MIRA
INFORM REPORT
|
Report Date : |
26th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
ANANT
ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
Unit
No. 220, Champaklal Industrial Estate, 105 Sion Koliwada Road, Sion (East),
Mumbai – 400 022, Maharashtra, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
25.06.1999 |
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Com. Reg. No.: |
11-120545 |
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CIN No.: [Company
Identification No.] |
U31900MH1999PTC120545 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19776B |
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PAN No.: [Permanent
Account No.] |
AACCA0892D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The company is engaged in the business of
Manufacturing of CD, CD Rom & DVDs. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are slow but
correct. The
company can be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Unit
No. 220, Champaklal Industrial Estate, 105 Sion Koliwada Road, Sion (East),
Mumbai – 400 022, Maharashtra, India. |
|
Tel. No.: |
91-22-24073556/
24093627/ 24078934 |
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Fax No.: |
91-22-24040991 |
DIRECTORS
|
Name : |
Mr.
Deepak Paramanand Vora |
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Designation : |
Director |
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Address : |
Flat
No. 1, Bhaveshwar Kripa Road No. 34, King Circle, Mumbai – 400 019. |
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Date of Appointment : |
25.06.1999 |
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Name : |
Mr.
Anish Paramanand Vora |
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Designation : |
Director |
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Address : |
902,
Lake Castle, Hiranandani Garden, Powai, Mumbai – 400 076. |
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Date of Appointment : |
25.06.1999 |
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|
|
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Name : |
Mr.
Asha Deepak Vora |
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Designation : |
Director |
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Address : |
Flat
No. 1, Bhaveshwar Kripa Road No. 34, King Circle, Mumbai – 400 019. |
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Date of Appointment : |
01.07.1999 |
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Name : |
Mrs.
Kanchan Paramanand Vora |
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Designation : |
Director |
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Address : |
Flat
No. 1, Bhaveshwar Kripa Road No. 34, King Circle, Mumbai – 400 019. |
|
Date of Appointment : |
01.07.1999 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Deepak
Paramanand Vora |
150000 |
|
Anish
Paramanand Vora |
150000 |
|
Asha
Deepak Vora |
150000 |
|
Kanchan
Paramanand Vora |
10000 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of
Manufacturing of CD, CD Rom & DVDs. |
PRODUCTION
STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
DVD |
17000 per day |
598220 |
|
ACD/VCD |
17000 per day |
9604944 |
GENERAL
INFORMATION
|
Suppliers : |
v
Bombay
Wire Product Company v
Coates
of India Limited v
Kristeel
Shinwa Industries Limited v
Hindustan
Inks & Resins Limited v
Kammann
Machines (I) Private Limited v
Laminating
& Packaging Products v
Meki
Marketing v
Minal
Graphics v
Nikko
Waterproofing Company v
Padmini
Technologies Limited v
Pancolour
Ink Company Limited v
Prajapati
Industries v
R.M.T
Industries v
Real
Hydrofit & Company v
Sericol
(O) Private Limited v
Shantadurga
Printers Private Limited v
Shree
Datta Electrical Service v
Shemaroo
Video Private Limited v
Super
Packaging System |
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Customers : |
v
Anjali
Video Agencies v
Aeeow
Videos v
Akai
Consumer Electronics Limited v
Aerens
Developers & Enginerring Limited v
Aditya
Heritage Publication v
Audiorec
Record (I) Private Limited v
Anand
Enterprises |
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No. of Employees : |
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Bankers : |
v
Dombivli
Nagari Sahakari Bank Limited v
Kalyan
Janata Sahakari Bank Limited v
Jalgaon
Janata Sahakari Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
D.G.
Parekh & Company |
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Qualification: |
Charted
Accountant |
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Address: |
7/2
Varma Nagar, Old Nagardas Road, Andheri (East), Mumbai – 400 069, India. |
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Tel. No.: |
91-22-26835009 |
CAPITAL STRUCTURE
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 |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
|
5.000 |
5.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
24.040 |
23.258 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
29.040 |
28.258 |
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LOAN FUNDS |
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|
1] Secured Loans |
|
73.752 |
88.124 |
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2] Unsecured Loans |
|
15.775 |
7.125 |
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TOTAL BORROWING |
|
89.527 |
95.249 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
118.567 |
123.507 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
81.224 |
98.301 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
1.184 |
1.185 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
13.088 |
8.603 |
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Sundry Debtors |
|
41.818 |
42.164 |
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Cash & Bank Balances |
|
1.259 |
0.390 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1.051 |
19.012 |
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Total Current Assets |
|
57.216 |
70.169 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
21.080 |
46.175 |
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Provisions |
|
0.000 |
0.000 |
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Total Current Liabilities |
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21.080 |
46.175 |
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Net Current Assets |
|
36.136 |
23.994 |
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MISCELLANEOUS EXPENSES |
|
0.023 |
0.027 |
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TOTAL |
|
118.567 |
123.507 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
118.279 |
138.146 |
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Profit/(Loss)
Before Tax |
|
0.822 |
22.456 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
0.822 |
22.456 |
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Total
Expenditure |
|
45.665 |
44.104 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
0.69 |
16.26 |
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Net Profit
Margin (PBT/Sales) |
(%) |
|
0.69 |
16.26 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
0.59 |
13.24 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
0.79 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
3.81 |
5.00 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.71 |
1.52 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
Company
is manufacturing CD Rom, Audio CDs & VCD since year 2000. Company has
adopted latest Technology of Digital Versetile Disc (DVD). Company has imported
Machinery from Krauss Muffei. Munic Germany. This machinery has produced DVD 5
& DVD 9. With fast cycling machine company can achieve cycle time of 4.4
Seconds for producing 1 DVD the DVD version is latest Technology which has been
widely accepted all over the world.
Fixed
Assets:
Plant
& Machinery, DVD Machine, Air Conditioner, Electrical Fitting, TV &
Music System, Computer, Furniture & Fixture, Motor Toyato, Motor Car
Waganx, Tempo etc.
|
Name
of the company |
Anant Electronics Private Limited |
|
Presented By |
Mr. Shekbar
V. Praamanand |
|
1)
Date and description of instrument creating the change |
Loan
Agreement cum Deed of Hypothecation dated 04.03.2004 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
52.500 Millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
One
Krauss Maffei e star galary DVD lines with CDS object moulding system. Testing
Equipment Printing
Machine Accessories
like Air Conditioners, Compressors, Installation & Electrification. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest: 12.5% The
security and the charge created shall be secured by way of first charge on
all the hypothecated machineries ranking pari-passu inter se the bank v
Dombivli
Nagari Sahakari Bank Limited v
Kalyan
Janata Sahakari Bank Limited v
Jalgaon
Janata Sahakari Bank Limited |
|
5)
Name and Address and description of the person entitled to the charge. |
Dombivli
Nagari Sahakari Bank Limited; Main Branch, Keshav Smruti, Manpada Road,
Dombivli (East). |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
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 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.46.36 |
|
UK
Pound |
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.58.38 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |