MIRA
INFORM REPORT
|
Report Date : |
25.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
BLOOM
ELECTRONICS PRIVATE LIMITED |
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|
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Registered Office : |
No.
365, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.04.1999 |
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Com. Reg. No.: |
18-8841 |
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CIN No.: [Company
Identification No.] |
U03210TZ1999PTC008841 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBB03158B |
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Legal Form : |
Private
Limited Liability Company |
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|
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Line of Business : |
Trading
and Distribution of Computer Hardware Parts, Peripherals, Modems, Multimedia
Kits, Accessories, Consumables etc. |
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
10000 |
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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 company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. 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 : |
No. 365, |
|
Tel. No.: |
91-422-2525254
/ 2525255 / 6 / 7 / 2494953 |
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Mobile
No.: |
91-9842227747
|
|
Fax No.: |
91-422-2491547 |
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Email : |
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|
Website : |
DIRECTORS
|
Name : |
Mr. S.
Karthikeyan |
|
Designation : |
Managing
Director |
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Address : |
245, |
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Date of Birth/Age : |
10.05.1971 |
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Date of Appointment : |
19.04.1999 |
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|
|
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Name : |
Mr. G
S Sundaram |
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Designation : |
Director
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Address : |
245, |
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Date of Birth/Age : |
02.05.1943 |
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Date of Appointment : |
09.04.1999 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. S.
Karthikeyan |
|
5000 |
|
Mr. G
S Sundaram |
|
4900 |
|
Mr. J
Giridhar |
|
4000 |
|
Mr.
Janartnanan R. |
|
4000 |
|
Mr. S.
Rajeswar |
|
4000 |
|
Mohan |
|
4000 |
|
Mrs. K
Anuradha |
|
4100 |
BUSINESS DETAILS
|
Line of Business : |
Trading
and Distribution of Computer Hardware Parts, Peripherals, Modems, Multimedia
Kits, Accessories, Consumables etc. |
|
|
|
|
Products : |
Input Devices Floppy Disk Drives
Mouse
KeyBoards
Storage Devices CD Writers
Hard Disk Drives
|
GENERAL INFORMATION
|
No. of Employees : |
30 |
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|
|
|
Bankers : |
v
State Bank of Velandipalayam Branch, v
HDFC Bank Limited Senapati Bapat Marg, Lower Parel Mumbai –
400013 |
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|
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Facilities : |
--- |
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Banking Relations : |
Satisfactory
|
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|
|
|
Auditors : |
R.
Kannan and Associate Chartered
Accountants 33, |
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Tel. No.: |
91-422-2474786 |
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Fax No.: |
91-422-2474787 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1.000 |
Equity
Shares |
Rs. 10/- each |
Rs.1.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1.000 |
Equity
Shares |
Rs. 10/- each |
Rs.1.000 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 |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.500 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.130 |
1.669 |
1.197 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3.630 |
2.669 |
2.197 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.130 |
4.420 |
4.015 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5.130 |
4.420 |
4.015 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
8.760 |
7.089 |
6.212 |
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|
|
|
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|
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APPLICATION OF FUNDS |
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|
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|
|
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|
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FIXED ASSETS [Net Block] |
1.332 |
1.548 |
0.943 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
1.000 |
0.346 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.036 |
0.011 |
0.028 |
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
5.444
|
4.928 |
3.633 |
|
|
Sundry Debtors |
28.639
|
22.465 |
17.500 |
|
|
Cash & Bank Balances |
0.531
|
1.808 |
1.123 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.068 |
|
|
Loans & Advances |
2.508
|
3.154 |
4.145 |
|
Total Current Assets |
37.122
|
32.355 |
26.469 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
30.434
|
26.947 |
20.773 |
|
|
Provisions |
0.302
|
0.232 |
0.468 |
|
Total Current Liabilities |
30.736
|
27.179 |
21.241 |
|
|
Net Current Assets |
6.386
|
5.176 |
5.228 |
|
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|
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.013 |
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|
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|
|
|
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TOTAL |
8.760 |
7.089 |
6.212 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
|
Sales Turnover [including other income] |
|
|
229.522 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
|
0.701 |
|
Provision
for Taxation |
|
|
0.254 |
|
Profit/(Loss)
After Tax |
|
|
0.447 |
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|
|
|
|
|
Total
Expenditure |
|
|
8.077 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
--
|
-- |
0.19 |
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Net
Profit Margin (PBT/Sales) |
(%) |
--
|
-- |
0.31 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
--
|
-- |
2.55 |
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|
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Return
on Investment (ROI) (PBT/Networth) |
|
--
|
-- |
0.32 |
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|
|
|
|
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
9.88
|
11.84 |
11.50 |
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|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.21
|
0.84 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
Computer
v
Furniture and Fixture
v
Motor Vehicles
v
Tempo Traveller
v
Air conditioner
v
Office equipments
|
Name of the company |
BLOOM ELECTRONICS PRIVATE LIMITED |
|
Presented By |
Mr.
