MIRA INFORM REPORT

 

 

Report Date :

06.09.2011

 

 

IDENTIFICATION DETAILS

 

Name :

BLOOM DEKOR LIMITED

 

 

Registered Office :

Block No. 267, Village Orantal Prantij, Sabarkantha - 383205, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.03.1992

 

 

Com. Reg. No.:

04-17341

 

 

Capital Investment / Paid-up Capital :

Rs.60.000 Millions

 

 

CIN No.:

[Company Identification No.]

L20210GJ1992PLC017341

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMB00170C

 

 

PAN No.:

[Permanent Account No.]

AAACB6221B

 

 

Legal Form :

A Public Limited Liability Company. The company’s shares are listed on stock exchange.

 

 

Line of Business :

Manufacturer And Exporter of High Pressure Decorative Laminates

 

 

No. of Employees :

70 [Approximately]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 652000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appear some losses being incurred by the company in the current year i.e. 2010-11. However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

INFORMATION PARTED BY

 

Name :

Mr. Raju

Designation :

Accounts Executive

Contact No.:

91-79-26841916

Date :

03.09.2011

 

 

Name :

Mr. Hitesh

Designation :

H R Manager

Contact No.:

91-79-26841916

Date :

03.09.2011

 

 

LOCATIONS

 

Registered Office :

Block No. 267, Village Orantal Prantij, Sabarkantha - 383205, Gujarat, India

Tel. No. :

91-2770-230510

Fax No :

91-2770-230546

E-Mail :

doshiac@gmail.com

info@bloomdekor.com

Website:

http://www.bloomdekor.com

Location :

Owned

 

 

Head Office :

2/F, Sumel, S G Highway, Thaltej, Ahmedabad-380059, Gujarat, India

Tel. No.:

91-79-26841916/17/18

Fax No.:

91-79-26841914

E-Mail :

laminates@bloomdekor.com

doors@bloomdekor.com

 

 

DIRECTORS

 

As on 31.03.2010

 

Name :

Mr. Sunil Gupta

Designation :

Managing Director

 

 

Name :

Mr. Mayur Parikh

Designation :

Chairman and Managing Director

 

 

Name :

Mrs. Rupal Gupta

Designation :

Executive Director

 

 

Name :

Mr. Ramesh Shah

Designation :

Director

 

 

Name :

Mr. Chirag Mehta

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Raju

Designation :

Accounts Department

 

 

Name :

Mr. Hitesh

Designation :

H R Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.06.2011

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

1647655

27.46

Bodies Corporate

128000

2.13

Directors Promoters and their relatives and friends

3100

0.05

Sub Total

1778755

29.65

(2) Foreign

--

--

Total shareholding of Promoter and Promoter Group (A)

1778755

29.65

(B) Public Shareholding

 

 

(1) Institutions

--

--

(2) Non-Institutions

 

 

Bodies Corporate

990047

16.50

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

918665

15.31

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1176827

19.61

Any Others (Specify)

1135706

18.93

Non Resident Indians

1062938

17.72

          Hindu Undivided Family

72696

1.21

          Clearing members

72

--

Sub Total

4221245

70.35

Total Public shareholding (B)

4221245

70.35

Total (A)+(B)

6000000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

6000000

100.00

 

"Promoter and Promoter Group"

 

Name of the Shareholder

Total Shares held

Number

As a % of
grand total

(A)+(B)+(C)

Dr Sunil Gupta

819,647

13.66

Dr Sunil Gupta

250,000

4.17

Sunil Gupta HUF

134,560

2.24

Anika Sunil Gupta

5,000

0.08

Anika Sunil Gupta

240,794

4.01

 

"Public" and holding more than 1% of the Total No.of Shares

 

Name of the Shareholder

No. of Shares

Shares as % of Total No. of Shares

 Ashok Hiralal Shah

175,000 

2.92 

 Mina Shah

175,000 

2.92 

 Hiralal Popatlal Shah

175,000 

2.92 

 Sarlaben Shah

175,000 

2.92 

 S Sathya

166,390 

2.77 

 Rudra Securities & Capital Ltd

439,610 

7.33 

 Bimalkumar P Brahmbhatt

800,000 

13.33 

 Upendra H Brahmbhatt

250,000 

4.17 

 Sonika Granites Pvt Ltd

260,390 

4.34 

 Shalibhadra Steel Pvt Ltd

260,390 

4.34 

 Total

2,876,780 

47.95 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer And Exporter of High Pressure Decorative Laminates

 

 

Products:

Product Description

ITC Code

Decorative Laminated Sheets and Wooden Doors

44129900

 

 

Export :

 

