MIRA
INFORM REPORT
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Report Date : |
06.07.2012 |
IDENTIFICATION DETAILS
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Name : |
DEGRE 7 IMPEX PRIVATE LIMITED |
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Registered
Office : |
B -1 Hem Colony, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.01.2008 |
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Com. Reg. No.: |
11- 177191 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.200 Million |
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CIN No.: [Company Identification
No.] |
U1430MH2008PTC177191 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD15624A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Bathroom Fittings and Sanitary Items |
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No. of
Employees: |
11 (Approximately) |
RATING & COMMENTS
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MIRAs Rating : |
Ca (11) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 poor track. Financial
position of the company seems to be under huge pressure. There appears huge
accumulated losses in the records of
the company Business is active. Payments are reported to be very slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions only.
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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
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Name : |
Mr. Manesh Choksi |
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Designation : |
Accounts manager |
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Contact No.: |
91-22-65269021 |
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Date : |
05.07.2012 |
LOCATIONS
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Registered Office : |
B -1 Hem Colony, S.V Road, Next to Golden Tobacco, Vile Parle (West),
Mumbai 400056, Maharashtra, India |
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Tel. No.: |
91-22-65266929 |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
500 sq.ft |
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Location : |
Owned |
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Administration Office : |
Plot No.167/C A -26, N.Putlibai Kapol Niwas Mumbai 400056 |
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Tel. No.: |
91-22-65269021 |
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Branches: |
Defense Colony, |
DIRECTORS
AS ON 29.09.2011
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Name : |
Mr. Shailesh Chimanlal Shah |
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Designation : |
Director |
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Address : |
Suchindram, Plot No.3, 11th Road, Ashok Nagar Society, Juhu
Scheme, Vile Parle (west) Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
19.06.1938 |
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Date of Appointment : |
01.01.2008 |
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Din No.: |
01025967 |
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Name : |
Mr. Kekin Shailesh Shah |
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Designation : |
Managing Director |
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Address : |
Suchindram, Plot No.3, 11th Road, Ashok Nagar Society, Juhu
Scheme, Vile Parle (west) Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
09.11.1968 |
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Date of Appointment : |
01.01.2008 |
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Din No.: |
00062066 |
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Name : |
Mr. Abdul Hameed Osman Khan |
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Designation : |
Director |
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Address : |
1st Krishna Kutir NO.36, |
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Date of Birth/Age : |
28.06.1964 |
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Date of Appointment : |
01.03.2008 |
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Din No.: |
01925353 |
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Name : |
Mr. Nipa Kekin Shah |
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Designation : |
Additional Director |
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Address : |
Suchindram, Plot No.3, 11th Road, Ashok Nagar Society, Juhu
Scheme, Vile Parle (west) Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
12.02.1969 |
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Date of Appointment : |
01.01.2009 |
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Din No.: |
01918922 |
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Name : |
Mr. Arifa A Banu |
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Designation : |
Director |
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Address : |
36, Krishna Kutir NO.36, |
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Date of Birth/Age : |
01.12.1966 |
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Date of Appointment : |
01.08.2008 |
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Din No.: |
02206119 |
KEY EXECUTIVES
|
Name : |
Mr. Manesh Choksi |
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Designation : |
Accounts manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
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No. of Shares |
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Kekin Shailesh Shah |
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500 |
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Shailesh Chimanlal Shah |
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500 |
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Abdul Hameed Osman Khan |
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500 |
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Arifa Banu |
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500 |
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2000 |
AS ON 29.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Bathroom Fittings and Sanitary Items |
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Exports : |
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Products : |
·
Bathroom Fittings ·
Sanitary Items |
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Countries : |
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Terms : |
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Selling : |
Cash/Credit |
