MIRA
INFORM REPORT
|
Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
GRESCASA CERAMICS LIMITED (w.e.f. 04.05.2007) |
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Formerly Known
As : |
GRESCASA CERAMICS PRIVATE LIMITED (w.e.f. 26.04.2007) PADMA CERAMICS PRIVATE LIMITED |
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Registered
Office : |
5/E, Laxmi Industrial Estate, New |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
24.03.2003 |
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Com. Reg. No.: |
11-139704 |
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CIN No.: [Company Identification
No.] |
U51503MH2003PLC139704 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16900C |
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PAN No.: [Permanent Account No.] |
AACCP9045R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Ceramic Tiles. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s
profitability is low. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for business dealings with slight
caution, initially. |
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 PARTED BY
|
Name : |
Mr. Rakesh Agarwal |
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Designation : |
Director |
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Contact No.: |
91-9821010992 |
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Date: |
28.04.2011 |
LOCATIONS
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Registered Office : |
5/E, Laxmi Industrial Estate, New |
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Tel. No.: |
91-22-26313095 / 96 |
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Mobile No.: |
91-9821010992 (Mr. Rakesh Agarwal) |
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Fax No.: |
91-22-26358170/ 26313096 |
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E-Mail : |
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Website: |
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Area : |
Approximately 2400 Sq. ft. |
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Location : |
Owned |
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Warehouse : |
Located at:
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Branch Office 1 : |
D-196, |
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Tel. No.: |
91-11-32653471 |
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Fax No.: |
91-11-45530874 |
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Branch Office 2 : |
70, (Old No. F53), 4th |
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Tel. No.: |
91-80-984409962 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rakesh Agarwal |
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Designation : |
Director |
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Address : |
8th Floor, Tenthavenue, |
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Date of Birth/Age : |
15.09.1963 |
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Qualification: |
Graduate |
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Date of Appointment : |
24.03.2003 |
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DIN No.: |
00954728 |
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PAN No.: |
AABPA3090M |
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Name : |
Mrs. Sangita Agarwal |
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Designation : |
Director |
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Address : |
8th Floor, Tenthavenue, |
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Date of Birth/Age : |
01.02.1963 |
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Qualification: |
Graduate |
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Date of Appointment : |
24.03.2003 |
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DIN No.: |
00954698 |
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PAN No.: |
AAIPA3190P |
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Name : |
Mr. Agrim Agarwal |
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Designation : |
Director |
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Address : |
8th Floor, Tenthavenue, |
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Date of Birth/Age : |
19.09.1989 |
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Qualification : |
B.Com |
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Date of Appointment : |
25.02.2009 |
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DIN No.: |
02195185 |
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PAN No.: |
AKLPA3999F |
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Name : |
Mrs. Padmavati Agarwal |
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Designation : |
Additional Director |
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Address : |
8th Floor, Tenthavenue, |
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Date of Birth/Age : |
30.08.1935 |
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Date of Appointment : |
30.04.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Agarwal |
|
670000 |
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Sangita Agarwal |
|
700000 |
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Padmavati Agarwal |
|
100000 |
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Mathuraprasad Agarwal |
|
1000 |
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William Tuscano |
|
100 |
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Madhura Pawar |
|
100 |
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Pooja Gawade |
|
100 |
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Total |
|
1471300 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2010)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Ceramic Tiles. |
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Imports : |
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Products : |
CeramicTiles |
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Countries : |
·
·
·
·
·
European Countries |
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Terms : |
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Selling : |
Cash and Credit (30-60-90 Days) Cheque |
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Purchasing : |
L/C, Cash, Credit ( 30-60-90 Days) Cheque |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users
