MIRA INFORM REPORT

 

 

Report No. :

327883

Report Date :

17.06.2015

 

IDENTIFICATION DETAILS

 

Name :

INSPIRA ENTERPRISE INDIA PRIVATE LIMITED

 

 

Registered Office :

Unit No.23, Level-2, Kalptaru Square, Kondivita Lane, Ram Krishna Mandir Road, Andheri (East), Mumbai – 400 059, Maharashtra 

Tel. No.:

91-22-40569999

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.10.2008

 

 

Com. Reg. No.:

11-187215

 

 

Capital Investment / Paid-up Capital :

Rs.60.436 million

 

 

CIN No.:

[Company Identification No.]

U40109MH2008PTC187215

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCI9669R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of trading and servicing of Networking and other equipment.

 

 

No. of Employees :

Information declined by the Management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

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 is an established company having satisfactory track record.

 

Rating takes into consideration promoters’ extensive experience in the information technology (IT) equipment and software trading business supported by sound financial base and fair profitability margins of the company.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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

 

Rating Agency Name

CRISIL

Rating

Short Term Rating: A3+

Rating Explanation

Moderate degree of safety and high credit risk.

Date

28.08.2014

 

 

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 BY

 

Name :

Mr. Manish

Designation :

Accounts Manager

Contact No.:

91-22-40569999

Date :

16.06.2015

 

 

LOCATIONS

 

Registered Office/ Corporate Office/ Headquarters :

Unit No.23, Level-2, Kalptaru Square, Kondivita Lane, Ram Krishna Mandir Road, Andheri (East), Mumbai – 400 059, Maharashtra, India 

Tel. No.:

91-22-40569999/ 9915

Fax No.:

91-22-40569966

E-Mail :

chetan.bhatt@inspira.co.in

manish.sane@inspira.co.in

chetan.jain@i2itelesource.com

deepak.kamat@inspira.co.in

vishal.jain@inspira.co.in

Website :

http://inspira.co.in

 

Branch Office :

Located at:

 

·         Bangalore

·         Jaipur

·         Kerala

·         Bhopal

·         Kolkata

·         Chandigarh

·         Orissa

·         Chennai

·         New Delhi

·         Hyderabad

 

Overseas Office :

6001 Beach Road, #14-01 Golden Mile Tower, Singapore 199589

 

 

DIRECTORS

 

AS ON 25.09.2013

 

Name :

Mr. Chetan Prakash Jain

Designation :

Director

Address :

Manju Villa, 26, Vithal Nagar, Co-operative Society, JVPD, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

21.02.1977

Date of Appointment :

01.10.2008

DIN No.:

00183390

 

 

Name :

Mr. Prakash Bhurmal Jain

Designation :

Director

Address :

Manju Villa, 26, Vithal Nagar, Co-operative Society, JVPD, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

11.02.1951

Date of Appointment :

01.10.2008

DIN No.:

00482154

PAN No.:

AGNPJ6672N

 

 

Name :

Mr. Vishal Prakash Jain

Designation :

Director

Address :

Manju Villa, 26, Vithal Nagar, Co-operative Society, JVPD, Vile Parle (West), Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

15.03.1984

Date of Appointment :

30.09.2010

DIN No.:

02991811

 

 

KEY EXECUTIVES

 

Name :

Mr. Manish

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.09.2013

 

Names of Shareholders

 

 

No. of Shares

Prakash Bhurmal Jain

 

3450000

Chetan Prakash Jain

 

50000

Manjula Prakash Jain

 

1100000

P.M. Investments Limited, Mauritius

 

1443565

Total

 

6043565

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 25.09.2013

 

Category

 

Percentage

Bodies corporate

 

23.89

Directors or relatives of directors

 

76.11

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of trading and servicing of Networking and other equipment.

 

 

Products/ Services :

Product Description

Item Code

 

Network ACC ESS Controllers

84733091

Other IT Support Services

99831329

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS – NOT APPLICABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the Management.

 

 

Bankers :

Banker Name

Yes Bank Limited,

Branch Address

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         HDFC Bank Limited, Mumbai, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

(Secured against fixed deposit.)

