MIRA
INFORM REPORT
|
Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MTM WORKPLACE SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
Office No. 270, 2nd Floor, Building No. 5B, Mittal Estate,
Near Marol Naka, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.11.2007 |
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Com. Reg. No.: |
176071 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500
Million |
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CIN No.: [Company Identification
No.] |
U72900MH2007PTC176071 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM33076B |
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PAN No.: [Permanent Account No.] |
AAFCM2983G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Office Modular Furniture and Chairs. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3200 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Ms. Rupali |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-42454647 |
|
Date : |
16.04.2012 |
LOCATIONS
|
Registered Office : |
Office No. 270, 2nd Floor, Building No. 5B, Mittal Estate,
Near Marol Naka, Andheri-Kurla Road, Andheri (East), Mumbai-400059, Maharashtra,
India |
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Tel. No.: |
91-22-42454647 |
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Fax No.: |
91-22-41830224 |
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E-Mail : |
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Website : |
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Area : |
2200 sq. ft. |
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Location : |
Leased |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Kapil Jitendrakumar Agarwal |
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Designation : |
Director |
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Address : |
Lake Lucerne, 12th Floor, Flat No. 1201, A Wing, Phase –
III, lake Homes, Chandivali Road, Off. Kabab Corner Hotel, Powai,
Mumbai-400072 , |
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Date of Birth/Age : |
23.08.1961 |
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Date of Appointment : |
01.10.2008 |
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Din No.: |
00563261 |
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Name : |
Mrs. Sujata Kapil Agarwal |
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Designation : |
Additional Director |
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Address : |
A-701, Hill Side, Raheja Vihar, Opp. Chandivali Studio, Powai, Mumbai
– 400072, Maharashtra, India |
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Date of Birth/Age : |
02.03.1962 |
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Date of Appointment : |
04.12.2007 |
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Din No.: |
01918684 |
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Name : |
Mr. Mark Thomas Moore |
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Designation : |
Director |
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Address : |
77 Ming, |
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Date of Birth/Age : |
07.10.1971 |
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Date of Appointment : |
15.03.2008 |
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Din No.: |
02031794 |
KEY EXECUTIVES
|
Name : |
Ms. Rupali |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Kapil Jitendrakumar Agarwal |
|
37400 |
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Sujata Kapil Agarwal |
|
100 |
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Mark Thomas Moore |
|
12500 |
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Total |
|
50000 |
As on 29.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Office Modular Furniture and Chairs. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Others [Corporate Office] ·
High Bis |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
HSBC Bank, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Contractor Nayak And Kishnadwala Chartered Accountants |
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Address : |
1-B, |
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Pan No.: |
AACFC8587E |
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 |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.311 |
0.112 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(3.929) |
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NETWORTH |
0.811 |
0.612 |
(3.429) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
2.750 |
2.350 |
1.450 |
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TOTAL BORROWING |
2.750 |
2.350 |
1.450 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.561 |
2.962 |
(1.979) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.859 |
1.140 |
1.426 |
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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 |
0.122 |
0.048 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.014
|
1.807 |
0.000 |
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Sundry Debtors |
14.703
|
9.172 |
6.037 |
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Cash & Bank Balances |
2.391
|
2.633 |
3.307 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.516
|
3.324 |
3.599 |
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Total
Current Assets |
23.624
|
16.936 |
12.943 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.330
|
10.203 |
10.931 |
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Other Current Liabilities |
5.530
|
4.821 |
5.207 |
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Provisions |
1.190
|
0.150 |
0.230 |
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Total
Current Liabilities |
21.050
|
15.174 |
16.368 |
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Net Current Assets |
2.574
|
1.762 |
(3.425) |
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MISCELLANEOUS EXPENSES |
0.006 |
0.012 |
0.020 |
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TOTAL |
3.561 |
2.962 |
(1.979) |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
33.615 |
25.169 |
18.233 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
33.313 |
20.617 |
21.718 |
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Advertising Expenses |
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TOTAL |
33.313 |
20.617 |
21.718 |
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Less |
PRIOR
PERIOD EXPENSES |
0.000 |
0.351 |
0.000 |
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PROFIT / (LOSS)
BEFORE TAX |
0.302 |
4.201 |
(3.485) |
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Less |
TAX |
0.103 |
0.160 |
0.130 |
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PROFIT / (LOSS)
AFTER TAX |
0.199 |
4.041 |
(3.615) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.112 |
(3.929) |
(0.314) |
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BALANCE CARRIED
TO THE B/S |
0.311 |
0.112 |
(3.929) |
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Earnings /
(Loss) Per Share (Rs.) |
3.98 |
80.82 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.59
|
16.05 |
(19.83) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.23
|
23.24 |
(24.25) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
6.86 |
1.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
29.35
|
28.63 |
(5.20) |
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Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.12 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
|
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|
|
Due to others |
14.330
|
10.203 |
10.931 |
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Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
No |
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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 |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from 505, 5th Floor, MIDAS, Sahar Plaza, M.V. Road, Andheri (East), Mumbai- 400059, Maharashtra, India to the present address w.e.f. 05.11.2008.
OPERATION:
During the year,
the Company earned total income of Rs. 33.615 Millions (Previous year Rs.
25.169 Millions). After deducting expenses of Rs.33.313 Millions (Previous year
Rs. 20.616 Millions), the Company has incurred profit before tax of Rs. 0.302
Million (Previous year after adjustment of prior period items, amounting of Rs.
4.201 Millions). After providing Rs.0.102 Million (Previous year Rs. 0.160
Million) towards Taxation, the net profit after tax stands at Rs. 0.199 Million
(Previous year Rs. 4.041 Millions). After adding balance brought forward from
the previous year of Rs. 0.112 Million (Previous year Debit balance of Rs.
3.929 Millions), balance of Rs.0.311 Million (Previous year Rs. 0.112 Million)
is carried forward to the Balance Sheet.
FIXED ASSETS:
·
Leasehold Improvements
·
Air Conditioner
·
Computer and Printers
·
Computer Software
·
Furniture and Fixtures
·
Office Equipments
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.81.80 |
|
Euro |
1 |
Rs.67.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
|
28 |
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.