MIRA INFORM REPORT
|
Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN DRAPE PRIVATE LIMITED |
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Formerly Known
As : |
INDIAN FURNISHING AND DRAPE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.09.2005 |
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Com. Reg. No.: |
11-099376 |
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CIN No.: [Company Identification
No.] |
U17110MH2005PTC099376 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI06912D |
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PAN No.: [Permanent Account No.] |
AAACI2478M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of
Drapes Curtains |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 160000 |
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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 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 |
LOCATIONS
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Registered Office : |
14 Jafferbhoy Industrial Esate Makwana Road, Marol Naka, Andheri (W),
Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28513173/28525967 |
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Fax No.: |
91-22-28515542 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Yash Balkrishna Dave |
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Designation : |
Director |
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Address : |
N6/16 Ganpati Niwas, Bangur Nagar, Goregaon West, Mumbai – 400090, |
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Date of Birth/Age : |
18.07.1974 |
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Date of Appointment : |
07.02.2007 |
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DIN No.: |
01267680 |
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Name : |
Mr. Jayesh Balkrishna Dave |
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Designation : |
Director |
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Address : |
N6/16 Ganpati Niwas, Bangur Nagar, Goregaon West, Mumbai – 400090, |
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Date of Birth/Age : |
05.08.1963 |
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Date of Appointment : |
07.02.2007 |
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DIN No.: |
01267713 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dave Jayesh Balkrishna |
|
100 |
|
Yash Balkrishna Dave |
|
100 |
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Balkrishna D Dave |
|
24400 |
|
Lalita Balkrishna Dave |
|
100 |
|
Bhakti Jayesh Dave |
|
100 |
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J.K. Dave HUF |
|
12600 |
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B.K. Dave HUF |
|
12600 |
|
Amaigamated Commercial
Traders Private Limited – |
|
6000 |
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Rigveda Properties Private Limited – |
|
6000 |
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Candy Holdings Limited – |
|
4000 |
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Hemukta Sugar and Allied Inds. Limited – |
|
1000 |
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Hemukta Industrial Investment Company Limited – |
|
4000 |
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Natural Stone Exports Limited – |
|
5000 |
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Niyati Industries Limited – |
|
8750 |
|
Pan |
|
7500 |
|
Savla Amit Jadhavji HUF |
|
1250 |
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Park Tools Limited |
|
2500 |
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Aquastel Water Purification System Private Limited – |
|
5000 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
38.45 |
|
Directors or relatives of Directors |
37.53 |
|
Other top fifty shareholders |
24.02 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Drapes Curtains |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lukad and Jain Chartered Accountant |
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Address : |
46 |
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Pan No.: |
AAAFL8838P |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
133540 |
Equity Shares |
Rs. 10/- each |
Rs. 1.335
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
1.335 |
1.223 |
1.110 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
39.447 |
32.866 |
26.850 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
40.782 |
34.089 |
27.960 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
40.093 |
37.606 |
35.624 |
|
|
2] Unsecured Loans |
5.910 |
4.800 |
5.186 |
|
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TOTAL BORROWING |
46.003 |
42.406 |
40.810 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
86.785 |
76.495 |
68.770 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.595 |
6.681 |
4.795 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
44.603
|
51.147 |
37.274 |
|
|
Sundry Debtors |
40.033
|
29.536 |
44.036 |
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|
Cash & Bank Balances |
1.594
|
0.780 |
0.032 |
|
|
Other Current Assets |
0.129
|
0.066 |
0.000 |
|
|
Loans & Advances |
6.083
|
3.500 |
1.235 |
|
Total
Current Assets |
92.442
|
85.029 |
82.577 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
10.635
|
13.401 |
17.615 |
|
|
Other Current Liabilities |
0.831
|
0.988 |
0.165 |
|
|
Provisions |
1.786
|
0.826 |
0.822 |
|
Total
Current Liabilities |
13.252
|
15.215 |
18.602 |
|
|
Net Current Assets |
79.190
|
69.814 |
63.975 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
86.785 |
76.495 |
68.770 |
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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 |
159.997 |
140.988 |
135.592 |
|
|
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Other Income |
1.709 |
NA |
NA |
|
|
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TOTAL |
161.706 |
NA |
NA |
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|
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|
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|
Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
NA |
NA |
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Advertising Expenses |
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TOTAL |
157.264 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.442 |
3.977 |
0.340 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.265 |
1.382 |
0.089 |
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PROFIT BEFORE
TAX |
3.177 |
2.595 |
0.251 |
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Less |
TAX |
0.984 |
0.967 |
0.093 |
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PROFIT AFTER TAX
|
2.193 |
1.628 |
0.158 |
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IMPORTS |
|
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Raw Materials |
9.972 |
5.983 |
NA |
|
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TOTAL IMPORTS |
9.972 |
5.983 |
NA |
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Earnings Per
Share (Rs.) |
16.42 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.36
|
NA |
NA |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.99
|
1.84 |
0.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.18
|
2.83 |
0.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.45
|
1.69 |
2.12 |
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Current Ratio (Current Asset/Current Liability) |
|
6.98
|
5.59 |
4.44 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The company earned an income of Rs. 159.997 millions and a pre-tax
profit of Rs. 3.177 millions. A provision of Rs. 0.984 million is made towards
taxation.
