MIRA
INFORM REPORT
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Report Date : |
22.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
GENIUS LEATHERCRAFT PRIVATE LIMITED
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Registered
Office : |
Sundaram Estate, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.10.1989 |
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Com. Reg. No.: |
11-053739 |
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Capital Investment
/ Paid-up Capital : |
Rs. 4.500 Millions |
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CIN No.: [Company Identification
No.] |
U19120MH1989PTC053739 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG10582F |
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PAN No.: [Permanent Account No.] |
AABCG0747L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of
Multiutility Bags. |
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No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 86000 |
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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 commitment. The company can be considered normal for business dealing 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 DECLINED BY
|
Name : |
Mr. Chandra Gupta |
|
Designation : |
Finance Executive |
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Contact No.: |
91-22-67978486 |
|
Date : |
21.06.2012 |
LOCATIONS
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Registered Office : |
Sundaram Estate, 1st Floor, Govandi Station Road, Govandi
(East), Mumbai-400088, Maharashtra, India |
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Tel. No.: |
91-22-67978486 / 87 / 88 |
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Fax No.: |
91-22-25565141 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Mr. Nilesh Manek Khatau |
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Designation : |
Director |
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Address : |
601, Sayonara Co-Operative Housing Society, shanty Park, Ghatkopar,
Mumbai-400077, Maharashtra, India |
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Date of Birth/Age : |
12.03.1958 |
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Date of Appointment : |
04.10.1989 |
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DIN No.: |
00828188 |
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Name : |
Mr. Raghubir Singh |
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Designation : |
Director |
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Address : |
B-18/335, 1st Floor, Sector-3, Rohini, New Delhi-110085,
India |
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Date of Birth/Age : |
24.11.1966 |
|
Date of Appointment : |
01.06.2010 |
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DIN No.: |
03115165 |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Gupta |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
No. of Shares |
|
Nilesh Manek |
420000 |
|
Ashok Manek |
2500 |
|
Pankaj Sansanghavi |
250 |
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Nayana Manek |
17250 |
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Jhanvi Manek |
5000 |
|
Banseri Manek |
5000 |
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TOTAL |
450000 |
AS ON 29.09.2011
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Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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TOTAL |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Multiutility Bags. |
GENERAL INFORMATION
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No. of Employees : |
Information not given by the management |
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Bankers : |
·
Barclays Bank Plc, Ceejay House, Shivsagar Estate,
Dr. A. Besant Road, Worli, Mumbai-400018, Maharashtra, India ·
Dhanlaxmi Bank Limited, Urmila Complex, 32,
Station Avenue Road, Chembur, Mumbai-400071, Maharashtra, India ·
UCO Bank, Worli Branch, Mumbai, Maharashtra,
India · HDFC Bank · Kotak Mahindra Bank · Standard Charted Bank · Citi Bank · ABN AMRO Bank · Centurion Bank of Punjab |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Viond K Mehta and Company Chartered Accountant |
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Address : |
B-5, Satyam Shopping Centre, 2nd Floor, M. G. Road,
Ghatkopar, Mumbai-400077, Maharashtra, India |
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Tel. No.: |
91-22-21024280 |
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Pan No.: |
AAEPM3796P |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
450000 |
Equity Shares |
Rs.10/- each |
Rs. 4.500
Millions |
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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 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
4.500 |
4.500 |
4.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.204 |
13.073 |
9.588 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.704 |
17.573 |
14.088 |
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LOAN FUNDS |
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1] Secured Loans |
38.161 |
42.630 |
30.562 |
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2] Unsecured Loans |
29.474 |
30.886 |
11.070 |
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TOTAL BORROWING |
67.635 |
73.516 |
41.632 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.339 |
91.089 |
55.720 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.291 |
2.694 |
3.029 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.018 |
0.018 |
0.018 |
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DEFERREX TAX ASSETS |
