MIRA
INFORM REPORT
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Inquiry Date : |
17.10.2008 |
IDENTIFICATION DETAILS
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Name : |
ESQUIRE DÉCOR PRIVATE LIMITED |
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Registered Office : |
308/ 304, Shiromani Complex, Opposite Ocean Park, Near Nehru Nagar, Ambawadi,
Ahmedabad – 380 015, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.06.1990 |
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Com. Reg. No.: |
04-13860 |
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CIN No.: [Company
Identification No.] |
U25209GJ1990PTC013860 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHME00044C |
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PAN No.: [Permanent
Account No.] |
AAACE3360J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Sellers
Of Decorative Laminated Sheets. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 60000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
308/ 304, Shiromani Complex, Opposite Ocean Park, Near Nehru Nagar,
Ambawadi, Ahmedabad – 380 015, Gujarat, India. |
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Tel. No.: |
91-79-6731714/ 6731529/ 6767616 |
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Mobile No.: |
91-9825033433 |
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Fax No.: |
91-79-6731419 |
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E-Mail : |
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Website : |
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Area : |
1250 sq. fts. |
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Location : |
Owned |
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Factory : |
Survey No. 171, Karannagar, Near Kadi, Taluka – Sanand, District –
Mehsana, Gujarat, India. |
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Tel. No.: |
91-2764-277831/ 277832 |
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Fax No.: |
91-2764-277831 |
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Area : |
40000 sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kanaiyalal Thakkar |
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Designation : |
Director |
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Address : |
25, Indraprastha
Bungalows, Vastruapur, Ahmedabad – 380 015, Gujarat, India. |
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Date of Birth/Age : |
20.10.1954 |
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Date of Appointment : |
08.06.1990 |
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Name : |
Mr. Rankit Kanaiyalal Thakkar |
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Designation : |
Director |
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Address : |
24, Indraprastha
Bungalows, Management Enclave, Vastruapur, Ahmedabad – 380 015, Gujarat,
India. |
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Date of Birth/Age : |
20.02.1976 |
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Qualification : |
B. Com |
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Date of Appointment : |
24.06.1995 |
KEY EXECUTIVES
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Name : |
Kapoor and Ved |
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Designation : |
Company Secretary |
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Address : |
22/A, Pallavi Apartments,
Opp. Memnagar Fire Station, Navrangpura, Ahmedabad – 380 009, Gujarat, India.
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Tel. No. : |
91-79-6401504 |
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Residence No. |
91-79-6445894 |
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Mobile No. : |
91-9825035998 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders (Equity Shares) |
No. of Shares |
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Mr. Kanaiyalal Thakkar |
7545 |
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Mr. Kanaiyalal Thakkar
HUF |
2850 |
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Ms. Nirmala Thakkar |
9750 |
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Mr. Rankit Thakkar |
9800 |
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Ms. Pinal Thakkar |
1025 |
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Ms. Niraliben Thakkar |
1025 |
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Ms Amiben Thakkar |
1 |
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Mr. Chimanlal Mangaldas
HUF |
1 |
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Mr. Chimanlal Mangaldas
Thakkar |
1 |
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Mr. Jaynarayan Manilal
Thakkar, HUF |
1 |
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Mr. Anand Kumar Thakkar |
1 |
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32000 |
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Names of Shareholders (Preference Shares) |
No. of Shares |
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Mr. Iswarlal Mangilal |
1 |
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Mr. Arvindkumar Iswarlal
HUF |
1 |
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Mr. Dilip Tulsidas |
1 |
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Mr. Rankit Thakkar HUF |
1 |
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Mr. Pankaj Chimanlal |
1 |
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Mr. Dipak Thakkar |
1 |
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Mr. Jay Krishna Thakkar |
1 |
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Mr. Janaklal Thakkar |
1 |
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Mrs. Minaxiben Thakkar |
1 |
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Total |
9 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Sellers
Of Decorative Laminated Sheets. |
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Products : |
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Brand Names : |
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Exports : |
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Products : |
Paper Based Laminated Sheets |
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Countries : |
USA, Dubai, Iran, Nigeria, Middle East, Africa and Far
East |
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Imports : |