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Purchasing : |
Cash/Credit |
GENERAL INFORMATION
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Customers : |
Wholesales end users |
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No. of Employees : |
11(Approximately) |
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Bankers : |
HDFC Bank Limited, JVPT Branch |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kiran A Deodhar and Associates Chartered Accountant |
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Address : |
10, Vedavati Society, |
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Tel. No.: |
91-22- 26826605/26826598 |
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Fax No.: |
91-22-26827308 |
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Pan No.: |
AAEPD9281A |
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Email: |
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Web site: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Share |
Rs.100/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000 |
Equity Share |
Rs.100/- each |
Rs.0.200 Million |
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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 |
0.200 |
0.200 |
0.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(12.744) |
(17.118) |
(0.750) |
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NETWORTH |
(12.544) |
(16.918) |
(0.600) |
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LOAN FUNDS |
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1] Secured Loans |
7.529 |
3.715 |
1.200 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
7.529 |
3.715 |
1.200 |
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DEFERRED TAX LIABILITIES |
0.043 |
0.042 |
0.003 |
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TOTAL |
(4.972) |
(13.161) |
0.603 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.234 |
7.499 |
0.096 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.497
|
12.521 |
0.350 |
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Sundry Debtors |
2.037
|
1.463 |
0.555 |
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Cash & Bank Balances |
1.168
|
0.127 |
0.061 |
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Other Current Assets |
0.000
|
0.000 |
1.546 |
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Loans & Advances |
13.167
|
5.993 |
0.935 |
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Total
Current Assets |
35.869
|
20.104 |
3.447 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
0.754
|
2.784 |
0.212 |
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Other Current Liabilities |
44.238
|
39.700 |
1.571 |
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Provisions |
5.699
|
3.103 |
1.168 |
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Total
Current Liabilities |
50.690
|
45.587 |
2.951 |
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Net Current Assets |
(14.821)
|
(25.483) |
0.496 |
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MISCELLANEOUS EXPENSES |
3.615 |
4.823 |
0.011 |
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TOTAL |
(4.972) |
(13.161) |
0.603 |
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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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Other Income |
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TOTAL |
62.144 |
15.123 |
14.664 |
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Less |
EXPENSES |
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TOTAL |
54.274 |
30.913 |
14.046 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.870 |
(15.790) |
0.618 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
1.540 |
0.540 |
0.037 |
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PROFIT BEFORE
TAX |
6.330 |
(16.300) |
0.581 |
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Less |
TAX |
1.956 |
0.000 |
0.060 |
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Add |
Differed Tax |
0.000 |
0.060 |
0.001 |
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Less |
Provision for
FBT |
0.000 |
0.000 |
0.053 |
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Add |
Appropriation |
0.000 |
0.021 |
0.001 |
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PROFIT AFTER TAX
|
4.374 |
16.369 |
0.470 |
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Earnings Per
Share (Rs.) |
2187 |
- |
- |
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Particulars |
|
|
31.03.2012 |
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Sales Turnover(Approximately |
|
|
62.100 |
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Expected Sales (2012-2013) : Around 100.000 Millions
The above information has been parted by Mr. Manesh Choksi
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.04
|
108.24 |
3.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.03
|
(59.05) |
16..40 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.50)
|
(0.96) |
(0.97 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.64
|
2.91 |
6.92 |
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Current Ratio (Current Asset/Current Liability) |
|
0.70
|
0.44 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Review of Operation:
The Directors have continued to be focused on customer
services, prudent financial and human resources management, and efficient order
execution to the existing customers and have been rewarded with income from
operations Rs62.144 Millions as compared to Rs.15.123 Million showing the
increase of 31.92% as result of these there is profit of Rs.4.374
Millions(profit after tax)
Your Directors are confident in recoding a
sustainable growth in the operation in the future
DETAIL OF SUNDRY CREDITORS
Rs. in Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.3.2009 |
|
|
|
|
|
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Sundry Creditors |
0.754 |
2.783 |
0.212 |
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Fixed Assets:
·
Furniture and Fixtures
·
Electrical Installation
·
Car
·
Computer
·
Laptop
·
Air Conditioner
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 Intl
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 companys 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.55.03 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.68.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
TOTAL |
|
11 |
This score serves as a reference to assess SCs 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.