1. Summary Information
|
|
|
Country |
|
|
Company Name |
|
Principal Name 1 |
Mr. Jose John Geevargese |
|
Status |
Moderate |
Principal Name 2 |
Mr. John Geevargese Geevargese |
|
|
|
Registration # |
04-007880 |
|
Street Address |
B Jadhav Chambers, 2nd Floor, |
||
|
Established Date |
06.06.1985 |
SIC Code |
-- |
|
Telephone# |
91-79-27546314-19 |
Business Style 1 |
Distributor |
|
Fax # |
91-79-27546221 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Color Television |
|
|
# of employees |
80 |
Product Name 2 |
Laptops |
|
Paid up capital |
Rs.21,383,000 |
Product Name 3 |
DVD Players |
|
Shareholders |
Directors or relatives of directors 100% |
Banking |
Union Bank of |
|
Public Limited Corp. |
NO |
Business Period |
25 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (29) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates/Subsidiaries
: |
|
Santosh Trading
Company |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
36,784,000 |
Current Liabilities |
46,301,000 |
|
Inventories |
67,182,000 |
Long-term Liabilities |
49,988,000 |
|
Fixed Assets |
26,514,000 |
Other Liabilities |
95,000 |
|
Deferred Assets |
-- |
Total Liabilities |
96,384,000 |
|
Invest& other Assets |
4,000 |
Retained Earnings |
12,687,000 |
|
|
|
Net Worth |
34,100,000 |
|
Total Assets |
130,484,000 |
Total Liab. & Equity |
130,484,000 |
|
Total Assets (Previous Year) |
96,633,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
726,524,000 |
Net Profit |
-- |
|
Sales(Previous yr) |
578,014,000 |
Net Profit(Prev.yr) |
-- |
MIRA INFORM
REPORT
|
Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SALES INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
SALES INDIA LIMITED |
|
|
|
|
Registered Office : |
B Jadhav Chambers, 2nd Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
06.06.1985 |
|
|
|
|
Com. Reg. No.: |
04-007880 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29191GJ1985PTC007880 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS00395D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCS6857N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Distributor of Consumer Electronics Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 136400 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small business dealing at usual
trade terms and conditions with slight caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
B Jadhav Chambers, 2nd Floor, |
|
Tel. No.: |
91-79-7546314- 19 |
|
Fax No.: |
91-79-27546221 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4000 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Branches : |
Located at
|
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Jose John |
|
Designation : |
Managing Director |
|
Address : |
Santosh Sadan, Opposite H.K House, |
|
Date of Birth/Age : |
06.06.1966 |
|
Date of Appointment : |
06.06.1985 |
|
|
|
|
Name : |
Mr. John Geevargeese |
|
Designation : |
Chairmen |
|
Address : |
Santosh Sadan, Opposite H.K House, |
|
Date of Birth/Age : |
21.09.1937 |
|
Date of Appointment : |
06.06.1985 |
|
|
|
|
Name : |
Mrs. Chandramati John |
|
Designation : |
Director |
|
Address : |
Santosh Sadan, Opposite H.K House, |
|
Date of Birth/Age : |
30.04.1941 |
|
Date of Appointment : |
20.01.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhakar |
|
Designation : |
Chief Executive
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Shareholders AS ON 30.09.2010
|
Names of Equity Shareholders |
|
No. of Shares |
|
John Geevargeese |
|
866100 |
|
Jose John |
|
609600 |
|
Chandramati John |
|
254000 |
|
Sunita Vakta |
|
114500 |
|
Shantamma Abraham |
|
25000 |
|
Thomas Mathai |
|
11000 |
|
Dipika jose |
|
1900 |
|
Joy Jose |
|
800 |
|
Jessica John |
|
400 |
|
Joseph John |
|
4500 |
|
Jessy Joseph |
|
3500 |
|
Jiny Joseph |
|
2000 |
|
Sisidharan Nair |
|
15000 |
|
Total |
|
1908300 |
Preference Shareholders AS ON 30.09.2010
|
Names of Preference Shareholders |
|
No. of Shares |
|
|
|
4000 |
|
Emmanuel
John Daniel |
|
600 |
|
Harold
Arnold Soloman |
|
5000 |
|
K.A.Varghese |
|
50000 |
|
Minor.
