MIRA
INFORM REPORT
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Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEKSARIA TRADING COMPANY PRIVATE LIMITED |
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Registered Office : |
Seksaria Chambers, 3rd Floor, 139, Nagindas Masrter Road,
Fort, Mumbai-400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
12.01.1943 |
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Com. Reg. No.: |
11-3797 |
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CIN No.: [Company
Identification No.] |
U51900MH1943PTC003797 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS01341E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor of Nokia Handset |
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 240000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established traders company of respectful directors.
Their trade relations are fair. Payments are reported as slow by average 45
days. However the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajesh Dixit |
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Designation : |
Account Officer |
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Date : |
17.11.2008 |
LOCATIONS
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Registered Office : |
Seksaria Chambers, 3rd Floor, 139, Nagindas Masrter Road,
Fort, Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-22673488 |
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Fax No.: |
91-22-22677517 |
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E-Mail : |
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Corporate Office : |
Sun Mill Compound, opposite Maruti Temple, Lower Parel (West), Mumbai,
Maharashtra, India |
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Tel. No.: |
91-22-66176600 |
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Factory : |
P.O. Tisri, District Giridh Jharkhand-815317, India |
DIRECTORS
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Name : |
Mr. Piyush Seksaria |
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Designation : |
Director |
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Address : |
Friendship Apartment, 27, Union Park, Pali Hill, Khar (West),
Mumbai-400052, Maharashtra, India |
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Date of Birth/Age : |
17.11.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
05.11.1976 |
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Name : |
Mr. Himanshu Seksaria |
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Designation : |
Director |
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Address : |
Friendship Apartment, 27, Union Park, Pali Hill, Khar (West),
Mumbai-400052, Maharashtra, India |
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Date of Birth/Age : |
17.05.1972 |
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Date of Appointment : |
22.01.1994 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Dixit |
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Designation : |
Account Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Gomatibai Makhanlal |
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7700 |
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Piyush Seksara |
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21070 |
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Himanshu Seksaria |
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16935 |
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Sushmadevi Seksaira |
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9800 |
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Vanita Seksaria |
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420 |
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Malvika Seksaria |
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70 |
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Aradhita Seksaria |
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3500 |
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Exken Finance Private Limited |
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3400 |
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Sektra Polymers Private Limited |
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13200 |
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Usha Gupta |
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200 |
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Rashmi Seksaria |
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5 |
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Piyush Seksaria Jt. Himanshu Seksaria |
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21000 |
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Total |
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97300 |
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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Bodies corporate (not mentioned above) |
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3.50 |
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Directors or relatives of directors |
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96.40 |
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Other to fifty (50) shareholders (other than listed above) |
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0.10 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Nokia Handset |
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Terms : |
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Selling : |
Cash and Credit ( 3-4 Days) |
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Purchasing : |
Advance |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
About 50 |
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Bankers : |
·
Allahbad Bank, Manish Commercial Centre, 216, Dr. A B Road, Worli,
Mumbai-400025, Maharashtra, India ·
Bank of Baroda Limited, Fort, Mumbai |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
R P Sharma and Company Chartered Accountant |
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Address : |
325, Kalbadevi Road, 4th Floor, Mumbai-400002, Maharashtra,
India |
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Associates/Subsidiaries : |
Sektra Marketing Services Private Limited U51909MH2007PTC169914 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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99000 |
Equity Shares |
Rs. 100/- each |
Rs. 9.900 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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97300 |
Equity Shares |
Rs. 100/-
each |
Rs. 9.730
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.730 |
9.730 |
9.730 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
38.357 |
23.746 |
16.193 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.087 |
33.476 |
25.923 |
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LOAN FUNDS |
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1] Secured Loans |
71.366 |
75.037 |
49.665 |
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2] Unsecured Loans |
5.333 |
23.521 |
17.798 |
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TOTAL BORROWING |
76.699 |
98.558 |
