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MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SALES CORNER (BARODA) PRIVATE LIMITED |
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Registered Office : |
Snow White Chambers, Kothi Char Rasta, Vadodara-390001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.04.2004 |
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Com. Reg. No.: |
04-44054 |
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CIN No.: [Company
Identification No.] |
U51505GJ2004PTC044054 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS10581E |
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PAN No.: [Permanent
Account No.] |
AAICS3668R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Electronics Items |
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 50000 |
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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 company meeting its normal commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Anil Joshi |
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Designation : |
Account Manager |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office : |
Snow White Chambers, Kothi Char Rasta, Vadodara-390001, Gujarat, India |
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Tel. No.: |
91-265-2350713 |
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Fax No.: |
91-265-2350713 |
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E-Mail : |
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Area : |
4000 sq ft |
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Branch Offices: |
Located at :- Radha Daya Complex, Manish Char Rasta Old Foddar Road, Baroda-390001,
Gujarat, India |
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Tel. No.: |
91-265-2421060 |
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Area : |
10000 sq ft |
DIRECTORS
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Name : |
Mr. Deepak Jayantilal Thakkar |
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Designation : |
Whole Time Director |
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Address : |
17, Shantipark, Society, Sindhwai Mata Road, Pratapnagar,
Vadodara-390004, Gujarat, India |
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Date of Birth/Age : |
10.01.1964 |
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Qualification : |
B.Com |
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Date of Appointment : |
27.04.2004 |
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Name : |
Mr. Jayntilal Chunilal Thakkar |
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Designation : |
Whole Time Director |
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Address : |
17, Shantipark, Society, Sindhwai Mata Road, Pratapnagar,
Vadodara-390004, Gujarat, India |
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Date of Birth/Age : |
14.07.1935 |
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Qualification : |
S.Y.Bcom |
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Date of Appointment : |
27.04.2004 |
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Name : |
Mr. Jayesh Jayantilal Thakkar |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
14.03.1961 |
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Qualification : |
Engineer |
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Date of Appointment : |
27.04.2004 |
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Name : |
Mr. Ajay Jayantilal Thakkar |
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Designation : |
Whole Time Director |
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Address : |
17, Shantipark, Society, Sindhwai Mata Road, Pratapnagar,
Vadodara-390004, Gujarat, India |
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Date of Birth/Age : |
02.10.1966 |
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Qualification : |
B.Com |
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Date of Appointment : |
27.04.2004 |
KEY EXECUTIVES
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Name : |
M/S Daryani Naresh and Associates |
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Designation : |
Company Secretary |
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Address : |
309/A, Corner Point, Behind Hotel Express, Alkapuri, Baroda-390007,
Gujarat, India |
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Name : |
Mr. Anil Joshi |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Jayantilal D. Thakkar |
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21500 |
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Chunilal J Thakkar |
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16000 |
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Jayantilal J Thakkar |
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17500 |
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Ajaybhai Thakkar |
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10000 |
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Alkaben D. Thakkar |
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5000 |
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Sangitaben J Thakkar |
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1000 |
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Jigna A Thakkar |
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1500 |
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Nirmalaben J Thakkar |
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2000 |
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Navinchnadhra A Thakkar |
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1000 |
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Manish N Thakkar |
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1500 |
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Jasodaben N Thakkar |
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1000 |
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Kokilaben B Thakkar |
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1000 |
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Bharatbhai B Thakkar |
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1500 |
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Vasantbhai V Thakkar |
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1500 |
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Kanulal B Thakkar |
|
1500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Electronics Items |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
70 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. C. Thakkar and Associates Chartered Accountant |
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Address : |
432, Paradise Complex, Near Kala Ghoda, Sayjigunj, Baroda-390005,
Gujarat, India |
CAPITAL STRUCTURE
As on 29.09
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
245000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.450
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.450 |
2.450 |
1.050 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.629 |
3.300 |
0.621 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.079 |
5.750 |
1.671 |
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LOAN FUNDS |
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1] Secured Loans |
24.169 |
15.483 |
12.142 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.900 |