Form 8:
|
This form is for |
Modification of
charge |
||||||
|
Charge
identification number of the modified |
90354501 |
||||||
|
Corporate
identity number of the company |
U17110MH2005PTC099376 |
||||||
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Name of the
company |
INDIAN DRAPE
PRIVATE LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
14 Jafferbhoy Industrialestate Makwana
Raod Marol Naka Andheri (W), Mumbai - 400059, |
||||||
|
Type of charge |
Book Debts Movable Property |
||||||
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Particular of
charge holder |
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||||||
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery
and Vehicles |
||||||
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Date of
instrument Creating the charge |
06.05.2008 |
||||||
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Amount secured by
the charge |
Rs. 40.000
Millions |
||||||
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 0.25% below prime lending rate of Bank with monthly rest. Terms of
Repayment - On demand. Margin - 25% on
stocks and 40% on Book-debts. Extent and
Operation of the charge - The charge is created to secure Cash Credit
(Hypothecation of stocks and book-debts) facility of Rs.40.000 millions |
||||||
|
Short particulars
of the property charged |
All stocks of
RMs, SIP, FGs, consumable spares and packing materials, all the book-debts in
respect of supplies made to various Govt. Dept.s or ltd. co.s etc. as
evidenced by supply bills, receipted challans/reciepted invoices deposited
with Bank from time to time and all
moveable machinery, including all stores and spare parts, both present
& future and specific machinery such as 2 No.s Transfer Ptg. Mach.s, 1
No. of Flat Bed Transfer Ptg. mach. 1 No. of Hydraulic Packing Rolling Mach. |
||||||
|
Date of latest
modification prior to the present modification |
21.02.2007 |
||||||
|
Particulars of
the present modification |
The charge is
increased upto Rs.40.000 millions (increased from Rs.32.000 millions) to
cover Cash Credit (Hypothecation Stocks cum Book-Debts) facility. |
Fixed Assets:
- Air
conditioner
- Office
equipments
- Plant and
machinery
- Water
dispenser
- Computer
- Motor car
- Furniture and
fixture
- Club
membership rights
AS PER WEBSITE DETAILS
PROFILE:
Subject was founded by Mr. Jayesh Dave who entered the business of textiles at a very tender age of seventeen years. What began as a hobby for Jayesh with his print operations soon turned into a passion and thus emerged a fruitful career in the field of home furnishings.
They were born with a pioneering spirit in 1985. So much so,
that they were the first to manufacture heat transfer printed fabrics in
Today Jayesh is ably supported by Yash, his younger brother who brings his marketing acumen to provide the company with the much needed competitive edge. And if you add the bunch of skilled Zardosi craftsman and talented designers who work in tandem with the two brothers, you are looking at a long-term relationship at work for all there clients.
The business of home furnishing is very similar to trend of haute couture (high fashion), so they always have to be on out toes to come up with fresh ideas in fabric and design to stay ahead of out competitors. There production unit at Andheri in Mumbai is in close proximity to the international airport.
Everything from the processing facilities (dyeing, printing and
finishing mills) to the stitching facilities for the Made Ups are all located
under one roof to provide us with a single-source control over the entire
manufacturing process. Attention to detail, that’s what sets us apart from the
rest. No wonder there products are the sought after by the top notch furnishing
retailers in
Some people have the rare eye for detail. They look upon home furnishing as a fine art. These true connoisseurs demand the best. It is for them that there team of designers and craftsmen at the Indian Drape create furnishing fantasies that cast a magic spell. The designers and craftsmen work in unison to ensure the each piece of fabric, be it of the classic floral look or the new abstract look, clearly bears out Indian Drape stamp of trademark style. The kind of style that never goes out of fashion…
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.44.27 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
|
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 |
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.