MIRA
INFORM REPORT
|
Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHANDRESH FINANCE LIMITED SUNDER OVERSEAS A DIVISION OF CHANDRESH FINANCE LIMITED |
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Registered
Office : |
1st Floor, C/1 Shayona Golden Estate, Shayona
Estate, Maheshwari Mill Compound, Shahibaug, Ahmedabad – 380004, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.09.1995 |
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Com. Reg. No.: |
05-027662 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.500 Millions |
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CIN No.: [Company Identification
No.] |
U65910GJ1995PLC027662 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Mobiles. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 54000 |
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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 a moderate track record. Reserves and profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August,
28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB
variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam
Ramesh. The Act replaces a 119 year old registration.
The Securities and Exchange Board of India has approved the trading of currency
futures on the Bombay Stock Exchange. The exchange plans to launch the currency
futures platform with advanced trading technology by the end of November.
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. Abhivandan Chandresh
Lodha |
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Designation : |
Director |
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Contact No.: |
91-9825347770 |
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Date : |
08.11.2013 |
LOCATIONS
|
Registered Office : |
1st Floor, C/1 Shayona Golden Estate, Shayona
Estate, Maheshwari Mill Compound, Shahibaug, Ahmedabad – 380004,
Gujarat, India |
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Tel. No.: |
91-79-25623056 |
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Mobile No.: |
91-9825347770 (Mr. Abhivandan Chandresh Lodha) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2012
|
Name : |
Mr. Khimraj Ganeshmal
Balar |
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Designation : |
Director |
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Address : |
2 Rita Park Society, Shahibaug, Ahmedabad – 380004, |
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Date of Birth/Age : |
15.04.1938 |
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Date of Appointment : |
29.09.1995 |
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DIN No.: |
00244018 |
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Name : |
Mr. Rajendra Khimraj
Jain |
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Designation : |
Director |
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Address : |
2 Rita Park Society, Shahibaug, Ahmedabad – 380004, |
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Date of Birth/Age : |
05.08.1965 |
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Date of Appointment : |
29.09.1995 |
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DIN No.: |
00243834 |
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Name : |
Mr. Anil Khimraj Jain |
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Designation : |
Director |
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Address : |
2 Rita Park Society, Shahibaug, Ahmedabad – 380004, Gujarat, India |
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Date of Birth/Age : |
22.11.14969 |
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Date of Appointment : |
07.03.2012 |
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DIN No.: |
00243912 |
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Name : |
Mr. Abhivandan Chandresh
Lodha |
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Designation : |
Director |
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Address : |
15, Subhas Nagar
Society, Shahibaug, Ahmedabad
– 380004, Gujarat, India |
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Date of Birth/Age : |
10.07.1983 |
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Date of Appointment : |
07.03.2012 |
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DIN No.: |
01820667 |
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Name : |
Sumitra Lodha |
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Designation : |
Director |
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Address : |
15, Subhas Nagar
Society, Shahibaug, Ahmedabad
– 380004, Gujarat, India |
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Date of Birth/Age : |
06.02.1962 |
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Date of Appointment : |
29.09.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
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Names of Shareholders |
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No. of Shares |
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Balar R Genshmal |
|
100 |
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Balar Khimraj |
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15100 |
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Jain R Rajendrakuamr |
|
2600 |
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Jain K Anilkumar |
|
392600 |
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Jain Bharti |
|
5100 |
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Jian Neha |
|
5100 |
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Balar R Genshmal |
|
2500 |
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Balar R Genshmal |
|
2500 |
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Jain Abhishek |
|
155000 |
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Jain A Ritu |
|
5000 |
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Jain R Rahul |
|
5000 |
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Lodha Sumitra |
|
1100 |
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Dhanvidya Financial |
|
75000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2012
|
Category |
Percentage |
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Bodies corporate |
15.00 |
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Directors or relatives of Directors |
73.00 |
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Other top fifty shareholders |
12.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Mobiles. |
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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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Suppliers : |
·
Chandreash Marketing
Private Limited ·
Maxx Mobilink
Private Limited ·
Fotis Inc. ·
Sony India Private Limited ·
Premier Enterprises ·
Chandreash Tech |
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Customers : |
