterized by zero debt along with adequate
cash reserves. Management has reported a low albeit marginal growth in its net
profitability during FY13. Trade relations are reported as fair. Business is active. Payment
terms are reported as slow but correct. In view of innovative workforce and reputed client base, the company
can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on
overseas purchases and muted import of capital goods helped shrink the current
account deficit.
Online retailer Flipkart
has acquired fashion portal Myntra as it prepares to
battle with the rapidly expanding India arm of the global e-commerce giant
Amazon. The company raised $ 210 million from Russian Investment firm DST
Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune
in the second half of 2014. GM was one of the few global carmakers that was
using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year
to $ 158.84 billion. The top 10 of the 100 slots were dominated by US
companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two.While
Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore
– in the three months ended March 31, mainly because it has been offering
discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
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 BY
|
Name : |
Mr. Mohit Jain |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-11-25832289 |
|
Date : |
28.06.2014 |
LOCATIONS
|
Registered Office : |
514, Suneja Tower-I, District Centre,
Janakpuri, New Delhi – 110058, India |
|
Tel. No.: |
91-11-25833321 / 23 / 25832289 |
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Fax No.: |
91-11-25833320 |
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E-Mail : |
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Website : |
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Head Office : |
WZ - 248, 2nd Floor Plot No. 7, Inderpuri, Delhi – 110012, India |
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Branch Office : |
Located At : ·
Chennai ·
Bangalore ·
Kolkata ·
Mumbai ·
Lucknow ·
Hyderabad ·
Chandigarh ·
Pune |
DIRECTORS
AS ON 28.09.2013
|
Name : |
Mr. Rajiv Kumar Mishra |
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Designation : |
Director |
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Address : |
Gf-12, Flat No. 5, SFS Paschim Vihar, New Delhi – 110087, India |
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Date of Birth/Age : |
01.05.1963 |
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Date of Appointment : |
01.04.2002 |
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DIN No. : |
00558344 |
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Other Directorship :
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Name : |
Mr. Ravi Singh |
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Designation : |
Director |
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Address : |
F-7D, DDA Flats Saket, New Delhi- 110017, India |
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Date of Birth/Age : |
02.02.1974 |
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Date of Appointment : |
01.04.2002 |
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DIN No. : |
00558419 |
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Other Directorship :
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Name : |
Mr. Vivek Kumar Jain |
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Designation : |
Director |
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Address : |
IIIB-11, Nehru Nagar, Ghaziabad - 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
23.11.1963 |
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Date of Appointment : |
26.09.2006 |
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PAN No. : |
ACAPJ8101F |
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DIN No. : |
00558476 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Mohit Jain |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2013
|
Name
of Shareholders |
No.
of Shares |
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|
94,350 |
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|
76,500 |
|
Ravi
Singh |
26,650 |
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Balbir
Singh HUF |
17,500 |
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Ravi
Singh HUF |
15,000 |
|
Ramneek Kaur |
25,000 |
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Total |
255,000 |
AS ON 28.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company carry
on business of providing customized software solutions for management and access of physical and e-resources of a library. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
Axis Bank Limited, 2nd
Floor, Statesman House, 148, Barakhamba
Road, New Delhi - 110001, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Navin Pahawa and
Company Chartered Accountants |
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Address : |
48, Navyug Market,
Ghaziabad-201 001, Uttar Pradesh, India |
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Tel. No.: |
0120-2791830, 6520606 |
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PAN No.: |
AAEFN8204H |
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Subsidiary Company : |
TIT Software Solutions Private Limited |
CAPITAL STRUCTURE
AS ON 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
|
255000 |
Equity Shares |
Rs.10/- each |
Rs.2.550 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 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
2.550 |
2.550 |
2.550 |
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(b) Reserves & Surplus |
13.974 |
11.221 |
8.916 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
16.524 |
13.771 |
11.466 |
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(3) Non-Current Liabilities |
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|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
1.552 |
1.385 |
1.333 |
|
(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) |
1.552 |
1.385 |
1.333 |
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1.456 |
0.665 |
0.328 |
|
(c) Other current liabilities |
78.153 |
31.610 |
54.669 |
|
(d) Short-term provisions |
2.058 |
1.945 |
1.956 |
|
Total
Current Liabilities (4) |
81.667 |
34.220 |
56.953 |
|
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|
|
|
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TOTAL |
99.743 |
49.376 |
69.752 |
|
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II.
ASSETS |
|
|
|
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(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
11.259 |
10.157 |
7.769 |
|
(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 |
1.000 |
1.000 |
1.000 |
|
(c) Deferred tax assets (net) |
0.000 |
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 |
0.051 |
|
Total
Non-Current Assets |
12.259 |
11.157 |
8.820 |
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2.390 |
1.114 |
0.278 |
|
(c) Trade receivables |
7.665 |
5.307 |
5.357 |
|
(d) Cash and cash equivalents |
59.277 |
14.972 |
42.137 |
|
(e) Short-term loans and
advances |
10.966 |
8.938 |
6.272 |
|
(f) Other current assets |
7.186 |
7.888 |
6.888 |
|
Total
Current Assets |
87.484 |
38.219 |
60.932 |
|
|
|
|
|
|
TOTAL |
99.743 |
49.376 |
69.752 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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|
NA |
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Other Income |
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|
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|
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TOTAL |
NA
|
NA |
NA |
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|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
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|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2.752 |
2.357 |
1.794 |
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|
|
|
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|
|
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EARNINGS IN FOREIGN CURRENCY |
274.400 |
277.700 |
176.000 |
|
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|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.79 |
9.24 |
7.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
1.12 |
1.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
2.550 |
2.550 |
2.550 |
|
Reserves & Surplus |
8.916 |
11.221 |
13.974 |
|
Net
worth |
11.466 |
13.771 |
16.524 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
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 |
No |
|
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 |
No |
|
25] |
Conduct of
the banking account |
-- |
|
26] |
Buyer visit
details |
-- |
|
27] |
Financials,
if provided |
No |
|
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 |
Note :
The registered office of the company has been shifted
from 412 C, Suneja Tower-1, District Centre, Janak Puri, New Delhi-110058,
India to the present address w.e.f. 01.02.2009.
CORPORATE
INFORMATION:
Subject is an ISO
9001:2008 certified company incorporated in India on 01/04/2002 under the
companies act 1956. The company carry on business of providing customized
software solutions for management and access of physical and e-resources of a
library. Over the years through excellence in customer services, suave
marketing techniques as well as innovative and prolific application of IT,
Company have today become one of India's leading library service providers.
Thinking beyond the conventional, they today offer Institutions a wide range of
tailor made customized hardware, software and content solutions.
CONTINGENT
LIABILITIES:
Bank Gurantee of Rs.82.000 Millions outstanding as on March
31,2013 for which the company has provided counter gurantee
to the bank.
The company has
provided corporate gurantee to Axis Bank, Vikas Puri, New Delhi for a Bank Gurantee Limit of Rs. 20.000
Millions sanctioned in favour of M/s Total Library
Solutions (India) Private Limited.
OPERATIONAL
RESULTS:
The Overall
performance of the company was satisfactory during the year. Directors are
hopeful for better results during the next year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10178446 |
01/02/2013 * |
20,000,000.00 |
AXIS BANK
LIMITED |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B67548248 |
|
2 |
10030657 |
27/01/2014 * |
60,000,000.00 |
AXIS BANK
LIMITED |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B95734018 |
* Date of charge modification
FIXED ASSETS
·
Computer
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
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 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.60.09 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.82.01 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
NO |
|
--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 |
|
33 |
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.