MIRA
INFORM REPORT
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Report Date : |
05.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
LOKWANI SALES PRIVATE LIMITED |
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Registered Office : |
Pagnis Ka Bada, Bala Bhai Ka Bazar, Lashkar, Gwalior– 474 001,
Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.03.2000 |
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Com. Reg. No.: |
10-14149 |
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CIN No.: [Company
Identification No.] |
U52332MP2000PTC014149 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLL00609A |
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PAN No.: [Permanent
Account No.] |
AAACL6760B |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Importer,
Exporter, Buyer, Seller, Dealer, Distributors, C & F Agent, Stockist,
Supplier, Retailer, Jobbers, Service Control of all kind of Electrical and
Non Electrical Appliances. |
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 16000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established distributor of consumer electronics. Directors are reported as experienced,
respectable and resourceful businessmen.
Their trade relations are fair.
Payments are 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. Ashok Jhamnani |
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Designation : |
Manager |
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Contact No.: |
91-9993092678 |
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Date : |
05.05.2008 |
LOCATIONS
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Registered Office : |
Pagnis Ka Bada, Bala Bhai Ka Bazar, Lashkar, Gwalior – 474
001, Madhya Pradesh, India |
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Tel. No.: |
91- 751- 2336106 / 2329871 / 4075030 |
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Mobile No.: |
91-9893020008 / 9993092678 |
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Fax No.: |
91- 751- 2329871 / 4075207 |
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E-Mail : |
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Location : |
Owned |
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Branches 1: |
Pahuram Tasuram
Lokwani, Gwalior – 474 001, Madhya Pradesh, India |
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Branches 2: |
Lokplaza Gwalior – 474 001, Madhya Pradesh,
India |
DIRECTORS
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Name : |
Mr.
Pitambar Lokwani |
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Designation : |
Director |
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Address : |
42,
Sindh Vihar Colony, Gwalior– 474 001, Madhya Pradesh, India |
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Date of Birth/Age
: |
12.02.1952 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mr.
Rajkumar Lokwani |
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Designation : |
Director |
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Address : |
42,
Sindh Vihar Colony, Gwalior– 474 001, Madhya Pradesh, India |
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Date of
Birth/Age : |
13.11.1954 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mr.
Amar Lokwani |
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Designation : |
Director |
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Address : |
42,
Sindh Vihar Colony, Gwalior– 474 001, Madhya Pradesh, India |
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Date of
Birth/Age : |
29.01.1958 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mr.
Prakash Lokwani |
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Designation : |
Director |
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Address : |
42,
Sindh Vihar Colony, Gwalior– 474 001, Madhya Pradesh, India |
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Date of
Birth/Age : |
14.07.1963 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mr.
Deepak Lokwani |
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Designation : |
Director |
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Address : |
42,
Sindh Vihar Colony, Gwalior– 474 001, Madhya Pradesh, India |
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Date of
Birth/Age : |
06.07.1978 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mr.
Chirag Lokwani |
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Designation : |
Director |
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Address : |
42,
Sindh Vihar Colony, Gwalior – 474 001, Madhya Pradesh, India |
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Date of Birth/Age : |
25.09.1981 |
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Date of Appointment : |
31.03.2000 |
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Name : |
Mr.
Vijay Gouba |
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Designation : |
Director |
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Address : |
42, Sindh
Vihar Colony, Gwalior– 474 001, Madhya Pradesh, India |
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Date of Appointment : |
31.03.2000 |
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Date of Ceasing : |
01.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders
(as on 31.03.2006) |
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No. of Shares |
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Mr.
Amar Lokwani |
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1800 |
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Mr.
Chirag Lokwani |
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800 |
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Mr.
Deepak Lokwani |
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800 |
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Ms.
Jaya Lokwani |
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2000 |
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Mr.
Vijay Gouba |
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2000 |
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Ms.
Mona Lokwani |
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3000 |
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Ms.
Neetu Lokwani |
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500 |
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Ms.
Nirmala Lokwani |
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3100 |
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Mr.
Rajkumar Lokwani |
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800 |
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Mr.
Pitambar & Son (Huf) |
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3000 |
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Mr.
Prakash Lokwani |
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1800 |
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Mr.
Pitambar Lokwani |
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3800 |
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Ms.
Sapna Lokwani |
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400 |
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Vijay Gabra |
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100 |
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Ms.
Rashmi Lokwani |
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500 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2006):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer,
Exporter, Buyer, Seller, Dealer, Distributors, C & F Agent, Stockist,
Supplier, Retailer, Jobbers, Service Control of all kind of Electrical and
Non Electrical Appliances. |
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Products : |
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Brand Names : |
Cello, Maharaj,
Nirlep, Gopi, Samsung, BPL, Sunflame, Symphany, Usha Lexus. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
15 |
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Bankers : |
v
Oriental
Bank of Commerce, Rajpagya Road, Gwalior – 474 009, Madhya Pradesh,
India |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
A.
