MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KOMAL SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Shop No.7, Shree Balaji Complex, Guruwar Peth, Pune – 411042,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
01.04.2004 |
|
|
|
|
Com. Reg. No.: |
019081 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72200PN2004PTC019081 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealer of Computer Hardware and Peripherals. |
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 9800 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Nitin |
|
Designation : |
Sales Executive |
|
Date : |
12.12.2008 |
LOCATIONS
|
Registered Office : |
Shop No.7, Shree Balaji Complex, Guruwar Peth, Pune – 411042,
Maharashtra, India |
|
Tel. No.: |
91- 9422310498 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Himmatlal Gundulal Shah |
|
Designation : |
Director |
|
Address : |
B2/ 2, Ganesh Market, Bibwewadi, Kondhawa Road, Pune – 411037,
Maharashtra, India |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mr. Neelesh Himmatlal Shah |
|
Designation : |
Director |
|
Address : |
B2/ 2, Ganesh Market, Bibwewadi, Kondhawa Road, Pune – 411037,
Maharashtra, India |
|
Date of Appointment : |
01.04.2004 |
|
Tel No.: |
91- 20- 24467521/ 24467565 |
|
Mob No.: |
91- 9890852777 |
|
Email : |
|
|
|
|
|
Name : |
Mrs. Shaila Himmatlal Shah |
|
Designation : |
Director |
|
Address : |
B2/ 2, Ganesh Market, Bibwewadi, Kondhawa Road, Pune – 411037,
Maharashtra, India |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Name : |
Mrs. Ashwini Neelesh Shah |
|
Designation : |
Director |
|
Address : |
B2/ 2, Ganesh Market, Bibwewadi, Kondhawa Road, Pune – 411037,
Maharashtra, India |
|
Date of Appointment : |
01.04.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin |
|
Designation : |
Sales Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Himmatlal Gundulal Shah |
|
2224 |
|
Mr. Neelesh Himmatlal Shah |
|
1128 |
|
Mrs. Shaila Himmatlal Shah |
|
681 |
|
Mrs. Ashwini Neelesh Shah |
|
964 |
|
|
|
4997 |
AS ON 29.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Computer Hardware and Peripherals. |
GENERAL
INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arjunwadkar and Associates Chartered Accountant |
|
Address : |
B2/ 21, Todkar Garden, Bibvewadi Kondhwa Road, Pune – 411037,
Maharashtra, India |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- Each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- Each |
Rs.0.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.467 |
0.642 |
0.226 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1.967 |
1.142 |
0.726 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.911 |
3.809 |
1.949 |
|
|
2] Unsecured Loans |
6.825 |
0.406 |
0.055 |
|
|
TOTAL BORROWING |
11.736 |
4.215 |
2.004 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.004 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
13.703 |
5.362 |
2.734 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.383 |
1.184 |
1.295 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.063 |
0.063 |
0.051 |
|
|
DEFERREX TAX ASSETS |
0.206 |
0.178 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.225
|
4.446 |
1.779 |
|
|
Sundry Debtors |
21.218
|
18.502 |
8.752 |
|
|
Cash & Bank Balances |
1.118
|
0.422 |
0.026 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.394
|
1.599 |
0.105 |
|
Total
Current Assets |
29.955
|
24.969 |
10.662 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
16.731
|
20.530 |
9.183 |
|
|
Provisions |
1.191
|
0.527 |
0.124 |
|
Total
Current Liabilities |
17.922
|
21.057 |
9.307 |
|
|
Net Current Assets |
12.033
|
3.911 |
1.353 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.016 |
0.025 |
0.033 |
|
|
|
|
|
|
|
|
TOTAL |
13.703 |
5.362 |
2.734 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
Sales Turnover |
223.640 |
157.314 |
78.231 |
|
Other Income |
|
|
|
|
Total Income |
|
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.456 |
0.639 |
0.355 |
|
Provision for Taxation |
0.535 |
0.402 |
0.129 |
|
Profit/(Loss) After Tax |
0.921 |
0.237 |
0.226 |
|
|
|
|
|
|
Total Expenditure |
222.184 |
156.675 |
77.876 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
00.41
|
00.15 |
00.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
00.65
|
00.40 |
00.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
04.60
|
02.42 |
02.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.74
|
0.55 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
15.07
|
1.00 |
15.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.18 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
KOMAL SYSTEMS PRIVATE LIMITED |
|
Presented By |
Mr. Himmat Shah |
|
1) Date and description of instrument creating the change |
4th
October 2004. Agreement for loan hypothecation of tangible movable property,
agreement of cash credit facility all agreement consisting single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term loan of
Rs.0.200 Million cash credit Rs.0.800 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 |
Shop No.6 and 7,
Balaji Complex, Rashtrabhushan Chawk, Guruwar Peth, Pune – 411042,
Maharashtra, India |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Term loan
repayable in 36 monthly installment interest of Rs.0.011 Million each from
04.11.2004 to 04.10.2007 interest @15% p.a. cash credit repayable in lump sum
on or before 04.10.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Rajarshi Shahu Sahkari
Bank Limited, Pune, Surve No.633/2, BCTC No.963, Sant Eknath Nagar, Opp.
Oswal Center, Bibrewadi, Pune - 411037 |
|
6) Date and brief description of instrument modifying the charge |
Date: 17th
January 2005 Agreement for loan hypothecation of tangible movable property.
Agreement of Cash Credit facility. All agreements consisting single charge. |
|
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. |
Cash credit limit
enhanced from Rs.0.800 Million to Rs.1.000 Million |
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified
|
10001366 |
||||||
|
Corporate identity
number of the company |
U72200PN2004PTC019081 |
||||||
|
Name of the
company |
KOMAL SYSTEMS PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in India of the company |
Shop No.7, Shree Balaji Complex, Guruwar Peth, Pune – 411042,
Maharashtra |
||||||
|
Type of charge |
Book Debts Others |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
description of the instrument creating or modifying the charge |
Composite deed hypothecation for all the facilities dated 17th
November, 2007 |
||||||
|
Date of instrument
Creating the charge |
17.11.2007 |
||||||
|
Amount secured by
the charge |
Rs.8.000 Millions
|
||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Per credit at
present mb 3@ bplr + 1% i.e. 14.25% per annuam at present with monthly rests. Terms of
Repayment Review within one
year Margin 25% Extent and
Operation of the charge As per terms of
the agreement and sanction letter |
||||||
|
Short particulars
of the property charged |
Stock of
electronic goods, hardware and computer peripherals |
||||||
|
Date of latest
modification prior to the present modification |
04.04.2006 |
Fixed Assets
- Computers
- Electrical Installation
- Office Equipments
- Furniture and Fixture
- Vehicles
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|