MIRA INFORM REPORT

 

 

Report No. :

305290.2

Report Date :

17.06.2015

 

IDENTIFICATION DETAILS

 

Name :

PLUS PLUS CONSULTING AND SERVICES PRIVATE LIMITED (07.03.2007)

 

 

Formerly Known As :

MESSENCE CONSULTING AND SERVICES PRIVATE LIMITED

 

 

Registered Office :

Unit No. U0201 Floor – 2, Plot No.– 249, A Wing, Matulya Centre, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

01.06.2006

 

 

Com. Reg. No.:

11-162498

 

 

Capital Investment / Paid-up Capital :

Rs. 0.400 Millions

 

 

CIN No.:

[Company Identification No.]

U74999MH2006PTC162498

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :
  • Subject is engaged into manpower services and consulting.

 

  • To carry on in India or abroad the business to act as consultant, advisor, services provider, distributor, representative, signatory, attorneys, liaison, agent, serviceman, arbitrator, conciliator, auctioneer, in all its branches such as legal, commercial, industrial, manufacturing, productions, engineering, personnel, marketing, advertising, publicity, sales promotions, public welfare, corporate management, business management, project consultancy services, research, software, hardware’s, computer application, electronics devices, quality control, technical know how, investment advisor, consultant for broking, construction, transport and other similar subjects and to make evaluation, feasibility studies, techno economic feasibility studies, project reports, forecasts, surveys and rehabilitation packages (As per company MOA)

 

 

No. of Employees :

60 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (14)

 

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

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track.

 

Management of the company has failed to file its latest financial for the year 2014 with the government department.

 

As per available financial of 2013, the company has incurred a huge accumulated loss which has eroded the Net worth of the company.

 

However, Business is active. Payment terms are 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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 PARTED BY

 

Name :

Mr. Narsing Rao

Designation :

Senior Manager Accountant

Contact No.:

91-22-40859600

Date :

28.01.2015

 

 

LOCATIONS

 

Registered Office :

Unit No. U0201 Floor – 2, Plot No.– 249, A Wing, Matulya Centre, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra  , India

Tel. No.:

91-22-40859600

Mobile No.:

91-9892912023 (Mr. Rao)

Fax No.:

Not Available

E-Mail :

narsingrao.panchal@neoteric.com

Website :

http://www.plusplus.co.in

Location :

Rented

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mrs. Dipti Paras Shah

Designation :

Director

Address :

9 Harkanas Road, 1402 Rajul Apartment, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.02.1968

Date of Appointment :

01.06.2006

DIN No. :

00171999

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U51909MH2002PTC135999

SPINK MARKETING COMPANY PRIVATE LIMITED

Director

24/05/2002

24/05/2002

27/12/2008

Active

YES

2

U74999MH2006PTC162498

PLUS PLUS CONSULTING AND SERVICES PRIVATE LIMITED

Director

01/06/2006

01/06/2006

-

Active

NO

3

U72300MH2012PTC231222

F1 Info Solutions & Services Private Limited

Director

17/05/2012

17/05/2012

22/05/2013

Active

NO

4

U72300MH2014PTC258116

ALEOS SOLUTIONS & SERVICES PRIVATE LIMITED

Director

15/09/2014

15/09/2014

-

Active

NO

5

AAB-7017

S & M SKY VILLAS LLP

Designated Partner

12/08/2013

12/08/2013

-

Active

NO

 

 

Name :

Mr. Shrenik Harshad Shah

Designation :

Director

Address :

71, Shriji Kutir, Ramgully, Off. S.V. Road, Kandivali (W), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

04.11.1973

Date of Appointment :

29.09.2012

DIN No. :

05345393

 

 

KEY EXECUTIVES

 

Name :

Mr. Narsing Rao

Designation :

Senior Manager Accountant

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2013

 

Shareholders Details Attached

 

As on 30.09.2013

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Directors or relatives of Directors

99.92

Other top fifty shareholders

0.08

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :
  • Subject is engaged into manpower services and consulting.

