|
Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
PRIORITY MARKETING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Level 3, Plot No D – 6, Street No. 20, Marol MIDC, Andheri (East),
Mumbai – 400093, Maharashtra |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
06.07.2000 |
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|
|
|
Com. Reg. No.: |
127591 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U51392MH2000PTC127591 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Distributor and Importer of Watches |
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|
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|
No. of Employees
: |
189 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 137776 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Ashit P |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-28383675 |
|
Date : |
14.04.2012 |
LOCATIONS
|
Registered Office : |
Level 3, Plot No D – 6, Street No. 20, Marol MIDC, Andheri (East),
Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-28383675 |
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E-Mail : |
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|
Website : |
|
|
Location : |
Leased |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Shailesh Harkisandas Sangani |
|
Designation : |
Director |
|
Address : |
10-B, Ananta Building, Dr. Rajabally Patel Road, Breach Candy, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1958 |
|
Date of Appointment : |
06.07.200 |
|
|
|
|
Name : |
Mr. Joel Alan Cardoso |
|
Designation : |
Director |
|
Address : |
401, Frandel Apartment, 115, Dr. Peter Dias Bandra West, Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
14.03.1960 |
|
Date of Appointment : |
06.07.2000 |
|
|
|
|
Name : |
Ms. Manisha Shailesh Sangani |
|
Designation : |
Director |
|
Address : |
10-B, Ananta Building, Dr. Rajabally Patel Road, Breach Candy, Mumbai
– 400026, Maharashtra, India |
|
Date of Birth/Age : |
10.04.1963 |
|
Date of Appointment : |
13.09.2002 |
KEY EXECUTIVES
|
Name : |
Mr. Ashit P |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shailesh Harkisandas Sangani |
|
10 |
|
Joel Alan Cardoso |
|
25000 |
|
Manisha Shailesh Sangani |
|
74990 |
|
Total |
|
100000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor and Importer of Watches |
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Imports : |
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Products : |
Watches |
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Countries : |
Hong Kong |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Retailers |
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No. of Employees : |
189 (Approximately) |
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Bankers : |
Citibank N. A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra
Kurla Complex, Bandra (E), Mumbai - 400051, Maharashtra, India |
|||||||||||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Ganesh and Rajendra Associates Chartered Accountant |
|
Address : |
4/04, Tardeo Airconditioned Market,
Tardeo, Mumbai – 400034, Maharashtra, India |
|
Tel No.: |
91-22-23524148/23513459/23512097 |
|
|
|
|
Associates: |
·
Just Lifestyle Private Limited ·
Gitanjali Laser House Private Limited ·
Xcalibur Laser Systems Private Limited ·
M Square Silver Private Limited ·
Excel Laser Technology Private Limited ·
Priority Retail Ventures Private Limited ·
Amber Exports Private Limited ·
Priority Jewels Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
310.000 |
The above information has been parted by Mr. Ashit P (Accounts Department)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
33.444 |
28.764 |
34.966 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
34.444 |
29.764 |
35.966 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
64.722 |
69.083 |
48.712 |
|
|
2] Unsecured Loans |
26.848 |
24.448 |
22.633 |
|
|
TOTAL BORROWING |
91.570 |
93.531 |
71.345 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
126.014 |
123.295 |
107.311 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.119 |
6.188 |
5.372 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.080 |
0.080 |
0.080 |
|
|
DEFERREX TAX ASSETS |
2.224 |
0.889 |
1.662 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
88.016
|
105.371 |
69.420 |
|
|
Sundry Debtors |
46.588
|
55.124 |
61.482 |
|
|
Cash & Bank Balances |
5.767
|
1.064 |
1.057 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.490
|
18.966 |
24.838 |
|
Total
Current Assets |
161.861
|
180.525 |
156.797 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.212
|
54.887 |
37.420 |
|
|
Other Current Liabilities |
0.589
|
0.557 |
0.267 |
|
|
Provisions |
5.469
|
8.955 |
18.918 |
|
Total
Current Liabilities |
45.270
|
64.399 |
56.605 |
|
|
Net Current Assets |
116.591
|
116.126 |
100.192 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
126.014 |
123.295 |
107.311 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
270.908 |
264.512 |
253.879 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5.798 |
(3.914) |
11.331 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.541 |
1.351 |
1.091 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAXATION AND PRIOR PERIOD ADJUSTMENT |
4.257 |
(5.265) |
10.240 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ADJUSTMENT |
(0.112) |
(0.174) |
(0.021) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4.145 |
(5.440) |
4.680 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.536) |
0.763 |
(2.052) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.681 |
(6.203) |
6.732 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.764 |
34.966 |
28.234 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
33.444 |
28.764 |
34.966 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
43 |
(53) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
1.73
|
(2.35) |
2.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.45
|
(2.91) |
2.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
(0.18) |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.97
|
5.31 |
3.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.57
|
2.80 |
2.77 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
39.212
|
54.887 |
37.420 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
FORM 8:
|
Corporate identity number of the company |
U51392MH2000PTC127591 |
|
Name of the company |
PRIORITY MARKETING PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Level 3, Plot no. D-6, Street no. 20, Marol MIDC, Andheri (East), Mumbai - 400093 Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge holder |
CITIBANK N. A. |
|
Nature of instrument creating charge |
Deed of Modification |
|
Date of instrument Creating the charge |
04.11.2009 |
|
Amount secured by the charge |
Deed of Modification |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest Interest to be charged at such rate/s as
may be determined by the Bank from time to time. Terms of Repayment On demand Margin Margin may be stipulated by Bank from time
to time. Extent and Operation of the charge The Stocks, Book Debts of the Company as
described in Column No.15 hypothecated as and by way of first exclusive
charge as security for the repayment of the loan together with all interest,
liquidated damages, premia on repayment or on redemption, costs, charges and
other expenses payable by the Company to the Bank. |
|
Short particulars of the property charged |
Hypothecation of first exclusive charge on
the Current Assets (including Stocks, Book Debts) of the Company both present
and future. |
|
Date of instrument modifying the charge |
02/02/2009 |
|
Particulars of the present modification |
The charge now stand increased from
Rs.50.000 Millions to Rs.65.000 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.51.65 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.