MIRA INFORM REPORT
|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SONARCH INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B-112, Hind Saurashtra Industrial Estate, Marol Naka, Opposite
National Garage, Andheri (East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 (Provisional) |
|
|
|
|
Date of
Incorporation : |
19.02.2008 |
|
|
|
|
Com. Reg. No.: |
11-179108 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.667 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH2008PTC179108 |
|
|
|
|
IEC No.: |
0308005058 (Dated: 22.04.2008) |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS58891A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALCS7685K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trading in Vitrified Tiles. |
|
|
|
|
No. of Employees
: |
44 (Approximately) (Office – 31, Warehouse – 5, Branch – 8) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having a moderate track record. It deals into ceramic and vitrified tiles and has Picasso ceramic as
its registered trade mark. The external borrowings of the company are huge and the profit margin
is low. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: B+ |
|
Rating Explanation |
High risk of default |
|
Date |
April, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk, |
|
Date |
April, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Tejas Anil Shah |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9821320920 |
|
Date : |
14.08.2013 |
LOCATIONS
|
Registered Office : |
B-112, Hind Saurashtra Industrial Estate, Marol Naka, Opposite National
Garage, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-67286700/ 67286728 (30 Lines) |
|
Mobile No.: |
91-9821320920 (Mr. Tejas Anil Shah) |
|
Fax No.: |
91-22-67286712 |
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E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Branch Offices (Chennai): |
106, D’castor Road, Basin Bridge, Chennai – 600006, Tamilnadu, India |
|
Email : |
|
|
Location : |
Owned |
|
|
|
|
Branch Offices (Bangalore) : |
269/1, Mysore Road, Near BSNL Telephone Exchange, Bangalore – 560026,
Karnataka, India |
|
Email : |
|
|
Location : |
Owned |
DIRECTORS
(AS ON 27.09.2012)
|
Name : |
Mr. Tejas Anil Shah |
|
Designation : |
Managing Director |
|
Address : |
302, 3rd Floor, Shibani Apartment, Sarojini Road, Vile
Parle (West), Mumbai – 400056, Maharashtra, India |
|
Date of Birth/Age : |
02.04.1974 |
|
Qualification : |
B.E.(Electronic), D.B.M. |
|
Experience : |
17 years |
|
Date of Appointment : |
19.02.2008 |
|
DIN No.: |
01769290 |
|
|
|
|
Name : |
Mr. Nilesh Jaswant Parekh |
|
Designation : |
Director |
|
Date of Birth/Age : |
09.01.1966 |
|
Qualification : |
B. Com |
|
|
|
|
Name : |
Mr. Hemant Doshi |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.11.1969 |
|
Qualification : |
M. Com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Tejas Anil Shah |
|
99983 |
|
Nilesh Jaswant Parekh |
|
66666 |
|
Others |
|
17 |
|
|
|
|
|
Total |
|
166666 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
59.99 |
|
Others |
|
40.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Vitrified Tiles. |
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|
|
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Imports : |
|
|
Products : |
· Vitrified Tiles · Clay |
|
Countries : |
· China · Italy · Spain |
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|
|
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Terms : |
|
|
Purchasing : |
L/C and Credit (45 days) |
GENERAL INFORMATION
|
Suppliers : |
· Anjaneya Trading Pte Limited 89, Short Street, #09-05, Golden Wall Centre, Singapore – 188216 91-9820024073 (Mr. Jasmin Vora) |
