MIRA
INFORM REPORT
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Report Date : |
07.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE N. M. ELECTRICALS LIMITED |
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Registered Office : |
45/47, Lohar Chawl, Mumbai 400002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.07.2004 |
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Com. Reg. No.: |
147418 |
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CIN No.: [Company
Identification No.] |
U52334MH2004PLC147418 |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Distributor of Cables and Electrical Goods |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 690000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine
track. Trade relations are
fair. General financial position is
satisfactory. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
45/47, Lohar Chawl, Mumbai 400002, Maharashtra, India |
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Tel. No.: |
91-22-67494748 / 22194748 |
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Fax No.: |
91-22-22063134 |
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E-Mail : |
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Website : |
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Distribution Outlets : |
Chennai Indore Pune Tele Fax: 91-20-24431344 Raipur
Vadodara Vapi Tele Fax: 91-260-2420669 |
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Representative Offices: |
Bhubaneswar
Goa Tele Fax :91-832-2314636 Mobile No.: 91-9326103113 Kolkatta International Division Tele Fax::91-22-26437685 |
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DIRECTORS
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Name : |
Mr. Mahendra Pallan |
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Designation : |
Director |
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Address : |
Flat No. 706, 3-C, Dheeraj Endane, Borivali, Mumbai 400066,
Maharashtra, India |
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Date of Birth/Age : |
12.12.1957 |
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Date of Appointment : |
21.01.2008 |
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Name : |
Mr. Harivallabh Mundhra |
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Designation : |
Director |
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Address : |
91, Sunita, Cuffe Parade, Mumbai 400005, Maharashtra, India |
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Date of Birth/Age : |
19.10.1954 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mr. Shreevallabh Mundhra |
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Designation : |
Director |
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Address : |
91, Sunita, Cuffe Parade, Mumbai 400005, Maharashtra, India |
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Date of Birth/Age : |
03.03.1959 |
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Date of Appointment : |
25.11.2003 |
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Name : |
Mr. Govardhan Das Mundhra |
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Designation : |
Director |
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Address : |
55, Ezra Street, Kolkata 700001 |
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Date of Appointment : |
02.03.1988 |
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Name : |
Mr. Dwarka Das Mundhra |
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Designation : |
Director |
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Address : |
55, Ezra Street, Kolkata 700001 |
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Date of Appointment : |
02.03.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2004]
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Names of Shareholders |
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No. of Shares |
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Govardhan Das Mundhra |
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1900 |
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Dwarka Das Mundhra |
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1900 |
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Kamalabai Mundhra |
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100 |
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Kusum Mundhra |
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1500 |
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Shyama Mundhra |
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1500 |
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Shreekanta Purohit |
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1000 |
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Dwarka Prasad Purohit |
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1200 |
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Manakchand Purohit |
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1200 |
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Total |
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10300 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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3.50 |
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Directors or relatives of the Directors |
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96.50 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Cables and Electrical Goods |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Commercial
Branch, NGN Vaidya Marg, Fort, Mumbai 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. S. K. Associates Chartered Accountants |
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Address : |
19, Andheri Universal Industrial Premises, 57, J. P. Road, Andheri
[West], Mumbai 400058, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6100000 |
Equity Shares |
Rs. 10/- each |
Rs. 61.000 Millions |
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7000000 |
Preference Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
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Total |
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Rs. 131.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4682790 |
Equity Shares |
Rs. 10/-
each |
Rs. 46.827
Millions |
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5034350 |
Preference Shares |
Rs. 10/-
each |
Rs. 50.344
Millions |
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Total |
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Rs. 97.171 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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97.171 |
97.171 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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76.902 |
26.009 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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174.073 |
123.180 |
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LOAN FUNDS |
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1] Secured Loans |
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35.192 |
83.566 |
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2] Unsecured Loans |
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76.877 |
9.171 |
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TOTAL BORROWING |
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112.069 |
92.737 |
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DEFERRED TAX LIABILITIES |
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2.771 |
0.707 |
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TOTAL |
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288.913 |
216.624 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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49.875 |
39.537 |
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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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0.065 |
0.065 |
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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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218.829 |
148.800 |
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Sundry Debtors |
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487.206 |
360.756 |
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Cash & Bank Balances |
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12.156 |
29.406 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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146.141 |
81.095 |
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Total
Current Assets |
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864.332 |
620.057 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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577.472 |
425.828 |
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Provisions |
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47.887 |
17.207 |
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Total
Current Liabilities |
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625.359 |
443.035 |
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Net Current Assets |
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238.973 |
177.022 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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288.913 |
216.624 |
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PROFIT & LOSS
ACCOUNT
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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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2813.167 |
1721.474 |
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Other Income |
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13.348 |
10.614 |
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Total Income |
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2826.515 |
1732.088 |
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Profit/(Loss) Before Tax |
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85.358 |
44.770 |
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Provision for Taxation |
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32.722 |
16.207 |
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Profit/(Loss) After Tax |
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52.636 |
28.563 |
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Expenditures : |
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Purchases made for re-sale |
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2665.707 |
1671.706 |
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Increase/(Decrease) in Finished Goods |
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[70.029] |
[148.425] |
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Salaries, Wages, Bonus, etc. |
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12.382 |
7.228 |
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Payment to Auditors |
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0.337 |
0.208 |
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Interest |
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10.807 |
3.642 |
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Insurance Expenses |
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0.958 |
0.485 |
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Depreciation & Amortization |
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6.089 |
4.136 |
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Other Expenditure |
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114.906 |
148.338 |
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Total Expenditure |
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2741.157 |
1687.318 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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1.86 |
1.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.03 |
2.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.33 |
6.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.49 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.23 |
4.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.38 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The situation of the registered office of the company was changed from
55, Esra Street, Kolkata 700001 to 45/47, Lohar Chawl, Mumbai 400002,
Maharashtra, India w.e.f. 05.01.2004
Form 8
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
80032073 |
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Corporate
identity number of the company |
U52334MH2004PLC147418 |
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Name of the
company |
SHREE N. M.
ELECTRICALS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Mumbai 400002,
Maharashtra, India |
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Type of charge |
Book debts Movable Property |
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Particular of
charge holder |
State Bank of
India Commercial
Branch, NGN Vaidya Marg, Fort, Mumbai 400023, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
A.
First
supplemental agreement of loan for increase in the overall limit B.
First
supplemental Agreement of hypothecation of goods and assets for increase in
the overall limit |
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Date of
instrument Creating the charge |
21.05.2007 |
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Amount secured by
the charge |
Rs. 355.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
NA |
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Short particulars
of the property charged |
All P and F
goods, B.D and all other movable assets of the borrower including documents
of title to the goods outstanding moneys, receivable inclusive receivables by
way of cash assistance and/or cash incentives under the cash incentive scheme
or any other scheme claims inclusive claims by way of refund of customs
excise duties under the duty draw back credit scheme or any other scheme
bills documents contracts, insurance policies, gtees, engagements, securities
investment and rights and the present and all future machinery |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
The original
charge was created on 08.03.2006 for Rs. 203.700 Millions. Now by the present modification dated
21.05.2007 the limit increased from Rs. 203.700 Millions to Rs. 355.000
Millions. |
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 |
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US Dollar |
1 |
Rs. 39.97 |
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UK Pound |
1 |
Rs. 79.78 |
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Euro |
1 |
Rs. 62.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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64 |
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 |
|
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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 |
|
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 |
|
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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