MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
.
IDENTIFICATION DETAILS
|
Name : |
TILES AND STYLES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
21-B, TV Industrial Estate, S.
K. Ahire Marg, Worli Colony, Mumbai – 400030, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.01.2005 |
|
|
|
|
Com. Reg. No.: |
11-150409 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26900MH2005PTC150409 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Trader and Importer of Tiles. |
|
|
|
|
No. of Employees
: |
8 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated losses recorded by the company. The external borrowing
seems to be huge. However, business is active. Payments are slow. The company can be considered for business dealings on a safe and
secured trade terms and caution. |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Hitesh Shukla |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-24900033 |
|
Date : |
10.06.2013 |
LOCATIONS
|
Registered Office/
Showroom : |
21-B, TV Industrial Estate, S.
K. Ahire Marg, Worli Colony, Mumbai – 400030, Maharashtra, India |
|
Tel. No.: |
91-22-24900033/ 24900044 |
|
Fax No.: |
91-22-24900033/ 24900099 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
As on: 28.09.2011
|
Name : |
Mr. Amardeepsingh Kulwantsingh Kohli |
|
Designation : |
Director |
|
Address : |
Dharamputra Pritam Estates, Dadar, Mumbai – 400014, Maharashtra, India |
|
Date of Birth/Age : |
26.10.1953 |
|
Date of Appointment : |
28.01.2005 |
|
PAN No.: |
AGZPK6241J |
|
DIN No.: |
00482527 |
|
|
|
|
Name : |
Mr. Praful Nyalchand Sanghrajka |
|
Designation : |
Managing Director |
|
Address : |
121, TV Industrial Estates, S. K Ahire Marg, Worli Colony, Mumbai - 400013, Maharashtra, India |
|
Date of Birth/Age : |
16.11.1949 |
|
Date of Appointment : |
04.01.2005 |
|
PAN No.: |
AAGPS7288E |
|
DIN No.: |
00217620 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh Shukla |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Amardeep Singh Kohli |
|
10000 |
|
Praful Nyalchand Sanghrajka |
|
10000 |
|
Rakesh Agrawal |
|
10000 |
|
Yaris Investments Inc., Switzerland |
|
10000 |
|
|
|
|
|
Total |
|
40000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
25.00 |
|
Directors or relatives of directors |
|
50.00 |
|
Other top fifty shareholders |
|
25.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Tiles. |
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|
|
|
Imports : |
|
|
Products : |
Tiles |
|
Countries : |
Italy |
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|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
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|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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|
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No. of Employees : |
8 (Approximately) |
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|
|
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Bankers : |
State Bank of India, Worli Branch, Mumbai, Maharashtra, India |
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Tamhane and Mehta Chartered Accountants |
|
Address : |
1, Gauresh Apartments, Old Police Line, Andheri (East), Mumbai – 400069,
Maharashtra, India |
|
PAN No.: |
AABFT0637K |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.10/- each |
Rs.0.400 Million |
|
|
|
|
|
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 |
0.400 |
0.400 |
0.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(17.436) |
(11.525) |
(7.794) |
|
|
NETWORTH |
(17.036) |
(11.125) |
(7.394) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
16.729 |
17.629 |
17.629 |
|
|
TOTAL BORROWING |
16.729 |
17.629 |
17.629 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(0.307) |
6.504 |
10.235 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.967 |
1.084 |
1.201 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.618
|
7.858 |
10.991 |
|
|
Sundry Debtors |
3.067
|
2.862 |
0.740 |
|
|
Cash & Bank Balances |
0.417
|
3.193 |
2.607 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.139 |
|
|
Loans & Advances |
1.926
|
2.178 |
1.892 |
|
Total
Current Assets |
13.028
|
16.091 |
16.369 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.713
|
1.090 |
5.359 |
|
|
Other Current Liabilities |
12.589
|
9.581 |
1.796 |
|
|
Provisions |
0.000
|
0.000 |
0.180 |
|
Total
Current Liabilities |
14.302
|
10.671 |
7.335 |
|
|
Net Current Assets |
(1.274)
|
5.420 |
9.034 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(0.307) |
6.504 |
10.235 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1.529 |
8.387 |
17.240 |
|
|
|
Other Income |
0.169 |
0.964 |
0.458 |
|
|
|
TOTAL |
1.698 |
9.351 |
17.698 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock in trade |
0.334 |
3.227 |
|
|
|
|
Changes in inventories of stock in trade |
0.240 |
3.133 |
|
|
|
|
Employee benefits expense |
1.097 |
1.164 |
|
|
|
|
Other expenses |
5.660 |
5.445 |
|
|
|
|
TOTAL |
7.331 |
12.969 |
19.538 |
|
|
|
|
|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(5.633) |
(3.618) |
(1.840) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.117 |
0.117 |
0.117 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(5.750) |
(3.735) |
(1.957) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.161 |
(0.004) |
5.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(5.911) |
(3.731) |
(7.794) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(147.78) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(348.12) |
(39.90) |
(44.04) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(376.06) |
(44.53) |
(11.35) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(39.80) |
(21.75) |
(11.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.34 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.98) |
(1.58) |
(2.38) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
1.51 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
for Goods |
1.713
|
1.090 |
5.359 |
|
|
|
|
|
|
Total |
1.713
|
1.090 |
5.359 |
|
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 |
No |
|
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) |
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 |
OPERATIONS:
During the year the company was engaged in trading in tiles and accessories. The company has incurred loss of Rs.5.750 Millions. During the current financial year the company intends to increase the income from operations substantially. The Company expects further improvement in the working results in the years to come.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
Rakesh Agrawal |
4.150 |
4.150 |
|
Praful Sanghrajka |
0.700 |
1.600 |
|
Harish Sanghrajka |
6.729 |
6.729 |
|
Amardeep Sing Kohli |
5.150 |
5.150 |
|
|
|
|
|
Total |
16.729 |
17.629 |
FIXED ASSETS
- Air condition
- Computer
- Electric Installation
- Godrej Refrigerator
- Telephone Instruments
- Furniture and Fixtures
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 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.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
12 |
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.