MIRA
INFORM REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
LATIYAL HANDICRAFTS PRIVATE LIMITED |
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Registered
Office : |
57, Jwala Vihar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.05.2005 |
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Com. Reg. No.: |
17-020853 |
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CIN No.: [Company Identification
No.] |
U74994RJ2005PTC020853 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHL01281A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Office Commercial Furniture and Home
Household. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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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 |
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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 : |
57, Jwala Vihar, |
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Tel. No.: |
91-291-2747810/ 2741873/ 2745482 |
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Fax No.: |
91-291-2748680 |
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E-Mail : |
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Website : |
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Factory: |
Latiyal Vatika, |
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Tel. No.: |
91-291-2766482 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Radhey Shyam Ranga |
|
Designation : |
Director |
|
Address : |
57, Jwala Vihar, |
|
Date of Appointment : |
30.05.2006 |
|
DIN No.: |
00350148 |
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Name : |
Mr. Dev Narayan Ranga |
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Designation : |
Director |
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Address : |
57, Jwala Vihar, |
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Date of Appointment : |
30.05.2006 |
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DIN No.: |
00350195 |
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Name : |
Mr. Ganesh Kumar Ranga |
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Designation : |
Director |
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Address : |
57, Jwala Vihar, |
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Date of Appointment : |
30.05.2006 |
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DIN No.: |
01398725 |
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Name : |
Mrs. Gayatri Ranga |
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Designation : |
Director |
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Address : |
H No. 57, Jawala Vihar, Near Kothari Hospital, Chopasni Housing Board,
Jodhpur-342001, Rajasthan, India |
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Date of Appointment : |
30.05.2006 |
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DIN No.: |
01503801 |
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Name : |
Mr. Pradyumna Ranga |
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Designation : |
Director |
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Address : |
H No. 57, Jawala Vihar, Near Kothari Hospital, Chopasni Housing Board,
Jodhpur-342001, Rajasthan, India |
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Date of Appointment : |
30.05.2006 |
|
DIN No.: |
01503838 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Radhe Shyam Ranga |
|
68700 |
|
Ganesh Ranga |
|
725200 |
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Dev Narayan Ranga |
|
68700 |
|
Gayatri Ranga |
|
68700 |
|
Pradyumna Ranga |
|
68700 |
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Total |
|
1000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Office Commercial Furniture and Home
Household. |
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Products : |
Handicraft Items |
GENERAL INFORMATION
|
Suppliers : |
·
Agility Logistic Private Limited ·
Air World ·
Ankit Sales Corporation ·
Bajrang Enteprises ·
Bharat Glass House ·
B.P. AGenceies ·
Beltor ·
Chirag Furnishing ·
Chandra Packaging ·
Dembala Timber Company Private Limited ·
Farvary Traders ·
Ganapti Sales Corporation ·
Galaxy Traders ·
Himachat Timbers ·
H.V. Traders ·
H P Centre ·
ICI India Limited |
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Customers : |
·
Anamee Impex Private Limited ·
Balaji Art and Crafts ·
Barang Barang PET Limited ·
Bel Baazar Z.O.O. ·
Bhati and Company ·
Classic Concepts Inc. ·
Clover Furniture Limited ·
Contalner Direct ·
Domus ·
Dune International ·
Far Fatch Import Furniture Inc ·
LA Pagoda S.R.L ·
Maraja Imports ·
Noble Art ·
Shiv Handicrafts ·
Shekhawati Arts |
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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 : |
H.B. Mertia and Company Chartered Accountant |
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Address : |
155, Patrakar Colony, New |
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Tel. No.: |
91-291-2623707/ 3299734 |
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Fax No.: |
91-2623707 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 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 |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
26.758 |
20.192 |
11.899 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
36.758 |
30.192 |
21.899 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
100.252 |
50.742 |
27.658 |
|
|
2] Unsecured Loans |
11.274 |
0.000 |
1.096 |
|
|
TOTAL BORROWING |
111.526 |
50.742 |
28.754 |
|
|
DEFERRED TAX LIABILITIES |
1.510 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
149.794 |
80.934 |
50.653 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.229 |
14.001 |
14.827 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
78.046
|
50.882 |
21.450 |
|
|
Sundry Debtors |
11.888
|
18.118 |
15.446 |
|
|
Cash & Bank Balances |
2.461
|
0.304 |
1.037 |
|
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Other Current Assets |
2.941
|
13.178 |
10.842 |
|
|
Loans & Advances |
13.458
|
2.079 |
0.000 |
|
Total
Current Assets |
108.794
|
84.561 |
