MIRA
INFORM REPORT
|
Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHANDRA
ELECTRONIC APPLIANCES PRIVATE LIMITED |
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Registered Office : |
Chandra House, 28,
Indira Colony, Bani Park, Jaipur 302016, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.04.1996 |
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Com. Reg. No.: |
17-11886 |
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CIN No.: [Company
Identification No.] |
U29308RJ1996PTC011886 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRC02442G |
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PAN No.: [Permanent
Account No.] |
AAACC9574E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading, Dealing
and Distributing Consumer Electronics and Entertainment Products like T. V.
Sets, Radios, VCRs, Fridge, Washing Machines and other Electrical Appliances. |
RATING &
COMMENTS
|
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 49000 |
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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 company having satisfactory track. Directors are reported as
experienced, respectable and resourceful businessmen. Their trade relations are
fair. General 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. |
LOCATIONS
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Registered
Office : |
Chandra House,
28, Indira Colony, Bani Park, Jaipur 302016, Rajasthan, India |
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Tel. No.: |
91-141-2203712 /
2205512 / 2282512 / 882 /138 |
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Fax No.: |
91-141-2282712 |
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E-mail: |
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Area : |
Medium Size |
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Location : |
Owned |
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Administrative
Office : |
Chandra House,
20, Indira Colony, Bani Park, Jaipur – 302016, Rajasthan, India |
DIRECTORS
|
Name : |
Mr. Lalit Dhoka |
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Designation : |
Chairman and
Managing Director |
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Address : |
28, Indra Colony, Bani Park, Jaipur 302016, Rajasthan, India |
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Date of Appointment : |
12.04.1996 |
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Name : |
Mrs. Mamta Dhoka |
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Designation : |
Director |
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Address : |
28, Indra Colony, Bani Park, Jaipur 302016, Rajasthan, India |
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Date of Appointment : |
18.03.1999 |
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Name : |
Mr. Chagan Dhoka |
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Designation : |
Director |
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Address : |
Subhash Marg, Pali, 306116, Rajasthan, India |
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Date of Appointment : |
12.04.1996 |
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Name : |
Mr. Mahendra Dhoka |
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Designation : |
Director |
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Address : |
Subhash Marg, Pali 306116, Rajasthan, India |
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Date of Appointment : |
12.04.1996 |
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Date of Ceasing: |
21.03.1999 |
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Name : |
Mr. Suresh Dhoka |
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Designation : |
Director |
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Address : |
28, Indra Colony, Bani Park, Jaipur 302016, Rajasthan, India |
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Date of Appointment : |
12.04.1996 |
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Date of Ceasing: |
21.03.1999 |
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Name : |
Mr. Ashish Dhoka |
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Designation : |
Director |
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Address : |
28, Indra Colony, Bani Park, Jaipur 302016, Rajasthan, India |
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Date of Appointment : |
25.11.2002 |
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Name |
Mr. Mahendra Kumar Dhoka |
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Designation |
Director |
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Address |
28, Indra Colony, Bani Park, Jaipur 302016, Rajasthan, India |
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Date of Appointment : |
12.04.1996 |
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Date of Ceasing: |
22.03.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Lalit Kumar
Dhoka |
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420000 |
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Mrs. Mamta Dhoka |
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140000 |
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Mr. Amit Kumar
Dhoka |
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40000 |
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Total |
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600000 |
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Equity Share
Break-up [As on 31.03.2006] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading, Dealing
and Distributing Consumer Electronics and Entertainment Products like T. V. Sets,
Radios, VCRs, Fridge, Washing Machines and other Electrical Appliances. |
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Products : |
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Agencies Held : |
v
Samsung v
Videocon
Group v
Daewoo v
Sansui v
Onida v
Philips |
GENERAL
INFORMATION
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No. of Employees : |
Around 17-18 |
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Bankers : |
Subhash Marg, C
Scheme, Jaipur 302001, Rajasthan, India |
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Financial Institution: |
No. 21, Patullos Road, Chennai 600002 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Chittora and Company Chartered Accountants |
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Address : |
B-D, Shyam Apartment, C-77, Sarojani
