MIRA
INFORM REPORT
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Report Date : |
27.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OPAL LUXURY TIME PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Gat No. 1194/1195, Wadki, Pune Saswad Road, Pune – 412308, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.02.2007 |
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Com. Reg. No.: |
129597 |
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CIN No.: [Company
Identification No.] |
U33309PN2007PTC129597 |
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IEC No.: |
3106022426 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEO01578D |
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PAN No.: [Permanent
Account No.] |
AAACO9040R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Assembly and Marketing of Premium Clock |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a year old company but has shown satisfactory progress in
its very first year. Directors are reported as experienced, respectable and
having satisfactory means of their own. Trade relations are fair. Payments
are reported as usually correct and as per commitments. It would be advisable to take adequate securities while dealing with
the company. |
LOCATIONS
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Registered Office : |
1240, Vadu Badruk, Off Pune – A Nagar Road, Taluka Shirur, Pune –
412207, Maharashtra, India |
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Tel. No.: |
91-20-24450875 / 24455882 / 2137-252168 |
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Mobile No.: |
91-9370209240 |
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Fax No.: |
91-2137-252168 |
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E-Mail : |
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Area : |
10000 sq. ft. Leased [Rs. 0.055 Million per months] |
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Factory 1 : |
1240, Vadu Badruk, Off Pune – A Nagar Road, Taluka Shirur, Pune –
412207, Maharashtra, India |
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Tel. No.: |
91-2137-252367 |
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Fax No.: |
91-2137-252168 |
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E-Mail : |
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Factory 2 : |
Gat No. 1194/1195, Wadki, Pune Saswad Road, Pune – 412308,
Maharashtra, India |
DIRECTORS
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Name : |
Mr. Sameer Gujar |
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Designation : |
Director |
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Address : |
Utopia, Wanawadi |
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Date of Birth/Age : |
25.05.1986 |
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Qualification : |
MBA |
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Experience : |
2 Years |
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Name : |
Mrs. Pratibha Gujar |
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Designation : |
Director |
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Address : |
Utopia, Wanawadi |
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Date of Birth/Age : |
30.09.1957 |
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Qualification : |
BA |
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Experience : |
6 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sameer Gujar |
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2500 |
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Sanjay Waghulde |
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612 |
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Pratibha Gujar |
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2400 |
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Chandu Chavan |
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3060 |
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Ravindra Katre |
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714 |
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Sanjay Bhade |
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255 |
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Parag Mulay |
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255 |
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Shivaji Katke |
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204 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Assembly and Marketing of Premium Clock |
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Products : |
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Brand Names : |
Opal and Caliber |
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Exports : |
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Products : |
Parts of Clocks |
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Countries : |
Taiwan, Hong Kong and China |
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Terms : |
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Selling : |
Credit [30-60-90 days] |
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Purchasing : |
L/C and Cash |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Clock |
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35000 units p.a.
approx. |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, End users and SIS Concept |
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No. of Employees : |
85 [In Office : 25, In Factory : 30 and in Branch : 30] |
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Bankers : |
Axis Bank Limited, Wanwadi Branch, Current Account |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. G. Bhagwat and Company Chartered Accountants |
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Address : |
Suite No. 101-102, Orchard, Dr. Pai Marg, Baner Road, Pune – 411045,
Maharashtra, India |
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Tel. No.: |
91-20-27281772 / 3 |
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Mobile No.: |
91-9370148993 |
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Fax No.: |
91-20-27290774 |
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E-Mail : |
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Associates/Subsidiaries : |
Nature of Business
: Manufacturing Bankers : United
Bank of India
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CAPITAL STRUCTURE
AS ON
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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22.000 |
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3] Reserves & Surplus |
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4.031 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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26.131 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.092 |
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TOTAL |
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26.223 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.066 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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15.970
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Sundry Debtors |
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11.593
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Cash & Bank Balances |
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0.223
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Other Current Assets |
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0.000
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Loans & Advances |
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27.290
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Total
Current Assets |
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55.076
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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29.831 |
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Provisions |
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2.088 |
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Total
Current Liabilities |
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31.919
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Net Current Assets |
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23.157
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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26.223 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover |
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38.123 |
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Other Income |
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0.283 |
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Total Income |
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38.406 |
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Profit/(Loss) Before Tax |
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6.211 |
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Provision for Taxation |
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2.180 |
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Profit/(Loss) After Tax |
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4.031 |
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Earnings in Foreign Currency : |
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Total Earnings |
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15.815 |
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Imports : |
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Total Imports |
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2.847 |
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Expenditures : |
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Cost of Goods Sold |
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29.226 |
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Direct Expenses |
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3.340 |
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Personnel Expenses |
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6.331 |
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Administrative Express |
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6.289 |
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Finance Charges |
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1.834 |
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Depreciation |
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0.141 |
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Increase/(Decrease) in Finished Goods |
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[14.964] |
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Total Expenditure |
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32.197 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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10.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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16.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.22 |
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Current Ratio (Current Asset/Current Liability) |
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1.73 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE
- Mr. Shukla –
Hindustan Watch, Ganpati Chowk, Laxmi Road, Pune
Tel No.: 91-20-24455882
- Mr. Sagar
Shah, Arihant Group f Cos.