 

  • To carry on in India or abroad the business to act as consultant, advisor, services provider, distributor, representative, signatory, attorneys, liaison, agent, serviceman, arbitrator, conciliator, auctioneer, in all its branches such as legal, commercial, industrial, manufacturing, productions, engineering, personnel, marketing, advertising, publicity, sales promotions, public welfare, corporate management, business management, project consultancy services, research, software, hardware’s, computer application, electronics devices, quality control, technical know how, investment advisor, consultant for broking, construction, transport and other similar subjects and to make evaluation, feasibility studies, techno economic feasibility studies, project reports, forecasts, surveys and rehabilitation packages (As per company MOA)

 

 

Products :

Not Available

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash and Advance Payment

 

 

Purchasing :

Cash and Advance Payment

 

 

PRODUCTION STATUS: Not Available

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Others

 

Reference :

Oneleap Solutions Private Limited, Mumbai

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

60 (Approximately)

 

 

Bankers :

Banker Name

HDFC Bank

Branch Address

Fort, Mumbai, 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

 

 

 

Auditors :

 

Name :

Chaturvedi Sohan and Company

Chartered Accountants

Address :

320, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

PAN No.:

AABFC7158A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Proprietary concern/ Firm/ Company in which individuals referred to in category Key Management Personnel and Relative of Key Management Personnel is  Proprietor/ Partner / Director

Neoteric Infomatique Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

150000

Equity Shares

Rs.10/- each

Rs.1.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40000

Equity Shares

Rs.10/- each

Rs. 0.400 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.400

0.400

0.400

(b) Reserves & Surplus

(18.032)

(3.537)

(2.576)

(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)

(17.632)

(3.137)

(2.176)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.074

0.174

0.220

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.074

0.174

0.220

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

105.137

111.575

74.732

(b) Trade payables

0.000

0.000

0.000

(c) Other current liabilities

5.296

0.442

1.139

(d) Short-term provisions

0.001

0.001

0.000

Total Current Liabilities (4)

110.434

112.018

75.871

 

 

 

 

TOTAL

92.876

109.055

73.915

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.466

0.811

1.155

(ii) Intangible Assets

0.000

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

61.360

60.659

7.665

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

27.196

46.726

62.291

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

89.022

108.196

71.111

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

1.302

0.297

2.246

(d) Cash and cash equivalents

1.996

0.013

0.009

(e) Short-term loans and advances

0.500

0.500

0.500

(f) Other current assets

0.056

0.049

0.049

Total Current Assets

3.854

0.859

2.804

 

 

 

 

TOTAL

92.876

109.055

73.915

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

Income

4.470

2.101

 

 

Other Income

2.321

6.158

 

 

TOTAL (A)

6.791

8.259

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Operating and Administrative expenses

8.558

1.282

 NA

 

TOTAL (B)

8.558

1.282

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

(1.767)

6.977

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

12.483

7.640

 

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

(14.250)

(0.663)

1.331

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

0.344

0.344

0.344

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

(14.594)

(1.007)

0.987

 

 

 

 

 

Less

TAX (H)

(0.099)

(0.047)

(0.071)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

(14.495)

(0.960)

1.058

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

362.39

24.01

 26.45

 

Expected Sales (2014-2015) : Rs. 15.000 Millions

 

The above information has been parted by Mr. Narsing Rao

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

Net Profit Margin

(PAT/ Sales)

(%)

(324.27)

(45.69)

NA

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

(39.53)

332.08

NA

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(46.31)

(2.08)

1.49

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.83

0.32

(0.45)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

(5.96)

(35.57)

(34.34)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.03

0.01

0.04

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

0.400

0.400

0.400

Reserves & Surplus

(2.576)

(3.537)

(18.032)

Net worth

(2.176)

(3.137)

(17.632)

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

74.732

111.575

105.137

Total borrowings

74.732

111.575

105.137

Debt/Equity ratio

(34.344)

(35.567)

(5.963)

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

Sales

2.101

4.470

 

112.756

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

 

(Rs. In Millions)

(Rs. In Millions)

Sales

2.101

4.470

Profit

(0.960)

(14.495)

 

(45.69%)

(324.27%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

Note:

The Registered Office of the company has been shifted A/23, Shriram Industrial Estate, 13 G.D. Ambekar Road, Wadala, Mumbai – 400031, Maharashtra, India to the present address w.e.f. 22.08.2013

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

SHORT TERM BORROWINGS

 

 

Loans and advances from Members 

92.700

57.061

Loans and advances from related party

12.437

5.096

Bank of Overdraft facility

0.000

49.418

Total

105.137

111.575

 

VIEW INDEX OF CHARGES: No Charges Exist for Company 

 

 

FIXED ASSETS

  • Air Conditioner
  • Computer
  • Office equipment

 

 

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 64.15

UK Pound

1

Rs. 100.04

Euro

1

Rs. 72.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TRU

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

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

 

14

 

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.