MIRA
INFORM REPORT
|
Report Date : |
07.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LION
PICTURE AND FRAMES (INDIA) LIMITED |
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Registered Office : |
1 B K
Paul Avenue, Kolkata – 700005, West Bengal, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.08.1998 |
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Com. Reg. No.: |
21-87700 |
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CIN No.: [Company
Identification No.] |
L51909WB1998PLC087700 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALL00953B |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Subject acts as Manufacturer of Frames,
Trading of Mouldings, Machines for making
Frames and Laminating Machines, Prints and Trading to entrepreneurs
and the consumer of ‘ION’ |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
60000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
1 B K
Paul Avenue, Kolkata – 700005, West Bengal, India |
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Tel. No.: |
91-33-22716301
/ 22695550 |
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Fax No.: |
91-33-22180586 |
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E-Mail : |
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Area : |
800
Sq. ft |
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Location : |
Rented |
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Head
Office and Main WareHouse : |
200 Dakshindari Road, Bird Jute Mill Compound, Kolkata - 700 48 |
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Tel.
No.: |
91-33-2521-8162, 2521-8236 |
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Fax
No.: |
91-33-2521-7551 |
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E-Mail
: |
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Area : |
2250
Sq. ft. |
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Location : |
Rented |
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Branch
Office 1: |
B-301, Ruia Apartment, Malad (East),
Mumbai – 400 097, Maharashtra |
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Branch
Office 2: |
187-A, Sant Nagar, East of Kailash, New Delhi – 110 065 |
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Offices
: |
Offices
of the Company
NEW DELHI OFFICE 187A, Sant Nagar, Sai Sadan, East of Kailash, New Delhi - 110 065 Tel. No : 91-11-2643-0237, 2621-3128,3092 4028 Fax : 91-11-2643-0238 Email : lionpicture@bol.net.in
MUMBAI OFFICE : Shed No. 14 & 17,Ashok Nut Bolts Industries Compound,behind Krishna Complex, 6, Udyog Nagar, S.V. Road, Goregaon (west), Mumbai-400 062, Tel. No. : 91-22-2879 2816,30929901, 5602 5157 Fax : 91-22-2877 3524 Email : lionmumbai@vsnl.net
CHENNAI OFFICE M/s.Lakshmi Ethiraj Art Gallery & Photo Framing Centre. New 70, 1st Floor, 1st Main Road,CIT Nagar(Near Hyundai Show Room), T. Nagar, Chennai –600 035 Tel.No./Telefax : 91-24359223,24347061 Mobile No. : 91-93801 09960
BANGALORE OFFICE M/s.Laxmi Photo FrameNo. 62, New Timber Yard Layout Beside M/s.Namaste Export/ Deepak Glass& Plywood, Bangalore - 560 026 Mobile No : 91-93425 84987 / 30939074 Tel.No.. : 91-80-26757005 E-mail : laxskd@yahoo.co.in
LION INDIA GALLERY-KOLKATA 4, Hungerford Street (facing Theatre Road), Kolkata - 700 017 Tel. No.: 91-33-22835758
LION INDIA GALLERY-HYDERABAD 6-3-349/39, Opposite Vengal Rao Park, Road No.1, Banjara Hills. Hyderabad - 500 034 Tel. No : 91-40-5525 9437 |
DIRECTORS
|
Name : |
Mr Om
Prakash Prahladka |
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Designation : |
Director |
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Address : |
1, B.K. Paul Avenue, Kolkata – 700 005,
West Bengal |
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Date of Birth/Age : |
11.01.1950 |
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Date of Appointment : |
10.08.1998 |
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Name : |
Mr
Manish Saria Gouri |
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Designation : |
Director |
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Address : |
1, B.K. Paul Avenue, Kolkata – 700 005,
West Bengal |
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Date of Birth/Age : |
23.11.1972 |
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Date of Appointment : |
10.08.1998 |
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Name : |
Mr
Rajendra Prahladka |
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Designation : |
Director |
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Address : |
1, B.K. Paul Avenue, Kolkata – 700 005,
West Bengal |
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Date of Birth/Age : |
02.04.1958 |
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Date of Appointment : |
22.05.2001 |
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Name : |
Mr
Rajesh Lihala |
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Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr
Pradeep Jhunjhunwala |
|
100 |
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Ms
Alka Jhunjhunwala |
|
100 |
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Ms
Urmila Prahladka |
|
100 |
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Ms
Manju Prahaladka |
|
100 |
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Mr Om
Prakash Prahladka |
|
85700 |
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Mr
Kanak Jhunjhunwala |
|
100 |
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Mr
Manish Saria Gouri |
|
100 |
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Mr
Chandra Prakash Prahladka |
|
