MIRA INFORM REPORT
|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
NORTH
AMERICAN MERCANTILE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gala No.12, Jamnadas Industrial Estate, Opposite Jawahar Talkies, Mulund
(West), Mumbai – 400 080, Maharashtra |
|
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|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.01.2002 |
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|
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|
Com. Reg. No.: |
11-134513 |
|
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|
Capital
Investment / Paid-up Capital : |
Rs.1.000 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51505MH2002PTC134513 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer, Exporter and Importer of electrical, electronic and textile
items. |
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|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 57000 |
|
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|
Status : |
Moderate |
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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 moderate track. There seems a
sharp dip in the turnover and profitability of the company during 2013, the
profit margin of the company is also low. However, trade
relations are reported as 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
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 (PARTIAL DETAILS)
|
Name : |
Ms. Meeta |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-61368888 |
|
Date : |
31.05.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Gala No.12, Jamnadas Industrial Estate, Opposite Jawahar Talkies, Mulund
(West), Mumbai – 400 080, Maharashtra, India |
|
Tel. No.: |
91-22-61368888/ 25774707 |
|
Fax No.: |
91-22-61368899 |
|
E-Mail : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
DIRECTORS
AS ON 28.09.2013
|
Name : |
Mr. Ravi Kishinchand Matta |
|
Designation : |
Director |
|
Address : |
1/A-5, Besant Park, Chembur, Mumbai – 400 071, Maharashtra, India |
|
Date of Birth/Age : |
25.07.1966 |
|
Date of Appointment : |
10.01.2002 |
|
DIN No.: |
00362145 |
|
|
|
|
Name : |
Mrs. Bhavna Ravi Matta |
|
Designation : |
Director |
|
Address : |
1/A-5, Besant Park, Chembur, Mumbai – 400 071, Maharashtra, India |
|
Date of Birth/Age : |
30.10.1971 |
|
Date of Appointment : |
10.01.2002 |
|
DIN No.: |
00362179 |
KEY EXECUTIVES
|
Name : |
Prabha Sharma |
|
Designation : |
Practicing Company Secretary |
|
Address : |
606, ‘Eureka’, Hiranandani Estate, Patlipada, Thane (West) – 400 607,
Maharashtra, India |
|
Tel No.: |
91-22-25308087 |
|
|
|
|
Name : |
Ms. Meeta |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Ravi Kishinchand Matta |
87500 |
87.50 |
|
Bhavna Ravi Matta |
12500 |
12.50 |
|
Total |
100000 |
100.00 |
AS ON 28.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of electrical, electronic and
textile items. |
|
|
|
|
Brand Names : |
CHEFPRO |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Not Divulged |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Not Divulged |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Hemal K. Shah and Company Chartered Accountants |
|
Address : |
110, Vardhman Industrial Complex, Gokul Nagar, Near Royal Inn Hotel,
Thane – 400 601, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABPS6795B |
CAPITAL STRUCTURE
AS ON 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
|
|
|
|
|
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 |
13.169 |
11.478 |
8.000 |
|
(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) |
14.169 |
12.478 |
9.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
11.019 |
9.369 |
10.813 |
|
(b) Deferred tax liabilities (Net) |
0.138 |
0.122 |
0.120 |
|
(c)
Other long term liabilities |
0.050 |
0.050 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
11.207 |
9.541 |
10.933 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
58.474 |
75.403 |
59.379 |
|
(c)
Other current liabilities |
1.313 |
0.576 |
0.095 |
|
(d)
Short-term provisions |
3.861 |
3.626 |
3.607 |
|
Total
Current Liabilities (4) |
63.648 |
79.605 |
63.081 |
|
|
|
|
|
|
TOTAL |
89.024 |
101.624 |
83.014 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9.421 |
10.364 |
11.568 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
.000 |
|
(iv) Intangible assets under development |
0.000 |
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 |
4.831 |
4.601 |
4.404 |
|
(e)
Other Non-current assets |
0.692 |
0.696 |
0.696 |
|
Total
Non-Current Assets |
14.944 |
15.661 |
16.668 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
36.071 |
30.904 |
23.057 |
|
(c)
Trade receivables |
35.884 |
51.609 |
48.508 |
|
(d)
Cash and cash equivalents |
1.849 |
3.278 |
(5.291) |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f)
Other current assets |
0.276 |
0.172 |
0.072 |
|
Total
Current Assets |
74.080 |
85.963 |
66.346 |
|
|
|
|
|
|
TOTAL |
89.024 |
101.624 |
83.014 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
INCOME FROM
OPERATIONS |
303.329 |
699.373 |
531.431 |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
2.455 |
5.061 |
15.567 |
|
|
|
|
|
|
|
Less |
TAX |
0.765 |
1.583 |
1.592 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
1.690 |
3.478 |
13.975 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.069 |
(0.002) |
Nil
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORT AND FOB VALUE OF EXPORT |
12.471 |
0.588 |
Nil
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
16.90 |
34.78 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.76 |
4.98 |
18.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.41 |
1.73 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.78 |
0.75 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.08 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1.000 |
1.000 |
1.000 |
|
Reserves & Surplus |
8.000 |
11.478 |
13.169 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
9.000 |
12.478 |
14.169 |
|
|
|
|
|
|
Long-term borrowings |
10.813 |
9.369 |
11.019 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
10.813 |
9.369 |
11.019 |
|
Debt/Equity ratio |
1.201 |
0.751 |
0.778 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Income from Operations |
531.431 |
699.373 |
303.329 |
|
|
|
31.602 |
-56.628 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Income from Operations |
531.431 |
699.373 |
303.329 |
|
Profit |
13.975 |
3.478 |
1.690 |
|
|
2.63% |
0.50% |
0.56% |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10223991 |
30/12/2013 * |
75,679,000.00 |
UNION BANK OF INDIA |
CHEMBUR BRANCH, MY MOTHER
CO-OPERATIVE HOUSING SOCIETY, BUILDING "A" WING, PLOT NO.412, R.C.
MARG, CHEMBUR, |
B94456241 |
|
2 |
90148283 |
30/12/2013 * |
47,500,000.00 |
UNION BANK OF INDIA |
CHEMBUR BRANCH, MY MOTHER
CO-OPERATIVE HOUSING SOCIETY, BUILDING "A" WING, PLOT NO.412, R.C.
MARG, CHEMBUR, |
B94453081 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
|
|
|
Ravi K. Matta |
3.667 |
2.324 |
|
Renukadevi K. Matta |
2.241 |
1.741 |
|
Bhavna K. Matta |
3.224 |
3.013 |
|
Ravi K. Matta (HUF) |
1.641 |
1.332 |
|
Total |
10.773 |
8.410 |
Note:
The registered office of the company has been
shifted from 44, Damji Shamji Industrial Estate, L.B.S. Marg, Vikhroli (West), Mumbai
– 400 083, Maharashtra, India to the present
address w.e.f. 23.11.2009.
FIXED ASSETS:
·
Air Conditioner
·
Scooter
·
Computer and Printer
·
Web Camera
·
EPBX Telephone System
·
Machinery and Equipment
·
Furniture and Fixtures
·
Television and LCD
·
Motor Cycle
·
Motor Car
·
Office Premises
·
Electrical Fittings
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 records 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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.