MIRA INFORM REPORT

Report No. :	329498
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	COMNET SOLUTIONS PRIVATE LIMITED
Registered Office :	Unit 30, Madhuban Industrial Estate, Off Mahakali Caves Road, Andheri, Mumbai – 400093, Maharashtra
Mobile No.:	91-8879797477 (Mr. Sheshmani Singh)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.07.1997
Com. Reg. No.:	11-109588
Capital Investment / Paid-up Capital :	Rs. 5.500 Million
CIN No.: [Company Identification No.]	U99999MH1997PTC109588
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Computer and Computer Accessories.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007, and it is having moderate track record. Ratings are constrained on moderate financial risk profile, unavailability of profit and loss statement and leverage structure of the company. Rating further constrained due to huge external borrowing it has threaten the liquidity position of the company. However, trade relations are reported as fair. Business is active. Payments 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.

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 BY

Name :	Mr. Sheshmani Singh
Designation :	Account Manager
Contact No.:	91-8879797477
Date :	27.06.2015

LOCATIONS

Registered/ Corporate Office :	Unit 30, Madhuban Industrial Estate, Off Mahakali Caves Road, Andheri, Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-27839158/ 67382100
Mobile No.:	91-8879797477 (Mr. Sheshmani Singh)
Fax No.:	91-22-28315426
E-Mail :	dipeshthakkar@rediffmail.com sheshmani@comnetinfo.com sales@comnetinfo.com mangesh@comnetinfo.com sanjay@comnetinfo.com mahesh@comnetinfo.com thakkar.dipesh@gmail.com
Website :	www.comnetinfo.com

DIRECTORS

AS ON 30.09.2014

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
Date of Appointment :	24.07.1997
DIN No.:	01720481
Name :	Mr. Sanjay Nandkumar Divekar
Designation :	Director
Address :	Flat No. 02 Ground Floor Manoratan Building Plot No. 21, Dr M. B. Raut Road - 2 Shivaji Park, Mumbai - 400028, Maharashtra, India
Date of Birth/Age :	13.11.1973
Date of Appointment :	24.07.1997
DIN No.:	01791945

KEY EXECUTIVES

Name :	Mr. Sheshmani Singh
Designation :	Account Manager
Name :	S P and Associates
Designation :	Company Secretaries
Address :	25, Tamba Kanta, Kalbadevi Road, Mumbai – 400003, Maharashtra, India
Mobile No. :	91-9833689384
Fax No.:	91-22-23420095
Email:	satyapuroht@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Mangesh Madhukar Pardeshi	20500	50.00
Sanjay Nandkumar Divekar	20500	50.00
Total	41000	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 :	Trader of Computer and Computer Accessories.
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

· Jindal Drugs Limited

· Lonza India Private Limited

· Agfa Healthcare Private Limited

· WNS Global Services Limited

· Kalzen Engineering Limited

· Larsen and Toubro Limited

No. of Employees :

Information declined by the management

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

· Punjab and Maharashtra Cooprative Bank Limited, Central Office, 4 and 5, 3rd Floor, Dreams Mall, LBS Marg, Bhandup (West), Mumbai - 400078, Maharashtra, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Dipesh Thakker and Company Chartered Accountants
Address :	123/124, Commodity Exchange, Sector - 19, Vashi, Navi Mumbai – 400705, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABWPT6649P
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 30.09.2014

Authorised Capital : Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital : Rs. 7.500 Million

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
550,000	Equity Shares	Rs. 10/- each	Rs. 5.500 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	5.500	5.500	2.500
(b) Reserves & Surplus	21.839	15.303	13.097
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	1.918	1.918	3.418
Total Shareholders’ Funds (1) + (2)	29.257	22.721	19.015
(3) Non-Current Liabilities
(a) Long-term borrowings	12.604	16.257	15.551
(b) Deferred tax liabilities (Net)	0.000	0.027	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)	12.604	16.284	15.551
(4) Current Liabilities
(a) Short term borrowings	60.114	47.515	18.874
(b) Trade payables	129.241	17.214	14.918
(c) Other current liabilities	8.116	9.174	18.249
(d) Short-term provisions	12.796	10.338	0.518
Total Current Liabilities (4)	210.267	84.241	52.559
TOTAL	252.128	123.246	87.125
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.018	15.293	10.851
(ii) Intangible Assets	0.047	0.000	0.019
(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	0.337	0.287	4.853
(c) Deferred tax assets (net)	0.402	0.000	0.002
(d) Long-term Loan and Advances	16.893	31.896	16.770
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29.697	47.476	32.495
(2) Current assets
(a) Current investments	0.203	0.251	0.000
(b) Inventories	30.248	26.538	8.988
(c) Trade receivables	176.629	48.413	40.814
(d) Cash and cash equivalents	0.939	0.568	0.386
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	14.412	0.000	4.442
Total Current Assets	222.431	75.770	54.630
TOTAL	252.128	123.246	87.125

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

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Liability/Networth)	2.49	2.81	1.81
Current Ratio (Current Asset/Current Liability)	1.06	0.90	1.04

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	2.500	5.500	5.500
Reserves & Surplus	13.097	15.303	21.839
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	3.418	1.918	1.918
Net worth	19.015	22.721	29.257
Long-term borrowings	15.551	16.257	12.604
Short term borrowings	18.874	47.515	60.114
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	0.000	0.000
Total borrowings	34.425	63.772	72.718
Debt/Equity ratio	1.810	2.807	2.485

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	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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	Yes
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	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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	10308629	24/09/2011	14,500,000.00	RELIANCE HOME FINANCE PRIVATE LIMITED	570, RECTIFIER HOUSE, 3RD FLOOR, NAIGAUM CROSS RO AD, WADALA, MUMBAI, MAHARASHTRA - 400031, INDIA	B21765045
2	10298212	05/07/2011	2,500,000.00	PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED	UNIT NO. 4 AND 5, 3RD FLOOR, DREAMS MALL, UNIT NO. 4 AND 5, 3RD FLOOR, DREAMS MALL, MUMBAI- 400078, MAHARASHT RA - 400078, INDIA	B17213414
3	10209400	19/11/2014 *	97,200,000.00	PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED	OFFICE NO. 4 AND 5, 3RD FLOOR, DREAMS MALL,, L.B.S. MARG, BHANDUP (WEST), MUMBAI- 400078, MAHARASHTRA, INDIA	C34194324
4	10128595	19/11/2014 *	89,200,000.00	PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED	OFFICE NO. 4 AND 5, 3RD FLOOR, DREAMS MALL, L.B.S. MARG, BHANDUP (WEST), MUMBAI- 400078, MAHARASHTRA, INDIA	C34195891

CHANGE OF ADDRESS:

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 address w.e.f. 01.06.2011.

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.63.92
UK Pound	1	Rs.100.40
Euro	1	Rs.70.41

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	KAS
Report Prepared by :	ARC/ IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--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		29

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.