MIRA
INFORM REPORT
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Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
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Name : |
CHHEDA ELECTRICALS AND ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
13, Belmont Park, ICS Colony, Ganeshkhind Road, Pune – 411007,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
27.04.1995 |
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Com. Reg. No.: |
25-087786 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U31900MH1995PTC087786 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Electrical and Electronic Systems and Components to the
Auto Industry. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Profit and Loss Account of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
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Name : |
Mr. Rakesh |
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Designation : |
Finance Executive |
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Date : |
21.12.2011 |
LOCATIONS
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Registered Office : |
13, Belmont Park, ICS Colony, Ganeshkhind Road, Pune – 411007,
Maharashtra, India |
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Tel. No.: |
91-20-26817780 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
14, Hadapsar Industrial Estate, Pune – 411013, Maharashtra, India |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Vijay Jagdish Chheda |
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Designation : |
Managing Director |
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Address : |
13, Belmont Park, ICS Colony, University Road, Pune – 411007,
Maharashtra, India |
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Date of Appointment : |
27.04.1995 |
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DIN No.: |
00570393 |
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Name : |
Ms. Rashmi Jagdish Chheda |
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Designation : |
Director |
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Address : |
14, Silver Birch, Model Colony, Lakaki Road, Pune - 411016,
Maharashtra, India |
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Date of Appointment : |
27.04.1995 |
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DIN No.: |
00570749 |
KEY EXECUTIVES
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Name : |
Mr. Rakesh |
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Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
No. of Shares |
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Vijay Jagdish Chheda |
305000 |
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Rashmi Jagdish Chheda |
40000 |
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Dimple Vijay Chheda |
155000 |
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Total |
500000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Electrical and Electronic Systems and Components to the
Auto Industry. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Paresh K Shah and Company Chartered Accountants |
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Address : |
Prestige Point, Office 76, 2nd Floor, 283, Shukrawar Peth,
Opposite Chinchechi Talim, Pune – 411002, Maharashtra, India |
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PAN.: |
AAAPF9171B |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
69.403 |
68.876 |
77.994 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
74.403 |
73.876 |
82.994 |
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LOAN FUNDS |
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1] Secured Loans |
145.569 |
152.061 |
67.444 |
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2] Unsecured Loans |
82.705 |
71.154 |
64.227 |
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TOTAL BORROWING |
228.274 |
223.215 |
131.671 |
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DEFERRED TAX LIABILITIES |
1.368 |
0.946 |
5.002 |
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TOTAL |
304.045 |
298.037 |
219.667 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
234.296 |
229.441 |
106.200 |
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Capital work-in-progress |
0.000 |
0.000 |
7.962 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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 |
45.004
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43.203 |
44.197 |
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Sundry Debtors |
77.961
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62.611 |
71.817 |
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Cash & Bank Balances |
14.531
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1.923 |
1.158 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
37.427
|
58.374 |
84.235 |
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Total
Current Assets |
174.923
|
166.111 |
201.407 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
98.447
|
82.875 |
71.035 |
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Other Current Liabilities |
0.249
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1.217 |
0.000 |
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Provisions |
6.578
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13.523 |
24.967 |
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Total
Current Liabilities |
105.274
|
97.615 |
96.002 |
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Net Current Assets |
69.649
|
68.496 |
105.405 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
304.045 |
298.037 |
219.667 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.48
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4.34 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
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1.66
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1.70 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90087408 |
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Corporate
identity number of the company |
U31900MH1995PTC087786 |
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Name of the
company |
CHHEDA
ELECTRICALS AND ELECTRONICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
13, Belmont Park
ICS Colony, Ganeshkhind Road, Pune – 411007, Maharashtra, India |
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Type of charge |
Immovable
property Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400013, Maharashtra, India Email Id : abhishek.sahay@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
1)Memorandum
Relating to hypothecation of machinery 2)Memorandum of
equitable mortgage by deposit of title deeds - Both dated 24th
May, 2008 modifying a single charge |
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Date of instrument
Creating the charge |
24.05.2008 |
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Amount secured by
the charge |
Rs.80.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at such rate
as may be notified by bank from time to time Terms of
Repayment Repayment on
demand Margin As may be
notified by the bank Extent and
Operation of the charge 1)Working Capital
Limits: i) First and exclusive charge on stocks,
book debts and second charge on all movable plant and machinery, both present
and future. 2) Second charge
on immovable properties Others Both the
documents is for Rs.160.000 Millions, bifurcated as security for Working
Capital limits of Rs.80.000 Millions and term loan of Rs.80.000 Millions.
This Form 8 is for working capital facility of Rs.80.000 Millions separate
form 8 filed for term loan limits of Rs.80.000 Millions |
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Short particulars
of the property charged |
1) Security as
mentioned in earlier modification dated 21/02/2007 continues 2) Second charge
by way of hypothecation on movable plant and machinery 3) Second charge
by way of mortgage on i) Plot # 14 S. # 112a Hadapsar Pune, Maharashtra,
India ii) Plot # 7 S. # 276/1275/1 Village
Maan, Tal. Mulshi, Dist. Pune, Maharashtra, India iii) Plot # 30 In Kie
Indus. Estate, Khasta No. 368 Village Mundiyaki, Roorkee, District Haridwar,
Uttarakhand, India - together with
building and structures, plant and machineries, fixtures and fittings - for all above
both present and future |
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Date of latest
modification prior to the present modification |
21.02.2007 |
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Particulars of
the present modification |
By the present
modification the working capital of Rs.80.000 Millions is further secured by
second charge on the immovable properties of the company Also the movable
plant and machinery is secured by second charge instead of first charge for
the working capital limits of Rs.80.000 Millions |
FIXED ASSETS
·
Land
·
Building
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Plant and Machinery
·
R an D Equipments
·
Genser
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Dies and Moulds
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Electric Installation
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Computer
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Vehicles
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Machines
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Furniture and Fixtures
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Patent and Prototypes
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Time Share Vista Do rio
·
Software System
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.52.68 |
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|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
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 |
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 |
NO |
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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 |
|
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 |
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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 |
|
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.