MIRA
INFORM REPORT
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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
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Name : |
GRAFFITI ( |
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Registered
Office : |
601, 602 and 603, 6th Floor, ‘Rembrandt’, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.02.2001 |
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Com. Reg. No.: |
04-039252 |
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Capital
Investment / Paid-up Capital : |
Rs.12.500 Millions |
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CIN No.: [Company Identification
No.] |
U26916GJ2001PTC039252 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00939B/ AHMG01272F |
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PAN No.: [Permanent Account No.] |
AABCGS5928R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Designer Tiles. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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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 160000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 but correct. 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 DECLINED BY
|
Name : |
Mr. Niranjan Jain |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9375226704 |
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Date : |
28.04.2012 |
LOCATIONS
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Registered Office/ Corporate Office : |
601, 602 and 603, 6th Floor, ‘Rembrandt’, |
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Tel. No.: |
91-79-26406811/ 12/ 13 |
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Mobile No.: |
91-9428245869 (Mr. Jayendra Panchal) 91-9375226704 (Mr. Niranjan Jain) |
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Fax No.: |
91-79-26405289/ 26403298 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Warehouse : |
123, Prime Logistics, |
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Location : |
Rented |
DIRECTORS
As on 30.09.2011
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Name : |
Mrs. Pallavika Mahasukhlal Shah |
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Designation : |
Director |
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Address: |
304, Rajvi, Rajvansh Society, Bodakdev, Ahmedabad – 380 054, |
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Date of Birth/Age : |
04.11.1944 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.02.2001 |
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DIN No.: |
00051397 |
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Name : |
Mrs. Kalpu Bhavin Shah |
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Designation : |
Director |
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Address: |
304, Rajvi, Rajvansh Society, Bodakdev, Ahmedabad – 380 054, |
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Date of Birth/Age : |
07.12.1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.02.2001 |
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DIN No.: |
00051444 |
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Name : |
Mrs. Rupa Sachin Shah |
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Designation : |
Director |
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Address: |
701, Rajvi, Rajvansh Society, Bodakdev, Ahmedabad – 380 054, |
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Date of Birth/Age : |
08.03.1969 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.02.2001 |
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DIN No.: |
00051422 |
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Name : |
Mr. Sachin Mahasukhlal Shah |
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Designation : |
Managing Director |
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Address: |
701, Rajvi Tower, Rajvansh Society, Bodakdev, Ahmedabad – 380 054,
Gujarat, India |
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Date of Birth/Age : |
10.08.1968 |
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Date of Appointment : |
03.07.2011 |
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DIN No.: |
00049438 |
KEY EXECUTIVES
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Name : |
Mr. Niranjan Jain |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Pallavikaben Mahasukhlal Shah |
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400000 |
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Rupa Sachin Shah |
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200000 |
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Kalpu Bhavin Shah |
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200000 |
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Sachin Mahasukhlal Shah |
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112250 |
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B. M. Shah-Huf |
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5000 |
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Mahasukhlal Nathalal Shah |
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112250 |
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M. N. Shah-Huf |
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103250 |
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Sachin Mahasukhlal Shah |
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112250 |
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S. M. Shah-HUF |
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5000 |
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Total |
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1250000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
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Category |
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Percentage of Holding |
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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 of Designer Tiles. |
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Brand Names : |
“GRAFFITI” |
GENERAL INFORMATION
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Yogendra and Company Chartered Accountants |
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Address : |
202-203, Benkesha Bus Stop, Navrangpura, Ahmedabad – 380 009, |
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PAN No.: |
ABHPP5222D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.500 |
12.500 |
12.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.277 |
22.300 |
21.891 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
38.777 |
34.800 |
34.391 |
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LOAN FUNDS |
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1] Secured Loans |
76.659 |
75.587 |
71.040 |
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2] Unsecured Loans |
22.544 |
25.669 |
25.238 |
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TOTAL BORROWING |
99.203 |
101.256 |
96.278 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
137.980 |
136.056 |
130.669 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.395 |
14.349 |
16.274 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.291 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.998 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
98.417
|
104.746
|
116.691
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Sundry Debtors |
52.905
|
43.248
|
40.324
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Cash & Bank Balances |
4.695
|
8.066
|
0.939
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
14.347
|
17.311
|
16.780
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Total
Current Assets |
170.364
|
173.371
|
174.734
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
36.491
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36.926
|
44.016
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Provisions |
12.577
|
14.738
|
16.598
