MIRA
INFORM REPORT
|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
R A ELECTRONICS
PRIVATE LIMITED |
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Registered
Office : |
"Samir", Kothi Road, Vadodara – 390 001, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.12.1991 |
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Com. Reg. No.: |
04-016804 |
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Capital
Investment / Paid-up Capital : |
Rs.7.500 millions |
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CIN No.: [Company Identification
No.] |
U29308GJ1991PTC016804 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Electronic Home Appliances. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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 46000 |
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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 record. There
appears some dip in the profitability of the company during current year. External borrowings of the company are also huge. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Mukund |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-265-2458285 |
|
Date : |
06.05.2013 |
LOCATIONS
|
Registered Office : |
"Samir", Kothi Road, Vadodara – 390 001, Gujarat, India |
|
Tel. No.: |
91-265-2458285/ 2424468 |
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Fax No.: |
91-265-2458255 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
G-18-20, Landmark Complex, Race Course Circle, Alkapuri, Vadodara –
390 007, Gujarat, India |
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Tel. No.: |
91-265-2339275/ 6584012 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Jayesh Rameshbhai Thakkar |
|
Designation : |
Whole Time Director |
|
Address : |
17, 18, Satyanarayan Bunglow, Goya Gate Society, Pratapnagar, Vadodara
– 390 004, Gujarat, India |
|
Date of Birth/Age : |
20.12.1960 |
|
Date of Appointment : |
17.12.1991 |
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DIN No.: |
01770593 |
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Name : |
Mr. Rameshbhai Himatlal Thakkar |
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Designation : |
Whole Time Director |
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Address : |
17, Satyanarayan Bunglow, Goya Gate Society, Pratapnagar, Vadodara –
390 004, Gujarat, India |
|
Date of Birth/Age : |
13.01.1931 |
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Date of Appointment : |
16.01.1992 |
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DIN No.: |
01770637 |
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Name : |
Mr. Dineshbhai Rameshbhai Thakkar |
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Designation : |
Whole Time Director |
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Address : |
10-A, Purshottam Nagar Society, BPC Road, Akota Stedium Road, Vadodara
– 390 020, Gujarat, India |
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Date of Birth/Age : |
09.04.1956 |
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Date of Appointment : |
17.12.1991 |
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DIN No.: |
01770654 |
KEY EXECUTIVES
|
Name : |
Mr. Mukund |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Jayesh Rameshbhai Thakkar |
|
88749 |
|
Dineshbhai Rameshbhai Thakkar |
|
61875 |
|
Kantaben Rameshbhai Thakkar |
|
133749 |
|
Jagrutiben Dineshbhai Thakkar |
|
39375 |
|
Rameshbhai Himatlal Thakkar |
|
56256 |
|
Dineshbhai Thakkar |
|
103746 |
|
Dhruv Dinesh Thakkar |
|
45000 |
|
Paraginiben Jayeshbhai Thakkar |
|
69375 |
|
Jayeshbhai Thakkar (HUF) |
|
16875 |
|
Rameshbhai Thakkar (HUF) |
|
60000 |
|
Neel Jayesh Thakkar |
|
37500 |
|
Darsh Jayesh Thakkar |
|
37500 |
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Total |
|
750000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Electronic Home Appliances. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Retailers and End Users |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
State Bank of
India, Alkapuri Branch, R.C. Dutt Road, Alkapuri, Vadodara – 390 007,
Gujarat, India (Contact No.: 91-265-2330992) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Bhandari Chartered Accountants |
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Address : |
38/101, Gautam Nagar, Race Course, Vadodara – 390 007, Gujarat, India |
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Tel. No.: |
91-265-2358398/ 2339727 |
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Fax No.: |
91-265-2358398/ 2339727 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
ABYPB8606L |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
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|
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.971 |
3.089 |
1.980 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.471 |
5.589 |
4.480 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
26.971 |
23.558 |
22.233 |
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2] Unsecured Loans |
1.351 |
4.041 |
4.801 |
|
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TOTAL BORROWING |
28.322 |
27.599 |
27.034 |
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DEFERRED TAX LIABILITIES |
1.087 |
0.929 |
0.782 |
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TOTAL |
40.880 |
34.117 |
32.296 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.062 |
10.679 |
9.512 |
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Capital work-in-progress |
2.923 |
0.000 |
0.000 |
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INVESTMENT |
0.209 |
0.209 |
0.153 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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|
Inventories |
30.204
|
32.990 |
22.953 |
|
|
Sundry Debtors |
1.233
|
1.512 |
2.811 |
|
|
Cash & Bank Balances |
1.752
|
0.620 |
0.605 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans, Advances & Deposits |
4.000
|
2.810 |
3.029 |
|
Total
Current Assets |
37.189
|
37.932 |
