MIRA INFORM REPORT
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Report No. : |
357466 |
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Report Date : |
31.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALTEREGO TECHNOLOGY LIMITED (w.e.f. 28.05.2013) |
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Formerly Known
As : |
ALTEREGO TECHNOLOGY PRIVATE LIMITED |
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Registered Office
: |
1st Floor, 24, Ankit Society, Near Gyanda Girls High
School, Ghatlodiya, Ahmedabad - 380061, Gujarat |
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Tel. No.: |
91-79-26422064 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.05.2009 |
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Com. Reg. No.: |
04-056994 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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CIN No.: [Company Identification
No.] |
U72200GJ2009PLC056994 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Providing Hardware and Software Solution. (From Indirect Sources) |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 was incorporated in the year 2009, having moderate track. For the year 2014, the company has adequate revenue base which has
improved as compared to previous year marked by satisfactory profit margin.
It has been successful in wiping off its previous year loss. However, the company possesses small net worth base marked by low cash
accruals. Trade relations are fair. Business is active. Payments 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Nikunjsinh Indrasinh Matieda |
|
Designation : |
Director |
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Contact No.: |
91-79-26422064 |
|
Date : |
29.12.2015 |
LOCATIONS
|
Registered Office : |
1st Floor, 24, Ankit Society, Near Gyanda Girls High
School, Ghatlodiya, Ahmedabad - 380061, Gujarat, India |
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Tel. No.: |
91-79-26422064 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate / Branch Office 1 : |
B-63, Pariseema Tower, C.G. Road, Ahmedabad - 380006, Gujarat, India |
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Branch Office 2 : |
301, Merryland Complex, Opposite Avishkar Complex, Old Parda Road,
Baroda, Gujarat, India |
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Branch Office 3 : |
4/F, Prabhavee Tech Park, Baner, Pune - 411045, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Indrasinh Chhatrasinh Matieda |
|
Designation : |
Director |
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Address : |
24, Ankit Society, Ghatlodiya, Ahmedabad - 380061, Gujarat, India |
|
Date of Appointment : |
30.09.2015 |
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DIN No.: |
07103569 |
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Name : |
Mr. Nikunjsinh Indrasinh Matieda |
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Designation : |
Director |
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Address : |
24, Ankit, Ankit Pustak-6, 7, Keke Nagar-3, Wagheshwari Society, Ghatalodia, Ahmedabad - 380061, Gujarat, India |
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Date of Birth/Age : |
25.04.1978 |
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Date of Appointment : |
20.05.2009 |
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DIN No.: |
02582070 |
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Name : |
Mrs. Shweta Nikunjsinh Matieda |
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Designation : |
Director |
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Address : |
24, Ankit Society, Ghatlodia, Ghatalodia, Ahmedabad - 380061, Gujarat, India |
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Date of Birth/Age : |
31.07.1983 |
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Date of Appointment : |
20.05.2009 |
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DIN No.: |
02582446 |
|
Name : |
Mr. Pranav Yogendrasinh Gohil |
|
Designation : |
Director |
|
Address : |
7, Saptgiri-2, Behind Sai Udhyan, Manjalpur, Vadodara - 390011, Gujarat, India |
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Date of Birth/Age : |
18.02.1987 |
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Date of Appointment : |
18.02.2013 |
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DIN No.: |
06512221 |
MAJOR SHAREHOLDERS
AS ON 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Nikunjsinh Matieda |
|
18900 |
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Mrs. Shweta Nikunjsinh Matieda |
|
9200 |
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Mr. Indrasinh Chhatrasinh Matieda |
|
5000 |
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Mrs. Daxaben Matieda |
|
5000 |
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Mrs. Hemlata U. Gohil |
|
5000 |
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Mr.
Umangsinh C. Gohil |
|
5000 |
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Mr. Pranav Y. Gohil
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|
1900 |
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Total |
|
50000 |
LIST OF ALLOTTEE AS ON 21.08.2015
|
Names of Allottees |
|
No. of Shares |
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Mrs. Daxaben Matieda |
|
9000 |
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Mrs. Hemlata U. Gohil |
|
9000 |
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Mr. Indrasinh Chhatrasinh Matieda |
|
9000 |
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Mr. Nikunjsinh Matieda |
|
34020 |
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Mr. Pranav Y. Gohil |
|
3420 |
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Mrs. Shweta Nikunjsinh Matieda |
|
16560 |
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Mr. Umangsinh C. Gohil |
|
9000 |
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Total |
|
90000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Providing Hardware and Software Solution. (From Indirect Sources) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Purchasing : |
Depend |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Others
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Khandhar and Company Chartered Accountants |
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Address : |
R-4, Sakal Partments, Opposite Naranpura Post Office, Navrangpura,
Ahmedabad - 380013, Gujarat, India |
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Tel. No.: |
91-79-26580945 |
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E-Mail : |
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PAN No. of
Auditors Firm: |
AAMFK9954F |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
AFTER 30.09.2015
Authorised Capital : Rs. 5.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 1.400
Million.
