MIRA
INFORM REPORT
|
Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BARON LEATHER PRIVATE LIMITED |
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Registered
Office : |
7-H, Laxmi Industrial Estate, New |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.01.2009 |
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Com. Reg. No.: |
11-189323 |
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Capital
Investment / Paid-up Capital : |
Rs. 9.300 Millions |
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CIN No.: [Company Identification
No.] |
U19116MH2009PTC189323 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19337D |
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PAN No.: [Permanent Account No.] |
AADCB6760E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Upholstery
Leather Hides, Top Grain Cowhide Leather |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 110000 |
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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 a satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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. Mani Vannan |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-26399182 |
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Date : |
04.01.2013 |
LOCATIONS
|
Registered Office/ Head Office/ Factory : |
7-H, Laxmi Industrial Estate, New |
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Tel. No.: |
91-22-26399182/ 83/ 84/ 85 |
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Fax No.: |
91-22-26399181 |
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E-Mail : |
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Website : |
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Warehouse 1 : |
Laxmi Industrial Estate, |
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Location : |
Rented |
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Warehouse 2 : |
Also located at: ·
Mira Road, Thane, Maharashtra, India |
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Branch Office 1 : |
6-H/1, 3rd Floor, Shahpur Jat, New Delhi – 110049, India |
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Tel. No.: |
91-11-26490812/ 13 |
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E-Mail : |
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Branch Office 2 : |
# 8, Wood Street, Bangalore – 560 025, Karnataka, India |
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Tel. No.: |
91-80-41533311 |
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E-Mail : |
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Branch Office 3 : |
2, Upaven Twins Bunglow, Near Shyamal Cross Road, Ahmedabad – 380015, Gujarat, India |
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Tel. No.: |
91 79-2676 9031 |
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E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Bijal Suryakant Maniar |
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Designation : |
Chairman cum Managing Director |
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Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
08.05.1970 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02320698 |
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Name : |
Mrs. Priti Bijal Maniar |
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Designation : |
Director |
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Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02346565 |
KEY EXECUTIVES
|
Name : |
Mr. Mani Vannan |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
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Names of Shareholders |
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No. of Shares |
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Bijal Suryakant Maniar |
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706800 |
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Priti Bijal Maniar |
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223200 |
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Total |
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930000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Upholstery
Leather Hides, Top Grain Cowhide Leather |
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Products : |
· Leather Hide and Skins · Upholstery Leather · Floor Leather |
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Exports : |
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Products : |
Upholstery
Leather Hides, Top Grain Cowhide Leather |
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Countries : |
Middle East |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
· HDFC Bank Limited · State Bank of India · The Saraswat Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Co-Operative Housing Society, Subhash Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India Tel. No.: 91-22-42349900 / 42349999 Note: Ms. Shruti, Relationship Manager (The
Saraswat Cooperative Bank Limited) has reported that the subject maintains
proper record and very good relation with the bank. |
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Facilities : |
Cash Credit Rs.50.000 Millions (From The Saraswat Cooperative
Bank Limited) (Rs.
