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MIRA INFORM REPORT
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Report Date : |
9TH June, 2006 |
IDENTIFICATION DETAILS
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Name : |
COMNET VISION (INDIA)
PRIVATE LIMITED |
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Registered Office : |
B-47, TC Jaina Tower – I, Kirti Shikhar, District
Centre, Janak Puri, New Delhi – 110 058, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
55-75059 |
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CIN No.: [Company Identification No.] |
U72100DL1996PTC075059 |
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TAN No.: [Tax Deduction & Collection Account No.] |
DELC06351C |
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PAN No.: [Permanent Account No.] |
AAASC0008L |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Corporate, Retail and
Distribution of Computer Hardware. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 30000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well –
established and reputed company having satisfactory track. Directors are
reported as experienced, respectable and having satisfactory means of their
own. Their trade relations are fair. Payments are usually correct and as per
commitments. The company can be
considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
B-47, TC Jaina Tower – I, Kirti Shikhar, District
Centre, Janak Puri, New Delhi – 110 058, India |
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Tel. No.: |
91-11-25592242/25592240/25592238/39 |
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Mobile No.: |
91-9899696125 |
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Fax No.: |
91-11-25592242/26440262 |
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E-Mail : |
comvispl@del2.vsnl.net.in, sales@comnetit.com, pksharma@comnetit.com |
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Website : |
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Area : |
2000
sq. fts. |
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Location : |
Rented
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Retail Show Room 1: |
B-1, Aggarwal Bhawan,
35-36, Nehru Place, New Delhi –110 019, India |
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Tel. No.: |
91-11-26210390/26285262/26416820/26210431/26210379 |
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Fax No.: |
91-11-26440262 |
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Location : |
Commercial
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Retail Show Room 2 : |
F-7B,
Janak Place, District Centre, Janak Puri, New Delhi – 110058, India |
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Tel. No.: |
91-11-25592241 |
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Fax No.: |
91-11-25592242 |
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Location : |
Commercial
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DIRECTORS
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Name : |
Mr. Praveen Kumar Sharma |
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Designation : |
Whole Time Director |
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Address: |
C- 108, Ganesh Nagar, New
Delhi – 110018 |
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Date of Birth/Age : |
17.01.1961 |
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Date of Appointment : |
01.01.1996 |
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Name : |
Ms. Neera Sharma |
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Designation : |
Director |
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Address: |
C- 108, Ganesh Nagar, New
Delhi – 110018 |
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Date of Birth/Age : |
03.11.1962 |
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Date of Appointment : |
01.01.1996 |
KEY EXECUTIVES
|
Name : |
Umesh Chand Sharma and
Company |
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Designation : |
Company Secretary |
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Address : |
Flat No. 5, 41/41, Punjabi
Bagh West, New Delhi – 110026, India |
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Mobile No.: |
91-9811791967 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Praveen Kumar Sharma |
135000 |
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Ms. Neera Sharma |
30100 |
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Mr. Suresh Kumar Sharma |
1000 |
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Mr. Narendra Kapoor |
1000 |
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Mr. Anil Gupta |
1000 |
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Mr. Vidhya Bhushan Sharma |
2000 |
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Mr. Rajiv Dutta |
500 |
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Ms. Madhu Maheshwari |
500 |
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Mr. Kishan Chand Sharma |
10001 |
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Ms. Kailash Rani Kapoor |
100 |
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Mr. Ram Roop |
100 |
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Mr. Anand Maheshwari |
130000 |
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Ms. Reeta Khatter |
10 |
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Mr. Vinod Sharma |
5000 |
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Mr. Himanshu Sharma |
2500 |
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Ms. Usha Sharma |
2500 |
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Mr. Tilak Raj Sharma |
2500 |
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Ms. Anshul Prinjpa |
2500 |
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Mr. Om Prakash Uppal |
10 |
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Mr. Sudhir Kumar Bhutani |
10000 |
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Total |
336321 |
BUSINESS DETAILS
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Line of Business : |
Corporate, Retail and
Distribution of Computer Hardware. |
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Products : |
v
Computer v
Monitors v
Keyboards v
Printers v
Motherboards v
Mouse v
Speakers v
Processors v
CD-ROMs v
Cabinets v
Scanners v
CD Writers v
Sound Cards v
Cameras v
Hard Disk Drives |
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Terms : |
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Selling : |
Cash
or Credit (30-60 days) terms |
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Purchasing : |
Cash
or Credit (14 days) terms |
GENERAL INFORMATION
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Distributors : |
v
Mercury v
HP v
Samsung v
Intel v
Logitech v
Iomega v
