MIRA INFORM REPORT
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Report
Date : |
10.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
DASS
ELECTRIC TRADING COMPANY PRIVATE LIMITED |
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Registered
Office : |
2412,
Yogesh House, East Street, Pune - 411001, 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 : |
19.09.1988 |
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Com.
Reg. No.: |
11-48872 |
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CIN
No.: [Company Identification No.] |
U52334MH1988PTC048872 |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Dealers in Refrigerators, Washing Machines, Cooking Range,
Various electrical & Electronics Appliances. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum
Credit Limit : |
USD 25000 |
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Status
: |
Satisfactory
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established dealers for consumer
durables. Trade relations are fair. Payments are correct and as per
commitment. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered
Office : |
2412 East
Street, Yogesh House, Pune, - 411001, Maharashtra, India |
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Tel.
No.: |
91-20-24012236/24012238/26347400 |
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Fax
No.: |
91-20-26347400 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr. Sareen Bishandas Naresh |
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Designation
: |
Director |
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Address
: |
29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra |
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Date
of Birth/ Age: |
07.04.1949 |
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Date
of Appointment : |
19/09/1998 |
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Name : |
Mr. Sareen Bishandas Dinesh |
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Designation
: |
Director |
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Address
: |
29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra |
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Date
of Birth/ Age: |
11.07.1951 |
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Date
of Appointment : |
19/09/1998 |
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Name : |
Ms. Sareen Ramesh Usha |
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Designation
: |
Director |
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Address
: |
29, Salisblry Park, Gultekdi, Pune – 411 001, Maharashtra |
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Date
of Birth/ Age: |
10.01. |
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Date
of Appointment : |
19/09/1998 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Naresh Bishan Sareen |
95600 |
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Dinesh Bishan Sareen |
95600 |
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Usha R
Sareen |
54100 |
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Ritu N
Sareen |
50 |
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Kunal D
Sareen |
50 |
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Kapil D
Sareen |
50 |
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Karan D
Sareen |
50 |
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Naresh B
Sareen HUF |
50 |
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Dinesh B
Sareen HUF |
50 |
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Asha N
Sareen |
50 |
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Madhu D
Sareen |
50 |
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Vicky N
Sareen |
50 |
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Priyanka
D Sareen |
50 |
BUSINESS DETAILS
|
Line
of Business : |
Dealers in Refrigerators, Washing Machines, Cooking Range,
Various electrical & Electronics Appliances. |
GENERAL INFORMATION
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No. of
Employees : |
20 |
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Bankers
: |
v Janseva Sahakari Bank Limited Head
Office : 156, Gandhi Chowk, Hadapsar, Pune – 411028 v Indian Overseas Bank, Pimpri
Chanchwad Branch, No. 5 & 6 Vishal Arcade, Station Road, Chinchwad, Pune
– 33 v Standard Charted Bank, 23 –25, M G
Road, Mumbai – 400 001. |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Sunil Shah Chartered Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10 each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
245800 |
Equity Shares |
Rs. 10 each |
Rs. 2.458 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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1] Share
Capital |
|
2.458 |
2.458 |
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3]
Reserves & Surplus |
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3.921 |
3.347 |
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4]
(Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
|
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6.379 |
5.805 |
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LOAN
FUNDS |
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1]
Secured Loans |
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28.590 |
23.726 |
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2]
Unsecured Loans |
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14.503 |
8.803 |
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TOTAL
BORROWING
|
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43.093 |
32.529 |
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DEFERRED
TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL
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49.472 |
38.334 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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12.880 |
9.121 |
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Capital work-in-progress
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0.000 |
0.000 |
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INVESTMENT
|
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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37.519 |
28.647 |
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Sundry Debtors
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11.307 |
11.515 |
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Cash & Bank Balances
|
|
1.362 |
0.400 |
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Bonus Receivable
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4.223 |
3.099 |
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Loans & Advances
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|
7.037 |
4.337 |
Total Current Assets
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61.448 |
47.998 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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24.858 |
18.787 |
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Provisions
|
|
0.000 |
0.000 |
Total Current Liabilities
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24.858 |
18.787 |
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Net
Current Assets
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36.590 |
29.201 |
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MISCELLANEOUS EXPENSES
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|
0.002 |
0.002 |
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TOTAL
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49.472 |
38.334 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
258.921 |
251.251 |
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Profit/(Loss) Before Tax
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|
1.084 |
0.535 |
Provision for Taxation
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|
0.090 |
0.040 |
Profit/(Loss) After Tax
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|
0.994 |
0.495 |
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Total Expenditure
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257.836 |
250.715 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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0.38 |
0.20 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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0.42 |
0.21 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
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1.46 |
0.94 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.17 |
0.09 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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10.65 |
8.84 |
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Current Ratio
(Current
Asset/Current Liability) |
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2.47 |
2.55 |
LOCAL AGENCY FURTHER INFORMATION
Business:
The company acts as
dealer for consumer durables.
