MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PEE PEE APPLIANCE PRIVATE LIMITED |
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Registered Office : |
378, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.07.1991 |
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Com. Reg. No.: |
021127 |
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CIN No.: [Company
Identification No.] |
U523332TN1991PTC021127 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP00951G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Dealers in all kinds and description of house-hold
appliances. |
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 71000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regualr |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
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
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Registered Office : |
378, |
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Tel. No.: |
91-44-26414638/ 42130222/ 42130229/ 25294906/ 25299141/ 25299078 |
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Fax No.: |
91-44-25290484 |
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Website : |
KEY EXECUTIVES
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Name : |
Mr. M Manoharan |
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Designation : |
Company Secretary, C P No.6240 |
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Address : |
4A/1A, Anand Apartments, |
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Tel. No.: |
91-44-66381661 |
DIRECTORS
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Name : |
Mr. Pravin Kumar P.Jain |
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Designation : |
Director |
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Address : |
123, |
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Date of Birth/Age : |
21.12.1962 |
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Date of Appointment : |
01.08.1991 |
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Name : |
Mr. Goutham Kumar P.Jain |
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Designation : |
Director |
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Address : |
123, |
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Date of Birth/Age : |
28.02.1965 |
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Date of Appointment : |
01.08.1991 |
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Name : |
Mr. Uttam Kumar P. Jain |
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Designation : |
Director |
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Address : |
123, |
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Date of Birth/Age : |
02.08.1975 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Vikas Kumar Jain |
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Designation : |
Director |
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Address : |
123, |
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Date of Birth/Age : |
17.06.1977 |
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Date of Appointment : |
01.04.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Pravin Kumar P.Jain |
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100200 |
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Goutham Kumar P.Jain |
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100200 |
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Meena Devi |
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61000 |
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Vikas kumar Jain |
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100000 |
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Pratik Kumar P. Jain |
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7000 |
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Madhu Devi |
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20000 |
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Pravin Kumar N. Jain |
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2500 |
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Champa Bai |
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90000 |
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Pukhraj C.Jain |
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50000 |
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Uttam Kumar P.Jain |
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60000 |
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Rekha Jain |
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10000 |
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Madhu Devi |
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10000 |
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Pukraj Jain |
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40000 |
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Saraswati Bai |
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20000 |
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Bhawarlal Jain |
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30000 |
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Category |
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Percentage |
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Directors or relatives of directors |
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41.00 |
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Other top fifty (50) shareholders |
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59.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Dealers in all kinds and description of house-hold
appliances. |
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Products : |
LPG Stove Pressure Cooker Mixer Grinder |
GENERAL INFORMATION
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No. of Employees : |
Around 250 |
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Bankers : |
Union Bank of ICICI Bank Limited |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mardia and Associates Chartered Accountant |
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Address : |
No.7, |
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Associates; |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1313200 |
Equity shares |
Rs.10/- each |
Rs.13.132
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.132 |
3.894 |
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2] Share Application Money |
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2.500 |
3.610 |
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3] Reserves & Surplus |
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2.222 |
6.570 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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17.854 |
14.074 |
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LOAN FUNDS |
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1] Secured Loans |
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120.053 |
90.892 |
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2] Unsecured Loans |
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23.962 |
23.746 |
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TOTAL BORROWING |
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144.015 |
114.638 |
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DEFERRED TAX LIABILITIES |
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0.147 |
0.239 |
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TOTAL |
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162.016 |
128.951 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.263 |
5.131 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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62.307 |
40.999 |
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Sundry Debtors |
