MIRA
INFORM REPORT
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Report Date : |
05.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GANESH TELE VIDEO AGENCIES PRIVATE LIMITED |
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Registered Office : |
339, Lamington Road, 53, Rajesh Bldg. (Opposite Police Station), Mumbai 400 007, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.07.1990 |
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Com. Reg. No.: |
11-57184 |
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CIN No.: [Company
Identification No.] |
U32200MH1990PTC057184 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG06501F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers for all kinds of Electronic Items |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 240428 |
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Status : |
Good |
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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 fine track. The company operates from its two showrooms located in prime locations. Trade relations are fair. Financial positions is good. The company is doing well. It enjoys very favorable reputation. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
339, Lamington Road, 53, Rajesh Bldg. (Opposite Police Station), Mumbai 400 007, Maharashtra, India |
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Tel. No.: |
91-22-23821472 / 23885260 / 24139399 |
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E-Mail: |
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Status : |
Rented |
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Thane Office /
Showroom : |
Old Ice Factory , Gokhale Road Naupada, Thane (West), Maharashtra, India |
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Area: |
4700 Sq.fts |
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Location: |
Owned |
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Corporate Office: |
182, Haji Habib Building, Opposite Fire Brigade, Dr. Ambedkar Road, Dadar (East), Mumbai – 400014, Maharashtra, India |
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Tel. No.: |
91-22-23821472 |
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Branches : |
Located At: Opera house, Mumbai 400 004, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Ramchandra P. Mewani |
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Designation : |
Director |
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Address : |
603, Indira Apartment, Carmical Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
24.03.1946 |
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Date of Appointment : |
10.07.1990 |
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Name : |
Mrs. Bharti Ram Mewani |
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Designation : |
Director |
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Address : |
603, Indira Apartment, Carmical Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
01.05.1947 |
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Date of Appointment : |
10.07.1990 |
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Name : |
Mr. Vishal Ram Mewani |
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Designation : |
Director |
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Address : |
603, Indira Apartment, Carmical Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
07.04.1974 |
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Date of Appointment : |
30.09.1993 |
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Name : |
Mr. Rajesh Shyamlal Jaising |
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Designation : |
Director |
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Address : |
7 Bunglows, Andheri (West), Mumbai 400 091, Maharashtra, India |
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Date of Birth/Age : |
02.04.1998 |
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Date of Appointment : |
31.07.2002 |
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Name : |
Mr. Sanjay Ram Mewani |
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Designation : |
Director |
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Address : |
603, Indira Apartment, Carmical Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
30.12.1980 |
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Date of Appointment : |
02.04.1998 |
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Name : |
Mrs. Priyanka Vishal Mewani |
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Designation : |
Director |
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Address : |
603, Indira Apartment, Carmical Road, Mumbai 400 026, Maharashtra, India |
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Date of Birth/Age : |
31.07.1975 |
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Date of Appointment : |
02.04.1998 |
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Name : |
Mrs. Varsha Sanjay Mewani |
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Designation : |
Directors |
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Address : |
13th Road, Prithvi Apartment, Alatmount Road, Mumbai – 400
026, Maharashtra, India |
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Date of Birth/Age : |
17.11.1980 |
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Date of Appointment : |
25.06.2003 |
KEY EXECUTIVES
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Name : |
N. Bafna and Company |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Name of
Shareholders (as on 31.03.2007):- |
No of Shares |
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Mr. Ramchandra P. Mewani |
3030 |
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Mrs. Bharti R. Mewani |
16960 |
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Mr. Vishal Ram Mewani |
3300 |
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Mr. Sanjay Ram Mewani |
1700 |
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Mrs. Priyanka Vishal Mewani |
10 |
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Total |
25000 |
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 relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers for all kinds of Electronic Items |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
Secured Loan · ABN Amro Bank – Rs. 0.042 Million · HDFC Bank (Car Loan) – Rs. 0.988 Million · ICICI Home Finance Commercial – Rs. 11.938 Millions · Punjab National Bank (Term Loan) – Rs. 6.057 Millions · Thane Bharat Sahakari Bank Limited – Rs. 11.241 Millions Total – Rs. 30.269 Millions |
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Banking Relations
: |
Good |
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Auditors : |
Mulraj D .Gala Chartered Accountants |
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Address: |
B – 21, Shashtri Niketan, R K Chemburkar Marg, Behind Telephone Exchange, Chembur Naka, Mumbai – 400071, Maharashtra, India |
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Tel. No.: |
91-22-25294941 |
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Associates/Subsidiaries : |
Kohinoor Tele Video 339 Lamington Road, 53, Rajesh Bldg., Opposite Police Station, Mumbai 400 00,7 Maharashtra, India Tel : 91-22-2382 14 72/ 91-22-2388 52 60 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.500
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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
57.607 |
43.807 |
27.618 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
60.107 |
46.307 |
30.118 |
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LOAN FUNDS |
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1] Secured Loans |
25.432 |
38.186 |
30.269 |
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2] Unsecured Loans |
5.738 |
15.374 |
11.179 |
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TOTAL BORROWING |
31.170 |
53.560 |
41.448 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
91.277 |
99.867 |
71.566 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.849 |
66.697 |