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Total
Current Liabilities |
49.068
|
51.664
|
60.614
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Net Current Assets |
121.296
|
121.707
|
114.120
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.275 |
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TOTAL |
137.980 |
136.056 |
130.669 |
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%20PRIVATE%20LIMITED%20-%20178674%2030-Apr-2012_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20178674%2030-Apr-2012_files/image002.gif){kind=small}
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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Gross Sales Revenue |
442.129 |
355.512 |
324.638 |
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Other Income |
0.814 |
3.409 |
0.270 |
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TOTAL (A) |
442.943 |
358.921 |
324.908 |
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Less |
EXPENSES |
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Office Expenses |
|
342.287 |
313.719 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
422.827 |
342.287 |
313.719 |
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Less |
PROFIT/
(LOSS) INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.116 |
16.634 |
11.189 |
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Less |
FINANCIAL
EXPENSES (D) |
13.640 |
13.466 |
15.053 |
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PROFIT/
(LOSS) TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.476 |
3.168 |
(3.864) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.860 |
2.760 |
3.168 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
3.616 |
0.408 |
(7.032) |
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Less |
TAX (H) |
0.360 |
0.000 |
0.134 |
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
3.976 |
0.408 |
(7.166) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6.315) |
(6.723) |
0.443 |
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BALANCE CARRIED
TO THE B/S |
(2.339) |
(6.315) |
(6.723) |
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IMPORTS |
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Raw Materials |
25.864 |
9.055 |
16.000 |
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TOTAL IMPORTS |
25.864 |
9.055 |
16.000 |
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Earnings/ (Loss)
Per Share (Rs.) |
3.18 |
0.33 |
(5.73) |
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%20PRIVATE%20LIMITED%20-%20178674%2030-Apr-2012_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20178674%2030-Apr-2012_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20178674%2030-Apr-2012_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
0.90
|
0.11
|
(2.21) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.82
|
0.11
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(2.17) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.96
|
0.22
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(3.68) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.01
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(0.20) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.82
|
4.39
|
4.56 |
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Current Ratio (Current Asset/Current Liability) |
|
3.47
|
3.36
|
2.88 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS:
NOT AVAILABLE
|
Check List by Info Agents |
Available in Report (Yes / No) |
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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 |
No |
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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 |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from “F/69, Ratilal Park, St. Xavier’s School Road, Ahmedabad – 380 014, Gujarat, India” to the present address w.e.f. 03.07.2011
THE YEAR UNDER RETROSPECT:
They are a leading
company dealing in high end designer tiles; they are having very strong brand called
“Graffiti “which is known for the quality and creativity. In today’s scenario,
life style product market with high value brand image is having fast growth.
They have also introduced another brand in the market with the name of “Harmony
“which has been registered with the Trade Mark Registry of India. Initial
response of this brand is also very good. Their objective for introducing this
brand is to enter in to middle income segment, which is in percentage very high
in India. The company has continued to perform satisfactorily and excelling the
projection in terms of volume of business, profitability and scale of
operations .The company has further strengthened it foot hold in the market by
expanding the net work of branches , appointment of new dealers and introducing
new design ranges of products
Looking at the
future of their industry, along with taking initiative of building up good
sales, they have started planning of visualizing more number of ranges to be
introduced in the market. Now they are ready to introduce good number of ranges
in the market which gives them tremendous boost in sales and profitability in
next financial year. It is their vision which helps them in keeping ahead of
other competitors by preparing their selves equipped when market is ready to
show rosy results.
So far the
performance of previous year is concerned; profitability has gone up
substantially comparing to the corresponding previous year 2009-10. The Company
has also achieved the expected targets of Turnover which is Rs. 442.100
Millions as compared to Previous Year Turnover of Rs.355.500 Millions.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
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Corporate identity number of the company |
U26916GJ2001PTC039252 |
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Name of the company |
GRAFFITI (INDIA) PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in India of the company |
601, 602 and 603, 6th Floor, ‘Rembrandt’, C.G. Road,
Ahmedabad – 380 006, Gujarat, India E-mail : graffiti@graffititiles.com |
||||||||
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Type of charge |
·
Book Debts ·
Movable Property (not being pledge) ·
Others (All Stocks) |
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Particular of charge holder |
Bank of Baroda, Bhadra Branch, Near Parekhs, Laldarwaja, Ahmedabad-380001,
Gujarat, India Email : bhadra@bankofbaroda.com |
||||||||
|
Nature of description of the instrument creating or modifying the
charge |
Supplemental Joint Composite Instrument of Hypothecation of Goods,
Bookdebts, Movable Machinery and Vehicles dated 16.04.2011 |
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Date of instrument Creating the charge |
16.04.2011 |
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Amount secured by the charge |
Rs.187.400 Millions |
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Brief particulars of the principal terms an conditions and extent and operation
of the charge |
Rate of Interest @5.50% over Base Rate i.e.15% p.a. at present payable with monthly
rest (current Base Rate 9.50%) Terms of Repayment as per agreement Margin 30% on Stocks 40% on Book Debts. Extent and Operation of the charge The Bank shall have exclusive charge on the assets of the company to
secure over all revised limits granted to the following borrowers (Rs. In Millions)
Others As per sanction letter |
||||||||
|
Particulars of the present modification |
Amount secured by charge increased from Rs.146.000 Millions to
Rs.187.400 Millions (revised) granted to the following parties (Rs. In Millions)
|
FIXED ASSETS:
· Machinery
· Furniture
· Office Equipment
· Computer
· Storage Racks
· Dies
· Vehicles
· Electric Installation
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.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
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.