MIRA
INFORM REPORT
|
Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AJANTA ASSOCIATES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No.301, 1st Floor, Khaleel Building, Chickpet, P. O. Box
No.7997, Bangalore – 560053, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
17.04.2000 |
|
|
|
|
Com. Reg. No.: |
08-26938 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U85110KA2000PTC026938 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA02022G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Agents of Ajanta and Orpat CFL Bulbs etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 33000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behavitheir : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established marketing agent. Trade relations are
fair. Financial position is satisfactory. Payments are usually correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Poovaiah |
|
Designation : |
Manager |
|
Contact No.: |
91-9448090903 |
|
Date : |
25.07.2008 |
LOCATIONS
|
Registered Office : |
No.301, 1st Floor, Khaleel Building, Chickpet, P. O. Box No.7997,
Bangalore – 560053, Karnataka, India |
|
Tel. No.: |
91-80-22877297/ 22872509 |
|
Mobile No.: |
91-9448090902 |
|
Fax No.: |
91-80-22252625 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
584 1st Floor, Chickpet, Bangalore – 560053, Karnataka,
India |
|
Tel. No.: |
91-80-22877297 |
DIRECTORS
|
Name : |
Mr. Deepak Mathuria |
|
Designation : |
Managing Director |
|
Address : |
C-4, Tulsi Paradise Apartment, Thulsithotam, Chlckpet, Bangalore –
560053, Karnataka, India |
|
Date of Birth/Age : |
17.02.1964 |
|
Date of Appointment : |
17.04.2000 |
|
|
|
|
Name : |
Mrs. Preeti Mathuria |
|
Designation : |
Director |
|
Address : |
C-4, Tulsi Paradise Apartment, Thulsithotam, Chlckpet, Bangalore –
560053, Karnataka, India |
|
Date of Birth/Age : |
28.06.1969 |
|
Date of Appointment : |
17.04.2000 |
KEY EXECUTIVES
|
Name : |
B D Mohta and Associates |
|
Designation : |
Company Secretary |
|
Address : |
301-A, Brooklyn Apartment, 63 Banaswadi Road, Bangalore – 560003,
Karnataka, India |
|
Tel No.: |
91-80-25460154 |
|
Fax No.: |
91-80-25481597 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Deepak Mathuria |
|
464228 |
|
Mrs. Preeti Mathuria |
|
60000 |
|
|
|
|
|
Total |
|
524228 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Agents Ajanta and Orpat CFL Bulbs etc. |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (20 days) |
|
|
|
|
Purchasing : |
Payments |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
20 |
|
|
|
|
Bankers : |
Near Balepet Post
Office, Chikpet, Bangalore – 560053, India
Indiranagar Branch, CMH Road, Indiranagar, Bangalore – 560038,
Karnataka, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
V S Rangnathan and Company Chartered Accountant |
|
Address : |
SF – 3, Karuna Complex, Between, 11th and 14th
Cros, Malleshwaram, Bangalore – 560003, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
524228 |
Equity Shares |
Rs.10/- each |
Rs.5.242
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
STHEIRCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.242 |
5.242 |
5.242 |
|
|
2] Share Application Money |
0.000 |
1.834 |
1.834 |
|
|
3] Reserves & Surplus |
1.260 |
0.829 |
0.463 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.502 |
7.905 |
7.539 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.058 |
0.000 |
0.487 |
|
|
2] Unsecured Loans |
4.422 |
4.135 |
0.702 |
|
|
TOTAL BORROWING |
4.480 |
4.135 |
1.189 |
|
|
DEFERRED TAX LIABILITIES |
0.013 |
0.006 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.995 |
12.046 |
8.728 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.752 |
0.450 |
0.491 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.017 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.554
|
10.581 |
10.158 |
|
|
Sundry Debtors |
5.324
|
5.565 |
2.286 |
|
|
Cash & Bank Balances |
0.444
|
1.566 |
0.414 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.492
|
3.738 |
2.678 |
|
Total
Current Assets |
19.814
|
21.450 |
15.536 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
7.077
|
6.714 |
6.422 |
|
|
Provisions |
2.511
|
3.157 |
0.924 |
|
Total
Current Liabilities |
9.588
|
9.871 |
7.346 |
|
|
Net Current Assets |
10.226
|
11.579 |
8.190 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.030 |
|
|
Others |
0.017 |
0.017 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10.995 |
12.046 |
8.728 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (Including other income) |
101.442 |
85.793 |
49.362 |
|
|
Total Income |
101.442 |
85.793 |
49.362 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.920 |
0.852 |
0.202 |
|
|
Provision for Taxation |
0.489 |
0.540 |
0.103 |
|
|
Profit/(Loss) After Tax |
0.431 |
0.312 |
0.099 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
0.933 |
0.492 |
0.446 |
|
|
Other Expenditure |
99.589 |
84.449 |
48.714 |
|
Total Expenditure |
100.522 |
84.941 |
49.160 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.42
|
0.36 |
0.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.91
|
0.99 |
0.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.47
|
3.89 |
1.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.11 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.16
|
1.77 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
2.17 |
2.11 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Details |
|
Statutory
Approvals |
|
|
VAT/ TIN Registration |
29730060381 |
|
Name of Bank |
HDFC Bank Limited |
|
|
|
|
Credibility
Factors |
|
|
IndiaMART Client Since |
14 years |
|
Years of Establishment |
2000 |
Trade Reference:
- Jhamas,
Bangalore (Dealer)
- Maruti Time,
Bangalore (Dealer)
- Pooja Times, Bangalore
Bankers Charges
Report as per Registry
|
Name of the company |
AJANTA ASSOCIATES PRIVATE LIMITED |
|
Presented By |
AJANTA ASSOCIATES PRIVATE LIMITED and The Karnataka Bank Limited, Chikpet, Bangalore – 560053, India |
|
1) Date and description of instrument creating the change |
10.06.2005 Hypothecation
Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.900 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 |
Hypothecation of
Stock Comprising Closk, Watches, Calculators etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interests
@ PLR with of Rs.12% p.a. with monthly rests Margin – 25% |
|
5) Name and Address and description of the person entitled to the charge. |
The Karnataka
Bank limited Near Balepet Post