Products :
  • High Pressure Decorative Laminates

Countries :
  • European Countries

 

 

Terms :

 

Selling :

L/C / Cash / Credit [30 / 60 Days]

 

 

Purchasing :

Cash / Credit [30 / 60 Days]

 

 

PRODUCTION STATUS AS ON 31.03.2010

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Laminate Plant

Sheets

--

1470000

1049906

Door Plant

Pieces

--

90000

5824

 

 

GENERAL INFORMATION

 

Bankers :
  • State Bank Of India
  • The Karur Vysya Bank Limited
  • Punjab National Bank, Thaltej Branch, Gujarat, India

 

 

Facilities :

Secured Loans

31.03.2010

Rs. in Millions

31.03.2009

Rs. in Millions

Hire Purchase Finance for Vehicles

2.343

0.327

Term Loans from Banks and NBFC

30.964

34.657

Working Capital from State Bank of India

3.198

41.217

Working Capital From Karur Vyasya Bank Limited

0.489

58.553

Working Capital From Punjab National Bank

107.443

0.000

G.T. F. Bill Purchase

0.000

0.657

Total

144.437

135.411

Note:

 

1)       Term Loan taken for  S.S. Press Mould  is secured by equitable mortgage (exclusive first charge) of S.S. Press Moulds.

2)       Pari passu first charge over the immovable property bearing land block No. 267, 268 and 269 at Village: Oran together with construction of industrial premises thereon and plant and machinery, fixture and fittings purchased o to be purchased out of the Term Loan for Engineered door frames and shutters project.

3)       Working Capital Loans from State Bank of India and The Karur Vysya Bank Limited are secured by way of first charge ranking pari passu with each other by hypothecation of all present and future goods, book debts and all other movable assets of the Company including documents of titles to the goods, outstanding monies, receivables including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other schemes, claims including claims by way of refund of customs/excise duty under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments, future machinery belonging to or in the possession or under the control of the company whereever lying, stored and kept whether in possession of the company or of the bank or of any third party whether in India or elsewhere throughout the world including all such goods, other movable assets as may in course of shipment transit and personal guarantee of directors. The Same is also secured by creation fo joint charges of both bankers on immovable properties of the company by equitable mortgage of property situated at block no.267, 268 and 269 at village Oran more specifically described in point (2) above. During the year facilities in the form of Fund base, Non-Fund base and term loans from consortium of State Bank of India and the Karur Vysya Bank were closed and the same were availed from Punjab National Bank. The financial assistance from Punjab National bank is secured by Hypothecation of movable assets presently. The company is in process of releasing documents of mortgage of immovable properties from the Stat Bank of India and The Karur Vsya Bank and charge will be created on said immovable properties of the company in favour of Punjab National Bank.

Unsecured Loans

31.03.2010

Rs. in Millions

31.03.2009

Rs. in Millions

Deposits from Directors (Interest Free)

0.052

0.427

Deposit from C and  F / Dealers

5.825

2.500

Total

5.877

2.927

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B T Vora And Company

Chartered Accountant 

Address:

Ahmedabad-380009, Gujarat, India

 

 

Related Party :

Suncare Traders Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6,250,000

Equity Shares

Rs.10/- Each

Rs.62.500 Millions

 

 

 

 

 

Issued Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

6,000,000

Equity Shares

Rs.10/- Each

Rs.60.000 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

60.000

60.000

60.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

103.073

92.922

88.600

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

163.073

152.922

148.600

LOAN FUNDS

 

 

 

1] Secured Loans

144.437

135.411

118.900

2] Unsecured Loans

5.877

2.927

2.000

TOTAL BORROWING

150.314

138.338

120.900

DEFERRED TAX LIABILITIES

17.268

14.731

12.800

 

 

 

 

TOTAL

330.655

305.991

282.300

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

155.900

147.779

101.100

Capital work-in-progress

0.000

0.000

47.600

 

 

 

 

INVESTMENT

0.017

0.017

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS LOANS & ADVANCES

 

 

 

 

Inventories
175.369
143.207

127.400

 

Sundry Debtors
81.651
60.702

74.500

 

Cash & Bank Balances
8.109
6.089

8.600

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
29.957
31.101

36.600

Total Current Assets
295.086
241.099

247.100

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
111.532
73.594

-

 

Other Current Liabilities
8.215
8.949

106.800

 

Provisions
0.601
0.361

6.700

Total Current Liabilities
120.348
82.904

113.500

Net Current Assets
174.738
158.195

133.600

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

330.655

305.991

282.300

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

412.388

339.200

304.500

 

 

Other Income

6.512

5.119

6.500

 

 