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
44 (Approximately) (Office – 31, Warehouse – 5, Branch – 8) |
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Bankers : |
· Corporation Bank Vile Parle Branch, 8 and 9, Kadamgiri Complex, Hanuman Road, Vile Parle East, Mumbai – 400057, Maharashtra, India · Corporation Bank LCB, Suren Road, Andheri (East), Mumbai – 400059, Maharashtra, India Cash Credit – Rs.95.000 Millions Import L/C – Rs.53.000 Millions · ICICI Bank · Central Bank of India · Axis Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
V. S. Kothari and Associates Chartered Accountants |
|
Address : |
87-A, Raj Chambers, Devji Ratansey Marg, Mumbai – 400009, Maharashtra,
India |
|
Tel. No.: |
91-22-23483347/ 24098752/ 23481139 |
|
Fax No.: |
91-22-23484673 |
|
PAN No.: |
AAAFV5377R |
|
Email : |
|
|
Website : |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
166666 |
Equity Shares |
Rs.100/- each |
Rs.16.667
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 (Provisional) |
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.667 |
16.667 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24.751 |
23.456 |
8.091 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
41.418 |
40.123 |
13.091 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
102.669 |
109.857 |
66.736 |
|
|
2] Unsecured Loans |
43.252 |
44.590 |
17.459 |
|
|
TOTAL BORROWING |
145.921 |
154.447 |
84.195 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
187.339 |
194.570 |
97.286 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.952 |
6.776 |
5.231 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.159 |
0.159 |
12.694 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.017 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
172.877
|
118.249 |
107.663 |
|
|
Sundry Debtors |
169.719
|
186.287 |
108.014 |
|
|
Cash & Bank Balances |
17.852
|
17.795 |
8.940 |
|
|
Other Current Assets |
0.000
|
0.000 |
1.768 |
|
|
Loans & Advances |
2.158
|
3.845 |
8.983 |
|
Total
Current Assets |
362.606
|
326.176 |
235.368 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
142.431
|
116.559 |
144.461 |
|
|
Other Current Liabilities |
28.566
|
14.575 |
2.857 |
|
|
Provisions |
9.381
|
7.407 |
8.755 |
|
Total
Current Liabilities |
180.378
|
138.541 |
156.073 |
|
|
Net Current Assets |
182.228
|
187.635 |
79.295 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.049 |
|
|
|
|
|
|
|
|
TOTAL |
187.339 |
194.570 |
97.286 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (Provisional) |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
648.201 |
583.064 |
438.011 |
|
|
|
Other Income |
2.232 |
3.032 |
0.831 |
|
|
|
TOTAL (A) |
650.433 |
586.096 |
438.842 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
521.086 |
452.364 |
|
|
|
|
Direct Expenses |
72.806 |
72.100 |
|
|
|
|
Employee Benefit Expenses |
10.678 |
10.773 |
|
|
|
|
Administrative Expenses |
12.280 |
11.363 |
|
|
|
|
Selling and Distribution Expenses |
5.918 |
10.153 |
|
|
|
|
Currency Exchange Loss |
4.493 |
4.177 |
|
|
|
|
TOTAL (B) |
627.261 |
560.930 |
425.148 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.172 |
25.166 |
13.694 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.393 |
20.129 |
9.497 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.779 |
5.037 |
4.197 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.538 |
1.683 |
0.867 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.241 |
3.354 |
3.330 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.615 |
1.322 |
