MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
C NET COMMUNICATION INDIA PRIVATE LIMITED |
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Registered Office : |
A -37, Mayapuri Industrial Area, Phase II, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.10.1994 |
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Com. Reg. No.: |
062066 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC062066 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides communication software products and solutions to
global communication and service providers. |
RATING & COMMENTS
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MIRAs 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 276736 |
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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 well-established and reputed company having satisfactory
track records. Directors are reported experienced 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
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Registered Office : |
A -37, Mayapuri Industrial Area, Phase II, |
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Tel. No.: |
91-11-28117666 / 28117667 / 28117668 |
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Fax No.: |
91-11-28115355 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. Mohit Verma |
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Designation : |
Director |
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Address : |
F 10/2, Vasant Vihar, |
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Date of Birth/Age : |
09.08.1969 |
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Date of Appointment : |
11.10.1944 |
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Name : |
Mr. Anoop Kumar |
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Designation : |
Director |
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Address : |
A 97, Sector 26, Noida 201 301, Gautam Budh Nagar, Uttar Pradesh |
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Date of Birth/Age : |
04.10.1952 |
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Date of Appointment : |
27.11.1999 |
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Name : |
Mrs. Rachna Kumar |
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Designation : |
Director |
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Address : |
A 97, Sector 26, Noida 201 301, Gautam Budh Nagar, Uttar Pradesh |
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Date of Birth/Age : |
25.12.1959 |
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Date of Appointment : |
27.01.1995 |
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Name : |
Mrs. Neelam Verma |
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Designation : |
Director |
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Address : |
F 10/2, Vasant Vihar, |
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Date of Birth/Age : |
29.08.1947 |
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Date of Appointment : |
22.12.1999 |
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Name : |
Mr. Yash Paul Verma |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names Of Shareholders |
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No. of Shares |
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Mr. Anoop Kumar |
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75,000 |
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Mrs. Rachna Kumar |
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38,000 |
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Mr. Y P. Verma |
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7,520 |
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Mr. Mohit Verma |
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5,480 |
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Mr. Rohit Verma |
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2,000 |
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Mrs. Neelam Verma |
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1,500 |
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M/S Flora Sales Privae Llimited |
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9,600 |
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M/S Adarsha Electronics Private Limited |
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7,500 |
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M/S Advance Farming Private Limited |
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30,400 |
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M/S Shreekant Chem.. Indus. Limted |
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25,000 |
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M/S Conelec Consultants Private Limited |
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2,500 |
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M/S Technovision Private Limited |
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2000 |
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M/S Steve Elecronics Private Limited |
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17,500 |
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M/S Alpha Comm.. Ent. Ltd. |
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11,000 |
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Total |
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2,35,000 |
Equity share breakup (percentage of total equity
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S. No. |
Category |
Percentage |
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1 |
bodies corporate (not mentioned above) |
45.00 |
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2 |
Directors or relative of direcors |
55.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject provides communication software products and solutions to
global communication and service providers. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
More than 100 |
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Bankers : |
State Bank Of Commercial Branch, Naraina, Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kumar Sharma and Company Chartered Accountants |
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Address : |
302 303, |
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Tel No.: |
91-11-23275810 / 23271611 |
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Fax No.: |
91-11-23255483 |
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E Mail: |
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Partners: |
Pepsi, Hutch |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,00,000 |
Equity |
Rs 100/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,35,000 |
Equity |
Rs 100/- each |
Rs. 23.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.500 |
23.500 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.684 |
40.271 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
69.184 |
63.771 |
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LOAN FUNDS |
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1] Secured Loans |
1.699 |
3.108 |
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2] Unsecured Loans |
0.020 |
0.020 |
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TOTAL BORROWING |
1.719 |
3.128 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
70.903 |
66.899 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.881 |
38.595 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.781 |
0.241 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.229
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32.528 |
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Sundry Debtors |
11.438
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18.319 |
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Cash & Bank Balances |
0.867
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3.353 |
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Other Current Assets |
