MIRA
INFORM REPORT
|
Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BARON LEATHER PRIVATE LIMITED |
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Registered
Office : |
7-H, Laxmi Industrial Estate, New |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.01.2009 |
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Com. Reg. No.: |
11-189323 |
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Capital
Investment / Paid-up Capital : |
Rs.9.300 Millions |
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CIN No.: [Company Identification
No.] |
U19116MH2009PTC189323 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19337D |
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PAN No.: [Permanent Account No.] |
AADCB6760E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
They do indirect manufacturing through company in |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 148000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There appears dip in profit of the company in 2013. However, overall
financial position of the company appears to decent. Trade relation reported to be fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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
|
Name : |
Mr. Mani Vannan |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9819900637 |
|
Date : |
31.03.2013 |
LOCATIONS
|
Registered Office/ Head Office : |
7-H, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai –
400053, Maharashtra, India |
|
Tel. No.: |
91-22-26399182/ 83/ 84/ 85 |
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Mobile No.: |
91-9819900637 (Mr. Mani Vannan) |
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Fax No.: |
91-22-26399181 |
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E-Mail : |
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Website : |
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Area : |
1300 Sq. Ft |
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Location : |
Owned |
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Warehouse : |
Mira Industrial Estate, Mira Road, Thane, Maharashtra, India |
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Branch Office 1 : |
6-H/1, 3rd Floor, Shahpur Jat, New Delhi – 110049, India |
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Tel. No.: |
91-11-26490812/ 13 |
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E-Mail : |
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Branch Office 2 : |
# 8, Wood Street, Bangalore – 560 025, Karnataka, India |
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Tel. No.: |
91-80-41533311 |
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E-Mail : |
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Branch Office 3 : |
2, Upaven Twins Bunglow, Near Shyamal Cross Road, Ahmedabad – 380015, Gujarat, India |
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Tel. No.: |
91 79-2676 9031 |
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E-Mail : |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Bijal Suryakant Maniar |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
08.05.1970 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02320698 |
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Name : |
Mrs. Priti Bijal Maniar |
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Designation : |
Director |
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Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02346565 |
KEY EXECUTIVES
|
Name : |
Mr. Mani Vannan |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
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No. of Shares |
|
Bijal Suryakant Maniar |
|
706800 |
|
Priti Bijal Maniar |
|
223200 |
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Total |
|
930000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They do indirect manufacturing through company in Italy (Products - Upholstery Leather.) |
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Exports : |
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Products : |
Upholstery |
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Countries : |
·
Dubai ·
Singapore ·
Hong Kong |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Italy |
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Terms : |
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Selling : |
Cash, Credit, TT and DA |
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Purchasing : |
Cash, Credit, TT and DA |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers ·
Leela Hotel ·
Taj Hotel |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
· The Saraswat Cooperative Bank Limited, SME Vile Parle Branch, Bholanath Co-Operative Housing Society, Subhash Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India · HDFC Bank Limited · State Bank of India |
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Facilities : |
Total Facility Rs.60.000 Millions (From The Saraswat Cooperative Bank Limited (Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel and Kurup Chartered Accountants |
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Address : |
6, Crescent Chambers, 1st Floor, Tamarind Lane, Fort,
Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-22670815 |
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PAN.: |
AAAFP2413L |
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Associates and Joint Ventures : |
·
Baron Inc (Proprietary Concern run under Mr.
Bijal Maniar) ·
Baron Industries Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
930000 |
Equity Shares |
Rs.10/- each |
Rs.9.300 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
9.300 |
9.300 |
9.300 |
|
(b) Reserves & Surplus |
27.862 |
20.060 |
10.425 |
|
(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) |
37.162 |
29.360 |
19.725 |
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|
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(3) Non-Current
Liabilities |
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|
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|
(a) long-term borrowings |
2.949 |
4.805 |
6.181 |
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(b) Deferred tax liabilities (Net) |
0.026 |
0.084 |
0.056 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2.975 |
4.889 |
6.237 |
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(4) Current
Liabilities |
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(a) Short term borrowings |
50.414 |
43.942 |
45.224 |
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(b) Trade payables |
12.194 |
22.564 |
16.382 |
|
(c) Other current liabilities |
7.269 |
6.333 |
5.942 |
|
(d) Short-term provisions |
2.453 |
2.160 |
1.613 |
|
Total Current
Liabilities (4) |
72.330 |
74.999 |
69.161 |
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TOTAL |
112.467 |
109.248 |
95.123 |
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ASSETS |
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(1) Non-current
assets |
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(a) Fixed Assets |
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(i) Tangible assets |
5.722 |
5.766 |
5.881 |
|
(ii) Intangible Assets |
0.360 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.776 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.416 |
2.555 |
5.815 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9.274 |
8.321 |
11.696 |
|
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|
|
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|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.136 |
0.115 |
0.115 |
|
(b) Inventories |
86.264 |
89.226 |
66.719 |
|
(c) Trade receivables |
12.605 |
8.723 |
13.579 |
|
(d) Cash and cash equivalents |
1.687 |
1.978 |
0.269 |
|
(e) Short-term loans and advances |
1.190 |
0.751 |
2.694 |
|
(f) Other current assets |
1.311 |
0.034 |
0.051 |
|
Total Current
Assets |
103.193 |
100.827 |
83.427 |
|
|
|
|
|
|
TOTAL |
112.467 |
109.248 |
95.123 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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|
SALES |
|
|
|
|
|
|
|
Gross Income |
130.167 |
149.792 |
115.146 |
|
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
12.881 |
16.607 |
12.156 |
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DEPRECIATION/
AMORTISATION |
1.415 |
1.247 |
0.531 |
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|
PROFIT BEFORE
TAX |
11.466 |
15.361 |
11.625 |
|
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|
TAX |
3.721 |
5.152 |
3.911 |
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|
PROFIT AFTER TAX
|
7.745 |
10.209 |
7.714 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
27.489 |
33.097 |
2.524 |
|
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|
|
Earnings Per
Share (Rs.) |
8.33 |
10.98 |
8.29 |
|
Expected Sales (2013-2014): Rs.160.000 Millions
The above information has been parted by Mr. Mani Vannan
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.27 |
14.06 |
12.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.52 |
0.59 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.44 |
1.66 |
2.61 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78 |
1.34 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF HDFC BANK
(Rs.
In Millions)
|
Particular
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of HDFC Bank (Car Loan) |
0.356 |
0.308 |
0.269 |
|
|
|
|
|
|
Total |
0.356 |
0.308 |
0.269 |
|
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWING |
|
|
|
Loan from Director - Bijal Maniar |
2.500 |
2.500 |
|
Viras Batiwala and Associates |
0.000 |
1.500 |
|
SHORT TERM
BORROWING |
|
|
|
Other Loans and Advances |
0.000 |
0.006 |
|
|
|
|
|
Total |
2.500 |
4.006 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10159511 |
28/06/2012 * |
50,000,000.00 |
The Saraswat Cooperative Bank LImited |
SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI, MAHARASHTRA - 400057, INDIA |
B42990069 |
* Date of charge modification
TRADE REFERENCE
·
Leela Hotel
·
Taj Hotel
FIXED ASSETS:
Tangible Assets
· Air Conditioner
· Computer
· Cycle
· Digital Camera
· Electrical Fittings
· EPBAX System
· Furniture and Fixtures
· Mobile Phone
· Motor Car
· Printer
· Refrigerator
· Water Filter
· Web Site
· Machinery
· Office Equipment
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.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.