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102.506 |
74.840 |
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Cash & Bank Balances |
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0.689 |
0.518 |
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Other Current Assets |
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0.000 |
0.143 |
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Loans & Advances |
|
7.234 |
7.320 |
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Total
Current Assets |
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172.736 |
123.820 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.882 |
0.000 |
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Provisions |
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2.101 |
0.000 |
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Total
Current Liabilities |
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16.983 |
0.000 |
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Net Current Assets |
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155.753 |
123.820 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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162.016 |
128.951 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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476.558 |
436.271 |
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Other Income |
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24.955 |
36.597 |
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Total Income |
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501.513 |
472.868 |
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Profit/(Loss) Before Tax |
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2.125 |
1.631 |
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Provision for Taxation |
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0.853 |
0.659 |
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Profit/(Loss) After Tax |
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1.272 |
0.972 |
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Expenditures : |
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Financial Charges |
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12.578 |
11.465 |
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Other Expenditure |
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Total Expenditure |
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486.810 |
459.772 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.25 |
0.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.42 |
0.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.19 |
1.26 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.12 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.01 |
8.14 |
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Current Ratio (Current Asset/Current Liability) |
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10.17 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
M/s. Pee Pee
Appliance Private Limited |
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Presented By |
The Branch
Manager, Union Bank of Chennai 600 001 |
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1) Date and description of instrument creating the change |
Hypothecation of
Goods agreement dated 28.09.1995 Hypothecation of
Book Debts Agreement dated 28.09.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.500 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 in trade in
household appliances etc. and other items the company will deal and manufacture
in future stock lying in the godowns/office at 378, Mitn Street,
madras-600079, 123, Mint Street, Madras 600079, No:1, Palliappan Street,
Madras 600079, as also other places the company will buy/occupy in rent. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interetst@18.75% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
Dt. 07.10.2005 Memorandum of
deposits of title deeds |
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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. |
By this
modification a) Additional security has been offered to
the bank by way of creation of equitable by deposit of title deeds of the
following property together with buildings and structures constructed thereon
together with the fixed plant and machinery to secure the due repayment to
the Bank of all amounts advanced or to be advanced and of all the amounts
under the various facilities granted or to be granted by the bank to the
company together with interest compound interest and/ or additional interest
in case of default exchange fluctuations, costs, charges, expenses etc. Description of
the property mortgaged : All that piece
and parcel of agriculture land bearing survey No.89/3, semmanjeri Hamlet
No.45, Bounded on the : Norht bu : S.No.
89/1 and 89/2 South by: S. No:
88., semmanjeri Cart Track East by : Portion
of S.No.83 West by : Portion
of S.No.89/1 b) All other
terms and conditions of original chare and subsequent modification remains
unchanged. |
As Per Web Site:
About Them:
The business history of the world reveals, all successful Businessmen,
Entrepreneurs, Companies and Industries have one thing in common for their
success - devotional hardwork towords their desired ambition. That is
applicable to their company's success too.
The Group
The foundation for their group was laid in 1905 when grand
father of their Directors started supplying Stainless Steel sheets as raw
material to consumer durable producing companies.They entered the distribution
line in 1984. From then onwords their company fltheirished in many ways,and in
several businesses. They have in their umbrella a well established finance
company, an exporting company and a few distribution and C&F agency
companies for consumer durable products.
Company
Subject , with a turnover of more than Rs.500.000 Millions
(Group turnover of over Rs.700.000 Millions) during the financial year
2005-2006 at a growth rate about 30%, is the group leader with other sister
concerns like G.P.Enterprises, Aaa Pee Appliances, Jyothi Appliances, Macro
appliances, Rasoi Appliances.
They are distributors for quality & premium products
like Butterfly range of products,L.G Colour televisions, Directs Cool &
Frost-Free Refrigrators, semi & Fully automatic Washing Machines, Micro
wave Ovens & Vacuum Cleaners, Airconditioners & Desktop Computers &
Laptops, TCL ctv, dvd, Airconditioners, Washing Machine,TOSHIBA CTV, DVD
Players, Haier CTV, DVD Players, Refrigerator, Washing Machine, Air
Conditioners, Microwave Oven, Hyundai CTV, DVD Players, Airconditioners,
Polar-Bear Irons, Heaters,Electric Kettles, Hand Blenders, Juicer Mixer
Grinder, Immersion Rods, Food Processor, Toaster, KENSTAR ctv, dvd,
Refrigerator, Washing Machine, Microwave Ovens, Irons, SANSUI CTV, DVD Players,
SHARP CTV, Refrigerator, VOLTAS Airconditioners, Stablizer,ZYCON Stablizer,
ACER Desktop, Laptops, HP Desktop, Laptops, LENOVO Desktop, Laptops, TALLY
Accounting Software for Chennai city and near by sub-urban areas. Apart from
the above listed products their company have Own Brands- PEE PEE Home Theatre
Systems, HANBAO Home Theatre Systems,Electric Rice Cooker, Telephone
Instruments & Irons.
ORGANISATIONS
For Administrating convenience and for efficient management
subject Is organised into following division:
Butterfly - Vacuum Flasks, Mixer-Grinder, LPG Gas stoves,
Table top grinders, Toshiba - CTV, DVD Players. Haier - CTV DVD Players,
Refrigerators Digital Video CD Player With MP3, Rice Cookers, TOSHIBA ctv
L.G Colour televisions, DVD Players, Airconditioners,
KENSTAR Colour televisions, DVD Players, Washing Machine, Refrigerator, Microwave
ovens, POLAR-Bear Irons, Room Heaters, Electric Kettles, Hand Blenders,
Toasters, Juicer Mixer Grinder, Immersion Rods, Food Processors.
