MIRA INFORM REPORT
|
Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
KARAN
SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B
– 7 Kumar Castle, 1979, Convent Street, Opposite St. Anne’s High Scholl, Pune
– 411001, Maharashtra |
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|
|
|
Country : |
India |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.03.1998 |
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Com. Reg. No.: |
11-114129 |
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CIN No.: [Company Identification No.] |
U30107MH1998PTC114129 |
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|
|
|
TAN No.: (Tax Deduction &
Collection Account No.) |
PNEK05317E |
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|
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PAN No.: (Permanent Account No.) |
AACCK1688B |
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Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer, Trader,
Dealer, Distributor, Assembler, Importer and Exporter of Computer,
Peripherals, Software, Hardware and related Electronics and Electrical Items. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000 |
|
|
|
|
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 company having satisfactory track. Directors are
reported as experienced, respectable and having satisfactory means of their
own. Their trade relations are reported as 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
|
Registered Office : |
B
– 7 Kumar Castle, 1979, Convent Street, Opposite St. Anne’s High Scholl, Pune
– 411001 |
|
Tel. No.: |
91-20-26340998 |
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E-Mail : |
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Factory 1 : |
B
– 7 Kumar Castle, 1979, Convent Street, Opposite St. Anne’s High Scholl, Pune
– 411001 |
|
Tel. No.: |
91-20-26340998 |
|
Location : |
Owned
|
DIRECTORS
|
Name : |
Mr. Rahul Mahendra Shah |
|
Designation : |
Director
|
|
Address : |
335,
Sachapir Street, Pune-411001, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1973 |
|
Date of Appointment : |
16.03.1998 |
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|
|
|
Name : |
Mrs. Rita Shirish Shah |
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Designation : |
Director
|
|
Address : |
335,
Sachapir Street, Pune-411001, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1971 |
|
Date of Appointment : |
16.03.1998 |
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|
|
|
Name : |
Mr. Shirish Mahendra Shah |
|
Designation : |
Managing
Director |
|
Address : |
335,
Sachapir Street, Pune-411001, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1969 |
|
Date of Appointment : |
31.031998 |
|
|
|
|
Name : |
Mr. Prakash Lalsingh
Chauhan |
|
Designation : |
Director
|
|
Address : |
13A,
Kalpana Housing Society, Yerawada, Pune-411013, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1968 |
|
Date of Appointment : |
31.03.1998 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Rahul M. Shah |
150 |
|
Mrs. Rita S. Shah |
150 |
|
Mr. Shirish M. Shah |
5300 |
|
Mr. Prakash L. Chauhan |
1000 |
|
Total |
6600 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader,
Dealer, Distributor, Assembler, Importer and Exporter of Computer,
Peripherals, Software, Hardware and Related Electronics and Electrical Items. |
GENERAL INFORMATION
|
No. of Employees : |
10 |
|
|
|
|
Bankers : |
v
Bank of Maharashtra,
Camp Branch, Pune-411001, Maharashtra, India v
ICICI Bank Limited,
Pune, Maharashtra, India |
|
|
|
|
Facilities : |
Cash
credit – Rs. 1.800 Millions ICICI
Bank Limited - Subject enjoys term loan facility of Rs. 0.027 million from
its bankers |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
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Auditors : |
D. N. Shah Chartered
Accountant |
|
Address: |
A5, Yashodeep Co-Operative
Society, Raman Baug Colony, Navi Peth, Pune-411030, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
10,000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
6600 |
Equity Shares |
Rs.100/- each |
Rs. 0.660 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.660 |
0.660 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2.957 |
2.732 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
NETWORTH
|
|
3.617 |
3.392 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.470 |
1.158 |
|
|
2] Unsecured Loans |
|
3.805 |
1.177 |
|
TOTAL
BORROWING
|
|
5.275 |
2.335 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
|
8.892 |
5.727 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block]
|
|
0.833 |
0.866 |
|
Capital work-in-progress
|
|
0.000 |
0.000 |
|
|
|
|
|
|
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INVESTMENT
|
|
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
|
5.462 |
1.194 |
|
|
Sundry Debtors
|
|
10.724 |
5.596 |
|
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Cash & Bank Balances
|
|
0.204 |
0.194 |
|
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Other Current Assets
|
|
0.000 |
0.000 |
|
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Loans & Advances
|
|
0.225 |
0.112 |
Total Current Assets
|
|
16.615 |
7.096 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
|
2.235 |
|
|
Provisions
|
|
|
|
Total Current Liabilities
|
|
8.556 |
2.235 |
|
Net Current
Assets
|
|
8.059 |
4.861 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
|
8.892 |
5.727 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
|
NA |
NA |
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|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
NA |
NA |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
NA |
NA |
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Return on Investment (ROI)
(PBT/Networth) |
|
|
NA |
NA |
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Debt Equity Ratio
(Total Liability/Networth) |
|
|
3.82 |
1.35 |
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|
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|
Current Ratio
(Current Asset/Current
Liability) |
|
|
1.94 |
3.17 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
|
Name of the company |
KARAM SOLUTIONS PRIVATE LIMITED |
|
Presented By |
Mr.
