MIRA
INFORM REPORT
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Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
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Name : |
COMMTEL NETWORKS PRIVATE LIMITED (w.e.f. 25.02.2002) |
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Formerly Known
As : |
COMMTEL DEDICATED NETWORK SOLUTIONS ( |
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Registered
Office : |
23 White Castle, 34-35, Union Park, Sion-Trombe Road, Chembur,
Mumbai-400071, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.07.1998 |
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Com. Reg. No.: |
11-116062 |
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CIN No.: [Company Identification
No.] |
U32201MH1998PTC116062 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10355C |
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PAN No.: [Permanent Account No.] |
AAACC8966G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trader and Dealer of Telecommunication Equipments, Components and
Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 387000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as 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
trade 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Srinivas |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office : |
23 White Castle, 34-35, Union Park, Sion-Trombe Road, Chembur,
Mumbai-400071, Maharashtra, India |
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Tel. No.: |
91-22-25201210/ 61414000 |
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Fax No.: |
91-22-25201220 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft. (Owned) |
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Regional Office : |
E-15, 1st Floor, Hauz Khas, Main Market, New Delhi-110016, |
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Tel. No.: |
91-11-26524287 |
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Fax No.: |
91-11-26524283 |
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International Office : |
Sharjah, U.A.E. P6-048, Saif-Zone, |
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Tel. No.: |
+971 6 5573038 |
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Fax No.: |
+ 971 6 5573039 |
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Branches : |
Located at: ·
Navi Mumbai : Unit No.11, Ground Floor, the Great Estern Summit B, Sector 15, Plot
No. 66, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India Tel. No.: 91-22-67802700 Fax No.: 91-22-67802888 ·
Vadodara : T-2, Tel. No.: 91-265-305967 ·
Kolkata : Constantia, Level 6, 11, dr. Tel. No. 91-33-44000770 Fax No.: 91-33-44000555 |
DIRECTORS
As on 08.09.2009
|
Name : |
Mr. Satish G Pookulangara |
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Designation : |
Director |
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Address : |
A/15, Munjal Nagar No. 2, Chembur, Mumbai-400089, |
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Date of Birth/Age : |
21.01.1968 |
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Date of Appointment : |
15.01.2006 |
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Name : |
Mr. Shriprakash R Pandey |
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Designation : |
Chairman and Managing Director |
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Address : |
101, Onyx, Plot No. 36, |
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Date of Birth/Age : |
19.10.1969 |
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Date of Appointment : |
31.07.1998 |
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Name : |
Mr. Dinesh R Pandey |
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Designation : |
Director |
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Address : |
101, Onyx, Plot No. 36, |
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Date of Birth/Age : |
06.04.1974 |
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Date of Appointment : |
02.08.2001 |
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Name : |
Mr. Robert H Green |
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Designation : |
Director |
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Address : |
39, Mel Rof Dirve, |
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Date of Birth/Age : |
21.12.1960 |
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Date of Appointment : |
31.07.1998 |
KEY EXECUTIVES
|
Name : |
Mr. Shrinivas |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 08.09.2009
|
Names of Shareholders |
|
No. of Shares |
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Shripraksh R Pandey |
|
1246000 |
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Saseendran R K |
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110000 |
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Satish P G |
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219750 |
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Total |
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1575750 |
AS ON 08.09.2009
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
6.98 |
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Directors or relatives of Directors |
93.02 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Dealer of Telecommunication Equipments, Components and
Accessories. |
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Products : |
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GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Bajaj and Company Chartered Accountant |
