MIRA
INFORM REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
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Name : |
DELLA TECNICA FURNITURE PRIVATE LIMITED |
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Registered
Office : |
Della House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.04.2007 |
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Com. Reg. No.: |
11-170282 |
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CIN No.: [Company Identification
No.] |
U36100MH2007PTC170282 |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Subject is engaged in Manufacturer and Supply of Office Furniture Systems
including ancillary interior and Site Work which involves numerous sizes and
specifications of Raw Material and Finished Goods. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Della House, |
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Tel. No.: |
91-22-66699300 |
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Fax No.: |
91-22-66699333 |
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E-Mail : |
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Website : |
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Project Office: |
Rati Villa, |
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Tel. No.: |
91-22-6650900 (30 Lines) / 23867411/13 |
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Fax No.: |
91-22-23801245/66509063 |
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E-Mail : |
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Factory : |
23, Somnath Industrial Estate, |
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Tel. No.: |
91-260-2241945 |
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Fax No.: |
91-260-2242199 |
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E-Mail : |
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Della Enclave/ Adventures : |
Kunegaon, Lonanvala-410 401, |
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Tel. No.: |
91-2114-260000 |
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Fax No.: |
91-2114-269541 |
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Architecture and Development Office: |
Located
At: ·
Mumbai ·
·
Pune ·
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Jimmy Rusi Mistry |
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Designation : |
Director |
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Address : |
781, |
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Date of Birth/Age : |
12.06.1971 |
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Date of Appointment : |
25.04.2007 |
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Other Directorship : |
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Name : |
Mrs. Delna Jimmy Mistry |
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Designation : |
Director |
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Address : |
781, |
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Date of Birth/Age : |
03.02.1937 |
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Date of Appointment : |
25.04.2007 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Jimmy Rusi Mistry |
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900 |
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Delna Jimmy Mistry |
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5000 |
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Farhan Jimmy Mistry |
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4100 |
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Total |
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10000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Manufacturer and Supply of Office Furniture
Systems including ancillary interior and Site Work which involves numerous
sizes and specifications of Raw Material and Finished Goods. |
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Products : |
Furniture Systems |
GENERAL INFORMATION
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Bankers : |
New India Co- Operative Bank Limited, Kartar Mansion, 35, Tribhuvan
Road, Girgaum, Mumbai - 400004,
Maharashtra, India |
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Facilities : |
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Banking Relations
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Auditors : |
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Name : |
A. P. Dalal and Company Chartered Accountants |
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Address : |
645, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- Each |
Rs.0.100 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- Each |
Rs.0.100 million |
FINANCIAL DATA
[all figures are
in Rupees 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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(2.898) |
(1.109) |
(4.355) |
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NETWORTH |
(2.798) |
(1.009) |
(4.255) |
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LOAN FUNDS |
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1] Secured Loans |
13.014 |
17.004 |
22.118 |
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2] Unsecured Loans |
2.400 |
2.400 |
2.400 |
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TOTAL BORROWING |
15.414 |
19.404 |
24.518 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.191 |
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TOTAL |
12.616 |
18.395 |
20.454 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.057 |
28.908 |
29.641 |
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4.401
|
1.379 |
3.327 |
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28.458 |
30.287 |
32.968 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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DEFERREX TAX ASSETS |
0.566 |
0.247 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
3.349
|
0.000 |
0.369 |
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Cash & Bank Balances |
0.653
|
0.670 |
0.607 |
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Other Current Assets |
0.000 |
0.332 |
1.555 |
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Loans & Advances |
0.399
|
0.377 |
0.796 |
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Total
Current Assets |
4.401
|
1.379 |
3.327 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.062
|
0.159 |
1.557 |
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Other Current Liabilities |
12.901
|
11.302 |
10.847 |
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Provisions |
0.495
|
0.728 |
0.160 |
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Total
Current Liabilities |
16.458
|
12.189 |
12.564 |
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Net Current Assets |
(12.057)
|
(10.810) |
(9.237) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.616 |
18.395 |
20.454 |
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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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Income |
10.963 |
27.039 |
3.447 |
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Other Income |
3.321 |
0.152 |
0.714 |
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TOTAL |
14.284 |
27.191 |
4.161 |
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Less |
EXPENSES |
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TOTAL |
16.393 |
23.814 |
8.166 |
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PROFIT BEFORE
TAX |
(2.109) |
3.377 |
(4.005) |
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Less |
TAX |
(0.320) |
0.130 |
0.360 |
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PROFIT AFTER TAX
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(1.789) |
3.247 |
(4.356) |
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Earnings Per
Share (Rs.) |
(178.91) |
324.70 |
(435.55) |
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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 |
(%) |
(12.52)
|
11.94 |
(104.69)
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Net Profit Margin (PBT/Sales) |
(%) |
(19.24)
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12.49 |
(116.19)
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Return on Total Assets (PBT/Total Assets} |
(%) |
(7.41)
|
11.15 |
(12.15)
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Return on Investment (ROI) (PBT/Networth) |
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0.75
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(3.35) |
0.94
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Debt Equity Ratio (Total Liability/Networth) |
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(11.40)
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(12.08)
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(8.71)
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Current Ratio (Current Asset/Current Liability) |
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0.27
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0.11 |
0.26 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36100MH2007PTC170282 |
|
Name of the
company |
DELLA TECNICA
FURNITURE PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Della House, |
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Type of charge |
Movable
Property |
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Particular of
charge holder |
New India Co- Operative Bank Limited, Kartar Mansion, 35, Tribhuvan
Road, Girgaum, Mumbai - 400004,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
Hypothecation of Tangible Moveable Machinery and Plant |
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Date of
instrument Creating the charge |
01.09.2007 |
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Amount secured by
the charge |
Rs.3.600 millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest:
12% p. a. Terms of
Repayment As may be
decided, from time to time, by the Bank. Margin As may be
decided, by the Bank. Extent and
Operation of the charge To secure the due
repayment of Loan of Rs.3.600 millions granted by the Bank to the Company. |
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Short particulars
of the property charged |
All tangible
movable machinery and plant, both present and future, of the Company. |
Fixed Assets:
·
·
Computers
·
Plant and Machineries
·
Electrical Installation
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
WEBSITE DETAILS:
ABOUT DELLA TECNICA
Subject they posses a vibrant vision, a zest for innovation
and a commitment to sustainability. Started In 1996 Subject has been operating
at an award winning level for over a decade now. Today with over 1600
professionals networked across five offices in
At Subject their people are their key point of difference, and they have always
sought to attract the highest caliber of industry professionals. they boast a
pool of talented and experienced professionals offering an unparalleled breadth
of services in Architecture, Master Planning, Design and Build, Interiors,
Development, Construction and MEP Engineering Services with a combined
portfolio of over a few million sq.ft. of award-winning projects across
industries throughout the country. their designers are known for their
innovation, leadership and exceptional client service.
A lot of repeat business reflects the trust and value their clients place in
their experienced Architects. Offering most of the essential services in-house
also contributes to better execution of projects by streamlining the team's
communication and helps in delivering the projects in the given time frame and
manage the costs effectively.
Their ability to integrate all these services as individual profit centers, yet
posing as a unified creative force, is in synch with what today's world needs
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.45.57 |
|
|
1 |
Rs.72.50 |
|
Euro |
1 |
Rs.62.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
26 |
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.