MIRA INFORM REPORT
|
Report Date : |
100.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
GRESCASA CERAMICS LIMITED RAS INTERNATIONAL – MERGED WITH GRESCASA CERAMICS LIMITED |
|
|
|
|
Formerly Known
As : |
PADMA CERAMICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5/E, Laxmi Industrial Estate, New Link Road, Andheri (East), Mumbai –
400053, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.03.2003 |
|
|
|
|
Com. Reg. No.: |
11-139704 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.24.673 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51503MH2003PLC139704 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Importer and Traders of tiles, building materials, bathroom furnishings,
ceramic colours / pigments and all other raw material used for ceramic and
glass industry. |
|
|
|
|
No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established having a satisfactory track record. Trade relations are reported as fair. Business is active. Payment
terms are usually correct and as per commitment. 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.
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 DECLINED BY
|
Name : |
Mr. Willian |
|
Designation : |
Account Department |
|
Date : |
08.07.2013 |
LOCATIONS
|
Registered Office : |
5/E, Laxmi Industrial Estate, New Link Road, Andheri (East), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-26313095 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Rakesh Agarwal |
|
Designation : |
Director |
|
Address : |
8th Floor, Tenth Avenue, 10th Road, JVPD Scheme, Mumbai – 400049,
Maharashtra, India |
|
Date of Appointment : |
24.03.2003 |
|
PAN No.: |
AABPA3090M |
|
DIN No.: |
00954728 |
|
|
|
|
Name : |
Mrs. Sangita Agarwal |
|
Designation : |
Director |
|
Address : |
8th Floor, Tenth Avenue, 10th Road, JVPD Scheme, Mumbai – 400049,
Maharashtra, India |
|
Date of Appointment : |
24.03.2013 |
|
PAN No.: |
AAIPA3190P |
|
DIN No.: |
00954698 |
|
|
|
|
Name : |
Mr. Agrim Agarwal |
|
Designation : |
Director |
|
Address : |
B 505, Sunswept Lokhandwala, Andheri (West), Mumbai – 400053,
Maharashtra, India |
|
Date of Birth/Age : |
19.09.1989 |
|
Date of Appointment : |
25.02.2009 |
|
PAN No.: |
AKLPA3999F |
|
DIN No.: |
02195185 |
|
|
|
|
Name : |
Mrs. Padmavati Agarwal |
|
Designation : |
Director |
|
Address : |
8th Floor, Tenth Avenue, 10th Road, JVPD Scheme, Mumbai – 400049,
Maharashtra, India |
KEY EXECUTIVES
|
Name : |
Mr. Willian |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Agarwal |
|
670000 |
|
Sangita Agarwal |
|
700000 |
|
Padmavati Agarwal |
|
10000 |
|
Mathuraprasad Agarwal |
|
1000 |
|
William Tuscano |
|
100 |
|
Madhura Pawar |
|
100 |
|
Pooja Gawade |
|
100 |
|
Agrim Agarwal |
|
90000 |
|
Hopewell Enclave Makers Private Limited |
|
996000 |
|
|
|
|
|
Total |
|
2467300 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Traders of tiles, building materials, bathroom
furnishings, ceramic colours / pigments and all other raw material used for
ceramic and glass industry. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
R.V.A and Associates Chartered Accountants |
|
Address : |
17/18, Dami Shamji Udog Bhavan, Veera Desai Road, Andheri (West),
Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26734882/4955 |
|
Mobile No.: |
91-9820066056 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABPA0417G |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2467300 |
Equity Shares |
Rs.10/- each |
Rs.24.673
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
24.673 |
14.713 |
|
(b) Reserves & Surplus |
|
52.599 |
11.332 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
49.800 |
|
Total
Shareholders’ Funds (1) + (2) |
|
77.272 |
75.845 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
31.365 |
26.696 |
|
(b) Trade
payables |
|
33.640 |
62.669 |
|
(c) Other
current liabilities |
|
0.954 |
0.000 |
|
(d) Short-term
provisions |
|
0.764 |
0.835 |
|
Total Current
Liabilities (4) |
|
66.724 |
90.201 |
|
|
|
|
|
|
TOTAL |
|
143.995 |
166.045 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
4.445 |
3.069 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.113 |
0.100 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
4.558 |
3.169 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
122.383 |
134.948 |
|
(c) Trade
receivables |
|
13.875 |
25.769 |
|
(d) Cash
and cash equivalents |
|
1.953 |
0.421 |
|
(e)
Short-term loans and advances |
|
1.226 |
1.738 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
139.437 |
162.876 |
|
|
|
|
|
|
TOTAL |
|
143.995 |
166.045 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
14.713 |
|
|
2] Share Application Money |
|
|
49.800 |
|
|
3] Reserves & Surplus |
|
|
9.848 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
74.361 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
13.931 |
|
|
2] Unsecured Loans |
|
|
21.670 |
|
|
TOTAL BORROWING |
|
|
35.601 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
109.962 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3.085 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.084 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
137.130
|
|
|
Sundry Debtors |
|
|
31.433
|
|
|
Cash & Bank Balances |
|
|
3.993
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2.520
|
|
Total
Current Assets |
|
|
175.076
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
67.612
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.671
|
|
Total
Current Liabilities |
|
|
68.283
|
|
|
Net Current Assets |
|
|
106.793
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
109.962 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
150.098 |
121.984 |
133.351 |
|
|
|
Other Income |
0.004 |
0.004 |
0.010 |
|
|
|
TOTAL (A) |
150.102 |
121.988 |
133.361 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of stock in trade |
106.448 |
87.689 |
|
|
|
|
Change in inventories of finished goods, work in progress and stock in
trade |
12.565 |
2.181 |
|
|
|
|
Employee benefit Expenses |
7.222 |
6.353 |
|
|
|
|
Other Administrative Expenses |
16.225 |
18.995 |
|
|
|
|
TOTAL (B) |
142.460 |
115.218 |
130.675 (Including
Financial Expenses) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.642 |
6.770 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.415 |
3.478 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.227 |
3.292 |
2.686 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.045 |
0.807 |
0.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.182 |
2.485 |
1.716 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.751 |
0.820 |
0.587 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.431 |
1.665 |
1.129 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
8.247 |
7.118 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
9.732 |
8.247 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORT - PURCHASES |
68.119 |
56.713 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.58 |
1.13 |
0.77 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.95
|
1.36 |
0.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.45
|
2.04 |
1.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.52
|
1.50 |
0.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41
|
0.35 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
1.81 |
2.56 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors – Goods |
29.748 |
55.288 |
53.043 |
|
Sundry Creditors – Expenses |
0.733 |
3.205 |
8.392 |
|
Deposits - Stockists |
3.159 |
4.176 |
6.177 |
|
Total |
33.640
|
62.669 |
67.612 |
|
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 |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loans and Advance From Related Parties |
14.806 |
12.374 |
|
Total |
14.806 |
12.374 |
FIXED ASSETS
Tangible Assets
Air Conditioner
Computer
Furniture and Fixtures
Mobile phone
Motor Car-Honda-accord
Motor Car-Honda – Civic
Motor Car – Indica
Motor Car- Jetta
Track
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.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
45 |
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.