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Products : |
Base Paper, Melamine Phenol, Kraft Paper, Tissue Paper And
Design Paper |
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Countries : |
Spain, China, USA and Europe |
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Terms : |
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Selling : |
L/C, Cash or Credit (30-60-90 days) |
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Purchasing : |
L/C, Cash or Credit (30-60-90 days) |
PRODUCTION STATUS As on 31.03.2007
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Decorative Laminated Sheets |
Pieces |
NA |
600000 |
330555 |
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GENERAL INFORMATION
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Suppliers : |
Ajit Kumar Décor, France |
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Customers : |
Wholesalers, End Users and Government Railways |
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No. of Employees : |
160 |
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Bankers : |
v IDBI Bank, Lal Bunglow
Branch, IDBI Complex, Opposite C. G. Road, Ahmedabad, Gujarat Tel. 91-79-6431902 Fax. 91-79-6565105 v Bank of Baroda, Kadi Branch,
Ahmedabad, Gujarat v Bank of Baroda, Satellite
Road Branch, Ahmedabad, Gujarat v The Catholic Syrian Bank
Limited, Ahmedabad, Gujarat v The Karur Vysya Bank
Limited, Ahmedabad, Gujarat v Standard Chartered Bank Limited,
Ahmedabad, Gujarat v The Manekchowk Co-operative Bank
Limited, Ahmedabad, Gujarat v
HDFC
Bank |
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Facilities : |
Secured Loans
Unsecured Loans
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mody and Associates Chartered Accountants |
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Address : |
101, New Cloth Market, Ahmedabad – 380 002, Gujarat, India. |
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Associates/Subsidiaries : |
Esquire International 4th Floor, Shiromani Compex, Opposite Ocean Park, Satellite Road, Ahmedabad – 380015, Gujarat Tel. No. 91-79-6730368 Fax No. 91-79-6731419 Description – Optical Goods / Sun Glasses Contact Person – Mr. Rankit Thakkar Tel. No. 91-79-6731714 Email -esquire@wilnetonline.net Website -http://www.esquire-décor.com |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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34000 |
Equity Shares |
Rs.100/- Each |
Rs.3.400 Millions |
|
1000 |
Preference Shares |
Rs.100/- Each |
Rs.0.100 Million |
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Total |
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Rs.3.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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32000 |
Equity Shares |
Rs.100/-
Each |
Rs.3.200 Millions |
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9 |
Preference Shares |
Rs.100/-
Each |
Rs.0.001
Million |
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Total |
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Rs.3.201 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 |
3.201 |
3.201 |
3.201 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.849 |
7.051 |
7.953 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.050 |
10.252 |
11.154 |
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LOAN FUNDS |
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1] Secured Loans |
5.132 |
4.826 |
0.041 |
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2] Unsecured Loans |
30.685 |
23.014 |
9.196 |
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TOTAL BORROWING |
35.817 |
27.840 |
9.237 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.796 |
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TOTAL |
47.867 |
38.092 |
21.187 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.093 |
6.665 |
7.678 |
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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 |
0.176 |
0.284 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
66.774
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58.307 |
16.082 |
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Sundry Debtors |
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24.638 |
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Cash & Bank Balances |
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0.728 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
6.319 |
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Total
Current Assets |
66.774
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58.307 |
47.767 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
24.844
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26.434 |
33.504 |
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Provisions |
0.332
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0.730 |
0.754 |
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Total
Current Liabilities |
25.176
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27.164 |
34.258 |
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Net Current Assets |
41.598
|
31.143 |
13.509 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
47.867 |
38.092 |
21.187 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
88.733 |
101.078 |
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Other Income |
|
0.492 |
0.253 |
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Total Income |
|
89.225 |
101.331 |
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Profit/(Loss) Before Tax |
|
2.237 |
(1.250) |
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Provision for Taxation |
|
0.440 |
(0.349) |
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Profit/(Loss) After Tax |
|
1.797 |
(0.901) |
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Import Value |
|
30.298 |
38.983 |
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Expenditures : |
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Financial Charges |
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2.025 |
2.863 |
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Other Expenditure |
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84.963 |
99.718 |
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Total Expenditure |
|
86.988 |
102.581 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.01