29.398 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
8.192
|
13.523 |
6.138 |
|
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Other Current Liabilities |
1.864
|
0.869 |
0.000 |
|
|
Provisions |
0.447
|
0.311 |
0.629 |
|
Total
Current Liabilities |
10.503
|
14.703 |
6.767 |
|
|
Net Current Assets |
26.686
|
23.229 |
22.631 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.880 |
34.117 |
32.296 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
196.884 |
162.332 |
148.093 |
|
|
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Other Income |
0.667 |
0.321 |
3.639 |
|
|
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TOTAL (A) |
197.551 |
162.653 |
151.732 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock-in-Trade |
180.097 |
159.685 |
|
|
|
|
Changed in Inventories of Stock-in-Trade |
2.786 |
(10.037) |
|
|
|
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Employee Benefit Expenses |
3.690 |
2.917 |
|
|
|
|
Other Expenses |
5.014 |
4.560 |
|
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|
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TOTAL (B) |
191.587 |
157.125 |
147.450 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.964 |
5.528 |
4.282 |
|
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|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
4.031 |
3.595 |
2.971 |
|
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|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.933 |
1.933 |
1.311 |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.607 |
0.545 |
0.332 |
|
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|
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|
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PROFIT BEFORE
TAX (E-F) (G) |
1.326 |
1.388 |
0.979 |
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Less |
TAX (H) |
0.444 |
0.279 |
0.386 |
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PROFIT AFTER TAX
(G-H) (I) |
0.882 |
1.109 |
0.593 |
|
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2.648 |
1.539 |
0.946 |
|
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|
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|
|
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|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2.648 |
1.539 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.51 |
4.44 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.45
|
0.68 |
0.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.67
|
0.86 |
0.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.75
|
2.86 |
2.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.25 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.47
|
4.94 |
6.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.54
|
2.58 |
4.34 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors
for Goods and Services |
8.192
|
13.523 |
6.138 |
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
|
Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
From Directors |
0.244 |
0.980 |
|
From Shareholders
and relatives (Terms: Repayment
is not stipulated and Rate of Interest is 9%) |
1.107 |
3.061 |
|
Total |
1.351 |
4.041 |
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U29308GJ1991PTC016804 |
|
Name of the company |
R A ELECTRONICS
PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
"Samir", Kothi Road, Vadodara – 390 001, Gujarat, India E-Mail: jayesh@raelectronics.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
State Bank of
India, Alkapuri Branch, R.C. Dutt Road, Alkapuri, Vadodara – 390 007,
Gujarat, India E-Mail: s.ambastha@sbi.co.in |
|
Nature of description of the instrument
creating or modifying the charge |
Memorandum relating to deposit of title
deeds for creation of further charge for overall limit where the initial charge
is created by way of Mortgage by deposit of title deeds / Memorandum relating
to deposit of title deeds for creation of charge for overall limit dated
24.02.2012. |
|
Date of instrument Creating the charge |
24.02.2012 |
|
Amount secured by the charge |
Rs.43.500 millions |
|
Brief particulars of the principal terms
and conditions and extent and operation of the charge |
Rate of Interest: WC: 4% above Base Rate which is presently
10% p.a. P.E.R. 14% p.a. S.L.C.: 1% above the rate of interest on working
capital TL:7% above Base Rate which is presently
10% p.a. P.E.R. 17% p.a. Terms of Repayment: Working Capital: Repayable on Demand. The
facility which has been sanctioned on 22.02.2012 is available for 12 months
from that date. subject to review, when it may be cancelled / reduced
depending upon the conduct and utilisation of the advance, or as per the
Bank`s Scheme. Term Loan (Existing) - As per Existing
original repayment schedule. Term Loan (New) - 53 Monthly installments,
First 52 installments of Rs.0.075 million each and last 53rd installment of
Rs.0.100 million commencing from April, 2012 Margin: Raw Materials Imported- N.A., Raw
Materials Indigenous- N.A., Semi Finished Goods-N.A., Finished Goods -25%, Components / Consumables / Spares - N.A.,
Domestic Receivables (Cover period 90 days) -50% Export Packing Credit -N.A.,
Term Loan (New) - 27.27%, Letter of Credit - N.A., Bank Guarantees - N.A. Extent and Operation of the charge: Various credit facilities are collaterally
secured by mortgage of Immovable properties more particularly described in
First Schedule to the Deed of Mortgage Others: Demand Credit facilities (Stocks and
Receivables) - Rs.35.000 millions + Standby Line of Credit -Rs.3.000 millions
+ Term Loan (existing) Rs.1.500 millions + Term Loan Rs.4.000 millions
aggregating to Rs.43.500 millions. |
FIXED ASSETS:
Tangible Assets
·
Office Block
·
Showroom Premises
·
Furniture and Fixtures
·
Office Equipments
·
Computer
·
Vehicles
Intangible Assets
·
Software and Licences
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 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 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.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.