MIRA
INFORM REPORT
|
Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GRAFFITI [INDIA] PRIVATE LIMITED |
|
|
|
|
Registered Office : |
F/69 Ratilal Parkst, St. Xavier School Road, Ahmedabad – 380014,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
09.02.2001 |
|
|
|
|
Com. Reg. No.: |
04-39252 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U26916GJ2001PTC039252 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG00939B / AHMG01272F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Importers of Decorative Ceramic Tiles |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
F/69 Ratilal Parkst, St. Xavier School Road, Ahmedabad – 380014,
Gujarat, India |
|
Tel. No.: |
91-79-26406811 / 12 / 13 |
|
Fax No.: |
91-79-26405289 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. ft. [Owned] |
|
|
|
|
Corporate Office : |
602/603, 6th Floor, ‘Rembrandt’, C G Road, Ahmedabad –
380005, Gujarat, India |
|
Tel. No.: |
91-79-26406811 / 12 / 13 |
|
Fax No.: |
91-79-26405289 |
|
Area : |
6000 sq. ft. [Rented] |
|
|
|
|
Factory 1 : |
766/772, Rakanpur, Sola-Santej Road, Taluka Kalol – 382721, District
Mehsana |
|
Tel. No.: |
91-2764-286961 / 62 |
|
Fax No.: |
91-2764-286107 |
|
Area : |
Owned |
|
|
|
|
Warehouse : |
123, Prime Logistics, Park Building, Bavla
Highway, Village Navapura, Taluka – Sanand, Ahmedabad |
|
Area : |
Rented |
|
|
|
|
Dealers Network : |
Located at :
|
|
|
|
|
Branches : |
Located at :
|
DIRECTORS
|
Name : |
Mrs. Pallavika M Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.11.1944 |
|
Date of Appointment : |
09.02.2001 |
|
|
|
|
Name : |
Mrs. Kalpu Bhavin Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.12.1968 |
|
Date of Appointment : |
09.02.2001 |
|
|
|
|
Name : |
Mrs. Rupa Sachin Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.03.1969 |
|
Date of Appointment : |
09.02.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Pallavika M Shah |
|
75000 |
|
Kalpu Bhavin Shah |
|
37500 |
|
Rupa Sachin Shah |
|
37500 |
|
Total |
|
150000 |
As on 30.09.2006
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Importers of Decorative Ceramic Tiles |
|
|
|
|
Brand Name : |
Graffiti |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Cash an Credit [30-60 days] |
|
|
|
|
Purchasing : |
L/c and Credit [30 days] |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
Around 200 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Yogendra and Company Chartered Accountants |
|
Address : |
202-203, Benkesha Bus Stop, Navrangpura, Ahmedabad – 380009, Gujarat,
India |
|
|
|
|
Associates/Subsidiaries : |
Shree Ambica Decoprints
Private Limited Address : B/11, Chinaibaug Estate, Dudheshwar Road, Ahmedabad - 380004, Gujarat, India Tel. No.: 91-79-5625803 Fax No.: 91-79-5625899 Activity : Manufacturers and Importers of Decorative Ceramic Tiles Shaleen Ceramics
[Partnership] Address : 602/603, 6th Floor, ‘Rembrandt’, C G Road,
Ahmedabad – 380005, Gujarat, India Activity : Manufacturers and Importers of Decorative Ceramic Tiles |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
April 2006 to
February 2008 |
|
Sales Turnover |
|
|
200.000 |
Expected Sales (2007-08) : Rs.250.000
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.000 |
1.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
8.498 |
8.539 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
11.498 |
10.039 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
24.698 |
21.972 |
|
|
2] Unsecured Loans |
|
47.409 |
32.327 |
|
|
TOTAL BORROWING |
|
72.107 |
54.299 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
83.605 |
64.338 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
18.921 |
3.066 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.015 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
62.095 |
59.272 |
|
|
Sundry Debtors |
|
26.661 |
14.583 |
|
|
Cash & Bank Balances |
|
[0.001] |
1.788 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
16.961 |
5.386 |
|
Total
Current Assets |
|
105.716 |
81.029 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
36.674 |
17.337 |
|
|
Provisions |
|
5.197 |
3.519 |
|
Total
Current Liabilities |
|
41.871 |
20.856 |
|
|
Net Current Assets |
|
63.845 |
60.173 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.824 |
1.099 |
|
|
|
|
|
|
|
|
TOTAL |
|
83.605 |
64.338 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
150.131 |
94.947 |
43.957 |
|
|
Other Income |
15.145 |
16.847 |
0.000 |
|
|
Total Income |
165.276 |
111.794 |
43.957 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3.900 |
3.048 |
3.012 |
|
|
Provision for Taxation |
1.800 |
1.378 |
[0.518] |
|
|
Profit/(Loss) After Tax |
2.100 |
1.670 |
3.530 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
114.913 |
81.803 |
0.000 |
|
|
Administrative Expenses |
25.013 |
13.920 |
0.000 |
|
|
Selling Expenses |
12.816 |
8.035 |
0.000 |
|
|
Interest and Financial Charges |
6.724 |
4.320 |
2.165 |
|
|
Depreciation |
1.909 |
0.668 |
4.121 |
|
|
Other Expenditure |
0.000 |
0.000 |
34.659 |
|
Total Expenditure |
161.375 |
108.746 |
40.945 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
1.27
|
1.49 |
8.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.60
|
3.21 |
6.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.13
|
3.62 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.30 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.91
|
7.49 |
NA |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
3.89 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
GRAFFITI [INDIA]
PRIVATE LIMITED |
|
Presented By |
Mrs. Rupa Sachin
Shah, Director |
|
1) Date and description of instrument creating the change |
Common deed of
hypothecation dated 07.12.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
Millions |
|
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 |
All the present
and future Stock of goods, which now belong to and may hereafter, during the
subsistence of the borrowers liability belong to the borrower which are / shall / may be brought into or stores or
be in / upon the borrower’s premises or wherever else or in the course of transits
or any other premises or wherever else on in course of transits or delivery
to the borrower. All the present
and future receivable of the company.
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 11.00 % p.a. being 0.50 % over and above Corporation bank Bench mark
advance Rate which is 10.50 % p.a. at present rising and falling therewith. |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Navrangpura Ahmedabad –
380009 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate
identity number of the company |
U26916GJ2001PTC039252 |
|
Name of the
company |
GRAFFITI [INDIA] PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
F/69 Ratilal Parkst, St. Xavier School Road, Ahmedabad – 380014,
Gujarat |
|
This form is for |
Modification of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Corporation Bank Navrangpura Ahmedabad –
380009, Gujarat, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
07.12.2004 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Working capital
facilities interest @ 11 % p.a. Running Account Repayable on demand. |
|
Description of
the property charged indicating whether it is a charged on |
|
|
Particulars of
the property charged |
Movable and
current assets of the company |
|
Charge identification
number of the charge to be modified |
14 |
|
Brief description
of the instrument modifying the charge under section 135 |
Supplementary
Deed of Hypothecation |
|
Date of
instrument modifying the charge |
28.02.2006 |
|
Particulars of
the present modification |
Enhancement in
cash credit facilities from Rs. 10 Millions to 30 millions in rate 11.25 %
p.a. other terms as specified in sanction letter on ZO/ADV/02/F 163/8/2005-06
dated 06.02.2006 |
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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
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
|
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. |
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 |
|