MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEVANSHI ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
F - 40, Nand Dham Industrial Estate, Marol Maroshi Road, Andheri
(East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.02.1990 |
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Com. Reg. No.: |
11-55500 |
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CIN No.: [Company
Identification No.] |
U32109MH1990PTC055500 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09621D |
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PAN No.: [Permanent
Account No.] |
AAACD4035F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronics Goods |
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 8000 |
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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 having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
F - 40, Nand Dham Industrial Estate, Marol Maroshi Road, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-28506193 / 29206193 |
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Mobile No.: |
91-9820081327 |
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Fax No.: |
91-22-28505502 / 29205502 / 28506193 |
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E-Mail : |
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Websites: |
DIRECTORS
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Name : |
Mrs. Sarita Prafull Jhalani |
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Designation : |
Director |
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Address : |
A -6 Roof Top CHS Limited, Mahakali Caves Road, Andheri (East), Mumbai
– 400 093, Maharashtra, India |
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Date of Birth/Age : |
03.03.1963 |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. Praful Motialal Jhalani |
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Designation : |
Director |
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Address : |
A -6 Roof Top CHS Limited, Mahakali Caves Road, Andheri (East), Mumbai
– 400 093, Maharashtra, India |
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Date of Birth/Age : |
01.12.1961 |
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Date of Appointment : |
01.04.1999 |
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Name : |
Mr. Anup Motilal Jhalani |
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Designation : |
Director |
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Address : |
A -6 Roof Top CHS Limited, Mahakali Caves Road, Andheri (East), Mumbai
– 400 093, Maharashtra, India |
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Date of Birth/Age : |
09.04.1966 |
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Date of Appointment : |
19.12.1990 |
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Date of Ceasing: |
15.05.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) |
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No. of Shares |
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Mr. Motilal Jhalani |
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1751 |
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Mr. Prafull M Jhalani |
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3088 |
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Mrs. Sarita Jhalani |
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3265 |
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Ms. Devanshi Khandelwal |
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1 |
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Ms. Niharika Jhalani |
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1 |
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Mr. Motilal Jhalani (HUF) |
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1 |
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Mr. Prafull M Jhalani (HUF) |
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1 |
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Mr. Rajat Jhalani |
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1 |
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Mrs. Vimladevi Jhalani |
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1 |
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Total |
8110 |
Equity Shares 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 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronics Goods |
GENERAL INFORMATION
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Bankers : |
The Saraswat Co-operative Bank Limited Marol Branch, Rock - Wilbur, Marol Maroshi Road, Marol village,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R P Nolakha and Company Chartered Accountants |
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Address : |
A – 8 Sai Prasad Apartment, 2nd Floor, Teli Gali, Cross
Lane, Near Shiv Sena Office, Andheri (East), Mumbai – 400 069, Maharashtra,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
8110 |
Equity Shares |
Rs. 100/- each |
Rs. 0.811
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.811 |
0.811 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.170 |
0.198 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.981 |
1.009 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
3.204 |
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2] Unsecured Loans |
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1.651 |
0.000 |
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TOTAL BORROWING |
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1.651 |
3.204 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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3.632 |
4.213 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.142 |
0.753 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.032 |
0.032 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.873 |
1.816 |
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Sundry Debtors |
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2.651 |
1.695 |
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Cash & Bank Balances |
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0.000 |
0.308 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.324 |
0.163 |
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Total
Current Assets |
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3.848 |
3.982 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.390 |
0.314 |
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Provisions |
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0.000 |
0.240 |
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Total
Current Liabilities |
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1.390 |
0.554 |
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Net Current Assets |
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2.458 |
3.428 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.632 |
4.213 |
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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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7.159 |
5.696 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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7.159 |
5.696 |
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Profit/(Loss) Before Tax |
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1.133 |
0.055 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.133 |
0.055 |
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Expenditures : |
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Interest |
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0.003 |
0.015 |
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Depreciation & Amortization |
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0.106 |
0.185 |
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Other Expenditure |
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5.917 |
5.441 |
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Total Expenditure |
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6.026 |
5.641 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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15.83 |
0.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
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15.83 |
0.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.56 |
1.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.54 |
3.72 |
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Current Ratio (Current Asset/Current Liability) |
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2.77 |
7.18 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
DEVANSHI ELECTRONICS PRIVATE LIMITED |
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Presented
By |
M/S Devanshi Electronics Private Limited The Saraswat Co-Operative
Bank Limited, Marol Branch, Rock Wilbur, Marol Maroshi Road, Andheri (East),
Mumbai – 400 059, Maharashtra, India |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of movable property for L/C on D/A basis dated 10.12.1997 (All
the documents submitted behind should read together to create a single charge
of Rs. 1.500 millions |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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 |
The borrower both
hereby hypothecate to and in favour of the bank all the goods imported under L/C
tangible movable property including the stocks for the time being whether new
or manufactured or in process of manufacturing and every tangible movable
property (both present and future, belonging to the borrower place of
business at Nandham Industrial Estate, Andheri (East) or wherever else the
same may be kept. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Type of facility: Letter of Credit Rate of Interest : As per FEDAI Rule Period : On Demand Basis : 80% |
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5) Name and
Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited Marol Branch, Rock - Wilbur, Marol Maroshi Road, Marol village,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
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6) Date and brief description of instrument
modifying the charge |
Supplementary
deed of hypothecation for additional advances 08.06.1999. Original charge was
created for Rs. 1.500 millions. |
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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. |
By this
modification dated 08.06.1999 the charge has been enhanced and increased from
Rs. 1.500 to Rs. 2.500 millions (Increase by Rs.
1.000 million) making now total limit to Rs. 2.500 millions by keeping other
terms and conditions. |
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.40.62 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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 |
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