MIRA INFORM REPORT

 

 

Report Date :

22.10.2008

 

IDENTIFICATION DETAILS

 

Name :

ADITYA PERIPHERALS PRIVATE LIMITED

 

 

Registered Office :

G3/G4 Karan Park, Opp G PT Limited, Uchagaon, Kolhapur – 416 005, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

19.04.2004

 

 

Com. Reg. No.:

25-19144

 

 

CIN No.:

[Company Identification No.]

U72200PN2004PTC019144

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

KLPA01630G

 

 

PAN No.:

[Permanent Account No.]

AAECA6973F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealers and Distributors of HP, Compaq Laptops and all Hardware.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 10000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments.

 

The company can be considered good for normal business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sujay Gholkhe

Designation :

Accountant

Date :

18.10.2008

 

 

LOCATIONS

 

Registered Office :

G3/G4 Karan Park, Opp G PT Limited, Uchagaon, Kolhapur – 416 005, Maharashtra, India

Tel. No.:

91-231-2605619

Mobile No.:

91-9850886414

E-Mail :

pjoshi30@rediffmail.com

Area :

1000 Sq. ft.

Location :

Owned

 

 

Branch Office 1 :

4 and 5, Mahagavkar Complex, Rajaram Road, Kolhapur – 416 005, Maharashtra, India

Tel. No.:

91-231-2522387 / 88

Fax No.:

91-231-2531166

Area :

800 Sq. ft.

Location :

Owned

 

 

Branch Office 2 :

Shop No. 1/2/3, Siddhivinayak Plaza, 11th Lane, Rajarampuri, Kolhapur – 416 008, Maharashtra, India

Tel. No.:

91-231-2605619 / 2607366

Mobile No.:

91-9850886414

E-Mail :

arun_managave@rediffmail.com

Area :

1000 Sq. ft.

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Arun Jaikumar Managave

Designation :

Director

Address :

Aditya, 27-A, 885-E Ward, Rajarampuri, Kolhapur – 416 008, Maharshtra, India

Date of Birth/Age :

22.02.1972

Date of Appointment :

19.04.2004

 

 

Name :

Mr. Appasaheb Jaikumar Managave

Designation :

Director

Address :

Aditya, 27-A, 885-E Ward, Rajarampuri, Kolhapur – 416 008, Maharshtra, India

Date of Birth/Age :

28.11.1975

Date of Appointment :

19.04.2004

 

 

Name :

Mrs. Mohini Arun Managave

Designation :

Director

Address :

Aditya, 27-A, 885-E Ward, Rajarampuri, Kolhapur – 416 008, Maharshtra, India

Date of Birth/Age :

21.08.1977

Date of Appointment :

19.04.2004

 

 

Name :

Mrs. Rajeshwari Appasaheb Managave

Designation :

Director

Address :

Aditya, 27-A, 885-E Ward, Rajarampuri, Kolhapur – 416 008, Maharshtra, India

Date of Birth/Age :

26.11.1980

Date of Appointment :

19.04.2004

 

 

Name :

Mr. Jaikumar Managave

Designation :

Director

 

 

Name :

Mr. Kiran Jaikumar Managave

Designation :

Director

Date of Birth/Age :

31 Years

 

 

Name :

Mrs. Anita Managave

Designation :

Director

Date of Birth/Age :

31 Years

 

 

Name :

Mrs. Jayashree Managave

Designation :

Director

Date of Birth/Age :

31 Years

 

 

KEY EXECUTIVES

 

Name :

Mr. Devendra V Deshpande

Designation :

Company Secretary

Address :

52, Parvati Gaon, Near Bank of Maharashtra, Pune – 411 009, Maharashtra, India

Tel No.:

91-20-2444 5265

Fax No.:

91-20-24449860

Mobile No.:

91-9422019397

E-Mail :

dvd_dev@rediff.com

devendracs@gmail.com

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(As on 31.03.2006)

Names of Shareholders

Percentage of Holding

Arun Jaikumar Managave

1250

Appasaheb Jaikumar Managave

1250

Mohini Arun Managave

1250

Rajeshwari Appasaheb Managave

1250

Anita Kiran Managave

1250

Jaikumar Annasaheb Managave

1250

Jayashri Jaikumar Managave

1250

Kiran Jaikumar Managave

1250

 

 

Total

10000

 

Equity shares Breakup (percentage of total equity)

(As on 29.09.2006)

Category

Percentage

Directors or relatives of directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Dealers and Distributors of HP, Compaq Laptops and all Hardware.

