MIRA
INFORM REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
KRISHNA |
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Registered
Office : |
Ground Floor, 7032/1, Mata Rameshwari, Nehru Nagar, Karol Bagh, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.01.2006 |
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Com. Reg. No.: |
11-159198 |
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CIN No.: [Company Identification
No.] |
U32200MH2006PTC159198 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK15265F |
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PAN No.: [Permanent Account No.] |
AACCK7485L |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Trader, Importer and Distributor of MAXX Mobile Accessories like RMs, WIP, SFGs and FGs such as Assorted Panels, Button Magnet Set Charger,
Fancy Key Chain Dori Plastic Cover, Pouch, Skin Cover, Transparant Cover,
Batteries, Packaging Material |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 270000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Amit Singhania |
|
Designation : |
Director |
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Contact No.: |
91-9819912011 |
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Date : |
093.02.2011 |
LOCATIONS
|
Registered Office : |
Nivedita Compound, Nivetia road, Rani Sati Marg, Malad (East), Mumbai-
400 097, |
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Tel. No.: |
91-22-23453323/67105874 |
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E-Mail : |
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Corporate Office : |
Ground Floor, 7032/1, Mata Rameshwari, Nehru Nagar, Karol Bagh, |
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Tel. No.: |
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Mobile No.: |
91-9999023656 (Mr. Vipul Jain) 91-9819912011 (Mr. Amit Singhania 91-9930457357 (Mr. Yogesh) |
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E-Mail : |
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Branches : |
1, Radhabai Bungalow, |
DIRECTORS
AS ON 04.09.2010
|
Name : |
Mr. Amit Rajjkumar Singhania |
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Designation : |
Director |
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Address : |
Nivetia Compound, |
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Date of Birth/Age : |
24.05.1979 |
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Date of Appointment : |
15.12.2006 |
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|
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Name : |
Mrs. Anshu Amit Singhania |
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Designation : |
Director |
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Address : |
Nivetia Compound, |
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Date of Birth/Age : |
10.08.1987 |
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Date of Appointment : |
01.11.2007 |
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|
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|
Name : |
Mr. Nalin Trivedi |
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Designation : |
Director |
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Address : |
A-102, Krishna Tower, Anand Nagar, Link Road, Dahisar (East),
Mumbai-400 068, Maharashtra, India |
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Date of Birth/Age : |
01.06.1967 |
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Date of Appointment : |
02.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Amit Singhania |
|
989000 |
|
Ten Equity Private Limited, |
|
750000 |
|
Reets Plastics Private Limited, |
|
400000 |
|
Anshu A. Singhania |
|
10000 |
|
Nalin B. Trivedi |
|
1000 |
|
Urvashi Transport Company Private Limited, |
|
800000 |
|
Tyagi Trading Private Limited, |
|
800000 |
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Total |
|
3750000 |
As on 04.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
73.34 |
|
Directors
or relatives of directors |
|
26.66 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Importer and Distributor of MAXX Mobile Accessories like RMs, WIP, SFGs and FGs such as Assorted panels, Button Magnet Set Charger,
Fancy Key Chain Dori Plastic Cover, Pouch, Skin Cover, Transparant Cover,
Batteries, Packaging Material |
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Agencies Held : |
MAXX |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
Bank of Baroda, Khand Bazar Branch, 129/131, Kazi Sayed Street,
Mumbai-400 003, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Dinesh Patel and Associates Chartered Accountants |
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Address : |
B-6, New Green Apartment, |
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Tel. No.: |
91-22-28801802 |
CAPITAL STRUCTURE
As on 04.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.1/- Each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3750000 |
Equity Shares |
Rs.1/- Each |
Rs.3.750
millions |
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 |
|
|
|
|
|
1] Share Capital |
3.750 |
3.750 |
3.750 |
|
|
2] Share Application Money |
18.317 |
16.670 |
6.670 |
|
|
3] Reserves & Surplus |
45.737 |
41.831 |
37.680 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
67.804 |
62.251 |
48.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
81.361 |
40.487 |
0.435 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
81.361 |
40.487 |
