MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
BATHLINE INDIA PRIVATE LIMITED |
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Registered Office : |
C – 57, DDA Sheds, Okhla Industrial Area, Phase – I, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.11.1995 |
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Com. Reg. No.: |
55-074210 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC074210 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB05016E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Bathroom and Sanitary Fittings |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
-- |
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Comments : |
Subject is an old company having poor track. Company continues to
incur losses. Its net worth has been eroded. It has huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions only.
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LOCATIONS
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Registered Office : |
C – 57, DDA Sheds, Okhla Industrial Area, Phase – I, |
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Tel. No.: |
91-11-41616447 |
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Fax No.: |
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E-Mail : |
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Showroom: |
A – 232 Okhla Industrial Area, Phase – I, |
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Tel. No.: |
91-11-41616447/41616448 |
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Fax No.: |
91-11-26812671 |
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E-Mail : |
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Area : |
7000 Sq. fts |
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Location : |
Owned (Industrial) |
DIRECTORS
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Name : |
Mr. Vinay Gupta |
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Designation : |
Director |
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Address : |
F – 29 Hauz Khas Enclave, |
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Date of Appointment : |
29.11.1995 |
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Name : |
Ms. Anjali Gupta |
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Designation : |
Director |
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Address : |
F – 29 Hauz Khas Enclave, |
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Date of Appointment : |
29.11.1995 |
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Name : |
Ms. Santa Singh Kochhar |
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Designation : |
Director |
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Address : |
14A/18 W.E.A., Karol Bagh, |
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Date of Appointment : |
24.09.2001 |
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Name : |
Mr. Raminder Singh Kochhar |
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Designation : |
Director |
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Address : |
14A/18 W.E.A., Karol Bagh, |
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Date of Appointment : |
24.09.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Vinay Gupta |
10010 |
99.90 |
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Ms. Anjali Gupta |
10 |
0.10 |
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Total |
10020 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Bathroom and Sanitary Fittings |
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Products : |
v
Tiles v
Vanities v
Sanitary Ware v
Shower Cubicles v
Shower Panels v
v
Mirrors v
Accessories |
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Imports : |
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Products : |
Bathroom Fittings, Tiles, |
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Countries : |
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Terms : |
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Selling : |
On Cad and Credit – 30 days |
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Purchasing : |
On Letter of Credit Basis |
GENERAL INFORMATION
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Bankers : |
Canara Bank, A – 27 Hauz Khas, |
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Facilities : |
Cash Credit – FLC Rs. 2.500 Millions from Canara Bank as per
Hypothecation agreement dated 16.08.2007. It is secured against hypothecation
of all goods and commodities moneys, receivable claims and bills arising out
of the sale |
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Banking Relations
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- |
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Auditors : |
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Name : |
M/s. Surendar K Jain and Company Chartered Accountant Membership No. 16520 |
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Address : |
8/28, Third Floor, WEA, Karol Bagh, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500
Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10020 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.003 |
0.903 |
0.903 |
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4] (Accumulated Losses) |
(1.890) |
(1.142) |
(2.062) |
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NETWORTH |
(1.787) |
(0.139) |
(1.059) |
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LOAN FUNDS |
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1] Secured Loans |
0.106 |
1.101 |
0.631 |
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2] Unsecured Loans |
7.156 |
10.371 |
10.371 |
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TOTAL BORROWING |
7.262 |
11.472 |
11.002 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.475 |
11.333 |
9.943 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.253 |
10.565 |
10.356 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
3.026
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11.766 |
10.389 |
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Sundry Debtors |
0.677
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1.471 |
1.049 |
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Cash & Bank Balances |
0.622
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0.954 |
0.954 |
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Other Current Assets |
0.003
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0.242 |
0.353 |
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Loans & Advances |
0.719
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2.009 |
0.824 |
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Total
Current Assets |
5.047
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16.442 |
13.569 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.488
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16.240 |
15.196 |
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Provisions |
0.056
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0.056 |
0.000 |
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Total
Current Liabilities |
2.544
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16.296 |
15.196 |
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Net Current Assets |
2.503
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0.146 |
(1.627) |
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MISCELLANEOUS EXPENSES |
0.719 |
0.622 |
1.214 |
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TOTAL |
5.475 |
11.333 |
9.943 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
5.345 |
14.292 |
8.863 |
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Other Income |
1.948 |
0.081 |
0.023 |
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Total Income |
7.293 |
14.373 |
8.886 |
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Profit/(Loss) Before Tax |
(0.845) |
1.568 |
(3.326) |
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Provision for Taxation |
0.000 |
0.947 |
0.000 |
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Profit/(Loss) After Tax |
(0.845) |
0.621 |
(3.326) |
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Expenditures : |
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Administrative Expenses |
3.544 |
5.226 |
4.690 |
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Purchases made for re-sale |
3.647 |
6.241 |
6.333 |
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Other Expenditure |
0.804 |
1.219 |
1.128 |
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Total Expenditure |
7.995 |
12.686 |
12.151 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total
Income |
(%) |
(11.59)
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4.32 |
(37.43) |
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Net Profit Margin (PBT/Sales) |
(%) |
(15.81)
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10.97 |
(37.53) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(10.54)
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2.25 |
(13.23) |
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Return on Investment (ROI) (PBT/Networth) |
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47.29
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(447.06) |
314.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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(4.06)
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(82.53) |
(10.39) |
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Current Ratio (Current Asset/Current Liability) |
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1.98
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1.01 |
0.89 |
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Quick Ration |
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0.79
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0.29 |
0.21 |
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Current Liabilities/Net worth |
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(1.42)
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(117.24) |
(14.35) |
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Fixed Assets/ Net Worth |
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(1.26)
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(76.01) |
(9.78) |
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Average Collection Days |
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46.23
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37.57 |
43.20 |
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Account Receivables Turnover |
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7.90
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9.72 |
8.45 |
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Inventory Turnover |
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1.77
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1.21 |
0.85 |
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Assets Turnover |
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2.37
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1.35 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
As per website
details
Profile
The company was established in August 2002 by Mr. Vinay
Gupta to address the upper end of bathroom market. He started
realizing the potential of positioning “Luxury Bathrooms Products” as he was
already into bathroom fittings trading. Mr.Vinay Gupta – a technocrat from
IIT-D is the Director of Aquuaplus, a leading exporter of Bathroom items.
The company opened their first showroom on 18 August 2002 at A-232, Okhla
Industrial Area, Phase – I which is a highly visible location on the main road
and measures 7000sq ft unit on a single floor devoted exclusively to the
Company concept.
Mr. Gupta have built the company based on his mission of “Quality” – quality of
product, quality of staff and quality of customer service. This has made team
the premier bathroom retailer in
Philosophy of their mission combined with Mr. Gupta’s expertise in operating a
national network of retail franchisees, give us a head start in their new
venture and liberlisation of the economy by the Government has further helped us
in sourcing the right product mix from reputed overseas manufacturers.
Bathrooms have changed dramatically over the last few decades. It is now being
acknowledged that the Bathroom is more than just room. It is no more a place
for basic rituals, it is a place to think and relax.
Bathrooms are now a regular feature in leading home magazines where they
illustrate many types of Bathrooms with colour schemes and Bathrooms
Accessories are illustrated.
That is still not enough and a need for “State of the art” bathrooms is very
strongly felt. People with taste are allocating specific funds for their
Bathrooms.
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.39.81 |
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1 |
Rs.80.03 |
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Euro |
1 |
Rs.56.02 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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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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12 |
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. |
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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