MIRA
INFORM REPORT
|
Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MINTAS MARKETING PRIVATE LIMITED |
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Formerly Known As : |
COMTEL INFOSYSTEMS PRIVATE LIMITED |
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Registered Office : |
B – 102, Radha Building, Borsa Pada Road, Kandivali (West), Mumbia –
400067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.12.1992 |
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Com. Reg. No.: |
070041 |
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CIN No.: [Company
Identification No.] |
U52334MH1992PTC070041 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM18127E |
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PAN No.: [Permanent
Account No.] |
AAACM2965R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject Provides Products and Application Development and Testing
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. |
Small |
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Maximum Credit Limit : |
USD 2360 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. Trade relations are
fair. No payments records or other information are available. The company can be considered for small to mediocre business dealings
at usual trade terms ad conditions. |
LOCATIONS
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Registered Office : |
B – 102, Radha Building, Borsa Pada Road, Kandivali (West), Mumbia –
400067, Maharashtra, India |
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Tel. No.: |
91-22-56338292 |
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E-Mail : |
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Navi Mumbai office : |
301, Building No. 4, Sector – 3, Millennium Business Park, Mhape, Navi
Mumbai – 400701, Maharashtra |
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Tel. No.: |
91-22-27780268 / 69 |
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Fax No.: |
91-22-27780271 |
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E-Mail : |
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Mumbai Office : |
39 / B, Suren Road, Near Cine Magic, Chakala, Andheri (East), Mumbai –
400093, Maharashtra |
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Tel. No.: |
91-22-40919000 |
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Fax No.: |
91-22-65023314 |
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E-Mail : |
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DIRECTORS
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Name : |
Mr. Jai prakash D. Gupta |
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Designation : |
Director |
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Address : |
B – 102, Radha Building, Borsa Pada Road, Kandivali (West), Mumbia –
400067, Maharashtra |
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Qualification : |
M A in Business Management |
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Date of Birth/Age : |
27.09.1960 |
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Date of Appointment : |
18.12.1992 |
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Name : |
Mrs. Vineeta J. Gupta |
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Designation : |
Director |
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Address : |
B – 102, Radha Building, Borsa Pada Road, Kandivali (West), Mumbia –
400067, Maharashtra |
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Date of Birth/Age : |
31.01.1963 |
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Date of Appointment : |
20.05.1999 |
KEY EXECUTIVE
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Name : |
Mr. Praveen Gupta |
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Designation : |
Chief Executive Officer |
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Qualification : |
B E |
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Experienced : |
15 years |
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Name : |
Mr. Vijay Nevrekar |
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Designation : |
Chief Marketing Officer |
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Qualification : |
B E |
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Name : |
Mr. Sunil Gupta |
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Designation : |
Chief Finance Officer |
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Qualification : |
B.Com |
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Name : |
Mr. Sushil Gupta |
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Designation : |
Financial Advisor |
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Qualification : |
B.Com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mrs. Vineeta J. Gupta |
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500 |
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Mr. Jaiprakash D. Gupta |
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490 |
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Mr. Jagat Prakash D. Gupta |
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10 |
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Percentage of
Holding |
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Directors of relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject Provides Products and Application Development and Testing
Services |
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GENERAL
INFORMATION
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No. of Employees : |
12 |
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Bankers : |
˛ Bank of Baroda ˛ Saraswat
C-operative Bank ˛
Punjab and
Sind Bank J.K. Somani Building,
British Hotel Lane, Fort, Mumbai – 400023, Maharashtra E-Mail: fortmum@psb.co.in |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jagdish Bansal and Associates Chartered Accountants |
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Address : |
1214, Navjivan Commercial Building No. 3, lamington Road, Mumbai
Central – 400008, Maharashtra |
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Associates/Subsidiaries : |
ł Contel Software
Private Limited ł Comtel Services
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.490 |
0.443 |
0.382 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.590 |
0.543 |
0.482 |
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LOAN FUNDS |
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1] Secured Loans |
0.374 |
1.488 |
0.180 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.374 |
1.488 |
0.180 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.964 |
2.031 |
0.662 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.143 |
0.169 |
0.035 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.530 |
1.312 |
1.243 |
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Sundry Debtors |
2.060 |
2.947 |
0.783 |
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Cash & Bank Balances |
0.612 |
0.330 |
0.171 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.244 |
0.071 |
0.054 |
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Total
Current Assets |
5.446 |
4.660 |
2.251 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.625 |
2.798 |
1.624 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
4.625 |
2.798 |
1.624 |
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Net Current Assets |
0.821 |
1.862 |
0.627 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.964 |
