MIRA
INFORM REPORT
|
Report Date : |
23.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
TUAREG MARKETING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
154, Bhalswa, |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
22.06.2004 |
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|
|
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Com. Reg. No.: |
55-127069 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.72.580
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909DL2004PTC127069 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELT05709E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in wholesale trading of home and kitchen appliances. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 706000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Electrodomesticos Taurus S.L., It 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
154, Bhalswa, |
|
Tel. No.: |
91-11-27631932/ 27639664 |
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Fax No.: |
91-11-32007420 |
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E-Mail : |
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Website : |
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Corporate Office : |
C-196, Sector - 63, Noida – 201 301, |
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Tel. No.: |
91-120-4016200 |
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Fax No.: |
91-120-4016222 |
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E-Mail : |
DIRECTORS
As on 28.06.2011
|
Name : |
Juan Basagana Cuberes |
|
Designation : |
Director |
|
Address : |
C/o |
|
Date of Birth/Age : |
21.02.1975 |
|
Date of Appointment : |
05.10.2004 |
|
DIN No.: |
02145907 |
|
|
|
|
Name : |
Shyam Sunder |
|
Designation : |
Director |
|
Address : |
689/183/39-A, Adarsh Mohalla Gali 05-02, Maujpur, |
|
Date of Birth/Age : |
15.07.1950 |
|
Date of Appointment : |
07.05.2008 |
|
DIN No.: |
02148883 |
KEY EXECUTIVES
|
Name : |
Ms. Achal Kapoor |
|
Designation : |
Secretary |
|
Address : |
126, New Gandhi Nagar, |
|
Date of Birth/Age : |
06.11.1987 |
|
Date of Appointment : |
01.12.2010 |
|
Date of Ceasing : |
14.01.2011 |
|
|
|
|
Name : |
Ms. Renu Goel |
|
Designation : |
Secretary |
|
Address : |
C/o Kaveri Textiles, Arya Nagar, Pilkhuwa, |
|
Date of Birth/Age : |
31.07.1987 |
|
Date of Appointment : |
17.01.2011 |
|
Date of Ceasing : |
28.05.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Electrodomesticos Taurus S.A., Oliana Lieida
|
|
7257999 |
|
Rubywalk Limited S.A., |
|
1 |
|
Total |
|
7258000 |
As on 28.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in wholesale trading of home and kitchen appliances. |
|
|
|
|
Brand Names : |
"INALSA" Brand of Home Appliances in "TAURUS" Brand
For Electrical Households Appliances in "MONIX"BRAND of Household and Electrical products in "IMAGINAPOINT" Brand of Electronic Products in US "Mallory" Brand of Electrical Products In |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.V. Ghatalia and Associates Chartered Accountants |
|
Address : |
Golf View Corporate Tower-B, Sector-42, |
|
Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Income-tax
PAN of auditor or auditor's firm : |
AACFS6921Q |
|
|
|
|
Holding Company : |
Electrodomesticos Taurus SL, |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7258000 |
Equity Shares |
Rs.10/- each |
Rs.72.580
millions |
|
|
|
|
|
Of the above:
7,257,999 equity shares are held by Electrodomistocos Taurus SL, the
Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
72.580 |
72.580 |
72.580 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
104.039 |
67.788 |
42.677 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
176.619 |
140.368 |
115.257 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.021 |
0.330 |
4.103 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.021 |
0.330 |
4.103 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
176.640 |
140.698 |
119.360 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.825 |
32.152 |
42.053 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
6.607 |
3.594 |
0.266 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
103.636
|
65.493 |
117.852 |
|
|
Sundry Debtors |
95.793
|
101.845 |
88.622 |
|
|
Cash & Bank Balances |
90.951
|
67.149 |
20.796 |
|
|
Other Current Assets |
0.258
|
0.453 |
0.000 |
|
|
Loans & Advances |
6.114
|
19.462 |
15.991 |
|
Total
Current Assets |
296.752
|
254.402 |
243.261 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
111.742
|
105.460 |
131.466 |
|
|
Other Current Liabilities |
14.429
|
21.515 |
20.348 |
|
|
Provisions |
22.373
|
22.475 |
14.406 |
|
Total
Current Liabilities |
148.544
|
149.450 |
166.220 |
|
|
Net Current Assets |
148.208
|
104.952 |
77.041 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
176.640 |
140.698 |
119.360 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
