MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
GENIUS LEATHERCRAFT PRIVATE LIMITED
|
|
|
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Registered
Office : |
705, 7th Floor, Kailash Corporate Lounge, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
04.10.1989 |
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Com. Reg. No.: |
11-053739 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19120MH1989PTC053739 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG10582F |
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|
|
PAN No.: [Permanent Account No.] |
AABCG0747L |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Marketing of
Multiutility Bags. |
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|
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 90000 |
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears slight dip in the profitability during the current year. However, general financial position of the company appears to be good.
Trade relations are reported to be fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered 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
|
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. Chandra Gupta |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-67978486 |
|
Date : |
24.01.2013 |
LOCATIONS
|
Registered Office : |
705, 7th Floor, Kailash Corporate Lounge, |
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Tel. No.: |
91-22-67978486 |
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Fax No.: |
91-22-25565141 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Nilesh Khatau Manek |
|
Designation : |
Director |
|
Address : |
601, Sayonara Co-operative Housing Society, |
|
Date of Birth/Age : |
12.03.1958 |
|
Date of Appointment : |
04.10.1989 |
|
DIN No.: |
00828188 |
|
|
|
|
Name : |
Mr. Raghubir Singh |
|
Designation : |
Director |
|
Address : |
B-18/335, 1st Floor, Sector-3, Rohini, New Delhi-110085, |
|
Date of Birth/Age : |
24.11.1966 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
03115165 |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Gupta |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Nilesh Manek |
420000 |
|
Ashok Manek |
2500 |
|
Pankaj Sansanghavi |
250 |
|
Nayana Manek |
17250 |
|
Jhanvi Manek |
5000 |
|
Banseri Manek |
5000 |
|
Total |
450000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Marketing of
Multiutility Bags. |
GENERAL INFORMATION
|
Customers : |
Retailers |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
v
Barclays Bank Plc, Ceejay House, Shivsagar
Estate, Dr. A. Besant Road, Worli, Mumbai-400018, Maharashtra, India v
Dhanlaxmi Bank Limited, Urmila Complex, 32, v
HDFC Bank Limited, Mumbai, v
UCO Bank, Worli Branch, Mumbai, v Kotak Mahindra Bank v Standard Chartered Bank v Citi Bank v ABN AMRO Bank v
Centurion Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Vinod K Mehta and Company Chartered Accountants |
|
Address : |
B-5, Satyam Shopping Centre, 2nd Floor M.G. Road, Ghatkopar East,
Mumbai – 400077, Maharashtra, India |
|
Tel. No.: |
91-22-21024280 |
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Income-tax
PAN of auditor or auditor's firm : |
AAEPM3796P |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.500
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.500 |
4.500 |
4.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.050 |
17.204 |
13.073 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22.550 |
21.704 |
17.573 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
48.310 |
38.161 |
42.630 |
|
|
2] Unsecured Loans |
12.578 |
29.474 |
30.886 |
|
|
TOTAL BORROWING |
60.888 |
67.635 |
73.516 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
83.438 |
89.339 |
91.089 |
|
|
|
|
|
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|
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APPLICATION OF FUNDS |
|
|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
2.014 |
2.291 |
2.694 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.018 |
0.018 |
0.018 |
|
|
DEFERRED TAX ASSETS |
0.177 |
0.135 |
0.053 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
60.350
|
64.117 |
30.245 |
|
|
Sundry Debtors |
39.356
|
49.381 |
66.313 |
|
|
Cash & Bank Balances |
5.084
|
1.463 |
0.570 |
|
|
Other Current Assets |
0.826
|
0.658 |
0.000 |
|
|
Loans & Advances |
4.709
|
24.184 |
40.246 |
|
Total
Current Assets |
110.325
|
139.803 |
137.374 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.919
|
45.326 |
41.159 |
|
|
Other Current Liabilities |
15.680
|
5.270 |
5.346 |
|
|
Provisions |
0.497
|
2.312 |
2.581 |
|
Total
Current Liabilities |
29.096
|
52.908 |
49.086 |
|
|
Net Current Assets |
81.229
|
86.895 |
88.288 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.036 |
|
|
|
|
|
|
|
|
TOTAL |
83.438 |
89.339 |
91.089 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
TURNOVER |
180.000
(Approximately) |
174.824 |
162.826 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
INTEREST AND DEPRECIATION |
N.A. |
17.990 |
15.455 |
|
|
|
|
|
|
|
Less |
INTEREST AND
DEPRECIATION |
N.A. |
10.813 |
9.320 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
N.A. |
7.177 |
6.135 |
|
|
|
|
|
|
|
Less |
TAX |
N.A. |
2.281 |
1.913 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.853 |
4.896 |
4.222 |
|
|
|
|
|
|
|
Add |
DEFERRED TAX |
0.000 |
0.000 |
0.053 |
|
|
|
|
|
|
|
Add / Less |
OTHER
ADJUSTMENTS |
15.683 |
|
8.068 |
|
|
|
(0.006) |
(0.765) |
(0.791) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
OVER |
16.530 |
15.683 |
11.552 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.90 |
10.88 |
9.38 |
Expected Sales (2012-2013): Rs. 200.000 Millions
The above information has been parted by Mr. Chandra Gupta (Accounts
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
N.A. |
4.11
|
3.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
N.A. |
5.05
|
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
N.A. |
0.23
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.99
|
5.55
|
6.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
2.64
|
2.80 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Trade Payables for Goods/ Expenses |
12.919 |
45.326 |
41.159 |
|
|
|
|
|
|
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Financial Institutions |
12.578 |
29.474 |
|
Total |
12.578 |
29.474 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U19120MH1989PTC053739 |
|
Name of the
company |
GENIUS
LEATHERCRAFT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sundaram Estate, 1st Floor, Email: glpl@roltanet.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
Dhanlaxmi Bank
Limited, Urmila Complex, Email: mumchembur@dhanbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
General
hypothecation agreement |
|
Date of
instrument Creating the charge |
25.10.2011 |
|
Amount secured by
the charge |
62.500 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 3.75%
= 14.75 % p.a. (Present Base Rate 11%) Terms of Repayment Cash credit -
Lumpsum on Demand Margin 25% on Stock
& 25% on Book Extent and Operation of the charge The Bank has
sanctioned a total limit of Rs. 62.500 Millions to the Company. To secure the
repayment of the said limit along with interest the Company has created
charge in Favour of the Bank by way of Hypothecation of its entire current
assets, both present and future. Others The Details of
the Credit 1) Cash
Credit
:- Rs. 40.000 Millions 2) Inland /
Foreign Letter of Credit :- Rs.
20.000 Millions 3) Forward
Contracts ( PFE Factor) :- Rs. 2.500
Millions |
|
Short particulars
of the property charged |
Hypothecation of
Raw Materials, Stock, Finished Goods.( more specifically
mentioned in Second Schedule of
General Hypothecation Agreement Dated.25.10.2011) Hypothecation of
Book Debts.( more specifically mentioned
in Second Schedule of General Hypothecation Agreement
Dated.25.10.2011) Hypothecation of
Movable Plant and Machinery and Stores and Spares.( more specifically
mentioned in Second Schedule of General
Hypothecation Agreement Dated.25.10.2011) |
FIXED ASSETS
v Building
v Plant and Machinery
v Screen Printing Machine
v Table Top Ultra Violet Curing
v Sweing Machine
v Computer
v Furniture and Fittings
v Motor Vehicles
v Dies
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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. 53.85 |
|
|
1 |
Rs. 85.26 |
|
Euro |
1 |
Rs. 71.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.