MIRA
INFORM REPORT
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Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
LIBRA APPLIANCES PRIVATE LIMITED |
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Registered Office : |
Kathiawad, Diwanjiwada, Dandia Bazar, Baroda 390 001, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.06.1995 |
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Com. Reg. No.: |
04-26407 |
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CIN No.: [Company
Identification No.] |
U26914GJ1995PTC026407 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALL01952G |
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PAN No.: [Permanent
Account No.] |
AAACL3333J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader and Exporter of Home Appliances |
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 8600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Nimesh Jayendra Shah |
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Designation : |
Director |
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Date : |
31.05.2008 |
LOCATIONS
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Registered Office : |
Kathiawad, Diwanjiwada, Dandia Bazar, Baroda 390 001, Gujarat,
India |
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Tel. No.: |
91-265-327626 |
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Mobile No.: |
91-9339861441 |
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Fax No.: |
91-265-435345 |
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E-Mail : |
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Area : |
600 sq. ft. |
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Location : |
Leased |
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Head Office / Factory 1 : |
71, Canning Street, Bagree Markket, 3rd Floor, A-305,
Kolkata, West Bengal, India |
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Tel. No.: |
91-33-22159588/ 22353099 |
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Fax No.: |
91-33-22151926 |
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Factory 2 : |
20, Biren Roy Road, Behala, Calcutta – 700 034, West Bengal, India |
DIRECTORS
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Name : |
Mr. Manish Jayandra Shah |
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Designation : |
Director |
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Address : |
4A, Santosh Roy Road, Kolkata 700 008, West Bengal, India |
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Date of Birth/Age : |
13.10.1963 |
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Qualification : |
B.Com., MBA, Diploma in Mechanical Engineering |
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Date of Appointment : |
20.06.1995 |
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Name : |
Mr. Nimesh Jayendra Shah |
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Designation : |
Director |
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Address : |
4A, Santosh Roy Road, Kolkata 700 008, West Bengal, India |
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Date of Birth/Age : |
01.10.1973 |
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Date of Appointment : |
20.06.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Manish Shah |
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13000 |
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Mrs. Priti Manish Shah |
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16000 |
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Mr. Nimesh Shah |
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21000 |
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Total |
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50000 |
As on 30.09.2006
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Names of Shareholders |
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Percentage of
Holding |
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Director or Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Home Appliances |
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Products : |
§
Mixer Grinders §
Ceiling Fans §
Iron §
Toasters §
Table Fans §
Air Circulators
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Brand Names : |
“KITCHENETTE” and “LIBRA”. |
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Exports : |
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Products : |
All Products |
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Countries : |
Middle East |
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Terms : |
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Selling : |
L/C for Foreign and Credit for Indian |
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Purchasing : |
On Cash basis |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 21 [In Office – 7 and In Factory – 14] |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors 1: |
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Name : |
Vikas Kumar Halwai Chartered Accountants |
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Address : |
19, R N Mukherjee Road, Kolkata 700 001, West Bengal, India |
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Auditors 2: |
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Name : |
Rajesh Bhalotia and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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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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1.650 |
1.687 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.150 |
2.187 |
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LOAN FUNDS |
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1] Secured Loans |
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8.071 |
6.601 |
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2] Unsecured Loans |
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1.198 |
0.493 |
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TOTAL BORROWING |
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9.269 |
7.094 |
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DEFERRED TAX LIABILITIES |
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0.103 |
0.141 |
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TOTAL |
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11.522 |
9.422 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.573 |
0.741 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.604 |
6.435 |
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Sundry Debtors |
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2.035 |
1.755 |
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Cash & Bank Balances |
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0.052 |
0.023 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.229 |
2.337 |
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Total
Current Assets |
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12.920 |
10.550 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.964 |
1.869 |
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Provisions |
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0.007 |
0.000 |
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Total
Current Liabilities |
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1.971 |
1.869 |
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Net Current Assets |
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10.949 |
8.681 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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11.522 |
9.422 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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5.707 |
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Other Income |
