MIRA
INFORM REPORT
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Report Date : |
06.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ME CASA FURNISHINGS PRIVATE LIMITED |
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Registered
Office : |
31, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.04.2009 |
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Com. Reg. No.: |
55-189135 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000
million |
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CIN No.: [Company Identification
No.] |
U52100DL2009PTC189135 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Paint, Fabric and Leather. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 5000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for small to mediocre business dealings
with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.09.2011) |
Current Rating (31.12.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
31, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Administrative Office : |
01-05, Green Heritage, Plot No.79/80, Sector 20, Kharghar, Navi Mumbai
– 410 210, |
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Tel. No.: |
91-22-27745701 |
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Fax No.: |
91-22-27745702 |
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Gallery : |
Jasmine Villa, 1, Pali Naka, Bandra (West), Mumbai – 400 050, |
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Tel. No.: |
91-22-26000070 |
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Fax No.: |
91-22-26000071 |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Sushil Kumar Suri |
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Designation : |
Additional Director |
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Address : |
31, |
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Date of Birth/Age : |
03.08.1934 |
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Date of Appointment : |
07.04.2009 |
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DIN No.: |
00579031 |
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Other Directorship :
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Name : |
Mr. Sanket Kumar Suri |
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Designation : |
Director |
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Address : |
1013, Paradise, Raheja Vihar Complex, Powai, Mumbai – 400 072, |
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Date of Birth/Age : |
10.02.1971 |
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Date of Appointment : |
02.04.2009 |
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DIN No.: |
02519871 |
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Other Directorship :
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Name : |
Ms. Meenakshi Sushil Suri |
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Designation : |
Additional Director |
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Address : |
31, |
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Date of Appointment : |
07.04.2009 |
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DIN No.: |
02613513 |
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Other Directorship :
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Name : |
Rajita Sanket Suri |
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Designation : |
Additional Director |
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Address : |
1013, Paradise, Raheja Vihar Complex, Powai, Mumbai – 400 072, |
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Date of Birth/Age : |
12.07.1972 |
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Date of Appointment : |
07.04.2009 |
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DIN No.: |
02637154 |
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Other Directorship :
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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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Sanket Kumar Suri |
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25000 |
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Sushil Kumar Suri |
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25000 |
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Meenakshi Suri |
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25000 |
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Rajita Suri |
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25000 |
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Total |
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100000 |
As on 30.09.2011
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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 |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Paint, Fabric and Leather. |
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Imports : |
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Products : |
v
Leather v
Paint v
Fabric |
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Countries : |
v
v
v
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of India,
Saki Naka Branch, Sagar Tech Plaza, Andheri Kurla Road, Saki Naka, Mumbai –
400 072, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.J. Phadke and Company Chartered Accountants |
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Address : |
60, Mahavir Centre, 4th Floor, Above Golden Punjab Hotel,
Vashi, Navi Mumbai – 400 705, |
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Tel. No.: |
91-22-27653606/ 27802989 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AFRPP8459G |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
million |
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As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.292 |
0.004 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.292 |
1.004 |
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LOAN FUNDS |
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1] Secured Loans |
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1.070 |
1.444 |
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2] Unsecured Loans |
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1.250 |
1.250 |
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TOTAL BORROWING |
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2.320 |
2.694 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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3.612 |
3.698 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.144 |
2.574 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERRED TAX ASSETS |
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0.032 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.979
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2.261 |
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Sundry Debtors |
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2.373
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1.246 |
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Cash & Bank Balances |
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0.580
|
0.377 |
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Other Current Assets |
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0.401
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0.279 |
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Loans & Advances |
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2.185
|
0.042 |
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Total
Current Assets |
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9.518
|
4.205 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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1.538
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1.166 |
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Other Current Liabilities |
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6.041
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1.912 |
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Provisions |
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0.503
|
0.003 |
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Total
Current Liabilities |
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8.082
|
3.081 |
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Net Current Assets |
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1.436
|
1.124 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.612 |
3.698 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
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NA |
15.157 |
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Other Income |
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TOTAL (A) |
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NA |
15.157 |
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Less |
EXPENSES |
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Office Expenses |
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14.994 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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NA |
14.994 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
NA |
0.163 |
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Less |
INTEREST (D) |
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NA |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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NA |
0.163 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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NA |
0.141 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
NA |
0.022 |
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Less |
TAX (H) |
|
NA |
0.018 |
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PROFIT AFTER TAX
(G-H) (I) |
|
0.375 |
0.004 |
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BALANCE CARRIED
TO THE B/S |
|
NA |
0.004 |
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Earnings Per
Share (Rs.) |
|
3.75 |
0.04 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2011 |
31.03.2010 |
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PAT / Total Income |
(%) |
|
NA |
0.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
0.32 |
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Return on Investment (ROI) (PBT/Networth) |
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|
NA |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
8.05 |
5.75 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.18 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
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9) Name of person
contacted |
No |
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10) Designation
of contact person |
No |
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11) Turnover of
firm for last one year |
Yes |
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12) Profitability
for last two 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) |
Yes |
|
21) Market
information |
-- |
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22) Litigations
that the firm / promoter involved in |
-- |
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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 |
FINANCIAL RESULTS:
The Profit and Loss Account of the company
shows a Net Profit amounting to Rs.0.375 million.
