MIRA
INFORM REPORT
|
Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ELICA PB INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
16.04.2010 |
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Com. Reg. No.: |
11-136095 |
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Capital
Investment / Paid-up Capital : |
Rs. 41.000 Millions |
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CIN No.: [Company Identification
No.] |
U29300PN2010PTC136095 |
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PAN No.: [Permanent Account No.] |
AACCE3614M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Kitchen Accessories |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 moderate track. There appears
huge losses recorded by the company during the year. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 DENIED BY
MANAGEMENT NON-COOPERATIVE
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-20-26934011/26934012 |
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Fax No.: |
91-20-26934018 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Pralhad Badrinarayan Bhutada |
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Designation : |
Whole Time Director Designated CEO |
|
Address : |
Bungalow No A 07 Padma Vilas, Enclave B No |
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Date of Birth/Age : |
04.12.1965 |
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Qualification : |
BE Electronics |
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Experience : |
21 Years |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
00272306 |
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|
|
Name : |
Mr. Dileep Raghunath Shringarpure |
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Designation : |
Whole Time Director |
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Address : |
501 Victory CHSL 5th Floor, Plot No 24, Off Subhash Road, Vile Parle
(East), Mumbai - 400057, Maharashtra, India
|
|
Date of Birth/Age : |
30.06.1955 |
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Date of Appointment : |
16.04.2010 |
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DIN No.: |
00272370 |
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Name : |
Mr. Vincenzo Maragliano |
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Designation : |
Director |
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Address : |
Via Dell'autiere 5/1, 31046 Oderzo – |
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Date of Birth/Age : |
19.12.1966 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
03037891 |
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Name : |
Mr. Andrea Sasso |
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Designation : |
Director |
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Address : |
Via G.B. Pergolesi, 9 60030 San Marcello An, |
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Date of Birth/Age : |
24.08.1965 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
03037902 |
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Name : |
Mr. Alessandra Fagotti |
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Designation : |
Director |
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Address : |
Via Scalette N.2, 06038 Spello (PG), |
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Date of Birth/Age : |
30.12.1968 |
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Date of Appointment : |
28.05.2010 |
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DIN No.: |
03037918 |
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Name : |
Mr. Alberto Romagnoli |
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Designation : |
Additional director |
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Address : |
Strada della Chiusa, 91, Vallone - Senigallia (AN), |
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Date of Birth/Age : |
05.11.1978 |
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Date of Appointment : |
31.01.2012 |
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DIN No.: |
05206023 |
KEY EXECUTIVES
|
Name : |
Mr. Bhaskar S. Soman |
|
Designation : |
Company Secretary |
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Address : |
A-12, Shree Ram Residency, Suvarnabaug Colony, Kothrud, Pune – 411038,
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Dileep Raghunath Shringarpure |
|
492000 |
|
Mrs. Pallavi Pralhad Bhutada |
|
5000 |
|
ELICA S.p.A |
|
2091000 |
|
Mr. Shamsunder Bhattad |
|
246000 |
|
Mr. Pralhad Badrinarayan Bhutada Jointly With Mrs. Pallavi Pralhad Bhutada |
|
1020000 |
|
Mr. Nishant Hundiwala |
|
246000 |
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Total |
|
4100000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
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Directors
or relatives of directors |
|
25.00 |
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Other
top fifty shareholders |
|
24.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Kitchen Accessories |
PRODUCTION STATUS AS ON (31.12.2010)
|
|
2010 |
|
Class of Goods Manufactured |
Quantity |
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Annual Installed Capacity * |
Nos. |
|
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Kitchenhoods |
72000 |
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Cook Tops |
50000 |
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Cooking Ranges |
2000 |
* As certified by management and not
independently verified by the auditors, this being a technical matter (based on
single shift)
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
HDFC Bank Limited – HDFC Bank House Senapati Bapat Marg, Lower Parel
West, Mumbai – 400013, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to ruby Hall Clinic, Bund Garden
Road, Pune – 411001, Maharashtra, India |
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Tel. No.: |
91-20-30585764/ 30585765 |
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Fax No.: |
91-20-30585775 |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
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Holding Company : |
Elica SPA, |
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Enterprises over which key management personnel exercises significant
influences : |
Europlak SV Cucine Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4250000 |
Equity Shares |
Rs. 10/- each |
Rs. 42.500 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4100000 |
Equity Shares |
Rs. 10/- each |
Rs. 41.000
Millions |
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|
|
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|
Note: Of the above 2091000 Equity Shares of Rs. 10
each are held by Elica SpA Italy, the Holding Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
41.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
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3] Reserves & Surplus |
|
|
0.000 |
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4] (Accumulated Losses) |
|
|
(97.830) |
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NETWORTH |
|
|
(56.830) |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4.520 |
|
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2] Unsecured Loans |
|
|
103.662 |
|
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TOTAL BORROWING |
|
|
108.182 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
51.352 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
|
46.627 |
|
|
Capital work-in-progress |
|
|
3.282 |
|
|
|
|
|
|
|
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INVESTMENT |
|
|
0.000 |
|
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DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
101.642 |
|
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Sundry Debtors |
