MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLADS HOME APPLIANCES PRIVATE LIMITED |
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Registered Office : |
No. 111, Thirvankadapuram, 2nd Street, Choolaimedu, Chennai
– 600094, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.04.1996 |
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Com. Reg. No.: |
18 - 35304 |
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CIN No.: [Company
Identification No.] |
U521599TN1996PTC035304 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEG02090E |
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Legal Form : |
Private limited
liability company |
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Line of Business : |
Trading in all home
appliances like TV, Washing Machines, Two in Ones, Refrigerators, etc. |
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 37472 |
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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 traders and distributors of home appliances. Directors are
reported as experienced, respectable and resourceful businessmen. Their trade
relations are fair. Payments are usually correct and as per commitments.
Nothing adverse reported. The company can
be considered good for normal business dealings at usual trade terms and
condition. |
LOCATIONS
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Registered Office : |
No. 111, Thirvankadapuram, 2nd Street, Choolaimedu, Chennai
– 600094, Tamilnadu, India |
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Tel. No.: |
91-44-23740249 |
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Fax No.: |
91-44-23743782 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. P George |
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Designation : |
Director |
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Address : |
5 Raghavan
Street, Gill Nagar, Choolaimedu, Chennai – 600094 |
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Date of Birth/Age : |
04.02.1951 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. P Arul Daniel
Roby |
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Designation : |
Director |
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Date of Birth/Age : |
11.04.1960 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. P David
Wilson |
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Designation : |
Director |
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Date of Birth/Age : |
25.05.1963 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. P Lawrence |
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Designation : |
Director |
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Address : |
88
Rangarajapuram, Kodambakkam High Road, Chennai - 600024 |
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Date of Birth/Age : |
12.05.1955 |
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Date of Appointment : |
24.04.1996 |
KEY EXECUTIVES
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Name : |
Ms S Lalitha |
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Designation : |
Company Secretary |
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Address : |
Old No. 36, New No. 98, 3rd Floor, halls Road, Kilpauk,
Chennai – 600010, Tamilnadu, India |
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Tel No : |
91-44-42183466 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Mr. P George |
125000 |
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Mr. P Arul Daniel
Roby |
125000 |
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Mr. P David
Wilson |
125000 |
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Mr. P Lawrence |
125000 |
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Total |
500000 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in all home
appliances like TV, Washing Machines, Two in Ones, Refrigerators, etc. |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
v
ICICI Bank
Limited Naungambakkam
Branch, Chennai – 600034, Tamilnadu, India v
Bank of
Baroda 52, Nelson Manickam
Road, Choolaimedu,
Chennai – 600094, Tamilnadu, India |
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Facilities : |
Cash Credit – Rs. 40.000 millions Drawing against uncleared effects (sub-limit) – Rs. 1.000 million Bills Purchased (sub limit under CC) – Rs. 2.500 millions Total - Rs. 43.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
v Arivazhagan
Balamurugan and Chelladurai, Chartered Accountants S1, Ii Floor, Ananda Tower, 11, B/S Sastri Road, Thennur, Trichy – 620017,
Tamilnadu, India v B Jambu and
Company, Chartered Accountants 78, New No. 95, First Street, Kamdar Nagar, Nungambakkam, Chennai –
600034, Tamilnadu, India. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.368 |
3.006 |
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4] (Accumulated Losses) |
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0.000 |
(2.055) |
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NETWORTH |
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9.368 |
5.951 |
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LOAN FUNDS |
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1] Secured Loans |
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41.428 |
48.178 |
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2] Unsecured Loans |
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0.700 |
2.000 |
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TOTAL BORROWING |
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42.128 |
50.178 |
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DEFERRED TAX LIABILITIES |
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0.036 |
0.036 |
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TOTAL |
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51.532 |
56.165 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.621 |
1.449 |
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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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18.338 |
17.448 |
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DEFERREX TAX ASSETS |
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0.109 |
0.049 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.328 |
12.118 |
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Sundry Debtors |
