MIRA
INFORM REPORT
|
Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
A. K.
GANDHI MARKETING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
33,
Yashwant Stadium, Dhantoli, Nagpur – 440012, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
23.03.1990 |
|
|
|
|
Com. Reg. No.: |
11-55942 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51900MH1990PTC055942 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NGPA00025E |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Dealers
and Distributors of Home Appliances. |
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
75000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and reputed company having satisfactory track records.
Directors 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
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
33, Yashwant
Stadium, Dhantoli, Nagpur – 440012, Maharashtra, India |
|
|
Tel. No.: |
91-712-2526883 |
|
|
Mobile No.: |
91-9890100000 |
|
|
Fax No.: |
91-712-2548477 |
|
|
E-Mail : |
||
DIRECTORS
|
Name : |
Mr.
Ashok Ratanlal Gandhi |
|
Designation : |
Director
|
|
Address : |
Plot
No. 4, Chetna Flats, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1949 |
|
Date of Appointment : |
23.03.1990 |
|
|
|
|
Name : |
Mrs.
Sunita Ashok Gandhi |
|
Designation : |
Director
|
|
Address : |
Plot
No. 4, Chetna Flats, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
|
Date of Birth/Age : |
20.10.1957 |
|
Date of Appointment : |
23.03.1990 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Ashok Kumar Gandhi |
|
24930 |
|
Mrs.
Sunita Gandhi |
|
10260 |
|
Mr.
Ratanlal Gandhi |
|
300 |
|
Ms.
Achal Gandhi |
|
9450 |
|
Mr.
Yash Gandhi |
|
9450 |
|
Mr.
Govindas Maloo |
|
900 |
|
Mrs. Ashadevi
Maloo |
|
750 |
|
Mr.
Pravin Rathi |
|
900 |
|
Ashok
Kumar Gandhi [HUF] |
|
18060 |
|
Total |
|
75000 |
BUSINESS DETAILS
|
Line of Business : |
Dealers
and Distributors of Home Appliances. |
GENERAL
INFORMATION
|
Bankers : |
Central
Bank of India Dhantoli
Branch, Nagpur – 440012 HDFC
Bank Limited CIN :
L65920MH1994PLC080618 HDFC
Bank House Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra,
India |
|
|
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Shah
Baheti Chandak and Company Chartered
Accountants 205,
Ghatate Chambers, Panchsheel Sqr. Nagpur – 440012, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
75000 |
Equity
Shares |
Rs. 100/- each |
Rs. 7.500 Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
75000 |
Equity
Shares |
Rs. 100/- each |
Rs. 7.500 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 |
|
7.500 |
7.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
11.384 |
10.323 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
18.884 |
17.823 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
84.006 |
46.190 |
|
|
2] Unsecured Loans |
|
62.946 |
62.256 |
|
|
TOTAL BORROWING |
|
146.952 |
108.446 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
165.836 |
126.269 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
33.941 |
33.109 |
|
|
Capital work-in-progress |
|
0.712 |
0.712 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
130.424 |
120.705 |
|
|
Sundry Debtors |
|
128.325 |
84.280 |
|
|
Cash & Bank Balances |
|
23.601 |
1.331 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
37.266 |
11.743 |
|
Total Current Assets |
|
319.616 |
218.059 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
188.378 |
125.611 |
|
|
Provisions |
|
0.055 |
0.000 |
|
Total Current Liabilities |
|
188.433 |
125.611 |
|
|
Net Current Assets |
|
131.183 |
92.448 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
165.836 |
126.269 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other
income] |
|
1862.726 |
1198.013 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
2.253 |
2.048 |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
2.253 |
2.048 |
|
|
|
|
|
|
Total
Expenditure |
|
1860.473 |
1195.964 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.12 |
0.17 |
|
|
|
|
|
|
|
Net Profit
Margin (PBT/Sales) |
(%) |
|
0.12 |
0.17 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
0.64 |
0.81 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
17.76 |
13.13 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.70 |
1.74 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
A. K. GANDHI MARKETING PRIVATE LIMITED |
|
Presented By |
Mr. Ashok Kumar Gandhi, Director |
|
1) Date and description of instrument creating the change |
30.03.2000
Agreement
of Hypothecation of secure demand
cash credit against goods dated 30.03.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
5.000 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 |
Hypothecation
of Stock of TV, Refrigerator, Washing Machine, AC, Generator, Video Games,
Music Systems etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin
50 % Rate
of Interest PLR + 3 % + Tax |
|
5) Name and Address and description of the person entitled to the charge. |