Clover Center, Camp, Pune
91-9890996669
- Mr. Vijay
Gopal
Home Solutions Retail Private Limited
91-9320766170
FIXED ASSETS
- Factory Shed
- Electrification
- Furniture and Fixture [Rs. 1.682 Millions]
- Office Equipments
- Other Assets [1.525 Millions]
INSURANCE
|
Unit’s Assets Covered |
Policy No. / Cover Note |
Validity |
Sum Assured |
Risk Covered |
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Stock |
161000/21/08/02/00000115 |
Upto – 1/7/09 |
INR 10 Million [USD232000] |
Marine Cargo Import |
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Stock |
161000/11/08/11/00000099 |
24/04/09 |
10 Millions |
Fire |
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Stock |
161000/11/08/04/00000034 |
24/04/09 |
10 Millions |
Burglary |
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161000/21/07/02/00000051 |
24/04/09 |
100 Millions |
Marine Domestic |
FINANCIAL ANALYSIS
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Last available financial statement |
Yes 31.03.2008 |
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Advance Taxes Paid |
Nil – Will be paid till 31st
October 08 |
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Change in borrowings |
Nil |
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Debtors Position |
17.300 Millions 1.350 Millions [90 days +] |
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Creditors Position |
Rs. 9.350 Millions Rs. 5.600 Millions Raw Material 180 days credit |
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Stock Position [at last month end] |
Rs. 34.600 Millions |
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Whether the critical ratios conforms to the
bench mark stipulation 2007-08 Ratios – Current Ratio – 1.7 DSCR / Debt Equity – No Long Term Debt TOL / TON – 1.14 |
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FOR MANUFACTURING
ENTIRETIES / FACTORY SITE [S]
|
Location of Plot, accessibility, proximity
to other units |
Good. Located on Nagar Road in MIDC |
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Principal raw material and sources |
Imported |
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Manufacturing Process |
Assembly Line |
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Major branded and imported machines,
installed |
Skilled Labour |
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Pollution Control : Any polluatants being
generated and their disposal |
Nil |
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Power : Connected load and back up
availability |
Good |
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Inventory / WIP / Finished goods at the site
|
Located in separated space and well
maintained. |
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Workers / Split of temporary and permanent /
any unions |
Yes. Skilled Loabours are Permanent |
SWOT ANALYSIS OF THE UNIT
|
STRENGTHS Product Design Monopolistic Product Brand Quality Presence Across the Country All Major Groups including Shoppers Stop, Future Group, Reliance, Tata are in the client List |
WEAKNESS Penetration |
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OPPORTUNITIES Export Market Domestic Market Exploration Use more Malls for sale |
THREATS Entry of any Major MNC wall clock player [Not a possibility in 3-5
years atleast] |
PROFILE
- Subject is established since April 2007 to assemble and distribute
wall clocks, table clocks, writing instruments, leather accessories, and
wrist watches.
- Its objective is to create a niche in the market for the companies
product and a brand in the high end price segment.
- The brand is registered with the Trade Mark authority in all the
four classes mentioned above
- It is drive by the idea that clock is not a mere time showing device
but a beautification product for the interiors.
- Understanding the luxury sentiment makes opal one of the best brands
in the country in this segment. The Brand is well recognized and
established will all major retailers, dealers and distributors in the
country operating in the Clock segment.
- Its main objective is to ride the growth tide in the country and
capitalize by expanding organically and create a large customer base.
CURRENT POSITIONING
·
Opal currently operates through more than 100
dealers across the geography of the country
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Opal clock is displayed in all major cities
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It currently employs a staff of over 80 people
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Most of the employees are well trained and
experienced employees are well trained and experienced employees in the clock
industry
·
Company’s current focus on the end customer is
mainly through its network of dealers and Retailers.
·
It is a well established brand among the new
chain of specialty furniture stores like Home Town, @ Home etc.
WAY FORWARD
- Company proposes to grow with the new chain of stores in the
organized retail sector.
- It has established itself as a premium brand and world push itself
in the Luxury brand segment.
- With stupendous rise in disposable income and brand awareness the
company proposes to grow organically through its current network.
PRODUCT OVERVIEW – DESIGNING AND FEATURES
·
It manufactures high value Table clocks and
wall clacks
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It is very focused on the design and
acceptability of the product by the customers and driven by the customer
choice.
·
It operates around 130 models which are under
continuous scrutiny regarding their marketability.
·
Opal and Caliber are the two major brand names
under which the company currently operates
·
The
product consists of two major parts – the ‘main body’ and ‘movement’ both of
which are imported by the company
·
The value range of the product to its final
customer is between Rs. 1000 to Rs. 15000 clearly segregating it from the mass
producers of clock
·
The designs are specifically chosen and zeroed
down by an in – house R and D team which focuses on global designs and Indian
standard of living
·
It also has a diversified product portfolio
including digital clocks, value added clocks and utility clocks like Night
Light Clock, Compass Clock, Projector Clock reducing its reliance on design
oriented clocks.
MARKET OVERVIEW
Market Characteristics
- Upper 2 % Population the Target
- Product market size growing at a higher pace than the GDP
- Current competition level – Nil
- Estimated growth in the higher class 15 % as against the GDP growth
of 9 %
- More acceptability to brand oriented products
- Market size grown multiple times due to retail boom in the country
and all big business houses entering the furniture retail market.
DIRECTORS PROFILES
Mr. Sameer Gujar
- A graduate by qualification
- Perusing his MBA
- Has 2 years retail experience
- Currently handles the operations and systems in the company
Mrs. Shubhangi Jadhav
- A practicing Dentist with a high social profile
- Also a directors of Tulip Green Houses Private Limited A bio tech
company
- Has a varied exposure to brand development
Mrs. Pratibha Gijar
- A graduate by profession
- Manages a retail outlet at Laxmi Road.
MANAGEMENT PROFILES
Mr. Subhash Gujar
- Responsible for Sales, Marketing and Business Development
- Previous experience includes retailing, assembling, distributing and
marketing clocks and watches.
- He was involved with distribution o Allwyn watches from 1984 till
1989 and for TITAN watches from 1989 to 2001 for Maharashtra State.
- Has the experience of running his own Clock assembly line for over
12 years.
Mr. Nagesh Mahindrakar
Handles Purchase, planning Production and
employee relationships
Has had retail experience for more than 20
years.
Has handled TITAN distribution for 4 years.
He has the experience of running an Assembly
line for 3 years.
Also has sales experience for a period of 10
years.
Mr. Chetan Mantri
- A CA by profession takes care of all financial decisions of the
company and it a part of the company and is a part of the decision making
team.
- Has experience in investment Banking and auditing fields.
OPAL – SET UP
- The Raw Materials are imported from Far East countries. Movements
are imported mainly from Japan from world renowned movement manufacturer
Seiko.
- The clocks are assembled in the company’s facility located in Vadu,
Pune – Nagar Road.
- The finished goods are slow through 4 major networks – Distributors,
Direct Dealers, CSA’s and Retail [Company showrooms]
- The products are marked with MRP / UCP and traded at discount
[varied rates] depending on the type of client i.e. dealer, distributor
etc.
Distributors –
- The distribution channel is setup by appointing 3 distributors that
operate in all major states and cater to dealers in their respective
areas.
- With the reach of the distributors the company enjoys access to
large number of dealers.
- Company expects to make around 35 % of its sale through
distributors.
- Distributors enjoy the highest margin of discount and with better
network established the company expects the shares of distributors in
total sale to be taken over by direct dealers or consignors.
CFA’s –
- Company maintains a similar relationship with them as in the case of
distributor with the only difference being that initially the material is
not sold to them but there is just a stock transfer
- Along with distributors it forms around 45 % of the total sales of
the company
- Currently Opal has 3 CFA’s
Retails –
- The company operates its own showroom so as to maximize profit by
avoiding significant dealer / distributor discounts. It also helps company
in brand building.
- Company currently owns 3 showrooms, one in Thane and two in Pune at
prime locations.
- Opal aims to enter into retailing its product on a larger scale
depending on the success of the current stores which has been satisfactory
till now and have been at break even considering the investments. It is
expected to form a smaller share in the company’s total sales at around
5-8 %
Organized Retail –
- Company has entered into SIS concept [Shop in Shop] with all major
players in the organized retail sector.
- It currently operates in the country through 30 such speciality mega
stores.
- The number of stores is expected to rise by around 40
- It has entered into contract with
A. Future Group – Home Town Stores
B. Future Group – Collection
C. Nikamal Group - @ Home
D. Shoppers Stop – Shoppers Stop and Home Stop
E. Reliance Retail – Reliance Hyper Market, Supermarket and Lifestyle
stores.
F. Home Stores Group
G. Tata Group – Landmark stores
H. Odyessey
·
It is expected to hold major share in company’s revenue.
Direct Dealers –
·
The material is directly sold to the dealers
and the discount involved is much lesser as compared to the distributors
·
It is expected to form around 32 % - 35 % of
the total sales
·
Company currently operates with over 50
dealers across Gujarat, Maharashtra, Kerala, Delhi, Goa, Punjab, Madhya Pradesh
etc.
Assembly Line –
The assembly
facility is located at Vadu, Pune Nagar Road
Current Assembly
Line Set up
|
Particulars |
Area [in sq.
ft.] |
|
|
|
|
Floor |
8000 |
|
Assembly |
1200 |
|
Corporate Office |
90 |
|
Quality Control |
200 |
|
Dispatch |
200 |
|
Other Utility |
500 |
|
Godown Space |
5000 |
Opal – Process Flow Elaborating the Lead Time
- Production by suppler – make to order [Production starts only on the
basis of confirmed LC copy]
- Sales is done in lots – i.e. first lot gets cleared in around 30
days, next lot in 20 days and last in 10 days
- Order is placed as bulk orders as sales demand is unpredictable and
all models have to be ordered simultaneously.
Total Proposed Banking Exposure
- Fund Based – Cash Credit – 20.000 Millions
- Non Fund Based – L/C – 10.000 Millions
ANALYSIS OF BALANCE SHEET
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
Projected |
||
|
CURRENT LIABILITIES |
|
|
|
|
01 Short – Term borrowings from banks [including bill
purchased, discounted and excess borrowings placed on repayment basis] |
|
|
|
|
I] From applicant and other Bank CC and BG |
20.000 |
30.000 |
35.000 |
|
II] From applicant bank LC |
|
|
|
|
Sub Total [A] |
20.000 |
30.000 |
35.000 |
|
|
|
|
|
|
02 Short Term Borrowings from others |
-- |
-- |
-- |
|
03 Sundry creditors [Trade] |
9.554 |
25.591 |
47.637 |
|
04 Advance payments from customers / Deposits from
dealers |
|
|
|
|
05 Provision for tax [net of Tax paid] |
5.855 |
20.758 |
40.741 |
|
06 Dividend and Dividend Tax payable |
|
|
|
|
07 other statutory liabilities [due within one year] |
3.728 |
7.455 |
11.681 |
|
08 Deposits / Installments of term loans / DPGs /
debentures, etc [due within one year] |
|
|
1.152 |
|
09 Other current liabilities and provisions [due within
one year] |
7.570 |
12.558 |
15.069 |
|
|
|
|
|
|
Sub – Total [B] |
26.707 |
66.361 |
116.281 |
|
10
TERM LIABILITIES [Total of 1 to 9] |
46.707 |
96.361 |
151.281 |
|
|
|
|
|
|
11 Debentures [not maturing within one year] |
-- |
-- |
-- |
|
12 Preference Shares [Redeemable after 1 year] |
-- |
-- |
-- |
|
13 Term loans [excluding installments payable within
one year] |
-- |
-- |
-- |
|
14 Deferred Sales Tax / Deferred Loan Deferred Payment
Credit [Excluding installments due within one year] |
|
|
|
|
15 Term deposit [repayable after one year] |
-- |
5.000 |
3.848 |
|
16 other Term Liabilities |
|
|
|
|
17 TOTAL TERM LIABILITIES [Total of 11 to 16] |
0.000 |
5.000 |
3.848 |
|
18 TOTAL OUTSIDE LIABILITIES [10 + 17] |
46.707 |
101.361 |
155.129 |
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
19 Equity Share Capital
|
0.100 |
0.100 |
0.100 |
|
Share
Application Money |
22.000 |
22.000 |
22.000 |
|
Preference
Share Capital |
-- |
-- |
-- |
|
20 General Reserve |
4.031 |
15.571 |
56.482 |
|
21 Revaluation Reserve |
-- |
-- |
-- |
|
22 Other Reserves [Excluding provisions] |
-- |
-- |
-- |
|
23 Surplus [+] or deficit [-] in Profit and Loss Account |
11.540 |
40.912 |
80.296 |
|
|
|
|
|
|
24 NET WORTH [19+23] |
37.670 |
78.582 |
158.878 |
|
|
|
|
|
|
Deferred Tax Provision |
0.092 |
0.092 |
0.092 |
|
|
|
|
|
|
25 TOTAL LIABILITIES [18+24] |
84.469 |
180.035 |
314.099 |
|
|
|
|
|
|
CURRENT ASSETS |
0.502 |
2.154 |
3.956 |
|
|
|
|
|
|
26 Cash and Bank Balance |
-- |
-- |
-- |
|
27 Investments [Other than long term investments]
Government and other Trustee securities |
-- |
-- |
-- |
|
I] Fixed deposit with bank |
-- |
-- |
-- |
|
II] Share with Co-operative Bank |
-- |
-- |
-- |
|
|
|
|
|
|
28 I] Receivables other than deferred and exports
[Including bills purchased and discounted by banks] |
21.240 |
25.878 |
66.362 |
|
II] Export receivables [Including bills purchased /
discounted by banks] |
-- |
-- |
-- |
|
29 Instalments of Deferred receivables [due within
one year] |
-- |
-- |
-- |
|
30 Inventory |
-- |
-- |
-- |
|
I] Raw materials [Including stores and other items used in
the process of manufacture] |
|
|
|
|
Imported |
-- |
-- |
-- |
|
Indigenous |
28.600 |
60.900 |
98.500 |
|
II] Stock – in – process |
|
|
|
|
II] Finished Goods |
23.419 |
66.505 |
115.231 |
|
IV] Other consumable spares |
|
|
|
|
Imported |
-- |
-- |
-- |
|
Indigenous |
-- |
-- |
-- |
|
31 Advances recordable in Cash or kind |
-- |
-- |
-- |
|
32 Advance payment of taxes [NET] |
-- |
-- |
-- |
|
33 Excise and Sales Tax Refund |
-- |
-- |
|
|
Other current assets |
2.391 |
5.120 |
8.799 |
|
34 TOTAL CURRENT ASSETS [Total of 26 to 33] |
76.152 |
160.558 |
292.848 |
|
FIXED ASSETS |
|
|
|
|
35 Gross Block |
9.129 |
21.129 |
24.129 |
|
36. Depreciation to date |
0.812 |
1.651 |
2.878 |
|
|
|
|
|
|
37 NET BLOCK [35-36] |
8.317 |
19.478 |
21.251 |
|
|
|
|
|
|
OTHER NON – CURRENT ASSETS |
|
|
|
|
38 Investments / book / debts / advances / deposits which
are not Current Assts |
|
|
|
|
I] [a] Others Investments in Subsidiary |
-- |
-- |
-- |
|
[b] Others companies / affiliates |
-- |
-- |
-- |
|
II] Advances to suppliers of capital goods and contractors
|
-- |
-- |
-- |
|
III} Deferred receivables [maturity exceeding one year] |
-- |
-- |
-- |
|
IV] Others |
-- |
-- |
-- |
|
39 Non consumables Stores and Spares |
-- |
-- |
-- |
|
40 Other non – current assets including dues from
directors |
-- |
-- |
-- |
|
|
|
|
|
|
41 TOTAL OTHER NON – CURRENT ASSETS [total of 38 to 40] |
-- |
-- |
-- |
|
42 Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful debts Not provided for etc.] |
-- |
-- |
-- |
|
|
|
|
|
|
43 TOTAL ASSETS [Total of 34, 37, 41 and 42] |
84.470 |
180.036 |
314.099 |
|
44 TANGIBLE NET WORTH [24-22] |
37.670 |
78.582 |
158.878 |
|
45 NET WORKING CAPITAL |
29.445 |
64.196 |
141.567 |
OPERATING STATEMENT
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
Projected |
||
|
1. Gross Sales |
|
|
|
|
I] Domestic Sales |
144.375 |
389.813 |
739.020 |
|
II] OMS Sales |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Gross Sales Total |
144.375 |
389.813 |
739.020 |
|
|
|
|
|
|
2. I] Less Excise Duty |
9.217 |
24.886 |
47.179 |
|
II] Less VAT |
12.832 |
34.647 |
73.895 |
|
III] Less Trade discount |
33.206 |
89.657 |
173.670 |
|
3. Net sales [Item 1 Minus Item 2] |
89.120 |
240.623 |
444.276 |
|
4. % wise rise / fall in Sales Compared to Previous year |
134 % |
170 % |
85 % |
|
5. Cost of sales |
|
|
|
|
I] Raw Materials Consumed |
43.161 |
115.395 |
213.481 |
|
II] Consumables |
2.888 |
8.446 |
17.054 |
|
III] Power and fuel |
0.750 |
1.013 |
1.580 |
|
IV] Direct Labour / Job Work |
1.250 |
2.550 |
6.563 |
|
V] Transportion Expenses |
3.900 |
11.000 |
15.000 |
|
VI] Other manufacturing expenses |
3.150 |
5.014 |
7.300 |
|
VII]Depreciation |
0.671 |
0.980 |
1.898 |
|
VIII] Sub – total |
55.769 |
144.398 |
262.875 |
|
IX]
Cost of Production |
55.769 |
144.398 |
262.875 |
|
X] Add : Op. Stock of finished goods |
14.965 |
23.419 |
66.505 |
|
XI] Deduct : Closing stock finished goods |
23.419 |
66.505 |
115.231 |
|
XII]
Sub-Total [total cost of sales] |
47.315 |
101.312 |
214.150 |
|
6. Selling, general and administrative expenses |
20.754 |
70.375 |
101.353 |
|
7. Sub – Total [5 + 6] |
68.069 |
171.687 |
315.502 |
|
8. Operating profit before Interest [3-7] |
21.051 |
68.936 |
128.774 |
|
9. Interest |
3.657 |
7.267 |
7.737 |
|
10. Operating profit after interest [8-9] |
17.395 |
61.670 |
121.037 |
|
|
|
|
|
|
11. [I] Add Other non – operating income |
|
|
|
|
A] Interest on Deposit |
0.000 |
0.000 |
0.000 |
|
B] Interest on Investment / Discount |
0.000 |
0.000 |
0.000 |
|
Sub – Total [Income] |
0.000 |
0.000 |
0.000 |
|
II] Deduct Other non – operating Expenses |
0.000 |
0.000 |
0.000 |
|
Sub – Total [Expenses] |
0.000 |
0.000 |
0.000 |
|
III] Net of other / Expenses |
0.000 |
0.000 |
0.000 |
|
12.
Profit before tax / loss [10+ 11 [III]] |
17.395 |
61.670 |
121.037 |
|
Profit
before tax / loss [12 – 12a] |
17.395 |
61.670 |
121.037 |
|
13. I] Provision for
taxes |
5.855 |
20.758 |
40.741 |
|
14.