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Address : |
B-10, Arya Satya, Ramchandra Nagar, Off |
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Name : |
Mr. Shriram Bajaj Chartered Accountant |
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Address : |
B-10, Arya Satya, Ramchandra Nagar, Off |
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Holding Company : |
Commtel Networks (FZC) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1575750 |
Equity Shares |
Rs. 10/-
each |
Rs.15.758
Millions |
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Note:
Of the above 295000 (Previous year 295000)
Equity Shares of Rs. 10/- each have been issued as fully paid bonus shares by
capitalization of free reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.757 |
15.758 |
15.758 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
81.219 |
64.492 |
57.142 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
96.976 |
80.250 |
72.900 |
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LOAN FUNDS |
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1] Secured Loans |
91.578 |
46.411 |
47.793 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
91.578 |
46.411 |
47.793 |
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DEFERRED TAX LIABILITIES |
18.652 |
12.774 |
13.177 |
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TOTAL |
207.206 |
139.435 |
133.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.916 |
34.701 |
30.992 |
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Capital work-in-progress |
4.020 |
0.000 |
0.000 |
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INVESTMENT |
1.704 |
1.705 |
1.705 |
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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 |
40.509
|
31.121
|
12.614 |
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Sundry Debtors |
118.262
|
75.934
|
97.958 |
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Cash & Bank Balances |
16.467
|
15.098
|
6.211 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
18.346
|
24.446
|
20.579 |
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Total
Current Assets |
193.584
|
146.599
|
137.362 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
14.002
|
21.335
|
13.995 |
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Other Current Liabilities |
12.941
|
7.851
|
9.820 |
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Provisions |
4.075
|
14.384
|
12.374 |
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Total
Current Liabilities |
31.018
|
43.570
|
36.189 |
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Net Current Assets |
162.566
|
103.029
|
101.173 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
207.206 |
139.435 |
133.870 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
310.253 |
206.391 |
187.261 |
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Other Income |
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TOTAL |
310.253 |
206.391 |
187.261 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
283.413 |
196.304 |
168.930 |
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Depreciation |
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Interest |
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TOTAL |
283.413 |
196.304 |
168.930 |
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PROFIT BEFORE TAX
|
26.840 |
10.087 |
18.331 |
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Less |
TAX |
3.200 |
2.700 |
4.550 |
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PROFIT AFTER TAX
|
23.640 |
7.387 |
13.781 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
17.471 |
17.210 |
3.224 |
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Commission Earnings |
0.000 |
24.744 |
7.517 |
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Other Earnings |
16.931 |
6.315 |
0.419 |
|
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TOTAL EARNINGS |
34.402 |
48.269 |
11.160 |
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IMPORTS |
|
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Trading Goods |
47.064 |
52.461 |
24.244 |
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Capital Goods |
Nil |
0.831 |
0.769 |
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TOTAL IMPORTS |
47.064 |
53.292 |
25.013 |
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Earnings Per
Share (Rs.) |
11.27 |
4.69 |
8.74 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.61
|
3.57 |
9.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.65
|
4.88 |
9.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.54
|
5.56 |
10.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.13 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.26
|
1.12 |
1.15 |
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Current Ratio (Current Asset/Current Liability) |
|
6.24
|
3.36 |
3.80 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Due to Small scale industrial undertaking |
-- |
-- |
-- |
|
- Due to others |
14.002 |
21.335 |
13.995 |
|
Total |
14.002 |
21.335 |
13.995 |
KEY FINANCIALS
The revenue for operations of the company on a standalone basis in
FY 2009-10 has grown only by 51% as compared to the preceding year. The profit
after tax saw a jump of more than 200% than the preceding financial year. In
spite of the global slowdown their business in India has shown remarkable
growth on all financial parameters.
Details of the company operations and performance have been
provided in the preceding section of this annual report.
