MIRA
INFORM REPORT
|
Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CARE OFFICE EQUIPMENT PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Cellar, Vrajvihar
Tower, Opposite Aryavrat Bunglows Jodhpur Gam Road, Satellite, Ahmedabad -
380 015, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
31-08-1998 |
|
|
|
|
Com. Reg. No.: |
04-34605 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110GJ1998PTC034605 |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
The company acts
as dealers of computers, peripherals, xerox machines, fax machines, hectograph,
stencil duplicating machines and accounting machines, EPABX and IT products |
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 155000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established company having satisfactory track. Directors are reported as
experienced, respectable and having satisfactory means of their own. Trade
relations are fair. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions |
INFORMATION PARTED
BY
|
Name : |
Ms. Reshma |
|
Designation : |
Accounts Department |
|
Date : |
13.05.2008 |
LOCATIONS
|
Registered Office : |
Cellar, Vrajvihar
Tower, Opposite Aryavrat Bunglows Jodhpur Gam Road, Satellite, Ahmedabad -
380 015, Gujarat, India |
|
Tel. No.: |
91-79-26924821-25
/ 40013000 |
|
Fax No.: |
91-79-26924825
/26421253 /26923019 /40013096 |
|
E-Mail : |
|
|
Area : |
20000 sq.fts |
|
Location: |
Rented |
|
|
|
|
Showroom 1: |
4, GF, Fairdeal
House, Near Swastik Cross Roads, C. G. Road, Ahmedabad - 380 009, Gujarat,
India |
|
Tel. No.: |
91-79-26421251/2/26527176/26560204 |
|
Fax No.: |
91-79-26560204 |
|
Area : |
2000 Sq. fts. |
|
Location: |
Owned |
|
|
|
|
Showroom 2: |
8 GF, Ground
Floor and Basement, Opposite Gurudwara, S. G. Highway, Ahmedabad - 380 009, Gujarat, India |
|
Area : |
5000 Sq. fts. |
|
Location: |
Owned |
DIRECTORS
|
Name : |
Mrs. Diptiben Dhirajlal Bajaj |
|
Designation : |
Director |
|
Address : |
2, bijal Bunglow, Satellite Road, Ahmedabad 380015, Gujarat, India |
|
|
|
|
Name : |
Mr. Hemant Shantilal Shah |
|
Designation : |
Director |
|
Address : |
302, Shyamal Apartment, Suvidha Shopping Centre, Paldi, Ahmedabad 380007,
Gujarat, India |
|
Date of Birth/Age : |
12.02.1968 |
|
PAN No.: |
ACZPS4370F |
|
Date of Appointment : |
31.08.1998 |
|
|
|
|
Name : |
Mr. Kamlesh Dhirajlal Shah |
|
Designation : |
Director |
|
Address : |
502, Kailashiddhi Apartment, Jodhpur Gam Road, Satelite, Ahmedabad
380015, Gujarat, India |
|
Date of Birth/Age : |
08.03.1960 |
|
PAN No. : |
AAKPS78870D |
|
Date of Appointment : |
31.08.1998 |
|
|
|
|
Name : |
Mr. Firozbhai P. Sama |
|
Designation : |
Director |
|
Address : |
402, Mayrose Tower, Near Ellisbridge Post Office, Ahmedabad 380006,
Gujarat, India |
|
Date of Birth/Age : |
01.06.1959 |
|
PAN No. : |
ADEP80725C |
|
Date of Appointment : |
05.09.1998 |
|
|
|
|
Name : |
Mr. Mani Iyer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mayur Kanhiyalal Shah |
|
Designation : |
Director |
|
Address : |
48566, Sargam Apartments, Sola Road, Naranpura, Ahmedabad, Gujarat,
India |
|
Date of Appointment : |
30.09.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.09.2005]
|
Names of Shareholders |
|
No. of Shares |
|
Hemantbhai Shah |
|
97411 |
|
Kamleshbhai Shah |
|
21760 |
|
Meenaben Shah |
|
40247 |
|
Meenaben Sama |
|
4310 |
|
Bhartiben Shah |
|
11193 |
|
Dhirajlal Shah |
|
1500 |
|
Aayushi Minor |
|
3500 |
|
Pooja Minor |
|
4510 |
|
Tanvi Minor |
|
3500 |
|
Maulik Shah |
|
3610 |
|
Diptiben Bajaj |
|
1000 |
|
Firozbhai Sama |
|
10144 |
|
Mayurbhai Shah |
|
18905 |
|
Seema Mani Aiyer |
|
700 |
|
Jitesh Desai |
|
3500 |
|
Rakesh Desai |
|
3200 |
|
Pinkal Shah |
|
2900 |
|
Minor Atik Firozbhai |
|
3200 |
|
K. R. Baxi |
|
5000 |
|
Maya Shah |
|
1500 |
|
Mani Iyer |
|
1500 |
|
|
|
|
|
Equity Share
Break-up [As on 30.09.2006] |
|
Percentage of
Holding |
|
Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company acts
as dealers of computers, peripherals, xerox machines, fax machines, hectograph,
