MIRA INFORM REPORT

 

 

Report Date :

16.03.2011

 

IDENTIFICATION DETAILS

 

Name :

COMMUNE EQUIPMENT AND TRADING COMPANY PRIVATE LIMITED

 

 

Registered Office :

4/87, Nityanand Nagar No.4, Swami Nityanan Road, Opposite Andheri Railways Station, Andheri (East), Mumbai – 400069, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.08.1993

 

 

Com. Reg. No.:

11-73414

 

 

CIN No.:

[Company Identification No.]

U29290MH1993PTC073414

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC11140D

 

 

PAN No.:

[Permanent Account No.]

AAACC1442M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of all kinds of Electronics and Allied Equipment.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

 

 

 

Maximum Credit Limit :

USD  1150000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.  General financial position of the company is satisfactory. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trader terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

4/87, Nityanand Nagar No.4, Swami Nityanan Road, Opposite Andheri Railways Station, Andheri (East), Mumbai – 400069, Maharashtra, India

Tel. No.:

91-22-22691426 / 26825795 / 26825812

Fax No.:

91-22-22691426

E-Mail :

cetl@vsnl.net

jitendra_mane@yahoo.co.in

Website :

http://www.ceatpl.com

 

 

Godown :

Shop No. 10, Pamvihar, Plot No. B/15, Sector 15, Kalamboli, Navi Mumbai, Maharashtra, India

 

 

Warehouse:

Sai Saaj Complex, Shop No. 2, Plot No. 3, Section 5, New Panvel (East), Navi Mumbai 410206, Maharashtra., India

Tel. No.:

91-22-27463505

 

 

Branches :
  • 2, Mahadevpura Post, White Field Road, Opposite Village Panchayat, Singaiayan Palya, Bangalore – 560048, Karnataka, India
  • 110, Siddharth Complex, R. C. Dutt Road, Alkapuri, Baroda -  390005

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Jitendra G. Mane

Designation :

Director

Address :

F-1/303, 3rd Floor, Neelkanthdhara Adharwadi Road, Kalyan, Thane – 421301

Date of Birth/Age :

11.05.1967

Date of Appointment :

07.02.1996

Date of Cessation:

01.04.2008

 

 

Name :

Mr. Sunil D. Hinge

Designation :

Director

Address :

16/860, Kher Nagar, M.H.B. Colony, Bandra [East], Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

16.11.1967

Date of Appointment :

01.12.1997

 

 

Name :

Mr. Hitendra R. Lilaker

Designation :

Director

Address :

5, Amod Co-op Housing, Plot No.101/141, Model Town, Four Bunglow, Andheri West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

26.02.1972

Date of Appointment :

23.06.2006

 

 

Name :

Mr. Rajesh Vasant Amrute

Designation :

Director

Address :

102-A, Kamal Apartment, Samel Pada, Nalasopara (West), Thane – 401203, Maharashtra, India

Date of Birth/Age :

10.12.1969

Date of Appointment :

10.03.2008

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2010

 

Names of Shareholders

No. of Shares

 

 

Sunil D. Hinge

69250

Jitendra G. Mane

88367

Express Airtronics Private Limited, Mumbai

61904

Mercantile Teletronics Private Limited, Mumbai

54166

Mohnish Shete

10029

Govind Masurkar

7436

Ajay Walanju

1601

Rajesh Amryte

34794

Suhas Shinde

34125

Rajesh Patel

22128

Total

383800

 

AS ON 30.09.2010

 

Category

Percentage

 

 

Bodies Corporate

30.24

Directors or relatives of directors

9.07

Other top fifty shareholders

60.69

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of all kinds of Electronics and Allied Equipment.

 

 

GENERAL INFORMATION

 

Suppliers :

Ř                   Infolink Solution Limited

Ř                   Advance Radio Masts Limited

Ř                   Savex Computers Limited

Ř                   Radial Telesolutions Limited

Ř                   Fujitsu Icim Limited

Ř                   Datalink Informatics Limited

Ř                   IGTL Solutions Pte Limited

Ř                   Eufin Info Solution Tech. Private Limited

Ř                   Sincere Mercantile Private Limited

 

 

Customers :

Ř                   The Paper Products Limited

Ř                   Shakti Press Limited

Ř                   Zenith Rubbers and Plastics Works

Ř                   Parkson Packaging Limited

 

 

No. of Employees :

20 Approximately

 

 

Bankers :
  • The Sangli Bank Limited, Fort Branch, Mumbai, Maharashtra, India
  • Bombay Mercantile Cooperative Bank Limited
  • Syndicate Bank, Mumbai, Maharashtra, India
  • Syndicate Bank. Bangalore, Karnataka, India
  • ICICI Bank, Mumbai
  • Deutsche Bank, Mumbai
  • Syndicate Bank, Baroda, Gujarat