Form : 8
|
Corporate
identity number of the company |
U32201MH1998PTC116062 |
|
Name of the
company |
COMMTEL NETWORKS PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
23 WHITE CASTLE
34 ROAD CHEMBUR MUMBAI 400071 |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
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Particular of
charge holder |
Standard
Chartered Bank, SME Credit, 23-25, M G Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation
Agreement - Supplemental |
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Date of
instrument Creating the charge |
07/09/2010 |
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Amount secured by
the charge |
Rs. 60.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Credit Facility. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of repayment : As agreed by and
with the Bank from time to time. Margin : As applicable, if
any. Extent and operation of the charge : The Bank is having
first charge on security given by the Company, as described in Sr. no. 15. Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
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Brief description
of the instrument modifying the charge under section 135 |
By present
modification, the existing charge of Rs.12 Crores reduced to Rs.60.000
millions. |
Fixed Assets:
·
Staff Quarters
·
Test Equipments
·
Computers and Printers
·
Computer Software
·
Epbax and Telephone Instruments
·
Office Equipments
·
Vehicles
·
Furniture and Fixtures
AS PER WEBSITE
Profile:
Subject has been in business since 1998 and growing at an average rate
of 40% for the past 11 years.
They are a company providing advanced engineering and technology solutions
focused in Oil and Gas, Power, Transportation and Defense Sectors delivering
high performance converged communication and surveillance systems in
Commtel builds converged telecommunication networks which are dedicated in
nature for voice, video surveillance, data and ethernet traffic over optical
fiber, radio or copper links.
They have innovatively built specialties in the areas of Systems Design, Engineering,
Integration, Implementation, Involved Project management and Multi location
Supply Chain Management as well as a 24x7 support center.
Commtel's advanced telecommunications network products and services are
specifically engineered for mission critical applications to meet a variety of
environmental operating conditions and also local and international standards.
Being acutely aware of the crucial nature of every application, Commtel goes
all out to ensure extreme reliability, value for money and support for many
years beyond commissioning.
Significance of the Logo and Tag Line
Commtel Networks:
Commtel's logo represents a bold
red universe embodying endless solutions, spiralling into 3 C's to encompass
Conceptualise, Construct and Care.
The forceful form reaches out to network beyond
boundaries with Competence, Dependability and Sustainability. It expresses
rapid evolution, both inward and outward, in every aspect.
The bright colours of the sun project an indomitable
spirit of supreme quality in product, service, management systems and social
responsibility.
Commtel is ready to partner you better than before to
meet the challenges of the future.
Spreading infrastructural wings across the world :
Commtel has spread its wings
beyond
Commtel Networks
FZC
IIn February 2007, Commtel set up a subsidiary company Commtel Networks (FZC)
at the Sharjah Airport International Free Zone,
This 5000 sq. feet infrastructure is Commtel’s Systems Integration and
- A fully-equipped systems integration
center
- Training and testing facilities
- A provision to set-up 24x7 support
services center catering specifically to customers in the region.
- State of the art warehousing facilities
United Commtel :
In September 2008, Commtel set up a joint venture in the
CommTel Network
Solutions Pty Limited :
Commtel under a statement of collaboration has been co-operating with CommTel
Network Solutions Pty Limited, headquartered in
Strengths :
- Pioneering the 3C Engagement Model
- Innovative Systems Design and Solutions providing Skills
- High Quality and Professional Documentation Skills
- Involved Project Management Skills
- Multi Location Supply Chain Management
- Multi Product Systems Integration and Integrated Testing
- In house talent pool on broad range of telecommunication technologies, products and converged network solutions
- Extensive Experience in designing, integration and implementation of high capacity optical transport as well as access Networks
- Unparalleled experience and expertise in design, integration and implementation of Narrowband Multiservice access equipment and products
- Substantial experience in integration of various sub-systems viz. Digital EPABX (IP Based), CCTV Systems (IP Based), Digital Microwave Radio, VHF Marine Radio System, UHF Trunk Radio and HF Radio Systems as part of the overall telecommunication system
- Maintaining long-term relationship with customers, i.e. Customer For Life...
- Equipped with necessary Test Equipment's for system testing as well as network design engineering tools
- Top of the Line 24X7 After Sales Support
- Deep
understanding and commitment to HSE as well as QMS process
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 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. 44.67 |
|
|
1 |
Rs. 71.63 |
|
Euro |
1 |
Rs. 63.09 |
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 |
YES |
|
--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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.