MIRA
INFORM REPORT
|
Report Date : |
12.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
CRYSTAL
COOK-N-SERVE PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Aji Industrial Area, Crystal Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.11.1994 |
|
|
|
|
Com. Reg. No.: |
04-023607 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.477 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999GJ1994PTC023607 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTC00282C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC8588Q |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Electronic Gas Lighter, Knife, Kitchenware Household Articles |
|
|
|
|
No. of Employees
: |
275 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track.
Profitability of the company appears to be low. However networth seem to be strong.
Trade relations are reported to be fair. Business is active. Payment are
reported to be usually correct and as per commitment. The company can be considered for normal 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 (General Details)
|
Name : |
Mr. Kamal |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9879558881 |
|
Date : |
11.07.2012 |
LOCATIONS
|
Registered Office : |
Aji Industrial Area, Crystal Estate, |
|
Tel. No.: |
91-281-2387305 /
2389132 |
|
Mobile No.: |
91-9879558881
(Mr. Kamal) |
|
Fax No.: |
91-281-2389131 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Corporate
Office : |
Houseware
Distribution Network 240, Adarsh Industrial Estate, Chakala, Andheri (East),
Mumbai – 400 099, |
|
Tel. No.: |
91-22-28237860 / 28350430-31 |
|
Fax No.: |
91-22-28221528 |
|
E-Mail : |
|
|
|
|
|
Factory : |
2601, G.I.D.C. Metoda, |
|
Tel. No.: |
91-2827-287290, 287371, 287372, 287373, 287387 |
|
Fax No.: |
91-2827-283375 |
|
E-Mail : |
|
|
Area : |
19400 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Marketing
Office: |
239 A and B, Adarsh Industrial
Estate, |
|
Tel. No.: |
91-22-28349916, 8350430-31,
8237860, 8617862 |
|
Fax No.: |
91-22-28221528 |
|
E-Mail : |
|
|
|
|
|
International
Head Office: |
|
|
Tel. No.: |
1-516-616-1114 |
|
Fax No.: |
1-516-616-1511 |
|
E-Mail : |
DIRECTORS
AS ON 24.09.2011
|
Name : |
Mr. Vishal Madhukarbhai Patel |
|
Designation : |
Director |
|
Address : |
23/3007, |
|
Date of Birth/Age : |
07.12.1976 |
|
Date of Appointment : |
16.08.2003 |
|
DIN No.: |
00462363 |
|
|
|
|
Name : |
Mr. Madhukar Laxmanbhai Vadodariya |
|
Designation : |
Director |
|
Address : |
23/3007, |
|
Date of Birth/Age : |
19.05.1946 |
|
Date of Appointment : |
27.11.1994 |
|
DIN No.: |
00462376 |
|
|
|
|
Name : |
Mr. Hemangbhai Madhukarbhai Vadodariya |
|
Designation : |
Director |
|
Address : |
23/3007, |
|
Date of Birth/Age : |
23.05.1974 |
|
Date of Appointment : |
27.11.1994 |
|
DIN No.: |
00462384 |
|
Other Directorship: |
|
KEY EXECUTIVES
|
Name : |
Mr. Kamal |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Khushbu Thakkar |
|
Designation : |
Company Secretary |
|
Address : |
10-11/ A, Shakti Appartment, near Suryanagar, Jawahar Chowk,
Maninagar, Ahmedabad, |
|
Qualification : |
B.Com, A.C.S. |
|
Email ID : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Laxman Madhukar
Vadodaria |
|
7830 |
|
Laxman Madhukar
Vadodaria (HUF) |
|
1270 |
|
Shantaben Madhukar
Vadodaria |
|
9100 |
|
Hemang Madhukar
Patel |
|
9100 |
|
Vishal Madhukar
Patel |
|
9100 |
|
Nisha Hemang
Patel |
|
9100 |
|
Rupa Vishal Patel
|
|
9100 |
|
Hemang Madhukar
Patel HUF |
|
85 |
|
Vishal Madhukar
Patel HUF |
|
85 |
|
Total |
|
54770 |
AS ON 24.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Electronic Gas Lighter, Knife, Kitchenware Household Articles |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Electronic Gas Lighters |
|
Nos. |
1800000 |
665575 |
|
Knives and Kitchenware Items |
|
Nos. |
1800000 |
1615381 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers Corporate
Clients: v
Coca Cola v
Procter and Gamble India Limited v
Herbertsons Limited v
Jindal Drilling and Industries Limited v
Glaxo India Limited v
Shri Ram Fibres Limited v
Roche Products Limited v
BASF India Limited v
Indian Airlines v
Cipla v
Alkem v
IPCL v
Wockhardt v
Ranbaxy Laboratories LImited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
275 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
v State Bank of Saurashtra, SSI Branch,
Gondal Road, v
City Bank N.A., Dr. S.S. Roa Road, Next to
Mahatma Gandhi Hospital, Parel, Mumbai – 400012, Maharashtra, India v
State
Bank of |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gadhia
Karachiwala and Company Chartered
Accountants |
|
Address : |
307, “Hira
Panna”, 3rd Floor, |
|
Tel. No.: |
91-2081-2460806 /
2451075 |
|
Income-tax
PAN of auditor or auditor's firm : |
ABNPG1630Q |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54,770 |