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30.408 |
40.399 |
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Cash & Bank Balances |
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0.864 |
0.273 |
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Other Current Assets |
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4.563 |
0.000 |
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Loans & Advances |
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1.920 |
1.850 |
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Total
Current Assets |
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56.083 |
54.640 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.483 |
17.303 |
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Provisions |
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0.136 |
0.119 |
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Total
Current Liabilities |
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24.619 |
17.422 |
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Net Current Assets |
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31.464 |
37.218 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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51.532 |
56.165 |
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PROFIT & LOSS
ACCOUNT
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Particulars |
31.03.2008 |
31.03.2007 |
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Sales |
354.500 |
468.600 |
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Net Profit |
2.055 |
2.212 |
KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
2.63 |
2.93 |
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Current Ratio (Current Asset/Current Liability) |
2.28 |
3.14 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8
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This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90285326 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U521599TN1996PTC035304 |
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Name of the company |
GLADS HOME APPLIANCES PRIVATE LIMITED |
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Address |
No. 111, Thirvankadapuram, 2nd Street, Choolaimedu, Chennai – 600094, Tamilnadu, India |
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(a)Type of Charges |
v Book Debts v Others |
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(b) Others, Specify |
Hypothecation of Stocks |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Bank of Baroda Address : No. 52, Nelson Manickam Road, Choolaimedu City : Chennai State : Tamilnadu ISO Country Code : IN Pin Code : 600094 E-mail ID : choola@bankofbaroda.com |
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Nature or description of the instrument creating or modifying the charge |
Instrument of Hypothecation of Goods dated 14.03.2008 |
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Date of the instrument creating charge |
14.03.2008 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 40.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest Cash Credit – 1.5% over BPLR with presently at 14.75%p.a. with monthly rests. Sub-limit under Cash Credit (Drawings against uncleared effects) – 1.5% over BPLR with presently at 14.75% p.a. with monthly rests. (b) Terms of repayment On demand (c) Margin CC – 25% (d) Extent and operation of the charge 100% on stocks and book debts |
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Short particulars of the Property charged |
Cash credit – Hypothecation of book debts and stocks |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
19.09.2006 |
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Particulars of the present modification |
The existing facilities have been revised and the total amount sanctioned to the Company is as follows:
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Form 8
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Name of the company |
GLADS HOME APPLIANCES PRIVATE LIMITED |
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Presented By |
No. 111, Thirvankadapuram, 2nd Street, Choolaimedu, Chennai – 600094, Tamilnadu, India |
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1) Date and description of instrument creating the change |
Hypothecation of Book Debts dated 02.02.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Bank of Baroda, Choolaimedu Branch, Chennai – 600 094, Tamilnadu, India Total Working Capital Limit Rs. 5.000 millions existing. |
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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 Stocks and Hypothecation of Book Debts
Additional – Equitable Mortgage of Land and Building at No.3, Kamraj Nagar, 1st
Street, Gill Nagar, Choolaimedu, Chennai – 600094 and Equitable Mortgage of
Land and Building at No. 111, Thirvankadapuram, 2nd Street, Choolaimedu, Chennai – 600094, Tamilnadu, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 14% per annum Margin : 25% Limit |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, No.52, Nelson Manickam Road, Choolaimedu, Chennai – 600 094, Tamilnadu, India. |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of Book Debts and Hypothecation of Stocks dated 12.12.2003 |
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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 (Hypothecation and book debts)_ combined limit Rs. 12.500 millions (Revised from existing CC (Hypothecation Stock) Rs. 3.000 millions and (CC hypothecation book debts) Rs. 11.000 millions. Cash Credit – Hypothecation of book debts
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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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.38 |
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UK Pound |
1 |
Rs. 80.76 |
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Euro |
1 |
Rs. 63.89 |
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 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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48 |
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 |
|
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 |
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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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