MIRA
INFORM REPORT
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Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CHETAN CABLETRONICS PRIVATE LIMITED |
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Registered Office : |
45, First Floor Angoori Bagh, Near Hanuman Mandir, Jamuna Bazar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.04.2002 |
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Com. Reg. No.: |
115030 |
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CIN No.: [Company
Identification No.] |
U30007DL2002PTC115030 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC05299A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cables, Wires and Sleeves. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
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. |
Small |
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Maximum Credit Limit : |
USD |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It’s profit
margin is under severe pressure. It has some accumulated losses. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
45, First Floor Angoori Bagh, Near Hanuman Mandir, Jamuna Bazar, |
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Mobile No.: |
91-9350236721 / 91-9351312574 / 91-9341235542 |
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E-Mail : |
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Website : |
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Area : |
8000 sq. fts. |
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Location : |
Leased |
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Head Office : |
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Area : |
1000 sq. fts. |
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Location : |
Rented |
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Corporate Office : |
E – 445 and 446, Chopanki Industrial Area, Alwar 301 707, |
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Tel. No.: |
91-1493-513109 / 516789 |
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Fax No.: |
91-1493-512200 |
DIRECTORS
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Name : |
Mr. Naresh Goyal |
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Designation : |
Director |
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Date of Birth/Age : |
42 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Rakesh Goyal |
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Designation : |
Director |
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Date of Birth/Age : |
37 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Naveen Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cables, Wires and Sleeves. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Machines |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash |
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Purchasing : |
Cash / Credit (60 days) |
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GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
98 |
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Bankers : |
ING Vyasa Bank, Chandni Chowk Branch |
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Facilities : |
C/C – Rs. 35.000 Millions, Overdraft L/C – Rs. 18.000 Millions, Security |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shiv Saroj and Associates Chartered Accountants |
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Tel. No.: |
90-143-23717800 |
CAPITAL STRUCTURE
Not Available
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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85.000 |
160.000 |
Expected Sales (2008) : Around Rs.
300.000 millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 (Provisional) |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.700 |
10.700 |
9.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.095) |
(1.330) |
(1.694) |
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NETWORTH |
10.605 |
9.370 |
7.406 |
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LOAN FUNDS |
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1] Secured Loans |
43.790 |
23.068 |
20.275 |
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2] Unsecured Loans |
13.887 |
8.235 |
4.176 |
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TOTAL BORROWING |
57.677 |
31.303 |
24.451 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
68.282 |
40.673 |
31.857 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.930 |
21.308 |
18.732 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.045 |
0.332 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
41.903
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21.884
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9.439 |
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Cash & Bank Balances |
0.157
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2.838
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0.032 |
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Other Current Assets |
14.585
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11.154
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6.335 |
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Loans & Advances |
1.215
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1.863
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0.596 |
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Total
Current Assets |
57.860 |
37.739
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16.402 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.556
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18.461
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3.694 |
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Provisions |
(0.041) |
0.000 |
0.000 |
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Total
Current Liabilities |
14.515 |
18.461
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3.694 |
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Net Current Assets |
43.345 |
19.278
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12.708 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.042 |
0.085 |
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SUSPENSE A/C |
0.007 |
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TOTAL |
68.297 |
40.673 |
31.857 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
0.551 |
79.446 |
51.311 |
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Other Income |
0.000 |
3.072 |
2.100 |
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Total Income |
0.551 |
82.518 |
49.211 |
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Profit/(Loss) Before Tax |
1.234 |
0.883 |
0.594 |
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Provision for Taxation |
0.000 |
0.519 |
0.242 |
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Profit/(Loss) After Tax |
1.234 |
0.364 |
0.352 |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
71.063 |
40.722 |
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Personnel Expenses |
3.538 |
2.174 |
1.578 |
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Administrative Expenses |
2.101 |
1.076 |
0.772 |
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Selling Expenses |
1.220 |
0.489 |
0.355 |
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Financial Charges |
5.855 |
4.260 |
2.978 |
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Preliminary Expenses |
0.043 |
0.043 |
0.043 |
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Short and Excess amount |
0.000 |
0.000 |
0.000 |
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Depreciation & Amortization |
3.054 |
2.529 |
2.169 |
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Other Expenditure |
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Total Expenditure |
15.810 |
81.635 |
48.617 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.23
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0.44 |
0.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.23
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1.11 |
1.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.49
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1.49 |
1.69 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.09 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.80
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5.31 |
3.80 |
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Current Ratio (Current Asset/Current Liability) |
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3.98
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2.04 |
4.44 |
LOCAL AGENCY FURTHER INFORMATION
A premier business
enterprise offering an array of superior wires and its allied accessories at
affordable prices
About Them
Electronic wires and cables are
responsible for ensuring the smooth flow of current in all the commercial and
household operations. Subject is a well known manufacturer and exporter of high quality wires and cables. The premier business house has carved a niche
for itself in today's competitive market by offering higher grade electronic wires, cables, connectors, sleeves
and panel accessories. Strict
commitment towards product improvement and innovation has generated their
strong repute amongst the clients in a very short span of time. Their unmatched
quality, client oriented approaches and reasonable prices have provided them an
additional edge over other players in their business domain.
As an ISO 9001:2000and ISO
14001:1996 certified company, they are professionally managed by a group of
highly experienced professionals at every level of their operations. Their
quality levels are at par with the international standards. They are regularly
supplying their products to the huge clientele spread at every corner of the
globe. They can provide ISI marked cables and also their products are
manufactured as per international quality.
Quality Assurance
Their impeccable quality is the
main reason behind their immense success in both, the domestic and
international markets. Subject follows stringent quality control measures at
every level of its operation to ensure flawless production. Each product is
manufactured under the strict supervision of trained professionals that almost
minimizes even the marginal possibility of quality degradation. Moreover, the
company's experts and professionals conduct regular quality checks to maintain
the highest quality level, for which their products are better known, the world
over.
Timely Delivery
They are well supported by a huge
storage facility coupled with a wide distribution network of dealers that not
only facilitates timely delivery, but also enables them to feed bulk demand in
the shortest time frame.
Infrastructure
They are the perfect blend of
man and machine - the total operating system to manufacture a range of world
class wires & cables for their quality savvy clients. Every step is
executed by employing the latest standardized machines manned by a team of well
trained professionals. They also have an advance laboratory to conduct various
tests and also to carry out research and development related activities.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.96 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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32 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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