U - IT & TELECOMMUNICATIONS
L.G Destop, Laptops, HP Compaq - Desktop, Laptops, ACER -
Desktop, Laptops, LENOVO - Desktop, Laptops, TALLY - Accounting Software.
CEE PEE APPLIANCES & ELECRONICS
LG Refrigerators, Washing Machines, Vacuum Cleaners,
Microwave Ovens, TCL - Colour Televisions, DVD Players, Washing Machine,
Airconditioners
VEE CEE APPLIANCES & ELECTRONICS
SHARP - Colour Televisions, Refrigerators, SANSUI - Colour
Televisions, DVD Players, VOLTAS - Airconditioners, Stablizers.
Each divisions has their separate marketing team and
operation of the divisions is supervised by Directors of the company.
INFRASTRUCTURE
They have an administrative office, one service center and
godown - in all about 30,000 sq feet. Their office is fully computerized
covering all processes from billing to finalization of accounts. All the
computers are connected to a central server.
MANAGEMENT
Their Managing Director Mr.Pravin Kumar Jain assisted by his
brothers and co-directors Mr.Goutam Kumar Jain, Mr. Uttam Kumar Jain and Mr.
Vikas Kumar Jain work for the up-liftment of the company and all its employees.
THEIR SISTER CONCERNS
Aaa Pee Appliances are the distributors for FABER Electric
Chimneys , Cooking range & Kitchen Appliances, "U-LIKE" Kitchen
Accessories. Macro Appliances are the C & F Agent of Butterfly Cookers
& Flasks. Nextrade Enterprises are the dealers for Florence Cookerhoods,
Baumatic Hobs & Ovens,Vibo Wire system,TM Hardware,CF Lighting,Jollynox
Sinks & Faucets,Wood cabinet & stand for Tamil Nadu.
THEIR STRENGTH
They have sufficient number of employees in all, which
includes marketing, accounts, service and administration team and each of they
has respective managers. Their sales team are provided with two wheelers &
mobile phones.
OBJECTIVE
To achieve their goal they need the cooperation of all their
Suppliers, employees & dealers , which, they feel is very much with them.
With their cooperation they are sure that one day their group will top the list
of Distributors for
Their aim is to provide every thing in Home Appliances and Electronic
Products under one roof, proving which they have wide range of products like
Televisions, Refrigerators,Washing Machines,Cookers, LPG Gas stoves, Vacuum
Flasks, Mixer-Grinders,Table top grinders, Grinder Moters, Gas Lighters,
Plastic chairs, Stools, Fans, Refrigerator & Grinder Stands, Audio Systems,
Digital Video CD and MP3 Players, Air conditioners, Microwave Ovens, Vacuum
Cleaners, GSM Mobiles, IT Products and more. The brands they deal in are
considered to be the leaders in Chennai city.
Digital Video CD Players, Automatic Rice Cookers, Table fans
Mixer Grinders, Table top grinders, Pressure Pans, Pressure Cookers,
Sandwitch toasters, LPG Stoves, Gas Lighters, Grinder Motors, Ceiling and Table
fans, Water heaters and Iron Boxes
Colour Televisions, Direct cool and frost free refrigerators, Semi and
Fully automatic washing machines, Microwave Ovens, Vacuum Cleaners, Air
Conditioners and IT Products.
Colour Television, DVD Players, Air Conditioners, Washing Machine with
MP3 and Air Conditioners
Electrolux:
Irons, Room Heaters, Electric Kettles, Hand Blenders, Toasters, Juicer
Mixer Grinder, Immersion Rod, Food Processors
Airconditioners
Butterfly
Desktop Computer, Laptops
Stainless Steel Vacuum Flasks, Table top Grinders, Kitchen Sinks, LPG
Stoves
Desktop Computer, Laptops
Colour Televisions DVD Players, Refrigerator, Airconditioners, Washing
Machine
Ulike
Topps appliances
Jaipan Kitchen Appliances
Zycon Voltage stabilizers
Stilo
Faber
Hyundai electronics
Vibrant concepts & designs
Colour Televisions, Refrigerators
Kenstar home appliances
HP- Compaq laptops, Computer systems & Computer peripherals.
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.40.93 |
|
|
1 |
Rs.80.76 |
|
Euro |
1 |
Rs.54.46 |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|