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|
|
MIRA INFORM REPORT
|
Report No. : |
495296 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SOFTCELL TECHNOLOGIES LIMITED (w.e.f. 08.01.2001) |
|
|
|
|
Formerly Known
As : |
SOFTCELL TRADE
AND TECHNOLOGIES LIMITED |
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|
|
|
Registered
Office : |
303-304/B-Wing, 3rd
Floor, Kohinoor City, Commercial Complex-1, I. B. Wing, Kirol Road, Off
L.B.S. Marg, Kurla (West), Mumbai - 400070, Maharashtra |
|
Tel. No.: |
91-22-66006700/ 24606969 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
10.04.1995 |
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|
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Com. Reg. No.: |
11-087330 |
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Capital
Investment / Paid-up Capital : |
INR 41.642 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U74210MH1995PLC087330 |
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|
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IEC No.: [Import-Export Code No.] |
0399010505 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AADCS0965J1Z4 |
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TIN No: |
27390261100 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37242C |
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PAN No.: [Permanent Account No.] |
AADCS0965J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is in the business of selling IT products and providing software and allied services. (Registered Activity) |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Softcell Technologies Limited was incorporated in the year 1995. For the financial year ended 2017, the company has achieved 65.04% growth
in its revenue as compared to previous year revenue but has reported low
profit margin of 0.92% The sound financial profile of the company is marked by adequate
networth base along with strong debt coverage indicators due to low debt balance
sheet profile. The rating takes into consideration the subject’s long track record of
business operations along with extensive experience of its promoters. Business is active. Payments seems to be regular. In view of aforesaid, 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 01.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non-cooperative (Tel No.: 91-22-66006700)
LOCATIONS
|
Registered Office : |
303-304/B-Wing, 3rd
Floor, Kohinoor City, Commercial Complex-1, I. B. Wing, Kirol Road, Off
L.B.S. Marg, Kurla (West), Mumbai - 400070, Maharashtra, India |
|
Tel. No.: |
91-22-66006700/ 24606969 |
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Fax No.: |
91-22-66006701 |
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E-Mail : |
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Website : |
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Location : |
Rented |
|
Locality : |
Commercial |
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Corporate Office : |
504, Mayfair Towers, 28,
Mumbai-Pune Road, Wakdewadi, Pune -
411005 |
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Tel. No.: |
91-20-6600-6700 |
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Fax No.: |
91-20-6600-6701 |
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|
|
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Branch Office: |
401, Mayfair Towers, 28, Mumbai-Pune Road, Wakdewadi, Pune – 411005, Maharashtra, India |
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Tel. No.: |
91-20-6600 6700 |
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|
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Branch Office: |
2nd Floor, A-39, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi -110044, India |
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Tel. No.: |
91-11-6600 6700 |
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Branch Office: |
2nd Floor, Jaya Mansion, 126, Sarojini Devi Road, Secunderabad – 500003, Telangana, India |
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Tel. No.: |
91-40-6600 6700 |
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|
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Branch Office: |
1st Floor, 16 Haudin Road, Ulsoor, Bengaluru – 560042, Karnataka, India |
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Tel. No.: |
91-80-6600 6700 |
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|
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Branch Office: |
5th Cross Street,C-23, Thiru-Vi-Ka Industrial Estate, Guindy Chennai – 600032, Tamil Nadu, India |
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Tel. No.: |
91-44-6600 6700 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sunil Pandurang Dalal |
|
Designation : |
Managing Director |
|
Address : |
Flat No1, Sharad Vaibhav Aartmentt, Gokhale Cross Road, Model Colony,
Pune – 411016, Maharashtra, India |
|
Date of Birth/Age : |
24.05.1963 |
|
Qualification : |
MMS Finance |
|
Date of Appointment : |
10.04.1995 |
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PAN No.: |
ADWPD4013B |
|
DIN No.: |
00232753 |
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|
|
|
Name : |
Mr. Satrajit Bhattacharya |
|
Designation : |
Nominee Director |
|
Address : |
104, HDFC House, Dr. R.K. Shirodkar Road, Parel, Mumbai-400012,
Maharashtra, India |
|
Date of Birth/Age : |
13.05.1969 |
|
Qualification : |
Masters
of Finance and Control |
|
Date of Appointment : |
21.05.2014 |
|
PAN No.: |
AABPB5924F |
|
DIN No.: |
01313351 |
|
|
|
|
Name : |
Mr. Dasharathi Venkatesh |