Jeshurun Harold Soloman |
|
2800 |
|
Minor.Jerrice
Harold Soloman |
|
4800 |
|
Ponnamma
Das |
|
2500 |
|
Santamma |
|
2700 |
|
Shilaben
Bipinbhai Christian |
|
1000 |
|
Sunita
Vakta |
|
20000 |
|
John
Geevargese |
|
97800 |
|
Biju
Abraham |
|
1000 |
|
Pushpa
Biju |
|
1000 |
|
Pennamma
Abraham |
|
1000 |
|
P.
Y. Alias |
|
1000 |
|
Shiny
Alias |
|
1000 |
|
P.
Y. Kuriakose |
|
1000 |
|
Jessy
Joseph |
|
1000 |
|
Joseph
John |
|
1000 |
|
Jiby
Joseph |
|
1000 |
|
Jiny
Joseph |
|
1000 |
|
Abraham
A. |
|
1000 |
|
Santhamma
Abraham |
|
1000 |
|
Rekha
Anil |
|
1000 |
|
K.
C. Yesudasan |
|
1000 |
|
Ponnamma
Yesudas |
|
1000 |
|
Reena
Yesudas |
|
1000 |
|
J.
Vargese |
|
1000 |
|
Annamma
Vargese |
|
1000 |
|
Biju
Vargese |
|
1000 |
|
Bijee
Biju |
|
1000 |
|
Kamla
A. Soloman |
|
1000 |
|
Valentina
A Soloman |
|
1500 |
|
Anjlika
A Soloman |
|
1500 |
|
Jose
John |
|
11800 |
|
Mrs.
Chandramati John |
|
6000 |
|
Total |
|
233000 |
AS ON 30.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of Consumer Electronics Products. |
|
|
|
|
|
|
|
Products : |
|
|
|
|
|
Agencies Held : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Contract basis |
GENERAL INFORMATION
|
No. of Employees : |
80 |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Paras F. Jain and Company Chartered Accountant |
|
Address : |
102, 1st Floor, Dwarkesh, Opposite Patel Vas, Mithakhali
Gam, Mithakhali, Ahmedabad-380006, |
|
Pan No.: |
AATPJ9113C |
|
|
|
|
Associates/Subsidiaries : |
Santosh Trading
Company Line of business: distributor of consumer electronics
products. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- Each |
Rs.25.000 millions |
|
500000 |
Preference Share |
Rs.10/- Each |
Rs.5.000 millions |
|
Total
|
|
Rs.30.000
millions |
|
Issued & Subscribed
|
No. of Shares |
Type |
Value |
Amount |
|
1908300 |
Equity Shares |
Rs.10/- Each |
Rs. 19.083
millions |
|
230000 |
Preference Share |
Rs.10/- Each |
Rs. 2.300
millions |
|
Total |
|
Rs. 21.383 millions |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21.413 |
21.383 |
21.353 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.687 |
7.604 |
6.308 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
34.100 |
28.987 |
27.661 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
48.788 |
36.619 |
37.374 |
|
|
2] Unsecured Loans |
1.200 |
1.400 |
0.000 |
|
|
TOTAL BORROWING |
49.988 |
38.019 |
37.374 |
|
|
DEFERRED TAX LIABILITIES |
0.095 |
0.095 |
0.096 |
|
|
|
|
|
|
|
|
TOTAL |
84.183 |
67.101 |
65.131 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.514 |
25.032 |
28.426 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.004 |
0.004 |
0.004 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
67.182
|
52.190
|
68.307
|
|
|
Sundry Debtors |
7.049
|
6.102
|
5.195
|
|
|
Cash & Bank Balances |
20.168
|
4.591
|
5.667
|
|
|
Other Current Assets |
0.000
|
1.100
|
1.153
|
|
|
Loans & Advances |
9.567
|
7.614
|
7.235
|
|
Total
Current Assets |
103.966
|
71.597
|
87.557 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.903
|
23.708
|
43.024
|
|
|
Other Current Liabilities |
3.405
|
4.215
|
6.054
|
|
|
Provisions |
2.993
|
1.609
|
1.778
|
|
Total
Current Liabilities |
46.301
|
29.532
|
50.856 |
|
|
Net Current Assets |
57.665
|
42.065
|
36.701
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
84.183 |
67.101 |
65.131 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
726.524 |
578.014 |
550.020 |
|
|
|
|
|
|
|
|
|
NET PROFIT FOR
THE YEAR |
5.351 |
1.561 |
2.879 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.82 |
2.33 |
3.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24 |
2.42 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
During the year under report, the Company has earned the profit (after tax) of Rs.5.351 Millions (Previous year Rs.1.560 Millions). However, with a view to strengthen the financial position of the company, the Directors do not recommended any dividend on Equity Shares. At the same time, The Directors are please to recommend dividend @ 10% on 10% Redeemable Preference Shares of Rs.10/- each.