AS ON 30.09.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
50,000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
0.500 |
0.500 |
0.100 |
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(b) Reserves & Surplus |
0.902 |
0.516 |
0.539 |
|
(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) |
1.402 |
1.016 |
0.639 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
1.682 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.101 |
0.063 |
0.030 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
0.101 |
1.745 |
0.030 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
2.237 |
0.418 |
0.135 |
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(b) Trade
payables |
1.319 |
2.401 |
2.840 |
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(c) Other
current liabilities |
0.569 |
0.224 |
0.201 |
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(d) Short-term
provisions |
0.151 |
0.000 |
0.000 |
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Total Current
Liabilities (4) |
4.276 |
3.043 |
3.176 |
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TOTAL |
5.779 |
5.804 |
3.845 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
0.498 |
0.963 |
0.567 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
0.498 |
0.963 |
0.567 |
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(2)
Current assets |
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.691 |
0.401 |
0.327 |
|
(c) Trade
receivables |
4.008 |
3.872 |
2.089 |
|
(d) Cash
and cash equivalents |
0.031 |
0.141 |
0.511 |
|
(e)
Short-term loans and advances |
0.551 |
0.427 |
0.351 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5.281 |
4.841 |
3.278 |
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|
|
|
|
|
TOTAL |
5.779 |
5.804 |
3.845 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
9.247 |
8.498 |
8.822 |
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Other Income |
0.012 |
0.236 |
0.000 |
|
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TOTAL SALES |
9.259 |
8.734 |
8.822 |
|
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|
Less |
EXPENSES |
|
|
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|
Cost of Materials Consumed |
5.481 |
6.756 |
6.752 |
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Employees benefits expense |
1.981 |
0.659 |
0.838 |
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Other expenses |
0.869 |
0.851 |
0.620 |
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|
Prior Period Expenses |
0.000 |
0.013 |
0.002 |
|
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TOTAL EXPENSES |
8.331 |
8.279 |
8.212 |
|
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|
|
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|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
0.928 |
0.455 |
0.610 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.231 |
0.156 |
0.048 |
|
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|
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|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
0.697 |
0.299 |
0.562 |
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|
Less |
DEPRECIATION/
AMORTISATION |
0.120 |
0.290 |
0.313 |
|
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|
PROFIT/ (LOSS) BEFORE TAX |
0.577 |
0.009 |
0.249 |
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|
Less |
TAX |
0.152 |
0.032 |
(0.036) |
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|
PROFIT/ (LOSS) AFTER TAX
|
0.425 |
(0.023) |
0.285 |
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|
EARNINGS / (LOSS) PER
SHARE (RS.) |
8.50 |
(0.46) |
28.55 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Cash generated from Operating Activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.60 |
(0.27) |
3.23 |
|
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Operating Profit Margin (PBIDT/Sales) |
(%) |
10.04 |
5.35 |
6.91 |
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.98 |
0.16 |
6.48 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.01 |
0.39 |
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|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.60 |
2.07 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.59 |
1.03 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
0.100 |
0.500 |
0.500 |
|
Reserves & Surplus |
0.539 |
0.516 |
0.902 |
|
Net
worth |
0.639 |
1.016 |
1.402 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
1.682 |
0.000 |
|
Short term borrowings |
0.135 |
0.418 |
2.237 |
|
Total
borrowings |
0.135 |
2.100 |
2.237 |
|
Debt/Equity
ratio |
0.211 |
2.067 |
1.596 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
8.822 |
8.498 |
9.247 |
|
|
|
(3.673) |
8.814 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
8.822 |
8.498 |
9.247 |
|
Profit |
0.285 |
(0.023) |
0.425 |
|
|
3.23% |
(0.27%) |
4.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF
PERFORMANCE:
The performance of the company was quite satisfactorily. The total sales and Operating Income during the year under review has increased to Rs. 9.259 Million as compared to Rs. 8.734 Million during the previous year. The Profit after tax (Including Deferred Tax) during the year under review has increased to Rs. 0.425 Million as compared to Loss of Rs. 0.023 Million during the previous year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term borrowings |
|
|
|
From Directors
& Relatives |
0.766 |
0.418 |
|
Total |
0.766 |
0.418 |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10254121 |
09/06/2014
* |
4,500,000.00 |
PUNJAB
NATIONAL BANK |
MASKATI
MARKET BRANCH, REWADI BAZAR, AHMEDABAD, |
C11282431 |
FIXED ASSETS
- Plant and Machinery
- Furniture’s and Fixtures
- Computers
- Electricity fittings
- Air compressor
- Air conditioner
- Laboratory testing
- Water cooler
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. 66.42 |
|
|
1 |
Rs. 98.55 |
|
Euro |
1 |
Rs. 72.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
NO |
|
--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.