Creative v
IBM v
D-Link v
Netgear v
APC v
Compaq v
Kodak v
Liteon v
Umax |
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Customers : |
v
Wholesalers v
Retailers |
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No. of Employees : |
60 |
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Bankers : |
v
Bank of Punjab Limited v
HDFC Bank Limited v
Standard Chartered
Bank v
Citi Bank v
ICICI Bank Limited |
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Facilities : |
The
company enjoys following facilities from bankers: Bank
of Punjab Limited – Rs. 5.415 Secured
Loan against hypothecation of stock and book debts HDFC
Bank Limited - Rs. 0.821 Term
Loan Loan
from KMFL – Term Loan – Rs. 0.781 Secured
against personal guarantee of the director ICICI
Bank Limited – Rs. 1.195 Car
Loan AEB
– Limited – Rs. 1.024 Secured
against personal guarantees of the director Total
– Rs. 9.239 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
Alok Gupta & Associates Chartered Accountants Flat No. 15, Kaushalya
Building, 4380/4B, Ansari Road, Darya Ganj, New Delhi – 110 002, India |
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Tel. No.: |
91-11-23283537
/ 23288934 |
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Mobile No.: |
91-9810136685 |
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E-Mail.: |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs.10/- |
Rs.5.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
336,321 |
Equity Shares |
Rs.10/- |
Rs.3.363 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
SHAREHOLDERS
FUNDS |
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|
1]
Share Capital |
3.363 |
3.363 |
3.363 |
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2]
Reserves & Surplus |
3.964 |
3.536 |
3.302 |
NETWORTH
|
7.327 |
6.899 |
6.665 |
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LOAN
FUNDS |
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|
1]
Secured Loans |
9.239 |
10.289 |
9.779 |
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2]
Unsecured Loans |
0.800 |
1.350 |
1.410 |
TOTAL
BORROWING
|
10.039 |
11.639 |
11.189 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
17.366 |
18.538 |
17.854 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
2.398 |
1.806 |
1.475 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
11.239 |
18.734 |
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Sundry Debtors |
36.173 |
36.203 |
43.666 |
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Cash & Bank Balances |
0.000 |
0.000 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
2.644 |
0.542 |
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Total Current Assets |
50.056 |
55.479 |
43.666 |
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Less:
CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
35.083 |
38.704 |
27.292 |
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Provisions |
0.005 |
0.048 |
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Total Current
Liabilities |
35.088 |
38.747 |
27.292 |
Net
Current Assets
|
14.968 |
16.732 |
16.374 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.005 |
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GRAND
TOTAL
|
17.366 |
18.538 |
17.854 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
553.825 |
466.366 |
470.510 |
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Profit/(Loss) Before Tax
|
0.668 |
0.459 |
0.730 |
Provision for Taxation
|
0.239 |
0.220 |
0.292 |
Profit/(Loss) After Tax
|
0.429 |
0.239 |
0.438 |
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Total Expenditure
|
NA |
482.738 |
467.872 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.07 |
0.05
|
0.09 |
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Net Profit Margin
(PBT/Sales) |
(%) |
0.12 |
0.09
|
0.16 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
1.27 |
0.80
|
1.62 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.09 |
0.06
|
0.11 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
6.15 |
7.30
|
5.77 |
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Current Ratio
(Current Asset/Current
Liability) |
|
1.42 |
1.43
|
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Overview
The
company turnover during the year was Rs. 553.825 millions had gone down
marginally due to stiff competion in the maket as compared to the previous year
Fixed Assets
v
Plant & Machinery
v
Vehicles
v
Furniture & Fixture
PROFILE
Subject a
leading organisation engaged in Corporate, Retail and distribution business in
the IT industry, had its inception in 1996 by the highly qualified and
experienced enterpreneur business man Mr P K Sharma. The company has been
growing at a consistent growth rate exceeding 50% per year, achieving turnover
of Rs.500.000 millions in the last
financial year and currently poised to achieve a turnover exceeding rapidly
from the last financial year.
It represents all
the leading manufacturers and suppliers in the different field of IT industry.
Subject is an undisputed
leader worldwide in manufacturing of processors & motherboards or enjoys
more than 75% market share worldwide for the processor. Their contribution in
promoting INTEL BOXED PRODUCT is outstanding which is recognized by Intel.
SAMSUNG is the most heard name for the home
appliances as well as IT related products such as high quality monitors,
storage device, multimedia kit, keyboards etc. SAMSUNG recognized us as a STAR
DEALER for their range of products for the last three years.
Subject has an entire range of IT products on that
bases they are covering maximum percentage of dealers in Delhi and NCR which
shows their grip on the products and the market. Namely –
IBM,
HEWLETT-PACKARD, LOGITECH, KODAK, CREATIVE, MERCURY, VINTRON, D-LINK, ASUS,
IOMEGA, UMAX, SEAGATE, COMPAQ
Subject provides tailored solutions from partial
solutions to turnkey project which include Hardware, Networking & on going
support (AMC) all from a single source for the corporate customers.
The main
objective of the company is to make a
significant impact on the quality of life and provide information technology
base services with the most effective cost.
AWARDS:
The subject
received Awards from Intel, HP and Mercury for their outstanding performance.
The company employs around 37
persons in its set up comprising of office staff, sales staff and others.
The company operates from
caption rented office premises of area admeasuring 2000 sq. fts. situated in Commercial area.
It is an authorised
distributor and retailer of computer hardware of HP, Compaq, Intel. The subject
also renders AMC services to its customers.
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.45.92 |
|
UK
Pound |
1 |
Rs.84.62 |
|
Euro |
1 |
Rs.58.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |