MIRA
INFORM REPORT
|
Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHREE SANT KRIPA APPLIANCES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
7, Akshay Complex, Off Dhole Patil Road, Pune 411 001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
12.05.2006 |
|
|
|
|
Com. Reg. No.: |
11-128465 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U32109PN2006PTC128465 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealers of Consumer Durables such as Whirlpool Washing Machines and
Nokia Cell Phones. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 298000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established dealer and distributor of consumer durables
partners have several year of experience in their field. Their trade
relations are fair. Payments are correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
7, Akshay Complex, Off Dhole Patil Road, Pune 411 001, Maharashtra,
India |
|
Tel. No.: |
91-20-26122118 |
|
Mobile No.: |
91-9371003288 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Head Office/ Godown : |
29, Akshay Complex, Off Dhole Patil Road, Pune 411 001, Maharashtra,
India |
|
Area : |
700 sq. ft. |
|
|
|
|
Warehouse : |
Reliable Warehouing Corporation, Nagar Road, Wagholi,
Pune, Maharashtra, India |
|
Area : |
15000 sq. ft. |
DIRECTORS
|
Name : |
Mr. Rajesh Jeevan Uttamchandani |
|
Designation : |
Director |
|
Address : |
A-6, Clover Garden, Neylore Road, Pune 411 011, Maharashtra, India |
|
Date of Birth/Age : |
08/01/1964 |
|
Date of Appointment : |
12.05.2006 |
|
Other Directorship : |
CIN No.: U29305MH1997PTC108822
(as a Partner) |
|
|
|
|
Name : |
Mr. Govind Jeevan Uttamchandani |
|
Designation : |
Director |
|
Address : |
A-6, Clover Garden, Neylore Road, Pune 411 011, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1961 |
|
Date of Appointment : |
12.05.2006 |
|
Other Directorship : |
CIN No.: U29305MH1997PTC108822 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 22.08.2006
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Govind Uttamchandani (as Karta of Govind J Uttamchandani) – HUF |
|
1033333 |
|
Rajesh Uttamchandani (as Karta of Rajesh J Uttamchandani) – HUF |
|
1033333 |
|
Mrs. Hardevi Jeevan Uttamchandani |
|
2383334 |
|
Mr. Govind Jeevan Uttamchandani |
|
250000 |
|
Mr. Rajesh Jeevan Uttamchandani |
|
290000 |
As on 10.11.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Directors or Relatives of Directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers of Consumer Durables such as Whirlpool Washing Machines and Nokia
Cell Phones. |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
On Credit basis |
|
|
|
|
Purchasing : |
On Cash basis |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Around 10 |
|
|
|
|
Bankers : |
Bank of India, Pune, Maharashtra, India Pune Nagrik Sahakari Bank Limited, Pune, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
K S Gundi and Associates Chartered Accountants |
|
Address : |
Flat No. 25, Naval Society, 389, Narayan Peth, Pune 411 030,
Maharashtra, India |
|
|
|
|
Subsidiaries : |
Line of Business: Dealers of Consumer Durables such as Whirlpool Washing Machines and Nokia
Cell Phones. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
50.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
24.469 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
74.469 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
331.886 |
|
|
2] Unsecured Loans |
|
|
13.757 |
|
|
TOTAL BORROWING |
|
|
345.643 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
420.112 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7.040 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
15.885 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
125.613 |
|
|
Sundry Debtors |
|
|
173.533 |
|
|
Cash & Bank Balances |
|
|
28.360 |
|
|
Other Current Assets |
|
|
72.952 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
400.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
3.637 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
3.637 |
|
|
Net Current Assets |
|
|
396.821 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.366 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
420.112 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
5295.663 |
|
|
Other Income |
|
|
0.000 |
|
|
Total Income |
|
|
5295.663 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
14.489 |
|
|
Provision for Taxation |
|
|
0.000 |
|
|
Profit/(Loss) After Tax |
|
|
14.489 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
|
1.376 |
|
|
Other Expenditure |
|
|
5279.798 |
|
Total Expenditure |
|
|
5281.174 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
0.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
3.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
5.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
110.107 |
LOCAL AGENCY
FURTHER INFORMATION
It is in trade terms with :-
·
Whirlpool India Limited, Pune, Maharashtra
·
Samsung India Private Limited, Mumbai, Maharashtra
As Per Web:
Profile
Subject is one of India’s
leading distributors for Nokia mobile phone, Samsung refrigerators and
Microwave ovens. The company spread its wings in the year July 2002 by starting
the distribution of Nokia GSM range of handsets.
