MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
COMET CABLE PRIVATE LIMITED |
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Registered Office : |
A Wing, 1st Floor, Vinni Classic, Near Dahanukar Wadi, Kandivali
(West), Mumbai – 400067, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.06.1996 |
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Com. Reg. No.: |
100076 |
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CIN No.: [Company
Identification No.] |
U31100MH1996PTC100076 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC12970G |
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PAN No.: [Permanent
Account No.] |
AAACC4372Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader, Assemblers, Exporters, Importers and Consultants
in AC/DC Electric Motors, Transformers, Pump Sets, Welding Cables, Cables
Jointing Accessories, Flexible House Wiring, Switch Gears, Panels, Drivers,
Diesel and Electric Genset, Base Frame Plates, Mechanical, Solar and Thermal
Equipments and Pumps, Fire Fighting Pumps, Control Panels and Change over
systems ad Other Accessories. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 26228 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track records. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. Mr. Mukesh Kotak (close relative and director) up-dated same details
but denied later financials. |
INFORMATION PARTED
BY
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Name : |
Mr. Mukesh Kotak |
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Designation : |
Director |
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Date : |
08.05.2008 |
LOCATIONS
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Registered Office : |
A Wing, 1st Floor, Vinni Classic, Near Dahanukar Wadi,
Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Factory : |
GF – 1, Babuline Complex, 40-44 S V Road, Malad (West), Mumbai –
400064, Maharashtra, India |
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Tel. No.: |
91-22-28803644 |
DIRECTORS
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Name : |
Mr. Jayesh Naranadas Kotak |
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Designation : |
Director |
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Address : |
201 Shivtirth, Shimpoli Road, Haridas Nagar, Borivali (West), Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
05.02.1962 |
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Date of Appointment : |
07.06.1996 |
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Name : |
Mrs. Hema Jayesh Kotak |
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Designation : |
Director |
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Address : |
201 Shivtirth, Shimpoli Road, Haridas Nagar, Borivali (West), Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
16.10.1968 |
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Date of Appointment : |
01.04.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Jayesh Naranadas Kotak |
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34500 |
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Mrs. Hema Jayesh Kotak |
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25500 |
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Mrs. Jayaben Kotak |
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3000 |
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Mr. Naranadas Kotak |
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31500 |
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Mr. Mukesh Kotak |
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1 |
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Mr. Pankaj Thakur |
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1 |
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Mrs. Meghna Kotak |
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50 |
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Mr. Ajay Kotak |
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50 |
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Mrs. Harsha Kotak |
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50 |
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Total |
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94652 |
(As on 30.09.2005)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Assemblers, Exporters, Importers and Consultants
in AC/DC Electric Motors, Transformers, Pump Sets, Welding Cables, Cables
Jointing Accessories, Flexible House Wiring, Switch Gears, Panels, Drivers,
Diesel and Electric Genset, Base Frame Plates, Mechanical, Solar and Thermal
Equipments and Pumps, Fire Fighting Pumps, Control Panels and Change over
systems ad Other Accessories. |
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Products : |
· Electric Motors · Transformers · Pump Sets · Welding Cables · Cables Jointing
Accessories · Flexible House
Wiring · Switch Gears,
Panels · Drivers · Diesel and
Electric Genset, · Base Frame
Plates · Mechanical · Solar · Thermal
Equipments · Pumps · Fire Fighting
Pumps · Control Panels · Other
Accessories. |
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Terms : |
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Selling : |
Cash and Credit (30-60 days) |
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Purchasing : |
Cash and Credit (45 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesaler · Retailers · End Users · A K Enterprises · A S Electric
Corporation · Aditya
Electricals · Ajay Industrial
Corporation · B G Brothers · Baba Electricals · Cable
Corporation of India Limited · Chitra
Enterprises · Creek
Insulations Chemicals Private Limited · DPN Trade Link · Dhanshree
Enterprises · Elpa Enterprises · Forma Electrics · Greens (India)
Corporations · K R Electricals · Mehta Agencies · New India Cables |
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Suppliers : |
· Allied
Electrical Industries · Bhakti
International · Cable
Corporation of India Limited · Indian Cable
Corporation · Industrial
Electric Corporations · N K Parkat and
Sons · Om Compu Systems · Ravin Cable
Limited · Ravin Trading
Company · Rohm Computers · R P G Cable
Limited · Special Cable
Industries · Vijay Industrial
Electricals · Viral
Enterprises |
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No of Employees : |
4 |
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Bankers : |
· Indian Overseas
Bank Malad West, Mumbai – 400064, Maharashtra, India ·
The Kapol
Co. operative Bank Limited Kapol Wadi, Marve
Road, Malad (West), Mumbai – 400064, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
A G Thakkar Chartered Aoountant |
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Associates/Subsidiaries : |