47.093 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.679 |
0.501 |
0.484 |
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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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63.499 |
42.923
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Sundry Debtors |
14.928
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15.919 |
7.553
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Cash & Bank Balances |
5.184
|
4.329 |
1.825
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Other Current Assets |
74.692
|
0.000 |
0.000
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Loans & Advances |
19.321
|
11.087 |
10.988
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Total
Current Assets |
114.125
|
94.834 |
63.289 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
80.146
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53.802 |
28.143
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Provisions |
16.230
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8.363 |
11.157
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Total
Current Liabilities |
96.376
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62.165 |
39.300 |
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Net Current Assets |
17.749
|
32.669 |
23.989
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
91.277 |
99.867 |
71.566 |
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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 |
715.588 |
519.714 |
430.550 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
715.588 |
519.714 |
430.550 |
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Profit/(Loss) Before Tax |
21.854 |
24.847 |
19.406 |
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Provision for Taxation |
0.000 |
0.000 |
7.101 |
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Profit/(Loss) After Tax |
21.854 |
24.847 |
12.305 |
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Expenditures : |
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Depreciation & Amortization |
4.570 |
3.158 |
NA |
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Other Expenditure |
689.164 |
491.709 |
NA |
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Total Expenditure |
693.734 |
494.867 |
411.144 |
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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 |
(%) |
3.05
|
4.78 |
2.85
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Net Profit Margin (PBT/Sales) |
(%) |
3.05
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4.78 |
4.50
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.65
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15.33 |
17.58
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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0.54 |
0.64
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Debt Equity Ratio (Total Liability/Networth) |
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2.12
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2.49 |
2.68
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Current Ratio (Current Asset/Current Liability) |
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1.18
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1.53 |
1.61
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LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is established to carry on all kinds of business of trading, wholesale, dealers, television receivers, cassette recorders, video games, tape duplicators and multpliers and all sorts of wireless, parts, tools, appliances, units and deals in Television, Refrigerators, Radios, VCR and VCP, Air Conditioners, Washing Machines, Household Appliances, etc.
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U32200MH1990PTC057184 |
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Name of the company |
GANESH TELE VIDEO AGENCIES PRIVATE LIMITED |
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Address |
Shop No. 44, Rajesh Building, lamington Road, Mumbai – 400
007, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Others |
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Particular of the charge holder
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ICICI Bank Limited Address: Landmark Race Cource Circle, Alkapuri
, Baroda – 390 015, Gujarat, India Email: mehta.vishal@icicibank.com |
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Nature or description of the instrument creating charge |
Deed of hypothecation dated 23.11.2007 executed
by Ganesh Tele Video Agencies Private Limited in favour of ICICI Bank Limited
at Mumbai |
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Date of the instrument creating charge |
23.11.2007 |
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Amount Secure by the charge |
Rs. 30.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : OD – IBAR (15.75%) + CC Premium (0.50%)
-3.5% p.a (current pricing 12.25% p.a) Demand Loan : IBAR (15.75%) + 6 months
term premia Premium (-0.20%) – 3.30% p.a (current pricing 12.25% p.a) Terms of repayment: OD: On Demand DL: 104 weekly installments of ERs. 0.096
millions each Extent and Operations of the charge: Credit card receivables , present and
future by way of executive charge Others All other terms and conditions as
applicable in DOH. |
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Name of the
company |
GANESH TELE VIDEO AGENCIES PRIVATE LIMITED |
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Presented By |
Manager P N B
Opera House |
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1) Date and
description of instrument creating the change |
22.08.2002, term
Loan agreement, 22.08.2002, Hypothecation agreement. (Constitute a
single Charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 15.000
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 |
Against
hypothecation of shop premises at Old Ice factory , Gokhale Road Naupada,
thane (West), admeasuring 1500 Sq.fts in the ground floor, and 3200 Sq.fts in
the first floor, and hypothecation of furniture and fixture. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 13.50% p.a 60 equal monthly
installments of Rs. 0.250 millions |
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5) Name and Address
and description of the person entitled to the charge. |
Punjab National Bank H O 7, Bhikaji Cama Place, New Delhi – 110 033, Branch Opera House , Mumbai – 400 004 |
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6) Date and brief description of instrument
modifying the charge |
1st
Modification 18.06.2003, Cash
credit Limit enhanced by Rs. 5.000 millions 2nd
Modification Letter of
continuity dated 11.08.2004, enhancing the cash credit limit from Rs. 5.000
millions to Rs. 15.000 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. |
1st
Modification: Over and above
the earlier Term Loan Rs. 15.000 millions, cash credit of Rs. 5.000
millions has been sanctioned at the
same rate of Interest of Term Loan Total Loan + Cash
credit Rs. 20.000 millions other conditions same as original agreement. 2nd
Modification Cash Credit Rs. 5.000 millions enhanced to Rs. 15.000
millions Security : Hypothecation
of stock of electronics goods link TV, Radios, Refrigerators, Music Systems
of various companies stored in show rooms and godowns Margin:25% Interest : BPLR
10.75% p.a subject to change from time to time Collateral
security: Extension of equitable mortgage of Shop No. 1, Ground Floor,
Hoshbanoo Mansion CTS No. 258, Naupada, Thane. All the other terms and
conditions as per sanction letter dated 17.04.2004 |
OTHER DETAILS:
Subject acts as authorised dealers for the following:
- Aiwa
- Onida
- BPL
- Samsung
- Godrej
- L.G.
- Akai
- Philips
- Whirpool
- Sony
- Sansui
- Kelvinator
- Videocon
- National Panasonic
- Daewoo
- Akai
- Kenwood
- IFB
- Siemens
FIXED ASSETS:-
· Furniture,
· Vehicles,
· Fax Machine,
· Air Conditioner
· Computer Systems.
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.40.55 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.62.74 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|