Equity Shares |
Rs. 100/- each |
Rs. 5.477
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.477 |
5.477 |
5.477 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
28.113 |
25.815 |
26.055 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.590 |
31.292 |
31.532 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.041 |
1.495 |
22.900 |
|
|
2] Unsecured Loans |
51.825 |
40.801 |
29.612 |
|
|
TOTAL BORROWING |
54.866 |
42.296 |
52.512 |
|
|
DEFERRED TAX LIABILITIES |
0.458 |
0.288 |
0.365 |
|
|
|
|
|
|
|
|
TOTAL |
88.914 |
73.876 |
84.409 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
33.329 |
26.643 |
27.489 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.067
|
44.016 |
51.418 |
|
|
Sundry Debtors |
13.737
|
14.198 |
14.998 |
|
|
Cash & Bank Balances |
1.322
|
1.144 |
0.347 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.340
|
5.485 |
5.339 |
|
Total
Current Assets |
75.466
|
64.843 |
72.102 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
13.838
|
10.508 |
7.856 |
|
|
Other Current Liabilities |
2.258
|
2.507 |
3.371 |
|
|
Provisions |
3.785
|
3.595 |
3.955 |
|
Total
Current Liabilities |
19.881
|
16.610 |
15.182 |
|
|
Net Current Assets |
55.585
|
48.233 |
56.920 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
88.914 |
73.876 |
84.409 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
162.408 |
141.175 |
123.525 |
|
|
|
Other Income |
0.702 |
0.962 |
0.503 |
|
|
|
TOTAL |
163.110 |
142.137 |
124.028 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
158.093 |
137.966 |
118.727 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
5.017 |
4.171 |
5.301 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.050 |
2.822 |
3.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.967 |
1.349 |
2.301 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.597 |
0.473 |
0.915 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.370 |
0.876 |
1.386 |
|
|
|
|
|
|
|
|
|
|
TAX ADJUSTMENT
OF PREVIOUS YEAR |
0.072 |
0.116 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
26.815 |
26.055 |
24.669 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
28.113 |
26.815 |
26.055 |
|
|
|
|
|
|
|
|
|
|
FOB VALUE OF
EXPORT |
5.390 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
11.332 |
8.933 |
8.933 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.01 |
15.99 |
25.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.84 |
0.62 |
1.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.21 |
0.96 |
1.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.81 |
1.47 |
2.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.04 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23 |
1.88 |
2.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.80 |
3.90 |
4.75 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS:
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors for Goods |
12.099 |
9.179 |
6.103 |
|
Sundry Creditors for Expenses |
1.739 |
1.329 |
1.753 |
|
Total |
13.838 |
10.508 |
7.856 |
|
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
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 |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
OPERATIONS:
The company has achieved an all time high
turnover of Rs. 162.408 Millions against the turnover of the previous year Rs.
141.175 Millions. The turnover of the company increase by 15.04% as per reported
accounts the turnover of the previous year. On successfully launching and
continuous support from the market for our Nonstick products which resultant in
to increase in sales for the year under consideration. The company has done
segment sales and products mix sales in the year by introducing serving range,
cutlery sets and gift set and Non stick.
The company has made net profit of Rs. 1.298
Millions as against the net profit of the previous year Rs. 0.760 Million.
There is slightly increase in Profits for the year as compared to the previous
year. Company has made an Advertisement in electronic as well as print media to
capture the market share. Further the Director has taken good step to maintain
the good amount of Profit with inflation and heavy competition in the Market.
In view of the above facts the Directors are
of the opinion that Company’s performance will be very much encouraging in the
next year.
FIXED ASSETS:
v
v
Air
Conditioner
v
Bus
v
Computer
System
v
Dies
and Patterns
v
Electrical
Fittings
v
v
Fax
Machine
v
Office
Equipment
v
Pager
v
Plant
and Machinery
v
Residential
Flat
v
Telephone
Instruments
v
Vehicles
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. 55.37 |
|
|
1 |
Rs. 85.95 |
|
Euro |
1 |
Rs. 67.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--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 |
|
42 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.