Carmet Engineering Dealer and Electric Motors (Bharat Bijlee, ABB, Compton Craters) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Share |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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94652 |
Equity Share |
Rs.10/- each |
Rs.0.946
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.946 |
0.946 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.611 |
3.504 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.557 |
4.450 |
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LOAN FUNDS |
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1] Secured Loans |
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1.112 |
0.000 |
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2] Unsecured Loans |
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6.716 |
10.135 |
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TOTAL BORROWING |
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7.828 |
10.135 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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14.385 |
14.585 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.194 |
2.208 |
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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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0.050 |
0.050 |
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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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10.063 |
12.024 |
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Sundry Debtors |
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14.637 |
12.556 |
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Cash & Bank Balances |
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0.346 |
0.104 |
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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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0.536 |
0.182 |
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Total
Current Assets |
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25.582 |
24.866 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.444 |
12.543 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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13.444 |
12.543 |
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Net Current Assets |
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12.138 |
12.323 |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.004 |
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TOTAL |
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14.385 |
14.585 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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83.443 |
79.743 |
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Other Income |
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4.567 |
2.867 |
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Total Income |
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88.010 |
82.610 |
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Profit/(Loss) Before Tax |
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3.327 |
1.743 |
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Provision for Taxation |
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1.221 |
0.668 |
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Profit/(Loss) After Tax |
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2.106 |
1.075 |
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Expenditures : |
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Cost of Goods Sold |
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71.845 |
72.107 |
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Administrative Expenses |
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4.778 |
4.243 |
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Other Expenditure |
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5.750 |
3.104 |
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Interest and Financial Charge |
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1.365 |
1.076 |
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Bad Debts |
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0.652 |
0.183 |
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Depreciation |
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0.293 |
0.154 |
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Total Expenditure |
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84.683 |
80.867 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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2.39 |
1.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.99 |
2.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.98 |
6.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.51 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.24 |
5.10 |
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Current Ratio (Current Asset/Current Liability) |
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1.90 |
1.98 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed Assets:
· Furniture and Fixture
· Computer Systems
· Motor Vehicles
· Air Conditioner
· Office Equipment
· Office Premises
Form 8:
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Name of the company |
COMET CABLE PRIVATE LIMITED |
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Presented By |
The Kapol Co.op
Bank Limited Malad (West),
Mumbai – 400064, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Tangible moveable property Agreement of
Hypothecation of Book Debts Dated 30.05.2000, respectively. |
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2) Amount secured by the charge/amount owing on the securities of charge |
C/C Hypothecation
of Rs.2.500 Millions CC Hypothecation
of Book Debts Rs.0.500 Million Both Constitute a
single charge |
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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 |
All present and
future moveable assets including stock of goods which now of hereafter may be
at the company premises or elsewhere and first charge on outstanding book
debts, Money, receivable. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
C/C Hypothecation
of Rs.2.500 Millions with margin of 40% cost market price whichever is low. C/C Book Debts of
Rs.0.500 Million with margin of 50% of Book Debts not exceeding 90 days, both
limit-will subject to rate of interests @18% p.a. rate of interests subject
to charge by bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
The Kapol Co.
operative Bank Limited Kapol Wadi, Marve
Road, Malad (West), Mumbai – 400064, Maharashtra, India |
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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 |
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
56 |
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 |
|