MIRA INFORM REPORT
|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
RITIKAA ENTERPRISES PRIVATE LIMITED |
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Registered
Office : |
19-B, Guldev Sagar, Waterfield Road, Bandra (West), Mumbai-400050,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.10.2006 |
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Com. Reg. No.: |
11-165085 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000 Millions |
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CIN No.: [Company Identification
No.] |
U74999MH2006PTC165085 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Windows, Doors, Cladding, Flooring,
Decking, Facades and Structures. |
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No. of Employees
: |
25 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 26000 |
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|
Status : |
Moderate |
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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 loss during 2011-2012. The liquidity position seems to be
weak. However, trade relations are reported to be fair. Business is active.
Payments are slow. The company can be considered for business dealings with great
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. Atul |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-253-2336717 |
|
Date : |
17.05.2013 |
LOCATIONS
|
Registered Office : |
19-B, Guldev Sagar, Waterfield Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Tel. No.: |
91-22-26559721 |
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Fax No.: |
91-22-26559723 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
|
|
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Factory : |
S. No. 9/2/1, National Highway, No. 3, Vilholi Village, Taluka Nashik-422010,
Maharashtra, India |
|
Tel. No.: |
91-253-2336717 |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Anuj Abhimanyu Divanji |
|
Designation : |
Director |
|
Address : |
51, Le-Repose, Perry Cross Road, Bandra (West), Mumbai-400050, Maharashtra,
India |
|
Date of Birth/Age : |
22.10.1963 |
|
Date of Appointment : |
06.10.2006 |
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Din No.: |
00185888 |
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|
|
|
Name : |
Mrs. Lopa Anuj Divanji |
|
Designation : |
Director |
|
Address : |
51, Le-Repose, Perry Cross Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Date of Birth/Age : |
18.05.1964 |
|
Date of Appointment : |
06.10.2006 |
|
Din No.: |
00185923 |
KEY EXECUTIVES
|
Name : |
Mr. Atul |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Anuj Abhimanyu Divanji |
|
900000 |
|
Lopa Anuj Divanji |
|
900000 |
|
Anand P. Shah |
|
200000 |
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|
|
|
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TOTAL
|
|
2000000 |
AS ON 30.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Windows, Doors, Cladding, Flooring,
Decking, Facades and Structures. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2012]
|
Installed Capacity |
1200 m3 |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
25 [Approximately] |
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Bankers : |
Tel
No.: 91-22-26438773 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Manoj Sampat and Associates Chartered Accountants |
|
Address : |
4, Samarpan/6, Sukhram Griha, Sir Vithaldas Nagar, North Avenue,
Santacruz (West), Mumbai-400054, Maharashtra, India |
|
Tel. No.: |
91-22-26606355/ 26600921 |
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Mobile No.: |
91-9870400877 |
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PAN No: |
AAIPS7657M |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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 |
20.000 |
10.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
1.477 |
1.322 |
|
|
4] (Accumulated Losses) |
(13.492) |
0.000 |
0.000 |
|
|
NETWORTH |
6.508 |
11.477 |
1.422 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27.735 |
28.112 |
0.347 |
|
|
2] Unsecured Loans |
5.542 |
1.388 |
5.802 |
|
|
TOTAL BORROWING |
33.277 |
29.500 |
6.149 |
|
|
DEFERRED TAX LIABILITIES |
0.041 |
0.041 |
0.041 |
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|
|
|
|
|
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TOTAL |
39.826 |
41.018 |
7.612 |
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
23.933 |
29.419 |
0.375 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.806 |
0.750 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.671
|
22.700 |
0.747 |
|
|
Sundry Debtors |
15.295
|
3.207 |
12.437 |
|
|
Cash & Bank Balances |
0.216
|
1.904 |
1.421 |
|
|
Other Current Assets |
1.008
|
1.137 |
0.000 |
|
|
Loans & Advances |
8.705
|
4.593 |
0.738 |
|
Total
Current Assets |
47.895
|
33.541 |
15.343 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.820
|
8.792 |
1.849 |
|
|
Other Current Liabilities |
21.388
|
12.580 |
2.018 |
|
|
Provisions |
0.600
|
1.320 |
4.268 |
|
Total
Current Liabilities |
32.808
|
22.692 |
8.135 |
|
|
Net Current Assets |
15.087
|
10.849 |
7.208 |
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.029 |
|
|
|
|
|
|
|
|
TOTAL |
39.826 |
41.018 |
