MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
COMNET SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
2B/210, New Mahada Colony of |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.07.1997 |
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Com. Reg. No.: |
11-109588 |
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CIN No.: [Company
Identification No.] |
U99999MH1997PTC109588 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC15930F |
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PAN No.: [Permanent
Account No.] |
AADCC0652J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader for Computers of HP, Dell and Microsoft |
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 500 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old company but had not started commercial
operations till 31.03.2007 as per its last available financials. The
management parted some details and claim a turnover of + 80.000 Millions in
2008, but could not support it with financials. No complaints have been heard
against the subject from the market sources. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED BY
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Name : |
Mr. Mahesh Mahadik |
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Designation : |
Accountant |
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Date : |
20.10.2008 |
LOCATIONS
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Registered Office : |
2B/210, New Mahada Colony of |
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Tel. No.: |
91-22-27710115 |
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E-Mail : |
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Website : |
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Corporate Office : |
Gala No. 2, HEK Compound, Near Cannosa Girls High School, Mahakali
Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India |
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Tel. No.: |
91-22-28203104/ 28310344 |
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Fax No.: |
91-22-28310344 |
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E-Mail : |
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Area : |
400 sq.ft ( Rented) |
DIRECTORS
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Name : |
Mr. Vishal Rane |
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Designation : |
Director |
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Address : |
Akshaya Society, Near Gurundwara Sher E Punjab, |
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Date of Birth/Age : |
10.11.1971 |
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Name : |
Mr. Mangesh M Pardeshi |
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Designation : |
Director |
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Address : |
503, The Discovery Building No. 8, Dattapada Road, Borivali (East),
Mumbai-400066, Maharashtra, India |
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Date of Birth/Age : |
18.03.1972 |
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Date of Appointment : |
24.07.1997 |
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Name : |
Mr. Sanjay N. Divakar |
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Designation : |
Director |
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Address : |
Flat No. 02, Ground Floor, Manoratan Building, Plot No. 21, Dr. B M Raut
Road-2, Shivaji Park, Mumbai-400028, Maharashtra, India |
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Date of Birth/Age : |
13.11.1973 |
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Date of Appointment : |
24.07.1997 |
KEY EXECUTIVES
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Name : |
Mr. Mahesh Mahadik |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2007
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Names of Shareholders |
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No. of Shares |
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Mangesh Madhukar Pardeshi |
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5000 |
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Sanjay Nandkumar Divekar |
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5000 |
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Total |
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10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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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 : |
Trader for Computers of HP, Dell and Microsoft |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
Credit ( 30 Days) |
GENERAL INFORMATION
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No. of Employees : |
88 ( Staff 18 and Outsourcing 70) |
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Bankers : |
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Facilities : |
CC Rs. 5.100 Milions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dipesh Thakker and Company Chartered Accountant |
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Address : |
4/12, Satyam Nath Pai Nagar Ghatkopar (East), Mumbai-400077, |
CAPITAL STRUCTURE
As on 25.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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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 |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.100 |
0.100 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.100 |
0.100 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.030
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0.045 |
0.045 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.070
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0.055 |
0.055 |
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Total
Current Assets |
0.100
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0.100 |
0.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.000
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0.000 |
0.000 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.000
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0.000 |
0.000 |
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Net Current Assets |
0.100
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0.100 |
0.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
0.100 |
0.100 |
0.100 |
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LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Oberoi Construction
·
Crompton Greaves
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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