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0.000 |
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Total Income |
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5.707 |
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Profit/(Loss) Before Tax |
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(0.068) |
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Provision for Taxation |
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(0.031) |
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Profit/(Loss) After Tax |
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(0.037) |
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Expenditures : |
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Financial Charges |
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0.974 |
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Other Expenditure |
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4.801 |
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Total Expenditure |
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5.775 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(0.65) |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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(1.19) |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.50) |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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(0.03) |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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6.27 |
5.16 |
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Current Ratio (Current Asset/Current Liability) |
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6.55 |
5.64 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL
ACCEPTANCE CHART
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PARAMETERS |
DETAIL |
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Statutory Approvals |
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VAT/ TIN Registration |
19622520038 |
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Name of Bank |
State Bank of India |
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Current Account Number |
30160563738 |
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Account Since |
2 Years |
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Credibility Factors |
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IndiaMART Client Since |
5 Years |
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Trade Affiliations |
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SSI Registration |
210434107 dated 07.06.2001 |
FORM 8
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Name of the company |
LIBRA APPLIANCES PRIVATE LIMITED |
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Presented By |
The Federal Bank Limited, 1, R N Mukherjee Road, Kolkata 700 001, West Bengal, India |
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1) Date and description of instrument creating the change |
Agreement of cash credit dated 10.08.1999 for Rs. 2.900 millions. Agreement for hypothecation of book debts dated 10.08.1999 for Rs. 2.900 millions. Letter of credit agreement dated 10.08.1999 for Rs. 1.500 millions. Agreement for Inland letter of credit dated 10.08.1999 for Rs. 1.500 millions. Revival letter of credit agreement dated 10.08.1999 for Rs. 1.500 millions. Subsequently modified on 03.07.2001 for Rs. 5.300 millions and on 08.04.2002 for Rs. 5.900 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Overall Rs. 4.400 millions |
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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 |
The whole of the borrower stock of house hold appliances which now or hereafter from time to time shall be brought into stored or be in or about the borrower godowns or premises at canning street and talpukur road in building bearing no. 71 in canning street and talpukur road or wherever elses and whatsoever in nature including any such goods in transit or delivery shall be hypothecated to the bank and its assigns by way of first charge as security. The borrower hereby hypothecated and charge to the bank or its assigns by way of first charge all the present and future book debts, outstandings, monies, receivables, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the borrower in the course of it business by any person, firm, company or by the Government or any local bodies or authority all of which are hereafter collectively referred to as the said debts as security. The borrower hereby agreed and undertake to accept and pay all bills of exchange drawn exchange or purported to be drawn pursuant to the terms of the respective letter of credit. The bank having opened / agreed to open the letter of credit of Rs. 1.500 million and paid/ agreed to pay the bills drawn under the said letter of credit the opener hereby agres and undertake to accept and pay for all the documents negotiated there under in accordance with the terms thereof as also as for any disbursement made or liability incurred by the opening bank under the respective letter of credit together with interest, costs and charges and expenses. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower shall pay interest @ 19.38% p.a. with quarterly rate rising and filling therewith The borrower shall pay interest @ 19.38% or such other rate as prescribed by RBI and or Bank from time to time The company agree to pay interest on the amount payable in respect of their liability under the respective letter of credit @ 27.24 % p.a. over the RBI Advance Rate. The borrower are liable to bank fir the payment of all the outstandings in respect of the letter of credit facilities and the said agreement dated 10.08.1999 shall remain in full force and effect with all relative securities, covenants rights and obligation |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank Limited 11, Clive Row, Kolkata 700 001, West Bengal, India |
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6) Date and brief description of instrument modifying the charge |
Agreement of cash credit / overdraft/ demand loan dated 30.06.2003 Agreement for Inland letter of credit dated 30.06.2003 Letter of credit agreement dated 30.03.2003 |
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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. |
By this modification at the request of the borrower, the bank has enhanced the cash credit limit from Rs. 4.000 millions to Rs. 5.000 millions by this enhancements, the total credit facilities sanctioned to the borrower and Sanjog Precision Dyes gets increased in the following manner:
The borrower further extended the charge on its current assets which are already hypothecated in favour of the bank to secure the enhanced credit facilities to the tume of Rs. 6.900 millions in terms of the agreement executed on 30.06.2003 By this modification interest on cash credit limit gets reduced to 15.75% p.a. with quarterly rests and @ 17.75 % p.a. on liability under L/C Other terms and conditions save as modified by these present remain in full force. |
Trade References:
- Pantaloon Group
- Spencer
- Big Bazaar
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
5 |
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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 |
YES |
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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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45 |
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 |
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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 |
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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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