MIRA INFORM REPORT
|
Report
Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
KINGS ELECTRONICS PRIVATE LIMITED. |
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Registered
Office : |
5, Nimkar
Building, M.C.C.Housing Society, Panvel, Navi Mumbai -
410 203, Maharashtra, India. |
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|
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
25.01.1999 |
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Com.
Reg. No.: |
11-117996 |
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CIN
No.: [Company
Identification No.] |
U99999MH1999PTC117996 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMK11102A |
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PAN
No.: [Permanent
Account No.] |
AABCK2351C |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
To carry on the business as merchants, traders,
distributors, commission agents, buying agents, selling agents, brokers,
adatias, buyers, sellers, importers, exporters, dealers in collectors and to
import, export, buy, sell, advance upon or otherwise trade and deal in all
types of electronics, electrics and their spares, merchandise or wholesalers,
retailers or on commission basis or for brokerage. |
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 25000 |
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|
|
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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 a well-established and reputed company having
fine track. Directors are reported as experienced and respectable
businessmen. Financial position is good. Trade relations are reported as fair.
Business is active. Payments are usually correct and as per commitments. The
Company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered
Office |
5, Nimkar
Building, M.C.C.Housing Society, Panvel, Navi Mumbai -
410 203, Maharashtra, India. |
|
Tel.
No.: |
91-22-27451212 |
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|
|
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Head
Office : |
11, Raje Complex (Basement) M.C.C Housing Society, Panvel
410 206, Maharashtra, India. |
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Tel.
No.: |
91-22-27457930 |
DIRECTORS
|
Name : |
Mr. Ashok V. Jashnani |
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Designation
: |
Director |
|
Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
19/11/53 |
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Date
of Appointment : |
25/01/99 |
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Name : |
Mr. Dilip V. Jashnani |
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Designation
: |
Director |
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Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
26/12/50 |
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Date
of Appointment : |
25/01/99 |
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Name : |
Mrs. Hema A. Jashnani |
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Designation
: |
Director |
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Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
15/03/53 |
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Date
of Appointment : |
25/01/99 |
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|
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Name : |
Mr. Ishwar V. Jashnani |
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Designation
: |
Director |
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Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
08/09/64 |
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Date
of Appointment : |
25/01/99 |
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|
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Name : |
Mrs. Rameshwari V. Jashnani |
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Designation
: |
Director |
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Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
01/07/32 |
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Date
of Appointment : |
25/01/99 |
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Name : |
Mr. Prakash V. Jashnani |
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Designation
: |
Director |
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Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
13/12/55 |
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Date
of Appointment : |
25/01/99 |
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Name : |
Mr. Ramesh V. Jashnani |
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Designation
: |
Director |
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Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
03/12/65 |
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Date
of Appointment : |
25/01/99 |
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|
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Name : |
Mr. Vasumal S. Jashnani |
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Designation
: |
Director |
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Address
: |
Plot-45, Jashnani Bhavan, Panvel – 410 203 Maharashtra. |
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Date
of Birth/Age : |
01/07/23 |
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Date
of Appointment : |
25/01/99 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Priya I.
Jashnani |
600 |
|
Bhawana
R. Jashnani |
600 |
|
Pooja P.
Jashnani |
600 |
|
Navin A.
Jashnani |
800 |
|
Dilip V.
Jashnani |
800 |
|
Hema A.
Jashnani |
800 |
|
Ishwar V.
Jashnani |
800 |
|
Parmeshhwar
V. Jashnani |
800 |
|
Prakash
V. Jashnani |
800 |
|
Vasumal
S. Jashnani |
800 |
BUSINESS DETAILS
|
Line
of Business : |
To carry on the business as merchants, traders,
distributors, commission agents, buying agents, selling agents, brokers,
adatias, buyers, sellers, importers, exporters, dealers in collectors and to
import, export, buy, sell, advance upon or otherwise trade and deal in all
types of electronics, electrics and their spares, merchandise or wholesalers,
retailers or on commission basis or for brokerage |
|
|
|
GENERAL INFORMATION
|
Bankers
: |
Ř Abhyudaya Co-operative Bank
Limited Administrative Office, G D Ambekar
Marg, Parel Village, Mumbai – 400 012, Maharashtra,
India Ř CITI Bank Ř UTI Bank |
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|
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Facilities : |
Mortgage: - Standard Chartered Bank 23-25, M G Road, Fort Mumbai – 400 001 24/11/04 Rs. 45 Lacs. Hypothecation of commercial property of the company. 21/09/04 Rs. 60 Lacs Hypothecation of commercial property of the company |
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Banking Relations : |
Satisfactory |
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Auditors
: |
AMIT M. SHAH AND COMPANY [Chartered Accountant] 2, Shelar House, Gokhale Road, Naupada, Thane (West) 400
602 Maharashtra |
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Tel.