0.955 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.626 |
2.032 |
2.375 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.626 |
2.032 |
2.375 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.76 |
12.19 |
47.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (Provisional) |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.25
|
0.35 |
0.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.35
|
0.58 |
0.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.61
|
1.01 |
1.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.52
|
3.85 |
6.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
2.35 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
Particulars |
31.03.2013 (Provisional) |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
From Directors, Relations and friends |
43.252 |
44.590 |
|
|
|
|
|
Total |
43.252 |
44.590 |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENTS OF WORKING
CAPITAL EQUIPMENTS
PROFIT
AND LOSS ACCOUNTS
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2014 |
31.03.2015 |
|
|
(Estimated) |
(Projection) |
|
|
|
|
|
Domestic Sales |
1263.992 |
1895.988 |
|
Export Sales |
0.000 |
0.000 |
|
Total
Sales |
1263.992 |
1895.988 |
|
|
|
|
|
% of rise in sales (+)/ Fall (-) |
95.00% |
0.50 |
|
|
|
|
|
Exporter Incentives
|
|
|
|
Opening Stock |
172.877 |
231.732 |
|
Purchases |
1112.313 |
1673.209 |
|
Direct Expenses |
113.759 |
182.015 |
|
Closing Stock |
231.732 |
348.957 |
|
Sub
Total (Total Cost of Sales) |
1167.217 |
1737.999 |
|
|
|
|
|
Gross
Profit |
96.775 |
157.989 |
|
|
|
|
|
Service Charges and Other Income |
-- |
-- |
|
|
|
|
|
Sub
Total |
96.775 |
157.989 |
|
|
|
|
|
Selling General and Admin Expenses and
Personnel Cost |
65.096 |
113.759 |
|
|
|
|
|
Operating
[profit Before Depreciation and Interests
|
31.679 |
44.230 |
|
|
|
|
|
Depreciation |
2.000 |
1.400 |
|
Operating Profit before Interests |
29.679 |
42.830 |
|
Interests |
20.000 |
23.500 |
|
|
|
|
|
Operating
Profit After Interests |
9.679 |
19.330 |
|
|
|
|
|
Other
Income/ Expenditure (Non Operating) |
|
|
|
Add: Income |
2.800 |
3.000 |
|
Deduct: Expenses |
0.000 |
0.000 |
|
Sub
Total |
0.000 |
0.000 |
|
|
|
|
|
Profit Before Tax/ Loss |
12.479 |
22.330 |
|
|
|
|
|
Less: Provision for Taxes |
3.120 |
5.583 |
|
|
|
|
|
Net Profit After Tax |
9.359 |
16.748 |
|
|
|
|
|
Retained Profit of Previous years |
0.000 |
0.000 |
|
|
|
|
|
Less: Appropriations |
|
|
|
- Proposed Dividend |
-- |
-- |
|
- Transport to General Reserve |
-- |
-- |
|
|
|
|
|
Retained Profit/ (Loss) |
9.359 |
16.748 |
|
|
|
|
|
PBT/
Gross Sales |
0.99% |
0.01 |
|
PAT/
Gross Sales |
0.74% |
0.01 |
|
Dividend
Rate (%) |
-- |
0.00 |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2014 |
31.03.2015 |
|
LIABILITIES |
(Estimated) |
(Projection) |
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
Short Term Bank
Borrowings |
|
|
|
(i) From Corporation Bank |
-- |
-- |
|
(ii) Cash Credit |
-- |
-- |
|
|
|
|
|
Short Term Bank
Borrowings |
|
|
|
(i) From Union Bank of India |
-- |
-- |
|
(ii) Cash Credit –Cum-Letter of
Credit |
250.000 |
250.000 |
|
|
|
|
|
Sub Total (A) |
250.000 |
250.000 |
|
|
|
|
|
Sundry Creditors for goods (Including under L/C-100.000 Millions |
50.000 |
100.000 |
|
|
|
|
|
Sundry creditors for Expenses |
4.500 |
12.500 |
|
|
|
|
|
Unsecured Loans and deposits other than
quasi equity |
-- |
-- |
|
|
|
|
|
Advance Received from Customers |
5.000 |
22.500 |
|
|
|
|
|
Provision for taxation if any |
2.000 |
5.500 |
|
|
|
|
|
Term Liability due within 1 year |
-- |
-- |
|
|
|
|
|
Other Current Liabilities and Provision
(Due within 1 years) |
21.300 |
