MIRA
INFORM REPORT
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Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
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Name : |
RASHI PERIPHERALS PRIVATE LIMITED |
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Registered Office : |
102, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.03.1989 |
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Com. Reg. No.: |
11-51039 |
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CIN No.: |
U30007MH1989PTC051039 |
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TAN No.: (Tax Deduction & Collection Account No.) |
MUMR14063A |
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PAN No.: (Permanent Account No.) |
AAACR2162H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealer, Distributor and Importer of Computer Peripherals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 1473944 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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. Navin Agarwal |
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Designation : |
Finance Manager |
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Contact No.: |
91-22-67090909 |
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Date : |
19.01.2011 |
LOCATIONS
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Registered / Corporate Office : |
102, |
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Tel. No.: |
91-22-67090909 |
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Fax No.: |
91-22-67090999 |
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E-Mail : |
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Website: |
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Area : |
8000 sq. ft. |
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Location : |
Owned |
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Factory : |
F – 10,Chirag Industrial Complex, 39/40 Golden Industrial
Estate, Dabhel, |
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Tel. No.: |
91-260-2244243/ 44 |
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Fax No.: |
91-260-2241952 |
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Area : |
4000 sq. ft. |
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Location : |
Owned |
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Branches : |
Located at: EAST Bubneshwar, Gangtok, Guwahati,
Kolkata, WEST Ahmedabad, Amravati, Aurangabad,
Baroda, Bilaspur, Goa, Indore, Jabalpur, Junagarh, Lamington, Kolhapur,
Mumbai, Nagpur, Nasik, Navi Mumbai, Pune, Raipur, Rajkot, Sangli, Surat NORTH SOUTH |
DIRECTORS
AS ON 09.09.2010
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Name : |
Mr. Suresh Mahavirprasad Pansari |
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Designation : |
Director |
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Address : |
801, Shubh Angab, 5th Floor, S V Road, JVPD Scheme, Vile Parle (W),
Mumbai – 400056, Maharashtra, India |
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Qualification: |
B. COM. / FCA |
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Date of Birth/Age : |
11.06.1954 |
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Date of Appointment : |
15.12.1989 |
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Name : |
Mr. Krishnakumar Radheshyam Choudhary |
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Designation : |
Director |
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Address : |
401, Shubh Angab, 5th Floor, S V Road, JVPD Scheme, Vile Parle (W),
Mumbai – 400056, Maharashtra, India |
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Qualification: |
B. COM. / FCA |
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Date of Birth/Age : |
28.10.1955 |
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Date of Appointment : |
28.02.1997 |
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Name : |
Mr. Kapal Suresh Pansari |
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Designation : |
Director |
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Address : |
801, Shubh Angab, 5th Floor, S V Road, JVPD Scheme, Vile Parle (W),
Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
21.12.1983 |
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Date of Appointment : |
01.07.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.06.2010
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Names of Shareholders |
No. of Shares |
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Manju Pansari |
116875 |
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K.K. Choudhary JT. Meena Choudhary |
95000 |
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Meena Choudhary JT. Manju Pansari, K.K. Choudhary HUF Suresh Pansari HUF |
116500 |
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Suresh Pansari |
124375 |
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SMT. Meena Choudhary |
68375 |
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K.K. Choudhary Karta of K.K. Choudhary HUF |
7500 |
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Suresh Pansari Karta of Suresh Pansari HUF |
4400 |
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Kapal Pansari |
73500 |
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Chaman Pansari |
57000 |
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Master Keshav Choudhary Through F and NG K.K. Choudhary |
176000 |
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30875 |
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Rajesh Attal |
122855 |
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Priyanka Kapal Pasari |
1600 |
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Total |
994855 |
AS ON 09.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
12.00 |
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Directors or relatives of Directors |
88.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer, Distributor and Importer of Computer Peripherals |
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Agencies Held : |
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Imports : |
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Products : |
Computer Peripherals |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
750 (in office + in factory + in branches) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
ASL and Company Chartered Accountant |
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Address : |
102, Gauresh Apartments, Agarkar Chowk, Old Police Line, Andheri
(E), Mumbai – 400069, |
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Associates |
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Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9,94,855 |
Equity Shares |
Rs.10/- each |
Rs. 9.948 Millions |
