MIRA INFORM REPORT
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Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
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Name : |
H. & R. JOHNSON (INDIA) TBK LIMITED (w.e.f. 06.02.2009) |
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Formerly Known
As : |
H. & R. JOHNSON (INDIA) TBK PRIVATE LIMITED (w.e.f. 02.02.2009) BELLA CASA (INDIA) PRIVATE LIMITED (w.e.f. 09.01.2009) MILANO BATH LUXURUES (INDIA) PRIVATE LIMITED (w.e.f. 25.01.1999) VANTAGE CONTRAVTORS AND DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
Windsor, 7th Floor, C S T Road, Kalina, Santa Cruz (E), Mumbai - 400098, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.08.1996 |
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Com. Reg. No.: |
11-101892 |
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Capital
Investment / Paid-up Capital : |
Rs.16.102 Millions |
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CIN No.: [Company Identification
No.] |
U45200MH1996PLC101892 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAACV40841H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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No. of Employees
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Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (14) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. The company has incurred huge accumulated losses which has resulted
into fully erosion on net worth. However, Business is active. Payments terms 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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
31-03-2014.
INFORMATION DENIED
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Name : |
Mr. Santosh |
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Designation : |
Assistant Finance Manager |
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Contact No.: |
91-22-25666634/30647300/26347088 |
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Date : |
15.12.2014 |
LOCATIONS
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Registered Office : |
Windsor, 7th Floor, C S T Road, Kalina, Santa Cruz (E),
Mumbai - 400098, Maharashtra, India |
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Tel. No.: |
91-22-30647550/30647300 |
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Fax No.: |
91-22-30647400 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 04.08.2014
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Name : |
Mr. Dinesh Bhawanidatt Vyas |
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Designation : |
Additional Director |
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Address : |
Flat No-402, Building No -05, Ruby Garden Estate, CHS, Off Pokhran Road, No-2, Thane (W), Thane- 400601, Maharashtra, India |
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Date of Birth/Age : |
23.04.1968 |
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Date of Appointment : |
28.08.2013 |
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DIN No.: |
02550960 |
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Name : |
Mr. Devendra Parasmal Dosi |
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Designation : |
Additional Director |
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Address : |
Emp Tower No. 47, Flat No.703, Thakur Village, Kandivali East, Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
22.06.1972 |
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Date of Appointment : |
28.08.2013 |
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DIN No.: |
02529639 |
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Name : |
Mr. Jagruti Rakesh Shah |
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Designation : |
Additional Director |
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Address : |
19, Chaturbai Bhuvan, Mathuradas Road, Kandivali (W), Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
29.01.1973 |
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Date of Appointment : |
28.08.2013 |
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DIN No.: |
00490069 |
KEY EXECUTIVES
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Name : |
Mr. Santosh |
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Designation : |
Assistant Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 04.08.2014
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Names of Shareholders |
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No. of Shares |
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Prism Cement Limited, India |
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161010 |
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Pesi Elavia, India |
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5 |
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Bantwal A Baliga |
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1 |
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Dosi Devendra Parasmal |
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1 |
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Jagruti Shah |
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1 |
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Devavrat Kulkarni |
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1 |
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Ramchandran Kurup |
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1 |
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Total |
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161020 |
As on: 04.08.2014
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Bodies corporate |
99.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
%20TBK%20LIMITED%20-298826_MIRA%2016-Dec-2014_files/image012.gif)
BUSINESS DETAILS
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Line of Business : |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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Name : |
Borkar and Muzumdar Chartered Accountant |
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Address : |
21/168, Anandnagar OM CHS, Off Nehru Road, Santacruz East, Mumbai-400055, Maharashtra, India |
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PAN No.: |
AAAFB3194J |
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Joint Venture: |
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Holding Company: |
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Subsidiary Company |
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Fellow Subsidiary
Company |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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161020 |
Equity Shares |
Rs.100/- each |
Rs. 16.102 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
16.102 |
16.102 |
16.102 |
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(b) Reserves & Surplus |
(166.722) |
(181.151) |
(169.232) |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
(150.620) |
(165.049) |
(153.130) |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
484.990 |
420.790 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.300 |
0.300 |
0.300 |
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(c) Other long term
liabilities |
4.424 |
3.772 |
3.438 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
489.714 |
424.862 |
3.738 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
0.000 |
0.000 |
360.790 |
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(b) Trade
payables |
29.859 |
131.275 |
17.952 |
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(c) Other
current liabilities |
22.164 |
13.209 |
22.222 |
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(d) Short-term
provisions |
10.173 |
2.726 |
0.000 |
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Total Current
Liabilities (4) |
62.196 |
147.210 |
400.964 |
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TOTAL |
401.290 |
407.023 |
251.572 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
9.844 |
13.733 |
16.914 |
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(ii)
Intangible Assets |
0.247 |
0.411 |
0.685 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
41.026 |
39.676 |
38.800 |
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(c) Deferred tax assets (net) |
7.286 |
6.849 |
6.652 |
