MIRA
INFORM REPORT
|
Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
FLAIR TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
D/2, Shankarao More Housing Society, 1/15 Karvenagar, Pune
– 411 029, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
08.11.2000 |
|
|
|
|
Com. Reg. No.: |
25-015527 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900PN2000PTC0155527 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00678G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACF6265H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
The company is engaged in Design & Convert Hardware & Computer Networking. |
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 11000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is engaged in Design and Convert Hardware & Computer Networking. Trade relations are fair. Payments are usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
D/2, Shankarao More HSG Society, 1/15 Karvenagar, Pune –
411 029, |
|
Tel. No.: |
91-20-30914358 |
|
Fax No.: |
91-20-25412340 |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Balkrishn D. Kondalkar |
|
Designation : |
Director |
|
Address : |
A/23, Hill view Residency, Baner, Pune – 411 038, |
|
Date of Appointment : |
|
|
|
|
|
Name : |
Mr. Satish D. Kondalkar |
|
Designation : |
Director |
|
Address : |
D/2, Shankarrao More HSG Society, 1/15 Karvenagar, Pune –
411 038, |
|
Date of Appointment : |
|
|
|
|
|
Name : |
Mr. Ashwini B. Kondalkar |
|
Designation : |
Director |
|
Address : |
A/23, Hill view Residency, Baner, Pune – 411 038, |
|
Date of Appointment : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Kondalkar D Balkrishn |
|
33760 |
|
Kondalkar D Satish |
|
11240 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Directors or relatives of Directors |
|
100.000 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in Design & Convert Hardware & Computer Networking. |
GENERAL INFORMATION
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Subhash Shinde & Associates Chartered Accountant |
|
Address : |
993/B Anand Apartments, Office No. 1, Sadashiv Peth, Pune 411 030, |
|
Tel. No.: |
91-20-24433232 |
|
Mobile No.: |
91-9422032385 |
|
|
|
|
Associates/Subsidiaries : |
Flair Telecom |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.450
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.450 |
0.450 |
0.450 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.398 |
0.494 |
0.328 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.848 |
0.944 |
0.778 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.220 |
1.108 |
0.376 |
|
|
2] Unsecured Loans |
0.225 |
0.224 |
0.603 |
|
|
TOTAL BORROWING |
0.445 |
1.332 |
0.979 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3.293 |
2.276 |
1.757 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.859 |
1.037 |
0.067 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.093 |
1.036 |
0.025 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.605 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.108 |
0.108 |
0.066 |
|
|
Sundry Debtors |
3.047 |
3.047 |
2.065 |
|
|
Cash & Bank Balances |
0.063 |
0.063 |
0.041 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
0.345 |
0.345 |
0.127 |
|
Total
Current Assets |
4.464
|
3.563 |
2.299 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.983 |
3.983 |
0.655 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities |
5.138
|
3.983 |
0.655 |
|
|
Net Current Assets |
[0.674]
|
(0.420) |
1.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.015 |
0.018 |
0.021 |
|
|
|
|
|
|
|
|
TOTAL |
3.293 |
2.276 |
1.757 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales
Turnover [including other income] |
19.521 |
10.521 |
6.827 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2.806 |
0.462 |
0.302 |
|
Provision for Taxation |
0.902 |
0.312 |
0.122 |
|
Profit/(Loss) After Tax |
1.904 |
0.150 |
0.180 |
|
|
|
|
|
|
Total Expenditure |
16.715 |
10.059 |
6.525 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
9.75
|
1.43 |
2.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.37
|
4.39 |
4.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.31
|
7.40 |
12.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.98
|
0.49 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.96
|
5.63 |
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
0.89 |
3.51 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
FLAIR
TECHNOLOGIES PRIVATE LIMITED |
|
Presented By |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
|
1) Date and description of instrument creating the change |
1. Agreement of Hypothecation
of Movable Property dated 2. Equitable mortgage by
deposit of title deeds dated (Both the instrument create a single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.700 Million |
|
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 |
The Borrowers
doth do hereby hypothecate to and in favour of the Bank all the tangible
Movable Property (both present and future) belonging to the Borrowers and lying
at the borrower’s place of business at Shop No. 1, Ganga Lahari, 36/2/1,
Karvenagar, Pune - 52 or whether else
the same may be kept. The Borrowers
doth do hereby hypothecate to and in favour of the Bank and doth hereby charge to the Bank by way of First
charge all the outstanding Book debts, money receivable, claims and approved Book debts, due to the
Borrower and bills which are now due
and owing. All that piece or
parcel of Shop No. 1 admeasuring about 200 Sq. fts (Built up) on the Ground
floor of the building no. 11 known as “Ganga Lahari” constructed on the
property bearing plots no. 110+111+112 out sanctioned layout of No. 36/2/1 of
Karvenagar, Taluka – Haveli, District Pune together with all fixtures,
furniture and fittings in the said shop. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
|
5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative Bank Limited Ganesh Nagar
Branch, Pune 411 052. |
|
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 |
Bankers Charges
Report as per Registry
|
Name of the company |
FLAIR
TECHNOLOGIES PRIVATE LIMITED |
|
Presented By |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
|
1) Date and description of instrument creating the change |
1. Agreement of further charge
dated 2. Equitable mortgage by deposit
of title deeds dated (Both the instrument create a single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500 Million |
|
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 |
The Borrower doth
do hereby hypothecate to and in favour of the Bank all the current and fixed
assets viz. stocks of Raw materials,
finished and semi finished goods, trade debts, plants and machinery,
furniture, fixtures other equipments (both present and future) and every
tangible movable property belonging to the borrowers and lying at the
borrowers place of business at Shop No. 1, Ganga Lahari 36/2/1, Karvenagar,
Pune 52 or whether else the same may be kept. All that piece or
parcel of Shop No. 1 admeasuring about 200 Sq. fts (Built up) on the Ground
floor of the building no. 11 known as “Ganga Lahari” constructed on the
property bearing plots no. 110+111+112 out sanctioned layout of No. 36/2/1 of
Karvenagar, Taluka – Haveli, District Pune together with all fixtures,
furniture and fittings in the said shop |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
|
|
5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative Bank Limited Ganesh Nagar
Branch, Pune 411 052. |
|
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 |
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 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. 40.96 |
|
|
1 |
Rs. 82.55 |
|
Euro |
1 |
Rs. 55.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|