MIRA
INFORM REPORT
|
Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
INSTA EXHIBITIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
306, Garg Plaza, Local Shopping Centre, Sindhora Kalan, New Delhi –
110 052 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.01.2003 |
|
|
|
|
Com. Reg. No.: |
55-118523 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13.126
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92199DL2003PTC118523 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELI03966E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing exhibition solutions, which include
manufacturing products, such as portable-display systems, modular systems,
custom-modular systems, and custom-built systems, and offering other
exhibition-related services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1665000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There appears some dip in the turnover and profitability of the
company during current year. Further the rating take into consideration its weak financial risk
profile constrained by funding support to its associate concerns, the company
is also exposed to intense competition in the exhibition products and
solution industry. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: B- |
|
Rating Explanation |
High risk of default |
|
Date |
December 31, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A4 |
|
Rating Explanation |
Minimal degree of safety and carry very high credit risk. |
|
Date |
December 31, 2012 |
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 DECLINED BY
|
Name : |
Mr. Manish Kejriwal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-40649200 |
|
Date : |
15.01.2014 |
LOCATIONS
|
Registered Office : |
306, Garg Plaza, Local Shopping Centre, Sindhora Kalan, New Delhi –
110 052, India |
|
Tel. No.: |
91-11-23643339/ 23646305/ 8589 |
|
Mobile No.: |
91-9167995197 (Mr. Kriti Thokchom) |
|
Fax No.: |
91-11-23643375 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
B-602, Pramukh Plaza, Cardinal Gracious Road, Chakala, Andheri (East),
Mumbai – 400 099, Maharashtra, India |
|
Tel. No.: |
91-22-28251806/ 27/ 38/ 74/ 40649200 |
|
Fax No.: |
91-22-28251836 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located
at: ·
Ahmedabad ·
Secunderabad ·
Chennai ·
Bangalore ·
Gurgaon |
|
|
|
|
Works : |
·
Plot No.14, Sector 8-A, Integrated Industrial Estate,
SIDCUL, BHEL, Ranipur, District Haridwar, Uttaranchal, India E-mail: haridwar@insta-group.com ·
Insta House, 1-A K.T. Industrial Estate,
Billalpada, Vasai Road (East), Thane, Maharashtra, India |
|
|
|
|
Overseas Office : |
Located
at: ·
·
UAE ·
|
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ved Prakash Kedia |
|
Designation : |
Director |
|
Address : |
BFH-90, Shalimar Bagh West, Delhi – 110 088, India |
|
Date of Birth/Age : |
28.07.1981 |
|
Date of Appointment : |
16.01.2003 |
|
DIN No.: |
00293412 |
|
|
|
|
Name : |
Mr. Mahesh Sharwankumar Kedia |
|
Designation : |
Director |
|
Address : |
B-603, Lakshchandi Apartments, Gokul Dham, Goregaon (East), Mumbai –
400 063, Maharashtra, India |
|
Date of Appointment : |
16.01.2006 |
|
DIN No.: |
00321944 |
|
|
|
|
Name : |
Mr. Rajnikant Sharwankumar Kedia |
|
Designation : |
Director |
|
Address : |
B-603, Lakshchandi Apartments, Gokul Dham, Goregaon (East), Mumbai –
400 063, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1975 |
|
Date of Appointment : |
16.01.2003 |
|
DIN No.: |
00712396 |
|
|
|
|
Name : |
Mr. Debasish Manidrakumar Guha |
|
Designation : |
Additional Director |
|
Address : |
B-304, 3rd Floor, Legend Apartments, Behind Vakola Church, Vakola,
Santacruz (East), Mumbai – 400 055, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1966 |
|
Date of Appointment : |
23.12.2013 |
|
DIN No.: |
06761544 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Kejriwal |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Rajnikant Kedia |
|
280100 |
|
Rajnikant Kedia HUF |
|
100720 |
|
Mahesh Kedia |
|
58210 |
|
Sharwankumar Kedia |
|
139280 |
|
Sharwankumar Kedia HUF |
|
25000 |
|
Ved Prakash Kedia |
|
468982 |
|
Preeti Kedia |
|
6450 |
|
Insta Vat Reclaim Private Limited, India |
|
134500 |
|
Insta Retail Solutions Private Limited, India |
|
38500 |
|
Sangeeta Kedia |
|
49240 |
|
Santosh Kedia |
|
9570 |
|
Ruchi Kedia |
|
2000 |
|
Total |
|
1312552 |
AS ON 09.12.2013