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TOTAL BORROWING |
24.169 |
15.483 |
13.042 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.018 |
0.000 |
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TOTAL |
34.248 |
21.251 |
14.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.840 |
1.884 |
2.103 |
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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 |
0.016 |
0.000 |
0.024 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.495
|
20.630 |
16.194 |
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Sundry Debtors |
8.699
|
7.121 |
3.688 |
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Cash & Bank Balances |
0.487
|
0.868 |
0.542 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.820
|
2.459 |
1.027 |
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Total
Current Assets |
46.501
|
31.078 |
21.451 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.866
|
11.536 |
8.396 |
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Provisions |
0.272
|
0.218 |
0.526 |
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Total
Current Liabilities |
14.138
|
11.754 |
8.922 |
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Net Current Assets |
32.363
|
19.324 |
12.529 |
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MISCELLANEOUS EXPENSES |
0.029 |
0.043 |
0.057 |
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TOTAL |
32.248 |
21.251 |
14.713 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
253.537 |
237.671 |
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Other Income |
|
3.375 |
1.901 |
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Total Income |
|
256.912 |
239.572 |
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Profit/(Loss) Before Tax |
|
6.592 |
4.058 |
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Provision for Taxation |
|
2.262 |
1.379 |
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Profit/(Loss) After Tax |
|
4.330 |
2.679 |
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Expenditures : |
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Total Expenditure |
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250.320 |
235.514 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.68
|
1.12 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
2.60
|
1.71 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.63
|
12.31 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
|
0.65
|
0.71 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.80
|
4.73 |
13.14 |
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Current Ratio (Current Asset/Current Liability) |
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3.29
|
2.64 |
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51505GJ2004PTC044054 |
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Name of the
company |
SALES CORNER (BARODA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Snow White Chambers, Kothi Char Rasta, Vadodara-390001, Gujarat, India |
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This form is for |
Modification of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Union Bank of India, Sayaji Ganj Branch, Union Bank Bhavan, Sayjiganj,
Vadodara-390007, Gujarat, India |
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Nature of
instrument creating charge |
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Date of instrument
Creating the charge |
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Amount secured by
the charge |
Rs. 21.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Tern Loan @BPLR Cash Credit @
12.75% Margin: 20% Stock In Trade
and Book Debts and Receivables |
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Description of
the property charged indicating whether it is a charged on |
Stock in Trade Book Debts Furniture and
Fixture |
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Particulars of
the property charged |
All kinds of Stock
in Trade and all The Book Debts, and Receivables both Present and future at
Snow White Chambers, Kothi Char Rasta, Vadodara and other Show Rooms. |
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Charge
identification number of the charge to be modified |
80001385 |
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Brief description
of the instrument modifying the charge under section 135 |
Supplementary
Agreement to SD-06 Hypothecation Agreement [SD-06(s) |
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Date of
instrument modifying the charge |
07.06.2006 |
|
Particulars of
the present modification |
The Charge extended
to cover Additional C.C Hypothecation and Book Debts Facility of Rs. 10.000
Millions making total Coverage of charge to Rs. 21.500 Millions (Term Loan
Rs. 1.500 + Rs. 20.000 Millions CC, Hypothecation and Book Debts.) |
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Name of the company |
SALES CORNER (BARODA) PRIVATE LIMITED |
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Presented By |
Mr. Deepak J.
Thakkar, Director of the Company |
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1) Date and description of instrument creating the change |
a)
03.01.2005 –
Hypothecation Agreement of Goods and Debts for securing Cash and Credit
facility of Rs. 10.000 Millions (aginst stocks of trading goods such as
refrigerators. TVs. Music systems and other White goods, spares and entire
book debts of the Company. b)
03.01.2005 –
Term Loan Agreement (Hypothecation of Movables) for securing Term Loan
facility of Rs. 1.500 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
Facility Rs. 10.000 Millions Term Loan
Facility Rs. 1.500 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 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a)
The Company hereby
hypothecates by way of First Charge on the trading goods such as
refrigerators. TVs. Music systems and other white goods, spares and entire
book debts of the Company. b)
The Company
also hypothecates its fixed assets. c)
The Company
shall not create any mortgage. Charge, lien or encurmbrances over the
hypothecated assets. d)
The Borrower
shall not receive, compound or release any of the debts nor do any thing
whereby the recovery of the debts may be impaired, delayed or prevented. e)
In case of
Cash Credit Facility – Interest @2% over the BPLR of the Bank with a minimum
of 12.75% shall be calculated on the daily balance due to bank on the said
account and charged on monthly rests subject to changes from time to time as
per RBI guidelines. f)
Goods to be
kept in good and insured conditions. g)
Right to
apply all proceeds of sale or realization of the hypothecated assets against
outstanding. h)
In case of
Term Loan Facility – Interest @3% over BPLR of the Bank with a minimum of
13.75% shall be calculated on the daily balance due to Bank on the said
account and charge on monthly rests subject to changes from time to time as
per RBI guidance. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Sygjigunj Branch, Union Bank Bhavan, Station Road, Baroda-5 |
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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 |
Trade References:
- Whirlpool
- LG
- Onida
- Samsung
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
|
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 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|