48.775 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.629
|
16.028 |
11.419 |
|
|
Other Current Liabilities |
4.975
|
1.188 |
0.630 |
|
|
Provisions |
0.469
|
0.447 |
0.967 |
|
Total
Current Liabilities |
19.073
|
17.663 |
13.016 |
|
|
Net Current Assets |
89.721
|
66.898 |
35.757 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.844 |
0.035 |
0.069 |
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|
|
|
|
|
|
TOTAL |
149.794 |
80.934 |
50.653 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
161.698 |
140.073 |
87.251 |
|
|
|
Other Income |
12.499 |
12.980 |
4.611 |
|
|
|
TOTAL (A) |
174.197 |
153.053 |
91.862 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Direct Expenses |
169.342 |
|
|
|
|
|
Administrative and Selling Expenses |
15.626 |
12.955 |
|
|
|
|
Preliminary Expenses written off |
0.075 |
0.035 |
90.015 |
|
|
|
Loss on Sales of Assets |
0.078 |
0.018 |
|
|
|
|
Prior Period Item |
0.111 |
0.000 |
|
|
|
|
Increase / Decrease in Stock |
[27.164] |
[29.432] |
|
|
|
|
TOTAL (B) |
158.068 |
138.980 |
90.015 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.129 |
14.073 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.158 |
4.500 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.971 |
9.573 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.087 |
0.863 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.884 |
8.710 |
1.847 |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
2.102 |
0.523 |
[8.296] |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
7.782 |
8.187 |
10.143 |
|
|
|
|
|
|
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|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.192 |
11.899 |
NA |
|
|
|
|
|
|
|
|
|
Less |
Previous
Year Income and Fringe Benefit Tax |
0.071 |
[0.106] |
NA |
|
|
|
|
|
|
|
|
|
Less |
Earlier
year Deferred tax provided fro |
1.145 |
-- |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
26.758 |
20.192 |
NA |
|
|
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|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
7.78 |
8.08 |
10.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.47
|
5.35 |
0.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.11
|
6.22 |
2.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.88
|
8.84 |
2.90 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.29 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.55
|
2.27 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.70
|
4.79 |
3.75 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
The turnover of the company, during the year, stood at Rs. 161.698
Millions during the financial year as against Rs. 140.073 Millions achieved
last year. The company has incurred a net profit of Rs. 9.884 Millions as
against the net profit of Rs. 8.710 Millions for the preceding previous year.
The directors are hoping to achieve better financial results during the current
financial year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74994RJ2005PTC020853 |
|
Name of the
company |
LATIYAL HANDICRAFTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Latiyal Vatika, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable Property Others |
|
Particular of
charge holder |
Punjab National Bank, Ratanada Branch, Ratanada Colony,
Jodhpur-342001, |
|
Nature of
instrument creating charge |
Hypothecation of assets
to secure term loan of Rs. 73.000 Millions Agreement of
Gaurantee Hypothecation of
moveable assets forming part of fixed assets/ block assets Bank Letter Dated
03.05.2010 |
|
Date of
instrument Creating the charge |
20.03.2010 |
|
Amount secured by
the charge |
Rs. 73.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 1.5% +
0.5% tp, Which is 13% presently subject to change form time to time as per
bank guidelines Terms of Repayment
The principal is
to be repaid in 84 EMI commencing form April 2011, Interest is to be
recovered as and when becomes due Margin Land- 30%,
Construction of Buildings – 25%, P and M – 25% Extent and
Operation of the charge 1st
Charge on all current assets present and future and collaterally secured by
EM of Industrial Land admeasuring Sq. mts. Situated at Spl. 1 Phase II,
Boranada Industrial Area Jodhpur and building to be constructed thereon with
estimated cost of Rs. 40.759 Millions Hypothecation of
P and M embedded to ground and other Miscellaneous Fixed Assets to be
acqauired out of bank loan. Personal
Guarantee of Dev Narayan Ranga, Radhyumna (Directors), Ashok Ranga, Panna Lal
Ranga (Guarantor) Others Corporate
Guarantee of SARAS Veg Oil Private Limited Ext. of EM
of Residential House at P.No. 57a, B
ands STRIP Land at Khasra No. 101 Jwala Vihar Jodhpur, EM of Factory L and B
at H1375 at H1375, D2, Stree No. 6 and 7, P No. 29 NB 663, Khasra No. 76,
Jabalpur, EM of Residential Plot No. 1, 5, 9, 4, 7, 6, 3, 2, 8 Khasra No.
705/08, Highway No. 15, Phalodi EM of L and B at B125-126, Phase II Boranada
Industrial Area, Jodhpur |
|
Short particulars
of the property charged |
1st Charge
on all current assets present and future and collaterally secured by EM of
Industrial Land Admeasuring 22592 sq. mts situated at Special 1 Phase II, Hypothecation of
P and M Embedded to Ground and Other Miscellaneous Fixed Assets to be
acquired out of Bank Loan. Personal
Guarantee of Dev Narayan Ranga, Radhe Shyam Ranga, Smt. Gayatri Ranga, Ganesh
Ranga, Pradhyumna (Directors), Ashok Ranga, Panna Lal Ranga (Guarantor)
Corporate Guarantee of Saras Veg Oil Private Limited Extension of EM
of Residential House AT P.No. 57A B and Strip Land at Khasra No. 101 Jwala
Vihar Jodhpour, EM of Factory L and B at H
1375, D2, Street No. 6 and 7, P.No. 29 NB 663, Khasra No. 76, Jabalpur
EM of Residential Plot Nol. 1, 5, 9, 4, 7, 6., 3, 2, 8 Khasra N o. 705/08,
Highway No. 15, Phalodi, Em of L and B At B 125-126, Phase II Boranada
Industrial Area, Jodhpur |
Fixed Assets:
·
Building
·
Plant and Machinery
·
Computers and Printers
·
Furniture and Fixtures
·
Equipments
·
Car
·
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.45.53 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.60.62 |
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.