|
Names of Allottee |
|
No. of Shares |
|
Insta Vat Reclaim Private Limited, India |
|
26000 |
|
Total |
|
26000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
13.18 |
|
Directors
or relatives of directors |
|
86.82 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing exhibition solutions, which include
manufacturing products, such as portable-display systems, modular systems,
custom-modular systems, and custom-built systems, and offering other
exhibition-related services. |
|
|
|
|
Products/ Services : |
·
Exhibit Solutions ·
Portable Solutions ·
Modular Solutions ·
Custom Built Exhibit ·
Display Solutions ·
Solutions for Activation |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
Notes: TERM LOAN - CITIBANK TERM LOAN AND CASH CREDIT ACCOUNT Secured by way of
pari-passu charge on all present and future stocks and receivables, any other
security as may be available to the other Banks in the banking arrangements,
personal guarantees of promoter directors viz. Shri Rajnikant Kedia, Shri
Mahesh Kumar Kedia and Shri Ved Prakash Kedia and corporate guarantee of
Insta Vat Reclaim Private Limited. Citibank is also having charge on current
assets of the Exponents Insta USA, INC., a 100% subsidiary of the Company in
the Unites States of America. Loan Amount
Rs.38.000 millions: Repayable in 16 Quarterly EMI which starts from October,
2009 and falls due on 20th of April, 20th of July, 20th
of October and 20th of January every year. - SIDBI TERM LOAN Secured by way
of charge on all the assets (including current assets) of the Company
subservient to all the existing and prospective charges created / to be
created on such assets. Also secured by way of personal guarantees of
promoter directors viz. Shri Rajnikant Kedia, Shri Mahesh Kumar Kedia and
Shri Ved Prakash Kedia. Loan Amount:
Rs.27.500 millions: Repayable in 16 Quarterly EMI which starts from December,
2011 and falls due on 10th of June, 10th of September,
10th of December and 10th of March every year. Loan Amount
Rs.20.000 millions: Repayable in 48 Monthly EMI which start from March 2013
with a due date of 10th every month. Loan Amount
Rs.32.000 millions: Repayable in 42 Monthly EMI which start from February,
2013 with a due date of 10th every month. Loan Amount
Rs.10.000 millions: Repayable in 50 Monthly EMI which start from January,
2014 with a due date of 10th every month. - CASH CREDIT ACCOUNT - AXIS BANK LIMITED Primary
Security: Pari-passu first charge by way of hypothecation over entire current
assets of the Company, present and future with Citibank and SIDBI. Collateral
Security: Pari-passu first charge over entire fixed assets of the Company,
present and future (except vehicles) with Citibank and SIDBI. Also secured by
way of personal guarantees of promoter directors viz. Shri Rajnikant Kedia,
Shri Mahesh Kumar Kedia and Shri Ved Prakash Kedia. It is repayable
on demand. - VEHICLE LOANS Secured against
vehicle financed. EMI is made monthly. Loan Amount
Rs.0.865 million: Repayable in 36 Monthly EMI which start from August, 2010
with a due date of 10th every month (Kotak Mahindra Bank). Loan Amount
Rs.0.550 million: Repayable in 60 Monthly EMI which start from October, 2011
with a due date of 15th every month (ICICI Bank). Loan Amount
Rs.1.200 millions: Repayable in 12 Monthly EMI which start from October, 2012
with a due date of 15th every month (Axis Bank). - HP FINANCIAL SERVICES (INDIA) PRIVATE LIMITED Secured against
HP Printer financed. Loan Amount
Rs.5.197 millions: Repayable in 16 Monthly EMI which start from April 2010
and falls due on 1st of May, 1st of August, 1st
November and 1st of February of every year. |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Chachan and Lath Chartered Accountants |
|
Address : |
303 and 307, Garg Plaza, Near Gulabi Bagh, Telephone Exchange, Gulabi
Bagh, Delhi – 110 052, India |
|
Tel. No.: |
91-11-23654483/ 23655495 |
|
Fax No.: |
91-11-23655495 |
|
E-Mail : |
|
|
PAN No.: |
AABFC7580J |
|
|
|
|
Overseas
Subsidiary Companies : |
·
Insta Expo Display Holding AG, Switzerland ·
Exponents Insta USA, INC., United States of
America ·
Insta Exhibition Sp. Zo.o., Poland |
|
|
|
|
Fellow
Subsidiaries : |
·
Insta Expo Display Service AG, Switzerland ·
Expo Display Service GmbH, Germany ·
Expo Display Service SA, France ·
Expo Display and Graphic Service BV, Holland ·