1.102
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0.825 |
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Loans & Advances |
7.158
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19.512 |
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Total
Current Assets |
43.794
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74.537 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.492
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46.487 |
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Provisions |
0.061
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0.000 |
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Total
Current Liabilities |
18.553
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46.487 |
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Net Current Assets |
25.241
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28.050 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.013 |
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TOTAL |
70.903 |
66.899 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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44.281 |
90.836 |
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Other Income |
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41.437 |
42.303 |
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Total Income |
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85.718 |
133.139 |
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Profit/(Loss) Before Tax |
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7.723 |
10.338 |
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Provision for Taxation |
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2.520 |
0.000 |
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Profit/(Loss) After Tax |
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5.203 |
10.338 |
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Imports : |
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Raw Materials |
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Stores & Spares |
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3.837 |
-- |
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Capital Goods |
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Others |
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Total Imports |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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77.455 |
121.791 |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Financial Charges |
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0.540 |
1.010 |
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Total Expenditure |
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77.995 |
122.801 |
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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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6.06 |
7.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
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17.44 |
11.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.70 |
9.13 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.26 |
0.72 |
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Current Ratio (Current Asset/Current Liability) |
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2.36 |
1.60 |
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 |
U74899DL1994PTC062066 |
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Name of the company |
C NET COMMUNICATION INDIA PRIVATE LIMITED |
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Address |
A -37, Mayapuri Industrial Area, Phase
II, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property, any interest in immovable property, book debts, movable property (not being pledge), all current and fixed assets |
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Particular of the charge holder |
State Bank Of Commercial Branch, Naraina, |
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Nature or description of the instrument creating charge |
SME -1 letter of arrangement SME 4 agreement |
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Date of the instrument creating charge |
09.03.2007 |
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Amount Secure by the charge |
Rs. 30.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of interest: At SBAR b) Terms of repayment: Repayable on demand c) Margin: Raw material: indigenous 25% Finished goods: 25% Domestic receivables: 25% d) Extent and operation of the charge: First charge on current assets including stock and book debts. EM of land and building at F -31, sector -6, Noida and unit no. 410 -413 and 425 4th floor, A wing, Bhaveshwar Arcade, Sanghavi Estate, IBS Marg, Ghatkopar, Mumbai 100 086. First charge on all the plant and machinery and other fixed assets of the company. |
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Description of the property charge whether it is a charge on |
First charge on current assets including stock and book debts. EM of land and building at F -31, sector -6, Noida and unit no. 410 -413 and 425 4th floor, A wing, Bhaveshwar Arcade, Sanghavi Estate, IBS Marg, Ghatkopar, Mumbai 100 086. First charge on all the plant and machinery and other fixed assets of the company. |
As per website
details:
About them
Subject Is a specialist in consumer electronics and
communication equipment for the satellite and cable TV industry. The company was
incorporated in 1994 as a complete solutions provider for "pay TV
channels" in
subject has service centers located at key cities in India to provide after
sales service and other technical support to cable operators and DTH
(direct-to-home) customers in India and neighboring countries (Sri Lanka,
Bangladesh and Nepal).
Subject has staff strength of more than 100 professionals who are acquainted
with new generation development and latest technologies.
Solutions
Subject is a leading provider of cutting edge communication software products & solutions to global communication OEMS and service providers.
Broadly, their products and solutions for telcos can be categorized into:
1. Value Added Network Services
2. BILLING
3. Customer Care
4. Revenue Assurance
5. Web Applications
6. Mobile Applications
7. J2ME APPLICATION
8. J2ME/SMS/WAP Gaming
9. SMS Data Transfer
10. SMS/WAP/J2ME Based
11. IM Based Application
Their solutions have be deployed by a number of telcos to
enhance operational efficiency, reduce expenses and implement innovative
revenue-enhancing services. They have been tested on large wire line and
wireless networks in
Coming at an affordable
price range, the solution set from subject communication is very attractive to
both emerging operators - who need affordable but robust and reliable products;
and to established operators having large customer bases - who are constantly
seeking to implement innovative & value added services to beat the competition
and to reduce churn.
With an excellent team for implementation and
enhancement/customization, they can get them installed and ready-to-go within
days.
Services
Subject is a leading provider of cutting edge communication software products & solutions to global communication OEMS and service providers.
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 Intl
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 companys 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.40.41 |
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1 |
Rs.81.23 |
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Euro |
1 |
Rs.55.00 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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45 |
This score serves as a reference to assess SCs 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 |
|
|
>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 |
|
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 |
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