S. Karthikeyan |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation of goods dated 05.02.2001 Agreement of hypothecation of debts and assets dated 05.2.2001 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 millions cash credit |
|
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 |
Book debts and stock in trade |
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4) Gist of the terms and conditions and extent and operation of the charge. |
3 % over SBM-PLR + Interest tax rising falling therewith with a minimum of 15.50 % p.a. with quarterly rests |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of Velandipalayam Branch, |
|
6) Date and brief description of instrument modifying the charge |
Agreement of hypothecation of goods and assets dated 18.03.2005 |
|
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. |
Interest being charged 0.75 % over the State Bank advance rate with a minimum of 77.75 % p.a. with Monthly rests, Extending Rs. 3.500 millions charges. |
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|
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Name of the company |
BLOOM ELECTRONICS PRIVATE LIMITED |
|
Presented By |
Mr.
S. Karthikeyan |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation of goods dated 05.02.2001 Agreement of hypothecation of debts and assets dated 05.2.2001 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 millions cash credit |
|
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 |
Book debts and stock in trade |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
3 % over SBM-PLR + Interest tax rising falling therewith with a minimum of 15.50 % p.a. with quarterly rests |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of Velandipalayam Branch, |
|
6) Date and brief description of instrument modifying the charge |
Agreement of hypothecation of goods and assets dated 19.03.2005 Agreement of hypothecation of debts and assets dated 19.03.2004 |
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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. |
Interest being charged 0.5 % over the State Bank advance rate with a minimum of 77.75 % p.a. with Monthly rests, Extending Rs. 2.000 millions charges. |
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|
|
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Name of the company |
BLOOM ELECTRONICS PRIVATE LIMITED |
|
Presented By |
Mr.
S. Karthikeyan |
|
1) Date and description of instrument creating the change |
Letter of hypothecation of receivables dated 21.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.800 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 |
All the present and future receivable which receivables may now or hereafter arise from transaction are paid for through the use of debit of credit cards, whether Visa MasterCard Diners Club, American Express or otherwise (and whether arising form the suse of point of sale terminals provided by the bank or any other person or through any other mechanism, including traditional swipe machines or otherwise) including without limitation all receivables and other receivables that may arise in favour of the borrower from time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The facility granted to the borrower is in the extent and operation nature of an overdrafts / term loan facility Bank is entitled to charge interest at such rate may be determined by the Bank The charge and hypothecation shall continue to subsist till such time all the borrower’s due have been paid n full. The borrower will at all times maintain a sufficient value of the receivable to provide the margins of security required by the Bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC
Bank Limited HDFC
Bank House Senapati Bapat Marg, Lower Parel Mumbai – 400013 |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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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|
|
|
Name of the company |
BLOOM ELECTRONICS PRIVATE LIMITED |
|
Presented By |
Mr.
S. Karthikeyan |
|
1) Date and description of instrument creating the change |
Medium term loan agreement dated 03.09.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.600 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 |
Storage Racks, delivery racks, display racks, billing counter, etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
0.75 % over SBM-PLR + Interest tax rising falling therewith with a minimum of 12.50% p.a. with quarterly rests repayable in equated monthly instalments. |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of Velandipalayam Branch, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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 |
As Per Website
Bloom Electronics - the
name that strikes anybodys mind when one talks about computers in
Bloom was
started way back in the early nineties as a small time trader of consumables
and stationeries. Over the years it slowly graduated to the point of selling
its own brand of computers. Today Bloom has blossomed to be the No.1 dealer of
computers and related peripherals in
Bloom
Electronics, a Genuine Intel dealer, has more than 5000 installations in and
around
- GRD Institutions
- Glo Colour Lab
- IAB
- Angler Web Services
Three-core
factors namely Quality Products,
Excellent Service & Support,
and Competitive Prices fueled
Bloom's growth which continued till it reached the coveted position.
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 44.23 |
|
|
1 |
Rs. 87.56 |
|
Euro |
1 |
Rs. 57.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-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 |
|
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
|
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 |