MIRA
INFORM REPORT
|
Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CPR DISTRIBUTORS
PRIVATE LIMITED |
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Registered Office : |
13 Sneh Nagar
Sapna Sangeeta Road, Indore-452001, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31-03-2007 |
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Date of Incorporation : |
13-11-1998 |
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Com. Reg. No.: |
10-13162 |
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CIN No.: [Company
Identification No.] |
U51102MP1998PTC013162 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLC00776G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Marketers of
consumer’s electronics. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 38000 |
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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 marketers of consumers electronics. Trade relations
are fair. Financial position is satisfactory. Payments are usually correct
and as per commitment. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office/ Corporate Office: |
13 Sneh Nagar
Sapna Sangeeta Road, Indore-452001, Madhya Pradesh, India |
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Tel. No.: |
91-731-2390039 /
4092244 |
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Fax No. : |
91-731-2361213 |
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Mobile : |
91-9827435002 |
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Email : |
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Website : |
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Showroom : |
· 13, Sneh Nagar Main Road, Indore - 452 001, Madhya Pradesh) India Tel. : 91-731-2390039, 4092244 Fax : 91-731-2361213 · Navneet Darshan, Greater Kailash Road, Old Palasia, Indore - 452 001, (Madhya Pradesh) India Tel :- 91-731-4064873 · Surya Sadhna, Survey No. 182/2/1, A.B. Road , Indore - 452 001, (Madhya Pradesh) India Tel :- 91-731-4282244, 4041144 |
DIRECTORS
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Name : |
Mr. Ashish Raje |
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Designation : |
Director |
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Address : |
579/1/3, M. G.
Road, Indore-- 452001, Madhya Pradesh , India |
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Date of Birth/Age : |
30.05.1964 |
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Date of Appointment : |
13/11/1998 |
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Name : |
Mr. Gaurav Pahwa |
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Designation : |
Director |
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Address : |
Jaora Compound,
Indore- 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
25.06.1980 |
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Date of Appointment : |
13/11/1998 |
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Name : |
Mr. Purshottam Chhabra |
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Designation : |
Director |
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Address : |
575/2, M. G.
Road, Indore – 452001, Madhya Pradesh, India |
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Date of Appointment : |
13/11/1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders (Ason 31.03.2007) |
No. of Shares |
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Mr. Ashish Raje S/O Ravindra Raje |
30089 |
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Mr. Gaurav Pahwa
S/O |
30085 |
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Mr. P. K. Chhabra
Late Shri Boota-Ramji Chhabra |
30095 |
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Others |
31 |
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Total |
90300 |
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Equity Share Break Up (as on 31.03.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Marketers of
consumer’s electronics. |
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Brand Names : |
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GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
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Banking Relations : |
Satisfactory |
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Name : |
Amit Surana and
Company Chartered
Accountants |
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Address : |
106, Trade House,
14/3, South Tukoganj, Opp. Hotel Surya, Indore , Madhya Pradesh, India |
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Tel. No.: |
91-731-2526730 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
90300 |
Equity Shares |
Rs. 10/- each |
Rs. 0.903
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
0.903 |
0.903 |
0.903 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.570 |
6.467 |
4.730 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.473 |
7.370 |
5.633 |
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LOAN FUNDS |
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1] Secured Loans |
22.119 |
8.948 |
11.717 |
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2] Unsecured Loans |
32.842 |
32.675 |
29.128 |
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TOTAL BORROWING |
54.961 |
41.623 |
40.845 |
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DEFERRED TAX LIABILITIES |
1.450 |
1.435 |
1.328 |
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TOTAL |
65.884 |
50.428 |
47.806 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.614 |
9.810 |
9.586 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
60.165
|
32.394 |
35.210 |
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Sundry Debtors |
6.419
|
8.323 |
6.592 |
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Cash & Bank Balances |
2.670
|
0.825 |
2.285 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.580
|
5.842 |
4.869 |
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Total
Current Assets |
72.834
|
47.384 |
48.956 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.710
|
5.006 |
9.142 |
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Provisions |
1.855
|
1.762 |
1.597 |
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Total
Current Liabilities |
16.565
|
6.768 |
10.739 |
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Net Current Assets |
56.269
|
40.616 |
38.217 |
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MISCELLANEOUS EXPENSES |
0.001 |
0.002 |
0.003 |
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TOTAL |
65.884 |
50.428 |
47.806 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
623.240 |
529.703 |
467.164 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
623.240 |
529.703 |
467.164 |
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Profit/(Loss) Before Tax |
3.266 |
2.849 |
2.356 |
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Provision for Taxation |
1.163 |
