MIRA
INFORM REPORT
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Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
PREETI
TRADING CORPORATION |
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Registered Office : |
2,
Vakil Building, 1, A G Street, Near Laxmi Baug Hall, Opera House, Mumbai –
400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2000 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP19113D |
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PAN No.: [Permanent
Account No.] |
AAFFP8957J |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of Business : |
Distributor
and Importer of Car Audio and Home Audio. |
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
40000 |
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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 concern having satisfactory track. Partners
are reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Head Office : |
2, Vakil Building, 1, A G Street, Near Laxmi Baug Hall, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23859820 |
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Fax No.: |
91-22-66348194
/ 26108821 / 26046963 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Sales
and Administrative office : |
No. 3,
Subhangini Building, Milan Subway Road, Santacruz [West], Mumbai – 400054 |
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Branches
: |
Located
at Bangalore and Chennai |
PARTNERS
|
Name : |
Mr. Om
Prakash Dhingreja |
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Designation : |
Partner
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Name : |
Mr.
Kamal Dhingreja |
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Designation : |
Partner
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Date of Birth/Age : |
30
Years |
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Qualification : |
Graduate
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Experience : |
17
Years |
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Name : |
Mr.
Vijay Dhingreja |
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Designation : |
Partner
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BUSINESS DETAILS
|
Line of Business : |
Distributor
and Importer of Car Audio and Home Audio. |
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Agencies Held : |
Kicker
[USA] DLS
[Sweden] MTX
[USA] Morel
[Israel] Streetwires
[USA] |
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Imports from : |
All
over the world |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash
and Credit |
GENERAL
INFORMATION
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Customers : |
Car
Dealers |
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No. of Employees : |
28 |
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Bankers : |
ICICI
Bank Santacruz,
Mumbai Central
Bank of India Santacruz,
Mumbai |
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Banking Relations : |
-- |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
10.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
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|
31.03.2006 |
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Sales Turnover |
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100.000 |
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LOCAL AGENCY
FURTHER INFORMATION
PTC
started in 2000 by people who saw an opening in the Indian car audio
distribution market. At the time most other distributors in the market seemed
only interested in pushing products into retailers without any form of backup.
PTC’s founders had seen that by providing a unique blend of marketing,
advertising, training, customer service and, of course, the right products at
the right prices, they could create a niche.
Product
Kicker
[USA] : Deadly accurate, gut-pounding bass is how they would describe Kicker.
Kicker continually raises the performance level with key advances in
durability, sound quality, and overall technology, keeping others overwhelmed.
What started in 1980 with the original Kicker full range box has evolved into a
distinct line of subwoofers for every possible need.
DLS
[Sweden] : Since DLS was established in 1979 they have developed and produced
in-car speakers for music lovers. Over the years, they have won numerous awards
for their speaker systems, and they have been very successful in sound-off
championships, both in Sweden and the rest of the world.
MTX
[USA] : Creating the world’s largest and most powerful subwoofer. Manufactured
in a custom facility with a magnetizer constructed just for this woofer-a
magnetizer that wipes out any credit card that dares come within 25.
This and
a range of other speakers ad speakers and subwoofers catering to the needs of
people who like to listen to a lot of hip hop or music with a lot of bass.
Morel
[Israel] : Morel has built up an enviable reputation for technological
innovation and design excellence. Morel manufactures a wide range of high –
quality drivers including tweeters, midrange, and woofers for the mid to
high-end home hi-fi, home theatre, and car audio markets. Marel’s range of
components and components system caters to every car audio need.
Caustic
engineers have created a revolutionary new design that gives a whole new
adrenaline rush to any street enthusiast. It starts with the sleek, extruded
aluminium. Each Amp comes stock with a wire remote for optimal bass control.
Streetwires
[USA] : Streetwires wiring is used by more sound quality focused enthusiasts
than any other brand. In fact it was the number one choice for cable and wiring
in the Sound Quality completion at both the 2001 and 2002 IASCA Finals.
Industry
experts recognize the quality of Streetwires as well. Based on criteria such as
sound reproduction quality, engineering.
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.44.11 |
|
UK
Pound |
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.57.04 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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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 |
NO |
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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 |
|
44 |
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 |
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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 |
|
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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