24.236 |
|
|
|
|
|
Sub
Total (B) |
82.800 |
164.736 |
|
|
|
|
|
TOTAL
CURRENT LIABILITIES (A+B) |
332.800 |
414.736 |
|
|
|
|
|
TERM
LIABILITIES |
|
|
|
Unsecured Loans and Deposits which are in
the nature of quasi equity |
79.000 |
95.000 |
|
|
|
|
|
Term Loans |
0.795 |
0.495 |
|
|
|
|
|
Other Term Liabilities, if any
(Debentures) |
0.000 |
0.000 |
|
|
|
|
|
Sub
Total (C) |
79.795 |
95.495 |
|
|
|
|
|
TOTAL
OUTSIDE LIABILITIES |
412.595 |
510.231 |
|
|
|
|
|
NET
WORTH |
|
|
|
Paid up Share Capital |
16.666 |
16.666 |
|
Share Premium Account |
13.333 |
13.333 |
|
Reserves and Surplus |
20.777 |
37.525 |
|
Sub
Total (D) |
50.776 |
67.524 |
|
|
|
|
|
TOTAL
LIABILITIES |
463.371 |
577.755 |
|
|
||
|
ASSETS
|
|
|
|
CURRENT
ASSETS |
|
|
|
Cash & Bank Balance |
28.300 |
26.500 |
|
Advance payment for Raw Materials |
-- |
-- |
|
Sundry Debtors |
198.352 |
198.310 |
|
Inventories |
231.732 |
348.957 |
|
Advance Payment of Taxes |
-- |
-- |
|
Loans and Deposits |
2.300 |
2.700 |
|
Other Current Assets |
-- |
-- |
|
|
|
|
|
Total
Current Assets |
460.684 |
576.467 |
|
|
|
|
|
FIXED
ASSETS |
|
|
|
Gross Block |
10.952 |
2.687 |
|
Depreciation to due |
8.265 |
1.400 |
|
Net
Block |
2.687 |
1.287 |
|
|
|
|
|
Capital Work-in-progress/ Deferred tax
Assets |
0.159 |
0.159 |
|
|
|
|
|
Other current Assets (Such as dues from associates,
investments/ dues which are not of nature of current assets) |
-- |
-- |
|
|
|
|
|
Intangible assets, Misc, Expenditures
(Such as goodwill, doubtfull debts etc) |
-- |
-- |
|
|
|
|
|
TOTAL
ASSETS |
463.371 |
577.754 |
|
|
|
|
|
Tangible Net Worth |
50.776 |
67.524 |
|
|
|
|
|
Net Working Capital |
127.884 |
161.732 |
|
|
|
|
|
Current Ratio |
1.38 |
3.14 |
|
|
|
|
|
Total Outside Liabilities/ tangible Net
worth |
3.18 |
3.14 |
|
|
|
|
|
Total Term Liabilities/ Tangible Net worth
|
0.61 |
0.59 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE STATEMENT OF
CURRENT ASSETS AND CURRENT LIABILITIES
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2014 |
31.03.2015 |
|
|
(Estimated) |
(Projection) |
|
|
|
|
|
A. CURRENT ASSETS |
|
|
|
Inventories |
231.732 |
348.957 |
|
Months cost of Sales |
2.38 |
2.41 |
|
|
|
|
|
Sundry Debtors |
198.352 |
198.310 |
|
Months Sales |
1.88 |
1.26 |
|
|
|
|
|
Advance to suppliers of raw Materials and stores/ spares, Consumables |
-- |
-- |
|
|
|
|
|
Other Current Assets including Cash & Bank balances, differed receivables due within one Year (Specify Major items) |
30.600 |
29.200 |
|
|
|
|
|
TOTAL CURRENT ASSETS |
460.684 |
576.467 |
|
|
|
|
|
B) CURRENT LIABILITIES |
|
|
|
(Other than bank borrowings for working capital) |
|
|
|
|
|
|
|
Creditors for purchase of raw materials, stores and consumable spares |
50.000 |
100.000 |
|
Months' purchases : |
0.54 |
0.72 |
|
|
|
|
|
Sundry Creditors for Expenses |
4.500 |
12.500 |
|
Unsecured Loans and Deposits |
-- |
-- |
|
Other than quasi-equity |
-- |
-- |
|
Other Current Liabilities |
21.300 |
24.236 |
|
Advances Received from Customers |
5.000 |
22.500 |
|
Provision for taxation |
2.000 |
5.500 |
|
Others |
-- |
-- |
|
|
|
|
|
Total Current Liabilities |
82.800 |
164.736 |
|
|
|
|
|
Working Capital Gap |
377.884 |
411.731 |
|
|
|
|
|
Actual/ Projected bank borrowings for working capital including bills purchase and discounted and excess borrowing place on repayment basis |
250.000 |
250.000 |
|
|
|
|
|
Total Current Liabilities |
332.800 |
414.736 |
|
|
|
|
|
Net Working Capital |
127.884 |
161.731 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION
OF MAXIMUM PERMISSIBLE BANK FINANCE AND WORKING CAPITAL
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2014 |
