MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
EUROTREND FURNITURES PRIVATE LIMITED |
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Registered Office : |
9, Ashirwad, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.02.1996 |
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Com. Reg. No.: |
097061 |
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CIN No.: [Company
Identification No.] |
U36100MH1996PTC097061 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME04962G |
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PAN No.: [Permanent
Account No.] |
AAACE3609C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged as manufacturers, dealers, importers, exporters, buyers, sellers, distributors, conveyors and traders in all kinds of Furnitures, Fixtures, all types of Wood, Wood Products, all kinds of Laminates, Decorative Sheets, and Surfacing made of Acrylic, Polyester, Plastic or other Materials and Allied Lines of Business. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track
records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported
as fair. Business is active. Payments are however reported as usually
correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
9, Ashirwad, 2nd Floor, |
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Tel. No.: |
91-22-27688056 / 2304 |
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Fax No.: |
91-22-25791373 |
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E-Mail : |
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Branch 1 : |
A-127, TTC Industrial Area, MIDC, Khairane, |
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Tel. No.: |
91-22-27688056 / 2304 |
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Fax No.: |
91-22-25791373 |
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Branch 2 : |
150/120, 4th Floor, Cison’s Complex, |
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Tel. No.: |
91-44-28554768 / 3121 |
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Fax No.: |
91-44-28553121 |
DIRECTORS
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Name : |
Mr. Abhay Kanaiyalal Shah |
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Designation : |
Director |
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Address : |
9, Ashirwad, 2nd Floor, |
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Date of Birth/Age : |
18.08.1957 |
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Date of Appointment : |
08.02.1996 |
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Name : |
Mrs. Shaila Abhay Shah |
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Designation : |
Director |
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Address : |
9, Ashirwad, 2nd Floor, |
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Date of Birth/Age : |
27.10.1957 |
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Date of Appointment : |
08.02.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Abhay Kanaiyalal Shah |
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168500 |
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Mrs. Shaila Abhay Shah |
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81500 |
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Total |
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250000 |
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Particulars |
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Percentage of
Holding |
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Directors / Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged as manufacturers, dealers, importers, exporters, buyers, sellers, distributors, conveyors and traders in all kinds of Furnitures, Fixtures, all types of Wood, Wood Products, all kinds of Laminates, Decorative Sheets, and Surfacing made of Acrylic, Polyester, Plastic or other Materials and Allied Lines of Business. |
GENERAL INFORMATION
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Suppliers : |
Ř Bhavik Enterprises Ř Karwood Industries Private Limited Ř Patpak Private Limited Ř Navopan Industries Limited Ř Mark Joint Venture Private Limited Ř Efficient Gadgets Limited Ř Space Wood Furnitures Private Limited Ř Silverline Wire Products Private Limited |
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Customers : |
Ř Bhavik Enterprises Ř Dwisons Private Limited Ř MTNL Ř Voltas Limited Ř
The |
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No. of Employees : |
20 |
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Bankers : |
Ř
Union Bank of Ř Janakalyan Sahakari Bank, Mumbai Ř The North Kanara GSB Co-operative Bank Limited |
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Facilities : |
The company enjoys Loan facility of Rs. 3.145 millions dated 14/05/2000 hypothecated against All that pieces and Parcel of Industrial Plot of Land at Plot of Land at Plot No. A127, TTC Industrial Area, Dist., Thane containing by admeasurements 540 sq. meters, worth Rs. 0.850 million dated 14/08/2000 hypothecated against Stocks, Movable Machinery Book Debts and other assets and worth Rs.1.200 millions dated18/09/2002 hypothecated against stocks and book debts. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Jayant M. Dhokia Chartered Accountants |
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Address : |
13, Bhagwan Bhuvan, 3rd Floor, 31, Israil Mohalla, |
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Tel. No.: |
91-22-23738612 |
CAPITAL STRUCTURE
Authorized Capital:
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10.00
each |
Rs. 2.500
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10.00
each |
Rs. 2.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.207 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.707 |
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LOAN FUNDS |
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1] Secured Loans |
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0.090 |
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2] Unsecured Loans |
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4.748 |
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TOTAL BORROWING |
