MIRA INFORM REPORT
|
Report No. : |
331104 |
|
Report Date : |
10.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SMARTLINK NETWORK
SYSTEMS LIMITED |
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|
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Registered
Office : |
L-7, Verna Industrial Estate, Verna, Salcete, Goa - 403 722 |
|
Tel. No.: |
91-832-2885401 / 2885400 / 2885450/451 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
31.03.1993 |
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Com. Reg. No.: |
24-001341 |
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Capital
Investment / Paid-up Capital : |
Rs. 60.010 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L30007GA1993PLC001341 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRD03177G |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACD5159L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of developing, manufacturing, marketing, distributing and servicing of networking products. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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 satisfactory track record. Company share are presently trading at market value of Rs.88.40/-
which was initially issued at Face value of Rs.2/-. There seems dip in the turnover of the company during 2015. However, company has achieved profit as compared to previous year
loss. The company is operating on its owned funds. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. 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.
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
31-03-2013.
INFORMATION DECLINED
Management non co-operative
Contact No.: 91-832-2885401
LOCATIONS
|
Registered Office/ Factory 1 : |
L-7, Verna Industrial Estate, Verna, Salcete, Goa – 403722, India |
|
Tel. No.: |
91-832-2885401 / 2885400 / 2885450/451 |
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Fax No.: |
91-832-2783395 |
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E-Mail : |
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Website : |
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Factory 2 : |
L-5, Verna Industrial Estate, Salcete, Goa - 403722, India
|
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Corporate Office : |
Smartlink House, Plot No. 5, Kurla-Bandra Complex Road, Off CST Road,
Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
91-22-30616666 |
|
Fax No.: |
91-22-26528914 |
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E-Mail : |
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Factory : |
L-5, Verna Industrial Estate, Salcete, Goa – 403772, India |
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Global Sales Office : |
Located At: · U.A.E. |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Kamalaksha Rama Naik |
|
Designation : |
Executive Chairman |
|
Address : |
House No.A-1/A, Row House Lotus, Hermitage, Benaulin, South Goa-403
716, |
|
Date of Birth/Age : |
19.11.1947 |
|
Qualification : |
He holds a Post Graduate Degree in Industrial Engineering from Jhunjunwala College, Mumbai and a Diploma in Business Management from Jamnalal Bajaj Institute of Management, Mumbai. |
|
Experience : |
4 decades of experience in the networking industry. |
|
Date of Appointment : |
31.03.1993 |
|
|
|
|
Name : |
Jangoo Minoo Dalal |
|
Designation : |
Director |
|
Address : |
Flat No.8- IM 020 Lane, 113 Min Sen road, Taipei, Taiwan- Roc |
|
Date of Birth/Age : |
02.11.1965 |
|
Qualification : |
He holds a Bachelors Degree in Science and Master of Management Studies (MBA) with specialization in Marketing from Mumbai University. |
|
Experience : |
25 Years |
|
Date of Appointment : |
02.07.2007 |
|
|
|
|
Name : |
Mr. Pradeep Anant Rane |
|
Designation : |
Director |
|
Address : |
1502, Amberosia, Behind China Valley, Heranandani Gardens, Powai, Mumbai-400 076, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1953 |
|
Experience: |
32 Years |
|
Date of Appointment : |
26.12.2006 |
|
|
|
|
Name : |
Mr. Pankaj Madhav Baliga |
|
Designation : |
Director |
|
Address : |
91, |
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Date of Birth/Age : |
18.10.1946 |
|
Qualification : |
Bachelors Degree in Engineering, NIT, Durgapur, Masters Degree in Business Administration, IIM, Ahmedabad and is a SPURS Fellow, Massachusetts Institute of Technology, U.S.A. |
|
Experience : |
36 Years |
|
Date of Appointment : |
22.12.2005 |
|
|
|
|
Name : |
Mr. Krishnanand Maruti Gaonkar |
|
Designation : |
Director |
|
Address : |
504, 505, |
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Date of Birth/Age : |
10.09.1952 |
|
Qualification : |
Masters Degree in Science from UDC Mumbai |
|
Experience : |
30 Years |
|
Date of Appointment : |
24.05.2000 |
|
|
|
|
Name : |
Mr. Dattaraj Salgaocar |
|
Designation : |
Director |
|
Address : |
Hira Vihar House No.278, Chicalim, Marmugao - 403711, Goa, India |
|
Date of Birth/Age : |
23.05.1957 |
|
Qualification : |
Bachelors Degree in Production Engineering from VJTI, University of Mumbai and MBA (Finance) from Wharton Business School, University of Pennsylvania, USA |
|
Date of Appointment : |
17.05.2001 |
KEY EXECUTIVES
|
Name : |
Bhushan Prabhu |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
K. G. Prabhu |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