1.111 |
0.947 |
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Profit/(Loss) After Tax |
2.103 |
1.738 |
1.409 |
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Expenditures : |
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Financial Charges |
3.376 |
6.202 |
3.891 |
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Depreciation & Amortization |
4.116 |
1.020 |
0.820 |
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Other Expenditure |
612.482 |
519.632 |
460.097 |
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Total Expenditure |
619.974 |
526.854 |
464.808 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.34
|
0.33 |
0.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.52
|
0.54 |
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.96
|
4.98 |
4.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.39 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.55
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6.56 |
9.16 |
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Current Ratio (Current Asset/Current Liability) |
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4.39
|
7.00 |
4.56 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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CPR DISTRIBUTORS PRIVATE LIMITED |
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Deed Of Hypothecation Dated The 7 day of September, 2005 executed by CRP Distributors Private Limited in favour of ICICI Bank Limited |
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Secured working capital facilities not exceeding Rs. 7.500 millions (the aforesaid working capital facilities as renewed / modified amended from time to time are hereafter collectively referred to as the facilities) extended / granted to the borrower. |
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The properties more particularly described in annexure / hereto .(hereinafter collectively referred to as the assets |
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Covenant by the borrower to comply / to ensure compliance with all the terms and conditions set out in the master facility agreement dated 7th September 2005 entered between the borrower and ICICI, as modified / amended / renewed / supplemented from time to time. The borrower shall pay / repay all amounts in respect of the facilities and pay interest and all other monies in the manner set out in the agreement and the other transaction documents The assets were thereby hypothecated inter alia to ICICI as and by way of first exclusive charge, as specified in Annexure / hereto, as security for and be charged with the repayment of the facilities, all interest and other monies payable by the borrower to ICICI as specified in the agreement and the other transaction documents. The borrower to keep the assets in marketable and good condition and also insured as provided in the deed of hypothecation / the agreement. Power of Entry, power to take charge and / or possession of seize, recover, receive, appoint receivers of and remove and / or sale by auction or private contract, dispatch for realisation or other wise dispose of or deal with all or any purt of the assets etc. as provided in the deed of hypothecation. All other terms and conditions as contained in the deed of hypothecation |
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ICICI Bank Limited 4, Ashok Nagar, Bhanwarkuan Road, Indore |
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Credit Acceptance Letter Dated 29th September 2005 Note of Amendment Dated 29th September 2005 |
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Interest : The borrower shall pay to the bank interest on the CCF and all amounts shown as outstanding from time to time at the foot of the relevant account monthly in each year on the last day of each calendar month at the rate of interest which shall be 2.5% per annum below the sum of the ICICI Bank Benchmark Advance Rate and the Cash Credit Risk Premium prevailing on each day that such CCF remain outstanding, plus applicable interest tax or other statutory levy, if any subject to minimum of 9.0%. as on date, the ICICI bank benchmark advance rate is 11% per annum, the Cash Credit Risk Premium is 0.50% per annum and the applicable Rate – CCF is 9.0% per annum, subject to minimum of 9.0%. |
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Corporation identity number or foreign company registrations number of
the company |
U51102MP1998PTC013162 |
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Name of the company |
CPR DISTRIBUTORS
PRIVATE LIMITED |
|
Address |
13 Sneh Nagar
Sapna Sangeeta Road, Indore-452001, Madhya Pradesh, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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Bank of Maharashtra Godha Colony, Indore – 452 001, India E-Mail: bom436@sancharnet.in
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Amount Secure by the charge |
Rs. 17.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Margin: 25% Rate of Interest : at BPLR +0.50% presently @11.75% p.a with monthly
rest |
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Particulars of the Property charged
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Hypothecation of stocks and book debts D P Based on paid up stocks and
genuine trade receivables upto 15 days. Net debtors upto 15 days to
considered i.e debtors upto 15 days less debtors outstanding. Collateral security: Equitable mortgage of house property situated at
plot No. 798 Sch. No. 3, new Loha Mandi Indore in the name of Shri Subhash
Chandra Pahawa. |
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Brief description of the instrument modifying the charge under the
section 135 |
Composite deed of hypothecation for all facilities dated 05.07.2006 |
FIXED ASSETS :
- Air Conditioner
- Electric Equipments
- EPBAX System
- Fax Machine
- Invertors
- Office Equipments
- Tea and Coffee Maker
- Sub Pump
- Auto
- Auto Bajaj
- Car Van
- Car Santro
- Car Wagon R
- Car Honda City
- Car Honda City (New)
- Furniture and Fixtures
- Computer
WEBSITE
DETAILS:
Company
profile:-
Inaugurated on 5th April, 2000, at Sneh Nagar Main Road, Indore Lotus
Electronics is known to be one of the Largest Electronics
Supermarkets in India. Spread over an area of 15000 sq. ft Lotus presents to
its customers a complete range of electronics consumer durables of almost every
running brand under one roof. Other Showrooms were added to their chain on 18th
October 2000 at Navneet Darshan, Greater Kailash Road, Old Palasia, Indore and
on 9th April 2005 at Surya Sadhna, A.B. Road Indore.
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.43.15 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.68.10 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--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 |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|