MIRA
INFORM REPORT
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Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
REI ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
366, Venkataramana Swamy Temple Street, K R Mohalla, Mysore- 570024, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.09.2001 |
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Com. Reg. No.: |
08-29548 |
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CIN No.: [Company Identification No.] |
U32109KA2001PTC029548 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Traders of Hardware, Software, Accessories and Electronics Goods. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 11000 |
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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. Its profitability is improving. The Company has been successful in wiping
off all its previous losses during the year 2005-2006. 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 : |
366, Venkataramana Swamy Temple Street, K R Mohalla, Mysore- 570024, Karnataka, India |
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Tel. No.: |
91-821-27346128 / 2422271 |
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E-mail: |
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Corporate Office : |
323/C, Hebbal Industrial Area, Hebbal, Mysore – 570004, Karnataka, India |
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Tel. No.: |
91-821-2528224 |
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Fax No.: |
91-821-2528225 |
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Website : |
DIRECTORS
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Name : |
Mr. S. Ramaswamy |
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Designation : |
Chairman |
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Address : |
366, Venkataramana Swamy Temple Street, K R Mohalla, Mysore- 24 |
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Date of Birth/Age : |
22.10.1961 |
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Date of Appointment : |
19.09.2001 |
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Name : |
Mrs. Neela Ramaswamy |
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Designation : |
Director |
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Address : |
366, Venkataramana Swamy Temple Street, K R Mohalla, Mysore- 24 |
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Date of Birth/Age : |
28.06.1968 |
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Date of Appointment : |
19.09.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
No. of Shares |
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Mr. S Ramaswamy |
27500 |
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Mrs. Neela Ramaswamy |
12500 |
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Equity Share
Break-up [As on 31.03.2006] |
Percentage of
Holding |
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Directors or relatives of the Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders of Hardware, Software, Accessories and Electronics Goods. |
GENERAL
INFORMATION
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Bankers : |
Ø State Bank of
Mysore Ø Canara Bank Ø HDFC Bank Ø Karnataka State Financial Corporation KSFC Bhavan, 1/1, Thimmaiah Road,
Bangalore 560052, Karnataka, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
M/s P S & Company Chartered Accountants |
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Address: |
190/1, Deewans Road, Mysore 570024, Karnataka, India |
CAPITAL STRUCTURE
As on 30.09.2006:
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10 each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.10 each |
Rs. 0.400 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.556 |
1.100 |
[0.462] |
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4] (Accumulated Losses) |
0.000 |
[0.327] |
0.000 |
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NETWORTH
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2.956 |
1.173 |
[0.062] |
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LOAN FUNDS |
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1] Secured Loans |
11.836 |
8.458 |
3.114 |
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2] Unsecured Loans |
1.344 |
0.786 |
1.556 |
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TOTAL BORROWING
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13.180 |
9.244 |
4.670 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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16.136 |
10.417 |
4.608 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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12.217 |
5.427 |
3.419 |
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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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1.610 |
1.604 |
0.400 |
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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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9.889
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4.762 |
1.683
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Sundry Debtors
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13.618
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0.064 |
0.000
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Cash & Bank Balances
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0.015
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0.011 |
0.017
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Other Current Assets
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1.202
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0.067 |
0.162
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Loans & Advances
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7.984
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0.439 |
0.345
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Total Current Assets
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32.708
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5.343 |
2.207 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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30.399
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1.990 |
1.455
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Provisions
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0.000
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0.000 |
0.000
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Total Current Liabilities
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30.399
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1.990 |
1.455
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Net Current Assets
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2.309
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3.353 |
0.752
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MISCELLANEOUS EXPENSES
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0.000 |
0.033 |
0.037 |
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TOTAL
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16.136 |
10.417 |
4.608 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
83.272 |
14.230 |
3.698 |
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Profit/(Loss) Before Tax |
3.205 |
0.420 |
[0.551] |
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Provision for Taxation |
- |
- |
- |
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Profit/(Loss) After Tax |
3.205 |
0.420 |
[0.551] |
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Total Expenditure |
80.067 |
13.810 |
4.249 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
3.84
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2.95 |
[14.89] |
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Net Profit Margin (PBT/Sales) |
(%) |
3.84
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2.95 |
[14.89] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.13
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3.89 |
[9.79] |
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Return on Investment (ROI) (PBT/Networth) |
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1.08
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0.35 |
[8.88] |
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Debt Equity Ratio (Total Liability/Networth) |
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14.74
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9.57 |
98.79 |
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Current Ratio (Current Asset/Current Liability) |
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1.07
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2.68 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Creation of charge |
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Charge
identification number of the charge to be modified |
NA |
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Corporate
identity number of the company |
U32109KA2001PTC029548 |
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Name of the
company |
REI ELECTRONICS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
366, Venkataramana Swamy Temple Street, K R Mohalla, Mysore- 570024, Karnataka |
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Type of charge |
Ø Immovable Property Ø Book Debts Ø Movable property |
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Particular of
charge holder |
Karnataka State
Financial Corporation KSFC Bhavan, 1/1,
Thimmaiah Road, Bangalore 560052, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation dated 02.12.2006 Deposit of title
deeds in respect of immovable properties |
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Date of
instrument Creating the charge |
02.12.2006 |
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Amount secured by
the charge |
Rs. 4.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Rs. 1.349 Millions
towards interest to be repaid in 66 equated monthly installments [b] Terms of
repayment Rs. 1.349
Millions towards interest to be repaid in 66 equated monthly installments of
Rs. 0.081 Million commencing from 10th day of seventh month
following the first withdrawal. [c] Margin Rs. 2.200
Millions being borrowers margin. [d] Extent and
operation of the charge The charge covers
hypothecation of the land and building bearing no. 323/B in Sy. No. 492
measuring 1000 sq. mtrs. Situated at Hebbal Industrial area, Hebbal Village,
Kasaba Hobil, Mysore [by deposit of title deeds], hypothecation of plant and
machinery, assignment of receivables and book debts and personal guarantee of
directors. |
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Short particulars
of the property charged |
The charge covers
hypothecation of the land and building bearing no. 323/B in Sy. No. 492
measuring 1000 Sq. mtrs. Situated at Hebbal Industrial Area, Hebbal Village,
Kasaba Hobli, Mysore [by deposit of title deeds], hypothecation of plant and
machinery, assignment of receivables and book debts and personal guarantee of
directors. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.62 |
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UK Pound |
1 |
Rs. 81.29 |
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Euro |
1 |
Rs. 64.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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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
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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/normal. |
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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