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Designation : |
Wholetime Director |
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Address : |
A5, Paradise Towers, 2/1, Baner Road, Baner, Pune-411045,
Maharashtra, India |
|
Date of Birth/Age : |
08.07.1963 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
10.04.1995 |
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PAN No.: |
ACJPV1698L |
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DIN No.: |
02391495 |
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|
|
|
Name : |
Mr. Anupam Dattatraya Saraph |
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Designation : |
Director |
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Address : |
303, C, Concord Proxima, Opposite Hotel Malvani, Gajali Baner, Pune -
411045, Maharashtra, India |
|
Date of Birth/Age : |
31.08.1961 |
|
Qualification : |
B
Sc., Msc, PHD |
|
Date of Appointment : |
24.06.2015 |
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DIN No.: |
07208091 |
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|
|
|
Name : |
Mr. Dhananjay Nilkanth Date |
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Designation : |
Director |
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Address : |
Plot No. 3, Rakshak Society, Pune - 411027, Maharashtra, India |
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Date of Birth/Age : |
16/08/1956 |
|
Qualification : |
BA
(Hons), Associate of the Insurance Institute of India, Chartered Insurer of
the Chartered Insurance Institute, UK |
|
Date of Appointment : |
27.03.2015 |
|
PAN No.: |
ABUPD4778K |
|
DIN No.: |
01030900 |
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|
|
|
Name : |
Mr. Munish Mittal |
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Designation : |
Director |
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Address : |
1101/A Hillside, Raheja Vihar, Off Chandivali Farm Road,
Andheri (East), Mumbai-400072, Maharashtra, India |
|
Date of Appointment : |
10.07.2017 |
|
DIN No.: |
07533104 |
KEY EXECUTIVES
|
Name : |
Jagdish Patel and Company |
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Designation : |
Company Secretary |
|
Address : |
Rozy Empire, Silvassa Road, Opposite PWD Rest House, Vapi, Valsad – 396191, Gujarat, India
|
|
Tele/ Fax No: |
91-260-2431655 |
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Mob. No: |
91-9324545141 |
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Email: |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Sunil Pandurang Dalal |
|
1491004 |
|
Sharayu Pandurang Dalal |
|
400 |
|
Ujwal Narayan Andhari |
|
217990 |
|
Sanjoy T. Roy |
|
85152 |
|
D. Venkatesh |
|
565000 |
|
Harish Chandrashekar Aiyer |
|
80814 |
|
Debashish Sateyndra Basu |
|
10400 |
|
Praveen Suryakant Sawant |
|
80814 |
|
Jayant Kadambi |
|
62500 |
|
L. R. Narayan |
|
40000 |
|
Sunil Pandurang Dalal and Raghunath Gawde, trustees of Softcell Employee Trust |
|
414500 |
|
HDFC Bank Limited |
|
499702 |
|
HDFC Investments Limited |
|
499702 |
|
Deepak Parekh, Vinod Yennemadi and S. S Thakar, trustees of HDFC Welfare Employees Trust |
|
83285 |
|
Mukesh Babu Financial Services Limited |
|
5000 |
|
Hansa Parimal Parekh |
|
3200 |
|
Balance Equity Broking India Private Limited |
|
4900 |
|
Raghunath Pandurang Gawde |
|
4925 |
|
Premananth Pitchamuthu Ananthi |
|
2250 |
|
Sai Gopal Pullabhatla |
|
2000 |
|
Veeraragvan
Gopalan |
|
1500 |
|
Rajaraman
Parasuraman |
|
1000 |
|
Gandhali Neeraj
More |
|
500 |
|
Shrinivas Ramkrishna Patankar |
|
2250 |
|
Sameer
Panadare |
|
500 |
|
Anjana Vijay Shah |
|
4900 |
|
Total |
|
4164188 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
51.32 |
|
Public/Other than promoters (Individual/Hindu Undivided Family – Indian) |
24.44 |
|
Public/Other than promoters -Banks |
12.00 |
|
Public/Other than promoters - (Body corporate) |
12.24 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is in the business of selling IT products and providing software and allied services. (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
·
HDFC Bank Limited HDFC
Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013,
Maharashtra, India ·
The Shamrao Vithal Co-Operative Bank
Limited Matunga,
Mumbai - 400016, Maharashtra, India |
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Facilities : |
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Auditors : |
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|
Name : |
SRBC and Co LLP Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Bos Co School), Pune, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprise where
relatives of Directors have significant influence: |
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Enterprise where
Director exercises control: |
Softcell Employee Trust (SET) |
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|
Other related
parties where transactions have taken place: |
Software Consultancy International Limited (SCIL) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6510000 |
Equity Shares |
INR 10/- each |
INR 65.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4164188 |
Equity Shares |
INR 10/- each |
INR 41.642 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
41.642 |
41.642 |
41.642 |
|
(b) Reserves and Surplus |
531.472 |
502.909 |
490.876 |
|
(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) |
573.114 |
544.551 |
532.518 |
|
|
|
|
|
|
(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 |
0.000 |
27.500 |
27.500 |
|
(d) long-term
provisions |
10.080 |
10.080 |
9.300 |
|
Total Non-current
Liabilities (3) |
10.080 |
