MIRA
INFORM REPORT
|
Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MILLENNIUM APPLIANCES INDIA LIMITED |
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Registered
Office : |
2275 Adate Bazaar, Ahmednagar-414001, |
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Country : |
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Financials (as
on) : |
30.06.2009 |
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Date of
Incorporation : |
23.12.1999 |
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Com. Reg. No.: |
25-014301 |
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CIN No.: [Company Identification
No.] |
U29308PN1999PTC014301 |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Electronics and Home Appliances. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
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 5000000 |
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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. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The company can be considered for normal 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 |
LOCATIONS
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Registered Office : |
2275 Adate Bazaar, Ahmednagar-414001, |
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E-Mail : |
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Factory: |
Survey No. 01/1, |
DIRECTORS
As on 31.12.2009
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Name : |
Mr. Pradipkumar Nandlal Dhoot |
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Designation : |
Director |
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Address : |
99, Manav Mandir, Videocon House, 1st Floor, |
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Date of Birth/Age : |
22.03.1960 |
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Date of Appointment : |
10.12.2001 |
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Name : |
Mr. Anirudha Venugopal Dhoot |
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Designation : |
Director |
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Address : |
Flat No. 101, 99, Manav Mandir, Videocon House, 1st Floor, |
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Date of Birth/Age : |
31.08.1978 |
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Date of Appointment : |
23.08.2001 |
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Name : |
Mr. Suresh Madhava Hegde |
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Designation : |
Director |
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Address : |
Plot No. C-1, C-2, |
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Date of Birth/Age : |
19.03.1958 |
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Date of Appointment : |
10.12.2001 |
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Name : |
Mr. Vivek Dattatray Dharm |
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Designation : |
Director |
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Address : |
Flat No. D-31, Behind Markendaya Society, Shree Ramkrishna Colony,
Savedi, Ahmednagar-414001, |
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Date of Birth/Age : |
22.11.1964 |
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Date of Appointment : |
31.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2009
|
Names of Shareholders |
|
No. of Shares |
|
Anirudha Venugopal Dhoot |
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100 |
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Pradipkumar Nandlal Dhoot |
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100 |
|
Value Industries Limited, |
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10000 |
|
Kail Limited, |
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10000 |
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Indian Refrigerator Company Limited, |
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3229800 |
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Shree Dhoot Trading and Agencies Limited, |
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4750000 |
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Videocon Industries Limited, |
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4750000 |
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Waluj Components Private Limited, |
|
3750000 |
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Tekcare India Private Limited, |
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3750000 |
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Domebell Electronics India Private Limited, |
|
4750000 |
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Total |
|
25000000 |
As on 31.12.2009
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Bodies
corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Electronics and Home Appliances. |
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Product: |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
Note:
Rupee term loans from banks are secured by
mortgage and charge on the immovable and movable properties, both present and
future, subject to the charges created and/ or to be created in favour of
bankers on specified movable / current assets for securing borrowings for
working capital requirements, ranking pari passu with the charges created and
/ or to be created in favour of other lenders and guaranteed by Mr. P.N.
Dhoot.
