MIRA
INFORM REPORT
|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GREAT EASTERN APPLIANCES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Technocity, 15B, Sarat Bose Road, Kolkata-700020, West Bengal |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
28.01.1998 |
|
|
|
|
Com. Reg. No.: |
21-086420 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.000
Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
U63022WB1998PTC086420 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALG02081C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG1741J |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer and Exporter of Air Conditioners, Furniture and Fixtures,
Air Coolers, Refrigeration, Television, Audio and Video Equipments. |
|
|
|
|
No. of Employees
: |
Not Available |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
LONG TERM RATING : CRISIL BB- |
|
Rating Explanation |
Crisil has suspended its rating due to lack of information. |
|
Date |
April 2013 |
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 (FINANCIAL DETAILS)
|
Name : |
Mr. Vakil Sharma |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-33-66347822 |
LOCATIONS
|
Registered Office : |
Technocity, 15B, Sarat Bose Road, Kolkata-700020, West Bengal,
India |
|
Tel. No.: |
91-33-22103649/ 66347822 / 22895388 / 89 / 90 |
|
Fax No.: |
91-33-22420180 / 22895625 |
|
E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Nirmal Kumar Baid |
|
Designation : |
Director |
|
Address : |
8, Heysham Road, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
10.09.1954 |
|
Qualification : |
B. Com (Hons) |
|
Experience : |
30 Years |
|
Date of Appointment : |
28.01.1998 |
|
PAN No.: |
AEIPB7815A |
|
DIN No.: |
00541706 |
|
|
|
|
Name : |
Mr. Prem Baid |
|
Designation : |
Director |
|
Address : |
8, Heysham Road, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
15.08.1958 |
|
Date of Appointment : |
18.04.2002 |
|
PAN No.: |
AEHPB1402Q |
|
DIN No.: |
00550958 |
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|
|
|
Name : |
Ms. Pooja Baid |
|
Designation : |
Director |
|
Address : |
8, Heysham Road, Kolkata – 700020, West Bengal, India |
|
Date of Birth/Age : |
06.04.1984 |
|
Date of Appointment : |
01.09.2005 |
|
PAN No.: |
AHTPB1497J |
|
DIN No.: |
00541680 |
KEY EXECUTIVES
|
Name : |
Mr. Vakil Sharma |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Nirmal Kumar Baid |
4014500 |
|
Punam Baid |
120000 |
|
Hemraj Baid |
10000 |
|
Prem Baid |
1331500 |
|
Pulkit Baid |
1967500 |
|
Sanchiya Developers Private Limited, India |
983500 |
|
Sanchiya Niketan Private Limited, India |
960000 |
|
Pooja Baid |
530000 |
|
Gaurav Agencies Private Limited, India |
20000 |
|
Glores Business Private Limited, India |
30000 |
|
Novex Trade and Holdings Private Limited, India |
30000 |
|
Garima Baid |
1500 |
|
Tanishka Baid |
1500 |
|
TOTAL
|
10000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
20.24 |
|
Directors or relatives of Directors |
79.67 |
|
Other top fifty shareholders |
00.10 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Air Conditioners, Furniture and Fixtures,
Air Coolers, Refrigeration, Television, Audio and Video Equipments. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
United Bank of India Corporate Finance Branch,
11, Hemant Basu Sarani, Kolkata – 700 001, West Bengal, India · Axis Bank Limited · ICICI Bank Limited · IDBI Bank Limited · HDFC Bank Limited |
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Facilities : |
(Rs.
In Millions)
Note : (A) Term Loan - United Bank Of India (Secured by equitable mortgage of Land and Buildings of the Company at Sarat Bose Road, Howrah show room and Behala showroom and all other movable fixed assets of the Company both present and future, repayable @ Rs. 2.320 Millions per quarter and Rs 1.250 Millions per month) Term Loan - HDFC Bank (Secured by equitable mortgage of Land and Buildings of the Company at Behala both Residential and commercial, repayable @ Rs 0.858 Million per month) Standard Chartered Bank (Secured by quitable mortgage of Residential property at Rowland Road Kolkata, repayable @ Rs 1.469 Millions per month ) (B) United Bank Of India-C.C. A/c. (Secured by exclusive charge on the entire stock of goods of the company and book debt (excluding credit card receivable) both present and future) Loan Against Credit Card from HDFC Bank (Secured by First and Exclusive Hypothecation on Credit Card Receivables) |
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Banking
Relations : |
-- |
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|
|
|
Financial Institution: |
Bajaj Finance Limited,
Akurdi, Pune – 411035, Maharashtra, India |
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Auditors : |
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|
Name : |
U Chartered Accountants |
|
Address : |
42/1, |
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Tel. No.: |
91-33-22374622 |
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E-Mail : |
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PAN No.: |
AAAFU8724F |
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|
|
Associates : |
·
Sanchiya Developers Private Limited CIN
NO : U70101WB1998PTC087924 ·
Sanchiya Niketan Private Limited CIN
NO : U70101WB1998PTC088233 ·
Sanchiya Housing Private Limited CIN
NO : U70101WB1992PTC056938 |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Millions |
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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 |
