%20PRIVATE%20LIMITED%2024-Aug-2007_files/image002.jpg){kind=small}
MIRA INFORM REPORT
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Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
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Name : |
REFLEXIOUS ( |
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Registered Office : |
12/13, Gokul Apartments, Kevani Pada, S V Road, Jogeshwari (East), Mumbai
– 400 102, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.05.2001 |
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Com. Reg. No.: |
131887 |
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CIN No.: [Company
Identification No.] |
U31101MH2001PTC131887 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Suppliers and Dealers in electrical and other appliances. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 47000 |
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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 and reputed company having satisfactory
track records. Directors are reported
as experienced and reputed businessmen.
Trade relations are reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
# 12/13, Gokul Apartments, Kevani Pada, |
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E-Mail : |
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Website : |
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Factory: |
201, |
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Tel. No.: |
91-22-55022401 |
DIRECTORS
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Name : |
Mr. Vijay Mohan Butaney |
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Designation : |
Chairman and Managing Director |
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Address : |
1904, Flat No. 526, Meghdoot ‘B’ Lokhandwala, Andheri (West), Mumbai –
400 053, |
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Date of Birth/Age : |
22.01.1970 |
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Date of Appointment : |
08.05.2001 |
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Name : |
Mrs. Pushpa Mohan Butaney |
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Designation : |
Director |
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Address : |
1904, Flat No. 526, Meghdoot ‘B’ Lokhandwala, Andheri (West), Mumbai –
400 053, |
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Date of Birth/Age : |
15.07.1941 |
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Date of Appointment : |
08.05.2001 |
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Date of Ceasing: |
01.12.2004 |
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Name : |
Mrs. Bruhita Vijay Butaney |
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Designation : |
Director |
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Address : |
1904, Flat No. 526, Meghdoot ‘B’ Lokhandwala, Andheri (West), Mumbai –
400 053, |
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Date of Birth/Age : |
30.09.1972 |
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Date of Appointment : |
08.05.2001 |
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Name : |
Mr. Mohan Murley Butaney |
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Designation : |
Director |
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Address : |
1904, Flat No. 526, Meghdoot ‘B’ Lokhandwala, Andheri (West), Mumbai –
400 053, |
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Date of Birth/Age : |
01.01.1940 |
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Date of Appointment : |
01.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Mohan Murley Butaney |
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6000 |
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Mrs. Pushpa Mohan Butaney |
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2000 |
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Mrs. Bruhita Vijay Butaney |
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2000 |
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Total |
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10000 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Suppliers and Dealers in electrical and other appliances. |
GENERAL INFORMATION
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Bankers : |
v
Oriental
Bank of Commerce Andheri (West) Branch, Mumbai – 400 058, v
HDFC
Bank Limited HDFC Bank House, Senapati Bapat Marg, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B N Kedia and Company Chartered Accountants |
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Address : |
B-311, Yashwant Shopping Centre, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs. 10.00 each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs. 10.00 each |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.998 |
8.465 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.998 |
8.565 |
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LOAN FUNDS |
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1] Secured Loans |
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7.671 |
15.018 |
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2] Unsecured Loans |
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2.040 |
0.000 |
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TOTAL BORROWING |
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9.711 |
15.018 |
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DEFERRED TAX LIABILITIES |
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0.653 |
0.153 |
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TOTAL |
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22.362 |
23.736 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.041 |
17.743 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.015 |
0.015 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.452 |
6.730 |
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Sundry Debtors |
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48.196 |
38.688 |
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Cash & Bank Balances |
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3.828 |
7.069 |
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Other Current Assets |
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11.523 |
9.103 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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68.999 |
61.590 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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63.710 |
55.632 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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63.710 |
55.632 |
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Net Current Assets |
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5.289 |
5.958 |
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MISCELLANEOUS EXPENSES |
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0.017 |
0.020 |
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TOTAL |
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22.362 |
23.736 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
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Total Income |
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116.068 |
163.626 |
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Profit/(Loss) Before Tax |
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7.258 |
5.873 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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7.258 |
5.873 |
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Expenditures : |
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Interest |
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1.577 |
0.693 |
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Depreciation & Amortization |
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0.779 |
0.349 |
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Other Expenditure |
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108.810 |
157.753 |
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Total Expenditure |
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111.166 |
158.795 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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6.25 |
3.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.25 |
3.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.43 |
7.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.60 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.12 |
8.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.08 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
REFLEXIOUS ( |
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Presented By |
Oriental Bank of
Commerce Andheri (West)
Branch, Mumbai – 400 058, |
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1) Date and description of instrument creating the change |
14.01.2006 No instrument
executed Deposit of title deeds of Immovable property with the intent to create
equitable mortgage. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
millions only |
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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 |
At the request of
the Borrower, the bank has sanctioned Bank Guarantee (Performance /
Financial) Limits of Rs. 10.000 millions. To secure the due repayment of the
aforesaid limits and for all costs, interest, commissions and other charges
thereon at the request of the Bank. The Borrower company has deposited the
title deeds of following immovable property to create equitable mortgage in
favour of the Bank viz. Unit No. 201 on
the second floor of the building known as “Shalimar Morya Park” Veera
Industrial Estate, New Link Road, Oshiwara, Andheri (West), Mumbai – 400 053,
together with all buildings, super structure, plant and Machinery,
Constructed and or to be constructed, installed and or to be installed and
all accretions thereto. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
as may be determined by the Bank from time to time and for all costs and
other charges payable in terms of the loaning documents till the continuance
of the security. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Andheri (West)
Branch, Manubharti, |
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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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Corporate
identity number (CIN) Foreign company registration number |
U31101MH2001PTC131887 |
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Name of the
Company |
REFLEXIOUS ( |
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Address |
# 12/13, Gokul Apartments, Kevani Pada, |
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This form is for |
Creation of
Charge |
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Type of Charge |
A Charge on: v
Book
Debts v
Movable
Property (not being pledge) v
Floating
Charge |
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Particulars of
the charge holder |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, E-Mail: siva.subramanian@hdfcbank.com
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Amount secured by
the charge |
Rs. 30.000
millions |
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Nature or
description of the instrument(s) creating or modifying the charge |
Letter of
Hypothecation |
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Date of
Instrument |
30.12.2006 |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest Interest at the
rate may be communicated by the Bank from time to time. (b) Terms of
Repayment: On Demand (c) Margin:
Company shall at all times during the continuance of this security maintain
the said debts of a sufficient amount to provide the margin of security as
may from time to time advised by the Bank. (d) Extent and
operation of the charge: Hypothecation by
way of First Charge on Company’s Stocks, Book Debts etc. to secure as a
Continuing Security for repayment of monies due and payable by the company to
the Bank. (e) Others: Nil |
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Short particulars
of the property charged (including location of the property) |
Hypothecation by way
of first charge on: a) All the stock
in trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise, fixed assets and
whatsoever being movable properties now or at any time hereafter belonging to
us or at our disposal and now or at any time and from time hereafter stored
or to be stored brought into or upon or in course of transit. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.86 |
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1 |
Rs. 81.62 |
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Euro |
1 |
Rs. 55.38 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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