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No. of Employees : |
30 Approximately |
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Bankers : |
·
United Bank of India, Shubham Co-Operative Housing
Society Limited, 1st Floor, ·
HDFC Bank ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.V.A. and Associates Chartered Accountants |
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Address : |
17/18, Damji Shamji Udyog Bhawan, |
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Tel. No.: |
91-22-26734955 / 26734882 |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1471300 |
Equity Shares |
Rs.10/- each |
Rs.14.713
millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.713 |
14.713 |
9.700 |
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2] Share Application Money |
40.100 |
26.600 |
0.000 |
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3] Reserves & Surplus |
8.718 |
6.798 |
4.794 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.531 |
48.111 |
14.494 |
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LOAN FUNDS |
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1] Secured Loans |
23.727 |
18.503 |
15.671 |
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2] Unsecured Loans |
22.878 |
32.618 |
33.700 |
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TOTAL BORROWING |
46.605 |
51.121 |
49.371 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.136 |
99.232 |
63.865 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.862 |
3.453 |
4.241 |
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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 |
146.865
|
143.326
|
110.847 |
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Sundry Debtors |
42.115
|
38.087
|
32.232 |
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Cash & Bank Balances |
4.008
|
4.357
|
3.922 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
6.804
|
6.197
|
3.377 |
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Total
Current Assets |
199.792
|
191.967
|
150.378 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
85.388 |
86.077 |
82.088 |
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Other Current Liabilities |
6.785
|
8.468
|
7.817 |
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Provisions |
1.345
|
1.643
|
0.873 |
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Total
Current Liabilities |
93.518
|
96.188
|
90.778 |
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Net Current Assets |
106.274
|
95.779
|
59.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.024 |
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TOTAL |
110.136 |
99.232 |
63.865 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
162.480 |
183.600 |
115.729 |
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Other Income (FDR Interest) |
0.285 |
0.325 |
0.000 |
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TOTAL (A) |
162.765 |
183.925 |
115.729 |
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Less |
EXPENSES |
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Administrative Expenses |
19.996 |
22.806 |
13.604 |
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Raw Material Consumed |
125.062 |
142.956 |
93.170 |
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TOTAL (B) |
145.058 |
165.762 |
106.774 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.707 |
18.163 |
8.955 |
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Less |
FINANCIAL
EXPENSES (D) |
13.478 |
13.256 |
6.006 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.229 |
4.907 |
2.949 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.898 |
1.201 |
0.392 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.331 |
3.706 |
2.557 |
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Less |
TAX (I) |
1.344 |
1.643 |
1.110 |
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PROFIT AFTER TAX
(G-I) (J) |
1.987 |
2.063 |
1.447 |
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Less: |
PROVISION FOR
TAX – EARLIER YEARS |
0.067 |
0.059 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.198 |
3.194 |
1.747 |
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BALANCE
CARRIED TO THE B/S |
7.118 |
5.198 |
3.194 |
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|
Earnings Per
Share (Rs.) |
1.30 |
1.36 |
1.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.22
|
1.12
|
1.25 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.05
|
2.02
|
2.21 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.63
|
1.90
|
1.65 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08
|
0.18 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.20
|
3.06
|
9.67 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.14
|
1.99
|
1.66 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sundry Creditors |
|
|
|
|
- For Goods |
72.282 |
77.183 |
73.772 |
|
- For Expenses |
13.106 |
8.894 |
8.316 |
|
Total |
85.388 |
86.077 |
82.088 |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51503MH2003PLC139704 |
|
Name of the
company |
GRESCASA CERAMICS LIMITED |
|
Address of the
registered office or of the principal place of business in |
5/E, Laxmi Industrial Estate, New |
|
Type of charge |
Immovable
Property Movable
Property |
|
Particular of
charge holder |
United Bank of India, Shubham Co-Operative Housing Society Limited, 1st
Floor, |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
11.06.2007 |
|
Amount secured by
the charge |
Rs. 51.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.25% Terms of
Repayment Repayment as per
sanction letter Margin 25% on stocks and
40% on receivables Extent and
Operation of the charge The charge to
operate as security of repayment |
|
Short particulars
of the property charged |
Hypothecation of
Entire stock consists of ceramic tile and entire receivables. Additional
security includes equitable mortgage of property as mentioned in deed of
declaration and confirmation Dated 11.06.2007 |
FIXED ASSETS:
- Air
Conditioner
- Computer
- Furniture and
Fixtures
- Mobile Phones
- Motor Car –
Honda - Accord
- Motor Car – Honda
– Civic
- Motor Car –
Skoda
- Motor Car –
Indica
- Truck – I
- Truck - II
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.44.33 |
|
|
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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.