0.435 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.082 |
0.050 |
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|
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|
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TOTAL |
149.165 |
102.820 |
48.585 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.437 |
2.540 |
1.105 |
|
|
|
289.756
|
327.454 |
193.400 |
|
|
|
292.193 |
329.994 |
194.505 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
0.093 |
0.000 |
0.000 |
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|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
108.641
|
150.927 |
83.819 |
|
|
Sundry Debtors |
100.301
|
132.071 |
83.305 |
|
|
Cash & Bank Balances |
25.292
|
20.925 |
0.176 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
55.522
|
23.531 |
26.100 |
|
Total
Current Assets |
289.756
|
327.454 |
193.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
138.706
|
224.750 |
132.469 |
|
|
Other Current Liabilities |
1.732
|
0.601 |
12.676 |
|
|
Provisions |
2.733
|
1.898 |
0.874 |
|
Total
Current Liabilities |
143.171
|
227.249 |
146.019 |
|
|
Net Current Assets |
146.585
|
100.205 |
47.381 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.045 |
0.070 |
0.094 |
|
|
|
|
|
|
|
|
TOTAL |
149.165 |
102.820 |
48.585 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
780.952 |
621.130 |
158.507 |
|
|
|
Other Income |
4.294 |
0.053 |
0.012 |
|
|
|
TOTAL (A) |
785.246 |
621.183 |
158.519 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
760.896 |
603.319 |
151.896 |
|
|
|
Selling and Administrative Expenses |
6.823 |
7.043 |
4.089 |
|
|
|
TOTAL (B) |
767.719 |
610.362 |
155.985 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.527 |
10.821 |
2.534 |
|
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|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
11.618 |
4.593 |
0.020 |
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.909 |
6.228 |
2.514 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.249 |
0.147 |
0.070 |
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|
|
|
|
|
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.660 |
6.081 |
2.444 |
|
|
|
|
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|
|
|
|
Less |
TAX (H) |
1.754 |
1.931 |
0.816 |
|
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|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
3.906 |
4.150 |
1.628 |
|
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|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.981 |
1.830 |
0.202 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
9.887 |
5.981 |
1.830 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.00 |
1.11 |
1.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.80
|
0.67 |
0.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.72
|
0.98 |
1.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.94
|
1.84 |
1.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.31
|
4.30 |
3.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
1.44 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from 1, D Block,
Nivedita Compound, nivedita road, Rani Sati Marg, Malad (west), Mumbai-400 097,
Review of
Operations:
During the year the net profit has been Rs.5.660 millions. The directors
are continuously looking for avenues for future growth of the company.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10103431 |
|
Corporate
identity number of the company |
U32200MH2006PTC159198 |
|
Name of the
company |
KRISHNA |
|
Address of the
registered office or of the principal place of business in |
Nivedita Compound, Nivetia road, Rani Sati Marg, Malad (East), Mumbai-
400 097, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of Baroda, Khand Bazar Branch, 129/131, Kazi Sayed Street, Mumbai-400 003, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery
and Vehicles. |
|
Date of
instrument Creating the charge |
25.03.2009 |
|
Amount secured by
the charge |
Rs.80.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on the Cash
Credit limit at the rate of 2.25% over Benchmark Prime Lending Rate of the
Bank per annum with monthly rests. Terms of
Repayment On Demand. Margin 25% on the
Stocks. 40% on the Book
Debts. Extent and
Operation of the charge The charge is
modified to secure the Cash Credit (Hypn. of Stocks & Book Debts)
facility of Rs.8,00,00,000/- together with interest, additional interest,
further interest by way of liquidated damages, compound interest, commitment
charges, commission, Premia on pre-payment, cost, charges, expenses and other
moneys payable by the Borrower to the Bank. |
|
Short particulars
of the property charged |
All the
Borrower's stocks of RMs, SIP, FGs, consumable spares and packing materials,
all the book-debts in respect of supplies made to various Govt. Departments
or limited companies etc. as evidenced by supply bills, receipted challans
/receipited invoices deposited with the bank from time to time and all the
moveable machinery of the Borrower, including all stores and spare parts,
both present and future, belonging to the Borrower and all the vehicles, both
present and future. |
|
Particulars of
the present modification |
The charge is
increased from Rs.40.000 millions to Rs.80.000 millions to cover Cash Credit
(Hypn. of Stocks & Book Debts) facility. |
Fixed Assets:
·
Computer
·
Electric Fitting
·
Furniture and Fixture
·
Office Equipments
·
Tempo
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
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.