MIRA INFORM REPORT

 

IDENTIFICATION DETAILS

 

Name :

PRIORITY MARKETING PRIVATE LIMITED

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Legal Form :

Private Limited Liability Company

 

 

No. of Employees :

150 (Approximately)

 

 

BUSINESS DETAILS

 

Line of Business :

Distributor of Watches

 

 

Exports :

 

Products :

Watches

Countries :

 

 

·         Hong Kong

·         UK

 

 

Terms :

 

Purchasing :

Credit

Selling :

Credit

 

 

GENERAL INFORMATION

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

·         Citibank N. A. Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

·         Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

 

 

Facilities :

Total Facility enjoyed including fund and non-fund : Rs.65.000 Millions

 

Secured Loan

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

 

 

From bank

Cash Credit

(Secured against hypothecation of stock and book debts)

56.742

16.917

Working capital demand loan

(Secured against hypothecation of stock and book debts)

0.000

45.000

Motor Car Loan

(Secured against hypothecation of vehicle)

0.616

0.000

Interest accrued and due

0.733

0.000

Total

58.091

61.917

 

 

 

Unsecured Loan

 

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

Long-term Borrowings

 

 

From related parties

33.236

26.236

 

 

 

Total

33.236

26.236

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Ganesh and Rajendra Associates

Chartered Accountants

Address :

103, Madhu Industrial Park, Mogra Village, Avadha Narayan Tiwari Marg, Andheri (East), Mumbai – 400069, Maharashtra, India

Tel No.:

91-22-28312467/68/69

Email:

audit@grassocites.co.in

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFG3021H

 

 

Associates:

·         Just Lifestyle Private Limited

·         Priority Jewels Private Limited

·         Priority Gold Private Limited

·         Gitanjali Laser House Private Limited

·         Xcalibur Laser Systems Private Limited

·         M Square Silver Private Limited

·         Excel Laser Technology Private Limited

·         Priority Retail Ventures Private Limited

·         Amber Exports Private Limited

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.09.2013

 

Names of Shareholders

 

No. of Shares

Shailesh Harkisandas Sangani

 

10

Joel Alan Cardoso

 

25000

Manisha Sangani

 

74990

 

 

 

Total

 

100000

 

 

 

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

1.000

1.000

1.000

(b) Reserves & Surplus

40.153

40.737

33.444

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

41.153

41.737

34.444

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

91.327

88.153

91.571

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

7.113

0.677

2.549

(d) long-term provisions

2.345

0.733

0.733

Total Non-current Liabilities (3)

100.785

89.563

94.853

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

52.018

55.979

34.188

(c) Other current liabilities

3.068

5.066

2.365

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

55.086

61.045

36.553

 

 

 

 

TOTAL

197.024

192.345

165.850

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

16.475

10.569

6.874

(ii) Intangible Assets

0.399

0.241

0.245

(iii) Capital work-in-progress

0.587

0.938

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.081

0.081

0.081

(c) Deferred tax assets (net)

1.245

1.029

2.224

(d)  Long-term Loan and Advances

15.413

9.127

9.509

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

34.200

21.985

18.933

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

89.761

108.552

88.015

(c) Trade receivables

57.061

50.896

46.588

(d) Cash and cash equivalents

10.151

3.764

5.767

(e) Short-term loans and advances

5.851

7.148

6.547

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

162.824

170.360

146.917

 

 

 

 

TOTAL

197.024

192.345

165.850

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

365.768

330.526

267.850

 

 

Other Income

23.221

3.364

3.058

 

 

TOTAL                                    

388.989

333.890

270.908

 

 

 

 

 

 

EXPENSES

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

380.218

323.045

266.807

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

2.354

10.845

4.101

 

 

 

 

 

 

CURRENT TAX                                    

3.154

2.170

0.790

 

 

 

 

 

 

MAT CREDIT ENTITLEMENT

0.000

1.223

0.000

 

 

 

 

 

 

DEFERRED TAX

0.216

1.196

1.325

 

 

 

 

 

 

PRIOR YEAR TAX ADJUSTMENT

0.000

1.409

(0.044)

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

(0.584)

7.293

4.681

 

 

 

 

 

 

EARNING IN FOREIGN CURRENCY

10.697

0.000

0.000

 

 

 

 

 

 

CIF VALUE OF IMPORT

0.000

62.443

51.313

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(5.84)

NA

NA

 

Particulars

 

 

 

31.03.2014

Sales Turnover (Approximately)

 

 

390.000

 

 

 

The above information has been parted by Mr. Rahul Sharma (Accounts Executive)

 

FINANCIAL OPERATIONS

 

During the year, the company has earned a total income of Rs. 388.990 Millions as compared to Rs.333.890 Millions in the previous year. The company has made a profit before tax of Rs. 2.354 Millions as compared to profit made of Rs. 10.845 Millions in the previous year. After marketing provision for taxation the net loss stood at Rs. 0.584 Million

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

LOCATIONS

 

Registered Office /

Unit – 302, Kamla Executive Park, CTS – 173, J B Nagar, Next to Vazir Glass Factory, Andheri (East), Mumbai – 400059, Maharashtra, India

Tel. No.:

91-22-28383675/37/49

Mobile No.:

91-9324703650 (Mr. Rahul Sharma)

Fax No.:

91-22-28222266

E-Mail :

vishwas@priorityindia.com

rahul@justinogue.com

Website:

www.priorityindia.com

Location :

Rented

 

NOTE: Registered office of the company has been shifted from Level 3, Plot No D – 6, Street No. 20, Marol MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address.

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.