MIRA
INFORM REPORT
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Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
BATRA ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
B42, Shivalik Enclave, Near Malviya Nagar, New Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.11.1994 |
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Com. Reg. No.: |
55-62788 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC062788 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB05590E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers of Carrier Air Conditioners |
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 2800 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. It’s profit margin
is under pressure. The company has small accumulated losses. However, it’s payments are correct and as per commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Surender Kumar Batra |
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Designation : |
Director |
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Date : |
23.08.2008 |
LOCATIONS
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Registered Office : |
B42, Shivalik Enclave, Near Malviya Nagar, New Delhi, India |
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Tel. No.: |
951264-243041 |
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Mobile No.: |
91-9812054132 |
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E-Mail : |
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Area : |
500 Sq. ft. |
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Location : |
Owned |
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Godown Office : |
Railway Road, Sonepat, Haryana, India |
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Tel. No.: |
91-1264-243041 / 254132 |
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Fax No.: |
91-9812054132 |
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Area : |
500 Sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Surender Kumar Batra |
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Designation : |
Director |
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Address : |
H No. 879, Sector – 14, Sonepat – 131 001, Haryana, India |
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Date of Birth/Age : |
01.06.1951 |
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Qualification : |
Graduate |
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Date of Appointment : |
17.11.1994 |
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Name : |
Mrs. Pushpa Batra |
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Designation : |
Director |
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Address : |
H No. 879, Sector – 14, Sonepat – 131 001, Haryana, India |
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Date of Birth/Age : |
29.04.1951 |
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Qualification : |
Graduate |
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Date of Appointment : |
17.11.1994 |
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Name : |
Mrs. Shreena Batra |
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Designation : |
Director |
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Address : |
H No. 879, Sector – 14, Sonepat – 131 001, Haryana, India |
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Date of Appointment : |
13.07.1999 |
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Name : |
Mrs. Daisy Sareen |
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Designation : |
Director |
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Address : |
H No. 81, Sector – 15, Sonepat – 131 001, Haryama, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Surinder Kumar Batra |
66480 |
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Pushpa Batra |
510 |
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Surinder Kumar Batra (HUF) |
15010 |
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Total |
82000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
81.70 |
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Others |
18.30 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers of Carrier Air Conditioners |
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Agencies Held : |
Carrier |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
·
Retailers ·
End Users ·
Others ·
Corporates |
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No. of Employees : |
5 |
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Bankers : |
Canara Bank Atlas Road, Model Town, Sonipat – 131 001, Haryana, India |
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Facilities : |
CC Rs.2.000 millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ramesh Wadhwa Chartered Accountants |
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Address : |
12-L, Model Town, Sonepat – 131 001, Haryana, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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82000 |
Equity Shares |
Rs.10/- each |
Rs.0.820
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.820 |
0.820 |
0.820 |
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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) |
(0.267) |
(0.384) |
(0.395) |
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NETWORTH |
0.553 |
0.436 |
0.425 |
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LOAN FUNDS |
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1] Secured Loans |
1.131 |
1.822 |
2.054 |
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2] Unsecured Loans |
1.597 |
2.437 |
2.162 |
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TOTAL BORROWING |
2.728 |
4.259 |
4.216 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.281 |
4.695 |
4.641 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.981 |
0.350 |
0.536 |
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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 |
0.009 |
0.026 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.233
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2.490 |
3.226 |
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Sundry Debtors |
0.138
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0.085 |
0.955 |
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Cash & Bank Balances |
0.262
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1.091 |
0.273 |
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Other Current Assets |
1.579
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1.673 |
0.569 |
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Loans & Advances |
0.129
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0.000 |
0.191 |
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Total
Current Assets |
5.341
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5.339 |
5.214 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.050
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1.020 |
1.109 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
3.050
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1.020 |
1.109 |
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Net Current Assets |
2.291
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4.319 |
4.105 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.281 |
4.695 |
4.641 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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10.45
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12.11 |
12.53 |
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Current Ratio (Current Asset/Current Liability) |
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1.75
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5.23 |
4.70 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Pruthi Engineers Private Limited, Sonepat
·
Sushant Lok Rai Private Limited, Sonepat
Form No. 8
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Name of the company |
BATRA ELECTRICALS PRIVATE LIMITED |
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Presented By |
Canara Bank,
Sonepat, Haryana |
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1) Date and description of instrument creating the change |
Cash Credit
Agreement dated 01.07.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.400 million |
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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 |
Hypothecation of
the following: a.
The whole of
the borrower’s present and future stocks of raw materials, goods-in-process of
manufacture and all finished and manufactured goods and articles such as TV,
Fridge, Washing Machine, Phones, Cobler, Stereo, Air Conditioner, Two in One,
Radio etc. together with all store components and spares which now being to
or may hereafter from time to time, during the continuance of this security,
belong to the borrower into stored or be in or upon or about the borrower’s
factory, godown and/or other premises at Railway Road, Sonepat or wherever
else the same may be. b.
All of the
borrower’s present and future book debts, outstanding monies receivables,
claims bills, rights to or in movable properties and movable assets and which
are not due, owing or payable. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest in
Cash credit limit shall be charged at the rate of 9.25 percent per annum over
RBI subject to a minimum of 19.25 percent per annum compounded quarterly with
an addition interest of 2 percent per annum or at such other rate (s) as may
be specified by the bank / RBI from time to time. Margin – as may
be stipulated by the bank from time to time. Payable on
demand. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Sonepat, Haryana |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U74899DL1994PTC062788 |
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Name of the
company |
BATRA ELECTRICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B42, Shivalik Enclave, Near Malviya Nagar, New Delhi, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Canara Bank Atlas Road, Model Town, Sonipat – 131 001, Haryana, India |
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Nature of
instrument creating charge |
Enhancement of
credit facilities by Rs.1.000 millions, Original limit was of Rs.1.500
millions which is now stand amounting to Rs.2.500 millions |
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Date of
instrument Creating the charge |
15.05.2007 |
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Amount secured by
the charge |
Rs.2.500 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 13.25% ·
Terms of
repayment Cash Credit Facilities ·
Margin As per Supplemental Agreement ·
Extent and
operation of the charge First charge on stock and book debts Personal Guarantee of S K Batra and Pushpa Batra And collateral security of house No. 879, Sector 14, Sonipat As per Agreement |
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Particulars of
the property charged |
Stock of all
finished and manufactured goods and articles such as TV, Fridge, Washing
Machine, Phones, Cooler, Stereo, Air Conditioners, Two-in-One, Radio etc
hypothecated and storage and located at Railway Road, Distt. Sonipat |
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Particulars of
the present modification |
Present
enhancement of credit limit from Rs.1.500 millions to Rs.2.500 millions,
Original agreement dated 01.07.1997 charge registered on 04.07.1997 and off late
gain registed on dated 02.08.2000 |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.58 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.16 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
NO |
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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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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
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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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