GENERAL REVIEW:
The company’s performance was not satisfactory
during the year. The company could not achieve its turnover as well it could
not achieve its target of Net Profit. The Directors are hopeful that the
company shall be able to achieve its target of Net Profit in the year to come.
The future of the company seems to be bright.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U52100DL2009PTC189135 |
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Name of the
company |
ME CASA FURNISHINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
31, E-Mail: rjphadke@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10171270 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of India,
Saki Naka Branch, Sagar Tech Plaza, Andheri Kurla Road, Saki Naka, Mumbai –
400 072, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
25.01.2012 |
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Amount secured by
the charge |
Rs.8.000 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC: 3.75% over BR
i.e. 14.50% p.a. with monthly rests, Inland Guarantee: as per guidelines from
time to time or at the rate/s as may be notified by the Bank from time to
time. Terms of
Repayment: CC: On Demand,
Inland Guarantee: as per extant guidelines. Margin: 25% against raw
material, finished goods, stores and goods in process, 40% against book debts
outstanding of 2 or 3 months or as required by the bank from time to time. Extent and
Operation of the charge: Security and
charge hereby created shall be by way of first charge on all the said
hypothecated assets for due payment as provided in the deed of all monies
including the principal sums, interest/commission costs charges and expenses
and all other monies whatsoever due owing and payable by the Borrower to the
Bank under or in respect of or in connection with or in any wise concerning
or relating to the said facilities agreed to be granted and/or granted by the
Bank to the borrower and Others: also for due
repayment of all present and future indebtedness and liabilities of the
borrower to the Bank of any kind in any manner whether solely or jointly
primary or collateral accrued or accruing with all relative
interest/commission, charges, costs (between advocate and client) and
expenses. Revised
Facilities and Limits: Cash Credit 1) Hypothecation of Stock: Rs.6.000
millions, 2) Hypothecation of Book debts Rs.2.000 millions Max (1+2) Rs.7.000 millions, 3) Inland
Guarantee Rs.1.000 million - Total Rs.8.000 millions |
|
Short particulars
of the property charged |
a) All tangible
movable machineries and plant, both present and future situate at Mumbai or
wherever else, b) All tangible movable properties and assets and stocks of
whatsoever nature of the borrower both present and future wheresoever situate
at Jasmine Villa, Palinaka, Bandra (West), Mumbai - 400050 or wherever else,
c) All present and future book debts, outstanding, money receivables, claims,
bills which are now due and owing or which may at any time hereafter during
the continuance of this security become due and owing to the Borrower. |
|
Date of latest
modification prior to the present modification |
23.02.2011 |
|
Particulars of
the present modification |
2nd
Modification. The principal amount of charge on hypothecated assets is
enhanced from Rs.3.000 millions to Rs.8.000 millions. Revised Facilities and
Limits: Cash Credit 1) Hypothecation of Stock: Rs.6.000 millions, 2)
Hypothecation of Book debts Rs.2.000 millions
Max (1+2) Rs.7.000 millions, 3) Inland Guarantee Rs.1.000 million -
Total Rs.8.000 millions |
FIXED ASSETS:
v Accer Black XP Laptop
v Air Conditioner
v Aquaguard Compact Water Filter
v Computer
v Euroca Fobes Vacuum Cleaner
v Furniture
v Signage Board
v Telephone Instrument
v Affiliation (License Fees)
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.55.02 |
|
|
1 |
Rs.85.93 |
|
Euro |
1 |
Rs.68.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
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 |
|
26 |
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.