MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROFORM INTERIORS PRIVATE LIMITED |
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Registered Office : |
Khasra No. 369 Sultanpur Chow, Mehrauli Gurgaon Road, Delhi-110030 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.07.2003 |
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Com. Reg. No.: |
55-121284 |
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CIN No.: [Company
Identification No.] |
U36101DL2003PTC121284 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture, Exporter and Importer of all kinds of furniture and furnishing
materials for good living made form wood brass, steel, fiber glass, plastics
and any other materials. |
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 260000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Trade relations are fair. Business is active. No complaints
have been heard from market sources. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Khasra No. 369 Sultanpur Chow, Mehrauli Gurgaon Road, Delhi-110030,
India |
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E-Mail : |
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Factory : |
Ground Floor, JMD Remain Mehruali Gurgaon Road, Gurgaon-122001,
Haryana, India |
DIRECTORS
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Name : |
Mr. Gaurav Chopra |
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Designation : |
Director |
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Address : |
MA-1/5 3C, Garden Estate, Gurgaon-122001, Haryana, India |
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Date of Birth/Age : |
05.06.1973 |
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Date of Appointment : |
14.07.2003 |
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Name : |
Mrs. Sharmilee Chopra |
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Designation : |
Director |
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Address : |
MA-1/5 3C, Garden Estate, Gurgaon-122001, Haryana, India |
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Date of Birth/Age : |
05.06.1972 |
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Date of Appointment : |
14.07.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2007
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Names of Shareholders |
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No. of Shares |
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Gaurav Chopra |
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532000 |
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Sharmjlee Chopra |
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530650 |
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Total |
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1062650 |
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List of Allottees |
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No. of Shares Allotted |
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Steller Investments Limited |
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40000 |
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List of Allottees |
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No. of Shares Allotted |
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Gaurav Chopra |
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2000 |
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S.G. Interiors Private Limited |
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397000 |
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Pelicon Finance and Leasing India Limited |
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10000 |
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VKB Marketing Private Limited |
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40000 |
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Lovely Securities Private Limited |
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20000 |
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At all times yours Securities Private Limited |
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20000 |
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Hillridge Investment Limited |
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20000 |
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Total |
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509000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture, Exporter and Importer of all kinds of furniture and
furnishing materials for good living made form wood brass, steel, fiber glass,
plastics and any other materials. |
GENERAL
INFORMATION
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Bankers : |
·
State Bank of India, Commercial Branch, Palm Court, Gurgaon-122001,
Haryana, India ·
ABN Amro
Bank N.V, Hansalya Building, 15, Barakhamba Road, New Delhi-110001, India ·
HDFC Bank Limited ·
ICICI Bank
Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Rahul Kapoor Chartered Accountant |
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Address : |
E-186, Greater Kailash, Part-I, New Delhi-110048, India |
CAPITAL STRUCTURE
As on 26.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1062650 |
Equity Shares |
Rs. 10/-
each |
Rs. 10.627
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.627 |
8.727 |
3.237 |
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2] Share Application Money |
7.600 |
0.000 |
4.000 |
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3] Reserves & Surplus |
35.292 |
27.745 |
3.855 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.519 |
36.472 |
11.092 |
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LOAN FUNDS |
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1] Secured Loans |
65.703 |
37.494 |
10.517 |
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2] Unsecured Loans |
18.962 |
1.769 |
2.246 |
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TOTAL BORROWING |
84.665 |
39.263 |
12.763 |
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DEFERRED TAX LIABILITIES |
2.872 |
1.159 |
0.339 |
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TOTAL |
141.056 |
76.894 |
24.194 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.718 |
26.540 |
10.445 |
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Capital work-in-progress |
0.112 |
11.496 |
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 |
110.308
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46.248 |
20.249 |
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Sundry Debtors |
6.481
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6.845 |
4.567 |
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Cash & Bank Balances |
6.404
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6.642 |
1.197 |
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Other Current Assets |
0.618
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0.436 |
0.018 |
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Loans & Advances |
13.619
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9.354 |
5.127 |
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Total
Current Assets |
137.430
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69.525 |
31.158 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
57.675
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29.561 |
16.643 |
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Provisions |
2.540
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1.125 |
0.792 |
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Total
Current Liabilities |
60.215
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30.686 |
17.435 |
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Net Current Assets |
77.215
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38.839 |
13.723 |
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MISCELLANEOUS EXPENSES |
0.011 |
0.019 |
0.026 |
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TOTAL |
141.056 |
76.894 |
24.194 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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140.890 |
67.579 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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140.890 |
67.579 |
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Profit/(Loss) Before Tax |
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11.800 |
5.019 |
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Provision for Taxation |
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4.254 |
2.298 |
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Profit/(Loss) After Tax |
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7.546 |
2.721 |
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Expenditures : |
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Depreciation & Amortization |
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13.897 |
1.326 |
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Other Expenditure |
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115.193 |
61.234 |
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Total Expenditure |
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129.090 |
62.560 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.36
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4.03 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
8.38
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7.43 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.87
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4.61 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.71
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1.92 |
2.72 |
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Current Ratio (Current Asset/Current Liability) |
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2.28
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2.27 |
1.79 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PROFORM INTERIORS PRIVATE LIMITED |
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Presented By |
State Bank of India, Commercial Branch, Palm Court, Gurgaon-122001,
Haryana, India |
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1) Date and description of instrument creating the change |
1. Form C-1 Agreement
of loan for overall limit. Form C-2 Agreement of Hypothecation of goods and
assets. Form C-5 Letter regarding grant of individual limit within the
overall limit dated 31.12.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 57.500
Millions Cash Credit
(Hypothecation of stock/book debts) Rs. 50.000 Millions SLC Rs. 7.500
Millions Total Rs. 57.500
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 |
3. Security :-
Primary :- 1st Charge on the current assets of the company both
present and future Collateral :- (1)
Equitable Mortgage of Property situated at E-42 A East canal Road,
owned by Capt. Gautam Chopra (2) Extension of
charge on all fixed assets of the company both present and future Guarnatee:-
Personal Guarantee of the Directors of the Company sh. Gaurav Chopra. Smt.
Sharmilee Chopra third party granted of Capt. Gautam Chopra |
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4) Gist of the terms and conditions and extent and operation of the charge. |
4. Margin: 25% on
raw material. 25% on stock in process 25% on finished goods. 40% on book
debts (Cover period 90 days) 25% on Bank Guarantee 25% on letter of credit Rate on interest
0.75% above SBAR minimum 11.00% p.a. for working capital |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Commercial Branch, Palm Court, Gurgaon-122001,
Haryana, India |
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6) Date and brief description of instrument modifying the charge |
N.A |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36101DL2003PTC121284 |
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Name of the
company |
PROFORM INTERIORS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Khasra No. 369
Sultanpur Chow, Mehrauli Gurgaon Road, Delhi-110030, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
ABN Amro Bank
N.V, Hansalya Building, 15, Barakhamba Road, New Delhi-110001, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
16.06.2008 |
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Amount secured by
the charge |
Rs. 149.680
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
Letter Terms of
Repayment As per sanction
Terms Margin As per sanction Extent and
Operation of the charge The charge
operates as security as first exclusive charge in favour of bank Others This is to secure
credit facilities aggregating Rs. 149.680 Millions |
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] 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.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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45 |
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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