MIRA INFORM REPORT
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Report Date : |
05.01.2007 |
IDENTIFICATION DETAILS
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Name : |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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Registered Office : |
29, Akshay Complex, Dhole
Patil Road, Pune 411 001, 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 : |
17.06.1997 |
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Com. Reg. No.: |
11
108822 |
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CIN No.: [Company Identification No.] |
U29305MH1997PTC108822 |
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Legal Form : |
Private
Limited liability company |
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Line of Business : |
Subject
is engaged in to manufacture, fabricate, assemble, alter, brand, covert,
clean, commercialize, dismantle, design, develop, export, import, maintain,
modify, machine operate, sponsor, organize, prepare, produce, purchase, sell
or otherwise deal in all appliances such as Ceiling Fans, Table Fans, Exhaust
Fans, Air Coolers, Desert Coolers, Air Conditioners, Washing Machine,
Audio-Video Cassettes, Water Heaters, Irons, Mixies, Wet Grinders, Ovens, Hot
Plates, Hot Cases, Gas Stoves, Pressure Cookers, Bottle Cookers, Cooking
Range, Water Filters, Tube Light Fittings, Lamp Fittings, Voltage
Stabilizers, Refrigerators, Vacuum Cleaners, Geysers, Water Coolers, Dish
Washers, Heating Elements and similar products and their components |
RATING & COMMENTS
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MIRAs Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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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 an established company having satisfactory track records. Directors
are reported as experienced, respectable and having satisfactory means of
their own. Trade
relations are fair. Payments are
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions, with slight caution |
LOCATIONS
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Registered Office : |
29, Akshay Complex, Dhole
Patil Road, Pune 411 001, Maharashtra, India |
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Tel. No.: |
91-20-26122118 |
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Fax No.: |
91-20-26134837 |
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E-Mail : |
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Factory: |
Reliable Warehousing, Gate
No. 2347/B/A, Pune Nagar Road, Wagholi, Pune |
DIRECTORS
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Name : |
Mr.
Govind Jeevan Uttamchandani |
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Designation : |
Director
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Address : |
A-6,
Clover Garden 4, Nylon Road, Pune 411 001, Maharashtra |
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Date of Birth/Age : |
17/06/1997 |
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Name : |
Mr.
Rajesh Jeevan Uttamchandani |
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Designation : |
Director
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Address : |
A-6,
Clover Garden 4, Nylon Road, Pune 411 001, Maharashtra |
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Date of Birth/Age : |
17/06/1997 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
|
Mr. Govind Jeevan
Uttamchandani |
100 |
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Mr. Rajesh Jeevan
Uttamchandani |
100 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in to manufacture, fabricate, assemble, alter, brand, covert,
clean, commercialize, dismantle, design, develop, export, import, maintain,
modify, machine operate, sponsor, organize, prepare, produce, purchase, sell
or otherwise deal in all appliances such as Ceiling Fans, Table Fans, Exhaust
Fans, Air Coolers, Desert Coolers, Air Conditioners, Washing Machine,
Audio-Video Cassettes, Water Heaters, Irons, Mixies, Wet Grinders, Ovens, Hot
Plates, Hot Cases, Gas Stoves, Pressure Cookers, Bottle Cookers, Cooking
Range, Water Filters, Tube Light Fittings, Lamp Fittings, Voltage
Stabilizers, Refrigerators, Vacuum Cleaners, Geysers, Water Coolers, Dish
Washers, Heating Elements and similar products and their components |
GENERAL INFORMATION
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No. of Employees : |
10 |
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Bankers : |
Poona Peoples Co-operative
Bank Azad
Wadi, Pune, Maharashtra |
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Facilities : |
- |
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Banking Relations : |
Satisfactory |
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Auditors : |
Jayesh V. Dudhedia Chartered
Accountants |
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Address : |
26/5, Geetanjali Apartments Shivaji Nagar, Pune 411
005 Maharashtra |
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Associates/Subsidiaries
: |
Shri Santkripa Appliances Distributor of Whirlpool
Home Appliances, Samsung
Colour TV, T-Series
Cassettes and Nokia
Handsets Gurunanak Marketing Pune |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- Each |
Rs.0.500 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.002 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 |
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0.500 |
0.500 |
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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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1.399 |
0.961 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
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1.899 |
1.461 |
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LOAN FUNDS |
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1] Secured Loans |
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24.955 |
4.620 |
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2] Unsecured Loans |
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5.627 |
4.562 |
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TOTAL
BORROWING
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30.582 |
9.182 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL
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32.481 |
10.643 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.589 |
0.722 |
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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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0.909 |
0.556 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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0.000 |
0.000 |
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Sundry Debtors
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66.941 |
61.008 |
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Cash & Bank Balances
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0.252 |
0.928 |
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Other Current Assets
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14.107 |
10.315 |
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Loans & Advances
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|
1.696 |
3.923 |
Total Current Assets
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82.996 |
76.174 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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50.741 |
66.186 |
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Provisions
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1.280 |
0.633 |
Total Current Liabilities
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52.021 |
66.819 |
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Net Current