 

 

Agencies Held :

·         HP

·         Compaq

 

 

Terms :

 

Selling :

Credit (30 days / 60 days)

 

 

Purchasing :

Credit (30 days)

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers

 

 

No. of Employees :

25

 

 

Bankers :

·         The Ashta Peoples Co-Op Bank Limited

Kolhapur Branch, Kolhapur, Maharashtra, India

 

·         HDFC Bank Limited

·         Indusind Bank

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Anil Chikodi and Company

Chartered Accountants

Address :

Samartha Sakshi Plaza, Near Mahalaxmi Apparela, Rajarampuri, 4th Lane, Kolhapur – 416 008, Maharashtra, India

 

 

Associates/Subsidiaries :

Sun Systems

 

 

CAPITAL STRUCTURE

 

(As on 29.09.2006)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

15000

Equity Shares

Rs.100/- each

Rs.1.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.100/- each

Rs.1.000 million

 

 

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.000

0.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.976

0.299

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

1.976

0.799

LOAN FUNDS

 

 

 

1] Secured Loans

 

4.132

1.973

2] Unsecured Loans

 

1.431

0.870

TOTAL BORROWING

 

5.563

2.843

DEFERRED TAX LIABILITIES

 

0.070

0.021

 

 

 

 

TOTAL

 

7.609

3.663

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

4.543

2.641

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.020

0.020

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

5.526

0.795

 

Sundry Debtors
 

11.915

6.106

 

Cash & Bank Balances
 

3.031

1.561

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

0.523

0.124

Total Current Assets
 

20.995

8.586

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

17.420

7.423

 

Provisions
 

0.529

0.161

Total Current Liabilities
 

17.949

7.584

Net Current Assets
 

3.046

1.002

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

7.609

3.663

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

ther Income

 

1.514

0.519

Total Income

 

109.166

68.155

 

 

 

 

Profit/(Loss) Before Tax

 

1.054

0.481

Provision for Taxation

 

0.377

0.182

Profit/(Loss) After Tax

 

0.677

0.299

 

 

 

 

Expenditures :

 

 

 

 

Financial charges

 

0.297

0.062

 

Increase/(Decrease) in Finished Goods

 

(4.730)

(0.796)

 

Depreciation & Amortization

 

0.041

0.087

 

Other Expenditure

 

112.504

68.321

Total Expenditure

 

108.112

67.674

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

0.62

0.44

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

0.98

0.71

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

4.13

4.28

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.53

0.60

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

11.90

13.05

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.17

1.13

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References

 

·         Millenium Enterprise, Kolhapur 

 

Form No. 8

 

Name of the company

ADITYA PERIPHERALS PRIVATE LIMITED

Presented By

Arun J Managave, Director

1) Date and description of instrument creating the change

Term Loan dated 15.09.2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs.1.000 million

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

Mortgage of Land and Building situated at Gate No. 363, H R No. 2, Ground Floor, Plot No. G – 3, G-4 Area 106.74 Sq. Mts. And additional security of land at Uchgaon, Kolhapur Village No. 288/6.

4) Gist of the terms and conditions and extent and operation of the charge.

ROI – 12% p.a.

(Repay Rs.0.014 million + Interest P.M.)

Other terms and conditions as per the agreement

5) Name and Address and description of the person entitled to the charge.

The Ashta Peoples Co-Op Bank Limited

Kolhapur Branch, Kolhapur, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

Equitable Mortgage Agreement dated 15.09.2005

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 present 1st modification the total credit limit is further secured by way of entering into Equitable Mortgage with the Ashta Peoples Co-op Bank Limited (the Mortgage) wherein the mortgaged property is given a security to the above loan amount by company (the mortgagor) viz. Equitable Mortgage of Building at Kolhapur C S No. 1164 and 1147, Shop Unit No. 4 and 5 at Kolhapur admeasuring about 56.78 sq. Mtrs. 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.83

UK Pound

1

Rs.85.12

Euro

1

Rs.65.86

 

 

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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions