MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAGNUM INTERIORS PRIVATE LIMITED |
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Registered
Office : |
115, Adchinisri Auro Bindo Marg, NCT of |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.07.1994 |
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Com. Reg. No.: |
55-60427 |
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CIN No.: [Company Identification
No.] |
U74899DL1994PTC060427 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELM10729F/ DELM09080B |
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PAN No.: [Permanent Account No.] |
AAACM5621L |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Interior Decorators, Designers and Landscapers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Arvind |
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Designation : |
Accounts Department |
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Date : |
31.03.2011 |
LOCATIONS
|
Registered Office : |
115, Adchinisri Auro Bindo Marg, NCT of |
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Tel. No.: |
91-11-26961969 |
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E-Mail : |
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Factory: |
Plot No. 21 and 22, Pocket E, Sector 4, Near Ganga Toly Mandir, Dsidc
Bhav Industrial Area, New Delhi-110039, India |
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Tel No.: |
91-11-26865306/07/08 |
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Branch Office : |
9 |
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Tel No.: |
91-22-66780627 |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Sudarshan Sharma |
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Designation : |
Director |
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Address : |
40/118 C. R. Park, New Delhi-110019, |
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Date of Appointment : |
22.07.1994 |
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Name : |
Mr. Rahul Kalhan |
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Designation : |
Director |
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Address : |
40/118 C. R. Park, New Delhi-110019, |
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Date of Appointment : |
22.07.1994 |
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Name : |
Ms. Neelakshi Kalhan |
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Designation : |
Director |
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Address : |
40/118 C. R. Park, New Delhi-110019, |
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Date of Appointment : |
01.02.1996 |
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Name : |
Ms. Sarla Sharma |
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Designation : |
Director |
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Address : |
40/118 C. R. Park, New Delhi-110019, |
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Date of Appointment : |
01.02.1996 |
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Name : |
Ms. Nidhi Kalhan |
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Designation : |
Director |
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Address : |
40/118 C. R. Park, New Delhi-110019, |
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Date of Appointment : |
01.04.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sudarshan Sharma |
|
212500 |
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Rahul Kalhan |
|
313000 |
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Sarla Sharma |
|
135000 |
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Neelakshi Kalhan |
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177000 |
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Nidhi Kalhan |
|
73000 |
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Total |
|
910500 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Interior Decorators, Designers and Landscapers. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Bank of Maharashtra, South Extension Part - I, A - 13, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arun Kuchal and Associates Chartered Accountants |
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Address : |
F-58, Kalkaji New Delhi-110 019, |
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Tel. No.: |
91-11-26452302/26422311/41315810 |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
910500 |
Equity Shares |
Rs.10/- Each |
Rs.9.105
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
9.105 |
6.100 |
1.951 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.167 |
21.123 |
15.696 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
36.272 |
27.223 |
17.647 |
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LOAN FUNDS |
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1] Secured Loans |
10.368 |
14.053 |
14.714 |
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2] Unsecured Loans |
1.015 |
3.921 |
4.310 |
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TOTAL BORROWING |
11.383 |
17.974 |
19.024 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
47.655 |
45.197 |
36.671 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.591 |
7.344 |
7.536 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
2.806 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
105.352
|
167.082 |
75.390 |
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Sundry Debtors |
25.780
|
33.286 |
16.349 |
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Cash & Bank Balances |
0.767
|
1.087 |
0.655 |
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Other Current Assets |
31.579
|
0.000 |
79.850 |
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Loans & Advances |
12.491
|
17.209 |
16.333 |
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Total
Current Assets |
175.969
|
218.664 |
188.577 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.323
|
17.569 |
31.069 |
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Other Current Liabilities |
104.922
|
161.092 |
123.944 |
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Provisions |
5.750
|
5.058 |
4.546 |
|
Total
Current Liabilities |
134.995
|
183.719 |
159.559 |
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Net Current Assets |
40.974
|
34.945 |
29.018 |
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MISCELLANEOUS EXPENSES |
0.090 |
0.102 |
0.117 |
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TOTAL |
47.655 |
45.197 |
36.671 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
132.971 |
82.551 |
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Other Income |
|
5.049 |
1.481 |
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TOTAL (A) |
NA |
138.020 |
84.032 |
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Less |
EXPENSES |
|
|
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|
Cost of goods Sold |
|
60.027 |
17.369 |
|
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Directors Remuneration |
|
2.025 |
1.320 |
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Labour Charges Paid |
|
11.682 |
9.884 |
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Outstation/ Site Expenses |
|
9.782 |
9.214 |
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Wages |
NA |
3.913 |
4.652 |
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Freight and Cartage |
|
5.680 |
5.256 |
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Factory Rent |
|
2.410 |
2.389 |
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Other Expenses |
|
30.090 |
22.037 |
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TOTAL (B) |
NA |
125.609 |
72.121 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
12.411 |
11.911 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
2.237 |
1.851 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.302 |
10.174 |
10.060 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.431 |
1.698 |
1.939
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PROFIT BEFORE
TAX (E-F) (G) |
8.871 |
8.476 |
8.121 |
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Less |
TAX (H) |
NA |
3.049 |
2.110 |
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PROFIT AFTER TAX
(G-H) (I) |
NA |
5.427
|
6.011 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
3.93 |
7.15 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
6.37 |
9.84 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.86
|
3.75 |
4.14 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.31 |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.04
|
7.41 |
10.12 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.19 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
24.323
|
17.569 |
31.069 |
FINANCIAL RESULTS:
During the year
the company has earned a net profit of Rs.8.871 millions after providing depreciation
of Rs.1.431millions. The Directors are quite hopeful to do well in the coming
year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1994PTC060427 |
|
Name of the
company |
MAGNUM INTERIORS PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
115, Adchinisri Auro Bindo Marg, NCT of |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90033651 |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property Others All type of
Stock, Plant and Machinery and Vehicle |
|
Particular of
charge holder |
Bank of Maharashtra, South Extension Part - I, A - 13, |
|
Nature of
description of the instrument creating or modifying the charge |
Composite deed of
Hypothecation for all facilities |
|
Date of instrument
Creating the charge |
28.10.2010 |
|
Amount secured by
the charge |
Rs.24.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest Base
Rate +6% p.a. at monthly rests ( presently @ 8.25% + 6.00% = 14.25% p.a.) Terms of
Repayment Payable on
demand. Margin 25% Extent and
Operation of the charge 100% Others The above is to
secure the Cash Credit Limit of Rs.24.500 millions granted by the bank to the
company. |
|
Short particulars
of the property charged |
Primary Security
: Hypothecation of stocks/ receivables and book debts both present and future
of the company. Collateral
Security:(i) Equitable Mortgage of
land and building of property having basement, Ground floor and 2nd
floor,115, Adchini, Aurobindo Marg, New Delhi admeasuring 105 sq. yards (ii)
Hypothecation of Plant and Machinery and all other fixed assets of the
company. |
|
Date of latest modification
prior to the present modification |
29.03.2007 |
|
Particulars of
the present modification |
The Cash Credit
Limit stand enhanced from Rs.10.000 millions to Rs.24.500 millions. Other
terms and conditions remain same. |
Fixed Assets:
·
Computers
·
Furniture and fixture
·
Motor Vehicles
·
Plant and Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.