82000 |
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Mr
Rajendra Prahladka |
|
82000 |
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Mr
Vijay Kumar Prahladka |
|
82000 |
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Category
of Shareholders |
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Percentage of
Holding |
|
Bodies
corporate |
|
35.29 |
|
Directors
or relatives of director |
|
64.71 |
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Total |
|
100.00 |
BUSINESS DETAILS
GENERAL
INFORMATION
|
Suppliers : |
Some of its major suppliers are as under: - l Chemould l Oxford Moulding |
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Customers : |
The company’s major customers include Wholesalers and End Users. Some of its customers are as under: - l S. A. Enterprises l Taneja Mines l Varuna Art Framer, etc. |
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No. of Employees : |
32 |
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Bankers : |
BA-3, Salt Lake, Sector I, Kolkata – 700 064, West Bengal
Kolkata Main Branch, Sir RNM House, 3/1, R.N. Mukherjee Road, Kolkata -700 001, West Bengal. |
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Banking Relations : |
Satisfactory |
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Auditors : |
R
Lihala and Company Chartered
Accountants |
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Address : |
11,
Crooked Lane, Kolkata – 700069, West Bengal, India |
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Parent Company: |
Hitaishi Group of Company |
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Associates/Subsidiaries : |
1. G.J.K. Shellex India Private Limited 2. Hitachi-KOREA Manufacturing Company 3. Hitaishi Creative Enterprises 4. Hitaishi Fine Kraft Industries Private Limited 5. Hitaishi Kreativ Kraft Udyog Limited 6. S.R. Projects (India) Private Limited, etc. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
750,000 |
Equity
Shares |
Rs 10/- each |
Rs 7.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
677,300 |
Equity
Shares |
Rs 10/- each |
Rs 6.773 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
6.773 |
3.323 |
3.323 |
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2] Share Application Money |
0.000 |
1.600 |
2.700 |
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3] Reserves & Surplus |
7.723 |
0.974 |
0.731 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
14.496 |
5.897 |
6.754 |
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LOAN FUNDS |
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|
1] Secured Loans |
5.414 |
0.463 |
0.021 |
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2] Unsecured Loans |
2.072 |
2.939 |
2.156 |
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TOTAL BORROWING |
7.486 |
3.402 |
2.177 |
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DEFERRED TAX LIABILITIES |
0.023 |
0.094 |
0.068 |
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TOTAL |
22.005 |
9.393 |
8.999 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.428 |
3.238 |
2.160 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.047 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.831
|
10.388 |
4.734 |
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Sundry Debtors |
9.197
|
5.105 |
1.535 |
|
Cash & Bank Balances |
2.488
|
1.207 |
6.426 |
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
Loans & Advances |
2.797
|
0.948 |
0.589 |
|
Total Current Assets |
26.313
|
17.648 |
13.284 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
8.529
|
11.258 |
6.398 |
|
Provisions |
0.261
|
0.238 |
0.121 |
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Total Current Liabilities |
8.790
|
11.496 |
6.519 |
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Net Current Assets |
17.523
|
6.152 |
6.765 |
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MISCELLANEOUS EXPENSES |
0.007 |
0.003 |
0.074 |
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TOTAL |
22.005 |
9.393 |
8.999 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
44.440 |
27.804 |
21.615 |
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Profit/(Loss)
Before Tax |
0.242 |
0.385 |
0.373 |
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Provision
for Taxation |
0.243 |
0.143 |
0.189 |
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Profit/(Loss)
After Tax |
(0.001) |
0.242 |
0.184 |
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Export
Value |
NA |
0.240 |
0.000 |
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Import
Value |
NA |
6.290 |
3.474 |
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Total
Expenditure |
44.198 |
27.419 |
21.242 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
(0.002)
|
0.87 |
1.72 |
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Net
Profit Margin(PBT/Sales) |
|
0.54
|
1.38 |
0.85 |
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Return
on Total Assets(PBT/Total Assets} |
|
0.81
|
1.84 |
2.41 |
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Return
on Investment (ROI)(PBT/Networth) |
|
0.02 |
0.06 |
0.05 |
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Debt
Equity Ratio(Total Liability/Networth) |
|
1.12 |
2.52 |
1.29 |
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Current
Ratio(Current Asset/Current Liability) |
|
2.99 |
1.53 |
2.03 |
LOCAL AGENCY
FURTHER INFORMATION
LIONINDIA was formed
in 1998 under the leadership of Mr. O.P.Prahladka,Mr. Vic Faulkner &
Mr. Manish Gourisaria who work as a catalyst in the rapid growth of Photo &
Picture Framing Industry in India.