TOTAL                                     (A)

418.900

344.319

311.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase for Resale

0.000

1.533

 

 

Raw Materials Consumption

284.406

216.235

 

 

 

Manufacturing Expenses

76.326

56.569

284.300

 

 

Administrative, Selling and Distribution Expense

38.832

35.573

 

 

 

Increase/ Decrease in Stock

[26.951]

[3.536]

 

 

 

Prior Period Adjustment

0.030

0.744

 

 

 

TOTAL                                     (B)

372.643

307.118

284.300

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

46.257

37.201

26.700

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

20.313

19.792

13.100

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

25.944

17.409

13.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

13.155

12.176

10.500

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

12.789

5.233

3.100

 

 

 

 

 

Less

TAX                                                                  (H)

2.638

2.139

3.100

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

10.151

3.094

0.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

62.302

59.208

59.200

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

72.453

62.302

59.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

109.785

120.168

121.759

 

TOTAL EARNINGS

109.785

120.168

121.759

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

98.981

89.294

NA

 

 

Traded Goods

0.000

1.592

NA

 

 

Stores & Spares

1.698

0.814

NA

 

 

Capital Goods

6.347

4.987

NA

 

TOTAL IMPORTS

107.026

96.687

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.69

0.52

--

 

Particulars

 

 

 

31.03.2011

Sales Turnover [Approximately]

 

 

500.000

 

 

 

 

 

The above information has been parted by Mr. Raju [Account Department] and Mr. Hitesh [H R Manager]

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2011

30.06.2011

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

5th Quarter

Net Sales

90.600

109.250

108.490

121.930

103.700

Total Expenditure

79.200

99.240

100.300

124.030

96.650

PBIDT (Excl OI)

11.400

10.010

8.190

[2.100]

7.050

Other Income

0.920

0.250

0.380

3.480

0.630

Operating Profit

12.320

10.260

8.570

1.380

7.680

Interest

5.790

6.010

7.080

7.910

7.450

Exceptional Items

0.00

0.000

0.000

0.000

0.000

PBDT

6.530

4.250

1.490

[6.530]

0.230

Depreciation

3.480

3.570

3.710

[0.380]

2.950

Profit Before Tax

3.050

0.680

[2.220]

[6.150]

[2.720]

Tax

0.000

0.000

0.000

[0.410]

0.000

Provisions and contingencies

0.000

0.000

0.000

0.000

0.000

Profit After Tax

3.050

0.680

[2.220]

[5.740]

[2.720]

Extraordinary Items

0.000

0.030

0.000

0.000

0.000

Prior Period Expenses

[0.050]

0.000

[0.090]

[1.300]

[0.130]

Other Adjustments

0.000

0.000

0.000

0.000

0.000

Net Profit

3.010

0.710

[2.300]

[7.040]

[2.840]

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.42
0.90

0.00

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
3.10
1.54

1.01

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.84
1.35

0.89

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.08
0.03

0.02

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.66
1.45

1.57

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.45
2.91

2.17

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors :

 

Particulars

31.03.2010

Rs. in Millions

31.03.2009

Rs. in Millions

31.03.2008

Rs. in Millions

Creditors For Capital Goods

7.015

2.946

-

Creditors For Imported Raw Materials

28.065

26.371

-

Creditors For Indigenous Raw Materials

60.775

30.765

-

Creditors For Expenses

15.677

13.512

-

Total

111.532
73.594

NA

 

 

MANAGEMENT DISCUSSIONS AND ANALYSIS

 

FINANCIAL PERFORMANCE:

 

Subject is engaged into the manufacturing of high pressure laminate sheets used in the furniture industry as well as interiors. The Company was mainly exporting its products till 2006-07. The growth in the local market and the continuous strengthening of the Rupee against the USD opened new opportunities for the company to shift focus onto the domestic markets. Domestic sales has shown a growth of 37.72% over the previous year 08-09.

 

The gross turnover of the company in the year 2009-10 has shown a growth of 21.58% as compared to the previous year which also exceeded the projections. The turnover of the company in the year 2009-10 was Rs. 412.388 Millions as against Rs.367.213 Millions for the previous year 2008-09.

 

The domestic markets in India have shown tremendous up trends in demand due to a boom in the construction

industry and new design concepts emerging for sophisticated interiors. This is reason enough for the increase in

domestic laminate sales and strategic decisions taken by the management have helped in improving the top line

of the company both in the domestic and the international markets.