Net Profit / loss [12 – 13] |
11.540 |
40.912 |
80.296 |
|
15. [a] Dividend declared + Dividend tax |
0.000 |
0.000 |
0.000 |
|
[b] Dividend Rate |
0 % |
0 % |
0 % |
|
16. Retained Profit [14 – 15] |
11.540 |
40.912 |
80.296 |
|
17. Retained profit / net profit |
100 % |
100 % |
100 % |
WORKING FOR OPERATING STATEMENT
|
Particulars |
|
31.03.2008 |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
|
|
|
|
|
|
Taxes |
|
|
|
|
|
|
On Purchase of RM |
|
|
|
|
|
|
Customs Duty on Purchase |
% |
10.28 % |
10.28 % |
10.28 % |
10.28 % |
|
CVD On Purchase |
% |
14.00 % |
14.00 % |
14.00 % |
14.00 % |
|
Inclusive of Cess |
% |
14.28 % |
14.28 % |
14.28 % |
14.28 % |
|
Total Duty |
% |
24.56 % |
24.56 % |
24.56 % |
24.56 % |
|
Inclusive of Education duty |
% |
25.54 % |
25.54 % |
25.54 % |
25.54 % |
|
On Sale of Finished |
|
|
|
|
|
|
VAT on Local Sales |
% |
12.50 % |
12.50 % |
12.50 % |
12.50 % |
|
|
|
|
|
|
|
|
VAT on Export Sales |
% |
0.00 % |
0.00 % |
0.00 % |
0.00 % |
|
|
|
|
|
|
|
|
Excise on Sales |
% |
16.32 % |
16.32 % |
16.32 % |
16.32 % |
|
Effective Excise on Sales |
% |
16.32 % |
16.32 % |
16.32 % |
16.32 % |
|
Effective Sales Tax |
% |
0.00 % |
0.00 % |
0.00 % |
0.00 % |
|
Total taxes |
% |
16.32 % |
16.32 % |
16.32 % |
16.32 % |
|
|
|
|
|
|
|
|
Sales |
|
|
|
|
|
|
Local Sales |
Pca in Millions |
0.033 |
0.058 |
0.130 |
0.227 |
|
|
|
|
|
|
|
|
Total Sales |
Pca in Millions |
0.330 |
0.578 |
1.299 |
2.274 |
|
Net Sales Rate avg |
Per PC |
2000 |
2500 |
3000 |
3250 |
|
Local Sales |
In Millions |
66.000 |
144.375 |
389.813 |
739.020 |
|
|
|
|
|
|
|
|
Total Sales |
|
66.000 |
144.375 |
389.813 |
739.020 |
Current Assets and Current Liabilities
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
Projected |
||
|
A CURRENT ASSETS |
|
|
|
|
1 Raw Materials |
|
|
|
|
[a] Imported |
-- |
-- |
-- |
|
Months Consumption |
|
|
|
|
[b] Indigenous |
28.600 |
60.900 |
98.500 |
|
Months Consumption |
|
|
|
|
|
|
|
|
|
2 Other consumable spares |
|
|
|
|
Excluding those included 1 above |
|
|
|
|
[a] Imported |
-- |
-- |
-- |
|
Months Consumption |
|
|
|
|
[b] Indigenous |
-- |
-- |
-- |
|
Months Consumption |
|
|
|
|
|
|
|
|
|
3 Stock in process |
-- |
-- |
-- |
|
Months cost of production |
|
|
|
|
|
|
|
|
|
4 Finished goods |
23.419 |
66.505 |
115.231 |
|
Months cost of sales |
|
|
|
|
|
|
|
|
|
5 Receivable other than export and deferred
receivables [including bills purchased and discounted by bankers] |
21.240 |
45.878 |
86.362 |
|
Months domestic sales |
|
|
|
|
[excluding deferred payment sales] |
|
|
|
|
Less : Factoring |
0.000 |
20.000 |
20.000 |
|
Bal Receivables |
21.240 |
25.878 |
66.362 |
|
|
|
|
|
|
6 Export receivables [including bills
purchased and discounted by bankers months export sales] |
-- |
-- |
-- |
|
|
|
|
|
|
7 Advances to suppliers of raw materials and
stores / spares consumable |
-- |
-- |
-- |
|
|
|
|
|
|
8 Other current Assets including cash and
bank balances and deferred receivable due within one year |
|
|
|
|
Cash and Bank Balance |
0.502 |
2.154 |
3.956 |
|
Others |
2.391 |
5.120 |
8.799 |
|
|
|
|
|
|
Sub- Total |
76.152 |
160.558 |
292.848 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
B CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
[Other than bank borrowing for working
capital] |
20.000 |
30.000 |
35.000 |
|
|
|
|
|
|
10 Creditors for purchases of raw materials
and stores and consumable spares |
9.554 |
25.591 |
47.637 |
|
|
|
|
|
|
11 Advances from customers |
-- |
-- |
-- |
|
|
|
|
|
|
12 Statutory liabilities |
3.728 |
7.455 |
11.681 |
|
|
|
|
|
|