2.031 |
0.662 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2004 |
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Sales Turnover |
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11.649 |
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Other Income |
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1.141 |
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Total Income |
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12.790 |
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Profit/(Loss) Before Tax |
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0.119 |
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Provision for Taxation |
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0.047 |
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Profit/(Loss) After Tax |
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|
0.071 |
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Expenditures : |
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Cost of Goods Sold |
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10.818 |
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Depreciation & Amortization |
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0.007 |
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Other Expenditure |
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1.847 |
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Total Expenditure |
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12.672 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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NA |
0.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
1.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
5.20 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.83
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5.15 |
3.36 |
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Current Ratio (Current Asset/Current Liability) |
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1.17
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1.66 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
˛
Air Conditioner
˛
Computers with Printers
˛
Furniture and Fixture
Form 8:
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Name of the company |
MINTAS MARKETING PRIVATE LIMITED |
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Presented
By |
Jointly by
company and charge holder, i.e. Punjab and Sind Bank |
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1) Date and description of instrument creating the change |
16th February,
2005 1. Agreement of
hypothecation of debts and asserts to secure ODP 2. Letter of
hypothecation for inland / foreign bills purchased / advances against bills
for collection i.e. cheque purchase limit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.550 million |
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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 |
Railway receipts,
goods transport receipts, delivery orders, bills of leading, post parcels or
other documents of title. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Security by
way of first charge. 2. Interest at
the rate of2% p. a over PLR rate subject to minimum 13% 3. Overdue
interest @4%p.a. over PLR subject to minimum 15% interest p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind
Bank Fort Branch,
Mumbai |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U52334MH1992PTC070041 |
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Name of the
Company |
MINTAS MARKETING PRIVATE LIMITED |
|
Address |
B – 102, Radha Building, Borsa Pada Road, Kandivali (West), Mumbia – 400067, Maharashtra |
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This form is for |
Creation of
charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Punjab and Sind
Bank J.K. Somani
Building, British Hotel Lane, Fort, Mumbai – 400023, Maharashtra E-Mail: fortmum@psb.co.in |
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Amount secured by
the charge |
Rs.1.270 millions |
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Brief of the
principal terms and conditions |
1. Security by
way of first charge 2. interest @2%
p.a. over PLR subject to minimum 13.5% 3. 25% margin on
ODP and 25% on loan against LIC policies |
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Description of
the property charged indicating |
Stock in trade,
Plant and machinery, book debts, fixed deposit, intangible assets and
furniture and fixtures All current and
fixed assets of the company |
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Date of
Instrument creating charge |
10.07.2006 |
As Per Web Details Attached
Company Profile:
Subject
provides a range of services that include product and application development
and testing services.
They offer a world class infrastructure, the technology; the ability to readily
hire talent with domain expertise and a time tested and streamlined offshore
process. They also offer immense scalability on the resources and
infrastructure and can tailor the offshore model to specific needs. This allows
their clients to scale up or down according to requirements and provides
immediate or phased development objectives at a favourable cost structure.
Subject operates from a state-of-the-art Offshore Development Facility located
at Mhape, Navi Mumbai, a satellite technology township close to Mumbai, India.
As
part of a well-established Rs. 260.000 millions (approx. $ 5.8 million)
business group, they have the advantage of a sound financial standing. They
recognize the increasing trend on outsourced services in the global economy and
have charted a rapid expansion of their existing infrastructure and resources
to meet large customer outsourcing requirements with little or no turn around
time.
With
a 15-year history in the IT hardware industry, Subject has acquired immense
expertise in undertaking large turnkey IT infrastructure projects and has
carved a niche in the stock broker industry.
Their Core Business Value
Their
business philosophy is focused around a “partner” model that builds mutual
trust between them and their clients and a drive towards delivering services
with professionalism and skill. These values are the foundation on which they
aspire to grow along with their clients.
News:
January 9, 2006: Comtel diversifies into offshore software
services
Comtel signs it first offshore software services deal with a US based
Life Sciences company. The scope includes services such as software
development, quality assurance and testing of the client’s range of products as
well as documentation and technical writing.
October 2, 2006: Expansion plans continue as Comtel opens new
development facility
Comtel acquired 7000 sq. ft. of premises at Millennium Business Park,
Mhape, and the IT Software hub of Mumbai. Comtel strategically decided to
set-up this highly scalable state-of-the art facility to cater to the growing
outsourcing requirement globally.
Comtel believes that it has the potential to command a significant
market share in the global outsourcing business and has positioned itself to
cater to speciality areas of outsourcing.
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.39.34 |
|
UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
28 |
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. |
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 |
|