22350576 |
74.49 |
|
|
22350576 |
74.49 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
22350576 |
74.49 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
3632 |
0.01 |
|
|
3632 |
0.01 |
|
|
|
|
|
|
1223301 |
4.08 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
5542803 |
18.47 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
643853 |
2.15 |
|
|
240685 |
0.80 |
|
|
190731 |
0.64 |
|
|
49954 |
0.17 |
|
|
7650642 |
25.50 |
|
Total Public shareholding
(B) |
7654274 |
25.51 |
|
Total (A)+(B) |
30004850 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
30004850 |
100.00 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Promoter
and Promoter Group
|
No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
KAMALAKSHA RAMA NAIK |
1,56,62,993 |
52.20 |
52.20 |
|
2 |
ARATI KAMALAKSHA NAIK |
30,13,528 |
10.04 |
10.04 |
|
3 |
LAKSHANA AMIT SHARMA |
18,30,841 |
6.10 |
6.10 |
|
4 |
SUDHA KAMALAKSHA NAIK |
15,00,243 |
5.00 |
5.00 |
|
5 |
KAMALAKSHA RAMA NAIK (HUF) |
3,42,971 |
1.14 |
1.14 |
|
|
Total |
2,23,50,576 |
74.49 |
74.49 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Public
and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Zen Securities Limited |
410000 |
1.37 |
|
|
|
Total |
410000 |
1.37 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of developing, manufacturing,
marketing, distributing and servicing of networking products. |
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Products : |
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Brand Names : |
--- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Related Party : |
Smartlink Middle East FZE |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 60.010 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
Rs.2/- each |
Rs. 70.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,004,850 |
Equity Shares |
Rs.2/- each |
Rs. 60.010 Million |
|
|
|
|
|
a) Terms /
rights attached to equity shares
The Company has only one class of Equity shares having a par value of Rs. 2/- per share. Each holder of Equity shares is entitled to one vote per share and each Equity share carries an equal right to dividend and in case of repayment of capital.
b) Details of
shareholders holding more than 5% shares in the company.
|
Name of
Shareholders |
As at 31st March, 2014 |
|
|
No. of Shares |
% holding |
|
|
Equity shares of Rs. 2/- each fully paid-up |
|
|
|
Kamalaksha R. Naik |
15,662,993 |
52.20% |
|
Aarti K. Naik |
3,013,528 |
10.05% |
|
Lakshana A. Sharma |
1,830,841 |
6.10% |
|
Sudha K. Naik |
1,500,243 |
5.00% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
60.010 |
60.010 |
60.010 |
|
(b) Reserves & Surplus |
4046.657 |
3988.168 |
4080.076 |
|
(C) Employee
Stock Option Outstanding |
13.716 |
13.716 |
13.716 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4120.383 |
4061.894 |
4153.802 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.627 |
1.161 |
2.708 |
|
(d) long-term
provisions |
4.335 |
6.255 |
6.954 |
|
Total Non-current
Liabilities (3) |
5.962 |
7.416 |
9.662 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
80.633 |
174.058 |
203.824 |
|
(c) Other
current liabilities |
22.204 |
24.073 |
26.644 |
|
(d) Short-term provisions |
79.666 |
73.429 |
73.345 |
|
Total Current
Liabilities (4) |
182.503 |
271.560 |
303.813 |
|
|
|
|
|
|
TOTAL |
4308.848 |
4340.870 |
4467.277 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
232.235 |
260.267 |
286.887 |
|
(ii)
Intangible Assets |
0.000 |
4.223 |
7.489 |
|
(iii)
Capital work-in-progress |
0.000 |
3.513 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
22.792 |
|
(c) Deferred tax assets (net) |
19.563 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
54.088 |
94.287 |
75.627 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
305.886 |
362.290 |
392.795 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3179.844 |
2828.195 |
2684.707 |
|
(b)
Inventories |
134.399 |
275.098 |
159.503 |
|
(c) Trade
receivables |
87.586 |
291.744 |
250.710 |
|
(d) Cash
and cash equivalents |
521.665 |
501.384 |
861.499 |
|
(e)
Short-term loans and advances |
45.872 |
53.053 |
41.871 |
|
(f) Other
current assets |
33.596 |
29.106 |
76.192 |
|
Total
Current Assets |
4002.962 |
3978.580 |
4074.482 |
|
|
|
|
|
|
TOTAL |
4308.848 |
4340.870 |
4467.277 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
|
|
A) |
CONTINUING
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
909.220 |
1498.455 |
1175.058 |
|
|
|
Other Income |
382.261 |
233.964 |
362.490 |
|
|
|
TOTAL |
1291.481 |
1732.419 |
1537.548 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
175.171 |
294.233 |
273.200 |
|
|
|
Purchases of Traded Goods |
427.576 |
1017.381 |
620.309 |
|
|
|
(Increase) / Decrease in inventories of finished goods, |
141.100 |
(95.393) |
70.967 |
|
|
|
Employees benefits expense |
219.508 |
244.009 |
261.761 |
|
|
|
Provision for Diminution in Value Of Current
Investment |
(31.478) |
0.000 |
0.000 |
|
|
|
Other expenses |
192.068 |
294.508 |
292.241 |
|
|
|
TOTAL |
1123.945 |
1754.738 |
1518.478 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
167.536 |
(22.319) |
19.070 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.038 |
0.130 |
0.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
167.498 |