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(0.89) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.52
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(1.24) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.07
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(1.92) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
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(0.12) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.06
|
5.37 |
3.90 |
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Current Ratio (Current Asset/Current Liability) |
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2.65
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2.15 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
ESQUIRE DÉCOR PRIVATE LIMITED |
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Presented By |
Chief Adviser
(Legal) Gujarat
Industrial Investment Corporation Limited, Chunibhai Chambers, Ashram Road,
Ahmedabad – 380 009. |
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1) Date and description of instrument creating the change |
15.12.1990 Deed of Hypothecation
executed by the Company in favour of Gujarat Industrial Investment
Corporation Limited (GIIC) (hereinafter referred to as “the Lenders’). A
certified copy of the said deed of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of
Rs.8.200 Millions agreed to be lent and advanced by GIIC to the company
together with interest, additional interest, commitment charges premia on or
on redemption, costs, charges, expenses and all other moneys payable by the
company to GIIC in terms of the loan Agreement dated 15.12.1990. between
Company of the ONE PART and the Lenders of the OTHER PART. |
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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 |
The whole of the
moveable properties of the company including its moveable plant and machinery
spares, tools and accessories and other moveable, both present and future
(save and expect book debts and current assets) pertaining to the project
situated at Survey No. 171, Karannagar, Near Kadi, Taluka – Sanand, District –
Mehsana whether now lying loose or in cases or which are now lying or stored
in or about or shall hereafter from time to time during the continuance of the
security be brought into or upon or be stored or be in or about the Company’s
factories, premises and godowns or wherever else the same may be or be held
by any party to the order or disposition of the company or in the course of
transit or on high seas or on order, or delivery, howsoever and wheresoever
in the possession of the company and either by way of substitution or
addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) The charge
operates as security inter alia, for the due repayment by the company to GIIC
of its term loan of Rs.8.200 Millions together with interest, additional
interest, commitment charges, premia on or on redemption, costs, charges,
expenses and all other moneys payable by the company to GIIC in terms of the
said Loan Agreement. b) The charge in
favour of GIIC under the said Deed of Hypothecation is subject to the
exclusive charges created and / or to be created by the company in favour of its
bankers on the company’s stocks or raw materials, semi-finished and finished
goods and consumable, Stores and Book debts and such other moveables as may
specified permitted to secure its working capital requirement in the ordinary
course of business. c) The company
has undertaken to keep the goods hypothecated in marketable and good
condition at its own costs and to insure the same in the joint names of the
company and the lenders. d) All the goods
hypothecated and all the realizations and insurance proceeds thereof and all
document in respect of the said security are to be kept distinguishable and
held as the exclusive property of the Lenders. e) The security
created under the Deed of Hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Gujarat
Industrial Investment Corporation Limited, Chunibhai Chambers, Ashram Road,
Ahmedabad – 380 009. |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
TRADE REFERENCES:
·
Konifer India
82, Timber Market, Pune
– 411 042, Maharashtra
Tel. 91-20-6452451
·
Sunlam Marketing
29, Laila Silk Mill
Compound, Mogra Village, Andheri (East), Mumbai
Mobile No.:
9821134524
·
Jain Trading Company
2205/4, Chanda
Mandi, Pahat Galli, New Delhi
Tel. 91-11-2354183
·
Arjumeri Décor, France
Financial Results: During the year the
Company has earned the profit of Rs.1.797 Millions as compared to a loss of
Rs.0.901 Million for the previous Year.
CONTINGENT
LIABILITY:
The company has given corporate guarantee in favour of State Bank India.
Specialised Commercial Branch, Ahmedabad to secure various credit facilities
aggregating upto Rs.60.500 Millions and Rs.69.500 Millions respectively to its
sister concerns M/s Vibranl Décor (India) Private Limited, Ahmedabad and M/s
Esquire Décor (HPL) Private Limited, Ahmedabad as per the terms and conditions
of the sanction.
FIXED ASSETS:
- Land
- Land –
Changodar
- Office
Building
- Factory
Building
- Plant and
Machinery
- Electric
Installation
- Furniture and
Fixture
- Typewriter
- Computer with
Printer
- Motor Cars
WEBSITE DETAILS
Subject is one of the leading prestigious manufacturer and exporter of decorative laminate sheets and industrial laminate sheets from 0.5 mm to 20 mm thickness.
They manufacture wide range of laminate like Decorative laminate, Industrial laminate, Both side laminate, Backer laminate, Cabinet liner laminate in a standard size of 1220 MM x 2440 MM.
They have a excellent and well Educated, qualified and trained technical staff for maintain the product.
Subject presents the classic range of premium high pressure decorative laminates manufactured in the state of the art technology and as per “NEMA”, ’BS” , “DIN” ,and “IS specifications. Comprising of over 300 shades and designs for endless possibilities in applications, long lasting, impact resistance and scratch resistance and yet very elegant and contempory in fashion these laminates can be used almost anywhere including wall lining ,column claddings, door shelves, table tops, work tops, counters, cubicles, vanity units, lift linings, store fittings displays and check out desks.
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.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|