13 Other current liability including |
|
|
|
|
Provision for taxation less Advance |
5.855 |
20.758 |
40.741 |
|
Instl. Of T. L. etc |
|
|
1.152 |
|
Others |
7.570 |
12.558 |
15.069 |
|
Sub- Total |
26.707 |
66.361 |
116.281 |
|
Working Capital Gap [I-II] |
49.445 |
94.196 |
176.567 |
|
|
|
|
|
|
Actual / Projected bank borrowings for
working capital including bill purchased & discounted & excess
borrowing pleased on repayment basis
|
20.000 |
30.000 |
35.000 |
|
Total current liabilities |
46.707 |
96.361 |
151.281 |
|
Net working capital |
29.445 |
64.196 |
141.567 |
|
Particulars |
|
31.03.2008 |
31.03.2009 |
31.03.2010 |
31.03.3011 |
|
|
|
|
|
|
|
|
Capital Structures |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Capital |
Rs in Millions |
0.100 |
0.100 |
0.100 |
0.100 |
|
Total Shares Capital |
Rs in Millions |
0.100 |
0.100 |
0.100 |
0.100 |
|
Letter of Credit |
Rs in Millions |
0.000 |
0.000 |
20.000 |
20.000 |
|
CC |
Rs in Millions |
0.000 |
15.000 |
50.000 |
40.000 |
|
Total Bank Loan [140 Million] |
Rs in Millions |
0.000 |
20.000 |
30.000 |
35.000 |
|
Total Funds |
Rs in Millions |
0.000 |
35.000 |
100.000 |
95.000 |
|
Actual repayment in year |
Rs in Millions |
0.000 |
0.000 |
0.000 |
0.000 |
|
TL repayment next year |
Rs in Millions |
0.000 |
0.000 |
0.000 |
0.000 |
|
TL for more than one year |
Rs in Millions |
0.000 |
0.000 |
5.000 |
3.800 |
|
Rate of Dividend |
|
|
|
|
|
|
Equity |
% |
0.00 % |
0.00 % |
0.00 % |
0.00 % |
|
Div_Tax |
% |
10.00 % |
10.00 % |
10.00 % |
10.00 % |
|
Surcharge |
% |
0.00 % |
0.00 % |
0.00 % |
0.00 % |
|
|
|
10.00 % |
10.00 % |
10.00 % |
10.00 % |
|
Dividend Period |
|
|
|
|
|
|
Equity |
Months |
12 |
12 |
12 |
12 |
|
Dividend |
|
|
|
|
|
|
Equity |
Rs in Millions |
-- |
-- |
-- |
-- |
|
Divined Tax |
Rs in Millions |
-- |
-- |
-- |
-- |
|
Total |
Rs in Millions |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Rate of Interest |
|
|
|
|
|
|
Sale Bill Discounting / Export |
% |
11.00 % |
11.00 % |
11.00 % |
11.00 % |
|
Letter of Credit |
% |
0.80 % |
0.80 % |
0.80 % |
0.80 % |
|
TL |
% |
11.50 % |
11.50 % |
11.50 % |
11.50 % |
|
Interest |
|
|
|
|
|
|
Sale Bills Discounting / Export |
|
0.00 |
0.00 |
2.200 |
2.200 |
|
Letter of Credit |
|
0.000 |
0.090 |
0.400 |
0.320 |
|
CC |
|
0.000 |
2.200 |
3.300 |
3.850 |
|
Quasi Equity |
Rs in Millions |
0.000 |
1.367 |
1.367 |
1.367 |
|
Total |
Rs in Millions |
0.000 |
3.657 |
7.267 |
7.737 |
|
|
|
|
|
|
|
|
Interest Income |
% |
8 % |
8 % |
8 % |
8 % |
|
On Bank Securities |
Rs in Millions |
-- |
-- |
-- |
-- |
|
Interest Income |
Rs in Millions |
0.00 |
0.00 |
0.00 |
0.00 |
NET MEANS STATEMENT
NAME OF THE
DIRECTOR : Mr. Sameer Gujar
ADDRESS :
Wanawadi, Pune
DETAILS OF ASSETS
AND LIABILITIES
|
ASSETS |
Amount in
Millions |
|
|
|
|
Land /
Immovables |
7.325 |
|
Jewellery |
Nil |
|
Current Assets |
0.130 |
|
Investments |
0.025 |
|
Advances |
0.000 |
|
LIP |
0.500 |
|
Total [A] |
7.980 |
|
|
|
|
LIABILITIES |
|
|
|
|
|
Loans |
Nil |
|
Deposits |
Nil |
|
Total [B] |
|
|
NET MEANS [A-B] |
7.980 |
|
|
|
|
Monthly Income |
0.075 |
NAME OF THE
DIRECTOR : Mr. Sameer Gujar
ADDRESS :
Wanawadi, Pune
DETAILS OF ASSETS
AND LIABILITIES
|
ASSETS |
Amount in
Millions |
|
|
|
|
Land /
Immovables |
Nil |
|
Jewellery |
1.500 |
|
Furniture /
Assets |
Nil |
|
Investments |
0.024 |
|
Insurance |
1.000 |
|
Total [A] |
2.524 |
|
|
|
|
LIABILITIES |
|
|
|
|
|
Loans |
Nil |
|
Deposits |
Nil |
|
Total [B] |
|
|
NET MEANS [A-B] |
2.524 |
|
|
|
|
Monthly Income |
0.030 |
VALUATION REPOST AXIS BANK
|
GENERAL DETAILS |
|
|
|
|
|
Name of
Customers |
Mr. Sameer S.