No.: |
91-22-25391231 |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
0.100 |
0.100 |
0.100 |
|
|
2 Reserves
& Surplus |
6.496 |
5.858 |
4.839 |
|
NETWORTH
|
6.596 |
5.958 |
4.939 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
32.775 |
20.733 |
21.381 |
|
|
2]
Unsecured Loans |
29.944 |
10.723 |
7.821 |
|
TOTAL
BORROWING
|
62.719 |
31.456 |
29.202 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.003 |
|
|
|
|
|
|
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TOTAL
|
69.315 |
37.414 |
34.144 |
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block]
|
22.552 |
4.653 |
5.665 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.130 |
0.130 |
0.130 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
53.056
|
41.285
|
26.688 |
|
|
Sundry Debtors
|
23.664
|
25.013
|
25.976 |
|
|
Cash & Bank Balances
|
5.747
|
0.944
|
1.831 |
|
|
Loans & Advances
|
3.462
|
4.228
|
4.103 |
Total Current Assets
|
85.929
|
71.470
|
58.598 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
39.298
|
38.841
|
30.253 |
Total Current Liabilities
|
39.298
|
38.841
|
30.253 |
|
Net
Current Assets
|
46.631
|
32.629
|
28.345 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.002 |
0.002 |
0.004 |
|
|
|
|
|
|
|
TOTAL
|
69.315 |
37.414 |
34.144 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
319.785 |
267.560 |
234.974 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
2.867 |
3.120 |
2.735 |
Provision for Taxation
|
2.029 |
|
|
Profit/(Loss) After Tax
|
0.838 |
1.150 |
0.998 |
|
|
|
|
|
Total Expenditure
|
316.918 |
204.440 |
232.239 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.26 |
0.43
|
4.24 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
0.89 |
1.16
|
1.16 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
2.63 |
4.36
|
4.66 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.43 |
52.36
|
55.37 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
16.46 |
6.52
|
6.12 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.18 |
2.19
|
1.93 |
LOCAL AGENCY FURTHER INFORMATION
Director’s Report
The directors are constantly on a lookout to
increase/expand/extend the business by adding more and more brands and products
to the existing table. The exclusive sony showroom which came into operation
during the later half of the previous financial year has proved to be a great
success, to further augment the success, the directors are undergoing
feasibility studies to open other brands exclusive showrooms.
The company’s fixed assets of important value includes:
® Air Conditioners
® Furniture and Fixtures
® EPABX Machine
® Water Filter
® Electric Fitting
® Fax Machine
® Generator
® Santro Car
® Computers
Bankers Charges Report as per
Registry
Name of the Company :
Kings Electronics Private Limited
Presented by : -- Kings Electronics Private Limited
|
1. Date and description of the instrument creating or evidencing the charge |
The company has by declaration created the mortgage on the
immovable property in favor of the Standard Chartered Bank on 21.09.2004. the
certified copy of the Memorandum of Entry in this regard is enclosed. |
|
2. Amount secured by the charge /amount owing on
security of the charge |
Rs. 6.000 millions |
|
3. Short Particular of the property charged. If the property acquired is subject to
change date of
acquisition of property should be given |
Mortgage of commercial property of the company situated at
Plot No. 153, Yash Kamal, MCCH Society, Panvel – 410 206, Navi Mumbai,
Maharashtra, India |
|
4. Gist of the terms and conditions and extent and operation
of the charge. |
Security for Term Loan facility granted to the company.