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Note – of the above 8, 50,000 shares have been issued
as fully paid Bonus Shares by capitalization of profit, General Reserve and
Share Premium
Net of Buy Back of 50,000 Equity Shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs. 9000.000 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 |
9.949 |
9.949 |
9.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
358.537 |
306.432 |
207.628 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
368.486 |
316.381 |
217.128 |
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LOAN FUNDS |
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1] Secured Loans |
436.573 |
371.406 |
383.614 |
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2] Unsecured Loans |
37.879 |
64.698 |
98.231 |
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TOTAL BORROWING |
474.452 |
436.104 |
481.845 |
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DEFERRED TAX LIABILITIES |
1.694 |
1.409 |
1.424 |
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TOTAL |
844.632 |
753.894 |
700.397 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
68.762 |
59.731 |
60.065 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.176 |
0.931 |
0.933 |
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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 |
845.521
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711.814 |
554.750 |
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Sundry Debtors |
903.160
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705.903 |
737.415 |
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Cash & Bank Balances |
0.574
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0.735 |
0.553 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
233.942
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200.221 |
107.021 |
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Total
Current Assets |
1983.197
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1618.673 |
1399.739 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1102.850
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881.299 |
717.611 |
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Other Current Liabilities |
99.815
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43.466 |
42.063 |
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Provisions |
5.838
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0.676 |
0.666 |
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Total
Current Liabilities |
1208.503
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925.441 |
760.340 |
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Net Current Assets |
774.694
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693.232 |
639.399 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
844.632 |
753.894 |
700.397 |
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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 |
8323.772 |
7072.537 |
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Other Income |
50.081 |
21.697 |
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TOTAL (A) |
8373.853 |
7094.234 |
6679.983 |
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Less |
EXPENSES |
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TOTAL (B) |
8293.402 |
7040.603 |
6615.964 |
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PROFIT BEFORE
TAX (A-B) (C) |
80.451 |
53.631 |
64.019 |
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Less |
TAX (D) |
27.182 |
20.985 |
23.398 |
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PROFIT AFTER TAX
(C-D) (E) |
53.269 |
32.646 |
40.621 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.098 |
7.128 |
7.174 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
50.000 |
30.000 |
40.000 |
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Tax on Dividend |
0.169 |
0.098 |
0.097 |
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Proposed Dividend |
0.995 |
0.578 |
0.570 |
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BALANCE CARRIED
TO THE B/S |
11.203 |
9.098 |
7.128 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
47.293 |
19.822 |
7.898 |
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TOTAL EARNINGS |
47.293 |
19.822 |
7.898 |
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IMPORTS |
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TOTAL IMPORTS |
5596.576 |
4427.278 |
3377.155 |
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Earnings Per
Share (Rs.) |
53.54 |
33.90 |
-- |
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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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PAT / Total Income |
(%) |
0.63
|
0.46 |
0.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.96
|
0.75 |
0.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
3.19 |
4.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.16 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.56
|
4.30 |
5.72 |
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Current Ratio (Current Asset/Current Liability) |
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1.64
|
1.74 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
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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 |
1102.850 |
881.299 |
717.611 |
Trade References
- Targus
- Altech Lansing
OPERATIONS:
During the year, the turnover of the Company stood at Rs. 8373.800 millions as against Rs. 7094.200 millions in the previous year, registering an annual growth of over 18%. Profit before Taxation was increased by 50.00% from Rs.53.631 millions to Rs. 80.451 millions. The Profit after Taxation increased by 63.17% from Rs. 32.646 millions to Rs. 53.269 millions.
During the year, the Company has added distribution products
of some new brands like Adata, ECS, Fujitsu, Microsoft and Targus. The Company
has ventured in distribution of Microsoft Software Licensed products for the
first time. The Company has opened 2 new branches in
Indian I.T. hardware Industry has witnessed marginal growth in the second half after the recession it faced during 2008-09. Exchange rate has been favorable throughout the year.
Our endeavor is to constantly strive towards brand building with right set of products and brands as well. Today through their constant efforts with holding of various National and International Channel Training Programs, Conferences and Seminars, the Company has a strong presence not only in the trade media but also in the mainstream through cutting edge technology products for the end users. The Company has also been recognized as best Distributor by various Vendors and rated very high by trade media.
The company is in advance stage of finalization of some new tie ups which will help in recession and take the Company’s growth further.
