MIRA
INFORM REPORT
|
Report Date : |
18.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEVRAJ COMPUTERS
PRIVATE LIMITED |
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Registered Office : |
Gee Gee Complex, III
Floor, 42, Mount Road, Chennai 600002, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.04.1995 |
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Com. Reg. No.: |
18-30804 |
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CIN No.: [Company
Identification No.] |
U30006TN1995PTC030804 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED04126D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Distributors and Suppliers
of Computer and Accessories |
RATING &
COMMENTS
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MIRAs 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 47000 |
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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 having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. 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 : |
Mr. Ashok Kumar |
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Designation : |
Accountant |
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Date : |
17.10.2008 |
LOCATIONS
|
Registered Office/ Branch Office : |
Gee Gee Complex,
III Floor, 42, Mount Road, Chennai 600002, Tamilnadu, India. |
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Tel. No.: |
91-44-28418778/28525856/42156101-02/28591164 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Deoraj Jain
S. |
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Designation : |
Director |
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Address : |
No. 237,
Govindappa Naicken Street, Chennai 600001, Tamilnadu, India |
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Date of Birth/Age : |
01.05.1923 |
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Date of Appointment : |
04.04.1995 |
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Name : |
Mr. Durlabh Chand
D. Jain |
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Designation : |
Director |
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Address : |
No. 237,
Govindappa Naicken Street, Chennai 600001, Tamilnadu, India |
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Date of Birth/Age : |
23.09.1953 |
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Date of Appointment : |
04.04.1995 |
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Name : |
Mr. Shanthilal D.
Jain |
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Designation : |
Director |
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Address : |
No. 242, A
Kilpauk Garden Road, Kilpauk, Chennai 600010, Tamilnadu, India |
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Date of Birth/Age : |
19.07.1946 |
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Date of Appointment : |
04.04.1995 |
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Name : |
Mr. Yaspal S.
Jain |
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Designation : |
Director |
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Address : |
No. 242, A
Kilpauk Garden Road, Kilpauk, Chennai 600010, Tamilnadu, India |
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Date of Birth/Age : |
19.12.1969 |
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Date of Appointment : |
04.04.1995 |
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Name : |
Mr. Kumarpal S.
Jain |
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Designation : |
Director |
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Address : |
No. 242, A
Kilpauk Garden Road, Kilpauk, Chennai 600010, Tamilnadu, India |
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Date of Birth/Age : |
21.02.1975 |
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Date of Appointment : |
12.04.1995 |
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Name : |
Mr. Bhupendra D.
Jain |
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Designation : |
Director |
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Address : |
No. 242, A
Kilpauk Garden Road, Kilpauk, Chennai 600010, Tamilnadu, India |
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Date of
Birth/Age : |
10.07.1976 |
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Date of
Appointment : |
12.04.1995 |
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Name : |
Mr. Mahendra
Kumar D. Jain |
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Designation : |
Director |
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Address : |
No. 237,
Govindappa Naicken Street, Chennai 600001, Tamilnadu, India |
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Date of
Birth/Age : |
28.01.1978 |
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Date of
Appointment : |
01.02.1996 |
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Name : |
Smt. Kirankumari S.
Jain |
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Designation : |
Director |
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Address : |
No. 242, A
Kilpauk Garden Road, Kilpauk, Chennai 600010, Tamilnadu, India |
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Date of
Appointment : |
07.01.2004 |
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Name : |
Mr. Parsvakumar
D. Jain |
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Designation : |
Director |
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Address : |
No. 22 Chandralok
Apartments, 5th Cross Lane, Gandhi Nagar, Bangalore 560009,
Karnataka, India |
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Date of
Appointment : |
07.01.2004 |
KEY EXECUTIVES
|
Name : |
Balu Sridhar and Company |
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Designation : |
Company Secretary |
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Address : |
New No. 3, Raja Annamalai Road, First Floor, Purasawalkam, Chennai
600084, Tamilnadu, India |
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Tel. No. |
91-44-26651224/45558281 |
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Mobile No.: |
91-9841176001 |
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Fax. No. |
91-44-26651224 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
|
Mr. Deoraj Jain |
300 |
|
Mr. Durlabchand
D. Jain |
78330 |
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Mr. Shanthilal
Jain |
81000 |
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Mr. Yaspal S.
Jain |
67500 |
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Smt. Mohini Bai |
480 |
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Smt. Kiran Kumari |
47100 |
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Smt. Pawan Kumari |
52800 |
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Smt. Vasantha Y.
Jain |
26250 |
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Mr. Kumarpal S.
Jain |
78000 |
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Mr. Bhupendra S.
Jain |
72450 |
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Smt. Manisha D.
Jain |
30000 |
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Smt. Saritha D.
Jain |
30000 |
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Mr. Mahendra
Kumar D. Jain |
70500 |
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Mr. Parshav Kumar
D. Jain |
61800 |
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Ms. Hemalatha S.
Jain |
1500 |
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Ms. Snehalatha S.