Assets
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30.975 |
9.355 |
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MISCELLANEOUS EXPENSES
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0.008 |
0.010 |
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TOTAL
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32.481 |
10.643 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
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356.904 |
336.623 |
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Profit/(Loss) Before Tax
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0.697 |
0.817 |
Provision for Taxation
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0.000 |
0.000 |
Profit/(Loss) After Tax
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0.697 |
0.817 |
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Total Expenditure
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356.207 |
335.806 |
KEY RATIOS
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PARTICULARS |
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31.06.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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0.19 |
0.24 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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0.19 |
0.24 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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0.83 |
1.06 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.37 |
0.56 |
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Debt Equity Ratio
(Total Liability/Networth) |
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43.50 |
52.02 |
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Current Ratio
(Current Asset/Current
Liability) |
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1.59 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of
charges
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Name
of the Company |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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Presented
By |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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1)
Date and description of instrument creating the change |
Deed
of Hypothecation dated 1.10.2003 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.500 Millions, Cash Credit |
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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 |
Stock
of Electronic Appliance amounted to Rs. 85.780 Millions as per given stock
statement as on 30.09.2003, including debtors. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest 16% Prepayment
on at 30.12.2003 |
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5)
Name and Address and description of the person entitled to the charge. |
Pune
Peoples Cooperative Bank, Pune Road, Kothrud, Pune 24 |
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6)
Date and brief description of
instrument modifying the charge |
Not
Available |
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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
Available |
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Name
of the Company |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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Presented
By |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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1)
Date and description of instrument creating the change |
Deed
of Hypothecation dated 27.12.2002 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
12.500 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 |
Stock
Strode at Godown and Shop |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest 16% Prepayment
- 12 Months |
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5)
Name and Address and description of the person entitled to the charge. |
Pune
Peoples Cooperative Bank, No. 606, Sadashiv Peth, Pune 30, Branch
Azadwadi, Kothrud Branch, Pune |
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6)
Date and brief description of
instrument modifying the charge |
Deed
of Hypothecation dated 4th February, 2004 |
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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
original charge was created on 27.12.2002 for Rs. 12.500 Millions by way of
Deed of Hypothecation on dated 27.12.2002 Now
the existing limits of Rs. 12.500 Millions had been enhanced by additional
limits of Rs. 2.500 Millions to cover the overall limits of Rs. 15.000 Millions
by execution of the deed of hypothecation dated 4.02.2004 Details
of Goods Hypothecation Stock
of electronic appliances in shop and Godown amounted to Rs. 28.400 Millions
as per given stock statement for November 2003, including debtors excluding
creditors |
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Name
of the Company |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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Presented
By |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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1)
Date and description of instrument creating the change |
Deed
of Hypothecation dated 27.12.2002 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
12.500 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 |
Stock
Strode at Godown and Shop |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest 16% Prepayment
- 12 Months |
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5)
Name and Address and description of the person entitled to the charge. |
Pune
Peoples Cooperative Bank, No. 606, Sadashiv Peth, Pune 30, Branch
Azadwadi, Kothrud Branch, Pune |
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6)
Date and brief description of
instrument modifying the charge |
Deed
of Hypothecation dated 28.10.2004 |
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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
original charge was created on 27.12.2002 for Rs. 12.500 Millions It
was modified on 4.02.2004 enhanced by additional limits of Rs. 2.500 Millions
to cover the overall limits of Rs. 15.000 Millions Now
by this modified dated 28.10.2004 the limits of Rs. 15.000 Millions were
further enhanced by Rs. 6.000 Millions covering the overall limits of Rs.
21.000 Millions |
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Name
of the Company |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
|
Presented
By |
BAGH
BAHAR APPLIANCES PRIVATE LIMITED |
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|
|
|
1)
Date and description of instrument creating the change |
Deed
of Hypothecation dated 4.06.2003 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.500 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 |
Stock
of Electronics Goods shop and Godown amounted to Rs. 15.451 Millions and
Debtors amounted to Rs. 30.247 Millions as per given stock statement and
debtors list dated 31.03.2003 |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest 17% Prepayment
- 4.09.2003 |
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5)
Name and Address and description of the person entitled to the charge. |
Pune
Peoples Cooperative Bank, No. 606, Sadashiv Peth, Pune 30, Branch
Azadwadi, Kothrud Branch, Pune |
|
6)
Date and brief description of
instrument modifying the charge |
NA |
|
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. |
NA |
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 Intl 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
companys 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.44.42 |
|
UK
Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.58.46 |
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 |