MIRA
INFORM REPORT
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Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
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Name : |
BARON LEATHER PRIVATE LIMITED |
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Registered
Office : |
7-H, Laxmi Industrial Estate, New |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.01.2009 |
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Com. Reg. No.: |
11-189323 |
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CIN No.: [Company Identification
No.] |
U19116MH2009PTC189323 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19337D |
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PAN No.: [Permanent Account No.] |
AADCB6760E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and
Supplier of Upholstery Leather Hides, Top Grain Cowhide Leather, Leather
Furniture, Aniline Leather, Furniture Leather Hides |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 50000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and yet to establish track. The
company is progressing well. Trade relations are reported as fair. Business
is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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
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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 DENIED BY
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Name : |
Ms. Tanvi |
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Designation : |
Accounts Department |
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Date : |
18.02.2011 |
LOCATIONS
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Registered Office : |
7-H, Laxmi Industrial Estate, New Link Road, Andheri – West, Mumbai –
400053, Maharashtra, India |
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Tel. No.: |
91-22-26399182/83/84/85 |
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Fax No.: |
91-22-26399181 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.06.2010
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Name : |
Ms. Bijal Suryakant Maniar |
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Designation : |
Chairman cum Managing Director |
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Address : |
10/10 Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
08.05.1970 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02320698 |
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Name : |
Ms. Priti Bijal Maniar |
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Designation : |
Director |
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Address : |
10/10 Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02346565 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.06.2010
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Names of Shareholders |
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No. of Shares |
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Bijal Suryakant Maniar |
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925000 |
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Priti Bijal Maniar |
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5000 |
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Total |
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930000 |
As On 30.06.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Supplier of Upholstery Leather Hides, Top Grain Cowhide Leather, Leather Furniture,
Aniline Leather, Furniture Leather Hides |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by 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 : |
Patel and Kurup Chartered Accountant |
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Address : |
6, Crescent Chambers, 1st Floor, Tamarind Lane, Fort,
Mumbai – 400023, |
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Tel. No.: |
91-22-22670815 |
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Pan No.: |
AAAFP2413L |
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Associates and Joint Ventures : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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930000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.300
Millions |
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Note:
Of the above 170000 shares of Rs. 10/- each
has been issued for a consideration other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.300 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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3.253 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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12.553 |
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LOAN FUNDS |
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1] Secured Loans |
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20.434 |
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2] Unsecured Loans |
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0.070 |
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TOTAL BORROWING |
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20.504 |
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DEFERRED TAX LIABILITIES |
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0.007 |
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TOTAL |
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33.064 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.858 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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1.077 |
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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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35.520 |
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Sundry Debtors |
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9.318 |
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Cash & Bank Balances |
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0.345 |
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Other Current Assets |
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0.018 |
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Loans & Advances |
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6.806 |
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Total
Current Assets |
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52.007 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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18.002 |
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Other Current Liabilities |
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2.487 |
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Provisions |
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1.457 |
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Total
Current Liabilities |
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21.946 |
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Net Current Assets |
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30.061 |
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MISCELLANEOUS EXPENSES |
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0.068 |
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TOTAL |
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33.064 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2010 |
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Sales |
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Income |
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60.919 |
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Other Income |
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35.521 |
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TOTAL (A) |
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96.440 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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91.304 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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5.136 |
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Less |
FINANCIAL
EXPENSES (D) |
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0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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5.136 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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0.419 |
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PROFIT BEFORE TAX
(E-F) (G) |
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4.747 |
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Less |
TAX (I) |
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1.464 |
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PROFIT AFTER TAX
(G-I) (J) |
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3.253 |
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BALANCE CARRIED
TO THE B/S |
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3.253 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
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0.359 |
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TOTAL EARNINGS |
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0.359 |
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Earnings Per
Share (Rs.) |
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3.50 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
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PAT / Total Income |
(%) |
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3.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.81 |
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Return on Investment (ROI) (PBT/Networth) |
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0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.37 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
|
Sundry creditors |
18.002 |
Operations:
This is the first year of incorporation of the company and covers the period
of fifteen months from Jan 2009 to March 2010, though the actual business
operation of the company in terms of importing, locally buying and selling
leather and letherite items started from April 2010.
The company after its incorporation on 02.01.2009 acquired some of the
fixed assets from M/s. Baron Inc. a proprietory firm of its promoter / director
Mr. Bijal Maniar so as to smoothly conduct the business.
The company started its business operations and ended with a modest business
turnover of about Rs. 60.700 millions. On this turnover the company earned
31.48% gross profit and the PBT and PAT are 7.77% and 5.36% respectively.
Finance:
The Saraswat Co-operative Bank Limited
financed the cash credit and LC requirement of about Rs. 30.000 millions which
enabled the company to achieve the modest turnover of about Rs. 60.000 millions
in the first year of its operation.
Form 8:
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Corporate
identity number of the company |
U19116MH2009PTC189323 |
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Name of the
company |
BARON LEATHER
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
7-H, Laxmi
Industrial Estate, New Link Road, Andheri –West, Mumbai - 400053,
Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Movable Property for L/C on D/A basis |
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Date of
instrument Creating the charge |
25.11.2010 |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of
Repayment - DA 90 days Margin - 15% in fixed
deposit Extent and
Operation of the charge - This is one time L/C facility |
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Particulars of
the property charged |
Hypothecation of
stock tangible movable property (both present and future) belonging to the
borrower and lying and being at the borrowers place of business at 7/H, Laxmi
Industrial Estate. Andheri W Mumbai
or whereverelse the same may be
Hypothecation of bookdebts, monies,
receivable, outstandings, claims and bills. |
Fixed Assets:
- Air
conditioner
- Computer
- Cycle
- Digital Camera
- Electrical
Fittings
- EPBAX System
- Furniture and
fixtures
- Mobile phone
- Motor car
- Printer
- Refrigerator
- Water filter
- Web site
- Machinery
- Office
equipment
AS PER WEBSITE DETAILS
PROFILE:
Baron Leather was founded in 1989 in Mumbai. Bijal Maniar is the company's founder and was the only employee at the time of inception. Graduated from a leading University in Mumbai, he always wanted to do something innovative and fashionable, apart from others.
Since inception Baron has always been in the leather Industry, the
Company was originally founded as a manufacturer supplier of "leather
goods" which consisted of a wide range of products and accessories.
Customers included various well known brands in the
By the early 1990s, the leather goods industry was in decline with many
manufacturers closing their units due to international competition and low
labor rates. During this time Baron, originally being in the leather industry,
had already started developing leathers for home furnishing. In 1992 as leather
accessories industry declined Baron Leather diversified in beautiful
fashionable leathers used for residential, commercial, automobile, aircraft,
yachts purpose and Leather Floor / Wall Tiles.
These pioneering efforts proved fruitful for Baron Leather and brought a
fashion approach to furniture leathers, Indian and international designers
appreciated Baron Leather quality, finish and designs. In early 2000 Baron was
selected from various International leather companies and honored by the
Princess of UK by granting a vital project of leather restoration work at one
of her biggest palaces in
Over the period, Baron expanded its focus from medium sized designers;
furniture manufacturers to even larger base international designers primarily
in hospitality design and Hi end residential design areas of Hi profiled
customers, restoration of Palaces. Future plans include development of
furniture line specially designed in-house showcasing superior Baron Leathers
and introduction of retail chain of stores. Today Baron employs over 60 people
here in Mumbai, with representation in major metropolitan cities as well as
strategic partnerships overseas.
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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.