MIRA
INFORM REPORT
|
Report Date : |
31.01.2010 |
IDENTIFICATION DETAILS
|
Name : |
PADMAVATI DÉCOR PRIVATE LIMITED |
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Registered
Office : |
G-2, Annavilla Ground, Floorgujarathi Mandal Road, Vile Parle, Mumbai
– 400057, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.03.2005 |
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Com. Reg. No.: |
151741 |
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CIN No.: [Company Identification
No.] |
U20210MH2005PTC151741 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Decorative Veneer |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 365000 |
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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. 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
|
Registered Office : |
G-2, Annavilla Ground, Floorgujarathi Mandal Road, Vile Parle, Mumbai
– 400057, |
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Tel. No.: |
91-22-26100711 |
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E-Mail : |
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Suresh Samat Shah |
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Designation : |
Whole Time Director |
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Address : |
10, Krishna Bhavana, PM Road Vile Parle (East), Mumbai – 400057, |
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Date of Birth/Age : |
07.12.1966 |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Chapsi Samat Gala |
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Designation : |
Whole Time Director |
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Address : |
31, |
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Date of Birth/Age : |
09.06.1959 |
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Date of Appointment : |
11.08.2009 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Suresh Samat Shah |
|
500 |
|
Jagshi Samat Shah |
|
500 |
|
Jagshi Samat Shah Joint With Bhagyesh Shah |
|
5000 |
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Bhagyavati Jagish Shah Joint With Jagshi Shah |
|
500 |
|
Bhadresh Jagish Shah Joint With Vandana Shah |
|
100 |
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Janvi Bhadresh Shah Joint With Janvi Shah |
|
50 |
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Urvi Jagish Shah, Joint With Jagshi Shah |
|
100 |
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Chapsi Samat Shah Joint With Samat Gala |
|
5000 |
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Chandan Chapsi Gala Joint With Chapsi
Shah |
|
1000 |
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Heenal Chapsi Gala Joint With Chapsi Gala |
|
100 |
|
Chapsi Samat Gala (HUF) |
|
150 |
|
Suresh Samat Shah Joint With Pushpa Shah |
|
5000 |
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Pushpa Suresh Shah Joint With Suresh Shah |
|
500 |
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Mansi Suresh Shah Joint With Suresh Shah |
|
100 |
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Miloni Suresh Shah Joint With Suresh Shah |
|
150 |
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Mahendra Samat Gala, Joint With Geeta Gala |
|
5000 |
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Geeta Mahendra Gala, Joint With Mahendra Gala |
|
750 |
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Dainik Mahendra Gala Joint With Mahendra Gala |
|
250 |
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Dharin Mahendra Gala Joint With Mahendra Gala |
|
250 |
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Vandana B. Shah Joint With Bhadresh Shah |
|
500 |
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Suresh S. Shah (HUF) |
|
1000 |
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Jagshi S. Shah (HUF) |
|
500 |
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Chapsi S. Gala Joint With Samat Gala |
|
1000 |
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Mahendra S. Gala, Joint With Samat Gala |
|
1000 |
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Mahabal Trading Private Limited, Mumbai |
|
31000 |
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Total |
|
60000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
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 Decorative Veneer |
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GENERAL INFORMATION
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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 : |
B P Parikh and Associates Chartered Accountant |
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Address : |
A-60/1220, Azad Nagar, |
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Tel. No.: |
91-22-26734304 / 05 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
60,000 |
Equity Shares |
Rs.100/- each |
Rs. 6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
60,000 |
Equity Shares |
Rs.100/- each |
Rs. 6.000 Millions |
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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 |
6.000 |
6.000 |
6.000 |
|
|
2] Share Application Money |
77.048 |
40.548 |
8.893 |
|
|
3] Reserves & Surplus |
8.200 |
4.965 |
2.078 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.248 |
51.513 |
16.971 |
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LOAN FUNDS |
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1] Secured Loans |
93.727 |
78.228 |
49.677 |
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2] Unsecured Loans |
9.485 |
28.943 |
40.422 |
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TOTAL BORROWING |
