MIRA
INFORM REPORT
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Report Date : |
13.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARCTIC |
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Registered Office : |
Sai Prabhu Building, Ravi Nagar Square, Nagpur 440001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1998 |
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PAN No.: [Permanent
Account No.] |
AJBPS9656E |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Trader and Dealer of Air Conditioners and also franchisee Partner for
Reliance Infocom [Run Reliance Webworld in Nagpur and Mumbai and Service
franchisee for Whirlpool] |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 12200 |
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Status : |
Satisfactory |
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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 carrier dealer. Trade relations are fair.
Business is active. Payments
are reported as usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Abhijit Sapkal |
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Designation : |
Proprietor |
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Contact No.: |
91-9322200222 |
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Date : |
09.02.2008 |
LOCATIONS
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Registered Office : |
Sai Prabhu Building, Ravi Nagar Square, Nagpur 440001, Maharashtra,
India |
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Tel. No.: |
91-712-2534213 |
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Mobile No.: |
91-9322200222 |
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Fax No.: |
91-712-2540539 |
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E-Mail : |
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Area : |
Approximately 2000 Sq. fts. |
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Location : |
Owned |
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Workshop : |
Ganesh Tower, Bharat Nagar, Amravati Road, Nagpur, Maharashtra, India |
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Area : |
Approximately 250 Sq. fts. |
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Location : |
Owned |
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Branch : |
Mahesh Commercial Complex, Block No. 30, Plot No. 37, Sector 15, CBD,
Belapur, Navi Mumbai, Maharashtra, India |
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Area : |
Approximately 600 Sq. fts. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Abhijit Sapkal |
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Designation : |
Proprietor |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Trader and Dealer of Air Conditioners and also franchisee Partner for Reliance
Infocom [Run Reliance Webworld in Nagpur and Mumbai and Service franchisee
for Whirlpool] |
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Agencies Held : |
Ø Reliance Infocom Ø Carrier {Air
Conditions] Ø Whirlpool India
Limited [Refrigerator and Washing Machine] |
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Terms : |
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Selling : |
Cash and Credit [90 days] |
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Purchasing : |
Cash and Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
Ø Corporates Ø Local SME’S |
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No. of Employees : |
Around 100 |
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Bankers : |
Nirmal Urban Co-operative Bank Limited, Dharampeth Branch ICICI Bank, Civil Lines Branch Standard Chartered Bank, Nagpur Branch |
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Facilities : |
C/C Rs. 1.600 Million from Nirmal Urban Co-operative Bank Limited |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
C. N. Patel and Company Chartered Accountants |
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Address : |
Nagpur |
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Associates/Subsidiaries : |
Arctic Holidays Nagpur Line of Business : Travel House |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 3.068 Millions |
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Borrowed : |
--- |
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Total : |
Rs. 3.068 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] Proprietors Capital |
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3.068 |
2.223 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.068 |
2.223 |
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LOAN FUNDS |
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1] Secured Loans |
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1.770 |
2.238 |
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2] Unsecured Loans |
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3.389 |
3.127 |
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TOTAL BORROWING |
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5.159 |
5.365 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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8.227 |
7.588 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.950 |
3.149 |
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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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0.099 |
0.099 |
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DEPOSITS |
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2.101 |
1.998 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Stock in trade |
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0.755 |
0.957 |
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Sundry Debtors |
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6.537 |
4.459 |
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Cash & Bank Balances |
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0.459 |
0.099 |
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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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0.250 |
0.109 |
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Total
Current Assets |
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8.001 |
5.624 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.124 |
3.582 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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5.124 |
3.582 |
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Net Current Assets |
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2.877 |
2.042 |
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MISCELLANEOUS EXPENSES |
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0.200 |
0.300 |
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TOTAL |
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8.227 |
7.588 |
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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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1.672 |
1.324 |
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Other Income |
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5.359 |
3.973 |
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Total Income |
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7.031 |
5.297 |
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Profit/(Loss) Before Tax |
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0.715 |
0.297 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.715 |
0.297 |
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Expenditures : |
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Administrative Expenses |
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4.643 |
3.547 |
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Finance Charges |
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0.519 |
0.519 |
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Selling Distribution |
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0.692 |
0.480 |
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Depreciation |
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0.462 |
0.454 |
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Total Expenditure |
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6.316 |
5.000 |
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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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10.16 |
5.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
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42.76 |
22.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.53 |
3.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.35 |
4.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.56 |
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
Ø
ICICI Bank
Ø
Bajaj Allianz
Ø
Tata Motors
Ø
Reliance
Ø
Kotak Mahindra Group
Ø
Bharati Airtel
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 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 |
|
US Dollar |
1 |
Rs. 39.65 |
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UK Pound |
1 |
Rs. 77.41 |
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Euro |
1 |
Rs. 57.62 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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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45 |
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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