 

 

Facility:

Rs. In Millions

 

UNSECURED LOAN

31.03.2010

 

31.03.2009

 

Short Term Loan and Advance

From Others

 

464.700

 

0.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

 

Dhere and Yeolekar

Chartered Accountants,

Address :

3, Laxmi Niwas, Subhash B. Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India

 

 

Name :

PNV Raju Gupta

Chartered Accountant

Address :

Building No.2-A, Flat No.34, Vrindavan, Thane (West), Mumbai – 400601, Maharashtra, India

Tel No.:

91-9819655769

Email :

pnvrg@yahoo.co.in

 

 

Name :

P Parekh and Associates

Chartered Accountant

Address :

Manekji Wadia Building, 4th Floor, 127, M G Road, Fort, Mumbai – 400023, Maharashtra, India

 

 

Name :

Jayesh Kulkarni

Chartered Accountant

Address :

103/10, Krishna, Arti Nagri, Near Mohan Paradise, Wayale Nagar, Kalyan (West) 421301, Maharashtra, India

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 millions

 

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

383800

Equity Shares

(of the above shares 133300 shares are allotted as fully paid up pursuant to a contract without payments being received in cash)

Rs.10/- each

Rs.3.838 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

3.838

3.838

2.505

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

284.304

71.949

68.880

4] (Accumulated Losses)

0.000

0.000

0.000
NETWORTH

288.142

75.787

71.385

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

464.700

0.000

0.000
TOTAL BORROWING

464.700

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.068

Capital Suspense

0.000

0.000

1.334
 

 

 

 
TOTAL

752.842

75.787

72.787
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

3.053

4.045

5.372
Capital work-in-progress

0.000

0.000

0.000
 

 

 

 
INVESTMENT

58.046

201.860

7.030
DEFERREX TAX ASSETS

0.000

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Inventories
0.627

195.452
0.168
 
Sundry Debtors
5.608

5.609
65.856
 
Cash & Bank Balances
10.571

3.787
40.622
 
Other Current Assets
0.000

0.000
0.000
 
Loans & Advances
1630.086

704.236
739.223
Total Current Assets
1646.892

909.084

845.869
Less : CURRENT LIABILITIES & PROVISIONS
 

 

 
 
Sundry Creditors
32.496

35.342
35.163
 
Current Liabilities
841.142

973.600
726.999
 
Provisions
81.511

30.260
23.322
Total Current Liabilities
955.149
1039.202
785.484
Net Current Assets
691.743

(130.118)
60.385
 

 

 

 
MISCELLANEOUS EXPENSES

0.000

0.000

0.000
 

 

 

 
TOTAL

752.842

75.787

72.787

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sales and Other Income

1207.666

959.303

1162.906

 

 

TOTAL                                     (A)

1207.666

959.303

1162.906

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

944.060

949.365

1153.556

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

944.060

949.365

1153.556

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

263.606

9.938

9.350

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

263.606

9.938

9.350

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

263.606

9.938

9.350

 

 

 

 

 

Less

TAX                                                                  (H)

51.251

6.869

1.368

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

212.355

3.069

7.982

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

31.86
 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
17.58

0.32
0.69

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
21.82

1.03
0.80

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
15.97

1.08
1.10

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.91

0.13
0.13

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
4.92

13.71
11.00

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
1.72

0.87
1.08

 

 

LOCAL AGENCY FURTHER INFORMATION

 

REVIEW OF PERFORMANCE:

The company’s overall performance was satisfactory during the financial year 2009-2010. During the year under review, the total income was Rs. 1207.666 millions as against Rs. 959.303 millions during the previous year. The company has earned a profit of RS. 212.354 millions as against profit of RS. 3.069 millions during the previous year.

 

 

NOTE:

The Registered office of the Company has been shifted from Gala No.3, Ground floor, Saurabh Building, Modi Estate, L B S Marg, Ghatkopar (West), Mumbai, Maharashtra, India, to the present address w.e.f. 01.03.2009.

 

 

TRADE REFERENCE:

  • Global Tele-Systems Limited

 

 

FIXED ASSETS

  • Furniture and fixtures
  • Xerox Machine
  • Computer
  • Electronic Typewriter
  • Fax Machine and Phones
  • Office Equipments
  • Electronic Safe
  • Air Conditioner
  • Paper Shredding Machine
  • Motor Car

 

 

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 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.45.27

UK Pound

1

Rs.72.95

Euro

1

Rs.63.08

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

49

 

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

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

--

NB

New Business

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.