MIRA INFORM REPORT
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Report No. : |
307829 |
|
Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACCELYST SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Unit No.601, Wing A, 6th Floor, Floral Deck Plaza, Central MIDC
Road, Andheri (East), Mumbai – 400 093, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.07.2008 |
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Com. Reg. No.: |
11-185202 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 million |
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CIN No.: [Company Identification
No.] |
U72900MH2008PTC185202 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA35940C |
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|
PAN No.: [Permanent Account No.] |
AAHCA2192H |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in providing sales promotion techniques, solutions
and services to retailers and manufacturers in India and abroad, through internet,
web and on-line electronic media also involved in the recharge of prepaid
mobile, direct to home (DTH) and data cards.
|
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behavior : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Accelyst Pte Limited, Singapore. It is an
established company having moderate track record. The company has incurred huge accumulated losses which has eroded
networth of the company. Liquidity position of the company is under pressure. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on safe and
secured 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.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Kunal Kamtekar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9867582306 |
|
Date : |
13.02.2015 |
LOCATIONS
|
Registered Office : |
Unit No.601, Wing A, 6th Floor, Floral Deck Plaza, Central
MIDC Road, Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-40363000/ 40363031/ 40770600 |
|
Mobile No.: |
91-9867582306 (Mr. Kunal Kamtekar) |
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Fax No.: |
91-22-28291176 |
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E-Mail : |
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Website : |
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Corporate Office : |
Unit No.2A, 2nd Floor, Vaibhav Chambers, Bandra Kurla Compex, Bandra (East), Mumbai
– 400 051, Maharashtra, India |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Sandeep Tandon |
|
Designation : |
Director |
|
Address : |
37, Merry Niketan, Mount Mary Road, Bandra (West), Mumbai – 400 050,
Maharashtra, India |
|
Date of Birth/Age : |
17.05.1969 |
|
Date of Appointment : |
29.07.2008 |
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DIN No.: |
00054553 |
|
|
|
|
Name : |
Mr. Kunal Naresh Shah |
|
Designation : |
Whole-time director |
|
Address : |
9, Vitthaldas Road , Bulakhi Das Building , 3rd Floor , Princess Street, Mumbai – 400 002,
Maharashtra, India |
|
Date of Birth/Age : |
30.05.1979 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No.: |
01653176 |
KEY EXECUTIVES
|
Name : |
Mr. Kunal Kamtekar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Accelyst Pte. Limited, Singapore |
|
9999 |
|
Tancom Electronics Private Limited, India |
|
1 |
|
Total |
|
10000 |
AS ON 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings [(Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas
Corporate bodies or Others] |
99.99 |
|
Bodies corporate |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing sales promotion techniques, solutions
and services to retailers and manufacturers in India and abroad, through internet,
web and on-line electronic media also involved in the recharge of prepaid
mobile, direct to home (DTH) and data cards.
|
|
|
|
|
Products/ Services : |
Sales promotion techniques, solutions and services |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Online |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institutions : |
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|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th-32nd
Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai – 400 013,
Maharashtra, India |
|
Tel. No. : |
91-22-61854000 |
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Fax No. : |
91-22-61854501/ 4601 |
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PAN
No.: |
AACFD4815A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Accelyst Pte. Limited, Singapore |
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Company over which KMP have a significant influences : |
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CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
(364.287) |
(181.600) |
(61.853) |
|
(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) |
(364.187) |
(181.500) |
(61.753) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
383.992 |
265.444 |
184.969 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.496 |
0.496 |
0.000 |
|
(d) Long-term
provisions |
3.658 |
2.160 |
0.707 |
|
Total Non-current
Liabilities (3) |
388.146 |
268.100 |
185.676 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
49.962 |
20.119 |
25.214 |
|
(c) Other
current liabilities |
29.058 |
0.829 |
2.981 |
|
(d) Short-term
provisions |
0.119 |
0.031 |
0.008 |
|
Total Current
Liabilities (4) |
79.139 |
20.979 |
28.203 |
|
|
|
|
|
|
TOTAL |
103.098 |
107.579 |
152.126 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9.817 |
6.301 |
5.097 |
|
(ii)
Intangible Assets |
8.307 |
10.653 |
2.715 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
9.540 |
|
(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 |
8.069 |
4.747 |
4.703 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
26.193 |
21.701 |
22.055 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
4.753 |
2.980 |
3.676 |
|
(d) Cash
and cash equivalents |
11.382 |
47.253 |
101.086 |
|
(e)
Short-term loans and advances |
60.325 |
35.389 |
24.842 |
|
(f) Other
current assets |
0.445 |
0.256 |
0.467 |
|
Total
Current Assets |
76.905 |
85.878 |
130.071 |
|
|
|
|
|
|
TOTAL |
103.098 |
107.579 |
152.126 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2000.000 (Approximately) |
1100.000 (Approximately) |
NA |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
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|
|
PROFIT/
(LOSS) BEFORE TAX |
(182.687) |
(119.747) |
(58.227) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(182.687) |
(119.747) |
(58.227) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(181.600) |
(61.853) |
(3.626) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(364.287) |
(181.600) |
(61.853) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(18268.66) |
(11974.69) |
(5822.69) |
|
Expected Sales (2014-2015): Rs.2500.000 millions
The above information (i.e. sales turnover for the year 2013 and 2014
and expected sales) has been parted by Mr. Kunal Kamtekar (Accounts Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(177.20) |
(111.31) |
(40.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50 |
0.66 |
0.94 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.05) |
(1.46) |
(3.00) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
4.09 |
4.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
(61.853) |
(181.600) |
(364.287) |
|
Net worth |
(61.753) |
(181.500) |
(364.187) |
|
|
|
|
|
|
Long Term borrowings |
184.969 |
265.444 |
383.992 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
184.969 |
265.444 |
383.992 |
|
Debt/Equity ratio |
(2.995) |
(1.463) |
(1.054) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
25.000 |
0.000 |
NA |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
NOTE:
The registered address of the company has been shifted from C-1, Udyog Sadan
3, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra to the present address
w.e.f. 11.02.2013.
ABOUT THE COMPANY
The company was incorporated in India on 29th July, 2008 with
the main objective provide sales promotion techniques, solutions and services
to retailers and manufacturers in India and abroad, through internet, web and
on-line electronic media. The company’s operations also involve the recharge of
prepaid mobile, direct to home (DTH) and data cards.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
3130872 (Previous Year 1692902), 7.5% Non-Cumulative Compulsorily Convertible Debentures (CCD) |
346.925 |
174.369 |
|
From Holding Company – Towards Issue of Debentures |
20.217 |
80.475 |
|
Loans and advances from related parties |
10.600 |
10.600 |
|
Total |
377.742 |
265.444 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10513156 |
30/07/2014 |
180,000,000.00 |
SVB INDIA FINANCE PRIVATE
LIMITED |
12TH FLOOR, EXPRESS
TOWERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C15200553 |
|
2 |
10435882 |
03/07/2013 |
50,000,000.00 |
SVB INDIA FINANCE PRIVATE
LIMITED |
84, FREE PRESS HOUSE,
215, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B79216347 |
FIXED ASSETES:
Tangible Assets
·
Leasehold Improvements
·
Computer
·
Furniture and Fixtures
·
Office Equipments
Intangible Assets
·
Software
·
Domain Name
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
-- PROFITABILITY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
12 |
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.