MIRA
INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
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Name : |
EVEREST INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
45, Udyog L Bhavan, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.06.1996 |
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Com. Reg. No.: |
11-099972 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000
Millions |
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CIN No.: [Company Identification
No.] |
U32200MH1996PTC099972 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04257B |
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PAN No.: [Permanent Account No.] |
AAACE1827C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributors for Blackberry and Sony Ericsson and Importers of
Chemicals used or Industries. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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.
INFORMATION PARTED BY
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Name : |
Mr. Anil Chaudhary |
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Designation : |
Director |
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Contact No.: |
91-9820004646 |
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Date : |
17.05.2011 |
LOCATIONS
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Registered Office : |
45, Udyog L Bhavan, |
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Tel. No.: |
91-22-26864646 |
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Mobile No.: |
91-9820004646 (Mr. Anil Chaudhary) |
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Fax No.: |
91-22-26866935/ 26864646/ 56905693 |
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E-Mail : |
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Website: |
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Area : |
1000 sq. ft. (Owned) |
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Corporate Office : |
1/C, Laxmi Commercial Co-operative Society, |
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Tel. No.: |
91-22-26864646 |
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Fax No.: |
91-22-26864646 |
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Email : |
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Website : |
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Area : |
1000 sq. ft. (Rented) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Anil Krishnakumar Chaudhary |
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Designation : |
Director |
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Address : |
101/102, |
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Date of Birth/Age : |
08.11.1959 |
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Qualification : |
BSC, DME |
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Date of Appointment : |
04.06.1996 |
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Experiences: |
25 Years |
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Name : |
Mrs. Anju Anil Chaudhary |
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Designation : |
Director |
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Address : |
101/102, |
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Date of Birth/Age : |
13.11.1967 |
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Qualification : |
B. Com |
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Date of Appointment : |
25.08.1997 |
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Experiences: |
15 Years |
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Name : |
Ms. Dipna Anil Chaudhary |
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Designation : |
Director |
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Address : |
101/102, |
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Date of Birth/Age : |
26.04.1987 |
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Qualification : |
MBA |
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Date of Appointment : |
01.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Anil Chaudhary |
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511600 |
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Anju Anil Chaudhary |
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53200 |
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Dipna Anil Chaudhary |
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18000 |
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Naresh Goomer |
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250200 |
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Kiran Ajwani |
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41000 |
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Ideal Speciality Chemicals Private Limited |
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41000 |
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Sanjay Khurana |
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85000 |
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Total |
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1000000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributors for Blackberry and Sony Ericsson and Importers of
Chemicals used or Industries. |
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Agencies Held : |
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Imports : |
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Products : |
Chemicals |
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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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Suppliers : |
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Customers : |
Retailers, End Users, OEM’s and Others |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
Note: The cash credit facilities (including letters of credit facilities
inland / foreign) from the bank are secured against hypothecation of stocks of
trading goods and book debts of the company and further collaterally secured
against equitable mortgage of term deposit with bank, residential premises of
directors and the premises of shareholders (Mr. Naresh Goomer) and personal
guarantee of directors of company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
DMKH and Company Chartered Accountant |
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Address : |
C-9, Sanjay Apartment, Near Gokul Hotel, |
CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
Note: Out of the above 176000 equity shares were
allotted as fully paid bonus shares during Financial Years 2006-07
FINANCIAL DATA
[all figures are
in Rupees 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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.050 |
0.050 |
0.050 |
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3] Reserves & Surplus |
16.458 |
14.743 |
14.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.508 |
24.793 |
24.513 |
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LOAN FUNDS |
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1] Secured Loans |
36.228 |
34.901 |
14.546 |
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2] Unsecured Loans |
0.431 |
0.731 |
17.884 |
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TOTAL BORROWING |
36.659 |
35.632 |
32.430 |
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DEFERRED TAX LIABILITIES |
0.392 |
0.307 |
0.006 |
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TOTAL |
63.559 |
60.732 |
56.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.271 |
16.186 |
5.614 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.101 |
0.101 |
0.002 |
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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 |
35.227
|
21.900 |
24.036 |
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Sundry Debtors |
65.477
|
21.253 |
23.896 |
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Cash & Bank Balances |
4.424
|
14.081 |
11.157 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
17.256
|
18.374 |
16.117 |
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Total
Current Assets |
122.384
|
75.608 |
75.206 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
69.529
|
25.524 |
16.566 |
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Other Current Liabilities |
0.000
|
0.201 |
0.000 |
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Provisions |
5.668
|
5.438 |
7.307 |
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Total
Current Liabilities |
75.197
|
31.163 |
23.873 |
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Net Current Assets |
47.187
|
44.445 |
51.333 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.559 |
60.732 |
56.949 |
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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 |
552.313 |
395.113 |
421.389 |
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Income From Operating Activities |
14.298 |
17.173 |
0.000 |
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Other Income |
0.545 |
1.480 |
7.142 |
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TOTAL (A) |
567.156 |
413.766 |
428.531 |
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Less |
EXPENSES |
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Cost of Material |
533.606 |
392.951 |
401.127 |
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Personnel Expenses |
0.000 |
0.000 |
10.600 |
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Administrative and Other Expenses |
25.288 |
14.400 |
9.305 |
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Loss on |
0.000 |
0.003 |
0.000 |
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TOTAL (B) |
558.894 |
407.354 |
421.032 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.262 |
6.412 |
7.499 |
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Less |
FINANCIAL
EXPENSES (D) |
4.195 |
4.447 |
5.116 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.067 |
1.965 |
2.383 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.728 |
0.881 |
1.248 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.339 |
1.084 |
1.135 |
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Less |
TAX (H) |
0.624 |
0.804 |
0.422 |
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PROFIT AFTER TAX
(G-H) (I) |
1.715 |
0.280 |
0.713 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.743 |
14.463 |
NA |
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BALANCE CARRIED
TO THE B/S |
16.458 |
14.743 |
NA |
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Earnings Per
Share (Rs.) |
1.71 |
0.28 |
0.71 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
700.000 |
Expected Sales (2011-12) : Rs.850.000 Millions.