0.053 |
0.053 |
0.053 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
64.117
|
30.245 |
16.424 |
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Sundry Debtors |
49.381
|
66.313 |
31.245 |
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Cash & Bank Balances |
1.463
|
0.570 |
10.859 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
24.891
|
40.246 |
16.559 |
|
Total
Current Assets |
139.852
|
137.374 |
75.087 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
45.326
|
41.159 |
13.451 |
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Other Current Liabilities |
3.812
|
5.346 |
1.586 |
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Provisions |
3.770
|
2.581 |
7.471 |
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Total
Current Liabilities |
52.908
|
49.086 |
22.508 |
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Net Current Assets |
86.944
|
88.288 |
52.579 |
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MISCELLANEOUS EXPENSES |
0.033 |
0.036 |
0.041 |
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TOTAL |
89.339 |
91.089 |
55.720 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TUROVER |
174.824 |
162.826 |
112.906 |
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PROFIT BEFORE
INTEREST AND DEPRECIATION |
17.990 |
15.455 |
12.260 |
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Less |
INTEREST AND
DEPRECIATION |
10.813 |
9.320 |
6.537 |
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PROFIT BEFORE
TAX |
7.177 |
6.135 |
5.723 |
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Less |
TAX |
2.281 |
1.913 |
2.325 |
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PROFIT AFTER TAX
|
4.896 |
4.222 |
3.398 |
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Add |
DEFERRED TAX |
0.000 |
0.053 |
0.053 |
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Add / Less |
OTHER
ADJUSTMENTS |
|
8.068 |
4.616 |
|
|
|
(0.765) |
0.791 |
0.000 |
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BALANCE CARRIED
OVER |
15.683 |
11.552 |
8.067 |
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Earnings Per
Share (Rs.) |
10.88 |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.11
|
3.77 |
5.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.05
|
4.38 |
7.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.35 |
0.41 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.55
|
6.98 |
4.55 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.64
|
2.80 |
3.34 |
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 |
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3. Constructions 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 |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------ |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
No |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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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 |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Sundry Creditors for Goods |
36.189 |
17.432 |
8.510 |
|
Sundry Creditors for Expenses |
9.137 |
23.727 |
4.941 |
|
TOTAL |
45.326 |
41.159 |
13.451 |
OPERATIONS
During the year, the Company has grown at a reasonable level. The
increase in Sales turnover was due to favourable market scenario. The total
turnover of the Company during the year was Rs. 174.824 Millions. The
operational profit stood at Rs. 57.239 Millions as compared to last year’s Rs.
53.216 Millions. The Company has earned profit before tax of Rs. 7.177 Millions
as compared to Rs. 6.135 Millions in the previous year.
FORM 8
|
Corporate
identity number of the company |
U19120MH1989PTC053739 |
|
Name of the
company |
GENIUS
LEATHERCRAFT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sundaram Estate, 1st Floor, Govandi Station Road, Govandi (East), Mumbai-400088, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Dhanlaxmi Bank Limited, Urmila Complex, 32, Station Avenue Road, Chembur, Mumbai-400071, Maharashtra, India |
|
Nature of
instrument creating charge |
General
hypothecation agreement |
|
Date of
instrument Creating the charge |
25.10.2011 |
|
Amount secured by
the charge |
Rs. 62.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base Rate + 3.75%
= 14.75 % p.a (Present Base Rate 11%) Terms of repayment Cash credit -
Lumpsum on Demand Margin 25% on Stock and
25% on Book Extent and operation of the charge The Bank has
sanctioned a total limit of Rs. 62.500 Millions to the Company. To secure the
repayment of the said limit along with interest the Company has created
charge in Favour of the Bank by way of Hypothecation of its entire current
assets, both present and future. Other The Details of
the Credit 1) Cash
Credit :- Rs. 40.000
Millions 2) Inland /
Foreign Letter of Credit :- Rs.
20.000 Millions 3) Forward
Contracts ( PFE Factor) :- Rs. 2.500
Millions |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Raw Materials, Stock, Finished Goods.(more specifically mentioned in Second Schedule of General Hypothecation
Agreement Dated.25.10.2011) Hypothecation of
Book Debts.(more specifically mentioned
in Second Schedule of General Hypothecation Agreement
Dated.25.10.2011) Hypothecation of
Movable Plant and Machinery and Stores and Spares. (more specifically
mentioned in Second Schedule of
General Hypothecation Agreement Dated.25.10.2011) |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Screen Printing Machine
·
Table Top Ultra Violet
Curing
·
Sweing Machine
·
Computer
·
Furniture and Fittings
·
Motor Vehicles
·
Dies
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. 56.41 |
|
|
1 |
Rs. 88.44 |
|
Euro |
1 |
Rs. 71.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.