MIRA
INFORM REPORT
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Report Date : |
07.07.2007 |
IDENTIFICATION DETAILS
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Name : |
CYGNET COMPUTERS PRIVATE LIMITED |
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Registered Office : |
49-B, Sri Krishnapuri, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.07.1993 |
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Com. Reg. No.: |
5399 |
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CIN No.: [Company
Identification No.] |
U00367JH1993PTC005399 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Computer Networking Services. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 7000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are however reported as usually
correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
49-B, Sri Krishnapuri, |
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Head Office : |
183, S K Puri, Patna-800001, |
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Tel. No.: |
91-612-239714 |
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Fax No.: |
91-612-225199 |
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E-Mail : |
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Factory 1 : |
46-B, S K Puri, Patna-800001, |
DIRECTORS
Not Available
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Shiv Nandan Prasad |
3350 |
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Mrs. Poonam Sinha |
950 |
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Ms. Suchi Shivam |
450 |
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Ms. Suruchi Shivam |
250 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Providing Computer Networking Services. |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Arvind Arpan & Associates Chartered Accountants |
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Address : |
20, BSIDC Colony, Dr. Rameswar Dayal Path, Boring Road, Patna-800013, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
1.000 |
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2] Share Application Money |
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0.115 |
0.000 |
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3] Reserves & Surplus |
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0.226 |
0.073 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.841 |
1.073 |
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LOAN FUNDS |
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1] Secured Loans |
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0.810 |
0.423 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.810 |
0.423 |
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DEFERRED TAX LIABILITIES |
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0.038 |
0.026 |
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TOTAL |
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2.689 |
1.522 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.108 |
0.098 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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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4.265 |
1.382 |
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Sundry Debtors |
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10.448 |
1.154 |
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Cash & Bank Balances |
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0.808 |
0.201 |
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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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0.240 |
0.100 |
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Total
Current Assets |
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15.761 |
2.837 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.057 |
1.381 |
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Provisions |
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0.123 |
0.032 |
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Total
Current Liabilities |
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13.180 |
1.413 |
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Net Current Assets |
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2.581 |
1.424 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2.689 |
1.522 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Total Income |
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2.500 |
1.500 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.60 |
1.71 |
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Current Ratio (Current Asset/Current Liability) |
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1.19 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U00367JH1993PTC005399 |
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Name of the company |
CYGNET COMPUTERS PRIVATE LIMITED |
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Address |
49-B, Sri Krishnapuri, |
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This Form is for |
Modification of charge |
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Type of Charges |
Movable property Hypothecation of stocks in trade |
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Particular of the charge holder |
State Bank of |
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Nature or description of the instrument creating charge |
Agreement of hypothecation and letter of arrangement already
registered. Loan cum hypothecation agreement dated 25.10.2006. |
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Date of the instrument creating charge |
25.10.2006 |
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Amount Secure by the charge |
Rs.3.865 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Cash credit : 11.50% with monthly rest Term loan (Vehicle loan) : 8.75% p.a. with monthly rest. Terms of repayment : Cash Credit on demand and term loan in 60 monthly installments. Margin : Working capital : Rs.25% Term Loan : 18.90% Extent and operation of the charge : Hypothecation of stocks in trade, machine, vehicle and other furniture
and fixtures and all movable assets of the company kept in shop or godown else
where as primary security |
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Modification charge Charge identification number of the charge to be modified |
90264401 |
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Particulars of the Property charged |
Stock in trade, motor car, plant and machinery, furniture and
fixtures. |
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Date of latest modification prior to the present modification |
13.07.2006 |
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Particulars of present modification |
Term Loan (Vehicle loan) : of Rs.0.365 millions financed on 25.10.2006
at the rate of 8.75% with margin of 18.90%. thus over all limit has been
increased from Rs.3.500 millions to Rs.3.865 millions. |
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Corporation identity number or foreign company registrations number of the company |
U00367JH1993PTC005399 |
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Name of the company |
CYGNET COMPUTERS PRIVATE LIMITED |
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Address |
49-B, Sri Krishnapuri, |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts Movable property Hypothecation of stocks in trade |
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Particular of the charge holder |
State Bank of |
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Nature or description of the instrument creating charge |
Letter of arrangement and supplement agreement of hypothecation dated
13.01.2007 |
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Date of the instrument creating charge |
13.01.2007 |
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Amount Secure by the charge |
Rs.4.865 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Cash credit limit @ 0.75% p.a.
above SBAR i.e. present effective rate of interest is 12.25% p.a. and term
loan (vehicle loan) @ 8.75% p.a. with monthly rest. Terms or repayment : Cash credit on demand and term loan is 60 monthly installments. Margin : Cash credit limit : 25% margin of finished goods Bank guarantee : Upto Rs.0.500 millions : Rs.33.33% Over Rs.0.500 millions to rs.2.500 millions : 75% Term loan (Vehicle loan) : 18.90% Extent and operation of the charge : Cash credit : Hypothecation of stocks of computers and other stocks,
book debts and all receivable and collateral security of NSc/ STDR worth of
Rs.0.660 millions standing in the name of directors/ borrowers Bank guarantee : Extension of charge on current assets obtained to
cover working capital facility Bank guarantee : Extension of charge on current assets obtained to
cover working capital facility. Term loan : Hypothecation of vehicles. |
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Modification charge Charge identification number of the charge to be modified |
90264401 |
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Date of latest modification prior to the present modification |
24.12.2006 |
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Particulars of present modification |
Cash credit limit enhanced from Rs.1.000 millions to Rs.2.000 millions
on 13.01.2007 @ interest rate of 12.25% with margin 25%. Thus over all limit
of loan including BG and term loan has been increased from Rs.3.865 millions
to Rs.4.865 millions. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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1 |
Rs.81.29 |
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Euro |
1 |
Rs.54.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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32 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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