Charge operate as first and paramount change in favor of the bank as security
for all dues under the Term Loan limit. |
|
5. Names, address and description of the persons
entitled to charge |
Standard Chartered Bank 23-25, M G Road, Fort, Mumbai – 400 001, Maharashtra,
India |
|
6. Date and brief description of instrument modifying the
charge |
NA |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
NA |
Name of the Company :
Kings Electronics Private Limited
Presented by : -- Mr. Ashok Jashnani
|
1. Date and description of the instrument creating or evidencing the charge |
Goods security agreement dated 31.08.2001 executed by
Kings Electronics Private Limited. (Hereinafter referred to as “the Company”)
in favour of Citibank N A (therein and hereinafter referred to as “the
Company”) |
|
2. Amount secured by the charge /amount owing on
security of the charge |
Rs. 26.800 millions |
|
3. Short Particular of the property charged. If the property
acquired is subject to change date of
acquisition of property should be given |
Hypothecation of stocks and book debts forming part of
current both present and future of the company. |
|
4. Gist of the terms and conditions and extent and operation
of the charge. |
In consideration of the lender having agreed to lend
advance to the company, fund based facility under agreement and declaration
by the company, interlay as follows : 1] Government by the company to repay the facility at 2)
above and pay interest and all other monies in the manner set out in the said
agreements between the company and the lender and to comply with the terms
and conditions of the said agreement. 2] The said current assets hypothecated to the lender as
and by way of first charge as security for and be charged with the repayment
of the loan with all interest, liquidated, damages, premia on repayment or on
redemption, costs, charges, and other expenses payable by the company to the
lender in respect thereof. Margin – 48% 3] The Companies to keep the said assets in marketable and
good conditions and also insured as provided therein 4] Power of entry, power to take charge and / or
possession of, seize, recover, receive, appoint and sell, contract, dispatch
for realization or otherwise dispose of or deal with all or any part of the
said goods, etc., as provided therein
|
|
5. Names, address and description of the persons
entitled to charge |
Citibank N A Bandra Kurla Complex, G Block, Bandra (East), Mumbai – 400
051, Maharashtra, India |
|
6. Date and brief description of instrument modifying the
charge |
Deed of Modification dated 31.01.2004 relating to increase
in credit facilities. |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
The original charged was created on 31.08.2001 for
securing Rs. 26.800 millions against hypothecation of stocks and book debts. The bank now has extended the facilities to the company
and made a new deed of modification to the extent of Rs. 30.000 millions
which is an increase of Rs. 3.200 millions. Other terms and conditions will remain same as per
original goods security agreement. |
Name of the Company :
Kings Electronics Private Limited
Presented by : -- Abhyudaya Co-Operative Bank Limited,
Administrative Office, Parel, Mumbai –
400 012, Maharashtra.
|
1. Date and description of the instrument creating or evidencing the charge |
Agreement for hypothecation of goods and book debts to
secure cash credit facility dated 09.08.2005 |
|
2. Amount secured by the charge /amount owing on
security of the charge |
Rs. 30.000 millions |
|
3. Short Particular of the property charged. If the property
acquired is subject to change date of
acquisition of property should be given |
All present and future, goods/ stock such as DVD Cassette,
CD Systems Speaker, DVD Player, Car Stereo and Speaker, Stereo Tape, Wall
Clock, Quartz Wall Clock, Table Clock, Digital Wall Clock, Colour and Black
and White TV and TV Stand, Refrigerator, Home Theatre, Cordless Phone, Desk
Phone, Secured Desk Phone, Quartz Watch, Generators, Calculators, Water
Coolers, Personal Coolers, Tower Coolers, Gas Stove, Hair Dryers, Iron,
Toaster, Mixer, Water Heater, Video Games, Zoom Camera, Digital Camera, Movie
Camera, Wrist Watch, Window and Split AC, Electric Keyboard, Mobiles, Vaccum
Cleaners, Micro Wave Oven, VCD/ MP3 Player, 2 in 1 Cookers, Shavers,
Walkmans, etc., of various makes and models and all book debts of the
Borrower. |
|
4. Gist of the terms and conditions and extent and operation
of the charge. |
To secure the due repayment of the Cash Credit facility
granted by the bank to the borrower. 1] Rate of Interest: 12% p.a. 2] Margin: 40% |
|
5. Names, address and description of the persons
entitled to charge |
Abhyudaya Co-Operative Bank Limited Administrative Office, Parel Village, Mumbai – 400 012,
Maharashtra, India |
|
6. Date and brief description of instrument modifying the charge |
NA |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
NA |
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.44.90 |
|
UK Pound |
1 |
Rs.85.91 |
|
Euro |
1 |
Rs.57.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
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 |