stencil duplicating machines and accounting machines, EPABX and IT products |
|
|
|
|
Products : |
Fax and Copiers |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [End Users 7 days and Dealers 15 days] |
|
|
|
|
Purchasing : |
Cash and Credit [21 days] |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Around 200 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
Overdraft Rs. 115.000 Millions from Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Prakash Bhogilal Bhavsar Chartered Accountants |
|
Address : |
A – 106, Oxford Avenue, Opposite C. U. Shah College Income Tax,
Ahmedabad 380014, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1050000 |
Equity Shares |
Rs. 10/-
each |
Rs. 10.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.500 |
3.500 |
2.500 |
|
|
2] Share Application Money |
1.400 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.895 |
21.469 |
13.447 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.795 |
24.969 |
15.947 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
85.460 |
56.073 |
23.599 |
|
|
2] Unsecured Loans |
3.225 |
2.975 |
3.228 |
|
|
TOTAL BORROWING |
88.685 |
59.048 |
26.827 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
127.480 |
84.017 |
42.774 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.647 |
4.128 |
3.779 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
105.337
|
60.976 |
34.604 |
|
|
Sundry Debtors |
50.455
|
38.991 |
24.412 |
|
|
Cash & Bank Balances |
3.207
|
1.608 |
1.080 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
19.489
|
12.312 |
6.431 |
|
Total
Current Assets |
178.488
|
113.887 |
66.527 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
51.675
|
26.334 |
18.264 |
|
|
Provisions |
6.069
|
7.703 |
9.292 |
|
Total
Current Liabilities |
57.744
|
34.037 |
27.556 |
|
|
Net Current Assets |
120.744
|
79.850 |
38.971 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.089 |
0.039 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
127.480 |
84.017 |
42.774 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.77
|
3.72 |
3.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.09
|
3.34 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Silverline
Infocom, Ahmedabad
- Netlink
Infocom, Rajkot
- Sri
Rajodiawala Trading Company, Jamnagar
Subject has two
divisions :
Photo copier and fax
machines divisions - Authorised dealers for canon and Modi
Computer division -
Authorised dealer for Compaq
Also trading in
other reputed brand locally.
The company is in
trade terms with :
- Compaq (Indian office)
- Intel (Indian office)
- Cannon India
- Modi Xerox
The company does
not have any imports or exports directly.
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24110GJ1998PTC034605 |
|
Name of the
company |
CARE OFFICE
EQUIPMENT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Cellar, Vrajvihar
Tower, Opposite Aryavrat Bunglows Jodhpur Gam Road, Satellite, Ahmedabad -
380 015, Gujarat, India |
|
Type of charge |
Immovable Property
|
|
Particular of
charge holder |
State Bank of
India Ashram Road
Branch, Near Gujarat Vidhyapith, Ahmedabad 380009, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of deposit
for creation of change for term loan/overall limit |
|
Date of
instrument Creating the charge |
10.01.2007 |
|
Amount secured by
the charge |
Rs. 81.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest As per sanction
letter [b] Terms of
repayment As per sanction
letter [c] Margin On land building,
plant and machinery @ 32% [d] Extent and
operation of the charge As per sanction
letter [e] others Limits are as under
: Cash Credit of
Rs. 70.000 Millions Term Loan Rs.
8.500 Millions Bank Guarantee
Rs. 2.500 Millions |
|
Short particulars
of the property charged |
Immovable
properties of the company mentioned in part II of the memorandum of deposit
of title deeds dated 10.01.2007. |
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. 42.16 |
|
UK Pound |
1 |
Rs. 82.28 |
|
Euro |
1 |
Rs. 65.54 |
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 |
|