Lion India is the
largest primary source in India for all the equipments, machine, mouldings,
hardwares, art prints and accessories necessary to produce not only photo
frames but also framed pictures, mirror frames etc.
Operating from branches in Calcutta, New Delhi, Mumbai,Bangalore & Chennai,
the company stocks all the major equipments and machines, wood and synthetic
mouldings, mount board, hardware & accessories required by the industry.
The company also stocks wide selection of art prints and hand paintings.
LION INDIA has professional sales and service personnel available to address
any of the clients technical & commercial issues. The company also provides
in house or on site technical training to the customers.
LION INDIA has always worked on the philosophy of having everything available
from stock and committed to ship out orders with in 48 hours of receipt. They
offer cash and carry service.
The company has further plans to open more branches in India in due course.
However, having global alliances with most European & American companies,
they are in a position to offer distributor agencies to those people who are
able to comply with LION INDIA philosophy.
LION INDIA is very keen and constantly making efforts to upgrade Indian framing
industry as per the European Standards.
Board Members
MR. O.P. PRAHLADKA - Chairman of HITAISHI Group and LION INDIA
has a passion and commitment to build the picture framing industry in India to
international standards. He is also COA member and director on the Board of
(EPCH) Export Promotion Council For Handicraft, New Delhi, and India Exposition
Mart Ltd., New Delhi. He is also Senior Managing Committee member at (NCDPD)
National Centre for Design & Product Design & Development, New Delhi.
He is the Vice -Chairman of plywood & wood products panel of eastern region
at Capexil since 1994 and was also nominated as vice-chirman of National Panel.
Being a commerce graduate he has also acquired special managment training in
quality analysis .
MR. MANISH
GOURISARIA - Joint Managing
Director of Lion picture & frames India Ltd., an enterprising young man,
having vast experience in the domestic and international gift and framing
business, is leading the entire team. He is available for all commercial,
product and sourcing information and to help new entrepreneurs to start a photo
or picture framing business,to set up gift, framing galleries and large photo
frame & lamination factories.
MR.VIC. FAULKNER- Joint Managing Director of LION INDIA,
operating from UK and Italy has been associated with the picture framing
industry for more than 45 years and has worked as Sales, Marketing and Managing
Director with large framing companies in America and Europe. During this time
he had started his own trade magazine, Developed trade shows for the framing
industry and acted as consultant to many large organisation in the Picture
Framing Industry.
Mr. VIC FAULKNER as is popularly known is also called the 'GODFATHER' of the
Picture Framing Industry worldwide.
Mission
The mission statement
is to be a comlete soution provider of the widest range of picture framing
components from stock at a fair price to offer machinery, service, quality and
training.
Commitment
The whole team from
top to bottom level, at all branches are dedicated to give all the clients the
best possible service at all times. Company aim to keep in stock at all
branches a complete range of products and machinery to enable all the clients
to run the business without interruption. Company ensures that they have the
latest products in stock as they become available from any part of the world.
Company offers a comprehensive service plan for all machines supplied by us and
maintain a full stock of spare parts. Company ship out all orders received and
credit worthy within 48 hours of receipt. Company offers a comprehensive
training program no matter whether you are a beginner or skilled craftsman.
|
SECURED LOANS |
31.03.2005 Rs in Millions |
31.03.2004 Rs in Millions |
|
From ICICI Bank Limited/ Standard Chartered Bank (Against hypothecation of Motor Car) |
0.463 |
0.021 |
|
|
0.463 |
0.021 |
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UNSECURED LOANS |
|
|
|
From Directors |
0.244 |
0.000 |
|
From Shareholders |
2.694 |
2.155 |
|
|
2.938 |
2.155 |
Fixed Assets
- Furnituer and Fixtures
- Computers
- Electric Installation
- Office Equipments
- Plant and Machinery
- Air Conditioner
- Motor Car/Cycle
The company is in Trade terms with: -
Ř S.MA.P. – FIL srl, 46042, Castel Goffredo (MN), Italy.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.12 |
|
UK
Pound |
1 |
Rs.87.01 |
|
Euro |
1 |
Rs.57.45 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|