MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BAGH BAHAR APPLIANCES PRIVATE LIMITED |
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Registered Office : |
29, Akshay Complex, Dhole Patil Road, Pune – 411 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.06.1997 |
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Com. Reg. No.: |
11-108822 |
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CIN No.: [Company
Identification No.] |
U29305PN1997PTC108822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB01940B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor of Consumer Durable Electronics and Electrical Appliances like Washing Machine, Refrigerator, AC, Microwave, etc. Subject is also distributor of Nokia Mobile. |
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 110000 |
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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 an established company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions, with slight caution |
LOCATIONS
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Registered Office : |
29, Akshay Complex, Dhole Patil Road, Pune – 411 001, Maharashtra, India |
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Tel. No.: |
91-20-26122118 / 26128259 |
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Fax No.: |
91-20-26134837 |
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E-Mail : |
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Warehouse : |
Reliable Warehousing, Gate No. 2347/B/A, Pune Nagar Road, Wagholi, Pune– 411 001, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Govind Jeevan
Uttamchandani |
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Designation : |
Director |
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Address : |
A-6, Clover
Garden 4, Nylon Road, Pune – 411 001, Maharashtra, India |
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Date of Birth/Age : |
17/06/1997 |
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Date of Appointment : |
17.06.1997 |
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Name : |
Mr. Rajesh Jeevan
Uttamchandani |
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Designation : |
Director |
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Address : |
A-6, Clover Garden
4, Nylon Road, Pune – 411 001, Maharashtra, India |
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Date of Birth/Age : |
17/06/1997 |
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Date of Appointment : |
17.06.1997 |
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Name : |
Mrs. Meena Uttamchandani |
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Designation : |
Director |
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Address : |
A / 6, Clover Garden, 4 Nalor Road, Bund Garden Road, Pune – 411 001,
Maharashtra, India |
KEY EXECUTIVES
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Name : |
S Krishnamurthy and Company |
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Designation : |
Company Secretary |
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Address : |
Flat No. 6, Building No. 10, Sakal Nagar , Pune – 411007, Maharashtra,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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List of Allottee (Equity Shares)
(As on 31.03.2007) |
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No. of Shares |
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Mr. Rajesh Uttamchandani |
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449850 |
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Mr. Govind Uttamchandani |
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449850 |
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Mrs. Meena Uttamchandani |
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50000 |
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Mrs. Sunita Uttamchandani |
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50000 |
Equity Shares Breakup (Percentage of Total Equity): (As on 31.03.2006):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Consumer Durable Electronics and Electrical Appliances like Washing Machine, Refrigerator, AC, Microwave, etc. Subject is also distributor of Nokia Mobile. |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
· Poona People’s Co-operative Bank 606, Sadashiv Peth, Azad Wadi, Pune – 411 030, Maharashtra, India · Union Bank of India 2A Aurora Towers,
9 Moledina Road, Pune – 411 001, Maharashtra, India · ICICI Bank · Bank of India · HDFC Bank |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Jayesh V. Dudhedia Chartered Accountants |
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Address : |
26/5, Geetanjali Apartments Shivaji Nagar, Pune – 411 005, Maharashtra, India |
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Name : |
K S Gundi and Associates Chartered Accountants |
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Address : |
Flat No. 25, Nayal Society, 389, Narayan Peth, Pune – 411 030, Maharashtra, India |
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Associates/Subsidiaries : |
· Shri Santkripa Appliances Distributor of Whirlpool Home Appliances, Samsung Colour TV, T-Series Cassettes and Nokia Handsets · Gurunanak Marketing Pune-411 030, Maharashtra, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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999900 |
Equity Shares |
Rs. 10/-
each |
Rs. 9.999
Millions |
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 |
9.999 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.305 |
2.899 |
1.399 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.304 |
3.399 |
1.899 |
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LOAN FUNDS |
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1] Secured Loans |
49.944 |
12.780 |
24.955 |
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2] Unsecured Loans |
16.966 |
9.293 |
4.916 |
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TOTAL BORROWING |
66.910 |
22.073 |
29.871 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.214 |
25.472 |
31.770 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.394 |
2.728 |
0.588 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.584 |
1.207 |
0.909 |
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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 |
0.000
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0.000
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0.000 |
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Sundry Debtors |
118.461
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74.570
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66.941 |
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Cash & Bank Balances |
2.619
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2.143
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0.252 |
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Other Current Assets |
16.340
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14.725
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14.107 |
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Loans & Advances |
4.354
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0.000
|
0.986 |
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Total
Current Assets |
141.774
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91.438 |
82.286 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
57.849
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67.754
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50.741 |
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Provisions |
1.695
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2.154
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1.280 |
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Total
Current Liabilities |
59.544
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69.908
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52.021 |
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Net Current Assets |
82.230
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21.530
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30.265 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.007 |
0.008 |
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TOTAL |
89.214 |
25.472 |
31.770 |
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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 |
929.400 |
783.500 |
346.100 |
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Other Income |
54.800 |
26.600 |
10.800 |
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Total Income |
984.200 |
810.100 |
356.900 |
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Profit/(Loss) Before Tax |
10.000 |
2.500 |
0.700 |
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Provision for Taxation |
0.600 |
1.000 |
0.300 |
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Profit/(Loss) After Tax |
9.400 |
1.500 |
0.400 |
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Expenditures : |
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Financial Charges |
0.000 |
3.200 |
2.800 |
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Depreciation & Amortization |
0.000 |
0.500 |
0.200 |
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Other Expenditure |
974.200 |
803.900 |
353.200 |
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Total Expenditure |
974.200 |
807.600 |
356.200 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.96
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0.19 |
0.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.08
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0.32 |
0.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.94
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2.44 |
0.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.45
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0.74 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.67
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27.06 |
43.12 |
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Current Ratio (Current Asset/Current Liability) |
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2.38
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1.31 |
1.58 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of
the company |
U29305PN1997PTC108822 |
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Name of the company |
BAGH BAHAR APPLIANCES PRIVATE LIMITED |
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Address |
29 Akshay Complex Dhole Patil Road, Pune – 411 001,
Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Book Debts Others |
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Particular of the charge holder
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Union Bank of India 2A Aurora Towers, 9 Moledina Road, Pune –
411 001, Maharashtra, India Email: anildamle@rediffmail.com |
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Nature or description of the instrument creating charge |
Hypothecation agreement of goods and debts
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Date of the instrument creating charge |
19.10.2007 |
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Amount Secure by the charge |
Rs. 50.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest BPLR + 0.5% i.e 13.75% Terms
of repayment: CC Repayable on Demand Margin: 20% Extent
and operation of the charge: To the extent of amount borrowed |
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Short particulars of the Property charged |
Hypothecation of book debts and paid up
stocks |
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Name of the Company |
BAGH BAHAR APPLIANCES PRIVATE LIMITED |
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Presented By |
BAGH BAHAR APPLIANCES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Deed of Hypothecation dated 27.12.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.500 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 |
Stock Stored at Godown and Shop |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest – 16% Prepayment – 12 Months |
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5) Name and Address and description of the person entitled to the charge. |
Pune Peoples Cooperative Bank, No. 606, Sadashiv Peth, Pune – 30, Branch – Azadwadi, Kothrud Branch, Pune (now by Somwar Peth Branch, Pune) |
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6) Date and brief description of instrument modifying the charge |
Deed of Hypothecation dated 29.03.2005 |
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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. |
The original charge was created on 27.12.2002 for Rs. 12.500 Millions It was modified on 4.02.2004 enhanced by additional limits of Rs. 2.500 Millions to cover the overall limits of Rs. 15.000 Millions It was further modified on 82.10.2004, be enhancement of additional limits of Rs. 6.000 million covering the limits to the tune of Rs. 21.000 millions Now by this modification dated 29.03.2005, the limits has been further enhanced by Additional limits of Rs. 4.000 millions to cover the overall facilities of Rs. 25.000 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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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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