MIRA
INFORM REPORT
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Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
FAIRDEAL CONSUMER DURABLES PRIVATE LIMITED |
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Registered
Office : |
No 60, 3rd Cross, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
27.12.1999 |
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Com. Reg. No.: |
026133 |
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CIN No.: [Company Identification
No.] |
U32309KA1999PTC026133 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRF00367D |
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PAN No.: [Permanent Account No.] |
AAACF4229R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributor for consumer durables and mobile Phones and Recharge
Vouchers for Mobile phones. |
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 55560 |
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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
|
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 DENIED BY
Management Non Co-Operative (Name not Disclosed)
LOCATIONS
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Registered Office : |
No 60, 3rd Cross, |
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Tel. No.: |
91-80-2225534 |
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Fax No.: |
91-80-2290178 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Devidasan |
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Designation : |
Director |
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Address : |
No.28, 3rd Cross, |
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Date of Birth/Age : |
19.06.1947 |
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Date of Appointment : |
27.12.1999 |
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Name : |
Mr. R Saraswathy |
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Designation : |
Director |
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Address : |
No.28, 3rd Cross, |
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Date of Birth/Age : |
18.10.1960 |
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Date of Appointment : |
27.12.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
|
Devidasan |
|
161595 |
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R Saraswathy |
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306612 |
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Medrich Inc |
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01 |
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Deepak Menon |
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01 |
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Kavitha Menon |
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01 |
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M T Sharada |
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01 |
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A L Motwani |
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01 |
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Ishu Motwani |
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01 |
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M V |
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01 |
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Total |
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468214 |
AS ON 30.09.2009
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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 : |
Distributor for consumer durables and mobile Phones and Recharge Vouchers
for Mobile phones. |
GENERAL INFORMATION
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No. of Employees : |
Not divulged by the management |
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Bankers : |
State Bank Of India, Sme Jp Nagar Branch, 5th Phase, Jp Nagar, Bangalore - 560078, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K G Acharya and Company Chartered Accountant |
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Address : |
No.14, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
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 |
|
468214 |
Equity Shares |
Rs.10/- each |
Rs.4.682 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.682 |
4.682 |
4.682 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.208 |
8.583 |
7.991 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.890 |
13.265 |
12.673 |
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LOAN FUNDS |
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1] Secured Loans |
29.400 |
26.466 |
29.513 |
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2] Unsecured Loans |
10.529 |
6.396 |
6.345 |
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TOTAL BORROWING |
39.929 |
32.862 |
35.858 |
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DEFERRED TAX LIABILITIES |
1.022 |
0.950 |
0.911 |
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TOTAL |
54.841 |
47.077 |
49.442 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.789 |
8.180 |
8.486 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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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 |
18.553
|
14.131 |
16.565 |
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Sundry Debtors |
23.619
|
22.038 |
20.379 |
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Cash & Bank Balances |
2.807
|
2.307 |
3.029 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.234
|
6.070 |
4.921 |
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Total
Current Assets |
49.213
|
44.546 |
44.894 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.571
|
2.429 |
3.368 |
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Other Current Liabilities |
0.353
|
3.085 |
0.595 |
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Provisions |
0.262
|
0.160 |
0.000 |
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Total
Current Liabilities |
2.186
|
5.674 |
3.963 |
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Net Current Assets |
47.027
|
38.872 |
40.931 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.841 |
47.077 |
49.442 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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TOTAL (A) |
226.009 |
297.100 |
364.310 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.352 |
1.299 |
3.255 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.352 |
1.299 |
3.255 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.392 |
0.388 |
0.353 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.960 |
0.911 |
2.902 |
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Less |
TAX (I) |
0.335 |
0.319 |
0.944 |
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PROFIT AFTER TAX
(G-I) (J) |
0.625 |
0.592 |
1.958 |
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Earnings Per
Share (Rs.) |
1.33 |
1.26 |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
0.28
|
0.20 |
0.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.68
|
1.73 |
5.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.07 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.03
|
2.90 |
3.14 |
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Current Ratio (Current Asset/Current Liability) |
|
22.51
|
7.85 |
11.32 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
Rs.
In Millions 31.03.2007 |
|
Sundry Creditors from Purchase |
1.571
|
2.429 |
3.368 |
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FORM 8:
|
Corporate
identity number of the company |
U32309KA1999PTC026133 |
|
Name of the
company |
FAIRDEAL CONSUMER
DURABLES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.60, 3rd Cross,
|
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Immovable
Property Movable Property Floating Charge |
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Particular of
charge holder |
STATE BANK OF |
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Nature of
instrument creating charge |
Supplemental
Agreement Of Loan-Cum-Hypothecation Sme - 4 And Letter Of Confirmation For
Extension Of Mortgage By Deposit Of Title Deeds Sme - 8 (Both Pertain To The
Same Charge) |
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Date of instrument
Creating the charge |
03/12/2010 |
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Amount secured by
the charge |
Rs.52.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest WCL - At 4.50%
Above Base Rate With Effective Rate 12.00%
P.A. At Monthly Rests. Penal Int : Max
2% P.A. Over The Terms of
Repayment WCL - On Demand.
Advance Is For A Period Of 12 Months. Margin RM/SIP/FG/RECEIVABLES
: 25% BG : 25% Extent and
Operation of the charge Exclusive First
Charge On The Assets Of The Company And To The Full Extent. Others CC (Stocks)
Rs.22.500 Millions; Cc (Receivables) Rs.20.000 Millions; Bg Rs.10.000 Millions; Total Rs.52.500 Millions. |
|
Short particulars
of the property charged |
Hypo. of company's
present and future movable fixed assets and current assets like stocks, raw
materials, semi finished and finished goods, book debts, receivables,
outstanding monies, bills, rights, stores, components, furniture and
fittings; other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance. EM of Immovable property land and building
situated at No.60 (Old No.17/1) 3rd Cross, |
|
Date of
instrument modifying the charge |
02/09/2010 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased from Rs. 47.500 Millions to Rs. 52.500
Millions. The securities described and detailed in col no 15 herein above
continue for the enhanced limit. All other terms and conditions remain
unchanged. |
FIXED ASSETS:
- Building
- Motor Car
- Furniture and Fixtures
- Office Equipments
- Computers
- Vehicles
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.45.20 |
|
|
1 |
Rs.73.16 |
|
Euro |
1 |
Rs.61.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--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 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.