MIRA
INFORM REPORT
|
Report Date : |
13.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
DIGITAL ENTERPRISES
PRIVATE LIMITED |
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Registered Office : |
1120, Housing Board Colony, Alto
Porvorim - 403521, Goa, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date of Incorporation : |
15.04.2002 |
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Com. Reg. No.: |
24-3087 |
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CIN
No.: [Company
Identification No.] |
U51505GA2002PTC003087 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
BLRD02428G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Dealers and Distributors of Samsung
Consumer Durables. |
RATING
& COMMENTS
|
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 10000 |
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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 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 |
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Tel. No.: |
91-832-2411367 |
DIRECTORS
|
Name : |
Mr. Akshay Jain |
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Designation : |
Chairman and Managing Director |
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Address : |
1120, Housing Board Colony, Porvorim
- 403521, North Goa, India |
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Date of Birth/Age : |
22.09.1967 |
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Date of Appointment : |
15.04.2002 |
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Name : |
Mr. Aires Andrade |
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Designation : |
Director |
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Address : |
House Number F/354, Fontainhas, Mala – Panajim - 403001, Goa, India |
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Date of Birth/Age : |
05.06.1967 |
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Date of Appointment : |
15.04.2002 |
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Name : |
Mr. Jorge Jose Menezes |
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Designation : |
Director |
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Address : |
82, Near All India Radio, Altinho,
Panajim, North Goa, India |
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Date of Birth/Age : |
07.03.1968 |
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Date of Appointment : |
15.04.2002 |
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Name : |
Mr. Ajoy Estibeiro (Doctor) |
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Designation : |
Director |
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Address : |
781, Saint Mary’s Colony, Miramar,
North Goa, India |
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Date of Birth/Age : |
27.11.1967 |
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Date of Appointment : |
15.04.2002 |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
Number
of Shares |
Percentage
of Share holding |
|
Mr. Akshay Jain |
5000 |
25.00 |
|
Mr. Aires Andrare |
5000 |
25.00 |
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Mr. Jorge Menezes |
5000 |
25.00 |
|
Dr. Ajoy Estibeiro |
5000 |
25.00 |
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Total |
20000 |
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Dealers and Distributors of Samsung
Consumer Durables. |
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Agencies Held : |
Samsung |
GENERAL
INFORMATION
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No. of Employees : |
5 |
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Bankers : |
Central Bank of India, Panaji, Goa,
India |
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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 |
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Banking
Relations : |
Unknown |
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Auditors : |
Prabhudesai and Associates Chartered Accountants |
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Address: |
S-5, A-1, Jairam Complex, Neogi
Nagar, Panaji – 403001, Goa, India |
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Tel. No.: |
91-832-2429924 |
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Associates/Subsidiaries : |
Focus Group of Companies |
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 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.367 |
0.164 |
0.072 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
NETWORTH
|
2.367 |
2.164 |
2.072 |
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LOAN FUNDS |
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1] Secured Loans |
12.849 |
9.420 |
9.513 |
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2] Unsecured Loans |
3.237 |
2.619 |
0.599 |
TOTAL BORROWING
|
16.086 |
12.039 |
10.112 |
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DEFERRED TAX LIABILITIES |
0.243 |
0.244 |
0.121 |
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TOTAL
|
18.696 |
14.447 |
12.305 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
|
1.343 |
1.590 |
1.779 |
Capital
work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.000
|
0.000 |
0.000 |
DEFERREX TAX
ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES
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Inventories
|
3.534
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6.358
|
5.977 |
Sundry Debtors
|
12.596
|
8.579
|
6.232 |
Cash & Bank
Balances
|
1.484
|
0.037
|
0.273 |
Other Current
Assets
|
0.003
|
2.003
|
0.653 |
Loans &
Advances
|
0.031
|
0.016
|
0.013 |
Total
Current Assets
|
17.648
|
16.993
|
13.148 |
Less : CURRENT LIABILITIES & PROVISIONS
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Current
Liabilities
|
0.301
|
4.061
|
2.578 |
Provisions
|
0.000
|
0.081
|
0.050 |
Total
Current Liabilities
|
0.301
|
4.142
|
2.628 |
Net Current Assets
|
17.347
|
12.851
|
10.520 |
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MISCELLANEOUS
EXPENSES
|
0.006 |
0.006 |
0.006 |
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TOTAL
|
18.696 |
14.447 |
12.305 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover
[including other income]
|
|
60.365 |
78.183 |
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Profit/(Loss)
Before Tax
|
|
0.234 |
0.128 |
Provision for
Taxation
|
|
- |
- |
Profit/(Loss)
After Tax
|
|
0.234 |
0.128 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
0.38
|
0.16 |
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Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
0.38
|
0.16 |
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Return on Total
Assets
(PBT/Total Assets} |
(%) |
NA
|
1.25
|
0.85 |
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Return on
Investment (ROI)
(PBT/Networth) |
|
NA
|
0.10
|
0.06 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
6.92
|
7.47
|
6.14 |
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Current Ratio
(Current Asset/Current Liability) |
|
58.63
|
4.10
|
5.00 |
LOCAL
AGENCY FURTHER INFORMATION
|
Name of the company |
DIGITAL ENTERPRISES PRIVATE LIMITED |
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Presented By |
DIRECTOR |
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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. |
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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 |
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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 |
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. |
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4) Gist of the terms and conditions
and extent and operation of the charge. |
15% |
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5) Name and Address and description
of the person entitled to the charge. |
The
Central Bank of India Panaji
Branch, Panaji – Goa |
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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 |
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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. |
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.44.09 |
|
UK Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
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 |