MIRA
INFORM REPORT
|
Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ELMECH APPLIANCES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Bhartendu
Bhawani Chowk, 4/19, Chowkhambha, Varanasi – 221 001, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
05.12.1994 |
|
|
|
|
Com. Reg. No.: |
20-17248 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U40109UP1994PTC017248 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
ALDE00245A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE4971F |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Traders of Air Conditioners, Refrigeration and Home
Appliances. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a small company having moderate track. Payments are
unknown. The company has some accumulated looses. It can be considered for small to moderate business dealings on safe
and secured trade terms and conditions, initially. |
LOCATIONS
|
Registered Office : |
Bhartendu
Bhawani Chowk, 4/19, Chowkhambha, Varanasi – 221 001, Uttar Pradesh, India |
|
Tel. No.: |
91-542-2322773 / 2400647 |
|
Fax No.: |
91-542-2333678 |
|
E-Mail : |
|
|
Area : |
500 sq.yds. |
|
Location : |
Owned |
|
|
|
|
Branches : |
D-64/127 B, Nagar Nigam Road, Sigra, Varanasi – 221 001,
Uttar Pradesh |
|
Tel. No.: |
91-542-2225646/2225647 |
|
Fax No.: |
91-542-2225647 |
|
Area : |
1,200 sq.ft. |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Anoop Chowdhary |
|
Designation : |
Director |
|
Address : |
Bhartendu Bhawani Chowk, 4/19,
Chowkhambha, Varanasi – 221 001, Uttar Pradesh |
|
Date of Birth/Age : |
18.01.1946 |
|
Date of Appointment : |
05.12.1994 |
|
|
|
|
Name : |
Mr. Dipanker Chowdhary |
|
Designation : |
Director |
|
Address : |
Bhartendu
Bhawani Chowk, 4/19, Chowkhambha, Varanasi – 221 001, Uttar Pradesh |
|
Date of Birth/Age : |
28.11.1971 |
|
Date of Appointment : |
05.12.1994 |
|
|
|
|
Name : |
Mrs. Rubi Chowdhary |
|
Designation : |
Director |
|
Address : |
Bhartendu Bhawani Chowk, 4/19,
Chowkhambha, Varanasi – 221 001, Uttar Pradesh |
|
Date of Birth/Age : |
02.01.1951 |
|
Date of Appointment : |
18.02.2003 |
|
|
|
|
Name : |
Mr. Shubhankar Chandra Chowdhary |
|
Designation : |
Director |
|
Address : |
Bhartendu Bhawani Chowk, 4/19,
Chowkhambha, Varanasi – 221 001, Uttar Pradesh |
|
Date of Birth/Age : |
06.09.1980 |
|
Date of Appointment : |
18.02.2003 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Anoop Chowdhary |
|
2430 |
|
Mr. Dipanker Chowdhary |
|
510 |
|
Anoop Chowdhary – HUF |
|
2060 |
|
Mrs. Rubi Chowdhary |
|
300 |
|
Mr. Shubhankar Chandra Chowdhary |
|
200 |
BUSINESS DETAILS
|
Line of Business : |
Traders of Air Conditioners, Refrigeration and Home
Appliances. |
|
|
|
|
Agencies Held : |
Carrier Aircon India Limited |
|
|
|
|
Terms : |
|
|
Selling : |
Cash or Credit (30 days) terms |
|
|
|
|
Purchasing : |
Cash or Credit (45 days) terms |
GENERAL
INFORMATION
|
Customers : |
End Users and General Public |
|
|
|
|
No. of Employees : |
20 |
|
|
|
|
Bankers : |
v Bank
of Baroda Main Branch, Varanasi, Uttar
Pradesh v IDBI
Bank Varanasi,
Uttar Pradesh |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Chatterjee & Chartterjee Chartered Accountants |
|
Address : |
B-21/1, 1st Floor, Rathyatra Marketing,
Varanasi – 221 010, Uttar Pradesh |
|
Tel. No.: |
91-542-2454002 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/-each |
Rs. 1.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5700 |
Equity Shares |
Rs. 100/-each |
Rs. 0.570
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 |
0.570 |
0.550 |
0.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[0.876] |
[0.998] |
[0.851] |
|
|
NETWORTH |
[0.306] |
[0.448] |
[0.301] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.501 |
1.313 |
1.244 |
|
|
2] Unsecured Loans |
1.525 |
1.525 |
1.575 |
|
|
TOTAL BORROWING |
3.026 |
2.838 |
2.819 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
2.720 |
2.390 |
2.518 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.415 |
0.487 |
0.560 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.712
|
2.177 |
1.413 |
|
|
Sundry Debtors |
0.399
|
0.469 |
0.489 |
|
|
Cash & Bank Balances |
0.439
|
0.222 |
0.305 |
|
|
Other Current Assets |
0.056
|
0.056 |
0.055 |
|
|
Loans & Advances |
0.504
|
0.483 |
0.514 |
|
Total
Current Assets |
3.110
|
3.407 |
2.776 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.821
|
1.546 |
0.886 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
0.821
|
1.546 |
0.886 |
|
|
Net Current Assets |
2.289
|
1.861 |
1.890 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.016 |
0.042 |
0.068 |
|
|
|
|
|
|
|
|
TOTAL |
2.720 |
2.390 |
2.518 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
|
|
Sales Turnover |
|
|
6.321 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
|
6.321 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
(0.198) |
|
|
Provision for Taxation |
|
|
-- |
|
|
Profit/(Loss) After Tax |
|
|
(0.198) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases
|
|
|
5.758 |
|
|
Wages and Welfare Expenses
|
|
|
0.297 |
|
|
Compressor Repairs & Replc. Exp.
|
|
|
0.326 |
|
|
Power & Electricity Expenses
|
|
|
0.074 |
|
|
Tools Expenses
|
|
|
0.013 |
|
|
Testing Gas Expenses
|
|
|
0.006 |
|
|
Fan Motor/Stabiliser
|
|
|
0.018 |
|
|
Repair & Renewal Expenses
|
|
|
0.079 |
|
|
Carriage, Freight & Cartage
|
|
|
0.028 |
|
|
Genset Running Expenses
|
|
|
0.014 |
|
|
Directors Remuneration
|
|
|
0.120 |
|
|
Management Expenses |
|
|
0.565 |
|
|
Publicity & Advertising |
|
|
0.014 |
|
|
Preliminary Expenses
|
|
|
0.027 |
|
|
Depreciation
|
|
|
0.144 |
|
|
Interest
|
|
|
0.123 |
|
Total Expenditure |
|
|
7.606 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA |
3.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
3.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
58.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.66 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
12.57
|
9.79 |
12.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
2.20 |
3.13 |
LOCAL AGENCY
FURTHER INFORMATION
It is in trade terms with :-
* Carrier Aircon India Limited, Lucknow, Uttar Pradesh
Bankers Charges
Report as per Registry
|
Name of the company |
ELMECH
APPLIANCES PRIVATE LIMITED |
|
Presented By |
Mr. Anoop Chandra
Chowdhary, Director |
|
1) Date and description of instrument creating the change |
11-05-1999,
Agreement of hypothecation of movable machinery. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.040
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 |
Movable
Machineries |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 12 %
per annum plus tax loan payable in 36 installments of Rs. 1320/- each |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Nichibag Varanasi. |
|
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. |
-- |
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.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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 |
|