103.212 |
107.171 |
90.099 |
|
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DEFERRED TAX LIABILITIES |
0.389 |
0.438 |
0.378 |
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TOTAL |
194.849 |
159.122 |
107.448 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.339 |
37.704 |
33.377 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
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Inventories |
124.874
|
102.210 |
53.800 |
|
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Sundry Debtors |
74.745
|
66.728 |
44.472 |
|
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Cash & Bank Balances |
0.511
|
0.198 |
0.438 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
27.840
|
16.362 |
21.955 |
|
Total
Current Assets |
227.970
|
185.498 |
120.665 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Other Current Liabilities |
67.320
|
57.956 |
43.053 |
|
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Provisions |
3.164
|
6.160 |
3.590 |
|
Total
Current Liabilities |
70.484
|
64.116 |
46.643 |
|
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Net Current Assets |
157.486
|
121.382 |
74.022 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Deferred Revenue Expenditure |
0.024 |
0.036 |
0.049 |
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|
|
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TOTAL |
194.849 |
159.122 |
107.448 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
311.829 |
280.725 |
136.773 |
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Other Income |
128.327 |
104.237 |
54.818 |
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TOTAL |
440.156 |
384.962 |
191.591 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
435.440 |
380.626 |
189.290 |
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Interest |
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Depreciation |
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TOTAL |
435.440 |
380.626 |
189.290 |
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PROFIT BEFORE
TAX (E-F) |
4.716 |
4.336 |
2.301 |
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Less |
TAX |
1.482 |
1.449 |
0.765 |
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PROFIT AFTER TAX
(G-I) |
3.234 |
2.887 |
1.536 |
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Earnings Per
Share (Rs.) |
53.91 |
48.12 |
15.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.73
|
0.74 |
0.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.51
|
1.54 |
1.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.77
|
1.94 |
1.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.90
|
3.32 |
8.05 |
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Current Ratio (Current Asset/Current Liability) |
|
3.23
|
2.89 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
The working results of the company show a net profit of Rs. 3.234 millions
after providing for depreciation of Rs. 4.988 millions and taxation of Rs.
1.481 millions.
Fixed Assets :
- Land
- Building and
Shed
- Plant and
Machinery
- Motor Vehicle
- Tempo Vehicle
- Computer and
Printer
- Electric
Installation
- Lab Equipment
- Fitting and
Fixtures
- Furniture
- Office
Equipments
Form : 8
|
Corporate
identity number of the company |
U20210MH2005PTC151741 |
|
Name of the
company |
PADMAVATI DECOR
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
G/2 Annavilla
Ground Floorgujarathi Mandal Road, Vile Parle (E), Mumbai – 400057, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Oriental Bank of
Commerce Limited, Overseas Branch, Dalamal Tower, Ground Floor, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Agreement
to Secure Credit / Loan Facilities |
|
Date of
instrument Creating the charge |
19/03/2010 |
|
Amount secured by
the charge |
Rs. 175.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest @ PLR +
2% or such other rate as agreed between the borrower company and the bank
from time to time. Penal int.@ 2% p. a over and above the normal interest
rate in case of default. Terms of repayment : Repayment, as
agreed between the borrower company and the bank from time to time. Margin : Margin Rate, as
agreed between the borrower company and the bank from time to time. Extent and operation of the charge : At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs.
960.000 millions to Rs. 100.000 millions and Letter of Credit (Import/Inland)
limit from Rs. 50.000 millions to Rs. 750.000 millions [Total limits stands
enhanced upto Rs. 175.000 millions ] against Hypothecation of stocks of raw materials,
semi finished and finished goods and receivables, documents of title to goods
in case of DP Letter of credit, goods etc. The Charge stands
modified from Rs. 146.000 millions to Rs. 175.000 millions Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Particulars of
the present modification |
At the request of
the borrower company, the bank has enhanced Cash Credit limit from Rs. 96.000
millions to Rs. 100.000 millions and Letter of Credit (Import/Inland) limit
from Rs. 50.000 millions to Rs. 75.000 millions [Total limits stands enhanced
upto Rs. 175.000 millions ] against Hypothecation of stocks of raw materials,
semi finished and finished goods and receivables, documents of title to goods
in case of DP Letter of credit, goods etc. The Charge stands
modified from Rs. 146.000 millions to
Rs. 175.000 millions |
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. 45.74 |
|
|
1 |
Rs. 72.73 |
|
Euro |
1 |
Rs. 62.73 |
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 |
4 |
|
--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.