Expo Display Service Handelsges MBH, Austria ·
Exhibition Solution, Belgium |
|
|
|
|
Joint
Venture : |
E.D.S Middle East (L.L.C.), Dubai, UAE |
|
|
|
|
Associates
: |
·
Insta Vat Reclaim Private Limited ·
Neo Insta Retail Solutions Private Limited
(Formerly Insta Retail Solutions Private Limited) |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1338552 |
Equity Shares |
Rs.10/- each |
Rs.13.386
millions |
|
|
|
|
|
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1312552 |
Equity Shares |
Rs.10/- each |
Rs.13.126
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
13.126 |
13.126 |
12.541 |
|
(b) Reserves & Surplus |
403.150 |
335.660 |
225.227 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
8.000 |
|
Total
Shareholders’ Funds (1) + (2) |
416.276 |
348.786 |
245.768 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
74.959 |
49.705 |
107.915 |
|
(b) Deferred tax liabilities (Net) |
6.110 |
8.931 |
7.678 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
13.851 |
12.820 |
7.368 |
|
Total Non-current
Liabilities (3) |
94.920 |
71.456 |
122.961 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
154.896 |
162.417 |
135.107 |
|
(b)
Trade payables |
118.142 |
114.884 |
64.578 |
|
(c)
Other current liabilities |
136.492 |
150.997 |
108.094 |
|
(d) Short-term
provisions |
47.949 |
47.015 |
22.156 |
|
Total Current
Liabilities (4) |
457.479 |
475.313 |
329.935 |
|
|
|
|
|
|
TOTAL |
968.675 |
895.555 |
698.664 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
117.371 |
121.008 |
109.027 |
|
(ii)
Intangible Assets |
2.897 |
3.661 |
2.239 |
|
(iii) Capital
work-in-progress |
0.311 |
0.311 |
0.401 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
96.086 |
95.133 |
95.133 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
245.431 |
262.742 |
176.097 |
|
(e) Other
Non-current assets |
1.462 |
1.358 |
0.000 |
|
Total Non-Current
Assets |
463.558 |
484.213 |
382.897 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
77.902 |
73.192 |
61.379 |
|
(c)
Trade receivables |
290.153 |
237.594 |
155.403 |
|
(d) Cash
and cash equivalents |
2.215 |
9.972 |
8.308 |
|
(e)
Short-term loans and advances |
134.762 |
90.584 |
88.663 |
|
(f)
Other current assets |
0.085 |
0.000 |
2.014 |
|
Total
Current Assets |
505.117 |
411.342 |
315.767 |
|
|
|
|
|
|
TOTAL |
968.675 |
895.555 |
698.664 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
788.527 |
933.278 |
644.787 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
788.527 |
933.278 |
644.787 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
574.425 |
698.530 |
526.301 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
574.425 |
698.530 |
526.301 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
214.102 |
234.748 |
118.486 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
118.017 |
127.176 |
67.739 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
96.085 |
107.572 |
50.747 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
25.395 |
25.781 |
2.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
70.690 |
81.791 |
47.813 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
161.664 |
99.873 |
72.060 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
20.000 |
|
|
|
Mat Credit reversal of Excess |
3.200 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
209.154 |
161.664 |
99.873 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service
Charges - Exhibitions |
252.498 |
229.623 |
228.267 |
|
|
|
Value of
Exports |
79.830 |
144.860 |
84.786 |
|
|
|
Interest
Received |
24.544 |
24.702 |
16.040 |
|
|
TOTAL EARNINGS |
356.872 |
399.185 |
329.093 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw
Materials |
11.626 |
9.137 |
11.287 |
|
|
|
Finished
Products |
15.151 |
20.814 |
8.728 |
|
|
|
Print
& Other Items |
1.064 |
1.679 |
1.452 |
|
|
TOTAL IMPORTS |
27.841 |
31.630 |
21.467 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
53.86 |
62.32 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.96
|
8.76
|
7.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.02
|
13.44
|
8.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.31
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55
|
0.61
|
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
0.87
|
0.96 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
Current Maturities of Long Term Debt
(Secured) |
|
|
|
|