 

During the financial year, there had been a number of external factors adversely affecting the performance and profitability of the Company; i.e Increase in 1) raw material cost, for chemicals like Phenol, Methan'ol, Formaldehyde and Melamine due to rising crude oil prices. 2) Unfavourable exchange rates of US Dollar and EURO 3) Increase in both inward and outward freight costs due to high fuel prices. In addition to this, frequent shortage of raw materials also affected the overall production and in turn, the anticipated top line of the Company.

 

Despite the' downturn in the economy Bloom Dekor has returned an increase of 21.58% on the top line with better margins.

 

INDUSTRY OVERVIEW AND DEVELOPMENTS:

 

Globally, the decorative laminate industry is projected to have a marginal growth. However, the domestic market

is showing a very healthy double digit growth, which appears to be sustainable for the coming decade mainly on

account of boom in the real estate markets which has put a high demand for decorative laminate sheets catering

to the interior decoration of the innumerable residential and commercial buildings sector.

 

At the same time, the Chinese invasion with low prices is adding pressure on the price realizations. The contribution of Indian laminate industry to the world demand is still under utilized and offers a lot of opportunity for the growth in volume but the value growth is not correspondingly high. A lot of cost control in the process will have

to be ensured to improve ROI.

 

OUTLOOK and OPPORTUNITIES :

 

LAMINATES:

 

Laminate industry in India is growing at a rapid speed, in spite of many new entrants in the market. Although the competition has increased, it has created awareness amongst the consumers and has benefited to the organized players like Bloom. Bloom has its own standing in the market and is known as a premium brand. With the help of versatile product range in Laminates and with two Brands, BLOOM - Simply different and OLIVE - value for money, it can cater the needs of both the Trade and the Influences. Company is poised to become a market leader soon. The platform is ready, they just need to take off!

 

DOORS:

 

The Company's entry into door business was marked by down trend in construction industry and fierce competition from unorganized sector. Hence, Bloom N'doors going very tough in this business. Hence, Bloom N'doors introduced up-market, environment friendly new generation - engineered doors which found lots of interests in the market.

 

Many builders were interested in using them as entrance doors due to rich and esthetic look of solid door but value for money.

 

PROFESSIONAL MANAGEMENT

 

The company is poised for phenomenal growth and has also started the management restructuring process and introduction of modern systems to ensure total professional approach to business.

 

Contingent Liabilities:

 

Particulars

31.03.2010

Rs. in Millions

31.03.2009

Rs. in Millions

a) Letter of Credit opened for import of Raw materials

27.993

23.879

b) Letter of Credit opened for indigenous Raw material

4.000

1.900

c) Sales bills discounted With Bankers

1.805

19.970

d) Letter of Credit for Capital Goods`

3.260

3.085

e) Income tax demand disputed in appeals

17.310

21.448

f) Gujarat Sales Tax disputed in appelas

1.020

1.020

g) Insurance claim

2.041

2.041

 

 

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011

Rs. In Millions

Particulars

3 months ended 31.03.2011

Unaudited

Current Accounting year ended 31.03.2011

Audited

Income

 

 

a) Net Sales / Income from Operations

121.930

130.265

Expenditure

 

 

(a) (Increase)/decrease in Stock in Trade

14.285

34.396

(b) Consumption of Raw Materials

90.150

296.218

(c) Purchase of traded goods

6.858

7.581

(d) Power and Fuel

6.848

28.215

(e) Other Manufacturing Expenditure

20.217

62.129

(f) Administrative, Selling and Distribution Expenses

14.253

42.656

(g) Depreciation

[0.380]

10.377

Profit / (Loss) From Operations before other Income Interest & Exceptional Items

[1.731]

17.486

Other Income

3.479

4.656

Profit/(Loss) before Interest and Exceptional items

1.748

22.143

Interest

7.910

26.792

Profit / (Loss) after interest before Exceptional items

[6.162]

[4.649]

Exceptional Items

-

-

Profit / (Loss) From Ordinary activities before Tax

[6.162]

[4.649]

Provision for Taxation

[0.414]

[0.414]

Net Profit/(Loss) From Ordinary activities after Tax

[5.748]

[4.235]

Prior Year Adjustment

[1.296]

[1.400]

Net Profit/(Loss) for the period

[7.044]

[5.635]

Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )

60.000

 

Reserves (Excluding Revaluation Reserves)

103.073

103.073

Earning per share

[1.17]

[0.94]

Aggregate of non promoter Share Holding

 

 

- Number of Shares

4226245

4226245

- Percentage of shareholding

70.44

70.44

Aggregate of promoter Share Holding

 

 

- Number of Shares

1773755

1773755

- Percentage of share

29.56

29.56

- Number of Shares Pledge

-

-

- Percentage of shares Pledge

-

-

 

Statement of Assets and Liabilities

 

