MIRA
INFORM REPORT
|
Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SNEHANJALI ELECTRONICS AND APPLIANCES PRIVATE LIMITED |
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Registered Office : |
3, Annapurna Building, J. P. Road, Andheri (West), Mumbai, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1990 |
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Com. Reg. No.: |
11-56279 |
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CIN No.: [Company
Identification No.] |
U52320MH1990PTC056279 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS29498A / MUMS22499B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Consumer Durable and Entertainment Electronics Devices. |
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 50000 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
3, Annapurna Building, J. P. Road, Andheri (West), Mumbai, Maharashtra, Inida |
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Tel. No.: |
91-22-26280224/26246328 |
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Fax No.: |
91-22-56964324 |
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E-Mail : |
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Website : |
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Ware house : |
3, Annapurna Building, J. P. Road, Andheri (West), Mumbai, Maharashtra |
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Shop 1 : |
27/A Laram Centre, S.V. Road, Andheri (West), Mumbai. |
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Tel. No.: |
91-22-26280224 / 26246328 |
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Shop 2 : |
3, Annaurna Building, J.P. Road, Andheri (West), Mumbai. |
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Tel. No. |
91-22-26285465 / 26285461 |
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Shop 3 : |
1, Bonaza Arcade, S.V. Road, Andheri (West), Mumbai. |
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Tel. No.: |
91-22-26787247 / 26787248 |
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Shop 4 : |
1, Trishul Apartments; Next to New Era Cinema, S. V. Road, Malad
(West), Mumbai |
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Tel. No.: |
91-22-28884383 / 28885610 |
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Shop 5: |
Heena Gaurav Heights, S. V. Road, Kandivali (West), Mumbai. |
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Tel. No.: |
91-22- 28057046 / 28057016 |
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Shop 6: |
Sheetal Snehanjali Building; Sheetal Nagar, Mira Road (East), Thane |
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Tel. No.: |
91-250-28552552 / 22909055 |
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Shop 7: |
1, P.P. Paradise Building; Ambadi Road, Vasai (West), Thane. |
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Tel. No.: |
91-250- 2340087 / 2340088 |
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Shop 8: |
Tania Plazza, Station Road, Nalla Sopara (West), Thane. |
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Tel. No.: |
91-250-2401981 / 2401743 |
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Shop 9: |
1, 2, 3 City Point, Kacheri Road, Palghar (West), Palghar. |
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Tel. No.: |
91-252-256996 / 252996 |
DIRECTORS
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Name : |
Mr.Kanaiyalal Kishanchand Mulchandani |
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Designation : |
Director |
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Address : |
301 Purshottam Villa, 12th Road Corner, Khar (Wet),
Mumbai-400052, Maharashtra, India |
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Date of Birth/Age : |
10.07.1954 |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Date of Appointment : |
25.04.1994 |
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Name : |
Dr. Harish Kishanchand Mulchandani |
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Designation : |
Director |
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Address : |
101, Gopi Kunj, Plot No. 506, 1st Floor, Above United Bank
of India, 1st Road Khar (West), Mumbai-400052, Maharashtra, Inida |
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Date of Birth/Age : |
03.07.1951 |
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Qualification : |
Graduate |
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Experience : |
20 Years |
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Date of Appointment : |
25.04.1994 |
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Name : |
Mrs. Rashmi Mulchandani |
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Designation : |
Director |
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Address : |
301 Purshottam Villa, 12th Road Corner, Khar (Wet),
Mumbai-400052, Maharashtra, India |
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Date of Birth/Age : |
12.10.1958 |
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Date of Appointment : |
15.11.1996 |
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Name : |
Mrs. Rakhee Harish Mulchandani |
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Designation : |
Director |
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Address : |
101, Gopi Kunj, Plot No. 506, 1st Floor, Above United Bank
of India, 1st Road Khar (West), Mumbai-400052, Maharashtra, Inida |
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Date of Birth/Age : |
30.04.1959 |
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Date of Appointment : |
25.04.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
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No. of Shares |
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K.K. Mulchandani |
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45000 |
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Harish Mulchandani |
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34998 |
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Rashmi Mulchandani |
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25000 |
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Total |
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104998 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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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 of Consumer Durable and Entertainment Electronics Devices. |
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Agencies Held : |
· Samsung · LG · Videocon · Akai · Philips |
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Terms : |
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Selling : |
Cash or Credit (60 to 90 days) |
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Purchasing : |
Cash or Credit (60 to 90 days) |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 50 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Agarwal and Chhajed Chartered Accountants |
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Address : |
1307, Navjivan Commercial Premises, Lamington Road, Mumbai-400008,
Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
140000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.400
Million |
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 |
1.400 |
1.400 |
1.400 |
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2] Share Application Money |
3.700 |
3.700 |
3.700 |
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3] Reserves & Surplus |
9.712 |
8.102 |
7.108 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.812 |
13.202 |
12.208 |
