MIRA
INFORM REPORT
|
Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
JUMBO ELECTRONICS CORPORATION PRIVATE LIMITED (w.e.f.07.09.2007) |
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Formerly Known
As : |
LINYTRON ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
The International, 5th Floor, 16, New Marine Lines, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.06.1984 |
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Com. Reg. No.: |
11-033215 |
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Capital
Investment / Paid-up Capital : |
Rs. 450.100 millions |
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CIN No.: [Company Identification
No.] |
U32109MH1984PTC033215 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML05780F |
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PAN No.: [Permanent Account No.] |
AAASCL5308H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of consumer electronics and electrical equipments. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 940000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears some accumulated losses
recorded by the company. However trade relations are reported as fair.
Business is active. Payments are reported to be slow. Company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Dhruv |
|
Designation : |
Accountant |
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Contact No.: |
91-9910035703 |
|
Date : |
06.05.2011 |
LOCATIONS
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Registered Office : |
The International, 5th Floor, 16, New Marine Lines, |
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Tel. No.: |
91-22-22033989 / 22033992 / 22001910 |
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Mobile No.: |
91-9910035703 (Mr. Dhruv) |
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Fax No.: |
91-22-22065703 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
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Branches : |
Inox Tower B, Sector 16 A, |
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Area : |
1500 Sq. ft. |
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Location : |
Rented |
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Corporate Office
: |
#327/B, |
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Tel. No.: |
91-120-4221100 / 4233712 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Ms. Vidya Manohar Chhabria |
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Designation : |
Director |
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Address : |
Villa no. 19, 342/55A-53A, Alwasi Road, Jumeirah, P O Box 3426, Dubai,
United Arab Emirates |
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Date of Birth/Age : |
21.10.1948 |
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Date of Appointment : |
16.08.2007 |
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DIN No : |
00116233 |
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Name : |
Ms. Komal Chhabria Wazir |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.08.1972 |
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Date of Appointment : |
16.08.2007 |
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DIN No : |
00138111 |
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Name : |
Ms. Kiran Manohar Chhabria |
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Designation : |
Director |
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Address : |
Siddiq Mohamed Ibrahim’s Villa, 342/55A-53A, Alwasl Road, DM 19, Jumeirah,
P.O. Box 3426, Dubai, United Arab Emirates |
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Date of Birth/Age : |
15.04.1978 |
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Date of Appointment : |
16.08.2007 |
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DIN No : |
00413135 |
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Name : |
Mr. Ravindra Keshav Raje |
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Designation : |
Alternative Director |
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Address : |
6, Ashirwad, B.W. Pathare Marg, Shivaji Parks, Dadar (West),
Mumbai-400028, |
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Date of Birth/Age : |
30.06.1955 |
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Date of Appointment : |
21.01.2010 |
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DIN No : |
00112003 |
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Name : |
Mr. Krishnan Selva Kumar |
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Designation : |
Director |
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Address : |
Flat No. D 225, Dewan Mansion III, |
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Date of Birth/Age : |
05.06.1946 |
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Date of Appointment : |
10.04.1998 |
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DIN No : |
00147035 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Aasman Management Services Private Limited |
|
10006 |
|
Krishnan Selva Kumar |
|
2 |
|
Ravindra Keshav Raje |
|
8 |
|
Vidya Manohar Chhabria |
|
1 |
|
Bhavika Manohar Godhwani |
|
1 |
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Komal Chhabria |
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1 |
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Kiran Manohar Chhabria |
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1 |
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Total |
|
10020 |
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Name of Preference Shareholders |
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No. of Shares |
|
Aasman Management Services Private Limited |
|
4500000 |
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Total |
|
4500000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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|
Bodies corporate |
|
99.86 |
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Directors or relatives of directors |
