MIRA
INFORM REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
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Name : |
CITADEL ARCHITECTURAL SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
Office No. 300, 3rd Floor, R R Realty, Near R R Paints, LBS
Marg, Bhandup (West), Mumbai – 400 078, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.09.2002 |
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Com. Reg. No.: |
11-137052 |
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CIN No.: [Company
Identification No.] |
U74210MH2002PTC137052 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11563G |
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PAN No.: [Permanent
Account No.] |
AACCC0056H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides total solutions to design problems of architects,
designers and builders for executing projects from conception to commission
in terms of material selection, design, supply and installation. |
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 138304 |
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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 a well established and a reputed 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 good for normal 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
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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 |
LOCATIONS
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Registered Office : |
Office No. 300, 3rd Floor, R R Realty, Near R R Paints, LBS
Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India |
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Tel. No.: |
91-22-67718900 |
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Fax No.: |
91-22-67718999 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Vinay Vijay Kumar |
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Designation : |
Managing Director |
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Address : |
D-102, Lloyds Estate, Near Sangam Nagar, Wadala (East), Mumbai – 400
037, |
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Date of Birth/Age : |
16.03.1967 |
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Date of Appointment : |
03.09.2002 |
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Name : |
Mr. Vijay Jainti Prasad Kumar |
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Designation : |
Director |
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Address : |
35, Shreyas, 180, |
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Date of Birth/Age : |
04.07.1934 |
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Date of Appointment : |
13.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Vinay Vijay Kumar |
288100 |
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Veena Kumar |
705600 |
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Vijay Jainti Prasad Kumar |
158400 |
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Rashi Kumar |
288000 |
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Total |
1440100 |
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 : |
Subject provides total solutions to design problems of architects, designers
and builders for executing projects from conception to commission in terms of
material selection, design, supply and installation. |
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Imports : |
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Products : |
Plastic Sheets |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
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Employees: |
65
(In office) |
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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 : |
C K Patil and Company Chartered Accountant |
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Address : |
B-6, Suyog Society, Plot No.24-25, Road No.1, Sion East, Mumbai –
400022, |
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Tel No.: |
91-22-26734304 |
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Fax No.: |
91-22-26734305 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1440100 |
Equity Shares |
Rs.10/- each |
Rs.14.401
millions |
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(Out of the above 13,20,000/- shares of Rs.20/'- each fully paid issued as bonus shares out of capitalisation of profit and loss account)
(Out of the preceding year share capital 9,60,000/- Shares of each m y paid up issued as bonus shares out of capitlisation profit and loss account\
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.300.000 Millions
ABRIDGED BALANCE
SHEET
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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 |
14.401 |
10.800 |
5.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.175 |
18.968 |
16.697 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.576 |
29.768 |
22.097 |
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LOAN FUNDS |
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1] Secured Loans |
60.660 |
45.590 |
34.408 |
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2] Unsecured Loans |
9.701 |
17.532 |
14.009 |
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TOTAL BORROWING |
70.361 |
63.122 |
48.417 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
104.937 |
92.890 |
70.514 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.174 |
24.285 |
26.634 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.091 |
4.006 |
3.249 |
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DEFERREX TAX ASSETS |
0.254 |
1.282 |
0.237 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.134
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23.711 |
16.445
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Sundry Debtors |
83.823
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69.159 |
67.187
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Cash & Bank Balances |
0.119
|
0.087 |
0.042
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
33.835
|
25.653 |
17.615
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Total
Current Assets |
147.911
|
118.610 |
101.289 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
45.364
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30.917 |
42.728
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Other Current Liabilities |
6.479
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8.226 |
3.036
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Provisions |
17.650
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16.150 |
15.131
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Total
Current Liabilities |
69.493
|
55.293 |
60.895
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Net Current Assets |
78.418
|
63.317 |
40.394
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
104.937 |
92.890 |
70.514 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales Turnover and Other Income |
212.665 |
180.245 |
161.753 |
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Total Income (A) |
212.665 |
180.245 |
161.753 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.496 |
13.825 |
17.830 |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.496 |
13.825 |
17.830 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.162 |
3.851 |
1.814 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.334 |
9.974 |
16.016 |
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Less |
TAX (I) |
2.527 |
4.514 |
8.119 |
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PROFIT AFTER TAX
(G-I) (J) |
4.807 |
5.460 |
7.897 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.26
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3.03 |
4.88
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.34
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6.98 |
12.52
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.33 |
0.72
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Debt Equity Ratio (Total Liability/Networth) |
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4.04
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3.98 |
4.95
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Current Ratio (Current Asset/Current Liability) |
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2.13
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2.15 |
1.66
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LOCAL AGENCY FURTHER INFORMATION
Note
The Registered Office of the company has been shifted from 303, Vasan
Udyog Bhavan, Opposite Phoenix Mill, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400 013, Maharashtra, India to the present address w.e.f. 16.02.2008.