37.580 |
36.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
9.991 |
35.418 |
13.955 |
|
(b) Trade
payables |
389.710 |
325.525 |
283.392 |
|
(c) Other
current liabilities |
75.507 |
26.007 |
21.418 |
|
(d) Short-term
provisions |
6.165 |
2.555 |
5.438 |
|
Total Current
Liabilities (4) |
481.373 |
389.505 |
324.203 |
|
|
|
|
|
|
TOTAL |
1064.567 |
971.636 |
893.521 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
39.535 |
33.784 |
43.122 |
|
(ii)
Intangible Assets |
1.708 |
2.720 |
9.136 |
|
(iii) Tangible assets
capital work-in-progress |
7.714 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.026 |
0.026 |
0.126 |
|
(c) Deferred tax assets (net) |
14.488 |
8.703 |
4.259 |
|
(d)
Long-term loans and advances |
147.675 |
446.922 |
446.455 |
|
(e) Other Non-current
assets |
7.281 |
6.679 |
11.109 |
|
Total Non-Current
Assets |
218.427 |
498.834 |
514.207 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
48.410 |
42.911 |
7.633 |
|
(c) Trade receivables |
466.104 |
380.557 |
333.431 |
|
(d) Cash and
bank balances |
31.511 |
8.580 |
12.681 |
|
(e)
Short-term loans and advances |
300.115 |
33.151 |
15.767 |
|
(f) Other
current assets |
0.000 |
7.603 |
9.802 |
|
Total
Current Assets |
846.140 |
472.802 |
379.314 |
|
|
|
|
|
|
TOTAL |
1064.567 |
971.636 |
893.521 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3117.886 |
1889.126 |
1561.283 |
|
|
Other Income |
5.603 |
14.460 |
18.321 |
|
|
TOTAL |
3123.489 |
1903.586 |
1579.604 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
2669.121 |
1584.311 |
1260.022 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(5.498) |
(35.278) |
(1.719) |
|
|
Employee benefit expense |
239.402 |
170.966 |
163.209 |
|
|
Other expenses |
154.055 |
132.365 |
132.989 |
|
|
TOTAL |
3057.080 |
1852.364 |
1554.501 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
66.409 |
51.222 |
25.103 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
8.085 |
5.471 |
4.797 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
58.324 |
45.751 |
20.306 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
16.547 |
25.927 |
47.822 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
41.777 |
19.824 |
(27.516) |
|
|
|
|
|
|
|
Less |
TAX |
13.214 |
7.857 |
(8.445) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
28.563 |
11.967 |
(19.071) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3.922 |
3.120 |
2.666 |
|
|
TOTAL EARNINGS |
3.922 |
3.120 |
2.666 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
93.093 |
|
|
Components and spare
parts |
31.251 |
53.032 |
0.000 |
|
|
Capital Goods |
31.251 |
53.032 |
0.000 |
|
|
TOTAL IMPORTS |
62.502 |
106.064 |
93.093 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.86 |
2.87 |
(4.58) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
68.814 |
8.557 |
100.020 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
29.435 |
(45.002) |
47.713 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
54.57 |
73.53 |
77.95 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
6.69 |
4.96 |
4.68 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
53.29 |
75.00 |
82.09 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.37 |
1.19 |
3.29 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
1.36 |
1.40 |
0.48 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.45 |
0.40 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.02 |
0.07 |
0.03 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.84 |
0.72 |
0.61 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.09 |
0.07 |
0.10 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
8.21 |
9.36 |
5.23 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
0.92 |
0.63 |
(1.22) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
2.68 |
1.23 |
(2.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
4.98 |
2.20 |
(3.58) |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.76 |
1.21 |
1.17 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
1.66 |
1.10 |
1.15 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.54 |
0.56 |
0.60 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
0.24 |
0.85 |
0.34 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.76 |
1.21 |
1.17 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
41.642 |
41.642 |
41.642 |
|
Reserves & Surplus |
490.876 |
502.909 |
531.472 |
|
Net
worth |
532.518 |
544.551 |
573.114 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
13.955 |
35.418 |
9.991 |
|
Total
borrowings |
13.955 |
35.418 |
9.991 |
|
Debt/Equity
ratio |
0.026 |
0.065 |
0.017 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1561.283 |
1889.126 |
3117.886 |
|
|
|
20.998 |
65.044 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1561.283 |
1889.126 |
3117.886 |
|
Profit/ (Loss) |
(19.071) |
11.967 |
28.563 |
|
|
(1.22
%) |
0.63
% |
0.92
% |
LEGAL CASE
|
Case Details |
|
Bench:-Bombay |
|
Presentation Date:- |
03/01/2018 |
||||||||
|
Lodging No.:- |
ITXAL/67/2018 |
Filing Date:- |
03/01/2018 |
||||||
|
Petitioner:- |
PR. COMMISSIONER OF INCOME TAX-14- |
Respondent:- |
SOFTCELL TECHNOLOGIES LIMITED |
|
Petn. Adv.:- |
SURESH KUMAR (I2100) |
|
District:- |
MUMBAI |
|
Bench:- |
DIVISION |
||||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
Last Date:- |
10/01/2018 |
Stage:- |
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260 A |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 two/ 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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL PERFORMANCE
AND OVERVIEW:
The Company improved
its year-on-year performance during the fiscal.