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4.838 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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7.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.702 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.100 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.025 |
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Sundry Debtors |
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0.748 |
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Cash & Bank Balances |
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0.540 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.524 |
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Total
Current Assets |
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4.837 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.169 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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2.169 |
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Net Current Assets |
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2.668 |
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MISCELLANEOUS EXPENSES |
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0.075 |
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TOTAL |
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7.545 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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Other Income |
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11.014 |
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Total Income |
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11.014 |
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Profit/(Loss) Before Tax |
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0.648 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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0.648 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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10.366 |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Power & Fuel |
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Total Expenditure |
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10.366 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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5.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.79 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.59 |
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Current Ratio (Current Asset/Current Liability) |
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2.23 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
EUROTREND FURNITURES PRIVATE LIMITED |
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Presented By |
EUROTREND FURNITURES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
i) No instrument was
executed but an Equitable Mortgage was created by the Company on the
27.03.1997 in favour of Maharashtra State Financial Corporation by deposit of
title deeds of the company’s immovable properties at Plot No. A-127, in Trans
Thane Creek Industrial Area of MIDC situate within the limits of Navi Mumbai
Municipal Corporation, Taluka and Registration Sub-Dist and Dist: Thane with
Maharashtra State Financial Corporation with an intent to create a security
thereon by way of suitable Mortgage pursuant to a Resolution passed by the
Board of Directors of the company on 26.03.1997. ii) Equitable
Mortgage and Letter of Hypothecation both dated 31.03.1997. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.950
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
i) Mortgage by
deposit of title of deeds of Company’s land and buildings situated at Plot
No. a-127, Trans Thane Creek Industrial Area of MIDC situate within the limits of Navi Mumbai Municipal
Corporation, Taluka and Registration Sub-Dist and Dist: Thane and described
in the Memorandum of Entry a copy of which is attached herewith. ii) Hypothecation
of company’s plant and machinery situated at plot No. a-127, in Trans Thane
Creek Industrial Area of MIDC situate within the limits of Navi Mumbai
Municipal Corporation, Taluka and Registration Sub-Dist and Dist: Thane and
described in the Schedule of letter of hypothecation a copy of which is
attached herewith. iii) Floating
charge on all the other assets as and by way of second charge and additional
security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) In
consideration for the aforesaid loan, the company has created- i) Mortgage by
deposit of title deeds of company’s land and buildings and ii) Hypothecation
of company’s plant and machinery (Short particulars
whereof are stated in the preceding column 3 in favour of the Corporation.) b) Rs. 3.370
millions paid upon creation of Equitable Mortgage on 27.03.1997 and Execution of Letter of Hypothecation dated
27.03.1997. c) The total
amount of Rs. 4.950 millions to be repaid by the Company within a period of 8
years by 13 half yearly installments commencing from
20.03.1999 and ending on 27.03.2005 d) The loan to
carry interest @ 19% per annum from 31.03.1997 payable quarterly on 15th February, 15th September, 16th
August, and 15th November, in each year with
a provision for additional interest upto 5% p.a. in case of default in
payment of installments of principal / interest / other dues on due date and with
further provision for further additional interest upto 1.5% p.a. if the
company contravence any of the terms and conditions of loan. The first payment of interest to be made on
15.05.1997 e) The Company to
maintain a minimum margin of 16% between the market value of the mortgaged
premises and the amount of outstanding loan. |
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5) Name and Address and description of the person entitled to the charge. |
New Floors, Amrit Keshav Nayak Marg, Mumbai –
400 001 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.60 |
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1 |
Rs. 80.65 |
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Euro |
1 |
Rs. 54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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35 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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