100.000 |
85.800 |
85.000 |
|
|
2] Share Application Money |
0.000 |
0.040 |
1.040 |
|
|
3] Reserves & Surplus |
114.999 |
112.692 |
67.424 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
214.999 |
198.532 |
153.464 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
591.138 |
679.518 |
538.934 |
|
|
2] Unsecured Loans |
166.556 |
119.195 |
66.967 |
|
|
TOTAL BORROWING |
757.694 |
798.713 |
605.901 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
972.693 |
997.245 |
759.365 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
192.798 |
192.902 |
124.441 |
|
|
Capital work-in-progress |
171.168 |
131.959 |
164.858 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.606 |
0.606 |
0.606 |
|
|
DEFERREX TAX ASSETS |
0.773 |
23.785 |
5.715 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
506.764
|
560.074
|
446.198
|
|
|
Sundry Debtors |
15.358
|
29.719
|
21.262
|
|
|
Cash & Bank Balances |
62.974
|
36.572
|
8.522
|
|
|
Other Current Assets |
0.195
|
0.000
|
0.000
|
|
|
Loans & Advances |
84.773
|
103.960
|
93.656
|
|
Total
Current Assets |
670.064
|
730.325
|
569.638 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.120
|
48.390
|
75.880
|
|
|
Other Current Liabilities |
8.101
|
10.389
|
17.904
|
|
|
Provisions |
12.495
|
23.788
|
12.388
|
|
Total
Current Liabilities |
62.716
|
82.567
|
106.172 |
|
|
Net Current Assets |
607.348
|
647.758
|
463.466
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.235 |
0.279 |
|
|
|
|
|
|
|
|
TOTAL |
972.693 |
997.245 |
759.365 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income / Sales Turnover |
2000.000 (Approximately) |
1800.000 (Approximately) |
1221.156 |
|
|
|
Other Income |
N.A |
N.A |
3.503 |
|
|
|
TOTAL |
N.A |
NA |
1224.659 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
|
1080.852 |
|
|
|
Administrative and Selling Expenses |
|
|
116.495 |
|
|
|
TOTAL |
N.A |
NA |
1197.347 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
N.A |
NA |
27.312 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
N.A |
NA |
7.768 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX |
37.537 |
31.428 |
19.544 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
12.214 |
11.429 |
5.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
49.751 |
19.999 |
13.743 |
|
|
|
|
|
|
|
|
|
|
Provision for
Earlier Year |
N.A |
0.000 |
(0.169) |
|
|
|
|
|
|
|
|
|
|
Deferred Tax
Liability |
N.A |
0.000 |
6.003 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
105.492 |
67.425 |
47.848 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
N.A |
105.492 |
67.425 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.98 |
2.36 |
2.33 |
|
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%2007-Feb-2014_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
1.12
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
1.60
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.35
|
3.32
|
2.82
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.52
|
4.44
|
4.64
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.68
|
8.85
|
5.37
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DETAILS OF
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
|
31.03.2012 |
|
Deposits from Shareholders |
|
9.056 |
|
Other Loans and Advances |
|
157.500 |
|
TOTAL |
|
166.556 |
|
Particulars |
|
31.03.2011 |
|
Working capital
loans unsecured |
|
|
|
Working capital loans others unsecured |
|
119.195 |
|
TOTAL |
|
119.195 |
NOTE:
The registered office of the company has been shifted from 20, Old Court
House Street w.e.f 23.09.1999, P S Hare Street, Kolkata – 700 001, West Bengal,
India to the present address w.e.f. 01.04.2012
FINANCIAL RESULTS:
The working of the company showed a net profit of Rs. 37.537 Millions before providing for Provision for Tax of Rs. 12.214 Millions which along with the brought forward profit of Rs. 105.492 Millions is carried to next year.
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U63022WB1998PTC086420 |
|
Name of the
company |
GREAT EASTERN
APPLIANCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
15B, Sarat Bose Road, Kolkata-700020, West Bengal, India Email : agarwal.us@gmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Bajaj Finance
Limited, Akurdi, Pune – 411035, Maharashtra, India Email : anant.damle@bajajfinserv.in
|
|
Nature of
instrument creating charge |
Equitable
mortgage Loan Agreement dated 24th December 2012 |
|
Date of
instrument Creating the charge |
24.12.2012 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.00% floating Terms of Repayment 120 equated
Monthly Installment of Rs.0.287 Million Margin 7.75% (19.75% -
7.75%= 12.00%) Extent and Operation of the charge First and
Exclusive Charge over the mortgaged property to secure loan amount along with
all other dues payable by borrowers. the loan shall in all circumstances rank
superior to any subsequent mortgage/Charge on the mortgaged property. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Akshara Pearl, Block-II, Ground Floor, Premises No-200, N S Road (Holding No 200), P.S-Sonapur, Ward No-24, Kolkata-700103 having commercial showroom SBU of 5900 sq. ft. |
FIXED ASSETS
·
Land
·
Building
·
Computer
·
Furniture
·
Electrical Installation
·
Fax
·
Mobile Phone
·
Motor Car
·
Mini Tempo
·
Air Conditioner
·
Notes Counting Machine
·
Time Scanner
·
Generator Set
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] 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.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
ANK |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.