End Users ·
Care Office Equipment Limited ·
Mehta Agency ·
New Bajrang
Communication |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
Dena Bank, Shahibaug Branch, Sanjay Society,
Near Police Commissioner's Office, Shahibaug, Ahmedabad - 380004, Gujarat, India |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
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Auditors : |
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Name : |
S K Chechani and Associates Chartered Accountants |
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Address : |
303 Abhishek Plaza, B/H..Nav
Gujarat College, Rbi Lane, Ashram Road, Ahmedabad – 380014, Gujarat, India |
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Tel No.: |
91-79-27541561 |
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Mobile: |
91-9429439072 |
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Email: |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACEFS8828C |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1050000 |
Equity Shares |
Rs.10/- each |
Rs.10.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
10.500 |
8.179 |
8.179 |
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(b) Reserves & Surplus |
3.158 |
2.233 |
0.764 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
13.658 |
10.412 |
8.943 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
1.953 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.001 |
0.000 |
0.000 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
1.954 |
0.000 |
0.000 |
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(4) Current
Liabilities |
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(a) Short term borrowings |
15.265 |
0.000 |
0.000 |
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(b) Trade payables |
12.187 |
4.215 |
0.508 |
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(c) Other current liabilities |
0.023 |
0.060 |
0.000 |
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(d) Short-term provisions |
0.331 |
1.025 |
0.085 |
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Total Current
Liabilities (4) |
27.806 |
5.300 |
0.593 |
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TOTAL |
43.418 |
15.712 |
9.536 |
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ASSETS |
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(1) Non-current
assets |
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(a) Fixed Assets |
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(i) Tangible assets |
0.020 |
0.000 |
1.139 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.044 |
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(e) Other Non-current assets |
5.050 |
5.050 |
0.000 |
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Total Non-Current
Assets |
5.070 |
5.050 |
1.183 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.050 |
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(b) Inventories |
9.630 |
0.719 |
0.112 |
|
(c) Trade receivables |
16.549 |
2.088 |
0.910 |
|
(d) Cash and cash equivalents |
1.535 |
0.959 |
0.411 |
|
(e) Short-term loans and advances |
10.634 |
6.896 |
6.870 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
38.348 |
10.662 |
8.353 |
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|
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TOTAL |
43.418 |
15.712 |
9.536 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
89.648 |
6.216 |
3.411 |
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Other Income |
2.457 |
3.929 |
0.687 |
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TOTAL (A) |
92.105 |
10.145 |
4.098 |
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Less |
EXPENSES |
|
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Cost of materials traded |
97.586 |
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Changes in inventories |
(8.911) |
(0.606) |
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Employees Benefit expenses |
0.898 |
1.091 |
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Direct Trading and Administrative expenses |
1.267 |
1.897 |
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TOTAL (B) |
90.840 |
8.017 |
3.688 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.265 |
2.128 |
0.410 |
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Less |
FINANCIAL
EXPENSES (D) |
0.502 |
0.002 |
0.002 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.763 |
2.126 |
0.408 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.005 |
0.000 |
0.142 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.758 |
2.126 |
0.266 |
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Less |
TAX (H) |
0.297 |
0.658 |
0.088 |
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PROFIT AFTER TAX
(G-H) (I) |
0.461 |
1.468 |
0.178 |
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Earnings Per
Share (Rs.) |
0.44 |
1.80 |
0.22 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.50 |
14.48 |
4.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.85 |
34.20 |
7.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.75 |
13.53 |
2.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.20 |
0.03 |
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Debt Equity Ratio (Total Debt/Networth)
|
|
1.26 |
0.00 |
0.00 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
2.01 |
14.08 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS- NOT AVAILABLE
|
Sr. No. |
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 |
|
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% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
NOTE:
Registered office of the company has been shifted
from G
6, Madhavpura Marketnr
Police, Commesiner Office Shahibaug,
Ahmedabad – 380004, Gujarat, India to the present address w.e.f
07.02.2012
FINANCIAL RESULTS
During the year the company has earned profit before tax of Rs. 0.757 Million against Rs.
2.126 Millions year.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advance from relative parties |
1.953 |
0.000 |
|
|
|
|
|
Total |
1.953 |
0.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10403277 |
21/01/2013 |
20,000,000.00 |
DENA BANK |
SHAHIBAUG
BRANCH, SANJAY SOCIETY, NR.POLICE COMM |
B68232941 |
FIXED ASSETS:
Tangible Assets
·
Land and Building
·
Plant and Machinery
·
Electric Installation
Intangible Assets
· Product License
· Trademark
· Software License
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 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.62.57 |
|
|
1 |
Rs.100.63 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
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|
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Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
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 |
|
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.