FIXED ASSETS:
- Premises
- Plant and Machinery
- Computers
- Furniture and Fixtures
- Electrical Fittings
- Office Equipments
- Vehicles
- Capital WIP
FORM: 8
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This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10024338 |
|
Corporate
identity number of the company |
U30007MH1989PTC051039 |
|
Name of the
company |
RASHI PERIPHERALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
102, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India E-Mail: nihar.parikh@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Third
Supplemental letter of hypothecation of stocks, book debts and Machinery. |
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Date of
instrument Creating the charge |
02.06.2009 |
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Amount secured by
the charge |
Rs.340.000
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 the rate
as may be communicated by the Bank from time to time Terms of
Repayment On Demand Margin The Borrower
shall maintain said goods / Debts and Machinery of a sufficient quantity and
value so as to provide the margin as time to time advised by the bank. Extent and
Operation of the charge A) First pari
passu charge on all stocks, book debts, movable fixed assets and other
current assets both present and future. B) Borrower to
keep the said goods in marketable and good condition and keep insured the said
goods and machinery. C) The Bank shall
have an absolute discretion for granting or continuance of said credit
facility. |
|
Short particulars
of the property charged |
Hypothecation of A) All the stocks
in trade both present and future viz. raw material, finish goods, goods in
process, other merchandise whatsoever being movable properties. B) Book debts,
outstanding, monies receivable, claims and bills. C) All the
movable fixed assets both present and future including plant and machinery,
laboratory equipments, furniture and fixtures, Computers, Electric
equipments, Office equipments and other movable properties at Company's
factories, offices and Godowns. |
|
Date of latest
modification prior to the present modification |
04.07.2008 |
|
Particulars of the present modification |
Vide this
modification Existing charge on company Current Assets and Moveable Assets,
both present and future has been extended for the credit facilities from
Rs.280.000 Millions to Rs.340.000 Millions |
|
Name of the company |
RASHI PERIPHERALS
PRIVATE LIMITED |
|
Presented By |
Mr. K.K
Choudhary, Director |
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1) Date and description of instrument creating the change |
Date 03.08.2005, Equitable
Mortgage by deposit of title deeds, by executing a memorandum of entry date
d03.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
mortgage of Immovable properties viz. Industrial Units Nos. F-1 admeasuring
1570 Sq.Feet, F-2 admeasuring 1150 Sq.feet, all situated in the 1st
Floor of Complex known as Golden Industrial Estate standing on two Plots of
lands – Plot No.39 and Plot no.40 situated at village Dhabel, Navi Daman,
Thulka, including the structure, premises, buildings, fixed plant and
machinery, fixtures and fittings now or hereafter constructed erected,
installed. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In addition to
the Credit facilities of Rs.5.000 Millions granted by the Bank the Equitable Mortgage
will also cover interest, additional interest, default interest, liquidated
damages, commitment charges, premia on repayment or on redemption,
commission, cost charges and expenses and other monies payable to the Bank by
the borrower company. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank
Limited, 2nd Floor, Process House, Kamala Mills, Senapati Bapat
Marg, |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10010390 |
|
Corporate
identity number of the company |
U30007MH1989PTC051039 |
|
Name of the
company |
RASHI PERIPHERALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
102, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited,
HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400 013,
Maharashtra, India E-Mail: nihar.parikh@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
The mortgagewas
created by deposit of title deeds by constructive delivery. The memorandum of
Entry for extension of mortgage. |
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Date of
instrument Creating the charge |
25.07.2008 |
|
Amount secured by
the charge |
Rs.77.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
stipulated by the Bank from time to time Terms of
Repayment On demand or as
may be stipulated by the bank from time to time Margin As may be
stipulated by the bank fro time to
time Extent and
Operation of the charge Sole and
Exclusive charge on office No.102 and / 103, admeasuring 2516 sq.ft.
respectively on first floor in the building known as Dhanthak Plaza together
with 8 car parking situated on all that piece or parcel of land bearing
survey no.55, hissa no.6 (pt) of village marol, corresponding CST No.585 B/1
admeasuring 2756.8 Sq.mtr lying and being at Makwana Road, Marol, Andheri
(East), Mumbai – 400 059 in Mumbai Suburban District. |
|
Short particulars
of the property charged |
Office No.102 and
103, admeasuring 2516 sq.ft, 3380 sq.ft respectively on first floor in the
building known as Dhanthak Plaza together with 8 car parking situated on all
that piece or parcel of land bearing survey no.55, hissa no.6 (pt) of village
marol, corresponding CST No.585 B/1 admeasuring 2756.8 Sq.mtr lying and being
at Makwana Road, Marol, Andheri (East), Mumbai – 400 059 in Mumbai Suburban
District. |
|
Date of latest
modification prior to the present modification |
13.10.2007 |
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.45.38 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.61.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.