MIRA
INFORM REPORT
|
Report Date : |
01.03.2011 |
Registered office of the company has been shifted from G-12, Creative Industrial Estate, Sitaram Mill
Compound, N. M. Joshi Marg, Lowerparel, Mumbai -400011,
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
NEBBIOLO CO – BRANDS PRIVATE LIMITED |
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Registered Office : |
119, Creative Industrial Estate, Sitaram Mill Compound, N.M. Joshi
Marg, Lower Parel, Mumbai – 400011, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
18.06.2003 |
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Com. Reg. No.: |
11-140957 |
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CIN No.: [Company
Identification No.] |
U15549MH2003PTC140957 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35605D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Exporter and Importer of Wine and Beer |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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
huge 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 on a secured 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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Ganesh |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-66669111 |
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Date : |
26.02.2011 |
INFORMATION DENIED BY
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Name : |
Mr. Ganesh |
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Designation : |
Accounts Manager |
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Date : |
26.09.2009 |
LOCATIONS
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Registered Office/ Factory: |
119, Creative Industrial Estate, Sitaram Mill Compound, N.M. Joshi Marg,
Lower Parel, Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-66669111 / 56669100 |
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Fax No.: |
91-22-66669100 |
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E-Mail : |
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Website : |
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Area: |
2000 sq ft (Approximately) |
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Location: |
Rented |
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F – 104, 1st Floor, E – 572, Greater Kailash – 2, |
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Tel. No.: |
91-11-61609777 |
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Fax No.: |
91-11-61709444 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Sanjay Balram Menon |
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Designation : |
Director |
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Address : |
21 A, Everest, M. T. Pleasant Road, Malbar Hill, Mumbai - 400006 |
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Date of Birth/Age : |
27.12.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.06.2003 |
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Name : |
Mrs. Sonali Sanjay Menon |
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Designation : |
Director |
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Address : |
21 A, Everest, M. T. Pleasant Road, Malbar Hill, Mumbai – 400006 |
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Date of Birth/Age : |
30.11.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.06.2003 |
KEY EXECUTIVES
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Name : |
Mr. Ganesh |
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Designation : |
Accounts Manager |
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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Mr. Sanjay Balram Menon |
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100 |
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Mr. Madhav Ramnath Jhawar |
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5000 |
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Mrs. Leela Madhav Jhawar |
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5000 |
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Mrs. Sonali Sanjay Menon |
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252400 |
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TOTAL |
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262500 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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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 : |
Trader, Exporter and Importer of Wine and Beer |
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Exports : |
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Products : |
Wines, Liquors |
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Countries : |
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Imports : |
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Products : |
Wine and beer |
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Countries : |
·
·
·
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Terms : |
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Selling : |
L/C, Cash and Credit (30-60-90 Days) |
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Purchasing : |
L/C, Cash and Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers: |
· Wholesalers · Retailers · End Users · OEM’s |
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No of Employees: |
60 (Approximately) |
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Bankers : |
·
Indian Overseas Bank, Wadala Branch, · Citi Bank · ICICI Bank · Kotak Bank Limited · HDFC |
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Banking
Facilities : |
Cash Credit Rs. 70.000 Millions from Indian Overseas Bank Rs in Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rishi Shekhri and Associates Chartered Accountants |
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Address : |
3rd |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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262500 |
Equity Shares |
Rs.10/- each |
Rs. 2.625
millions |
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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 |
2.625 |
2.625 |
2.625 |
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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 |
2.144 |
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4] (Accumulated Losses) |
(14.764) |
(18.065) |
0.000 |
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NETWORTH |
(12.139) |
(15.440) |
4.769 |
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LOAN FUNDS |