Marg, C-Scheme, Jaipur 302001, Rajasthan, India |
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Tel. No.: |
91-141-2369899/2364300 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
650000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.000 |
5.250 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.847 |
2.988 |
1.103 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.847 |
8.238 |
4.603 |
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LOAN FUNDS |
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1] Secured Loans |
36.885 |
38.821 |
18.398 |
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2] Unsecured Loans |
6.344 |
10.489 |
4.067 |
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TOTAL BORROWING |
43.229 |
49.310 |
22.465 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
53.076 |
57.548 |
27.068 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.570 |
2.975 |
2.031 |
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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 |
0.059 |
0.066 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
38.233
|
37.231 |
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Sundry Debtors |
17.932
|
17.955 |
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Cash & Bank Balances |
0.735
|
0.990 |
37.803 |
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Other Current Assets |
0.993
|
0.983 |
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Loans & Advances |
2.435
|
1.430 |
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Total
Current Assets |
60.328
|
58.589 |
37.803 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.844
|
3.309 |
12.768
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Provisions |
1.039
|
0.774 |
0.000 |
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Total
Current Liabilities |
9.883
|
4.083 |
12.768 |
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Net Current Assets |
50.445
|
54.506 |
25.035
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.000 |
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TOTAL |
53.076 |
57.548 |
27.068 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
222.119 |
210.208 |
153.800 |
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Profit/(Loss) Before Tax |
1.154 |
0.968 |
0.009 |
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Provision for Taxation |
0.687 |
0.413 |
0.004 |
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Profit/(Loss) After Tax |
0.467 |
0.555 |
0.005 |
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Expenditures : |
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Depreciation & Amortization |
0.515 |
0.829 |
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Loss of sale of Fixed Assets |
0.004 |
0.000 |
153.791 |
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Other Expenditure |
220.446 |
208.411 |
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Total Expenditure |
220.965 |
209.240 |
153.791 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.21
|
0.26 |
0.00
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Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
0.46 |
0.01
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.84
|
1.57 |
0.02
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.12 |
0.00
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Debt Equity Ratio (Total Liability/Networth) |
|
5.39
|
6.48 |
8.65
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Current Ratio (Current Asset/Current Liability) |
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6.10
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14.34 |
2.96
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LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
CHANDRA ELECTRONIC APPLIANCES PRIVATE
LIMITED |
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Presented By |
SUNDARAN FINANCE LIMITED No. 21, Patullos Road, Chennai 600002 |
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1) Date and description of instrument creating the change |
Loan Agreement dated
17.05.2004 bearing Loan Cont. No.WR-0078 |
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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 |
In the security
of No. 2004 Model Tata Pick up, bearing No. 497sptc31cvz868207, Ch. No.
357511cvz805573 as mentioned in the last schedule of the enclosed copy of the
loan agreement. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The total loan
amount of Rs. 0.430 Million is repayable in 26 monthly installments as
follows : the last installment of Rs. 0.017 Million and the rest of the 23
monthly installment of Rs. 0.017 Million each. The Ist Loan installment falls due on 10.06.2004. |
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5) Name and Address and description of the person entitled to the
charge. |
Sundaram Finance
Limited No. 21, Patullos
Road, Chennai 600002 |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90071578 |
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Corporate
identity number of the company |
U29308RJ1996PTC011886 |
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Name of the
company |
CHANDRA ELECTRONIC APPLIANCES PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
28, Indira
Colony, Bani Park, Jaipur, Rajasthan, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
State Bank of
Bikaner and Jaipur Subhash Marg, C
Scheme, Jaipur 302001, Rajasthan, India |
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Nature of
description of the instrument creating or modifying the charge |
Sanction letter
dated 12.04.2007 |
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Date of
instrument Creating the charge |
12.04.2007 |
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Amount secured by
the charge |
Rs. 40.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50% below SBBJ
BPLR with a minimum of 12.50% Terms of
Repayment On Demand Margin 30% on stock, 50%
on book debts Extent and
Operation of the charge First charge by
way of hypothecation over entire current assets inclusive of stocks and book
debts/receivables. |
|
Short particulars
of the property charged |
Entire current
assets of the company including stock and book debts/receivables |
|
Particulars of
the present modification |
Limit increased
to Rs. 40.000 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 |
|
US Dollar |
1 |
Rs. 42.95 |
|
UK Pound |
1 |
Rs. 85.62 |
|
Euro |
1 |
Rs. 67.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|