MIRA
INFORM REPORT
|
Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NET-LINK
INFOCOM PRIVATE LIMITED |
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Registered Office : |
227, Arthik Bhavan, Nr. Bombay
Garage Petrol Pump, Gondal Road, |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
10.04.2002 |
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Com. Reg. No.: |
04-40616 |
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CIN No.: [Company
Identification No.] |
U72200GJ2002PTC040616 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTN00896A |
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PAN No.: [Permanent
Account No.] |
AABCN5349R |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Trading
of Computer Peripherals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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
5000 |
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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 experience and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
227, Arthik Bhavan, Nr. Bombay
Garage Petrol Pump, Gondal Road, |
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Tel. No.: |
91-281-2222423, 2222451, 2222424 |
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Fax No.: |
91-281-2222451 |
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E-Mail : |
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Website : |
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Branches
: |
Gandhidham
Flat No. 13, Advance Apartment, Plot No. 134,
Ward 12-T, Lilashanagar, Gandhidham Mobile No.: 91-9898274750 Jamnagar
Vipulbhai Kala 233 – City Aroade Near DSp Bunglow, JamNagar Mobile No.: 91-9825314990 Junagadh
G-20, Herapanna, Complex, S T Road, Near Hotel
Anand Junagadh Mobile No.: 91-9825078260 Bhavnagar 135-Kaveri Complex, Navapara, Bhavanagar, Gujarat, India Tel No.91-278 -3090600 Mobile No.: 91-9825206048 Surat A-107, Yash Plaza, Opp. Dhana
Mill, Varacha Road, Surat Mob: 98250-78254 |
DIRECTORS
|
Name : |
Mr. Haresh Virani |
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Designation : |
Managing Director |
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Address : |
“Ayushi” 4/6, Hari Nagar, Behind Raiya Telephone Exchange, 150 Ring Road, Rajkot – 360005, Gujarat, India |
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Date of Appointment : |
10.04.2002 |
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Name : |
Mr. Nitendra V. Panchani |
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Designation : |
Director |
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Address : |
“Ayushi” 4/6, Hari Nagar, Behind Raiya Telephone Exchange, 150 Ring Road, Rajkot – 360005, Gujarat, India |
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Date of Appointment : |
10.04.2002 |
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Name : |
Mr. Vinodbhai Vekaria |
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Designation : |
Director |
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Name : |
Ms. Heenaben Vasantbhai Mangrolia |
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Designation : |
Director |
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Address : |
2-A, Sadguru Towers, Opposite Ashok Gonohiya, Hospotal, Kalawad Road, Rajkot – 360005, Gujarat, India |
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Date of Appointment : |
10.04.2002 |
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Name : |
Ms. Rekhaben V. Venkaria |
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Designation : |
Director |
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Address : |
“Gopinath” 4-Prankuti Society, Astron Road, Rajkot – 360004, Gujarat, India |
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Date of Appointment : |
10.04.2002 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr. Haresh Virani |
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37500 |
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Mr. Nitendra V. Panchani |
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37500 |
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Ms. Heenaben Vasantbhai Mangrolia |
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37500 |
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Ms. Rekhaben V. Venkaria |
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37500 |
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Total |
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150000 |
BUSINESS DETAILS
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Line of Business : |
Trading
of Computer Peripherals |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State
Bank of Saurashtra Mavdi
Plot, Rajkot – 360004, Gujarat, India |
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Banking Relations : |
Satisfactory
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Auditors : |
Finara
and Associates Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
350000 |
Equity
Shares |
Rs. 10/- each |
Rs. 3.500 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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150000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.676 |
0.181 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
1.176 |
0.681 |
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LOAN FUNDS |
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1] Secured Loans |
|
3.027 |
1.736 |
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2] Unsecured Loans |
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0.060 |
0.060 |
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TOTAL BORROWING |
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3.087 |
1.796 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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4.263 |
2.477 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.670 |
1.744 |
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Sundry Debtors |
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9.296 |
6.681 |
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Cash & Bank Balances |
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0.240 |
0.120 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.110 |
0.360 |
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Total Current Assets |
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12.316 |
8.905 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.059 |
6.437 |
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Provisions |
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Total Current Liabilities |
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8.059 |
6.437 |
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Net Current Assets |
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4.257 |
2.468 |
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MISCELLANEOUS EXPENSES |
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0.006 |
0.009 |
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TOTAL |
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4.263 |
2.477 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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74.751 |
41.253 |
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Profit/(Loss)
Before Tax |
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0.780 |
0.274 |
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Provision
for Taxation |
|
0.285 |
0.115 |
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Profit/(Loss)
After Tax |
|
0.495 |
0.159 |
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Total
Expenditure |
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0.739 |
0.237 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.66 |
0.39 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.04 |
0.66 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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6.33 |
3.08 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.66 |
0.40 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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9.48 |
12.09 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.53 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry
on the business of developing, packaging, distributing, leasing, hiring or
letting on hire, indenting, selling, maintaining, importing, exporting and
dealing in computer software hardware, office equipment and information system
and to engage in data, information and training in computer hardware, software
and information management activity.
|
Class of Shares |
Equity |
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Number
of shares allotted |
15,000 |
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Nominal
amount per share [In Millions] |
-- |
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Total
nominal amount [In Millions] |
1.500 |
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Amount
paid per share on application [In
Millions] |
-- |
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Total
amount paid on application [In
Millions] |
1.500 |
Netlink
Infocom Private Limited was established in the year of 2002. It is one of the leading
distributor of computer hardware and peripherals in Saurashtra. Company has
biggest infrastructure in this region. It is supported and promoted by young
and dynamic engineers having vast experience in the field of Information and
Technology. NIPL has three branches in saurashtra and head office in Rajkot.