Shirish M. shah |
|
1) Date and description of
instrument creating the change |
03.09.1999 Hypothecation
of Stock and Book Debts Deed. |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.0.500
millions |
|
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 |
Hypothecation
of Stock, Book Debts, Furniture and Fixture, Office Machinery. |
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
As
per Deed copy attached. |
|
5) Name and Address and
description of the person entitled to the charge. |
Bank
of Maharashtra Khudamurad,
628/629, Sachapir
Street, Camp, Pune-411001,
Maharashtra, India |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
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. |
NA |
|
Name of the company |
KARAM SOLUTIONS PRIVATE LIMITED |
|
Presented By |
Mr.
Shirish M. shah |
|
1) Date and description of
instrument creating the change |
Deed
of hypothecation for cash credit facility dated 03.09.1999 for Rs.0.500
millions executed by the company in favour of Bank of Maharashtra, Camp
Branch, Pune-411001. |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Cash
Credit Rs.0.500 millions |
|
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 |
First
charge by way of hypothecation of current assets of the company stores and
spares and bills receivable, book debts and all other movables excluding such
movables as may be permitted by the Bank in its present and future wherever
situated. |
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
Rate
of interest @ 15.5% p.a. All
other terms and conditions as per hypothecation deed dated 03.09.1999 |
|
5) Name and Address and
description of the person entitled to the charge. |
Bank
of Maharashtra Camp,
Pune-411001, Maharashtra,
India |
|
6) Date and brief description of instrument
modifying the charge |
Deed
of hypothecation dated 09.06.2002 for Rs.1.400 millions executed by the
company enhanced to Rs.3.000 millions wide hypothecation deed dated
15.03.2002. |
|
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. |
Earlier
charge of Rs.0.500 millions + Rs.1.400 millions has now been modified to Rs.3.000
by hypothecation deed dated 15.03.2002. |
|
Name of the company |
KARAM
SOLUTIONS PRIVATE LIMITED |
|
Presented By |
Mr. Shirish M. shah |
|
1) Date and description of
instrument creating the change |
Deed of hypothecation for
cash credit facility dated 03.09.1999 executed by the company in favour of
Bank of Maharashtra, Camp Branch, Pune-411001. |
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Cash Credit Rs.0.500
millions |
|
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 |
First charge by way of
hypothecation of current assets of the company stores and spares and bills
receivable, book debts and all other movables excluding such movables as may
be permitted by the Bank in its present and future wherever situated. |
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
Rate of interest @ 15.5%
p.a. All other terms and
conditions as per hypothecation deed. |
|
5) Name and Address and
description of the person entitled to the charge. |
Bank of Maharashtra Camp Brach, Pune-411001, Maharashtra, India |
|
6) Date and brief description of instrument
modifying the charge |
A fresh deed of
hypothecation dated 29.06.2000 for Rs.1.400 millions was executed by the
company in favour of Bank of Maharashtra, Camp Branch, Pune. |
|
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.
|
Earlier charge of Rs.0.500
millions registered with ROC vide Serial No.6 on 30.09.1999 is now modified
for Rs.1.400 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.44.25 |
|
UK
Pound |
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.36 |
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 |
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 |
|
50 |
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
|
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 |