MIRA
INFORM REPORT
|
Report Date : |
02.04.07 |
IDENTIFICATION
DETAILS
|
Name : |
DIGITAL ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
1120, Housing Board Colony, Alto Porvorim - 403521, Goa,
India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
15.04.2002 |
|
|
|
|
Com. Reg. No.: |
24-3087 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51505GA2002PTC003087 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD02428G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealers and Distributors of Samsung Consumer Durables. |
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 10000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established Samsung Distributor. Trade relations are fair. Payments are reported as correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1120, Housing Board Colony, Alto Porvorim - 403521, Goa, India |
|
|
Tel. No.: |
91-832-2411367 |
|
DIRECTORS
|
Name : |
Mr. Akshay Jain |
|
Designation : |
Chairman and Managing Director |
|
Address : |
1120, Housing Board Colony, Porvorim - 403521, North Goa, India |
|
Date of Birth/Age : |
22.09.1967 |
|
Date of Appointment : |
15.04.2002 |
|
|
|
|
Name : |
Mr. Aires Andrade |
|
Designation : |
Director |
|
Address : |
House Number F/354, Fontainhas, Mala – Panajim - 403001, Goa, India |
|
Date of Birth/Age : |
05.06.1967 |
|
Date of Appointment : |
15.04.2002 |
|
|
|
|
Name : |
Mr. Jorge Jose Menezes |
|
Designation : |
Director |
|
Address : |
82, Near All India Radio, Altinho, Panajim, North Goa, India |
|
Date of Birth/Age : |
07.03.1968 |
|
Date of Appointment : |
15.04.2002 |
|
|
|
|
Name : |
Mr. Ajoy Estibeiro (Doctor) |
|
Designation : |
Director |
|
Address : |
781, Saint Mary’s Colony, Miramar, North Goa, India |
|
Date of Birth/Age : |
27.11.1967 |
|
Experience : |
|
|
Date of Appointment : |
15.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Akshay Jain |
5000 |
25.00 |
|
Mr. Aires Andrare |
5000 |
25.00 |
|
Mr. Jorge Menezes |
5000 |
25.00 |
|
Dr. Ajoy Estibeiro |
5000 |
25.00 |
|
Total |
20000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers and Distributors of Samsung Consumer Durables. |
|
|
|
|
Agencies Held : |
Samsung |
GENERAL
INFORMATION
|
No. of Employees : |
5 |
|
|
|
|
Bankers : |
Central Bank of India, Panaji, Goa, India |
|
|
|
|
Facilities : |
v C.C. : Balance Rs. 4.834 millions v O/D : Balance Rs. 2.129 millions v Letter of Credit : Rs. 2.500 millions |
|
|
|
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Prabhudesai and Associates Chartered Accountants |
|
Address : |
S-5, A-1, Jairam Complex, Neogi Nagar, Panaji – 403001,
Goa, India |
|
Tel. No.: |
91-832-2429924 |
|
|
|
|
Associates/Subsidiaries : |
Focus Group of Companiess |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs. 2.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs. 2.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.000 |
2.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.367 |
0.164 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2.367 |
2.164 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
12.849 |
9.420 |
|
|
2] Unsecured Loans |
|
3.236 |
2.619 |
|
|
TOTAL BORROWING |
|
16.085 |
12.039 |
|
|
DEFERRED TAX LIABILITIES |
|
0.243 |
0.244 |
|
|
|
|
|
|
|
|
TOTAL |
|
32.413 |
32.413 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.342 |
1.590 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3.534 |
6.358 |
|
|
Sundry Debtors |
|
12.596 |
9.579 |
|
|
Cash & Bank Balances |
|
1.484 |
0.038 |
|
|
Other Current Assets |
|
0.003 |
1.003 |
|
|
Loans & Advances |
|
0.030 |
0.017 |
|
Total
Current Assets |
|
17.647 |
16.995 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.300 |
4.142 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.300 |
4.142 |
|
|
Net Current Assets |
|
17.347 |
12.853 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.006 |
0.007 |
|
|
|
|
|
|
|
|
TOTAL |
|
18.696 |
14.450 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
69.550 |
70.366 |
|
|
Total Income |
|
69.550 |
70.366 |
|
|
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
0.254 |
0.234 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.970 |
1.883 |
|
|
Depreciation & Amortization |
|
0.348 |
0.189 |
|
|
Other Expenditure |
|
66.978 |
68.060 |
|
Total Expenditure |
|
69.296 |
70.132 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.36 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.12 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
58.82 |
4.10 |
STOCK PRICES
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
DIGITAL ENTERPRISES PRIVATE LIMITED |
|
Presented By |
DIRECTOR |
|
1) Date and description of instrument creating the change |
02.05.2002 Letter of
Hypothecation – Book debts / Loan and agreement of Hypothecation to secure demand
cash credit against goods. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs
4.500 Millions Overdraft Rs
2.500 Millions Total Rs 7.000
Millions |
|
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 |
Cash Credit All tangible
movable property such as products, stock-in-trade and goods of the borrower
which now or hereafter from time to time during this security shall be
brought in stored or be in or about the premises, warehouses or anywhere else
or godowns of the borrowers in GS2, Pramilla Apartments, near P and T colony,
Alo Povorim, Goa, stocks such as Samsung brnad consumer durables like TVs,
Fridges, air Conditioners, Washing Machines etc. Overdraft All borrower
present and future book debts, outstanding moneys receivables, claims, bills,
contract, securities, investment rights and assets shall be hypothecated to
the bank. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
15% |
|
5) Name and Address and description of the person entitled to the charge. |
The Central Bank
of India Panaji Branch,
Panaji – Goa |
|
6) Date and brief description of instrument modifying the charge |
Agreement of
hypothecation to secure demand cash credit against goods dated 10.12.2005 Letter of
Hypothecation – Book Debts – Loan dated 10.12.2005 |
|
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. |
The overall limit
stands modified as follows Cash Credit Rs
6.500 Millions Overdraft Rs
6.000 Millions All tangible
Movables property such stock – in trade and goods of the borrowers as
described in the schedule of agreement of hypothecation to secure demand cash
credit against goods. All the
borrowers’ present and future book debts, outstanding moneys receivables,
claims, bills etc. Rate of interest
minimum of 11.50% |
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 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.43.59 |
|
UK Pound |
1 |
Rs.85.59 |
|
Euro |
1 |
Rs.58.14 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|