MIRA
INFORM REPORT
|
Report Date : |
21.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BARON LEATHER PRIVATE LIMITED |
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Registered
Office : |
7-H, Laxmi Industrial Estate, New |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.01.2009 |
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Com. Reg. No.: |
11-189323 |
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Capital
Investment / Paid-up Capital : |
Rs.9.300
Millions |
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|
CIN No.: [Company Identification
No.] |
U19116MH2009PTC189323 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19337D |
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PAN No.: [Permanent Account No.] |
AADCB6760E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer,
Trader and Supplier of Upholstery Leather Hides, Top Grain Cowhide Leather,
Leather Furniture, Aniline Leather, Furniture Leather Hides. |
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|
|
|
No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 79000 |
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|
Status : |
Satisfactory |
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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. Mani Vannan |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-26399182 |
|
Date : |
20.01.2012 |
LOCATIONS
|
Registered Office/ Head Office/ Factory : |
7-H, Laxmi Industrial Estate, New |
|
Tel. No.: |
91-22-26399182/ 83/ 84/ 85 |
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Fax No.: |
91-22-26399181 |
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E-Mail : |
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Website : |
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Warehouse 1 : |
Laxmi Industrial Estate, |
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Location : |
Rented |
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Warehouse 2 : |
Also located at: v
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Branch Office 1 : |
Shahpur Jat, |
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Tel. No.: |
91-11-26490812/ 13 |
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Branch Office 2 : |
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Tel. No.: |
91-80-41533311 |
DIRECTORS
As on 10.09.2011
|
Name : |
Mr. Bijal Suryakant Maniar |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
08.05.1970 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02320698 |
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Name : |
Mrs. Priti Bijal Maniar |
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Designation : |
Director |
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Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02346565 |
KEY EXECUTIVES
|
Name : |
Mr. Mani Vannan |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bijal Suryakant Maniar |
|
925000 |
|
Priti Bijal Maniar |
|
5000 |
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Total
|
|
930000 |
As on 10.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Trader and Supplier of Upholstery Leather Hides, Top Grain Cowhide Leather, Leather
Furniture, Aniline Leather, Furniture Leather Hides. |
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Products : |
v
Leather Hide and Skins v
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Imports : |
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Products : |
Leather |
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Countries : |
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Terms : |
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Selling : |
T.T./ D.P. |
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Purchasing : |
T.T./ D.P. |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and Manufacturer |
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No. of Employees : |
45 (Approximately) |
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Bankers : |
v
The Saraswat Cooperative Bank Limited, SME Vile
Parle Branch, Bholanath Co-Operative Housing Society, v
HDFC Bank Limited v
State Bank of |
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Facilities : |
Cash Credit – Rs.45.000 millions, Total Facility – Rs.55.000 millions – From The Saraswat Cooperative Bank Limited
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel and Kurup Chartered Accountants |
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Address : |
6, Crescent Chambers, 1st Floor, Tamarind Lane, Fort,
Mumbai – 400 023, |
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Tel. No.: |
91-22-22670815 |
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Pan No.: |
AAAFP2413L |
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Associates and Joint Ventures : |
Baron Inc (Proprietary Concern run under Mr. Bijal Maniar) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
930000 |
Equity Shares |
Rs.10/- each |
Rs.9.300
Millions |
|
|
|
|
|
(Of the above 170000 shares of Rs.10/- each has been issued for a
consideration other than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.300 |
9.300 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
10.425 |
3.252 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
19.725 |
12.552 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
46.604 |
20.434 |
|
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2] Unsecured Loans |
|
5.067 |
0.070 |
|
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TOTAL BORROWING |
|
51.671 |
20.504 |
|
|
DEFERRED TAX LIABILITIES |
|
0.056 |
0.007 |
|
|
|
|
|
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TOTAL |
|
71.452 |
33.063 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
5.881 |
1.858 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.115 |
1.077 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
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|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
66.719 |
35.520 |
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|
Sundry Debtors |
|
13.579 |
9.318 |
|
|
Cash & Bank Balances |
|
0.269 |
0.345 |
|
