MIRA INFORM REPORT
|
Report No. : |
332641 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCE COMPUTERS |
|
|
|
|
Registered
Office : |
Unit No. 9, Yusuf Building, Ground Floor, Junction of M. G. Road and
V. N. Road, Fort, Mumbai - 400001, Maharashtra |
|
Tel. No.: |
91-22-49202920 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of
Establishment : |
01.04.1986 |
|
|
|
|
Capital
Investment : |
Rs. 179.644 Million |
|
|
|
|
IEC No.: |
0301054177 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AFSPM6894H |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Distributor of Mobile Phones. |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established on 1st April 1986 as a proprietorship
concern and it is having satisfactory track record. Rating reflects on concerns healthy scale of operation and profit
margin backed by average financial risk profile and its moderate net worth
position and debt protection metrics. The rating take into account of extensive experience of the
proprietor, established business position backed by well established
distribution network for it products. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of experienced promoter, healthy operations and wide
distribution network, the concern can be considered for the 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 DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY
|
Name : |
Mr. Suresh Sharma |
|
Designation : |
Senior Manager – Accounts and Finance |
|
Contact No.: |
91-9821257464 |
|
Date : |
16.07.2015 |
LOCATIONS
|
Registered Office : |
Unit No. 9, Yusuf Building, Ground Floor, Junction of M. G. Road and V.
N. Road, Fort, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-49202920 |
|
Mobile No.: |
91-9821257464 (Mr. Suresh Sharma) |
|
Fax No.: |
91-22-49202937 |
|
E-Mail : |
|
|
Area : |
2074 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office: |
Currimji Building No 111 - A, Office No 202, 2nd Floor, M. G. Road, Fort, Mumbai – 400 023, Maharashtra, India |
|
|
|
|
Branch Office : |
8 – Office, Floor 2nd Floor, Plot – 111 A, Currimjee
Building, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India |
SOLE PROPRIETOR
|
Name : |
Essa Merchant |
|
Designation : |
Proprietor |
|
Address : |
B-1604, Floor - 16th, Plot No – 243, B – Wing, Orchid
Enclaves, Opposite to Mumbai Central Bus Deport, Mumbai – 400008,
Maharashtra, India |
|
Date of Birth/Age : |
30.06.1973 |
|
Experience : |
20 Years |
|
Qualification : |
Undergraduate |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Sharma |
|
Designation : |
Senior Manager – Accounts and Finance |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Mobile Phones. |
|
|
|
|
Brand Names : |
· O2 · Depod · Samsung · Motorola · Sony Ericsson · Philips · HTC · Blackberry, etc. |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
|
|
Products : |
Dell Memory Cards |
|
Countries : |
Ireland |
|
Trade References
: |
Kingston Digital International Limited Blanchardstown Industrial Park,
Snugborough Road, Blanchardstown Dublin 15, Republic of Ireland. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (45 days) |
|
|
|
|
Purchasing : |
Credit (30 Days) |
GENERAL INFORMATION
|
Suppliers : |
· Shapeinn Marketing · Priory Greeting Private Limited · Lenovo (India) Privet Limited · Vcell India Implex Private Limited |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Customers : |
Wholesalers
|
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No. of Employees : |
70 (Approximately) |
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||||||||||||||||||||||||||||||
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Bankers : |
· Bombay Mercantile Co-Operative Bank Limited Overdraft = Rs. 84.240 Million) · ICICI Bank Limited (Cash Credit = 0.500 Million) · The Hong kong and Shanghai Corporation Bank Limited (Bank Guarantee = Rs. 150.000 Million) · Indusind Bank Limited (Cash Credit = 187.500) |
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||||||||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Tata Capital Financial Services Limited (Overdraft = Rs.