In Millions)
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Patel and Kurup Chartered Accountants |
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Address : |
6, Crescent Chambers, 1st Floor, Tamarind Lane, Fort,
Mumbai – 400 023, |
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Tel. No.: |
91-22-22670815 |
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PAN.: |
AAAFP2413L |
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Associates and Joint Ventures : |
Baron Inc (Proprietary Concern run under Mr. Bijal Maniar) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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930000 |
Equity Shares |
Rs.10/- each |
Rs.9.300
Millions |
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(Of the above 170000 shares of Rs.10/- each has been issued for a
consideration other than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.300 |
9.300 |
9.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.060 |
10.425 |
3.252 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.360 |
19.725 |
12.552 |
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LOAN FUNDS |
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1] Secured Loans |
44.741 |
46.604 |
20.434 |
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2] Unsecured Loans |
4.006 |
5.067 |
0.070 |
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TOTAL BORROWING |
48.747 |
51.671 |
20.504 |
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DEFERRED TAX LIABILITIES |
0.084 |
0.056 |
0.007 |
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TOTAL |
78.191 |
71.452 |
33.063 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.766 |
5.881 |
1.858 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.115 |
0.115 |
1.077 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
89.226
|
66.719 |
35.520 |
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Sundry Debtors |
8.823
|
13.579 |
9.318 |
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Cash & Bank Balances |
1.977
|
0.269 |
0.345 |
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Other Current Assets |
0.034
|
0.006 |
0.018 |
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Loans & Advances |
3.306
|
13.064 |
6.806 |
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Total
Current Assets |
103.366
|
93.637 |
52.007 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.232
|
16.382 |
18.002 |
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Other Current Liabilities |
4.664
|
6.432 |
2.487 |
|
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Provisions |
2.160
|
5.418 |
1.458 |
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Total
Current Liabilities |
31.056
|
28.232 |
21.947 |
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Net Current Assets |
72.310
|
65.405 |
30.060 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.051 |
0.068 |
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TOTAL |
78.191 |
71.452 |
33.063 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Gross Income |
150.156 |
115.146 |
60.919 |
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Other Income |
NA |
NA |
NA |
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TOTAL (A) |
NA |
NA |
NA |
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Less |
EXPENSES |
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Administrative Expenses |
NA |
NA |
NA |
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Advertising Expenses |
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TOTAL (B) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
16.607 |
12.156 |
5.136 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.247 |
0.531 |
0.419 |
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PROFIT BEFORE
TAX |
15.360 |
11.625 |
4.717 |
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Less |
TAX |
5.151 |
3.911 |
1.464 |
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PROFIT AFTER TAX
|
10.209 |
7.714 |
3.253 |
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Balance of Profit
carried for appropriation |
NA |
10.967 |
3.253 |
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EARNINGS IN
FOREIGN CURRENCY |
33.097 |
2.524 |
0.357 |
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|
Earnings Per
Share (Rs.) |
10.98 |
8.29 |
3.50 |
|
Expected Sales (2012-13) : Rs.160.000 Millions
The above information has been parted by Mr. Mani Vannan
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.07
|
11.68 |
8.76 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.59 |
0.38 |
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.72
|
4.05 |
3.38 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.33
|
3.32 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
24.232
|
16.382 |
18.002 |
|
Total |
24.232
|
16.382 |
18.002 |
|
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 |
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 |
|
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 |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U19116MH2009PTC189323 |
|
Name of the
company |
BARON LEATHER
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7-H, Laxmi Industrial Estate, New E-Mail: baron.inc@usa.net |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10159511 |
|
Type of charge |
· Book debts · Movable property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
The Saraswat Cooperative Bank Limited, SME Vile Parle Branch,
Bholanath Co-Operative Housing Society, E-Mail: njbhatia@rediffmail.com |
|
Nature of
instrument creating charge |
Deed of
Hypothecation for Additional Advances ( Supplementary Deed) |
|
Date of
instrument Creating the charge |
28.06.2012 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest PLR+1%=15.5%p.a. or
at such rate as maybe determined by the bank from time to time Terms of Repayment On demand Margin stock less
creditors and debtors upto 90 days: 30% from 91 days to
180 days: 50% Extent and Operation of the charge This is cash
credit limit |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of stocks, debtors tangible movable property (both present and future) belonging to the borrower and lying and being at the borrowers place of business at Premises No 31, 1st Floor Mira Industrial Estate, Mira Gaonthan, Off Western Express Highway, Mira Road, Thane - 401104 or 3 R, Laxmi Industrial Estate, Andheri (West), Mumbai - 400053 or whereverelse the same maybe. |
|
Date of
instrument modifying the charge |
05.09.2011 |
|
Particulars of
the present modification |
Cash credit limit
enhanced from Rs 45.000 Millions to Rs 50.000 Millions ( additional Rs 5.000
Millions) |
FIXED ASSETS:
· Air Conditioner
· Computer
· Cycle
· Digital Camera
· Electrical Fittings
· EPBAX System
· Furniture and Fixtures
· Mobile Phone
· Motor Car
· Printer
· Refrigerator
· Water Filter
· Web Site
· Machinery
· Office Equipment
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.54.85 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.