MIRA
INFORM REPORT
|
Report Date : |
11.01.2011 |
Note: Correct name of the company is Garnet Interiors
Private Limited
IDENTIFICATION DETAILS
|
Name : |
GARNET INTERIORS PRIVATE LIMITED |
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Registered
Office : |
E-504/505, Kailash Commercial Complex, Behind Godrej Residental
Colony, Park Site, Vikroli (West), Mumbai – 400079, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.06.2003 |
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Com. Reg. No.: |
141020 |
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CIN No.: [Company Identification
No.] |
U45402MH2003PTC141020 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of home supply furniture, Interior Products. |
RATING & COMMENTS
|
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 98300 |
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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 to be usually Correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Uday Shukla |
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Designation : |
Account Manager |
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Date : |
05.01.2011 |
LOCATIONS
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Registered Office : |
E-504/505, Kailash Commercial Complex, Behind Godrej Residental Colony,
Park Site, Vikroli (West), Mumbai – 400079, Maharashtra, India |
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Tel. No.: |
91-22-25185453 |
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Fax No.: |
91-22-25185462 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Romiel Moses |
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Designation : |
Director |
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Address : |
Flat No.1901, 19th Floor, Lake Florance, Off Adi Shankara
Charya Marg, Near Gopal Sharma School Powai, Mumbai – 400076, Maharashtra,
India |
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Date of Birth/Age : |
24.06.2003 |
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Name : |
Mr. Susan Moses |
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Designation : |
Director |
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Address : |
A-1901, Lake Florance Phase – 1, Lakehomes, Near Gopal Sharma, School,
Powai – 400076, |
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Date of Birth/Age : |
24.06.2003 |
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Name : |
Mr. Surender Kumar Sudarshan Shah |
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Designation : |
Director |
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Address : |
A-204, Haware’s, Nilambari, Plot No.1, Sector -19, Airoli, Navi Mumbai
– 400706, Maharashtra, India |
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Date of Birth/Age : |
02.11.2003 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
|
No. of Shares |
|
Romiel Moses |
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20000 |
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Susan Moses |
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10000 |
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Surender Kumar Sudarshan Shah |
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20000 |
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Total |
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50000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of home supply furniture, Interior Products. |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
Citi Bank, N. A. Trent House, 2nd Floor, G Block, Plot No. C60,
Bandra Kurla Complex, Bandra (E),
Mumbai – 400051, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Prabhudesai and Company Chartered Accountant |
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Address : |
F/6, RajhansSociety, |
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Telefax : |
91-251-2421618 |
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Email : |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.087 |
14.531 |
10.881 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.587 |
15.031 |
11.331 |
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LOAN FUNDS |
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1] Secured Loans |
2.539 |
5.209 |
4.534 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.539 |
5.209 |
4.534 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.010 |
0.010 |
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TOTAL |
27.126 |
20.250 |
15.875 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.891 |
7.263 |
5.225 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
16.475 |
2.776 |
0.151 |
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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 |
8.944
|
2.837 |
2.175 |
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Sundry Debtors |
9.423
|
12.848 |
23.815 |
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Cash & Bank Balances |
7.823
|
16.117 |
1.156 |
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Other Current Assets |
0.000
|
0.000 |
6.571 |
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Loans & Advances |
18.809
|
16.030 |
0.000 |
|
Total
Current Assets |
44.999
|
47.832 |
33.717 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
26.357 |
21.078 |
14.403 |
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Other Current Liabilities |
5.372
|
4.604 |
0.000 |
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Provisions |
14.559
|
11.939 |
8.815 |
|
Total
Current Liabilities |
46.288
|
37.621 |
23.218 |
|
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Net Current Assets |
(1.289)
|
10.211 |
10.499 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Others |
0.049 |
0.000 |
0.000 |
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|
TOTAL |
27.126 |
20.250 |
15.875 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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Income |
149.843 |
123.208 |
123.207 |
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Other Income |
0.521 |
0.505 |
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TOTAL (A) |
150.364 |
123.713 |
123.207 |
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Less |
EXPENSES |
|
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Cost of Operations |
113.378 |
93.573 |
|
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Site Expenses |
3.685 |
3.194 |
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Administrative and Selling Expenses |
6.205 |
3.754 |
110.912 |
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Staff Expenses |
14.628 |
8.616 |
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Office Expenses |
2.088 |
1.155 |
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Stock Adjustments |
(6.106) |
(0.661) |
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TOTAL (B) |
133.878 |
109.631 |
110.912 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.486 |
14.082 |
12.295 |
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Less |
FINANCIAL
EXPENSES (D) |
0.547 |
0.618 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.939 |
13.464 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.387 |
1.135 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
14.552 |
12.326 |
12.326 |
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Less |
TAX (I) |
4.996 |
8.680 |
NA |
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PROFIT AFTER TAX
(G-I) (J) |
9.556 |
3.649 |
NA |
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|
|
Earnings Per
Share (Rs.) |
191.12 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.35
|
2.94 |
NA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.67
|
9.96 |
10.00 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.33
|
25.76 |
36.55 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.82 |
1.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
2.50 |
2.04 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
1.27 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Office
Premises
- Furniture and
Fixtures
- Office
Equipment
- Factory at
Karjat
- Computers and
Printers
- Maruti Alto
- Scoda Car
- Endeavour Car
- Renovation
B-12
- Hero Honda
Bike
Sundry Creditors
Details:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors and Other Payables |
26.357 |
21.078 |
14.403 |
|
|
|
|
|
|
TOTAL |
26.357 |
21.078 |
14.403 |
Performance:
The performance of the company has been satisfying during the year. The
company has fully started operations during the year and the expected to grow
further in coming years.
Form: 8
|
Corporate
identity number of the company |
U45402MH2003PTC141020 |
|
Name of the
company |
GARNET INTERIORS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-504 E-505kailas
Commercial Complex, Parksite Vikhroli West, Mumbai – 400079, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Citibank N. A.,
Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra
(E), Mumbai, 400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Goods Security
Agreement. |
|
Date of
instrument Creating the charge |
24/02/2010 |
|
Amount secured by
the charge |
Rs. 50.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest on
principal amount of the aforesaid fund based facilities advanced and outstanding
form time to time @ 14.75 p.a. (as announced from time to time exclusive of
applicable interest tax). Terms of repayment : On demand Margin : 30% against Stocks and Book Debts. Extent and operation of the charge : The hypothecated
Stocks and Book Debts by way of first charge shall remain as security to the
Bank for the due repayment by Borrower to the Bank of the credit facilities
together with interest, costs, charges & expenses and other monies
payable by the Borrowers AND also for due payment & discharge of all
indebtedness/liability of the Borrowers to the Bank. Other : The Company expressly recognises and accepts that the
Bank shall be absolutely entitled and have full power/authority to sell, assign
or transfer in any manner and on such terms as the Bank may decide any or all
outstanding dues of the Company to any third party of the Bank's choice
without any further reference or intimation to the Company. |
|
Short particulars
of the property charged (Including location of the property) |
|
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. 45.44 |
|
|
1 |
Rs. 70.61 |
|
Euro |
1 |
Rs. 58.63 |
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.