270.646

254.169

Total

270.646

254.169

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Lodha and Company

Chartered Accountants

Address :

6, Karim Chambers, 40, A, Doshi Marg (Hamam Street), Fort, Mumbai – 400 001, Maharashtra, India

PAN No.:

AABFL1894Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates :
  • Realty Finance and Leasing Private Limited, India (CIN No.: U99999MH1984PTC034934)
  • iProject Networks Private Limited
  • i2i Telesource Private Limited
  • Adora Energy Private Limited
  • National Telecom of India Limited
  • Nova Teletech Private Limited
  • Inspira IT Products Private Limited
  • Inspira Secure Private Limited (up to 27.11.2013)

 

Subsidiaries :

  • Inspira IT Solution and Services Private Limited (Formerly known as Inspira Biometrics Private Limited)
  • Inspira IT Products Singapore PTE Limited
  • Inspira Aerosource Private Limited
  • Amore Energy Private Limited
  • Arion Energy Private Limited, India (CIN No.: U74999HR2012PTC053040)
  • Eclatant Energies Private Limited
  • Idalia Energy Private Limited
  • Isla Energy Private Limited
  • Inspira Power India Private Limited
  • Inspira Secure Private Limited (w.e.f. 28.11.2013)

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

6500000

Equity Shares

Rs.10/- each

Rs.65.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

6043565

Equity Shares

Rs.10/- each

Rs.60.436 million

 

 

 

 

 

 

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

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

60.436

60.436

60.436

(b) Reserves & Surplus

393.365

291.610

258.509

(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)

453.801

352.046

318.945

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

1.178

1.312

1.267

(c) Other long term liabilities

0.000

0.000

0.000

(d) Long-term provisions

3.279

2.407

1.577

Total Non-current Liabilities (3)

4.457

3.719

2.844

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

270.646

380.889

147.430

(b) Trade payables

486.661

1655.194

50.485

(c) Other current liabilities

92.496

255.380

4.409

(d) Short-term provisions

0.117

0.009

0.000

Total Current Liabilities (4)

849.920

2291.472

202.324

 

 

 

 

TOTAL

1308.178

2647.237

524.113

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

49.933

41.233

46.151

(ii) Intangible Assets

3.740

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

12.013

11.813

11.128

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.548

13.457

13.650

(e) Other Non-current assets

6.861

2.037

0.449

Total Non-Current Assets

76.095

68.540

71.378

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

113.068

114.990

130.935

(c) Trade receivables

380.791

1293.028

223.223

(d) Cash and cash equivalents

387.368

205.694

28.316

(e) Short-term loans and advances

322.516

960.181

58.067

(f) Other current assets

28.340

4.804

12.194

Total Current Assets

1232.083

2578.697

452.735

 

 

 

 

TOTAL

1308.178

2647.237

524.113

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

3522.707

2102.527

930.729

 

 

Other Income

 

 

 

 

 

TOTAL                                    

 3522.707

2102.527

930.729

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

3365.507

2050.580

902.313

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

3365.507

2050.580

902.313

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

157.200

51.947

28.416

 

 

 

 

 

Less

TAX                                                                 

55.444

18.846

9.731

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

101.756

33.101

18.685

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Commission Income

NA

 NA

0.129

 

TOTAL EARNINGS

NA

NA

0.129

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Traded Goods

NA

 NA

19.105

 

TOTAL IMPORTS

NA

NA

19.105

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

16.84

5.48

3.09

 

 

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

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

12.13

1.97

5.54

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.35

0.15

0.09

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.60

1.08

0.46

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.45

1.13

2.24

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Share Capital

60.436

60.436

60.436

Reserves & Surplus

258.509

291.610

393.365

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

318.945

352.046

453.801

 

 

 

 

Long Term borrowings

0.000

0.000

0.000

Short Term borrowings

147.430

380.889

270.646

Total borrowings

147.430

380.889

270.646

Debt/Equity ratio

0.462

1.082

0.596

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Total Income

930.729

2102.527

3522.707

 

 

125.901

67.546

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(INR in Million)

(INR in Million)

(INR in Million)

Total Income

930.729

2102.527

3522.707

Profit

18.685

33.101

101.756

 

2.01%

1.57%

2.89%

 

 

 

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

Yes

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

No

17

Details of sister concerns

Yes

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

Yes

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

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE:

 

The registered address of the company has been shifted from  401-404, 'B' - Wing, Dynasty Business Park, Andheri - Kurla Road, JB Nagar, Andheri (East), Mumbai – 400 059, Maharashtra to the present address w.e.f. 14.05.2010.

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

Loans and advances from directors

0.000

126.720

Total

0.000

126.720

 

 

INDEX OF CHARGES:

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10285907

25/07/2014 *

600,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. 
ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA - 
400018, INDIA

C18726182

 

* Date of charge modification

 

 

FIXED ASSETS:

 

·         Office Equipments

·         Computer

·         Vehicles

·         Furniture and Fixtures

·         Leasehold Improvement

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.64.15

UK Pound

1

Rs.100.04

Euro

1

Rs.72.27    

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

48

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.