MIRA INFORM REPORT
|
Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
INNOVACION RETAIL PRIVATE LIMITED |
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Registered
Office : |
802, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
08.05.2008 |
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Com. Reg. No.: |
11-182004 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100
million |
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CIN No.: [Company Identification
No.] |
U51109MH2008PTC182004 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI08363F |
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PAN No.: [Permanent Account No.] |
AABCI8780R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Photo Printing Technology for Gift. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
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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 |
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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 moderate track record. There
appears huge external borrowing recorded by the company. There appear some accumulated
losses which has fully eroded the networth. However, business is active.
Payments are reported to be slow. The company can be considered for business dealings on a secured 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
LOCATIONS
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Registered Office/ Factory 1 : |
802, |
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Tel. No.: |
91-22-40855000/ 26859400 |
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Fax No.: |
91-22-26859300 |
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E-Mail : |
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Area : |
40150 sq ft |
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Location : |
Owned |
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Factory 2 : |
Union Industrial Estate, Building No.1, Gala No.8, |
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Area : |
1200 sq ft |
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Location : |
Rented |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Dhaval Narendra Dadia |
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Designation : |
Executive Director |
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Address : |
601, Sanskruti, 38, |
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Date of Birth/Age : |
06.04.1980 |
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Date of Appointment : |
08.05.2008 |
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DIN No.: |
00806045 |
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Other Directorship:
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Name : |
Mrs. Kashmira Narendra Dadia |
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Designation : |
Director |
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Address : |
601, Sanskruti, 38, |
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Date of Birth/Age : |
22.06.1952 |
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Date of Appointment : |
08.05.2008 |
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DIN No.: |
00806101 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Himanshu Vora |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Dhaval Narendra Dadia |
5000 |
50% |
|
Kashmira Narendra Dadia |
2500 |
25% |
|
Narendra Harilal Dadia |
2500 |
25% |
|
Total |
10000 |
100% |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
75.00 |
|
Other top fifty shareholders |
25.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Photo Printing Technology for Gift. |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and Manufacturer |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.P. Doshi and Company Chartered Accountants (Amit P. Doshi) |
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Address : |
201, Bhaveshwar Complex, Vidyavihar (West), Mumbai – 400 086, |
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Tel. No.: |
91-22-25146854/ 55 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AARFA0281E |
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Related Party : |
Dhaval Colour Chem Private Limited (Associate company having a Common
Diarector) |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(1.316) |
(7.546) |
(4.728) |
|
|
NETWORTH |
(1.216) |
(7.446) |
(4.628) |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.996 |
0.000 |
|
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2] Unsecured Loans |
|
49.451 |
14.870 |
|
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TOTAL BORROWING |
42.846 |
50.447 |
14.870 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.030 |
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TOTAL |
41.630 |
43.001 |
10.272 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.526 |
9.538 |
9.098 |
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Capital work-in-progress |
0.740 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
18.560
|
16.365
|
4.109 |
|
|
Sundry Debtors |
22.245
|
18.700
|
9.927 |
|
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Cash & Bank Balances |
0.094
|
0.229
|
0.386 |
|
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Other Current Assets |
1.724
|
0.000
|
0.000 |
|
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Loans & Advances |
3.196
|
5.709
|
5.238 |
|
Total
Current Assets |
45.819
|
41.003 |
19.66 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.869
|
5.926 |
16.087 |
|
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Other Current Liabilities |
3.430
|
1.614
|
2.399 |
|
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Provisions |
0.156
|
0.000
|
0.000 |
|
Total
Current Liabilities |
11.455
|
7.540
|
18.486 |
|
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Net Current Assets |
34.364
|
33.463
|
1.174 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.630 |
43.001 |
10.272 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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|
|
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Income |
81.424 |
50.206 |
33.690 |
|
|
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Other Income |
|
|
1.473 |
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TOTAL |
81.424 |
50.206 |
35.163 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
74.585 |
|
22.039 |
|
|
|
Administrative Expenses |
|
|
13.781 |
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Advertising Expenses |
|
|
0.000 |
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TOTAL |
74.585 |
53.054 |
35.820 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(0.657) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
(Including
Depreciation) |
(Including
Depreciation) |
1.453 |
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PROFIT/ (LOSS)
BEFORE TAX |
6.839 |
(2.848) |
(2.110) |
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Less |
TAX |
0.610 |
(0.030) |
0.030 |
|
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|
PROFIT/ (LOSS)
AFTER TAX |
6.229 |
(2.818) |
(2.140) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(7.545) |
(4.727) |
(2.587) |
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|
BALANCE CARRIED
TO THE B/S |
(1.316) |
(7.545) |
(4.727) |
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|
Earnings Per
Share (Rs.) |
622.900 |
(281.80) |
(214.05) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.65
|
(5.61)
|
(6.09) |
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|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(6.26) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.07
|
(5.64)
|
(7.34) |
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Return on Investment (ROI) (PBT/Networth) |
|
(5.62)
|
0.38
|
0.46 |
|
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Debt Equity Ratio (Total Debt /Networth) |
|
(35.24)
|
(6.78)
|
(3.21) |
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
4.00
|
5.44
|
1.06 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
Yes |
|
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
|
Particular |
31.03.2011 Rs. In Millions |
|
Unsecured Loans from Shareholders, directors
and their relatives |
48.951 |
|
Interecorporate Loans |
0.500 |
|
Total |
49.451 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U51109MH2008PTC182004 |
|
Name of the company |
INNOVACION RETAIL PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
802, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10261112 |
|
Type of charge |
Book Debts Movable property (not being pledge) Others |
|
Particular of charge holder |
Kotak Mahindra Bank
Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
|
Nature of instrument creating charge |
Supplementry Deed of Hypothecation |
|
Date of instrument Creating the charge |
01.03.2013 |
|
Amount secured by the charge |
Rs. 15.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC - Floating over the tenure of the facility. The Rate of Interest
has been arrived at on the basis of the Bank's Base Rate. Buyers Credit - To
be decided at the time of drawl. Terms of Repayment Buyers Credit - Max 120 Days,combined tenor of L/C and B/C not to
exceed 180 days. VaR - Maximum 12 months. Margin Buyers Credit - Minimum cash margin of 10% shall be provided upfront
in the form of Fixed Deposit. Lien
shall be marked on the Fixed Deposit in favour of the bank. Extent and operation of the charge First and exclusive charge by way of Hypothecation of Current assets
and Movable fixed assets present and future of the Borrower, in favour of
Kotak Mahindra Bank as security for repayment of financial facilities granted
by the Bank to the Borrower. |
|
Date of instrument modifying the charge |
05.04.2013 |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
The whole of Borrower's Current assets and Movable fixed assets both present
and future, more particularly described in Schedule to the Supplementry Deed
of Hypothecation. |
|
Particulars of the present modification |
Bank had granted facilities of Rs 7.500 millions to the Borrower which
was secured by way of Hypothecation on Current assets and Moveable Fixed
Assets of the company on 20.12.2010. Now bank has renewed existing facilities
as per attached Supp. Deed of Hypothecation and total limits aggregates to
Rs. 15.000 Millions and said charge is modified accordingly. |
FIXED ASSETS:
- Office
Equipment
- Furniture and
Fixture
- Computer
Systems
- Plant and
Machinery
- Trademark
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. 55.68 |
|
|
1 |
Rs. 84.18 |
|
Euro |
1 |
Rs. 71.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
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 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
15 |
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.