Jain |
1500 |
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Mr. Harshavardhan
Y. Jain |
26490 |
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Mr. Vikramaditya
Y. Jain |
24000 |
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TOTAL |
750000 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributors and
Suppliers of Computer and Accessories |
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Imports : |
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Countries : |
Taiwan |
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Terms : |
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Selling : |
Cash and Credit 30/ 45 |
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Purchasing : |
Credit 30 days |
GENERAL
INFORMATION
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Customers : |
Retailers, End Users and Corporates |
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No. of Employees : |
About 25 |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Siddharth Mehta
and Company Chartered
Accountants |
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Address : |
91 Govindappa Naicken Street, First Floor, Chennai 600001, Tamilnadu, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
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|
31.03.2008
(Approximately) |
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Sales Turnover |
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|
750.000 |
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Expected Sales (2008-09) : Rs.1000.000 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 |
7.500 |
5.000 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.830 |
3.465 |
4.060 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.330 |
8.465 |
6.560 |
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LOAN FUNDS |
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1] Secured Loans |
22.758 |
10.637 |
8.496 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
22.758 |
10.637 |
8.496 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.088 |
19.102 |
15.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.204 |
25.512 |
20.796 |
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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 |
39.373
|
40.200
|
22.803 |
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Sundry Debtors |
117.001
|
99.136
|
86.164 |
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Cash & Bank Balances |
6.245
|
6.270
|
6.949 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
3.643
|
4.613
|
4.473 |
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Total Current Assets |
166.262
|
150.219 |
120.389 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
159.438
|
155.689
|
126.134 |
|
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Provisions |
0.940
|
0.940
|
0.000 |
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Total Current Liabilities |
160.378
|
156.629 |
126.134 |
|
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Net Current Assets |
5.884
|
(6.410)
|
(5.745) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
32.088 |
19.102 |
15.056 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
62.691 |
66.974 |
558.785 |
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Total Income |
62.691 |
66.974 |
558.785 |
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Profit/(Loss) Before Tax |
2.552 |
2.844 |
2.055 |
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Provision for Taxation |
0.000 |
0.940 |
0.000 |
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Profit/(Loss) After Tax |
2.552 |
1.904 |
2.055 |
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Expenditures : |
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Depreciation |
0.834 |
1.042 |
0.000 |
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Other Expenditure |
59.305 |
63.088 |
556.730 |
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Total Expenditure |
60.139 |
64.130 |
556.730 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.07 |
2.84
|
0.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.07 |
4.25
|
0.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.33 |
1.62
|
1.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.34
|
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
19.63 |
19.76
|
20.52 |
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Current Ratio (Current Asset/Current Liability) |
|
1.04 |
0.96
|
0.95 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
DEVRAJ COMPUTERS PRIVATE LIMITED |
|
Presented By |
AXIS BANK
LIMITED, Anna Salai Branch, 225, Anna Salai, Chennai 600002, Tamilnadu,
India |
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1) Date and description of instrument creating the change |
Hypothecation of current assets & movables PTD 3 dated 16.03.2005 Deed of confirmation for equitable mortgage of PTD 4 landed property dated 16.03.2005 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.10.000 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 |
Hypothecation of stocks and receivables Mortgage of land and property located at 242-A, Kilpauk Garden Road, Chennai 600010 |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Cash Credit facility of Rs. 10.000 millions against 1. Hypothecation of stocks & receivables 2. Mortgage of land and property located at 242-A, Kilpauk Garden Road, Chennai 600010, standing in the name of the company |
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5) Name and Address and description of the person entitled to the
charge. |
AXIS BANK
LIMITED, Anna Salai Branch, 225, Anna Salai, Chennai 600002, Tamilnadu,
India |
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6) Date and brief description
of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
-- |
Form 8 Particular
for creation or modification of charges
|
This form is for |
Creation of
charge |
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Corporation identity number or foreign company registrations number of the company |
U30006TN1995PTC030804 |
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Name of the company |
DEVRAJ COMPUTERS PRIVATE LIMITED |
|
Address |
42, Gee Gee Complex, III Floor, Mount Road, Chennai 600002,
Tamilnadu |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property |
|
Particular of the charge holder |
Citi Bank N.A. 601/602, Prestige Merdian 2, # 30 MG Road, Bangalore 560001, Karnataka, India E-mail : sukesh.bhowal@citigroup.com |
|
Nature or description of the instrument creating charge |
Loan Agreement No Instrument. Equitable mortgage by deposit of title goods |
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Date of the instrument creating charge |
30.08.2006 |
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Amount Secure by the charge |
Rs.10.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest : Applicable Citibank mortgage prime rate : 11.50% per annum Terms of repayment : Repayable in 48 months of Rs. 0.256 million each from the date of creation of loan account in the records of the company Extent and operation of the charge : As per the sanction letter and agreements Others : All other terms and conditions as per the sanction letter and agreements executed on 30.08.2006 |
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Short particulars of the Property charged |
Creation of equitable mortgage by way of deposit of title deeds of the following property owned by the company above to secure the credit facility. Description of the property mortgaged No. 79, Old No. 255 B Road, 12th Division, Ward 27, Anand Rao Extension, 6th Cross Street, Gandhi Nagar, Bangalore - 560009 |
TRADE REFERENCES:
- Radian India Limited
- Ingram Micro India Limited
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 Intl
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 companys 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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs 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/normal. |
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 |
|