Office, Chikpet, Bangalore – 560053, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate identity
number of the company |
U85110KA2000PTC026938 |
|
Name of the
company |
AJANTA ASSOCIATES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No.301, 1st Floor, Khaleel Building, Chickpet, P. O. Box
No.7997, Bangalore – 560053, Karnataka, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
HDFC Bank Limited Indiranagar Branch, CMH Road, Indiranagar, Bangalore – 560038,
Karnataka, India |
|
Nature of
instrument creating charge |
04.01.2008 |
|
Date of instrument
Creating the charge |
Rs.5.000 Millions |
|
Amount secured by
the charge |
Rate of
Interests: Interests as
applicable from time to time Terms of
Repayment: Repayable on Demand Margin: Margin as
applicable Extent and
Operation of the charge: Full |
|
Particulars of
the property charged |
Hypothecation of
all present and future stocks of goods, Raw Materials, Finished and semi
finished goods, Book Debts, Outstanding, Money Receivables, Bills, Claims
etc. Belonging to the company. |
Website Details
Profile:
Established in the year 1989, Subject are one of the premier
organizations in the field of marketing, supplying and exporting a wide range
of home appliances, electronic equipment and natural stones. Their range
include ajanta clock, orpat time piece, oreva vitrified tiles, orpat telephone,
CFL lamps and tube lights, orpat calculator, orpat toys, orpat fan, emergency
light, wrist watches, orpat iron holder and digital clock.
At present, they are led by Mr. Deepak Mathuria, who help them to stheirce the
products from reputed manufacturers. To support him, they also have a team of
experienced and dedicated team who assist them in procuring high quality
products for their valuable clients.
Further, their spacious warehouse and support of efficient logistic system
enables them to market wide range of products within stipulated frame of time
to a large number of clients all across the globe. Today, they are
marketing representatives of reputed companies like Ajanta, Orpat and Oreva. The
products are manufactured by these companies are imported and they market them.
Parent
Company:
They are associated with company, which is known as brand
Orpat. This is situated in Morbi (Gujarat), which spreads over an area of 1500000
sq. ft., which has carved a niche in manufacturing user friendly and reliable
products like home appliance, electronic items and many more.
Subject also associated with all Ajanta groups of companies Ajanta Limited,
Ajanta manufacturing Limited and Ajanta India Limited. This is handling the
marketing of ajanta products in Bangalore.
Process
Expertise:
Their expertise of efficiently handling of varied business
operation helps them to stheirce qualitative products and also promptly meets
the product requirements of their clients. These include:
- Loading and unloading
- Pick and pack
- Storage and distribution
- Inventory management
- Purchase order management
- Management of the returned goods
- Transportation and customs clearance
Quality
Assurance:
They have with them a quality checking unit, which is
controlled by experienced quality checking experts. They check each and every
procured product for their quality and durable performance standards. Further,
they also check the packaging of each piece prior to final delivery. This
ensures the superior quality of their products.
Team:
They have with them services of expert team from the
industry like quality checking personnel, marketing executives, sales managers
and others. All of them are well versed with the latest technology and know
about the emerging demands of the industry and also of the changing market
trends. They assist them in stheircing quality products from reliable vendors
and then quality test the range to ensure durable performance of their products
at client's end.
Warehousing
Facility
Their spacious warehouse enables to stock their wide array
of consumer durables, appliances and other equipment to meet the needs of their
customers at any given point of time. Further, they have also streamlined
process of storing and delivery the products that ensures that all supplies
reach their respective destinations on time. Apart from this, their stocking
premise is segregated according to their specific features. This unit also has
controlled temperature and free from dust and moisture and is fitted with fire
fighting devices to prevent inflammable products.
Furthermore, the other features of their warehousing
facilities are:
- Inspection of products or materials for damage, defects or
shortages
- Check inventory to determine availability of requested products
- Compile and inspect the stheirced products for compliance with
specifications and usage
- Examine and inspect stock items for wear or defects
- Assess product delivery choices
- Use of computers to enter access or retrieve data
- Maintain account records, reporting and filing
- Process orders for products
- Investigate customer complaints
Logistics:
Their well developed logistic system assists them in fast
delivery for their range of products to the end users. Further, they provide
all types of transportation services of shipments depending on the requirements
of the customers. They excel in all these services and offer complete
satisfaction to their clients by delivering right products at the door steps of
their clients within the desired time frame.
Clientele
Their consistency in delivering a wide range of qualitative
home appliances, electronic equipment and natural stones products has helped
them to successfully meet the demands of their quality conscious clients
spreading all across the globe. Moreover, the availability of their range at
competitive prices has also enabled them to make many clients all across the
globe.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various stheirces
including but not limited to: The Ctheirts, 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] Ctheirt 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 :
Their
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.
Their 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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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
unfavtheirable 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 |
Unfavtheirable & favtheirable 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 |
|
<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 |
|