|
0.14 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of consumer electronics and electrical equipments. |
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Agencies Held : |
·
LG ·
Samsung |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Customers : |
·
Retailers ·
End Users ·
OEM’s ·
Others ·
Corporate |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
HDFC Bank, Branch Sector 62, Noida |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G S Nayak and Company Chartered Accountant |
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Address : |
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Holding Company : |
Aasman Management Services Private Limited CIN : U93090MH2006PTC164144 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs. 10/- each |
Rs. 50.000 Millions |
|
4500000 |
5% Non Cumulative Preference Shares |
Rs. 100/- each |
Rs. 450.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10020 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
|
4500000 |
Preference Shares |
Rs. 100/- each |
Rs. 450.000 Millions |
|
|
Total |
|
Rs. 450.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
450.100 |
450.100 |
225.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[213.862] |
[146.363] |
[48.346] |
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NETWORTH |
236.238 |
303.737 |
176.754 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.487 |
2.462 |
0.734 |
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|
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TOTAL |
236.725 |
306.199 |
177.488 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.348 |
79.099 |
53.474 |
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Capital work-in-progress |
2.842 |
5.421 |
0.016 |
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INVESTMENT |
66.398 |
63.815 |
0.000 |
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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 |
87.614
|
65.006
|
43.232 |
|
|
Sundry Debtors |
5.018
|
4.346
|
6.277 |
|
|
Cash & Bank Balances |
16.306
|
73.293
|
53.272 |
|
|
Other Current Assets |
23.396
|
29.463
|
22.379 |
|
|
Loans & Advances |
10.974
|
8.466
|
36.965 |
|
Total
Current Assets |
143.308
|
180.574 |
162.125 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
45.079
|
19.551
|
39.842 |
|
|
Other Current Liabilities |
7.293
|
9.579
|
3.889 |
|
|
Provisions |
1.199
|
0.789
|
0.491 |
|
Total
Current Liabilities |
53.571
|
29.919 |
44.222 |
|
|
Net Current Assets |
89.737
|
150.655
|
117.903 |
|
|
|
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MISCELLANEOUS EXPENSES |
4.400 |
7.209 |
6.095 |
|
|
|
|
|
|
|
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TOTAL |
236.725 |
306.199 |
177.488 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
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Sales |
753.604 |
479.793 |
85.873 |
|
|
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Service Income |
13.545 |
5.187 |
0.000 |
|
|
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Other Income |
10.673 |
15.790 |
31.028 |
|
|
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TOTAL (A) |
777.822 |
500.770 |
116.901 |
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|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
681.150 |
436.769 |
|
|
|
|
Administrative and Selling Expenses |
152.587 |
152.725 |
|
|
|
|
TOTAL (B) |
833.737 |
589.494 |
157.884 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(55.915) |
(88.724) |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.463 |
0.204 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(56.378) |
(88.928) |
|
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.097 |
6.680 |
|
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(69.475) |
(95.608) |
(40.983) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(1.975) |
2.408 |
1.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(67.500) |
(98.016) |
(42.208) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(146.362) |
(48.346) |
(6.138) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(213.862) |
(146.362) |
(48.346) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(6737.00) |
(9782.00) |
(4212.00) |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
900.000 |
|
|
|
|
|
Expected Sales (2011-2012) : Rs. 1000.000 millions
The above information has been parted by Mr. Dhruv.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(8.68)
|
(19.57) |
(36.11) |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(9.22)
|
(19.93) |
(47.72) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(32.07)
|
(36.82) |
(19.01) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.29)
|
(0.31) |
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.23
|
0.10 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.68
|
6.04 |
3.67 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
Particulars |
As on 31.03.2010 (Rs. In Millions ) |
As on 31.03.2009 (Rs. In Millions ) |
As on 31.03.2008 (Rs. In Millions ) |
|
Sundry Creditor |
45.079
|
19.551
|
39.842 |
BUSINESS REVIEW
The Company earned
a revenue of Rs. 777.800 millions during the financial year as against Rs.
500.700 millions during the previous year. The loss for the year was lower at
Rs 67.500 millions as compared to Rs 98.000 millions in the previous year.
Sales increased by 57% over the previous year and the Company opened a new
outlet in Jaipur during the year
BACKGROUND
Jumbo Electronics
Corporation Private Limited (formerly Linytron Electronics Private Limited)
(‘the Company’) was incorporated on 21st June 1984 in India under the Indian
Companies Act, 1956 having its registered office located at Mumbai. The
Corporate office is located in Noida, U.P. The Company is engaged in trading of
consumer electronics and electrical equipment.
FIXED ASSETS
·
Building Stores
·
Furniture and Fittings
·
Vehicles
·
Computers
·
Office Equipments
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.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.