MIRA
INFORM REPORT
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Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
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Name : |
BAGH BAHAR APPLIANCES PRIVATE LIMITED |
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Registered Office : |
29, Akshay Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.06.1997 |
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Com. Reg. No.: |
11-108822 |
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CIN No.: [Company
Identification No.] |
U29305PN1997PTC108822 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB01940B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor of Consumer Durable Electronics and Electrical Appliances. |
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 210000 |
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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. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Anil Damble |
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Designation : |
Financial consultants |
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Contact No.: |
91-9371003288 |
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Date : |
18.02.2011 |
LOCATIONS
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Registered Office : |
29, Akshay Complex, |
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Tel. No.: |
91-20-40131000/26122118 / 26128259 |
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Mobile No.: |
91-9371003288 (Mr. Anil) |
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Fax No.: |
91-20-26134837 |
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E-Mail : |
shailesh@sskinfotech.com |
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Area : |
14000 sq. ft |
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Location : |
Owned |
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Warehouse : |
Reliable Warehousing, Gate No. 2347/B/A, |
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Area : |
5000 sq. ft. |
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Location : |
Rented |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rajesh Jeevan
Uttamchandani |
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Designation : |
Director |
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Address : |
A-6, |
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Date of Birth/Age : |
08.01.1964 |
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Date of Appointment : |
17.06.1997 |
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Name : |
Mr. Govind Jeevan
Uttamchandani |
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Designation : |
Director |
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Address : |
A-6, |
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Date of Birth/Age : |
08.01.1964 |
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Date of Appointment : |
17.06.1997 |
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Name : |
Mrs. Meena Uttamchandani |
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Designation : |
Director |
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Address : |
A/6, Clover Garden, 4 Nalor Road, Bund Garden Road, Pune-411001,
Maharashtra, India |
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Date of Birth/Age : |
10.02.1965 |
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Date of Appointment : |
01.01.2007 |
KEY EXECUTIVES
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Name : |
Mr. Anil Damble |
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Designation : |
Financial Consultants |
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Name : |
S Krishnamurthy and Company |
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Designation : |
Company Secretary |
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Address : |
Flat No. 6, Building No. 10, Sakal Nagar , Pune-411007, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Rajesh Uttamchandani |
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449950 |
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Mr. Govind Uttamchandani |
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449950 |
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Mrs. Meena Uttamchandani |
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50000 |
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Mrs. Sunita Uttamchandani |
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50000 |
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Total |
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999900 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Consumer Durable Electronics and Electrical
Appliances. |
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Agencies Held : |
· Samsung ·
Nokia Mobile |
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Terms : |
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Selling : |
Cash, Credit (30 to 60 to 90 days) |
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Purchasing : |
Cash, Credit (30 to 60 to 90 days) |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
·
The Poone People’s Co-operative Bank, 606,
Sadashiv Peth, Azad Wadi, Pune-411030, ·
Union Bank of · ICICI Bank, bangarden ·
Bank of · HDFC Bank, Bangarden · Yes Bank · Abn amro Bank Limited · Barclays Bank Limited · Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
D. G. Kango Chartered Accountant |
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Address : |
2040, Sadashi Peth, Nikhil Pride, 4th Floor, |
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Associates/Subsidiaries : |
·
Shri Santkripa Appliances, Pune Line of Business:
Distributor of Whirlpool Home Appliances, Samsung Colour TV,
T-Series Cassettes and Nokia
Handsets ·
Gurunanak Marketing, Wagholi, Pune-411 030, ·
SSK Infotech Private Limited, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Share |
Rs.10/- Each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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999900 |
Equity Share |
Rs.10/- Each |
Rs. 9.999
Millions |
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 |
9.999 |
9.999 |
9.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.243 |
29.273 |
20.626 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.242 |
39.272 |
30.625 |
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LOAN FUNDS |
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1] Secured Loans |
275.905 |
95.577 |
72.495 |
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2] Unsecured Loans |
3.347 |
12.709 |
25.029 |
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TOTAL BORROWING |
279.252 |
108.286 |
97.524 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
332.494 |
147.558 |
128.149 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.584 |
1.730 |
2.025 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.661 |
3.484 |
10.460 |
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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 |
133.565
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93.026
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90.382
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Sundry Debtors |
253.533
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144.988
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125.154
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Cash & Bank Balances |
2.568
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7.450
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2.197
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Other Current Assets |
1.160
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1.160
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0.860
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Loans & Advances |
5.888
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2.792
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4.575
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Total
Current Assets |
396.714
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249.416
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223.168 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
70.890
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105.858 |
106.783 |
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Other Current Liabilities |
(1.650)
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(0.229)
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(0.297)
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Provisions |
1.227
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1.445
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1.022
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Total
Current Liabilities |
70.467
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107.074
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107.508 |
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Net Current Assets |
326.247
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142.342
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115.660 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.002 |
0.004 |
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TOTAL |
332.494 |
147.558 |
128.149 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1194.692 |
900.034 |
810.188 |
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Other Income |
18.247 |
12.674 |
3.794 |
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TOTAL (A) |
1212.939 |
912.708 |
813.982 |
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Less |
EXPENSES |
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TOTAL (B) |
1182.824 |
889.081 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.115 |
23.627 |
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Less |
FINANCIAL
EXPENSES (D) |
15.784 |
14.653 |
Including |
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Interest and |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.331 |
8.974 |
Depreciation |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.362 |
0.327 |
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PROFIT BEFORE TAX
(E-F) (G) |
13.969 |
8.647 |
8.322 |
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Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
13.969 |
8.647 |
8.322 |
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Earnings Per
Share (Rs.) |
13.98 |
- |
- |
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Expected Sales (2010-2011) : Rs.1500.000 Millions
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.15
|
0.95 |
1.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.17
|
0.96 |
1.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.50
|
3.44 |
3.70 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.22 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.57
|
5.48 |
6.69 |
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Current Ratio (Current Asset/Current Liability) |
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5.63
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2.33 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
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Sundry Creditors |
70.890
|
105.858 |
106.783 |
Overview of the Company:
The Company is incorporated under the Indian Companies
Act 1956 as Subject. The companies principal are of operations is wholesale
trading in Electrical Equipment and Mobile phones.
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U29305PN1997PTC108822 |
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Name of the
company |
BAGH BAHAR
APPLIANCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
29, Akshay Complex, |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10076806 |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Union Bank of |
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Nature of
description of the instrument creating or modifying the charge |
The supplementary
agreement to Sd-06 hypothecation agreement. |
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Date of
instrument Creating the charge |
28.09.2010 |
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Amount secured by
the charge |
Rs.110.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14.50% p.a. with
monthly rests or such other rate as revised by bank from time to time. Terms of
Repayment payable on demand Margin Stock and Book
Debt-25% Extent and
Operation of the charge To the extent of
amount borrowed |
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Short particulars
of the property charged |
Hypothecation of
Goods, Books, And Movable Property Covered By principal hypothecation agreement. |
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Date of latest
modification prior to the present modification |
30.07.2010 |
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Particulars of
the present modification |
Borrowing limit
is enhanced from Rs.100.000 millions to Rs.110.000 millions |
Fixed Assets
· Computer
· Generator
· Motor Car
· Printer
· Software
· U.P.S
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--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 |
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.