67.463 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.786 |
132.034 |
93.386 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.497 |
15.644 |
12.596 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
20.060 |
0.060 |
0.025 |
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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 |
51.586
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66.352 |
42.109 |
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Sundry Debtors |
56.405
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62.421 |
51.820 |
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Cash & Bank Balances |
5.275
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10.990 |
1.642 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.655
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2.970 |
3.051 |
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Total
Current Assets |
116.921
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142.733 |
98.622 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
25.692
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26.403 |
17.562 |
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Provisions |
0.000
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0.000 |
0.295 |
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Total
Current Liabilities |
25.692
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26.403 |
17.857 |
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Net Current Assets |
91.229
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116.330 |
80.765 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.786 |
132.034 |
93.386 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
2616.504 |
2508.183 |
1937.350 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
2616.504 |
2508.183 |
1937.350 |
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Profit/(Loss) Before Tax |
22.576 |
11.979 |
8.294 |
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Provision for Taxation |
8.258 |
4.252 |
3.019 |
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Profit/(Loss) After Tax |
14.318 |
7.727 |
5.275 |
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Expenditures : |
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Depreciation & Amortization |
1.687 |
1.131 |
0.935 |
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Other Expenditure |
2592.241 |
2495.073 |
1928.121 |
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Total Expenditure |
2593.928 |
2496.204 |
1929.056 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.54
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0.31 |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.86
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0.48 |
0.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.31
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7.56 |
7.46 |
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Return on Investment (ROI) (PBT/Networth) |
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0.47
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0.35 |
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.13
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3.73 |
3.29 |
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Current Ratio (Current Asset/Current Liability) |
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4.55
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5.41 |
5.52 |
LOCAL AGENCY
FURTHER INFORMATION
Dividend:
With a view of strengthening the financial position of the company the
director do not recommend the declaration of dividend for the year.
Operation:
SEKTRA MARKETING
SERVICES
Again the good performance of the company in the year is due to the
growth in sales of marketing division. This division has shown a sale of Rs.
2615.600 Millions (Last Year Rs. 2507.800 Millions) during the year
consideration. The company has promoted a new subsidiary Sektra Marketing
Services Private Limited I which the company has substantial interest. This
company will take care of Nokia Business w.e.f. 01.04.2008 this is in line with
Nokia Policies
TISRI:
The mica mining and trading operations at TISRI are still continuing to
go through a bad phase due to prevelling market conditions.
Trade References:
·
Vodafone
·
Nokia
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
90218483 |
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Corporate
identity number of the company |
U51900MH1943PTC003797 |
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Name of the
company |
SEKSARIA TRADING COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Seksaria Chambers, 3rd Floor, 139, Nagindas Masrter Road,
Fort, Mumbai-400001, Maharashtra, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Allahbad Bank, Manish Commercial Centre, 216, Dr. A B Road, Worli,
Mumbai-400025, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
General Letter of
Hypothecation |
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Date of
instrument Creating the charge |
22.02.2007 |
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Amount secured by
the charge |
Rs. 105.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI – 1% p.a. above
the prime lending Rate (PLR) (Presently 12.50% p.a.) with a minimum of 13.50%
p.a. with monthly rests. Terms of
Repayment On Demand Margin 25% on Stock and
Book Debts Extent and
Operation of the charge Exclusive first
charge by way of Hypothecation on Movable assets, book debts and other
current assets of the company both present and future. Others Limits enhanced
from Rs. 57.500 Millions to Rs. 105.000 Millions Limits granted to
Sektra Marketing Services a Unit of Seksaria Trading Company Private Limited |
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Short particulars
of the property charged |
Hypothecation of
present and future products, goods and movable property of any kind of the
company including all movable plant, engines and machinery, apparatus, tools,
motor lorries and cars furniture and stock of mobile handsets battery charges
slim cards and other machinery and other materials. Hypothecation of
all present and future Book Debts, Outstanding, Money Receivables, Claims,
Bills, Contracts, Engagements, Securities, Investments, Cash in hand and at
banks, rights and assets. |
Fixed Assets:
·
Land
·
Building
·
Cycles
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Motor Vehicles
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Electric Installation
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Office Equipments
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Computers
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Furniture and Fixture
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Live Stock
·
Scooter
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.49.46 |
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UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
47 |
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 |
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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 |
|
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 |
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