MIRA
INFORM REPORT
|
Report Date : |
29.08.2008 |
IDENTIFICATION DETAILS
|
Name : |
AYCEE
SALES PRIVATE LIMITED |
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Registered
Office : |
28, Bahuguna
Market, Allahabad – 211001, Uttar Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
11.01.1990 |
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Com. Reg. No.: |
20-11545 |
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CIN No.: [Company
Identification No.] |
U29308UP1990PTC011545 |
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TAN No.: (Tax Deduction
& Collection Account No.) |
ALDA00507D ALDA00508E |
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PAN No.: (Permanent
Account No.) |
AABCA9143N ABJPK6769J |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
Traders and Dealers
of Air conditioner and Repairing thereof |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a carrier dealer. Trade relations are fair.
Payments are correct and as per commitment.
The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
28, Bahuguna Market, Allahanad – 211001, Uttar Pradesh,
India |
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Tel. No.: |
91-532-2622680/2622247 |
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Mobile No: |
91-9839154292 |
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Fax No.: |
91-532-2622247 |
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E-Mail : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sunil Jaiswal |
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Designation : |
Director |
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Address : |
12, Auckland Road, Allahabad – 211001, Uttar Pradesh,
India |
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Date of Birth/Age : |
28.02.1963 |
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Qualification : |
Graduate |
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Experience : |
7 years |
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Date of Appointment : |
11.01.1990 |
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Name : |
Mrs. Sadhna Jaiswal |
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Designation : |
Director |
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Address : |
12, Auckland Road, Allahabad – 211001, Uttar Pradesh,
India |
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Date of Birth/Age : |
13.06.1965 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.09.1994 |
KEY EXECUTIVES
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Name : |
M/s Anil Kumar and Associates |
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Designation : |
Company Secretary |
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Address : |
U-21, Ground Floor, Sangam Place, Civil Lines, Allahabad – 211001,
Uttar Pradesh, India. |
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Tel. No. : |
91-532-3206559/ 2615377 |
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Mobile No. : |
91-9415306147 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Sunil Jaiswal |
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11360 |
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Mrs. Sadhna Jaiswal |
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4640 |
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Total |
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16000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives
of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders and Dealers of Air conditioner and Repairing
thereof |
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Agencies Held : |
Carrier Aircon |
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Terms : |
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Selling : |
Cash and Credit (60 days) |
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Purchasing : |
Cash and Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Retailers and End Users |
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No. of Employees : |
12 |
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Bankers : |
Civil Lines Branch, Civil Lines, Allahabad – 211001, Uttar
Pradesh, India |
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Facilities : |
Credit Limits : Rs.1.500 millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Vinayak Tandon and Associates Chartered Accountants |
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Address: |
27, Clive Road, Vinay Vatika, Allahabad-211001, India |
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Tel. No.: |
91-532-604004 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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16000 |
Equity Shares |
Rs.100/-
each |
Rs.1.600
Millions |
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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 |
1.600 |
1.400 |
0.982 |
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2] Share Application Money |
0.400 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.259) |
(0.411) |
(0.250) |
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NETWORTH |
1.741 |
0.989 |
0.732 |
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LOAN FUNDS |
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1] Secured Loans |
2.363 |
2.748 |
3.276 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.300 |
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TOTAL BORROWING |
2.363 |
2.748 |
3.576 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.104 |
3.737 |
4.308 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.671 |
0.754 |
0.720 |
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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 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.353
|
4.253 |
3.738 |
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Sundry Debtors |
1.887
|
1.539 |
2.091 |
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Cash & Bank Balances |
0.007
|
0.765 |
0.622 |
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Other Current Assets |
0.336
|
0.225 |
0.195 |
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Loans & Advances |
1.238
|
0.100 |
0.158 |
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Total
Current Assets |
7.821
|
6.882 |
6.804 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.388
|
3.899 |
3.216 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
4.388
|
3.899 |
3.216 |
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Net Current Assets |
3.433
|
2.983 |
3.588 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.104 |
3.737 |
4.308 |
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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 |
13.419 |
11.665 |
15.448 |
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Other Income |
4.869 |
3.998 |
0.000 |
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Total Income |
18.288 |
15.663 |
15.448 |
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Profit/(Loss) Before Tax |
0.205 |
(0.157) |
(0.290) |
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Provision for Taxation |
0.053 |
0.004 |
0.000 |
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Profit/(Loss) After Tax |
0.152 |
(0.161) |
(0.290) |
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Expenditures : |
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Depreciation & Amortization |
0.163 |
0.189 |
0.177 |
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Other Expenditure |
17.920 |
15.631 |
15.561 |
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Total Expenditure |
18.083 |
15.820 |
15.738 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.83
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(1.03) |
(1.88) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.53
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(1.35) |
(1.88) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.41
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(2.06) |
(3.85) |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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(0.16) |
(0.40) |
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Debt Equity Ratio (Total Liability/Networth) |
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3.88
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6.72 |
9.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.78
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1.77 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Local
Customers
- J P
Electronic, Allahabad
- Carrier
Aircone
- Step Nine,
Allahabad
- Raj Nursing
Home, Allahabad
- Jeevan Jyoti
Hospital, Allahabad
- ICICI Bank-
Mumbai
Form 8: Bankers
Charges Report as per Registry
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Name of the company |
AYCEE
SALES PRIVATE LIMITED |
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Presented By |
Mr. Sunil Jaiswal, Director |
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1) Date and description of instrument creating the change |
12.12.2002 Hypothecation
Agreement Enclosed |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.800 Millions |
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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
stock of spares parts of Air Conditions Machineries Air Condition and all
other movable and Immovable assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests 11.5% |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Civil Lines, Allahabad
Branch |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
Agreement Dated 14.05.2004 |
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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. |
Enhancement of
charge from Rs.1.800 Millions to Rs.2.500 Millions w.e.f. 14.05.2004 and all
other terms and conditions are same. |
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Corporate
identity number of the company |
U29308UP1990PTC011545 |
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Name of the
company |
AYCEE
SALES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
28, Bahuguna Market,
Allahabad – 211001, Uttar Pradesh, India |
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This form is for |
Creation of
Charge |
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Type of charge |
Immovable
Property Fixed assets |
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Particular of
charge holder |
Civil Lines Branch, Civil Lines, Allahabad – 211001, Uttar Pradesh, India |
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Nature of
instrument creating charge |
Term Loan
Agreement Credit sanction
Advice Letter of Confirmation
of deposit of Title Deeds Guarantee for
Cash Credits |
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Date of
instrument Creating the charge |
24.05.2008 |
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Amount secured by
the charge |
Rs.1.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interests: Term Loan 13.75%
p.a. Terms of
Repayment: The term Loan
shall be repayable in 60 month Margin: 25% Extent and
operation of the charge: Primary security
– charge on fixed assets of the company Others: Personal
Guarantee of both the directors i.e. Mr. Sunil Jaiswal and Mrs. Sadhna
Jaiswal |
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Particulars of
the property charged |
Primary security – Charge on fixed
assets of the company Collateral Security – Immovable
Property at 27/17, Elgin Road (Lal Bahadur Shastri Marg), Shop No.345
Allahabad and Immovable Property at 6 Ponappa Road. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|