100.000) |
|
|
|
|
Auditors : |
|
|
Name : |
Khushalani and Company Chartered Accountants |
|
Address : |
110, Vardhaman Industrial Complex, Near Royal Inn Hotel, Old Mumbai,
Thane (West), Maharashtra, India |
|
Tel. No.: |
91-22-25398780/ 25398781 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2015
|
Capital Investment : |
|
|
Owned : |
Rs. 179.644 Million |
|
Borrowed : |
-- |
|
Total : |
Rs. 179.644
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2015 |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Capital Account |
|
179.644 |
107.975 |
|
(b) Reserves & Surplus |
|
0.000 |
0.000 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
179.644 |
107.975 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
157.186 |
62.626 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
157.186 |
62.626 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
415.034 |
119.767 |
|
(b)
Trade payables |
|
148.673 |
406.171 |
|
(c)
Other current liabilities |
|
98.004 |
125.565 |
|
(d)
Short-term provisions |
|
0.000 |
1.488 |
|
Total
Current Liabilities (4) |
|
661.711 |
652.991 |
|
|
|
|
|
|
TOTAL |
|
998.541 |
823.592 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
13.991 |
11.344 |
|
(ii)
Intangible Assets |
|
36.886 |
38.006 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
16.654 |
4.343 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.000 |
0.000 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
67.531 |
53.693 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
252.679 |
217.938 |
|
Stock in
Transit |
|
0.000 |
0.314 |
|
(c)
Trade receivables |
|
427.521 |
392.079 |
|
(d)
Cash and cash equivalents |
|
7.429 |
4.345 |
|
(e)
Short-term loans and advances |
|
11.521 |
35.328 |
|
(f)
Other current assets |
|
231.860 |
119.895 |
|
Total
Current Assets |
|
931.010 |
769.899 |
|
|
|
|
|
|
TOTAL |
|
998.541 |
823.592 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
4343.003 |
1872.265 |
|
|
|
Stock in Transit |
|
0.000 |
0.314 |
|
|
|
Other Income |
|
8.217 |
25.077 |
|
|
|
TOTAL |
|
4351.220 |
1897.656 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
3887.706 |
1704.747 |
|
|
|
Employees benefits expense |
|
16.426 |
19.625 |
|
|
|
Other Operating Expenses |
|
12.776 |
0.809 |
|
|
|
Other expenses |
|
274.250 |
103.680 |
|
|
|
TOTAL |
|
4191.158 |
1828.861 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
160.062 |
68.795 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
50.693 |
21.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
109.369 |
47.436 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
4.583 |
4.091 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
104.786 |
43.345 |
|
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2015 |
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
2.41 |
2.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
|
3.69 |
3.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
10.67 |
5.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.58 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.19 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.41 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Capital Account |
107.975 |
179.644 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
|
Net
worth |
107.975 |
179.644 |
|
|
|
|
|
Long-term borrowings |
62.626 |
157.186 |
|
Short term borrowings |
119.767 |
415.034 |
|
Total
borrowings |
182.393 |
572.220 |
|
Debt/Equity
ratio |
1.689 |
3.185 |
YEAR-ON-YEAR
GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1872.265 |
4343.003 |
|
|
|
131.965 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1872.265 |
4343.003 |
|
Profit |
43.345 |
104.786 |
|
|
2.32% |
2.41% |
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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
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 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
HDFC Bank |
1.425 |
2.378 |
|
Bajaj Finserv Limited |
0.677 |
1.627 |
|
Kotak Mahindra Prime Limited |
0.665 |
0.796 |
|
Religare |
1.052 |
2.420 |
|
ICICI Bank Car Loan |
3.553 |
4.413 |
|
Tata Capital Financial Services Limited - 1 |
0.564 |
1.523 |
|
Tata Capital Financial Services Limited - 2 |
100.036 |
0.000 |
|
Capital First Limited |
1.864 |
0.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Pride India Corporation |
(0.400) |
0.101 |
|
Ahemed Kasam |
0.350 |
0.350 |
|
Farida Ahmed |
1.430 |
1.980 |
|
Aafiyah Realtors |
0.500 |
0.500 |
|
Pride India Confectioners Private Limited |
(1.950) |
(1.950) |
|
Cellbuzz Tradelonks Private Limited |
0.350 |
0.350 |
|
Jamal Merchant |
12.855 |
11.855 |
|
Malik (Ice Mobiles) |
0.500 |
0.500 |
|
Manish Kakkar |
0.150 |
0.150 |
|
Salini Kakkar |
0.150 |
0.150 |
|
Uzma Shikh |
1.956 |
1.956 |
|
Shubhi Gems |
14.036 |
24.210 |
|
Amina E. Merchant |
1.800 |
2.131 |
|
Shehnaz Jamal |
0.300 |
0.300 |
|
Mohammed Rafique |
1.500 |
0.000 |
|
|
|
|
|
Total |
143.363 |
55.740 |
TRADE REFERENCES
Zoop
311, Mehta Bhavan, Shop No. 2, R. R. Road, Charni Road, Mumbai,
Maharashtra, India
Name : Harshad Shah
Mob. No.: 91-9821777666
Record Shoppee
Napoo Road, Matunga (CR), Mumabi, Maharashtra, India
Name : Rajesh Mammiya
Mob. No.: 91-9820149999
Rhythm Electronics
Channel Asia Market, Moriswala Building, 2nd Floor, Shop No.
22, S. S. Musafirkhana Road, Mumbai, Maharashtra, India
Name: Rizwan
Mob. No.: 91-9867145786
Telecom Centre
Shop No. 20/21, Royal Touch Shopping Mall, Crawford Market, Opposite
Manish Market, Mumbai, Maharashtra, India
Name : Ahmed Bhai
Mob. No.: 91-8080575887
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.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ARC |
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 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.