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(d) Long-term Loan and Advances |
183.280 |
160.762 |
7.803 |
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(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
241.683 |
221.431 |
70.854 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
26.606 |
123.470 |
24.271 |
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(c) Trade
receivables |
82.258 |
30.727 |
24.691 |
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(d) Cash
and cash equivalents |
9.018 |
4.275 |
9.735 |
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(e)
Short-term loans and advances |
2.813 |
5.693 |
108.067 |
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(f) Other
current assets |
38.912 |
21.427 |
13.954 |
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Total
Current Assets |
159.607 |
185.592 |
180.718 |
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TOTAL |
401.290 |
407.023 |
251.572 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
566.054 |
351.751 |
500.570 |
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Other Income |
22.539 |
16.069 |
11.829 |
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TOTAL (A) |
588.593 |
367.820 |
512.399 |
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Less |
EXPENSES |
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Cost of Materials Consumed |
374.803 |
389.335 |
435.640 |
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Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
96.864 |
(99.199) |
0.459 |
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Employees benefits expense |
56.107 |
53.991 |
61.442 |
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Other expenses |
42.440 |
31.836 |
42.932 |
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TOTAL
(B) |
570.214 |
375.963 |
540.473 |
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.379 |
(8.143) |
(28.074) |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.003 |
0.033 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.379 |
(8.146) |
(28.107) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.210 |
3.970 |
4.311 |
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PROFIT/LOSS
BEFORE TAX (E-F) (G) |
14.169 |
(12.116) |
(32.418) |
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Less |
TAX (H) |
(0.260) |
(0.197) |
(0.465) |
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PROFIT/LOSS
AFTER TAX (G-H) (I) |
14.429 |
(11.919) |
(31.953) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(181.151) |
(169.232) |
(137.279) |
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BALANCE CARRIED
TO THE B/S |
(166.722) |
(181.151) |
(169.232) |
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IMPORTS |
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CIF
Value |
0.000 |
0.000 |
0.367 |
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TOTAL IMPORTS |
0.000 |
0.000 |
0.367 |
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Earnings Per
Share (Rs.) |
89.61 |
(74.02) |
(191.44) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Net Profit Margin (PAT / Sales) |
(%) |
2.55 |
(3.39) |
(6.38) |
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Operating Profit Margin (PBIDT/Sales) |
(%) |
3.25 |
(2.31) |
(5.61) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.01 |
(3.36) |
(15.73) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.09) |
0.07 |
0.21 |
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Debt Equity Ratio (Total Debt /Networth) |
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(3.22) |
(2.55) |
(2.36) |
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Current Ratio (Current Asset/Current Liability) |
|
2.57 |
1.26 |
0.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
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Share Capital |
16.102 |
16.102 |
16.102 |
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Reserves & Surplus |
(169.232) |
(181.151) |
(166.722) |
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Net worth |
(153.130) |
(165.049) |
(150.620) |
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long-term borrowings |
0.000 |
420.790 |
484.990 |
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Short term borrowings |
360.790 |
0.000 |
0.000 |
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Total borrowings |
360.790 |
420.790 |
484.990 |
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Debt/Equity ratio |
(2.356) |
(2.549) |
(3.220) |
%20TBK%20LIMITED%20-298826_MIRA%2016-Dec-2014_files/image013.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
500.570 |
351.751 |
566.054 |
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|
(29.730) |
60.925 |
%20TBK%20LIMITED%20-298826_MIRA%2016-Dec-2014_files/image014.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
500.570 |
351.751 |
566.054 |
|
Profit/Loss |
(31.953) |
(11.919) |
14.429 |
|
|
(6.38%) |
(3.39%) |
2.55% |
%20TBK%20LIMITED%20-298826_MIRA%2016-Dec-2014_files/image015.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT
|
Particular |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Current Maturities Of Long-Term Debt |
0.000 |
0.000 |
0.000 |
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Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
No |
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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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
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19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
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23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
-- |
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26] |
Buyer visit details |
-- |
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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 LOAN
|
Particular |
As
on 31.03.2014 (Rs.
In Millions) |
As
on 31.03.2013 (Rs.
In Millions) |
|
Long term
Borrowing |
|
|
|
Loan taken from related parties |
484.990 |
420.790 |
|
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Total |
484.990 |
420.790 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
- Land
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
- Computer software
FINANCIAL RESULTS:
During the year, the Company’s income from operations stood at Rs. 566.054 Millions and it has earned profit after tax of Rs. 14.429 Millions as compared to previous year’s income from operations of Rs. 351.751 Millions and net loss after tax of Rs. 11.919 Millions.
OPERATIONS:
The financial / economic crises in the United States and the Eurozone have certainly affected the other economies of the world, especially the emerging economies in Asia. This has largely contributed to the slow growth rate of the Indian Economy.
The Indian economy had a restrained growth during the financial year 2013-2014. Though, inflation and deficit remain a sore point for the Indian Economy, it is expected that in the Financial year 2014-2015 the economy will show some buoyancy.
The long-term outlook of the Indian Economy is positive and the revival of the economy along with the right policies and imputes from the Government, shall augur well for the construction sector and the Company which expects to do good growth in its business.
In the Year, 2013-2014, the Construction sector saw a flat growth rate. Despite the same, the Company has been able to post good numbers.
The Company is in the business of sale / supply of tiles, bath & sanitary ware, kitchen wares & its accessories etc.
The Company has 17 own retail stores. The Company also has retail Joint Ventures in different geographical locations. These Joint ventures carry out store operations under the name? House of Johnson? There are 25 such showrooms.
Other businesses of the Company being installation services for tiles, sanitary ware & related products and other services continue to remain a good source of revenue for the Company.
The Company is committed to improve operations on a continuous basis which will surely produce positive results in the future.
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.62.65 |
|
|
1 |
Rs.98.05 |
|
Euro |
1 |
Rs.78.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
14 |
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.