7.612 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
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|
|
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Other Income |
NA |
NA |
|
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|
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TOTAL |
NA |
NA |
63.527 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL |
NA |
NA |
62.807 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(22.970) |
0.189 |
0.720 |
|
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|
|
|
|
|
|
|
Less |
TAX |
(0.001) |
0.034 |
0.241 |
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|
|
PROFIT / (LOSS)
AFTER TAX |
(22.969) |
0.155 |
0.479 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
|
|
Export Earnings |
0.000 |
0.000 |
0.000 |
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IMPORTS |
28.227 |
22.412 |
0.000 |
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|
|
Earnings /
(Loss) Per Share (Rs.) |
(11.48) |
0.07 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
0.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(31.97)
|
0.30 |
4.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(3.53)
|
0.02 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.11
|
2.57 |
4.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.47 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
10.820
|
8.792 |
1.849 |
|
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 one year |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
From Directors |
5.542 |
1.388 |
|
TOTAL
|
5.542 |
1.388 |
FINANCIAL RESULTS:
During the year, the company has registered a loss
of Rs.22.970 Millions before tax and Rs.22.969 Millions after tax but the
directors do not recommend dividend for this year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10089253 |
|
Corporate
identity number of the company |
U74999MH2006PTC165085 |
|
Name of the
company |
RITIKAA
ENTERPRISES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
19-B, Guldev Sagar, Waterfield Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
|
Type of charge |
Book Debts [not
being] |
|
Particular of
charge holder |
Bank of India, Khar Branch, The Shelter, 32nd Floor, Opposite
National College, Mumbai-400050, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
28.03.2012 |
|
Amount secured by
the charge |
Rs.38.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: 4.50% OBR
presently 15.25% p.a., TL: 5% OBR presently 15.75% p.a. with monthly rests
LC: as per Extant Guidelines or at such other rate/s as may be notified by
the Bank from time to time. Terms of Repayment CC: On Demand,
TL: by 60 Monthly Installments + Interest. Margin 40% against book
debts outstanding of 2 or 3 months or as stipulated by Bank from time to time
on any of the hypothecated assets. Extent and Operation of the charge Security and
charge hereby created shall be by way of first charge on all the said
hypothecated assets for due payment as provided in the deed of all monies
including the principal sums, interest/commission costs charges and expenses
and all other monies whatsoever due owing and payable by the Borrower to the
Bank under or in respect of or in connection with or in any wise concerning
or relating to the said facilities agreed to be granted and/or granted by the
Bank Others Borrower and also
for due repayment of all present and future indebtedness and liabilities of
the borrower to the Bank of any kind in any manner whether solely or jointly
primary or collateral accrued or accruing with all relative
interest/commission, charges , costs (between advocate and client) and
expenses. Revised Facilities and Limits:1) CC i) (stock):Rs.12.000 Millions,
ii) CC(Book Debts):Rs.12.000 Millions. Max (i+ii): Rs.15.000 Millions, 2)
Term Loan: Rs.13.500 Millions, 3) LC (DA 90 Days):Rs.10.000 Millions. -
Total: Rs.38.500 Millions. |
|
Short particulars
of the property charged |
a)All tangible
movable machineries and plant, both present and future wheresoever situate,
b)All tangible movable properties, assets and stocks of whatsoever nature of
the Borrower both present and Future
wheresoever situate at Mumbai or wherever else, c)All present and future book
debts, outstanding, money receivables, claims, bills which are now due and
owing or which may any time hereafter During the
continuance of this security become due and owing to Borrower. Details as per
copy of Supplemental Deed |
|
Date of latest
modification prior to the present modification |
15.09.2010 |
|
Particulars of
the present modification |
3rd Modification.
The Principal amount of charge on the hypothecated assets is enhaced from
Rs.15.000 Millions to Rs.38.500 Millions. Revised Facilities and Limits:1) CC
i) (stock):Rs.12.000 Millions, ii) CC(Book Debts):Rs.12.000 Millions. Max
(i+ii): Rs.15.000 Millions, 2) Term Loan: Rs.13.500 Millions, 3) LC (DA 90
Days):Rs.10.000 Millions.- Total: Rs.38.500 Millions. |
FIXED ASSETS:
- Computer
- Mobile
- Air
Conditioner
- Furniture and
Fixtures
- Office
Equipments
- Motor Car
- Plant and
Machinery
- Electric
Fittings
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.54.77 |
|
|
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.