MIRA
INFORM REPORT
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Report Date : |
07.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
S C SHAH AND COMPANY PRIVATE LIMITED |
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Registered Office : |
518, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.2000 |
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Com. Reg. No.: |
18-44965 |
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CIN No.: [Company
Identification No.] |
U51909TN2000PTC044965 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in Consumer Durables |
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 11220 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. The company profit margin is under severe pressure. Payments are
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered/ Branch Office : |
518, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India |
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Tel. No.: |
91-44-24349268/ 28153162/ 63/ 28460871/ 28158106 |
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Fax No.: |
91-44-28414477 |
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E-Mail : |
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Branch Office : |
Opposite Spencer's Towers, Next no D2, Police Station, Anna Salai, Chennai -600002, Tamilnadu, India |
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Tel. No.: |
91-44-28523163 |
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Fax No.: |
91-44-28414477 |
DIRECTORS
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Name : |
Mr. Virendra S. Shah |
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Designation : |
Director |
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Address : |
62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu, India |
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Date of Birth/Age : |
16.03.1949 |
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Date of Appointment : |
17.05.2000 |
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Name : |
Mr. Bhavesh V. Shah |
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Designation : |
Director |
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Address : |
62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu, India |
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Date of Birth/Age : |
17.05.1976 |
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Date of Appointment : |
17.05.2000 |
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Name : |
Mr. Paras V. Shah |
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Designation : |
Director |
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Address : |
62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu,
India |
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Date of Birth/Age : |
25.03.1978 |
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Date of Appointment : |
17.05.2000 |
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Name : |
Mrs. Veena V. Shah |
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Designation : |
Director |
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Address : |
62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu,
India |
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Date of Birth/Age : |
04.09.1950 |
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Date of Appointment : |
17.05.2000 |
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Name : |
Mrs. Poonam B. Shah |
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Designation : |
Director |
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Address : |
62 EVK Sampath Road, Vepery, Cheanni - 600007, Tamilnadu,
India |
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Date of Birth/Age : |
08.10.1976 |
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Date of Appointment : |
17.05.2000 |
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Name : |
Mrs. Jayakanthi |
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Designation : |
Director |
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Address : |
5 Ganapathi Street, Royapettah, Chennai - 600014, Tamilnadu, India |
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Date of Birth/Age : |
13.03.1959 |
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Date of Appointment : |
17.05.2000 |
KEY EXECUTIVES
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Name : |
Mr. A M Gopikrishnan |
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Designation : |
Company Secretary |
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Address : |
Sri Durga Pearl, Flat S-3, 151 (New – 14), First Main Road, Sakthivel
Nagar, Chennai – 600082, India |
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Tel. No.: |
91-44-26712781 |
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Mobile No.: |
91-9282142370 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Verendra S. Shah |
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78200 |
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Mrs. Veena V. Shah |
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32800 |
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Total |
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111000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in Consumer Durables |
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Agency Held : |
· Onida TV · Whirlpool Washing Machines |
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Terms : |
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Selling : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
20 |
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Bankers : |
· ICICI Bank · HSBC Bank · State Bank of
India · State Bank of Saurashtra 27/28 Woods Road, Mount Road Branch, Chennai - 600002, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
U. R. Sanghvi and Company Chartered Accountants |
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Address : |
L 78/1 Anna Nagar East, Chennai - 600102, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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700000 |
Equity Shares |
Rs.10/- each |
Rs.7.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.433 |
0.282 |
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4] (Accumulated Losses) |
(0.195) |
0.000 |
(0.017) |
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NETWORTH |
2.805 |
3.433 |
3.265 |
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LOAN FUNDS |
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1] Secured Loans |
0.877 |
8.808 |
0.997 |
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2] Unsecured Loans |
0.000 |
0.000 |
2.038 |
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TOTAL BORROWING |
0.877 |
8.808 |
3.035 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.099 |
0.208 |
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TOTAL |
3.682 |
12.340 |
6.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.742 |