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Other Current Assets |
|
0.006 |
0.018 |
|
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Loans & Advances |
|
13.064 |
6.806 |
|
Total
Current Assets |
|
93.637 |
52.007 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
16.382 |
18.002 |
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|
Other Current Liabilities |
|
6.432 |
2.487 |
|
|
Provisions |
|
5.418 |
1.458 |
|
Total
Current Liabilities |
|
28.232 |
21.947 |
|
|
Net Current Assets |
|
65.405 |
30.060 |
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|
|
|
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MISCELLANEOUS EXPENSES |
|
0.051 |
0.068 |
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|
|
|
|
|
|
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TOTAL |
|
71.452 |
33.063 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
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|
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GROSS INCOME |
|
115.146 |
60.919 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
12.156 |
5.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.531 |
0.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
11.625 |
4.717 |
|
|
|
|
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|
|
|
|
Less |
TAX |
|
3.911 |
1.464 |
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PROFIT AFTER TAX
|
|
7.714 |
3.253 |
|
|
|
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Balance of
Profit carried for appropriation |
|
10.967 |
3.253 |
|
|
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|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
2.524 |
0.357 |
|
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|
|
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|
Earnings Per
Share (Rs.) |
|
8.29 |
3.50 |
|
Expected Sales (2011-2012): Rs.150.000 millions
The above information has been parted by Mr. Mani Vannan (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
11.68 |
8.76 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.59 |
0.38 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.05 |
3.38 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
3.32 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
-- |
|
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 |
No |
|
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 |
No |
|
28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major
Shareholders, if available |
-- |
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
16.382 |
18.002 |
|
|
|
|
FINANCIAL
RESULTS:
The Business
Turnover of the company in the current year is almost double as compared to
previous year.
FINANCE:
The Saraswat Co-operative
Bank Limited financed the cash credit and LC requirement of about Rs.55.000
millions which enabled the company to achieve the modest turnover of about
Rs.115.000 millions in its Second year of operation.
On this turnover the
company earned 35.49% Gross Profit and the PBT and PAT are 10.18% and 6.70%
respectively.
FUTURE
PROSPECTS:
The Company has
opened two branches in
FORM 8:
|
Corporate identity
number of the company |
U19116MH2009PTC189323 |
|
Name of the
company |
BARON LEATHER PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7-H, Laxmi Industrial Estate, New E-Mail: baron.inc@usa.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10159511 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
The Saraswat Cooperative Bank Limited, SME Vile Parle Branch,
Bholanath Co-Operative Housing Society, E-Mail: njbhatia@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation for Additional Advance (Supplementary Deed) Letter |
|
Date of instrument
Creating the charge |
05.09.2011 |
|
Amount secured by
the charge |
Rs.45.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 15.25% p.a. or at
such rate as maybe determined by the bank from time to time Terms of
Repayment: On demand Margin: stocks less
creditors and debtors upto 90 days: 30% from 91 days to
180 days: 50% Extent and
Operation of the charge: This is cash
credit facility |
|
Short particulars
of the property charged |
Hypothecation of
stock tangible movable property (both present and future) belonging to the
borrower and lying and being at the borrowers place of business at 7/H, Laxmi
Industrial Estate. Andheri (West) Mumbai
or whereverelse the same maybe. Hypothecation of
book debts, monies, receivable, outstandings, claims and bills. |
|
Date of latest
modification prior to the present modification |
18.09.2010 |
|
Particulars of
the present modification |
Cash credit limit
reduced by Rs.7.000 millions and enhanced by Rs.12.000 millions making total
limit to Rs.45.000 millions |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U19116MH2009PTC189323 |
|
Name of the
company |
BARON LEATHER
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7-H, Laxmi Industrial Estate, New Link Road, Andheri – West, Mumbai –
400053, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
The Saraswat Cooperative Bank Limited, SME Vile Parle Branch,
Bholanath Co-operative Housing Society, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Further Charge |
|
Date of
instrument Creating the charge |
13.06.2011 |
|
Amount secured by
the charge |
Rs.5.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment On demand Extent and
Operation of the charge This is Bank guarantee
facility |
|
Short particulars
of the property charged |
I)
Hypothecation
of all the goods and the said debts and assets and the said plant and
machinery lying and being situated at
the aforesaid office premises, place of business of the borrower at II)
7/H,
Laxmi Industrial Estate, Andheri (WEST) Mumbai or wherever else the same
maybe. |
FIXED ASSETS:
v Air Conditioner
v Computer
v Cycle
v Digital Camera
v Electrical Fittings
v EPBAX System
v Furniture and Fixtures
v Mobile Phone
v Motor Car
v Printer
v Refrigerator
v Water Filter
v Web Site
v Machinery
v Office Equipment
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.50.33 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.31 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.