Dividend:
The Board of Directors of
the company recommended dividend of 15% on the equity shares amounting of Rs.
0.368 Millions for the year under review.
Fixed Assets:
Furniture, Computer,
Office Equipment, Electrical Installation, Vehicle, Air conditioner, Business
Development etc.
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Name of the company |
Dass Electric Trading
Company Private Limited |
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Presented By |
Naresh B Sareen - Director |
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1) Date and description of instrument creating the change |
Term Loan Agreement dated 09.03.2005 |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 3.000 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 |
Hypothecation by way of 1st charge all
machineries such as entire Furniture, Fixture, AC, Electric Fiting,
Installation PDP and other fixed assets in Aundh Showroom. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Interest @ 11.75% p.a. Repayment – 60 Monthly Installments of Rs. 0.066 Millions Starting from 09.06.2005 |
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5) Name and Address and description of the person entitled
to the charge. |
Indian Overseas Bank, Pimri Chanchwad Branch, No. 5 &
6 Vishal Arcade, Station Road, Chinchwad, Pune – 33. |
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6) Date and brief description of instrument modifying the
charge |
NOT APPLICABLE |
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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 |
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Name of the company |
Dass Electric Trading
Company Private Limited |
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Presented By |
Dass Electric Trading
Company Private Limited |
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1) Date and description of instrument creating the change |
The Borrower has by declaration created the hypothecation
on stock and book debts in favor of the standard Charted Bank on 23.09.2005.
The certified copy of the Agreement of Hypothecation of stock and book debts
is enclosed. The borrower has by declaration created the Mortgage on
the immovable property in favour of the Started Charted Bank on The certified copy of the Memorandum of Entry for mortgage
by way of deposit of title deeds in this regard is enclosed. |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 38.330 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 |
Hypothecation of All the stock in trade both present & future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise whatsoever, being movable properties now
or at any time hereafter belonging to the borrower or at the Borrowers
disposal and now or at any time and from time to time hereafter stored or to be
stored or brought in to or upon or in course of transit to the borrower
factory or premises or at any other place whatsoever and whatsoever in the borrower possession
or occupation or at any other premises or place. All the present and future book debts, outstanding, money,
receivable, claims, bills which are now due, owing or which may at any time
hereafter during the continuance of this security become due and owing to the
borrower in the course of its business by any person, firm, company or body
corporate or by the government Central or state or Indian railways, any
government department or office or any municipal or local or public or semi
government body or authority or any body corporate or under tacking or
project whatever in the public sector.
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4) Gist of the terms and conditions and extent and
operation of the charge. |
Security for overdraft facility of Rs. 32.500 Millions and
Term Loan of Rs. 5.830 Millions granted to M/s Dass Electric Trading Company
Private Limited. Charges operate as first and paramount charge in favor of
the bank as security for all dues under the term loan facility. |
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5) Name and Address and description of the person entitled
to the charge. |
Standard Charted Bank, 23 –25, M G Road, Mumbai – 400 001. |
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6) Date and brief description of instrument modifying the
charge |
NOT APPLICABLE |
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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
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
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.45.34 |
|
UK Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.05 |
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 |
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--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 |
|
|
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--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 |