MIRA
INFORM REPORT
|
Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
BOFFIN IMPEX PRIVATE LIMITED |
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Registered Office : |
406, Kiran Mansion Building, 4834/24, |
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Country : |
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Financials as on : |
31.03.2010 |
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Date of Incorporation : |
11.08.1997 |
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Com. Reg. No.: |
55-089006 |
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CIN No.: [Company
Identification No.] |
U51909DL1997PTC089006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB06378B/ DELB03842G |
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PAN No.: [Permanent
Account No.] |
AAACB5529Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Electric Components. |
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 34000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
406, Kiran Mansion Building, 4834/24, |
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Tel. No.: |
91-11-23252932 |
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Fax No.: |
91-11-23271900 |
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E-Mail : |
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Warehouse : |
C-64, Sector-63, Noida, |
DIRECTORS
AS ON 23.09.2010
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Name : |
Mr. Ravi Verma |
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Designation : |
Director |
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Address : |
B – 2/249, Yamuna Vihar, |
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Date of Birth/Age : |
31.07.1971 |
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Date of Appointment : |
11.08.1997 |
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Name : |
Mrs. Kavita Verma |
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Designation : |
Director |
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Address : |
B – 2/249, Yamuna Vihar, |
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Date of Birth/Age : |
26.07.1976 |
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Date of Appointment : |
11.08.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2010
|
Names of Shareholders |
No. of Shares |
|
|
11610 |
|
Kavita Verma |
10 |
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B. K. Verma |
11410 |
|
Santosh Verma |
3510 |
|
Verma and Sonbs (HUF) |
1600 |
|
Urvashi |
64000 |
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Nitika |
64000 |
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Total |
156140 |
AS ON 23.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Business : |
Trading of Electric Components. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
T. K. Gupta and Associates Charted Accountants |
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Address : |
4228 / 1, |
CAPITAL STRUCTURE
AS ON 23.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
156140 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.561
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 |
1.561 |
1.561 |
1.561 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.035 |
5.712 |
5.573 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.596 |
7.273 |
7.134 |
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LOAN FUNDS |
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1] Secured Loans |
0.046 |
2.039 |
5.162 |
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2] Unsecured Loans |
5.038 |
2.455 |
6.586 |
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TOTAL BORROWING |
5.084 |
4.494 |
11.748 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.680 |
11.767 |
18.882 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.484 |
2.811 |
2.568 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.159 |
0.187 |
0.141 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
5.608
|
4.786 |
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Sundry Debtors |
|
11.372
|
9.347 |
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Cash & Bank Balances |
23.201
|
1.024
|
0.537 |
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Other Current Assets |
|
0.000
|
0.00 |
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Loans & Advances |
1.126
|
2.754
|
8.241 |
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Total
Current Assets |
24.327
|
20.758
|
22.911 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
7.473
|
5.459
|
0.000 |
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Current Liabilities |
6.176
|
6.264
|
6.003 |
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Provisions |
0.641
|
0.266
|
0.735 |
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Total
Current Liabilities |
14.290
|
11.989
|
6.738 |
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Net Current Assets |
10.037 |
8.769 |
16.173 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.680 |
11.767 |
18.882 |
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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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Sales |
61.865 |
50.907 |
50.149 |
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Other Income |
3.826 |
4.709 |
3.602 |
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TOTAL (A) |
65.691 |
55.616 |
53.751 |
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Less |
EXPENSES |
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Administrative Expenses |
14.071 |
11.256 |
12.517 |
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Purchases made for re-sale |
46.819 |
35.655 |
32.888 |
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Direct Expenses |
1.321 |
7.423 |
6.061 |
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Increase (Decrease) in stock |
0.099 |
(0.830) |
(1.209) |
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TOTAL (B) |
62.310 |
53.504 |
50.257 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.381 |
2.112 |
3.494 |
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Less |
FINANCIAL
EXPENSES (D) |
0.557 |
0.880 |
1.327 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.824 |
1.232 |
2.167 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.832 |
0.874 |
0.759 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.992 |
0.358 |
1.408 |
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Less |
TAX (H) |
0.669 |
0.226 |
0.621 |
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PROFIT AFTER TAX
(G-H) (I) |
1.323 |
0.132 |
0.787 |
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Earnings Per
Share (Rs.) |
6.40 |
0.845 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.01
|
0.24
|
1.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.22
|
0.70
|
2.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.16
|
1.52
|
5.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.05
|
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.25
|
2.27
|
2.59 |
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Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.73
|
3.40 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
BOFFIN IMPEX
PRIVATE LIMITED |
|
Presented By |
MANAGER,
KARNATAKA BANK LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation
agreement dated 22.03.2001 |
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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 |
Hypothecation of
stock in trade and debtors. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To grant working
capital limit of Rs. 0.500 Millions @ 17% P. A. compounded quarterly. Margin
as per Bank rules. Repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Karnataka Bank
Limited. Overseas Branch, K – Block. |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
agreement dated 02.06.2004 |
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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. |
The working
capital limit of Rs. 0.500 Millions shall enhanced to Rs. 1.000 Millions @
15% P. A. compounded quarterly. Repayable on demand. Period is 12 month.
Other term and condition remain the same. |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90036454 |
|
Corporate
identity number of the company |
U51909DL1997PTC089006 |
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Name of the
company |
BOFFIN IMPEX
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
406, Kiran Mansion Building, 4834/24, |
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Type of charge |
|
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Particular of charge holder |
Karnataka Bank
Limited, K–2 Overseas Branch, Choudhary Building, Connaught Place, New Delhi
– 110 001, India |
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Nature of description of the instrument creating or modifying the charge |
Hypothecation
Agreement |
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Date of instrument Creating the charge |
18.12.2008 |
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Amount secured by the charge |
Rs. 7.500 Millions |
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Brief particulars of the principal terms an conditions and extent and operation of the charge |
(a) Rate of interest – OD - PLR + 0.25% With a
Minimum of 15.25%. Import LC DA / DP – As per Ho Circular BG – As per Ho
Circular. (b) Terms of repayment - OD-On demand. Import
LC DA / DP – As per LC Rules BG – As per BG Rules. (c) Margin – OD – 25% on stock and 40% on Book
Debts. Import LC DA / DP – 25% Cash Margin. BG – 25% cash margin. (d) Extent and operation of the charge – 100% (e) Others – The limit of Rs.5.000 Millions
shall enhance to Rs. 7.5 Millions in the following manner: OD : 5.000 Millions, Import LC DA / DP : 2.000 Millions and BG 0.500
Millions against all Plant and Machineries, Spares, Stock, Funiture, Fixtures
and Fitting, Equipments Appliances, Tools, Accessories and all other Tangible
movable property whatsoever (Both Present and Future). All stock of Raw
Material, Stock in Process, Finished goods and all the Book Debts,
Outstanding Money, Receivables Claims and Bills of the company. |
|
Short particulars
of the property charged |
All Plant and Machineries, Spares, Stock, Funiture, Fixtures and Fitting, Equipments Appliances, Tools, Accessories and all other Tencible movable property whatsoever (Both Present and Future). All stock of Raw Material, Stock In Process, Finished Goods and All the Book Debts, Outstanding Money, Receivables Claims and Bills of the company. |
|
Date of latest modification prior to the present modification |
14.09.2007 |
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.44.78 |
|
|
1 |
Rs.71.64 |
|
Euro |
1 |
Rs.62.96 |
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 |
YES |
|
--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.