Axis Bank Limited
– Term Loan |
0.000 |
0.000 |
6.985 |
|
Axis Bank Limited
(Foreign Currency Term Loan) |
0.000 |
21.743 |
24.072 |
|
Citibank |
8.404 |
10.215 |
9.187 |
|
SIDBI |
15.578 |
7.215 |
3.400 |
|
Vehicle Loans |
0.829 |
0.404 |
0.380 |
|
Total |
24.811 |
39.577 |
44.024 |
|
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 |
No |
|
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 |
|
19] |
Payments terms |
No |
|
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 |
Yes |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
From Directors |
10.319 |
2.909 |
|
From Shareholders |
1.300 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Credit Cards |
0.942 |
0.628 |
|
From Body Corporates |
6.500 |
29.928 |
|
Total |
19.061 |
33.465 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10392611 |
20/12/2012 |
10,000,000.00 |
SMALL INDUSTRIES
DEVELOPMENT BANK OF INDIA |
11-13, ATLANTA
BUILDING, 209, FIRST FLOOR, V.K. SHAH MARG, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B64386790 |
|
2 |
10372165 |
22/08/2012 |
32,000,000.00 |
SMALL INDUSTRIES
DEVELOPMENT BANK OF INDIA |
11-13, ATLANTA BUILDING,
209, FIRST FLOOR, V.K. SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
B56253818 |
|
3 |
10372163 |
21/08/2012 |
32,000,000.00 |
SMALL INDUSTRIES
DEVELOPMENT BANK OF INDIA |
11-13, ATLANTA BUILDING,
209, FIRST FLOOR, V.K. SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
B56253511 |
|
4 |
10270748 |
24/02/2011 |
20,000,000.00 |
SMALL INDUSTRIES
DEVELOPMENT BANK OF INDIA |
11-13, ATLANTA BUILDING,
209, FIRST FLOOR, VK SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
B07273436 |
|
5 |
10180391 |
02/09/2011 * |
2,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA - 400051, INDIA |
B32338584 |
|
6 |
10180378 |
02/09/2011 * |
38,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA - 400051, INDIA |
B32337578 |
|
7 |
10176732 |
16/09/2009 |
27,500,000.00 |
SMALL INDUSTIRES
DEVELOPMENT BANK OF INDIA |
11-13, ATLANTA BUILDING,,
209, FIRST FLOOR, VK SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
A70300934 |
|
8 |
10162995 |
23/05/2009 |
7,500,000.00 |
AXIS BANK
LIMITED |
FORT BRANCH, UNIVERSAL
INSURANCE BUILDING, SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A63964266 |
|
9 |
10023426 |
31/01/2013 * |
148,000,000.00 |
AXIS BANK
LIMITED |
CORPROATE BANKING
BRANCH,AXIS HOUSE,GR FLOOR, BOMBAY DYING MILL COMPOUND,P.B. MARG,WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B68781749 |
* Date of charge modification
OPERATIONS:
During the year,
the Company has posted a turnover of Rs.734.300
millions, a decrease of about 13.81% as compared to Rs.852.000 millions in the
previous Financial Year. The Company recorded a net profit after tax of
Rs.70.700 millions as compared to Rs.81.800 millions in the corresponding
previous financial year decrease of about 13.57%. The Company could achieve a
rise in overall profitability through a judicious mix of strategies and cost
control measures.
FUTURE OUTLOOK:
The Company
continues its forward march in manufacturing world class products. The
experience gained from the local operations has served as a learning curve for
the Swiss venture. All this will have a positive impact on the Company's
operation in the years to come.
The Directors have
an overall Bullish outlook on the industry in general and the Company in
particular. The Company continues its commitment to match international
standards in quality and designing. Setting up of overseas ventures have helped
the Company in achieving new milestones in the company's evolution from being a
supplier to manufacturer since it commenced operations to foray into retailing
overseas.
THE CONTINGENT LIABILITIES AS ON THE DATE OF
BALANCE SHEET ARE AS FOLLOW (AS ON 31.03.2013):
a) Against Bank
Guarantee for Export Obligation Rs.1.565 millions
b) Against Letter
of Credit Rs.0.966 million
c) Against Income
Tax demand for assessment year 2008-2009 Rs.1.730 millions
d) Against Sales
Tax demand Rs.0.240 million
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Office Building
·
Factory Building
·
Plant and Equipment
·
Computer and Allied
Equipment
·
Furniture and Fixtures
·
Office Equipments
·
Motor Vehicle
Intangible Assets
·
Computer Software
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.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.