MIRA INFORM REPORT

 

 

Report No. :

337572

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KOMAL SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

Shop No 7, Shree Balaji Complex, Guruwar Peth, Pune-411042, Maharashtra

Tel. No.:

91-20-24467566

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.04.2004

 

 

Com. Reg. No.:

11-019081

 

 

Capital Investment / Paid-up Capital :

Rs. 0.500 Million

 

 

CIN No.:

[Company Identification No.]

U72200PN2004PTC019081

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEK05578G

 

 

PAN No.:

[Permanent Account No.]

AACCK3388G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of Trading of Components of the Computer System, Spare parts and Accessories thereof, the Peripherals, the Networking Products including Software and Hardware required for the same, and other ancillary products thereto.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 9000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

According to the year 2014 financials, the company possesses below average operational performance with low profitability. Further, the external borrowings of the company seems to be huge.

 

Rating remain constrained on account of company’s moderate financial risk profile marked by small net worth base and leverage balance sheet profile of the company.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(Contact No: 91-20-24467566)

 

 

LOCATIONS

 

Registered Office :

Shop No 7, Shree Balaji Complex, Guruwar Peth, Pune-411042, Maharashtra, India

Tel. No.:

91-20-24467566/ 24467521/ 24467565/ 24434231/ 32521727

Mob. No:

91-9325021299/ 9890852777

Fax No.:

Not Available

E-Mail :

neelesh@ksplpune.com

ksplpune@hotmail.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Neelesh Himmatlal Shah

Designation :

Director

Address :

B-2, Plot No. 2, Ganesh Market,, S. No. 588/1a, Bibwewadi-Kondhwa Road,, Pune-411037, Maharashtra, India

Date of Appointment :

01.04.2004

DIN No.:

00086952

 

 

Name :

Mr. Shaila Himmatlal Shah

Designation :

Director

Address :

B-2, Plot No. 2, Ganesh Market,, S. No. 588/1a, Bibwewadi-Kondhwa Road,, Pune-411037, Maharashtra, India

Date of Appointment :

01.04.2004

DIN No.:

00086975

 

 

Name :

Mr. Himmatlal Gundulal Shah

Designation :

Director

Address :

B-2, Plot No. 2, Ganesh Market, S. No.588/1a, Bibwewadi-Kondhwa Road,, Pune-411037, Maharashtra, India

Date of Appointment :

01.04.2004

DIN No.:

00086995

 

 

Name :

Mr. Ashwini Nilesh Shah

Designation :

Director

Address :

B-2, Flat No. 2, Ganesh Market, Bibvewadi, Pune, 411037, Maharashtra, India

Date of Appointment :

01.04.2004

DIN No.:

01691225

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Himmatlal Gundulal Shah

2224

44.48

Neelesh Himmatlal Shah

1128

22.56

Shaila Himmatlal Shah

681

13.62

Ashwini Neelesh Shah

967

19.34

Total

5000

100.00

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of Trading of Components of the Computer System, Spare parts and Accessories thereof, the Peripherals, the Networking Products including Software and Hardware required for the same, and other ancillary products thereto.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Bank of Maharashtra

Shankar Seth Road, Pune - 411037, Maharashtra, India

 

·         Rajashi Shahu Sahakari Bank Limited

Survey NO. 633/2; B.C.T.C. NO. 963, Sant Eknath Nagar; Opposite Oswal Centre; Bibvewadi, Pune - 411037, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans from Banks

0.333

0.480

 

 

 

SHORT TERM BORROWINGS

 

 

Working Capital Loans

 

 

From Bank

9.232

12.599

Total

9.565

13.079

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Arjunwadkar and Associates

Chartered Accountants

Address :

B2/21, Todkar Garden, S No 569/1+3d, Bibwewadi, Kondhwa Road, Bibwewadi, Pune-411037, Maharashtra, India

Tel. No.:

91-20-24210004/ 24210005

E-Mail :

ca.arjunwadkarandassociates@gmail.com

Income-tax PAN of auditor or auditor's firm :

AAZPA3380L

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Shares

Rs. 100/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000

Equity Shares

Rs. 100/- each

Rs. 0.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.500

0.500

0.500

(b) Reserves & Surplus

2.552

2.213

1.825

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

3.052

2.713

2.325

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.333

0.480

0.470

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.333

0.480

0.470

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

9.232

12.599

8.992

(b) Trade payables

37.421

42.653

31.642

(c) Other current liabilities

0.299

0.033

0.101

(d) Short-term provisions

0.910

0.282

0.184

Total Current Liabilities (4)

47.862

55.567

40.919

 

 

 

 

TOTAL

51.247

58.760

43.714

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2.188

2.125

1.656

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.357

0.337

0.304

(d)  Long-term Loan and Advances

0.443

0.238

0.172

(e) Other Non-current assets

2.003

1.184

0.951

Total Non-Current Assets

4.991

3.884

3.083

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

14.533

10.923

9.523

(c) Trade receivables

32.603

39.305

28.009

(d) Cash and cash equivalents

(0.950)

4.593

3.099

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

0.070

0.055

0.000

Total Current Assets

46.256

54.876

40.631

 

 

 

 

TOTAL

51.247

58.760

43.714

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

344.166

343.661

263.014

 

 

Other Income

0.581

0.000

0.013

 

 

TOTAL                                    

344.747

343.661

263.027

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

341.849

340.804

260.523

 

 

 

 

 

 

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

2.898

2.857

2.504

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

1.878

1.624

1.671

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

1.020

1.233

0.833

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.529

0.586

0.424

 

 

 

 

 

 

EXCEPTIONAL ITEMS

0.000

0.051

0.069

 

 

 

 

 

 

PROFIT BEFORE TAX

0.491

0.596

0.340

 

 

 

 

 

Less

TAX                                                                 

0.152

0.200

0.128

 

 

 

 

 

 

PROFIT AFTER TAX

0.339

0.396

0.212

 

 

 

 

 

 

Earnings Per Share (Rs.)

67.8

79.2

42.4

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.10

0.12

0.08

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

0.84

0.83

0.95

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.96

1.02

0.78

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.22

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.13

4.82

4.07

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.97

0.99

0.99

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.500

0.500

0.500

Reserves & Surplus

1.825

2.213

2.552

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

2.325

2.713

3.052

 

 

 

 

Long-term borrowings

0.470

0.480

0.333

Short term borrowings

8.992

12.599

9.232

Total borrowings

9.462

13.079

9.565

Debt/Equity ratio

4.070

4.821

3.134

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

263.014

343.661

344.166

 

 

30.663

0.147

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

263.014

343.661

344.166

Profit

0.212

0.396

0.339

 

0.08%

0.12%

0.10%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

No

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10001366

22/07/2014 *

19,500,000.00

BANK OF MAHARASHTRA

SHANKAR SETH ROAD, PUNE- 411037, MAHARASHTRA, INDIA

C16311581

 

* Date of charge modification

 

 

CORPORATE INFORMATION:

 

The Company is a closely held Private Limited Company incorporated under the registration number C.I.N.U- 72200-PN-2004-PTC-019081, under the Companies Act, 1956 with a registered office in Pune.

 

The Company is engaged in the business of Trading of Components of the Computer System, Spare parts and Accessories thereof, the Peripherals, the Networking Products including Software and Hardware required for the same, and other ancillary products thereto.


FIXED ASSETS:

 

Tangible Assets

 

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer

 

 

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 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. 65.24

UK Pound

1

  Rs. 102.21

Euro

1

Rs. 72.57

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

26

 

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.