31.03.2015 |
|
|
(Estimated) |
(Projection) |
|
|
|
|
|
1 Total current assets |
-- |
-- |
|
|
|
|
|
2 Other Current Liabilities |
-- |
-- |
|
[Other than bank borrowings] |
|
|
|
|
|
|
|
3 Working capital gap [WCG] |
377.884 |
411.731 |
|
|
|
|
|
4 Min. stipulated Net Working Capital – 25 % of total current assets
other than Export Receivables |
115.171 |
144.117 |
|
|
|
|
|
5 Actual/ Projected net working capital |
127.884 |
161.732 |
|
|
|
|
|
6 Item 3 minus item 4 |
262.713 |
267.615 |
|
|
|
|
|
7 item 3 minus item 5 |
250.000 |
250.000 |
|
|
|
|
|
8 Maximum permissible bank finance [item 6 or 7, whichever is lower] |
250.000 |
250.000 |
|
|
|
|
|
9 Excess borrowings, if any representing shortfall in NWC [4-5] |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
FUND
FLOW STATEMENT
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2014 |
31.03.2015 |
|
|
(Estimated) |
(Projection) |
|
1. SOURCES |
|
|
|
a) Net profit (after tax) |
9.359 |
16.748 |
|
b) Depreciation |
2.000 |
1.400 |
|
c) Increase in capital |
0.000 |
0.000 |
|
d) - Increase in Term Loans |
-- |
-- |
|
- Increase in Unsecured
Loans |
-- |
-- |
|
- Increase in Deposit |
-- |
-- |
|
- Increase in Quasi
Capital |
35.748 |
16.000 |
|
e) Decrease in: |
|
|
|
i) Fixed Assets |
-- |
-- |
|
ii) Other Non Current Assets |
-- |
-- |
|
f) Others |
-- |
-- |
|
|
|
|
|
g) TOTAL |
47.107 |
34.148 |
|
|
|
|
|
2. USES |
|
|
|
a) Net loss |
-- |
-- |
|
b) Decrease in – Term
Liability |
-- |
-- |
|
Decrease in – Unsecured
Loan |
-- |
-- |
|
c) Increase in: |
|
|
|
i) Fixed Assets |
-- |
-- |
|
ii) Other Non Current
Assets |
-- |
-- |
|
d) Dividend Payments |
-- |
-- |
|
e) Others |
-- |
-- |
|
|
|
|
|
f) TOTAL |
-- |
-- |
|
|
|
|
|
3. Long
Term Surplus(+)/ deficit(-) [1-2] |
47.107 |
34.148 |
|
|
|
|
|
4.
Increase/decrease in current assets*
(as per details given below) |
-- |
-- |
|
|
|
|
|
5.
Increase/decrease in current liabilities other than bank borrowings. |
(97.577) |
81.936 |
|
|
|
|
|
6.
Increase/decrease in Working Capital Gap. |
195.657 |
33.848 |
|
|
|
|
|
7.
Net surplus (+)/ deficit (-) (Difference of 3 & 6) |
(148.550) |
0.300 |
|
|
|
|
|
8.
Increase/decrease in Bank borrowings |
148.685 |
0.000 |
|
|
|
|
|
Increase/Decrease in Net Sales |
615.791 |
1895.988 |
------------------------------------------------------------------------------------------------------------------------------
MR.
NILESH J. PAREKH
BALANCE SHEET
(RS. IN MILLIONS)
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
632.958 |
638.582 |
672.258 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
632.958 |
638.582 |
672.258 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.231 |
32.550 |
10.737 |
|
|
2] Unsecured Loans |
36.241 |
7.925 |
0.000 |
|
|
TOTAL BORROWING |
80.472 |
40.475 |
10.737 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
713.430 |
679.057 |
682.995 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
472.662 |
408.980 |
237.646 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
6.675
|
3.663 |
0.883 |
|
|
Other Current Assets |
16.465
|
10.517 |
22.348 |
|
|
Loans & Advances |
315.555
|
302.935 |
443.199 |
|
Total
Current Assets |
338.695
|
317.115 |
466.430 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
97.927
|
47.038 |
21.081 |
|
|
Net Current Assets |
240.768
|
270.077 |
445.349 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
713.430 |
679.057 |
682.995 |
|
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION
OF TOTAL INCOME
(MR. NILESH J. PAREKH)
(RS. IN MILLIONS)
|
Particulars |
2012-2013 |
|
|
INCOME FROM HOUSE