(22.449) |
18.389 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
32.685 |
36.953 |
38.860 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
134.813 |
(59.402) |
(20.471) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.746 |
(38.472) |
(0.290) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
132.067 |
(20.930) |
(20.181) |
|
|
|
|
|
|
|
|
|
B) |
DISCOUNTING
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT FROM
DISCOUNTING OPRATIONS (BEFORE TAX) |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT FROM
DISCOUNTING OPRATIONS (AFTER TAX) |
NA |
(20.930) |
(20.181) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
FOR THE YEAR |
NA |
(20.930) |
(20.181) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3113.149 |
3204.288 |
3294.677 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
0.000 |
|
|
|
Special Interim Dividend |
NA |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
NA |
60.010 |
60.010 |
|
|
|
Corporate Tax Dividend |
NA |
10.199 |
10.198 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3113.149 |
3204.288 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of goods exported |
NA |
16.534 |
0.605 |
|
|
|
Income from services |
NA |
97.682 |
130.999 |
|
|
TOTAL EARNINGS |
NA |
114.216 |
131.604 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
NA |
289.104 |
160.451 |
|
|
|
Stores, spares and packing materials |
NA |
11.518 |
3.745 |
|
|
|
Traded goods |
NA |
904.633 |
578.435 |
|
|
TOTAL IMPORTS |
NA |
1205.255 |
742.631 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.40 |
(0.70) |
(0.67) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Cash (used in) operations |
NA |
(396.501) |
(155.702) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
14.53 |
(1.40) |
(1.72) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.43 |
(1.49) |
1.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.14 |
(1.37) |
(0.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
(0.01) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
21.93 |
14.65 |
13.41 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.88.40/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
60.010 |
60.010 |
60.010 |
|
Reserves & Surplus |
4080.076 |
3988.168 |
4046.657 |
|
Employee
Stock Option Outstanding |
13.716 |
13.716 |
13.716 |
|
Net worth |
4153.802 |
4061.894 |
4120.383 |
|
|
|
|
|
|
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 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1175.058 |
1498.455 |
909.220 |
|
|
|
27.522 |
(39.323) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1175.058 |
1498.455 |
909.220 |
|
Profit/loss |
(20.181) |
(20.930) |
132.067 |
|
|
(1.72%) |
(1.40%) |
14.53% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10550850 |
09/12/2014 |
56,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR |
C44460681 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
a. Show cause notices received from customs authorities relating to imports made in earlier years |
NA |
0.238 |
|
b. Disputed demands of custom duty pending before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has been decided in favour of Company and has pronounced the judgement on 28/03/2014 dismissing the appeal filed by the Revenue Department |
NA |
0.000 |
|
c. Disputed demands of custom duty pending before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) (Amount deposited as pre-deposit Rs. 0.900 Million) in connection with classification of networking products |
NA |
2.414 |
|
d. Disputed demand of excise duty in connection with valuation of products manufactured by the Company pending before CESTAT (Amount deposited as pre-deposit ` 11,400,000/-) |
NA |
38.716 |
|
e. Disputed penalty demands of Excise Authorities with regard to (d) above, pending before the CESTAT |
NA |
39.881 |
|
f. Custom duty paid under protest The raw material/trading material/software imported by the Company are subjected to different rates of customs duty based on classification under respective Tariff Head. The Customs department has objected to the classifications adopted by the Company for certain items and has demanded additional duty for the same The Company has paid such differential duty under protest, which is included under Long term loans and advances in Note 12, pending resolution of the dispute |
NA |
3.884 |
|
g. SEBI had filed a criminal case, in the Metropolitan Magistrate court, in June, 2006 under Section 77A(4) r/w Section 621 for alleged contravention of provisions of the Companies Act, 1956 for failing to complete the process of buy back of shares as provided under the said section. The Company had filed an application in the Hon’ble High Court of Bombay and the Hon’ble High Court has passed Orders staying the proceedings in the Metropolitan Magistrate court. The stay is continuing. The Company does not expect any liability on this account at this stage |
-- |
-- |
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixture
· Vehicles
· Office Equipment
· Electrical Installations
· Air Conditioners
· Computers
Intangible Assets
· Goodwill
· Computer Software
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.63.51 |
|
|
1 |
Rs.97.85 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--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.