OPERATIONS:
During the year, the performance of the company was quite encouraging. The sales of the company have increased to Rs.726.523 Millions as against the previous year's sale of Rs.577.587 Millions showing significant rise in sales during the year under report. This is the result of the efforts put up by the Directors assisted by the Executives of the company. The products marketed by the company are very they all received by the Customers and all efforts are being made to see that the company achieves new heights of sales and profits in the years to come.
Bankers Charges
Report as per Registry
|
Name of the company |
|
|
Presented By |
Mr. John Geevargese |
|
1) Date and description of instrument creating the change |
Deed of
hypothecation dated the 08.12.2005 executed by Sales India Limited (thereon
and hereinafter referred to as the “Borrower”) in favour of ICICI Bank
Limited (“ICICI”) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Secured working
capital facilities not exceeding Rs.12.700 Millions (the aforesaid working
capital facilities as renewed / modified / amended from time to time are
hereinafter collectively referred to as “the Facilities”) extended /granted
to the borrower |
|
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 properties more
particular described in Annexure / hereto (hereinafter collectively referred
to as the assets) |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1.Convenant by
the borrower to com/ to ensure compliance with all the terms and conditions
set out in the master facility agreements dated 08.12.2005 entered between
the borrower and ICICI as modified amended/ renewed / supplemented from time
to time. 2. the borrower
shall pay/repay all amount in respects of the facilities and pay interest and
all other monies in the manner set out in the agreements and the other
transaction documents 3. the assets
were thereby hypothecation inter alia to ICICI as and by way of first and
exclusive charge, as security for and be charged with the repayments of the
facilities all interest and other monies payable by the borrower to ICICI as
specifies in the agreements and the other transaction documents. 4. the borrower
to keep the assets in marketable and good condition and also insured as provided
in the deed of hypothecation / the agreements=. 5. power of
entry, power to take charge and/ or possession or seize, recover, receive,
appoint receivers of and remove and / or sale by auction or private contract,
dispatch of for realization or otherwise dispose of or deal with all or any
part of the assets etc. as provided in the deed of hypothecation 6. all other
terms and conditions as contained in deed of hypothecation |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank
Limited, 9th Floor, JMC House, |
|
6) Date and brief description of instrument modifying the charge |
Not Available |
|
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. |
Not Available |
|
Corporate
identity number of the company |
U29191GJ1985PTC007880 |
|
Name of the
company |
Sale India
Private Limited |
|
Address of the
registered office or of the principal place of business in |
B Jadhav Chambers, 2nd Floor, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Email ID: ruchita.mehta@hdfcbank.com
|
|
Nature of
instrument creating charge |
Agreement for
auto loan (contracts No.15084600) |
|
Date of
instrument Creating the charge |
29.06.2009 |
|
Amount secured by
the charge |
Rs. 1.650
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 10% per annum IRR Terms of
Repayment To be repaid in
36 equal monthly installments of Rs.0.053 millions commencing from 05.08.2009 Margin Rs.0.408 millions
Extent and
Operation of the charge First and
exclusive charge on specific motor vehicle (Honda Accord 2.4 AT) purchased
out of loan funds. |
|
Short particular
of the property or asset(s) charged |
Hypothecation of
specific motor vehicle (Honda Accord 2.4 AT) |
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Vehicle
- Computer and
Printer
- Furniture and
Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.44.38 |
|
|
1 |
Rs.73.87 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.