PROPERTY |
|
|
|
Deemed to be let
out (Royal Farm) |
|
|
|
Rent Receivable |
0.048 |
|
|
Less: Standard
Deduction U/s 24 (I) |
0.014 |
0.034 |
|
|
|
|
|
Letout Property
(Platinum Mall – Vashi) |
|
|
|
Rent Receivable |
0.446 |
|
|
Less: Stoddard
Deduction U/s 24(I) |
0.134 |
0.312 |
|
|
|
|
|
Letout property
(Poonam) |
|
|
|
Rent Receivable |
0.178 |
|
|
Less: Standard
D3ecution u/s 24(i) |
0.053 |
0.124 |
|
|
|
|
|
Letout Property
(Jai Bandhu) |
|
|
|
Rent Receivable |
0.310 |
|
|
Less: Standard
Deduction u/s 24(i) |
0.093 |
0.217 |
|
|
|
|
|
Letout Property
(Vindyachal) |
|
|
|
Rent Receivable |
0.300 |
|
|
Less: Standard
Deduction u/s 24(i) |
0.090 |
0.210 |
|
|
|
|
|
Letout Property
(Platinium Mall – Ghatkopar) |
|
|
|
Rent Receivable |
0.837 |
|
|
Less: Standard
Deduction u/s 24(I) |
0.251 |
0.586 |
|
|
|
1.483 |
|
|
|
|
|
INCOME FROM
BUSINESS AND PROFESSION |
|
|
|
Profit from
share trading business |
(11.056) |
|
|
Add: Speculation
loss consd separately |
2.843 |
(8.213) |
|
|
|
|
|
Speculation loss
carried forward |
2.843 |
|
|
|
|
|
|
Share of Profit
from National Lamination Industries |
7.318 |
(8.213) |
|
|
|
|
|
CAPITAL GAINS |
|
|
|
Long Term
Capital gain on sale of Unlisted equity shares |
|
|
|
Sale
consideration recd on sale of 2500 shares of Nippon Transcore Private Limited
|
18.290 |
|
|
Less: Purchases
Consideration (27.09.1993) |
0.230 |
|
|
Indexed Cost
0.230 x 785/244 |
0.740 |
17.550 |
|
|
|
|
|
INCOME FROM
OTHER SOURCES |
|
|
|
Interests
received as per capital account |
22.680 |
|
|
|
|
|
|
Income of Minor
Child |
|
|
|
Interests recd
from: |
|
|
|
Bank 0.037 |
|
|
|
Fixed Deposit
0.039 |
0.075 |
|
|
Less: Exemption |
(0.002) |
22.754 |
|
|
|
|
|
Gross Total
Income |
|
33.573 |
|
|
|
|
|
Less: Deduction
under Chapter VI A |
|
|
|
U/s 80 C on Life
Insurance Premium |
0.100 |
|
|
U/s 80 D On
Mediclaim |
-- |
|
|
Allowable upto |
|
|
|
U/s 80 G on
Donation |
0.015 |
0.115 |
|
|
|
|
|
TOTAL INCOME |
|
33.458 |
|
|
|
|
|
Income Taxable
on LTCG @ 20 % |
17.550 |
3.510 |
|
Income Taxable
at Normal Rates |
15.908 |
4.624 |
|
|
|
|
|
Total Tax
Payable |
|
8.134 |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT
OF TOTAL INCOME
(MR. TEJAS ANIL SHAH)
(RS. IN MILLIONS)
|
Particulars |
2012-2013 |
|
|
|
|
|
|
Salary |
|
0.600 |
|
|
|
|
|
Business and Profession |
|
2.047 |
|
|
|
|
|
Income from Other Sources |
|
0.249 |
|
|
|
|
|
GROSS TOTAL INCOME |
|
2.986 |
|
|
|
|
|
Less: Deduction under Chapter VI-A |
|
0.115 |
|
|
|
|
|
Total Income (Rounded U/s 288A) |
|
2.781 |
|
|
|
|
|
Income Claimed to be Exempt from Income Tax |
|
0.201 |
|
|
|
|
|
Tax Payable |
|
0.686 |
|
|
|
|
|
Add: Education Cess @ 2% |
|
0.014 |
|
Add: Secondary and Higher Education Cess @
1% |
|
0.006 |
|
|
|
0.020 |
|
|
|
|
|
Total |
|
0.706 |
|
|
|
|
|
Less: Tax Deducted at Sources |
|
0.041 |
|
|
|
0.665 |
|
|
|
|
|
Add: Interests U/s 234 |
|
|
|
U/s 234 B (1% x 665300 x6)/100) |
0.040 |
|
|
U/s 234 C(1) (3% x (199600-0) |
0.006 |
|
|
U/s 234 C(2) (3% x (399200-0) |
0.012 |
|
|
U/s 234 C(3) (1% x 665300-0) |
0.007 |
|
|
|
|
0.065 |
|
|
|
|
|
SA Tax Payable (Rounded U/s 288B) |
|
0.730 |
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS:
· Air Conditioner
· Battery
· Computer
· Fax Machine
· Furniture and Fixture
· Master Electricity Fittings
· Mobile Instrument
· Motor Car
· Office Equipment
· Telephone Instrument
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 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 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.61.43 |
|
|
1 |
Rs.95.08 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.