MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLOOM ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
No. 365,First Floor, Bharathiar Road, New Siddhapudur, Coimbatore –
641 044, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.04.1999 |
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Com. Reg. No.: |
18 – 8841 |
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CIN No.: [Company
Identification No.] |
U03210TZ1999PTC008841 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBB03158B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
The company is
engaged in Trading of Electronics Products. |
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 19815 |
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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 : |
Mr. G S Sundaram, Director confirmed the details. Subject is a well
established and reputed company having satisfactory track records. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. G S Sundaram |
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Designation : |
Director |
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Contact No.: |
91-9363157576 |
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Date : |
16.07.2008 |
LOCATIONS
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Registered Office : |
No. 365,First Floor, Bharathiar Road, New Siddhapudur, Coimbatore –
641 044, Tamilnadu, India |
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Tel. No.: |
91-422-2524087 |
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Mobile No.: |
91-9363157576/ 9894780310 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. ft |
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Location : |
Rented |
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Branches : |
Dubai (Rack) Free Trade Zone |
DIRECTORS
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Name : |
Mr. S.
Karthikeyan |
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Designation : |
Managing
Director |
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Address : |
245, Alagesan
Road, Coimbatore – 641011, Tamilnadu, India |
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Date of Birth/Age : |
10.05.1971 |
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Qualifications : |
B.Com |
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Date of Appointment : |
19.04.1999 |
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Name : |
Mr. G S Sundaram |
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Designation : |
Chairman |
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Address : |
245, Alagesan
Road, Coimbatore – 641011, Tamilnadu, India |
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Date of Birth/Age : |
02.05.1943 |
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Qualifications : |
B.Com |
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Date of Appointment : |
09.04.1999 |
KEY EXECUTIVES
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Name : |
Mr G Porselvam |
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Designation : |
Company Secretary |
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Address : |
No.25, Thiyagaraja Street,North Usman Road, T. Nagar, Chennai-600017,
Tamil Nadu, India |
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Phone: |
91-28142955/42122148 |
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Fax No: |
91-28142915 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
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Names of Shareholders |
No. of Shares |
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Mr. S.
Karthikeyan |
5000 |
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Mr. G S Sundaram |
4900 |
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Mr. Janartnanan
R. |
4000 |
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Mohan |
4000 |
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Mrs. K Anuradha |
4000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is
engaged in Trading of Electronics Products. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit, BG |
GENERAL
INFORMATION
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No. of Employees : |
45 |
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Bankers : |
No.
1, Church Road, K K Pudur, Veladpalayan, Coimbatore – 641 038, Tamilnadu, India Facilities
:
CC – Rs. 3.600 millions
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
R. Kannan and Associates Chartered Accountants |
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Address : |
33, Devanga High School Road, Coimbatore – 641 002, Tamilnadu, India |
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Tel. No.: |
91-422-2474786 |
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Fax No.: |
91-422-2474787 |
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E-Mail : |
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Sister Concerns : |
Coimbatore Sales Turnover (2008): Rs. 60.000 millions |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.500 |
0.500 |
0.000 |
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3] Reserves & Surplus |
2.463 |
2.130 |
1.669 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.963 |
3.630 |
2.669 |
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LOAN FUNDS |
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1] Secured Loans |
8.807 |
5.131 |
4.420 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
8.807 |
5.131 |
4.420 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.770 |
8.761 |
7.089 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.120 |
1.332 |
1.548 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.587 |
1.000 |
0.346 |
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DEFERREX TAX ASSETS |
0.048 |
0.036 |
0.011 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.042
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5.444 |
4.928 |
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Sundry Debtors |
43.875
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28.639 |
22.465 |
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Cash & Bank Balances |
3.599
|
0.531 |
1.808 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.120
|
2.508 |
3.154 |
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Total
Current Assets |
63.636
|
37.122 |
32.355 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
52.912
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30.434 |
26.947 |
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Provisions |
0.713
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0.302 |
0.232 |
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Total
Current Liabilities |
53.625
|
30.736 |
27.179 |
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Net Current Assets |
10.011
|
6.386 |
5.176 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.007 |
0.008 |
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TOTAL |
12.770 |
8.761 |
7.089 |
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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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453.271 |
