MIRA
INFORM REPORT
|
Report Date : |
26.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
AMERICAN STANDARD |
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|
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Registered
Office : |
A-604, Delphi, Orchard Avenue, Hiranandani Business Park, Hiranandani
Gardens, Powai, Mumbai-400076, Maharashtra
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
18.10.2007 |
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Com. Reg. No.: |
11-175156 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
Million |
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|
|
CIN No.: [Company Identification
No.] |
U36990MH2007PTC175156 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA31148F |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Trader and Importer of Bathroom Fixture, Fittings and Accessories. |
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No. of Employees
: |
40 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company has been successful in wiping off the accumulated losses of previous
years. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for small 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
|
Name : |
Mr. Ashish Gupta |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-67891207 |
|
Date : |
25.05.2012 |
LOCATIONS
|
Registered / Corporate Office : |
A-604, Delphi, Orchard Avenue, Hiranandani Business Park, Hiranandani
Gardens, Powai, Mumbai-400076, Maharashtra, India |
|
Tel. No.: |
91-22-67891212 |
|
Fax No.: |
91-22-67897266 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
|
Location : |
Rented |
DIRECTORS
As on 14.06.2011
|
Name : |
Zhimao Shuzong Ye |
|
Designation : |
Director |
|
Address : |
RM, 2103, No. 1, Lane 258, Jiashan Road, Xuhui, China, Shanghai |
|
Date of Birth/Age : |
27.09.1967 |
|
Date of Appointment : |
25.03.2008 |
|
Din No.: |
02057828 |
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|
|
|
Name : |
Jayanta Gosh |
|
Designation : |
Director |
|
Address : |
Flat No. 503, Building No. 5C, Green Meadow, Lokhandwala Town, Ship,
Akruli Road, Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
22.12.1972 |
|
Date of Appointment : |
18.11.2009 |
|
Din No.: |
02776056 |
|
|
|
|
Name : |
Mr. Shreekumar Divakaran |
|
Designation : |
Director |
|
Address : |
42, Primrose, Glendale, Smt. Gladys Alvares Marg, Off, Pokhran Road No.
2, Thane-400601 (West), Maharashtra, India |
|
Date of Birth/Age : |
31.07.1961 |
|
Date of Appointment : |
02.08.2010 |
|
Din No.: |
03073717 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish Gupta |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ceramic Sanitary Ware Pte Limited, Singapore |
|
9999 |
|
Inax Corporation, Japan |
|
1 |
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|
|
|
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Total |
|
10000 |
As on 14.06.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Bathroom Fixture, Fittings and Accessories. |
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Imports : |
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Products : |
Bathroom Fixture, Fittings and Accessories |
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Countries : |
·
Thailand ·
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Other [Dealer] |
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No. of Employees : |
40 [Approximately] |
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Bankers : |
·
Bank of Tokyo-Mitsubishi, Nariman Point, Mumbai,
Maharashtra, India ·
HDFC Bank, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
R. C. Jain and Associates Chartered Accountants |
|
Address : |
624, The Corporate Centre, Nirmal Lifestyle, L.B.S. Marg, Mulund
(West), Mumbai-400080, Maharashtra, India |
|
Tel. No.: |
91-22-25628290 / 91 / 6770107 |
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E-Mail : |
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Pan No.: |
AAFFR7226J |
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Holding Company: |
Ceramic Sanitary Ware Pte Limited, Singapore |
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Associates/Subsidiaries : |
·
American Standard (Jiangmen) Fittings Company
Limited ·
American Standard Korea Inc. ·
A-S (Guangzhou) Enamel Ware Company Limited ·
AS (Shanghai) Pottery Company Limited ·
HuaMei Sanitary Ware Company Limited ·
Ideal Standard International Belgium ·
Ideal Standard (Thailand) Limited ·
WDI International (HK) Limited ·
A-S (China) Company Limited (B and K) |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.469 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(10.095) |
(5.947) |
|
|
NETWORTH |
5.569 |
(9.995) |
(5.847) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
34.000 |
28.000 |
7.130 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
34.000 |
28.000 |
7.130 |
|
|
DEFERRED TAX LIABILITIES |
0.045 |
0.028 |
0.087 |
|
|
|
|
|
|
|
|
TOTAL |
39.614 |
18.033 |
1.370 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
3.252 |
3.258 |
2.875 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
47.081
|
37.049 |
9.607 |
|
|
Sundry Debtors |
82.554
|
30.254 |
47.777 |
|
|
Cash & Bank Balances |
7.650
|
8.222 |
6.496 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.406
|
6.408 |
1.379 |
|
Total
Current Assets |
145.691
|
81.933 |
65.259 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.920
|
62.525 |
63.729 |
|
|
Other Current Liabilities |
2.794
|
0.780 |
2.075 |
|
|
Provisions |
2.615
|
3.853 |
0.960 |
|
Total
Current Liabilities |
109.329
|
67.158 |
66.764 |
|
|
Net Current Assets |
36.362
|
14.775 |
(1.505) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
39.614 |
18.033 |
1.370 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
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|
Income |
|
|
|
|
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|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
187.114 |
105.295 |
74.675 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
164.351 |
106.014 |
79.361 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
164.351 |
106.014 |
79.361 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.763 |
(0.719) |
(4.686) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.543 |
2.445 |
0.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.220 |
(3.164) |
(4.878) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.235 |
1.034 |
0.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
17.985 |
(4.198) |
(5.688) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.422 |
(0.051) |
0.259 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
15.563 |
(4.147) |
(5.947) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(10.094) |
(5.947) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.469 |
(10.094) |
(5.947) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1556.30 |
(414.70) |
(594.70) |
|
|
Particulars |
|
As on 2012 |
As on 2011 |
|
Sales Turnover [Approximately] |
|
230.000 |
190.000 |
Expected Sales (2013) : Rs.280.000 Millions.
The above information has been parted by Mr. Ashish Gupta.
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
8.32
|
(3.94) |
(7.96) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.07
|
(4.93) |
(8.35) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
3.23
|
0.42 |
0.97 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
25.74
|
(9.52) |
(12.64) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.22 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.12.2010 (Rs. in millions) |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
|
Sundry Creditors |
103.920
|
62.525 |
63.729 |
|
Check List by Info
Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
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 |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
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 is currently engaged in the
business as trader under the name American Standard Bath and Kitchen India
Private Limited. The company gross revenue for the year amounted to Rs.171.600
Millions.
PROSPECTUS FOR THE CURRENT YEAR:
The prospectus for the current year, barring
unforeseen circumstances may be considered satisfactory the directors are,
however, confident that the business of the company will be significantly
enhanced through aggressive promotional activities.
FIXED ASSETS:
·
Computer
·
Office Equipments
·
Furniture and Fixtures
·
Air Conditioner
·
Leasehold Improvements
·
Land
·
Moulds
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.56.29 |
|
|
1 |
Rs.88.25 |
|
Euro |
1 |
Rs.70.82 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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.