Vijay
Wargiya and Company Chartered
Accountants “AUDITAX”
Senior House, Phalke Bazar, Lasjkar, Gwalior – 474 001, Madhya Pradesh, India
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Associates/Subsidiaries : |
Nil |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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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 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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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 |
1.482 |
1.478 |
1.154 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.982 |
3.978 |
3.654 |
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LOAN FUNDS |
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1] Secured Loans |
16.746 |
17.730 |
14.736 |
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2] Unsecured Loans |
16.027 |
20.657 |
23.399 |
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TOTAL BORROWING |
32.773 |
38.387 |
38.135 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
36.755 |
42.365 |
41.789 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.510 |
4.056 |
3.866 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
23.545
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27.664 |
31.999 |
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Sundry Debtors |
11.179
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12.535 |
15.689 |
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Cash & Bank Balances |
2.062
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3.463 |
0.654 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.869
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5.601 |
5.081 |
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Total
Current Assets |
37.655
|
49.263 |
53.423 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.623
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10.964 |
15.512 |
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Provisions |
0.796
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0.000 |
0.000 |
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Total
Current Liabilities |
4.419
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10.964 |
15.512 |
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Net Current Assets |
33.236
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38.299 |
37.911 |
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MISCELLANEOUS EXPENSES |
0.009 |
0.010 |
0.012 |
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TOTAL |
36.755 |
42.365 |
41.789 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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170.137 |
188.810 |
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Profit/(Loss)
Before Tax |
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0.487 |
0.556 |
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Provision for Taxation |
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0.164 |
0.176 |
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Profit/(Loss)
After Tax |
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0.323 |
0.379 |
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Total Expenditure |
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31.999 |
40.867 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.19 |
0.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.29 |
0.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.42 |
2.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.40 |
14.68 |
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Current Ratio (Current Asset/Current Liability) |
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4.49 |
3.44 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
523332MP2000PTC14149 |
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Name of the company |
LOKWANI SALES PRIVATE LIMITED |
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Address |
Pagnis Ka Bada, Bala Bhai Ka Bazar, Lashkar, Gwalior – 474 001,
Madhya Pradesh, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Book Debts · Movable Property · Floating Charge |
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Particular of the charge holder
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Oriental Bank of Commerce Address: Rajpagya Road, Gwalior – 474 009,
Madhya Pradesh, India Email: rohitvijay@rediffmail.com |
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Nature or description of the instrument creating charge |
Supplement agreement to secure credit /
loan facilities dated 01.01.2008 |
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Date of the instrument creating charge |
01.01.2008 |
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Amount Secure by the charge |
Rs. 16.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : PLR +1% at present 14.25% Terms of repayment: To be regularized upto 31.03.2008 Margin: 25% on stock and book debts Extant and operation of the charge: Extent of charge over property mortgaged
in cash credit A/C |
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Short particulars of the Property charged |
Extent of charge over property already
mortgaged in cash credit A/C |
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Particulars of the present modification |
Adhoc Limit of Rs. 1.500 millions
sanctioned for 90 days to be regularized upto 31.03.2008 |
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Name of the company |
LOKWANI SALES PRIVATE LIMITED |
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Presented By |
Raju Lokwani, Director |
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1) Date and description of instrument creating the change |
Agreement for Cash credit facility (LD 9) executed on 16.09.2000 Hypothecation of goods and assets agreement for cash and credit (LD 11) executed on 16.09.2000 Agreement for hypothecation of book debts (LD 16) executed on 16.09.2000 General agreement (LD 61) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit hypothecation amounting to Rs. 10.000 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 |
Hypothecation of the stock of product manufactured by Cello, Maharaj, Nirlep, Gopi, Samsung, BPL, Sunflame, Symphany, Usha Lexus etc, and other plastic, electronic product manufactured by different companies and receivable of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 25 % Rate of interest : 3.5 % p.a. over the PLR of the Bank with a minimum of 15.50 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce,
Naya Bazar, Gwalior, Madhya Pradesh |
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6) Date and brief description of instrument modifying the charge |
Supplementary agreement to secure cash credit facilities of 01.01.2005 Schedule to agreement of hypothecation of assets dated 01.01.2005 |
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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. |
Cash credit limit enhanced form Rs. 10.000 millions to Rs. 15.000 millions other terms and conditions are as per sanctioned letter enclosed. |
FIXED
ASSETS :
v Air conditioner
v
Office
Equipments
v
Furniture and
Fixture
v
Vehicles
v
Computer
TRADE REFERENCES:
· Samsung India Electronic Limited, Indore , Delhi Head Office
· Higher Appliances India Private Limited, Indore, Delhi Head Office
· Celloworld, Daman Mumbai
NOTES:
Subject
acts as distributor of Samsung India Private Limited
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] 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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--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, we have no basis upon which to
recommend credit dealings |
No Rating |
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