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1] Secured Loans |
56.080 |
59.023 |
63.364 |
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2] Unsecured Loans |
71.241 |
37.598 |
26.146 |
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TOTAL BORROWING |
127.321 |
96.621 |
89.510 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
115.182 |
81.181 |
94.279 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.356 |
4.024 |
3.710 |
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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 |
6.726 |
0.209 |
0.252 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
62.298
|
82.035 |
73.050 |
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Sundry Debtors |
72.708
|
64.248 |
53.313 |
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Cash & Bank Balances |
6.146
|
3.597 |
5.326 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.685
|
12.398 |
13.220 |
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Total
Current Assets |
154.837
|
162.278 |
144.909 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
35.880
|
73.595 |
42.306 |
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Current Liabilities |
13.857
|
11.735 |
11.506 |
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Provisions |
0.000
|
0.000 |
0.780 |
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Total
Current Liabilities |
49.737
|
85.330 |
54.592 |
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Net Current Assets |
105.100
|
76.948 |
90.317 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
115.182 |
81.181 |
94.279 |
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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 |
223.288 |
204.657 |
186.948 |
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Other Income |
16.485 |
4.367 |
3.961 |
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TOTAL (A) |
239.773 |
209.024 |
190.909 |
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Less |
EXPENSES |
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Cost of Goods Sold |
188.208 |
156.191 |
114.985 |
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Administrative and Other Expenses |
30.561 |
40.164 |
35.189 |
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Selling and Distribution Expenses |
14.469 |
21.515 |
29.217 |
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Preliminary Expenses w/off |
0.000 |
0.000 |
0.025 |
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TOTAL (B) |
233.238 |
217.870 |
179.416 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.535 |
(8.846) |
11.493 |
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Less |
FINANCIAL
EXPENSES (D) |
9.037 |
9.609 |
8.283 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2.502) |
(18.455) |
3.210 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.714 |
0.967 |
0.703 |
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PROFIT BEFORE
TAX (E-F) (G) |
(3.216) |
(19.422) |
2.507 |
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Less |
TAX (I) |
(6.518) |
0.787 |
1.745 |
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PROFIT AFTER TAX
(G-I) (J) |
3.302 |
(20.209) |
0.762 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(18.065) |
2.144 |
1.382 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
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Dividend |
0.000 |
0.000 |
0.000 |
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Tax on Dividend |
0.000 |
0.000 |
0.000 |
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|
BALANCE CARRIED
TO THE B/S |
(14.763) |
(18.065) |
2.144 |
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Earnings Per
Share (Rs.) |
12.58 |
(76.99) |
17.32 |
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Expected Sales (2010-2011) : Rs. 250.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.38
|
(9.67) |
0.40 |
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Net Profit Margin (PBT/Sales) |
(%) |
(1.44)
|
(9.49) |
1.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(2.03)
|
(11.68) |
1.69 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.26)
|
(1.26) |
0.53 |
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Debt Equity Ratio (Total Liability/Networth) |
|
(14.59)
|
(11.78) |
30.22 |
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Current Ratio (Current Asset/Current Liability) |
|
3.11
|
1.90 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs in Millions
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors for Goods |
23.995 |
45.438 |
32.011 |
|
Sundry Creditors for Expenses |
11.885 |
28.157 |
10.295 |
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TOTAL |
35.880 |
73.595 |
42.306 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80016697 |
|
Corporate
identity number of the company |
U15549MH2003PTC140957 |
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Name of the
company |
SONARYS CO-BRANDS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
G-12, Creative
Industrial Estate, Sitaram Mill Compound, N. M. Joshi Marg, Lowerparel,
Mumbai -400011, Maharashtra, India |
|
Type of charge |
Movable
property |
|
Particular of
charge holder |
Indian Overseas
Bank Wadala Branch, |
|
Nature of
description of the instrument creating or modifying the charge |
general counter
guarantee |
|
Date of
instrument Creating the charge |
15.10.2008 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit –
52.500 Millions (BPLR+1.50%). Letter of
Guarantee - Commission as Per Central Office Circulars in Force. Terms of
Repayment On Demand Margin Stocks :25%, Book
Debts: 40% Letter of
Guarantee : 25%. Extent and
Operation of the charge By signing
general counter guarantee, the company binds for all the terms and conditions
as well as obligations as set forth in the agreement including the increase in
guarantee limits from Rs.7.500 millions to Rs.17.500 millions. |
|
Short particulars
of the property charged |
Counter Indemnity
of The Company. |
|
Date of latest
modification prior to the present modification |
25.03.2008 |
|
Particulars of the
present modification |
Limits enhanced
from Rs.60 Millions to Rs.70 Millions by increase in letter of guarantee from
Rs.7.500 Millions to Rs.17.500 Millions. |
FIXED ASSETS
- Office Equipments
- Computer Systems
- Furniture and Fixture
- Motor Car
- Air Conditioner
- Cycle
- Generator
- Godown Equipments
- Electrical Fittings
- Computer Software
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.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.