Central
Bank of India Dhantoli
Branch, Nagpur - 440012 |
|
6) Date and brief description of instrument modifying the charge |
06.01.2003 Agreement
of Hypothecation of secure demand cash credit against goods. Supplementary
memorandum of deposit of title deed D P
Note, Letter of continuity, Resolution, Sanction letter |
|
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 has created on 30.03.2000 for Rs. 5 Millions. And first
modification has made on 19.06.2000. now the second modification was made on
06.01.2003 by increasing its cash credit limit form Rs. 5 millions to Rs. 10
Millions |
|
Name of the company |
A. K. GANDHI MARKETING PRIVATE LIMITED |
|
Presented By |
Central Bank of India Dhantoli Branch, Nagpur - 440012 |
|
1) Date and description of instrument creating the change |
Agreement
of Hypothecation of secure demand
cash credit against goods dated 21.10.1992 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.800 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 |
Hypothecation
of Stock of all types of TV, VCR’s, Refrigerator, Washing Machine, AC,
Generator, Video Games, Music Systems, stored or be in or about the premises,
warehouse or godowns etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest : 22.75 % p.a. with quarterly rests, subject to charge form time
to time, as per RBI guidelines. Margin
30 % Repayable
on demand |
|
5) Name and Address and description of the person entitled to the charge. |
Central
Bank of India Dhantoli
Branch, Nagpur - 440012 |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
|
Corporate
identity number of the company |
U51900MH1990PTC055942 |
|
Name
of the company |
A. K.
GANDHI MARKETING PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
33,
Yashwant Stadium, Dhantoli, Nagpur – 440012, Maharashtra |
|
This
form is for |
Creation
of Charges |
|
Type
of charge |
Equitable
mortgage or mortgage of property by deposition the title deeds |
|
Particular
of charge holder |
CIN :
L65920MH1994PLC080618 HDFC
Bank Limited HDFC
Bank House Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra,
India |
|
Nature
of instrument creating charge |
Memorandum
recording past transaction of creation of mortgage by deposit of title deeds |
|
Date
of instrument Creating the charge |
31.07.2006 |
|
Amount
secured by the charge |
Rs.
15.000 Millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
The
Bank is entitled to charge interest at such other rate as may be determined
by the bank from time to time The
mortgage of charge shall continue to subsist till such time all the borrower
dues have been repaid in full together with interest, liquidated damages,
costs, charges and expenses and all other monies whatsoever dues. |
|
Description
of the property charged |
Immovable
Properties |
|
Particulars
of the property charged |
Mortgage
by deposit of title deeds in favour of the bank as security on : Plot No. 24-A,
25 Dahipura, Utkhana Layout, Nagpur, Maharashtra |
|
Corporate
identity number of the company |
U51900MH1990PTC055942 |
|
Name
of the company |
A. K.
GANDHI MARKETING PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
33,
Yashwant Stadium, Dhantoli, Nagpur – 440012, Maharashtra |
|
This
form is for |
Creation
of Charges |
|
Type
of charge |
Hypothecation
& Equitable mortgage or mortgage of property by deposition the title
deeds |
|
Particular
of charge holder |
CIN :
L65920MH1994PLC080618 HDFC
Bank Limited HDFC
Bank House Senapati Bapat Marg, Lower
Parel, Mumbai – 400013, Maharashtra,
India |
|
Nature
of instrument creating charge |
Letter
of Hypothecation Memorandum
recording past transaction of creation of mortgage by deposit of title deeds |
|
Date
of instrument Creating the charge |
31.07.2006 |
|
Amount
secured by the charge |
Rs.
101.000 Millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
The
Bank is entitled to charge interest at such other rate as may be determined by
the bank from time to time The
mortgage of charge shall continue to subsist till such time all the borrower
dues have been repaid in full together with interest, liquidated damages,
costs, charges and expenses and all other monies whatsoever dues. |
|
Description
of the property charged |
Immovable
Properties, Stock in trade and Book debts |
|
Particulars
of the property charged |
Mortgage
by deposit of title deeds in favour of the bank as security on : Plot No.
24-A, 25 Dahipura, Utkhana Layout, Nagpur, Maharashtra and Hypothecation
by way of first charged on 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 and all the book debts,
outstanding monies receivable, claims and bills. |
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.44.31 |
|
UK
Pound |
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.57.29 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
5 |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|
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 |
|