With extensive market expertise in providing comprehensive product lines from a
single source, NIPL is a leading distributor of Computer Components, Systems,
Printers, Peripherals, Networking Products and Support Services.
NIPL deals in world famous brands like Samsung, Intel, Logitech,
Kobian(mercury) and IBM.
Today,
Netlink Infocom's annual turnover is Rs. 180 Millions
Future Plans :
- Focus
on services and expansion through service centers.
- Setup
of branch offices in interior parts.
- Focus
on office Automation.
- Promoting
NIPL through internet and news media
Authorised Star Elite Partner : Samsung India Limited
Genuine Intel Dealer : Intel Corporation
Genuine Logitech Dealer : Logitech
Kobian Distributor : For Mercury Brand
IBM Partner : IBM
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Name of the company |
NET-LINK INFOCOM PRIVATE LIMITED |
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Presented By |
Mr. Haresh Vallabhbhai Virani |
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1) Date and description of instrument creating the change |
Agreement
dated 22.07.2002, between NET-LINK INFOCOM PRIVATE LIMITED of the one part and
State Bank of Saurashtra of the other part. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stocks
of computer system |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In
consideration of State Bank of Saurashtra having agreed to sanction cash
credit facility to Net-Link Infocom Private Limited up to the limit of Rs.
0.500 Millions it was agreed interalia as follows The
bank is entitled to charge interest at the rate of 1.25 % over the State Bank
of India advance rate with a minimum of 12.75 % p.a. with Monthly rests. Bank
is also entitled to charge 2 % penal interest over the normal rate of
interest. Property
charged for the said advance will be raw materials like computer parts, semi
finished goods and finished goods like computer system keyboard, multimedia
etc. Company
hereby agrees to pay on demand. However the said facility will be available
for one year subject to review from time to time. Company
hereby agrees to submit stock statements on monthly intervals as described in
the agreement. |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of Saurashtra, Mavdi Plot Branch |
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6) Date and brief description of instrument modifying the charge |
Supplemental
General Agreement dated 02.09.2005 between NET-LINK INFOCOM PRIVATE LIMITED
of the one part and STATE BANK OF SAURASHTRA of the other part. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
In
consideration of State Bank of Saurashtra having agreed to sanction
additional cash credit facility to Net-Link Infocom Private Limited up to the
limit of Rs. 3.000 Millions i.e. total Rs. 5.000 Millions as under :l
Margin
on the security offered will be as under
However
a minimum overall margin of 25 % should be maintained in Banks favour. The
advance shall be primarily secured by way materials like computer parts form
semi Philips, Sony Limited and other semi finished goods and finished goods
like computers assembled receivables. TPG of
Mr. Vasantbhai L. Mangrolia, Vinodbhai Vekaria, Hansaben M Vekaria worth Rs.
3.716 Millions, Rs. 5.578 Millions and Rs. 2.588 Millions booked by extension
of charge over the Reside Building in the name of Vasantbhai L Mangrolia at 2nd
Floor Sadguru Tower, Kalawad Road, Rajkot Valued of Rs. 3.355 Millions and E.
M. of Residential Building at Pramukh Co-Operative Housing Society Plot No.
17 A, registered in the name of
Hansaben M Vekaria valued Rs. 2.101 Millions. Working
Capital Limits are repayable on demand. However the facility shall be mad
available for a period of one year subject to review from time to time when
they may be cancelled depending upon the conduct and utilization of the
advance. Working
capital limits shall carry rate of interest 1.25 % over S.B. Advance rate
However minimum shall be 12.25 % p.a. with quarterly rests. |
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Corporate
identity number of the company |
U72200GJ2002PTC040616 |
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Name
of the company |
NET-LINK
INFOCOM PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
227, Arthik Bhavan, Nr. Bombay
Garage Petrol Pump, Gondal Road, Rajkot - 360 002, Gujarat |
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This
form is for |
Modification
of charge |
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Type
of charge |
Hypothecation |
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Particular
of charge holder |
State
Bank of Saurashtra Mavdi
Plot, Rajkot – 360004, Gujarat, India |
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Date
of instrument Creating the charge |
12/08/2006 |
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Amount
secured by the charge |
Rs.
6.500 Millions |
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Brief
of the principal terms an conditions and extent and operation of the charge |
Rate
on Interest @ 1.25 % over Prime Lending rate with minimum of 12.25 % p.a.
with monthly rests, subject to revision form time to time. However
a minimum overall Margin of 25 % should be maintained Company
hereby agrees to pay on demand however, the said facility will be available
for one year subject to review from time to time Company
herby agrees to submit stock statement on monthly intervals and as per
described in the agreement. |
|
Description
of the property charged indicating whether it is a charged on |
Plant
and Machinery, Book debts and Fixed Assets Stock
in trade |
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Particulars
of the property charged |
Property
charged for the said advance will be aw materials like computer parts, semi
finished goods and finished goods like
computer systems, key board, mouse etc. situated at registered office
at 227, Arthik Bhavan, Nr. Bombay Garage Petrol
Pump, Gondal Road, Rajkot – 360 002, Gujarat or in Godown of the
company or any other places present ot future more details agreement attached
herewith. |
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Charge
identification number of the charge to be modified |
90105848 |
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Brief
description of the instrument modifying the charge under section 135 |
Supplemental
General Agreement for the Grand of small
industrial Advances and hypothecation of Movables, Book debts, and
other assets dated 12.08.2006 |
|
Particulars
of the present modification |
In
consideration of State Bank of Saurashtra Having agreed to sanction
additional Cash Credit facility upto the limit of Rs. 1.500 Millions i.e.
total limit Rs. 6.500 Millions |
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.44.17 |
|
UK
Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|