|
|
78.093 |
|
|
Cash & Bank Balances |
|
|
4.226 |
|
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Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
26.313 |
|
Total
Current Assets |
|
|
210.274 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
157.916 |
|
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Other Current Liabilities |
|
|
44.180 |
|
|
Provisions |
|
|
6.735 |
|
Total
Current Liabilities |
|
|
208.831 |
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Net Current Assets |
|
|
1.443 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
51.352 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
216.727 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
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Administrative Expenses |
|
|
|
|
|
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Advertising Expenses |
|
|
|
|
|
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TOTAL |
|
|
308.253 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(91.526) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
6.304 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
(97.830) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
Nil |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
|
(97.830) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Sales |
|
|
0.018 |
|
|
TOTAL EARNINGS |
|
|
0.018 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
100.097 |
|
|
|
Capital Goods |
|
|
11.479 |
|
|
|
Trading Goods |
|
|
35.073 |
|
|
TOTAL IMPORTS |
|
|
146.649 |
|
|
|
|
|
|
|
|
|
|
Earnings/ Loss
Per Share (Rs.) |
|
|
(32.50) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.12.2010 |
|
PAT / Total Income |
(%) |
|
|
(45.14) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(38.08) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(1.72) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
(5.58) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.01 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
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6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last one year |
Yes |
|
12. Profitability for last one year |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
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 |
No |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS:
|
Particulars |
31.12.2010 |
|
Sundry creditors for goods and services
(other than micro and small enterprises) |
157.917 |
REVIEW
It is impossible to ignore
Hood and
Hob Industry
Very young market in India, this industry can be basically treated and
classified as Life style kitchen appliances industry which is quite young and has started
taking shape only at the end of 90’s and it was during 1997 that Electric
Chimneys (Kichenhoods) with International Standards was introduced in India
when the awareness about such appliances was practically non-existent. This
life style kitchen appliances industry mainly consists of products like -
Kitchen Chimneys
Built in Gas Hobs
Premium Table Top Cook Tops
Premium Cooking Ranges
Built in Oven and Microwave Oven
Built in Deep Fryers, Barbeque
Built in Dishwashers, etc
Till recently this market was dominated by one single Brand over the
years apart from unorganised competition-thru imports from China however since
the entry of the company during May 2010 in Joint Venture with Elica SpA of
Italy the complete dynamics have changed and basically the differences between
no 1 Kitchenhood company and Number 2 is large and there is big vacuum and room
available for Elica, as there is desire and need for good product in terms of
aesthetics and quality and considering this opportunity the company is and will
be targeting this segment with a clear vision to be the most preferred Brand.
It is the Strength of Elica SpA to present beautiful and innovative
designs and differentiate itself from the market. The company would leverage
the advantage of such innovative designs of Elica as they have a separate focus
on potential dealers, kitchen studios
who sell such products and all efforts are made to set up displays of these
products at strategic outlets: in order to show case the strength of Elm.
Company also plans to set up Hi Life stores exhibiting the Hi Life Collection
of EIica in all Metros / Semi Metros. They already have the Elica Hi Life stores
at Mumbai and there are more than 50 Elica Studios with exclusive Elica
appliances display in major cities of
Penetration
Levels, Displays and Visibility –
· The company has already set up over 50 distributors at strategic locations and plans to expand its network in order to cover the complete geographical area.
· The criterion of selecting the distributors hat, been lo ensure that they are young, aggressive and financially strong.
·
Company plans to set up exclusive displays and
display centers across
·
Company has set up its flagship store at Mumbai
which will then be replicated with Franchisee set up in major metros like
Media Plan and mix
Company mainly focuses on print media In order to have good brand
visibility and the activities cower the following –
Magazines (Interior and Woman related) for Corporate and Brand building
advertisements.
Advertisements in Special Hi-end supplements for Brand building like
Times Life Hoardings (5111 boards).
Local news Dailes for putting strategic price advertisements like Times
of India, Hindu, ABP etc
SALES AND
COMPETITION
The market situation is overall slow however your company has been able
to penetrate into major metros and major cities In the first year of its
operation and if they have a look at the product mix for the year the trend of
the consumers opting for buying more of Glass and Decorative type of Hoods is
increasing. Also it is very important to note that Kitchenhood industry
in
The company mainly faces competition from only one organised competitor
in this segment i,e, brand Faber which IS a company established for more than
13 years now. However the company has been able Lo achieve Number 2 position in
the first year of operation itself.
Further they cannot ignore the fact that many traders import the
material (kitchenhoods and other appliances) from Europe (mainly
The market situation is quite positive for our Brand as they are building the
trust with the customer and theys offer the most innovative designs and good
quality products with the support of Elica SPA.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U29300PN2010PTC136095 |
|
Name of the
company |
ELICA PB INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email ID: nhundhiwala@gmail.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Others (Motor Car Make BMW X 1st Drive2Od Exclusive) |
|
Particular of
charge holder |
CIN No.: U65921HR2009FTC039654 BMW Email ID: BMWFS-CustomerService@bmw.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement No.
CN00013736 for Auto loan dated 23.06.2011 for INR 2,736,000.00 |
|
Date of
instrument Creating the charge |
23.06.2011 |
|
Amount secured by
the charge |
Rs. 2.736
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 10.76% p.a Terms of Repayment To be paid in 60
equated monthly installments of INR 58,632.00 each. Margin as per agreement Extent and Operation of the charge as per agreement |
|
Short particulars
of the property charged |
Motor Car Make BMW
X 1st Drive2Od Exclusive (VIN:WBAVN37010VR47255) |
FIXED ASSETS:
Tangible
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment
·
Dies, Tools and Fixtures
·
Computers
·
Furniture and Fixtures
·
Displays Stands
·
Vehicle
Intangible
·
Software
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. 56.31 |
|
|
1 |
Rs. 88.06 |
|
Euro |
1 |
Rs. 70.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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.