The above information has been parted by Mr. Anil Chaudhary.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.30
|
0.07 |
0.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.42
|
0.27 |
0.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.69
|
1.19 |
1.40 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.04 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.22
|
2.65 |
2.30 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63
|
2.48 |
3.15 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
69.529
|
25.524 |
16.566 |
Partial Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
|
Anil Chaudhary HUF |
0.316 |
|
Arti Dis Insurances |
2.391 |
|
Canon India Private Limited |
4.920 |
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Fasser N Delurg courier and Cargo |
0.025 |
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Redington ( |
57.077 |
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Shubham Warehouse |
0.178 |
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Sojitz Asia Pte Limited |
3.717 |
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Uniword Telecom |
0.042 |
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Vision Communication |
0.010 |
Bankers Charges
Report as per Registry
|
Name of the company |
EVEREST INTERNATIONAL PRIVATE LIMITED |
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Presented By |
JOINTLY BY
COMPANY AND CHARGE HOLDERS |
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1) Date and description of instrument creating the change |
27.01.1998 agreement
for hypothecation of goods received under letter of credit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 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
stocks like chemicals e.g. pharmaceuticals, electronic goods, pager cell
phones. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
@ 16.83% p.a. @ 2.04 penal subject to change other term and condition same as
per the agreement. |
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5) Name and Address and description of the person entitled to the charge. |
Abu Dhabi
Commercial Bank Limited, 75/B, Rehmat Manzil, Veer Nariman Road,
Mumbai-400020, Maharashtra, India. |
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6) Date and brief description of instrument modifying the charge |
Supplemental deed
of hypothecation dated 12th April 2001. |
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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. |
Original charge
dated 27.01.1998 for Rs.1.500 millions registered on 10.03.1998 The First Modification Dated 24.05.1999 The charge amount
enhance from Rs.1.500 millions to Rs.2.500 millions was registered on
26.06.1999 The Second Modification Dated 20.11.1999 The charge amount
enhance from Rs.2.500 millions to Rs.6.000 millions was registered on
14.12.1999 By This Modification (Third Modification) The charge amount
enhanced from Rs.6.000 millions to Rs.14.000 millions.
DP/DA upto 60
days. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10186285 |
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Corporate
identity number of the company |
U32200MH1996PTC099972 |
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Name of the
company |
EVEREST
INTERNATIONAL PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
45, Udyog Bhavan, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Bharat Co-operative Bank (Mumbai) Limited, Goregaon Branch,
Shivgiry Plot No.11, Samant Estate, Goregaon (East), Mumbai - 400063, |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Memorandum of
Entry Recording the Continuation of Deposit of Title Deeds |
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Date of
instrument Creating the charge |
21.06.2010 |
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Amount secured by
the charge |
Rs.77.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest rate and
Penal interest rate as agreed between the borrower company and the bank from
time to time. Terms of
Repayment Repayment, as
agreed between the borrower company and the bank from time to time. Margin Margin Rate, as
agreed between the borrower company and the bank from time to time. Extent and
Operation of the charge At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 32.500
Millions to Rs. 35.000 Millions [Overall banking limits stands enhanced upto
Rs. 77.500 Millions] against Mortgage of the immoveable property i. e
Industrial Unit No. 45, ADMG 950 Sq Ft (Built-up area), on the Ground Floor
and 465 square Feets in the Basement of the Building Udyog Bhavan Premises. The charge stands
modified upto Rs. 77.500 Millions |
|
Short particulars
of the property charged |
Mortgage of the immoveable
property i. e Industrial Unit No. 45, ADMG 950 Sq Ft (Built-up area), on the
Ground Floor and 465 square Fts in the Basement of the Building Udyog Bhavan
Premises. |
|
Particulars of
the present modification |
At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 32.500
Millions to Rs. 35.000 Millions [Overall banking limits stands enhanced upto
Rs. 77.500 Millions] against Mortgage of the immoveable property i. e
Industrial Unit No. 45, ADMG 950 Sq Ft (Built-up area), on the Ground Floor
and 465 square Feets in the Basement of the Building Udyog Bhavan Premises. The charge stands
modified upto Rs. 77.500 Millions |
Fixed Assets:
- Air
Conditioners
- Computers
- Vehicles
- Furniture and
Fixtures
- Office Garage
- 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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.