MIRA
INFORM REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
BIGC MOBILES PRIVATE LIMITED |
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Formerly Known
As : |
BALAJI WATCH AND MOBILES PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.11.2002 |
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Com. Reg. No.: |
01-39935 |
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CIN No.: [Company Identification
No.] |
U33301AP2002PTC039935 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDB03026C HYDB02058A |
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PAN No.: [Permanent Account No.] |
AACCB8646E AAFFB6192D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Mobiles and |
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 370000 |
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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. Swapnakumar Gondhesi |
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Designation : |
Director |
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Contact No.: |
91-9966286888 |
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Date : |
10.01.2011 |
LOCATIONS
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Registered Office : |
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Mobile No.: |
91-9966286888 (Mr. Swapnakumar Gondhesi) |
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E-Mail : |
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Website : |
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Area : |
1500 sq.ft |
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Location : |
Owned |
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Head Office : |
6-3-399, 3rd Floor, Ozone Complex, Above |
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Tel. No.: |
91-40-40335333 |
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Fax No.: |
91-40-40335333 |
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E-Mail : |
DIRECTORS
As On 31.07.2010
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Name : |
Mr. Memparala Balachandrudu |
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Designation : |
Director |
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Address : |
H.No.8-3-1064, |
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Date of Birth/Age : |
01.01.1969 |
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Date of Appointment : |
18.11.2002 |
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DIN No. : |
00057780 |
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Name : |
Mr. Swapnakumar Yenuga |
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Designation : |
Director |
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Address : |
H.NO.31-14-16, |
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Date of Birth/Age : |
11.06.1980 |
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Date of Appointment : |
14.08.2009 |
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DIN No. : |
00098506 |
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Name : |
Mr. Balaji Reddy Gondhesi |
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Designation : |
Director |
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Address : |
Plot No. 405,
Mata Enclave, |
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Date of Birth/Age : |
14.06.1974 |
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Date of Appointment : |
14.08.2009 |
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DIN No. : |
00245277 |
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Name : |
Mr. Damodara Balaji Yerraguntla |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
04.06.1966 |
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Date of Appointment : |
18.11.2002 |
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DIN No. : |
01190282 |
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Name : |
Mr. Kunjeti Krishna Pavan |
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Designation : |
Director |
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Address : |
D.No. 4/93, |
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Date of Birth/Age : |
23.03.1982 |
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Date of Appointment : |
14.08.2009 |
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DIN No. : |
01344475 |
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Name : |
Mr. Yerraguntla Guruswamy Nadu |
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Designation : |
Director |
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Address : |
Flat No.302,
Srinilayam, |
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Date of Birth/Age : |
31.08.1974 |
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Date of Appointment : |
31.03.2008 |
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DIN No. : |
01626454 |
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Name : |
Mr. Rachamallu Gouthama Reddy |
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Designation : |
Additional Director |
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Address : |
1/1754, Gandhinagar, Y. M.Palli, Cuddapah – 516004, Andhra Pradesh,
Indai |
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Date of Birth/Age : |
06.08.1979 |
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Date of Appointment : |
02.08.2010 |
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DIN No. : |
01508386 |
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Name : |
Mr. Venkata Sateesh Babu Devarala |
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Designation : |
Additional Director |
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Address : |
4/1167, Usmansaheb Pet |
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Date of Birth/Age : |
27.04.1974 |
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Date of Appointment : |
02.08.2010 |
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DIN No. : |
01595303 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.07.2010
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Names of Shareholders |
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No. of Shares |
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R. Gouthamreddy |
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106250 |
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D. Kavitha |
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62500 |
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25000 |
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Y. Mohan Reddy |
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25000 |
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M. Rohini |
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50000 |
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D. V. Satishbabu |
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56250 |
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M.Balachandrudu |
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675000 |
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Y.Damodara Balaji |
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250000 |
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G.Balaji Reddy |
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325000 |
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K.Krishna Pavan |
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137500 |
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Y.Guru Swamy Naidu |
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500000 |
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Y.Swapna Kumar |
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287500 |
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Total |
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2500000 |
As On 31.07.2010
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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 : |
Trader of Mobiles and |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
40 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 50.000 Millions
Notes: a)
Term Loan from Synidcate Bank of Rs. 13.500
millions (previous year Rs. 14.000 millions) and cash credit facility of Rs. 35.000
millions (previous year Rs. 35.000 millions) are secured by first charge on
fixed assets and hypothecation of stocks and book debts of the company
respectively and guaranteed by the directors of the company in their personel
capacity. b)
Overdraft from ICICI Bank of Rs. 5.000 millions
(previous year Rs. 5.000 millions) is secured by hypothecation of credit card
dues receivable by the company both present and future and second charge on
stocks and book dbets of the company. c)
Hire purchase loans are secured by the first
charge on assets purchased under hire purchased arrangement.
