MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
COMNET SOLUTIONS PRIVATE LIMITED |
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|
|
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Registered
Office : |
Unit 30, Madhuban Industrial Estate, Off |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.07.1997 |
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Com. Reg. No.: |
11-109588 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
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|
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CIN No.: [Company Identification
No.] |
U99999MH1997PTC109588 |
|
|
|
|
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 of Computer and Computer Accessories. |
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|
No. of Employees
: |
234 (30 in Office, 204 in Branch) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 76000 |
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|
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|
Status : |
Satisfactory |
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|
|
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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 a satisfactory track record. The company has achieved better growth in its turnover and profits
during 2012. Trade relations are decent. Business is active. Payment terms
are usually correct and as per commitments. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Sheshmani Singh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9987869605 |
|
Date : |
27.05.2013 |
LOCATIONS
|
Registered Office : |
Unit 30, Madhuban Industrial Estate, Off Mahakali Caves Road, Andheri,
Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-27839158/ 67382100 |
|
Mobile No.: |
91-9987869605 [Sheshmani Singh] |
|
Fax No.: |
91-22-28315426 |
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E-Mail : |
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Website : |
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|
Area : |
1000 Sq. ft. |
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Location : |
Owned |
|
|
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|
Branch Office : |
Survey No. 1/1-A/13, Opposite to Kapil Malhar Society, Behind Café
Coffee Day, Baner, Pune – 411045, Maharashtra, India |
|
Tel. No.: |
91-20-60502100 |
|
E-Mail : |
DIRECTORS
AS ON 26.09.2012
|
Name : |
Mr. Mangesh Madhukar Pardeshi |
|
Designation : |
Director |
|
Address : |
503, The Discovery Building No. 8, Dattapada Road, Borivali (East),
Mumbai-400066, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1972 |
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Qualification : |
B.E. |
|
Experience : |
16 Years |
|
Date of Appointment : |
24.07.1997 |
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DIN No.: |
01720481 |
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|
|
|
Name : |
Mr. Sanjay Nandkumar Divekar |
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Designation : |
Director |
|
Address : |
Flat No. 02, Ground Floor, Manoratan Building, Plot No. 21, Dr. B M
Raut Road-2, Shivaji Park, Mumbai-400028, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1973 |
|
Qualification : |
B.E. |
|
Experience : |
16 Years |
|
Date of Appointment : |
24.07.1997 |
|
DIN No.: |
01791945 |
KEY EXECUTIVES
|
Name : |
Sheshmani Singh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
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|
|
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|
Mangesh Madhukar Pardeshi |
|
5000 |
|
Sanjay Nandkumar Divekar |
|
5000 |
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|
|
|
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Total |
|
10000 |
AS ON 19.11.2012
|
Names of Allottees |
|
No. of Shares |
|
|
|
|
|
Mangesh Madhukar Pardeshi |
|
247500 |
|
Sanjay Nandkumar Divekar |
|
247500 |
|
Shilpa Mangesh Pardeshi |
|
27500 |
|
Kirti Sanjay Divekar |
|
27500 |
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|
|
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Total |
|
550000 |
AS ON 26.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Computer and Computer Accessories. |
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|
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Terms : |
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Selling : |
Credit [30 Days] |
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|
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Purchasing : |
Credit [30 Days] |
GENERAL INFORMATION
|
Customers : |
End Users |
|
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No. of Employees : |
234 (30 in Office, 204 in Branch) (Approximately) |
|
|
|
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Bankers : |
Punjab and Maharashtra Co-operative Bank Limited, Central Office No. 4 and 5, 3rd Floor, Dreams Mall, LBS Marg, Bhandup (west), Mumbai – 400078, Maharashtra, India |
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|
|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Dipesh Thakker and Company Chartered Accountant |
|
Address : |
4/12, Satyam Nath Pai Nagar Ghatkopar (East), Mumbai – 400077, |
|
Tel. No.: |
91-22-67382100 |
|
Income-tax
PAN of auditor or auditor's firm : |
ABWPT6649P |
CAPITAL STRUCTURE
AFTER 26.09.2012
Authorised Capital : Rs. 7.500 millions
Issued, Subscribed & Paid-up Capital : Rs. 5.500 millions
AS ON 31.03.2012
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 2.500 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
0.100 |
0.100 |
|
|
2] Share Application Money |
3.418 |
2.500 |
0.000 |
|
|
3] Reserves & Surplus |
13.097 |
6.045 |
3.009 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.015 |
8.645 |
3.109 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
11.857 |
|
|
2] Unsecured Loans |