Subject was founded in the year may 2001, starting with the distribution
of Samsung refrigerators and Microwave ovens.
The company spread its wings in the year July 2002 by starting the distribution
of Nokia GSM range of handsets, Nokia being the leading brand across the globe
it was possible to the breakthrough the mindset of the Indian market where the
handset range was minimum and the influence of the grey market was high.
But with shear confidence and experience of the whole team of SSK group it all
these obstacles soon succumbed to an lost entity and the era of new beginning
of purchasing with bill handsets with warranty became the integral part of
purchasing mobile phones.
Now the company has over 37 handsets of Varying in the price range of 3000 Rs
to 37000/- Rs with a range of black and white handsets to the Colored handsets
with up to 2 mega pixel camera phone, the company is well ahead of its
competitors in terms of the technology and manufacturing user friendly
handsets, supported by the extensive network of service centers throughout
India, It becomes a pleasure to purchase Nokia Handsets.
They at Shree Sant kripa Appliances are committed to pass on the Total Brand
Experience to the end consumers, With having the giant network of
Micro-Distributor and Direct Dealers across their working area of south and
central Maharashtra consisting districts like Barshi, Nasik, Pandharpur, Sangamner,
Aurangabad, Ahmednagar, Jalna, Rajgurunagar, Dhule, Jalgao, Nanded, Parbhani ,
Chiplun, Kopergao, Satara, Kolhapur, Sangli, Latur, Kolhapur Upcountry, Shirur,
Baramati, Beed,Solapur, Sawantwadi, Ratnagiri, Mahad, Malegao, Nandurbar,
Manmad, Talegao, Pen and Suburbs of Pune and PCMC.
SSK has grown from the sales of mere 300 pcs per Month to massive 90000 numbers
of hand sets per month on the basis of shear hard work and dedication of their
Directors Shri. Govind Jeevan Uttamchandani and his Brother Shri. Rajesh Jeevan
Uttamchandani thru their considerable experience in the white good trade and
their innovative ideas of marketing the products, this tremendous growth was
possible, the other departments like The dispatch and A/c Departments are also not
behind with able staff it is possible to take on the huge workload of
dispatching and maintain the accounts of the dealers.
Currently the workforce is 57 sales personnel working as Sales Executives 4
Sales Managers are working across Maharashtra with the respective Micro
distributors and reporting to the office and carry the guidelines from upper
management.
Now the Company is doing and an annual business of over Rs 120 Crores and still
growing. They are dedicated to bring the outmost satisfaction to their Dealers
and Micro distributors and increase their profitability.
They take complete efforts to keep their network updated about the products,
prices and schemes of the companies. Proper care is taken on training of the
sales personnel and elaborate steps are taken in terms of their developments
and making them carry out their responsibilities and making them and ideal
employee. the end, en-cash the terms of profits and brand value to their
customers.
They at SSK are driven by the ambition of Staying on the top of the mobile
trade industry, their company is one of the top distributors of Nokia in the
country and their efforts are well appreciated by the Parent Company Nokia
recently in the form of the award for the Overall Champion of the west region
for the year 2004 -2005.
They are proud to be associated with the Brand of NOKIA and they are dedicated
to carry on the vision of the company to the end consumer, and they are
committed to give outmost satisfaction to their customers and increase the brand
value of NOKIA.
They obey and execute all the guidelines of the parent company in regards of
implementations of the Policies of the company.
The Company has grown multifold in the recent years under the guidance of the multifaceted
and experienced leadership of Shri. Govind Jeevan Uttamchandani whose
dedication, vision and innovative ideas diminish targets
set as mere milestone in the long journey.
The company promises huge success to all its trade partners with the profitability
to count on and brand value to be en-cashed in the coming years.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.68 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.64.13 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|