5.342 |
4.100 |
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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 |
0.031 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.563
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17.142 |
9.357 |
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Sundry Debtors |
1.836
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1.621 |
2.665 |
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Cash & Bank Balances |
0.330
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0.850 |
1.493 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.713
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5.524 |
3.141 |
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Total
Current Assets |
26.442
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25.137 |
16.656 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.900
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17.912 |
14.114 |
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Provisions |
0.633
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0.230 |
0.134 |
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Total
Current Liabilities |
28.533
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18.142 |
14.248 |
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Net Current Assets |
(2.091)
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6.995 |
2.408 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.000 |
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TOTAL |
3.682 |
12.340 |
6.508 |
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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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297.213 |
185.994 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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297.213 |
185.994 |
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Profit/(Loss) Before Tax |
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(0.345) |
0.273 |
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Provision for Taxation |
|
0.284 |
0.122 |
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Profit/(Loss) After Tax |
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(0.629) |
0.151 |
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Total Expenditure |
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297.5580 |
185.721 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(0.21) |
0.08 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.12) |
0.15 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.07)
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0.89 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.12)
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0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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10.48
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7.85 |
5.29 |
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Current Ratio (Current Asset/Current Liability) |
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0.93
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1.38 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
S C SHAH AND COMPANY PRIVATE LIMITED |
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Presented By |
S C SHAH AND COMPANY PRIVATE LIMITED And State Bank of Saurashtra Mount Road Branch, Chennai – 600002, India |
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1) Date and description of instrument creating the change |
01.08.2000 Agreement for
overdraft/ cash credit hypothecation of debts and assets for Rs.1.100 Million Letter of Hypothecation
against goods to secure demand cash credit for Rs.1.100 Million. Agreement of
Hypothecation of Movable properties for Rs.0.500 Million Pledge letter in
respect of machines accepted as collateral security for advances. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs.1.100 Million Term Loans Rs.0.500 Million
-------------------------- Total
Rs.1.600 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 |
All the company
both present and future stock and book debts are charged and hypothecation to
the bank by way of first charge as security for the cash credit limits of
Rs.1.100 Million. This facility is collaterally/ additionally secured by
charge over existing and future fixed assets of the company. All tangible
movable machinery and plant both present and future and all other fixed
assets purchased and to be purchased out of Bank finance of Term Loan of
Rs.0.500 Million |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit Rs.1.100 Million Term Loans Rs.0.500 Million
-------------------------- Total
Rs.1.600 Millions
-------------------------- Cash Credit Facility: Interests will be
charged at 16.25% p.a. with quarterly rests with a minimum of 3.75% over the
PLR of the Bank. Term Loan facility: Interests will be
charged at 16.25% with quarterly rests with a minimum of 3.75% over the PLR
of the Bank. The term loan is
repayable in 60 monthly installments. All other terms and
conditions are as per the agreement enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Saurashtra 27/28 Woods Road, Mount Road Branch, Chennai – 600002, India |
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6) Date and brief description of instrument modifying the charge |
13.03.2004 Letter of
Hypothecation against goods to secure demand cash credit Agreement for
overdraft/ cash credit (Hypothecation of
Book debts and assets) Both dated 13th
March, 2004 and relate to one and the same modifications. |
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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. |
In addition to the
existing cash credit limit of Rs.2.100 Millions the company is presently
sanctioned further cash and credit limit of Rs.1.400 Million and hence the
cash credit limit has now been enhanced to Rs.3.500 Millions Due to the above
the overall limit has been increased from Rs.3.600 Millions to Rs.5.000
Millions along with existing term loan of Rs.0.500 Million and Medium term
loan of Rs.1.000 Million The Break-up of
the overall limit of Rs.5.00 Millions is as under: ( Rs. Is Millions)
Interests Rate,
Margin and Security for the cash Credit Limit: 3% above PLR basis
presently the effective rate works out to 14% p.a. with monthly rests. Margin: 30% All tangible
movable property such as products stock in trade and goods of the company
which now or hereafter from time to time during this security shall be
brought in stored or be in or about the premises or godowns of the company at
Chennai or any where else and all the present and future book debts,
outstanding, money receivable. |
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.40.69 |
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UK Pound |
1 |
Rs.80.25 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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 |
|