|
|
2.101 |
|
|
TOTAL BORROWING |
34.425 |
25.016 |
13.958 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.023 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
53.440 |
31.684 |
17.067 |
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
10.869 |
10.616 |
8.719 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.853 |
0.188 |
0.016 |
|
|
DEFERRED TAX ASSETS |
0.002 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.988
|
1.263 |
0.533 |
|
|
Sundry Debtors |
40.814
|
25.968 |
16.555 |
|
|
Cash & Bank Balances |
0.385
|
0.075 |
0.048 |
|
|
Other Current Assets |
4.442
|
7.801 |
4.253 |
|
|
Loans & Advances |
16.770
|
8.604 |
2.461 |
|
Total
Current Assets |
71.399
|
43.711 |
23.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.918
|
10.150 |
11.748 |
|
|
Other Current Liabilities |
18.248
|
10.585 |
0.000 |
|
|
Provisions |
0.517
|
0.096 |
3.770 |
|
Total
Current Liabilities |
33.683
|
20.831 |
15.518 |
|
|
Net Current Assets |
37.716
|
22.880 |
8.332 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.440 |
33.684 |
17.067 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
234.604 |
|
|
|
Other Income |
|
|
1.562 |
|
|
|
TOTAL |
|
|
236.166 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
156.280 |
|
|
|
Director’s Remuneration |
|
|
1.578 |
|
|
|
Bank Interest |
|
|
5.119 |
|
|
|
Director Expenses |
|
|
1.689 |
|
|
|
Salary |
|
|
49.073 |
|
|
|
Other Expenses |
|
|
15.807 |
|
|
|
TOTAL |
|
|
229.546 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
6.620 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
1.343 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
|
5.277 |
|
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
202.264 |
127.321 |
|
|
|
Other Income |
|
1.349 |
0.566 |
|
|
|
TOTAL (A) |
|
203.613 |
127.887 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
|
146.875 |
100.994 |
|
|
|
Director’s Remuneration |
|
1.369 |
1.347 |
|
|
|
Establishment and other Expenses |
|
47.512 |
21.951 |
|
|
|
Increase / (Decrease) in Stock |
|
(0.730) |
(0.080) |
|
|
|
TOTAL (B) |
|
195.026 |
124.212 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
|
8.587 |
3.675 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
3.523 |
0.768 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
5.064 |
2.907 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.777 |
0.235 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
|
4.287 |
2.672 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
1.252 |
0.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
|
3.035 |
1.836 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
3.010 |
1.173 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
6.045 |
3.010 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
304.00 |
184.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.23
|
1.49 |
1.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.25
|
2.12 |
2.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.41
|
7.89 |
8.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.50 |
0.86 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.81
|
2.89 |
4.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.10 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
The registered office of the company has been shifted from 2, Hek
Compound, Mahakali Caves Road, Andheri [East], Mumbai - 400053, Maharashtra,
India to the present w.e.f.01.06.2011
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U99999MH1997PTC109588 |
|
Name of the
company |
COMNET SOLUTIONS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit 30, Madhuban Industrial Estate, Off Mahakali Caves Road, Andheri,
Mumbai – 400093, Maharashtra, India Email: thakkar.dipesh@gmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification
number of the modified |
10128595 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Punjab and Maharashtra Co-operative Bank Limited, Central Office
No. 4 and 5, 3rd Floor, Dreams Mall, LBS Marg, Bhandup (west), Mumbai – 400078, Maharashtra,
India Email: anitauppal@pmcbank.com
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Deed for Additional Advance |
|
Date of
instrument Creating the charge |
26.12.2012 |
|
Amount secured by
the charge |
Rs. 64.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
@ 13% p.a. with quaterly / half rests, or at such other rate as may be
decided, from time to time, by the Bank. Margin As may be
decided, from time to time, by the Bank. Extent and Operation of the charge To secure the due
repayment of Cash Credit facility of Rs.64.200 Millions (enhanced from 49.200
Millions), together with interest, all costs, charges and expenses, etc.
thereon, granted by the Bank to the Company. |
|
Short particulars
of the property charged |
All, present and
future, Stock of the Company at Unit No.30, Madhuban Industrial Estate,
Mahakali Caves Road, Andheri (East), Mumbai - 93 or wherever else. All, present and
future, Book-debts of the Company |
|
Date of
Modification |
05.12.2012 |
|
Particulars of the
present modification |
By this
modification, this charge over Stock and Book-debts, shall now also hold good
to secure the due repayment of additional Cash Credit facility of Rs.15.000
Millions granted to the Company. Hence, the aggregate Cash Credit facility,
secured by charge, has been enhanced from Rs.49.200 Millions to Rs.64.200
Millions. Therefore, the overall charge now stands at Rs.64.200 Millions. |
FIXED ASSETS:
Ø Ceiling Fan
Ø Chair
Ø Mobile
Ø Office Premises
Ø Car Honda
Ø Computer
Ø Alto Car
Ø Busy Software
Ø Furniture and Fixture
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 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. 55.61 |
|
|
1 |
Rs. 83.98 |
|
Euro |
1 |
Rs. 71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA / MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.