655.108 |
577.508 |
527.667 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
655.108 |
577.508 |
527.667 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
587.232 |
528.809 |
503.282 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
587.232 |
528.809 |
503.282 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.876 |
48.699 |
24.385 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
2.176 |
3.082 |
2.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
65.700 |
45.617 |
22.297 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.769 |
10.639 |
10.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
54.931 |
34.978 |
11.707 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.679 |
9.868 |
4.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
36.252 |
25.110 |
6.861 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods/ Traded Materials |
107.734 |
86.495 |
146.432 |
|
|
|
Components and Spare Parts |
2.577 |
4.119 |
0.824 |
|
|
TOTAL IMPORTS |
110.311 |
90.614 |
147.256 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.99 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
5.53
|
4.35 |
1.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.24
|
12.21 |
4.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.25 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
1.07 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
1.70 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
NATURE OF
OPERATIONS:
The Company is a
wholly owned subsidiary of Electrodomesticos Taurus S.L.,
REVIEW OF
OPERATIONS AND PROSPECTS:
The Company has
earned profit before tax and prior profit income of Rs.54.931 millions for the
financial year ended December 31, 2010. The year, the Company has made good
profits as a result of increased disbursements, greater geographical reach,
better operations and cost rationalizations.
Note:
The registered office of the company has been shifted from 55, Basant Lok, Vasant Vihar, New Delhi – 110 057 to the present address w.e.f. 01.07.2005.
FORM 8:
|
Corporate
identity number of the company |
U51909DL2004PTC127069 |
|
Name of the
company |
TUAREG MARKETING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
154, Bhalswa, E-Mail: rajeshk@inalsa.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10115029 |
|
Type of charge |
Book Debts Movable Property Floating Charge Others (All
current assets and moveable fixed assets) |
|
Particular of
charge holder |
CIN No.: L65190MH2003PLC143249 Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of E-Mail: shareholders@yesbank.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation(DOH) dated 18.09.2009 |
|
Date of
instrument Creating the charge |
18.09.2009 |
|
Amount secured by
the charge |
Rs.100.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Cash Credit (CC):
Yes Bank PLR minus 2.50% p.a. Bank Guarantee
(BG): 1.75% p.a. payable upfront (commission) Letter of Credit
(LC) (Sub limit of BG): 1.75% p.a. payable upfront (commission) Terms of
Repayment: CC: Payable on
demand. BG/LC: NA Margin: CC: 25% on (book
debts up to 90 days) plus 25% on stock minus creditors) and 20% in the form
of Fixed Deposit under lien with Yes Bank Limited. BG: 25% of the
facility amount in form of Fixed Deposit LC: 20% of the
facility amount in form of Fixed Deposit Extent and
Operation of the charge: Exclusive charge
on all the current assets and moveable fixed assets (both present and future)
of the Borrower. |
|
Short particulars
of the property charged |
Exclusive charge on
whole of current assets (present and future) of the Borrower Exclusive charge
on whole of movable fixed assets (Both present and future) of the Borrower
including plant and machinery |
|
Particulars of
the present modification |
Modification is
pursuant to increase in charge amount from INR 65 Million to INR 100 Million
due to increase in Bank Guarantee facility from INR 40 Million to INR 75
Million, Cash Credit facility remains unchanged at INR 25 Million and Letter
of Credit facility of INR 10 Million shall be a sub limit of Bank Guarantee
facility. |
CONTINGENT LIABILITY NOT PROVIDED FOR:
|
Particulars |
31.12.2010 (Rs.
in millions) |
|
Bank Guarantee |
66.940 |
|
Sales tax demand |
0.017 |
The Company has provided
bank guarantee to Canteen Stores Department, Ministry of Defence for procuring
orders. No provision is required for the same as the management is of the view
that these bank guarantees have been issued only for the purpose of obtaining
business with the above departments and shall not attract any liability.
FIXED ASSETS:
Tangible Assets
v
Leasehold Improvements
v
Building
v
Plant and Machinery
v
Furniture and Fixture
v
Vehicles
Intangible Assets
v
Goodwill
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
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 |
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.