The working capital loans form banks are
secured by hypothecation of inventories, book debts and other receivable,
both present and future. |
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Financial Institution: |
3i Infotech Trusteeship Services Limited, 6th Floor, Akruti
Centre Point, |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Kadam and Company Chartered Accountant |
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Address : |
Vedant 8/9, Viraj Estate, Opposite Tarakpur Bus Stand,
Ahmednagar-414003, |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
250.000 |
250.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1024.507 |
924.719 |
814.018 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1274.507 |
1174.719 |
1064.018 |
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LOAN FUNDS |
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1] Secured Loans |
927.338 |
1024.108 |
986.397 |
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2] Unsecured Loans |
1164.118 |
1030.899 |
929.353 |
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TOTAL BORROWING |
2091.456 |
2055.007 |
1915.750 |
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DEFERRED TAX LIABILITIES |
51.005 |
32.435 |
27.705 |
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TOTAL |
3416.968 |
3262.161 |
3007.473 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
747.537 |
810.923 |
874.219 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
393.294 |
187.852 |
186.882 |
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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 |
1532.525
|
1421.961 |
1416.538 |
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Sundry Debtors |
1611.034
|
1372.770 |
1173.709 |
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Cash & Bank Balances |
87.763
|
128.660 |
228.244 |
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Other Current Assets |
7.226
|
7.107 |
8.851 |
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Loans & Advances |
29.791
|
122.994 |
13.151 |
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Total
Current Assets |
3268.339
|
3053.492 |
2840.493 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
937.806
|
765.732 |
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Other Current Liabilities |
34.841
|
9.030 |
872.542 |
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Provisions |
19.555
|
15.344 |
21.579 |
|
Total
Current Liabilities |
992.202
|
790.106 |
894.121 |
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Net Current Assets |
2276.137
|
2263.386 |
1946.372 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3416.968 |
3262.161 |
3007.473 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
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SALES |
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Income |
7020.600 |
6752.400 |
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Other Income |
6.100 |
7.100 |
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TOTAL (A) |
7026.700 |
6759.500 |
6407.860 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
6904.100 |
6452.990 |
6039.880 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
306.510 |
367.980 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
124.920 |
193.670 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
181.590 |
174.310 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
63.590 |
63.550 |
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PROFIT BEFORE
TAX (E-F) (G) |
122.600 |
118.000 |
110.760 |
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Less |
TAX (H) |
34.500 |
18.500 |
19.540 |
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PROFIT AFTER TAX
(G-H) (I) |
88.100 |
99.500 |
91.220 |
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Earnings Per
Share (Rs.) |
3.524 |
3.980 |
3.649 |
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KEY RATIOS
|
PARTICULARS |
|
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
PAT / Total Income |
(%) |
1.25
|
1.47 |
1.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.75
|
1.75 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.05
|
3.05 |
2.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
2.42 |
2.64 |
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Current Ratio (Current Asset/Current Liability) |
|
3.29
|
3.86 |
3.18 |
LOCAL AGENCY FURTHER INFORMATION
Operation and
Financial Result:
During the year the company earned a total income of Rs.7026.700
millions as against Rs.6759.500 million for the previous year. Total
expenditure amounted to Rs.6904.100 millions as against Rs.6641.500 millions.
In view of increased provision for taxation, the net profit after tax amounted
to Rs.88.100 millions as against Rs.99.500 millions.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29308PN1999PTC014301 |
|
Name of the
company |
MILLENNIUM
APPLIANCES INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
2275 Adate Bazaar, Ahmednagar-414001, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
3i Infotech Trusteeship Services Limited, 6th Floor, Akruti
Centre Point, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Declaration dated
11-09-2009 in the matter of mortgage by deposit of title deeds in respect of
immovables. |
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Date of
instrument Creating the charge |
11.09.2009 |
|
Amount secured by
the charge |
Rs.1750.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest IBAR - 1.75%p.a +
Liquidity premia subject to minimum rate 11.25% p. a, + Interest tax or other
statutory levy if any. Rate of Int. shall be resent at the end of every 12
months from 1st disbursement Terms of
Repayment The principal
amount of the facility is repayable in 84 equal monthly installments from the
date of First disbursement on 15th day of every calendar month. or in case
that day is not business day then subsequent Business Day. Final Maturity 7
years from the First Drawdown date. Extent and
Operation of the charge An exclusive
first charge on fixed assets of the Borrower situated at Survey No. 01/1, |
|
Short particulars
of the property charged |
An exclusive
first charge on fixed assets of the Borrower situated at Survey No. 01/1, |
Fixed Assets:
- Building
- Plant and Machinery
- Electrical Installation
- Computer
- Furniture and Fixtures
- Office Equipments
- Vehicles
- Computer Software
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.