Operations
During the year, the company entered into a joint venture agreement with
a overseas body corporate and promoted a new company to undertake the business
of plastic products.
Form No. 8
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Name of the company |
CITADEL ARCHITECTURAL SOLUTIONS PRIVATE LIMITED |
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Presented By |
Central Bank of |
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1) Date and description of instrument creating the change |
Dated : 10th
February, 2004 ·
Agreement
of hypothecation to secure Demand Cash Credit against goods. ·
Letter
of hypothecation of Book Debts to secure Demand Cash Credit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
·
All
tangible moveable property such as stock in trade and goods of the Borrowers
which now or hereafter from time during the security shall brought in, stored
or be in or about the premises, warehouses or any where else or godowns of
the Borrowers in (1) 303 Vasan Udyog Bhavan Off Senapati Bapat Marg Opp.
Phooenix Mill Lower Parel (W) Mumbai 400 013 (2) J K Compound Near Arihant
Compound Cooper Village, Bhiwandi, Dist- Thane and any other premises /
offices / godowns of the company or anywhere else. ·
All
the Borrower’s present and future book debts, outstandings, monies,
receivables, claims, bills, contracts, securities, investments, rights and
assets (except property effectively otherwise hypothecated or charged to the
Bank) hypothecation by way of first charge. |
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4) Name and Address and description of the person entitled to the charge. |
Central Bank of |
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5) Date and brief description of instrument modifying the charge |
·
Agreement
of Hypothecation to secure Demand Cash credit against goods dated 19th
December, 2005. ·
Agreement
of Hypothecation to secure DA L/C against goods dated 19th
December, 2005. |
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6) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this
modification the Non Fund Based Facilities have been modified as follows:
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Corporate identity
number of the company |
U74210MH2002PTC137052 |
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Name of the
company |
CITADEL ARCHITECTURAL SOLUTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Office No. 300, 3rd Floor, R R Realty, Near R R Paints, LBS
Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Barclays Bank PLC Ceejay House, Shivsagar Estate, |
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Nature of
instrument creating charge |
Memorandum of
Entry |
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Date of
instrument Creating the charge |
23.06.2008 |
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Amount secured by
the charge |
Rs.52.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest As may be decided between the Borrower and the Bank from time to time.
·
Terms
of repayment As may be specified by the Bank from time to time. ·
Margin As may be specified by the Bank from time to time. ·
Extent
and operation of the charge First and exclusive charge by way of mortgage over immovable property
of Company in favour of Barclays Bank Plc as security for repayment of
following financial facilities grated by the Bank to the Company.
Total : INR 52 Million |
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Particulars of
the property charged |
Office bearing
No. 300, admeasuring about 3888 sq ft built up area on the third floor of the
building “R R Reality” situated at LBS Marg Bhandup (W) Mumbai 400 078 bearing
CTS No. 549A, 549A/1 to 3, Village Kanjur, Taluka Kurla, District Mumbai
within the limit of “S” ward. |
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Corporate
identity number of the company |
U74210MH2002PTC137052 |
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Name of the
company |
CITADEL ARCHITECTURAL
SOLUTIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Office No. 300, 3rd Floor, R R Realty, Near R R Paints, LBS
Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Immovable Property |
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Particular of
charge holder |
DEVELOPMENT
CREDIT BANK LIMITED |
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Nature of
instrument creating charge |
Letter of Recording
for Equitable Mortgage Dated 11.01.2010 Nature of
Facility : Term Loan II Rs.1.000 Million |
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Date of
instrument Creating the charge |
11/01/2010 |
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Amount secured by
the charge |
Rs.1.000 Million |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge The Charge is
operative and modified to Rs.1.000 Millions |
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Short particulars
of the property charged |
The whole of the movable
properties of the borrower including its stocks in trade, finished goods,
goods in progress, raw materials, book debts and other movables |
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Particulars of
the present modification |
By this first
modification limit of the charge is remain unchanged i.e. Rs.1.000 millions
and charge is further secured by way of Equitable Mortgage of properties
described |
Trade References:
- Tata Motors
- Tata
Bluescope Steel Limited
- Interach
Fixed Assets
·
Computer Software
·
Computers
·
Air Condition
·
Mobile Phones
·
Racks and Furniture
·
Chair for Bhandup office
·
Coolers and Heaters
·
Electrical Installation
·
EPABX System
·
Refrigerator
·
Machineries
·
Projector
·
Motor Car
·
Inverter Machine
·
Furniture and Fixture
·
Plotter Cutting Machine
·
Kodak Digital Camera
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.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--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 |
|
|
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--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.