295.572 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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453.271 |
295.572 |
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Profit/(Loss) Before Tax |
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0.731 |
0.739 |
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Provision for Taxation |
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0.399 |
0.277 |
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Profit/(Loss) After Tax |
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0.332 |
0.462 |
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Expenditures : |
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Depreciation & Amortization |
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0.290 |
0.319 |
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Other Expenditure |
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452.250 |
294.514 |
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Total Expenditure |
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452.540 |
294.833 |
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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 |
(%) |
0.07
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0.16 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.16
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0.25 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.10
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1.87 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.20 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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13.53
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8.47 |
10.18 |
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Current Ratio (Current Asset/Current Liability) |
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1.19
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1.21 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
BLOOM ELECTRONICS PRIVATE LIMITED |
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Presented By |
Mr. S. Karthikeyan |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of goods dated 05.02.2001 Agreement of hypothecation of debts and assets dated 05.02.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million Cash Credit |
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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 |
Books debts and Stock-in-trade. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
3% over SBM-PLR + Interest tax rising falling therewith with a minimum of 15.50% p.a. with quarterly rests. |
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5) Name and Address and description of the person entitled to the charge. |
The State Bank of Mysore, Velandipalayam Branch, Coimbatore – 641 038 |
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6) Date and brief description of instrument modifying the charge |
Agreement of hypothecation of goods and assets dated 18.03.2005 |
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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. |
Interest being charged 0.75% over the State Bank advance rate with a minimum of 11.75% p.a. with monthly rests. Extending Rs. 3.500 millions. |
Form 8
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This form is for |
Modification of charge |
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Charge Identification (ID) number of the charge to be modified |
90001161 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U03210TZ1999PTC008841 |
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Name of the company |
BLOOM ELECTRONICS PRIVATE LIMITED |
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Address |
No. 365, Bharathlar Road, New Sidhapudur, Coimbatore – 641 044,
Tamilnadu, India |
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Type of Charges |
v Book debts v Movable property (not being pledge) |
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Particular of the charge holder |
Name : State Bank of India Address : No. 1, Church Road, K K Pudur, Velandipalayam City : Coimbatore State : Tamilnadu ISO Country Code : IN Pin code : 641038 e-mail ID: velandipalayam@sbm.co.in |
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Nature or description of the instrument creating or modifying the charge |
1. Agreement of hypothecation of goods 2. Agreement of hypothecation of debts and assets. |
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Date of the instrument creating charge |
14.03.2008 |
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Amount Secure by the charge |
Rs. 4.600 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest 0.75% over the prime lending rate with a minimum of 11.75% p.a. with monthly rests. (b) Margin 25% for cash credit and 25% for Bank Guarantee (c) Extent and operation of the charge Cash credit and Bank Guarantee – Hypothecation of stocks and Book debts. |
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Short particulars of the Property charged |
Stock in trade and Book Debts |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
11.04.2005 |
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Particulars of the present modification |
Cash Credit – Rs. 3.600 millions with Bank Guarantee Limit – Rs. 1.000 million Security – Hypothecation of stocks and receivables Margin – 25% for cash credit and 25% for Bank Guarantee Interest – 0.75% over the prime lending rate with a minimum of 14% p.a. with monthly / quarterly rests. Repayment – on demand 12 months. |
Fixed
Assets
·
Computer
- Furniture and Fixture
- Motor Vehicles
- Tempo Traveller
- Air conditioner
- Office equipments
As Per Website Details
Company Profile
Bloom Electronics - the name that strikes anybodys mind when
one talks about computers in Coimbatore. Bloom has the distinction of bringing
the concept of super market in computer related products for the first time in
Coimbatore. This computer super market provides a comprehensive solution to all
the needs relating to computers.
Bloom was started way back in the early nineties as a small time trader of consumables and stationeries. Over the years it slowly graduated to the point of selling its own brand of computers. Today Bloom has blossomed to be the No.1 dealer of computers and related peripherals in Coimbatore.
Bloom Electronics, a Genuine Intel dealer, has more than
5000 installations in and around Coimbatore. The corporate clientele includes
- GRD
Institutions
- Glo
Colour Lab
- IAB
- Angler
Web Services
- Park
College
Three-core factors namely Quality Products, Excellent
Service and Support, and Competitive
Prices fueled Bloom's growth which continued till it reached the coveted
position.
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 :
The 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.
The 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.42.33 |
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UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.66.75 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|