- Revenue grew by 64% from INR 1903.586 million to INR 3123.489 million
- PBT grew by 105% from INR 19.824 million to INR 41.777 million
FUTURE OUTLOOK and
EXPANSION PLAN:
The changing mix of the portfolio of solutions offered by the Company has mirrored the growing technology adoption by Indian corporates in the recent years. The Company has kept pace with the fast changing demand pattern for technology products and solutions by proactively identifying technology trends and making investments in skills and resources in the relevant domains. The Company over the years has evolved from being a mere reseller of IT products to a Solution Provider and System Integrator.
Enterprise (corporate) segment remained the key focus for the Company during FY 2016-17. The Company was successful in executing its strategy in the Data Centre solutions space across all industry verticals. There was a noticeable uptake in demand for devices and mobility solutions which resulted in higher revenues for Apple's products like iPhone, iPad and MacBook. Customers in the manufacturing sector have once again started investing in technology upgrades and automation solutions and this has resulted in growing demand for Engineering Solutions that the Company offers.
The Company is continuing to invest and build a cohesive strategy around its core specialisation in the areas of - Software Group (for retail banking solutions), Data Centre solutions, Engineering Solutions and Mobility solutions around Apple.
The Government has introduced various initiatives like eKYC (Aadhaar), Smart City and Digital India projects. The Company understands the potential of these initiatives and is working on its play to leverage the opportunities from these initiatives.
Roll out of GST is expected to simplify the indirect tax regime, bring in more efficiency through single taxation and eliminate bureaucracy. GST, once its stabilises, is expected to be beneficial to corporates including the Company.
FINANCE:
During the year, the Company has received financing in the form of Working capital loan representing cash credit facilities, secured against hypothecation of inventories and book debts, equitable mortgage of immovable property at Pune, fixed deposits and personal guarantees of Directors. The cash credit facilities are repayable on demand and for the past year carried an interest rate ranging between 13% to 14% p.a. (2014: 14% - 15% p.a.). Working Capital loans and related facilities have been taken from HDFC Bank.
CORPORATE INFORMATION
The Company was incorporated in 1995 and is in the business of selling IT products and providing software and allied services. The Company is headquartered in Mumbai and has sales offices in six major cities in India.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G60260650 |
100131476 |
HDFC BANK LIMITED |
03/10/2017 |
- |
- |
150000000.0 |
Trade Star, J B Nagar, Andheri eastMumbaiMH400059IN |
|
2 |
G60257086 |
10077287 |
HDFC BANK LIMITED |
13/09/2007 |
04/10/2017 |
- |
360000000.0 |
Trade Star, J B Nagar, Andheri eastMumbaiMH400059IN |
|
3 |
A25574005 |
90159649 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
01/10/1997 |
18/07/2006 |
06/10/2007 |
30000000.0 |
5, Kanara House, Mogal Lane,MahimMumbaiMH400016IN |
|
4 |
A25919606 |
90156677 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
01/10/1997 |
20/06/2000 |
06/10/2007 |
5000000.0 |
MATUNGAMUMBAIMH400016IN |
|
5 |
Y10256627 |
90156857 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
21/04/1998 |
- |
18/03/2000 |
1500000.0 |
MATUNGAMUMBAIMH400016IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Tax related matter pending in appeal |
720.629 |
720.629 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· 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 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
|
INR |
|
US Dollar |
1 |
INR 65.10 |
|
|
1 |
INR 90.45 |
|
Euro |
1 |
INR 79.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.