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LOAN FUNDS |
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1] Secured Loans |
51.794 |
31.595 |
11.512 |
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2] Unsecured Loans |
56.179 |
4.482 |
12.957 |
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TOTAL BORROWING |
107.973 |
36.077 |
24.469 |
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DEFERRED TAX LIABILITIES |
0.146 |
0.054 |
0.105 |
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TOTAL |
122.931 |
49.333 |
36.782 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.913 |
7.142 |
4.068 |
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Capital work-in-progress |
2.819 |
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 |
108.472
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27.811 |
19.695 |
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Sundry Debtors |
5.580
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3.377 |
3.217 |
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Cash & Bank Balances |
3.489
|
3.189 |
3.238 |
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Other Current Assets |
16.286
|
4.764 |
1.728 |
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Loans & Advances |
7.582
|
7.226 |
9.883 |
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Total
Current Assets |
141.409
|
46.367 |
37.761 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
39.978
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3.288 |
3.933 |
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Provisions |
2.233
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0.888 |
1.116 |
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Total
Current Liabilities |
42.211
|
4.176 |
5.049 |
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Net Current Assets |
99.198
|
42.191 |
32.712 |
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MISCELLANEOUS EXPENSES |
0.001 |
0.001 |
0.002 |
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TOTAL |
122.931 |
49.333 |
36.782 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Total Income |
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427.519 |
200.388 |
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Profit/(Loss) Before Tax |
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1.356 |
1.668 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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1.356 |
1.668 |
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Expenditures : |
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Interest |
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6.648 |
2.545 |
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Depreciation & Amortization |
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2.049 |
0.870 |
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Other Expenditure |
|
417.466 |
195.305 |
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Total Expenditure |
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426.163 |
198.720 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
0.31
|
0.83 |
N.A. |
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Net Profit Margin (PBT/Sales) |
(%) |
0.31
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0.83 |
N.A. |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.83
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3.12 |
N.A. |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.13 |
N.A. |
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Debt Equity Ratio (Total Liability/Networth) |
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10.13
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3.04 |
2.09 |
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Current Ratio (Current Asset/Current Liability) |
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3.35
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11.10 |
7.48 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SNEHANJALI ELECTRONICS AND APPLIANCES PRIVATE LIMITED |
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Presented By |
Mr. Harish Mulchandani (Director of the Company) |
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1) Date and description of instrument creating the change |
Hypothecation of goods dated 13.10.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000 Million |
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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 |
Whole of the Borrower’s stock consisting of stock of Electronic goods like colour T.V., Music System, Refrigerators, Washing Machines etc. whether raw or in process of manufacturer and all products goods and moveable property of any kind which now or hereafter from time to time during this security shall be brought into stored or be in or about the borrowers premises or godowns at Andheri West, Mumbai |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @09.50% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
United Bank Of India Khar-West Branch, Gopi Kunj, Plot No. 506, 1st Road, Khar (West), Mumbai 4000052 |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of Goods dated 05.09.2005 Hypothecation of Debts and movable Assets dated 05.09.2005 (Both the Agreement constitute a single charge) |
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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. |
By the present modification the charge has been enhanced on dated 05.09.2005 to Rs. 20.000 Millions and Interest Rate has been reduced from 13.5% to 9.5% p.a. by way of Hypothecation of Goods. Debts and Movable Assets as detailed in clause (3) of this form on overall limit of Rs. 20.000 Millions |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U52320MH1990PTC056279 |
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Name of the
company |
SNEHANJALI
ELECTRONICS AND APPLIANCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
3, Annapurna
Building, J.P. Road, Andheri (West), Mumbai- 400058, Maharashtra, India |
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Type of charge |
Others |
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Particular of
charge holder |
L65920MH1994PLC080618 HDFC Bank
Limited, HDFC Bank Housenapati Bapat Marg, Lower Parel(West), Mumbai-400013,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
10.12.2007 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate is BPLR less 3.50% (Presently BPLR is 15.00% p.a.) or as may be
communicated by the Bank from time to time whichever is lower Terms of Repayment On demand Margin Company shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may form times to
time advised by the Bank Extent and Operation of the charge Hypothecation by
way of first charge on Card Receivable of the Company as described under Item
No. 14 as security for repayment of loan together with all interest, charges,
fees, penalty, taxes and any other expenses payable to the Bank by the
borrower. Others Nil |
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Short particulars
of the property charged |
Hypothecation by
way first charge on the present and future card receivables of the Company,
which receivables may now or hereafter arise from transactions of the company
which transactions are paid for through the use of debit or credit cards,
whether Visa, Master card, Dners’ Club, American Express. |
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.41.68 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.64.13 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
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 |
|