Gujar and Mrs. Pratibha S. Gujar |
|
Property Address
|
F. No. 8, Floor,
Utopia [Delicia A, S. No. 68, Wanawadi, Taluka Haveli Pune] |
|
Landmark |
Adjacent Ganga
Statelight |
|
Builder’s Name /
Seller |
Mr. Sursh S. |
|
Date of Reposr |
04.07.2008 |
|
|
|
|
SURROUNDING
LOCALITY DETAILS |
|
|
Ward No. / Muncipality
Land No. |
S. No. 68 |
|
Vicinity |
Residential |
|
Type |
Middle Class |
|
Proximity to
Civic Amenities |
Nearest Rly
Station : Pune |
|
|
Nearest Bus Stop
: Wanawadi |
|
|
Nearest Hospital
|
|
|
|
|
PROPERTY DETAILS
|
|
|
Type of Property
|
Flat |
|
Additional
Amenities |
COMPOUND
WALL |
|
Type of Premises
|
Residential |
|
|
|
|
OCCUPIED BY : |
|
|
Name of occupant
: |
Owner |
|
It relative,
state relationship : |
N. A. |
|
|
|
|
STRUCTURAL
DETAILS |
|
|
Type pf
Structure |
RCC Framed |
|
No. of Floors |
P + 8 |
|
No. of Wings |
-- |
|
No. of flats on
each floor |
-- |
|
Age of the
Property |
10 Years
Old |
|
Estimated Future
Life |
60 Years [Normal
Conditions] |
|
|
|
|
QUALITY OF
CONSTRUCTION |
|
|
EXTERIORS |
|
|
Beam and Column
Structure |
SATISFACTORY |
|
Appearance of
Building |
SATISFACTORY |
|
Maintenance of
Building |
SATISFACTORY |
|
|
|
|
GENERAL
SPECIFICATIONS |
|
|
Common Area
Remark |
|
|
Staircase Flooring : |
Flooring |
|
Paving : |
Seen |
|
Compound Wall and Gate : |
Seen |
|
Flooring |
Cermic |
|
Finishes
Internal : External : |
Plastering |
|
Roof and Terrace
|
RCC Slab with
water proofing |
|
|
|
|
SANCTIONING
DETAILS |
|
|
Construction as
per approved / Sanctioned Plan |
Yes |
|
% Completion of
Property |
100 % Complete |
|
|
|
|
UNIT DETAILS |
|
|
Situated on
floor No. |
Floor |
|
Internal
Composition |
As per Plan |
|
Flooring |
Cermic Tiles |
|
Door and Windows
|
Flush Door,
Aluminium |
|
Kitchen
Platform |
Granite |
|
Remarks |
Very Good |
|
|
|
|
VALUATION |
|
|
Carpet Area
[sq.ft.] |
|
|
Loading for BUA |
|
|
Net Area
[sq.ft.] |
1550.00 sq. ft.
+ Car Park |
|
Current
Government Rates Approved Rates |
|
|
Current Market
Rate |
Rs. 4000/- to
7500/- sq.ft. |
|
Recommended Rate
|
Rs. 4750/- sqft.
|
|
Basis for
Recommended Rates |
Based on
Enquires from Reliable Market Sources |
|
Final Valuation |
1550.00 sq.ft. X
4750 sqft. = Rs. 7.362 Millions Depreciation on construction cost is 0.9 X
1550.00 sq.ft. X 850 sq.ft. X 10/70 = Rs. 0.169 Millions, Present value of
flat after depreciation is Rs. 7.193 Millions + Rs. 0.150 Millions Car Park =
Rs. 7.343 Millions Say Rs. 7.343 Millions |
|
Distress
Valuation |
20 % Less i.e.
Rs. 5.874 Millions |
|
Reconstruction
Cost |
Rs. 1.318
Millions |
|
Documents
Referred |
Sanction Plan
No. CC/1273/07 Dt. 22.05.90 |
Details of Sales
for FY 2008-09
|
Months |
Invoiced Sales |
No. of Units |
MRP Sales |
Purchases |
|
|
|
|
|
|
|
April |
4.758 |
2655 |
6.632 |
2.640 |
|
May |
2.852 |
1710 |
4.325 |
1.567 |
|
June |
7.059 |
4212 |
10.560 |
3.010 |
|
July |
6.035 |
3451 |
8.635 |
1.252 |
|
August |
7.0875 |
4023 |
10.125 |
9.228 |
|
Total |
27.7915 |
16051 |
40.277 |
17.697 |
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 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. 46.43 |
|
UK Pound |
1 |
Rs. 85.38 |
|
Euro |
1 |
Rs. 67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
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 |
|