Particulars

As on 31.03.2011

Rs. in Millions

Audited

Share holders Funds

 

Capital

60.000

Share application money

0.000

Reserves and surplus

97.439

Loan funds

204.200

Deferred tax liability

16.577

Total

378.216

Fixed Assets [Net Block]

158.938

Capital work-in-progress

0.079

Investment

0.011

Current Assets, Loans & Advances

 

Inventories

231.121

Sundry Debtors

85.042

Cash & Bank Balances

12.235

Other Current Assets

0.000

Loans & Advances

24.522

Less : CURRENT LIABILITIES & PROVISIONS

 

Sundry Creditors

133.051

Other Current Liabilities

0.681

Provisions

0.000

Misc. Expenditure

0.000

Total

378.216

 

Note :

 

  1. the above financial results as reviewed by audit committee has been taken on record at board meeting held on 30.05.2011 which was adjourned on next day at same time and place on 31.05.2011.

 

  1. Prior period figures have been regrouped and reclassified wherever necessary.

 

  1. The company did not have any investors complaints pending at the end of the quarter.

 

  1. The company is primarily engaged in business of furnishing and construction material, which governed by the same set of risk and returns, there is only one primary segment. The said treatment is in accordance with the principal enunciated in accounting standard [AS-17] on segment reporting.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2011

Rs. In Millions

Particulars

3 months ended 30.06.2011

Unaudited

3 months ended 30.06.2010

Unaudited

Current Accounting year ended 31.03.2011

Audited

Income

 

 

 

a) Net Sales / Income from Operations

103.695

90.602

430.265

Expenditure

 

 

 

(a) (Increase)/decrease in Stock in Trade

7.189

[4.936]

[34.396]

(b) Consumption of Raw Materials

62.235

57.990

296.218

(c) Purchase of traded goods

0.695

0.723

7.581

(d) Power and Fuel

4.905

5.311

28.215

(e) Other Manufacturing Expenditure

11.063

11.526

62.129

(f) Administrative, Selling and Distribution Expenses

10.558

8.206

42.656

(g) Depreciation

2.948

3.480

10.377

Total Expenditure

99.592

82.300

412.779

Profit / (Loss) From Operations before other Income Interest & Exceptional Items

4.102

8.302

17.486

Other Income

0.631

0.545

4.656

Profit/(Loss) before Interest and Exceptional items

4.733

8.847

22.143

Interest

7.448

5.794

26.792

Profit / (Loss) after interest before Exceptional items

[2.715]

3.053

[4.649]

Exceptional Items

-

-

-

Profit / (Loss) From Ordinary activities before Tax

[2.715]

3.053

[4.649]

Provision for Taxation

0.000

0.000

[0.414]

Net Profit/(Loss) From Ordinary activities after Tax

[2.715]

3.053

[4.235]

Prior Year Adjustment

[0.127]

[0.047]

[1.400]

Net Profit/(Loss) for the period

[2.842]

3.007

[5.635]

Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )

60.000

60.000

60.000

Reserves (Excluding Revaluation Reserves)

-

-

103.073

Earning per share

[0.47]

0.50

[0.94]

Aggregate of non promoter Share Holding

 

 

 

- Number of Shares

4221245

4247096

4226245

- Percentage of shareholding

70.35

70.78

70.44

Aggregate of promoter Share Holding

 

 

 

- Number of Shares

1778755

1752904

1773755

- Percentage of share

29.65

29.22

29.56

- Number of Shares Pledge

-

-

-

- Percentage of shares Pledge

-

-

-

 

Note :

 

  1. the above financial results as reviewed by audit committee has been taken on record at board meeting held on 12.08.2011

 

  1. provision for taxation will be made at the end of the financial year.

 

  1. Prior period figures have been regrouped and reclassified wherever necessary.

 

  1. The company did not have any investor’s complaints pending at the end of the quarter.

 

  1. The company is primarily engaged in business of furnishing and construction material, which governed by the same set of risk and returns, there is only one primary segment. The said treatment is in accordance with the principal enunciated in accounting standard [AS-17] on segment reporting.

 

Fixed Assets:

·         Land

·         Site Development

·         Factory Building

·         Staff Quarters

·         Plant and Machinery

·         S.S. Press Moulds

·         Electric Installation

·         Lab Equipments

·         Office Equipments

·         Furniture and Fixture

·         Air Conditioner

·         Vehicles

·         E- Treatment Plant

·         Office Furniture

 

 

CMT REPORT (Corruption Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts India Prisons Service Interpol etc.

 

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.45.93

UK Pound

1

Rs.74.27

Euro

1

Rs.64.97

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

29

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.