Notes: The unsecured loans from directors and shareholders are interest free. |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
M. Chandramouli Chartered Accountant |
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Address : |
16/2/447, Srinivasa Agraharam, Neelore, |
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Tel. No.: |
91-40-2324672 |
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Mobile No.: |
91-9440276919 |
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Fax No.: |
91-40-2324672 |
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Pan No. : |
ADLPM6720B |
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CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5550000 |
Equity Shares |
Rs. 10/- each |
Rs. 55.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
69.461 |
30.991 |
1.229 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
94.461 |
55.991 |
26.229 |
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LOAN FUNDS |
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1] Secured Loans |
43.305 |
57.682 |
19.043 |
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2] Unsecured Loans |
12.955 |
36.652 |
0.000 |
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TOTAL BORROWING |
56.260 |
94.334 |
19.043 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.140 |
(0.055) |
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TOTAL |
150.721 |
150.465 |
45.217 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.638 |
62.669 |
8.589 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
17.493 |
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DEFERREX TAX ASSETS |
1.281 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
161.061
|
171.389 |
18.714 |
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Sundry Debtors |
103.668
|
57.687 |
0.022 |
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Cash & Bank Balances |
32.293
|
21.417 |
8.670 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
68.002
|
39.729 |
14.220 |
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Total
Current Assets |
365.024
|
290.222 |
41.626 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
273.492 |
190.805 |
19.919 |
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Other Current Liabilities |
0.345
|
11.651 |
2.531 |
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Provisions |
0.075
|
0.150 |
0.041 |
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Total
Current Liabilities |
289.222
|
202.606 |
22.491 |
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Net Current Assets |
75.802
|
87.616 |
19.135 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.180 |
0.000 |
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TOTAL |
150.721 |
150.465 |
45.217 |
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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 |
2305.729 |
2282.168 |
504.806 |
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Other Income |
2.779 |
2.180 |
19.401 |
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TOTAL (A) |
2308.508 |
2284.348 |
524.207 |
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Less |
EXPENSES |
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|
|
|
|
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Cost of sales |
1903.800 |
1944.416 |
470.602 |
|
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Employees emoluments |
82.760 |
66.348 |
10.516 |
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Administrative, selling and general expense |
237.106 |
214.259 |
38.039 |
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TOTAL (B) |
2223.666 |
2225.023 |
519.157 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
84.842 |
59.325 |
5.050 |
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Less |
FINANCIAL
EXPENSES (D) |
12.573 |
9.905 |
2.059 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
72.269 |
49.420 |
2.991 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.302 |
12.417 |
1.844 |
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PROFIT BEFORE
TAX (E-F) (G) |
57.967 |
37.003 |
1.147 |
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Less |
TAX (I) |
19.497 |
9.121 |
0.546 |
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PROFIT AFTER TAX
(G-I) (J) |
38.470 |
27.882 |
0.601 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.991 |
1.230 |
0.629 |
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Add |
Surplus
of Transferor Companies |
0.000 |
1.879 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
60.461 |
30.991 |
1.230 |
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IMPORTS |
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Mobile Phones |
84.63 |
32.349 |
NA |
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TOTAL IMPORTS |
84.63 |
32.349 |
NA |
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Earnings Per
Share (Rs.) |
15 |
11 |
2 |
|
Expected Sales (2010-2011): Rs. 2500.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.67
|
1.22 |
0.11 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.51
|
1.62 |
0.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.21
|
10.48 |
2.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.66 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.66
|
5.30 |
1.58 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.43 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
The details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Dues to SSI Undertakings |
- |
- |
- |
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Dues to others than SSI Undertakings |
273.492 |
190.805 |
19.919 |
|
Total |
273.492 |
190.805 |
19.919 |
OPERATIONS:
Although the year has been challenging, the company was able to achieve
a considerable improvement in the profitability of the operations by
consolidation exercise that has been taken up in the previous year. With this
the company is in a better position to improve and sustain its bran image.
Form 8:
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Corporate
identity number of the company |
U33301AP2002PTC039935 |
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Name of the
company |
BALAJI WATCH AND
MOBILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
6-3-669, 3rd
Floor, 'O' Zone Complex, |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
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Nature of instrument
creating charge |
Memorandum
Recording past transactions of Creation of Mortgage by Delivery of Title
Deeds. |
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Date of
instrument Creating the charge |
22.12.2009 |
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Amount secured by
the charge |
Rs. 50.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest at the rate as may be communicated by the Bank from time to time. Terms of
Repayment - On Demand Margin - As may
be stipulated by the Bank from time to time. Extent and
Operation of the charge - The Company created an equitable mortgage by way of
deposit of title deeds in respect of its immovable properties as stated under
item No.15 as security for the due repayment of Rs.50.000 millions
(Comprising : FLC of Rs.50.000 millions and CC of (Rs.1.000 millions)) by
Celikon Impex Private Limited ("the Borrower"), including principal
amount of the Facility, interest, liquidated damages, costs, charges and
expenses etc |
||||||
|
Particulars of
the property charged |
Survey No.858,
Plot No.4, Patta No.642, Assessment No.94296, Old Door No.27-1-1003 /2, New
Door No.27-1-1355, (Owned By K. Radhaiah ) CAS Nos. 607/1,
607/2, L.P. No. 101/ 95, Tekkemitta Road, East Side of Railway Track, Ward
No.23, Near Door No.1490, (Owned By Guruswamy Naidu) |
Fixed Assets:
- Buildings
- Plant and machinery
- Furniture and fixtures
- Vehicle
Contingent Liabilities:
a)
Guarantees given by the
banks on behalf of the company for which the company is contingently liable Rs.
5.100 millions (previous year Rs. 5.000 millions)
b)
Estimated amount of
contracts remaining to be executed on capital account and not provided for Rs.
15.000 millions (previous year Rs. 2.000 millions)
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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.