MIRA INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ULTIMATE FURNITURE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Shop No.7, Raghuvanshi Mansion, Raghuvanshi Mill Compound, 11-12,
Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra |
|
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|
Country : |
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|
Financials (as on)
: |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.04.2011 |
|
|
|
|
Com. Reg. No.: |
11-216486 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52390MH2011PTC216486 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU06365C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Wooden and Metal Furniture. |
|
|
|
|
No. of Employees
: |
22 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Even though the company was incorporated during 20th April
2011, it has started its operational activity from December 2011. The management has failed to file its financial with Government
Department for the year 2013. As per available financial record of 2012, the company has incurred
huge accumulated losses, which has eroded the networth of the company. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and
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.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous year.
The drop in India was steeper at 21 %. State run carrier Air India is doling
out free tickets to its 24000 employees, even as it expects to incur a loss of
Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number
of jobs generated across India in 2013, a fall of 0.4 % as compared to with a
year earlier. The National Capital Region has a one-fourth share in total
jobs created, according to a study by industry lobby group Assochem, Banks,
real estate, automobile and telecommunications sectors are showing a rise of
job creation. $ 805 mn investments by venture capital firms in India during
2013, registering a drop of about 18 % over the previous year. The Information
Technology and IT-Enabled Services Industry retained its status as the favourable
venture capital investors in 2013. Pakistan has temporarily banned gold imports
for the second time in six months, as it tries to stem smuggling into India.
India’s import duty on gold is 10 % and curbs on purchases have dried up legal
imports into what used to be the world’s biggest bullion buyers. The World Gold
Council puts the amount smuggled into India at upto 200 tonnes in 2013. The
Reserve Bank of India has proposed that unclaimed bank deposits estimated to be
about Rs 35000 mn be used for education and awareness among depositors.
According to the plan, deposits that have not been claimed for at least 10
years will be transferred to the scheme.
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. Soheb Siddiqui |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-24990999 |
|
Date : |
03.03.2014 |
LOCATIONS
|
Registered Office : |
Shop No.7, Raghuvanshi Mansion, Raghuvanshi Mill Compound, 11-12, Senapati
Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-24990999 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
1604, Lokhandwala Galaxy, N.M. Joshi Marg, Opposite “S” Bridge,
Byculla (West), Mumbai – 400 011, Maharashtra, India |
|
|
|
|
Branch Office 2 : |
House No. W, Mondeal Business Park, Near Gurudwara, S.G. Highway, Ahmedabad – 380 054, Gujarat,
India |
DIRECTORS
AS ON 27.09.2012
|
Name : |
Mr. Mikadad Soyabbhai Bhabharawala |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
25.06.1959 |
|
Date of Appointment : |
01.07.2011 |
|
DIN No.: |
03371190 |
|
|
|
|
Name : |
Mr. Vijayaraghavan Kambeera Rajapuram Varadadesikan |
|
Designation : |
Director |
|
Address : |
89, Luz Avenue, Mylapore, Chennai – 600 004, Tamilnadu, India |
|
Date of Birth/Age : |
23.12.1962 |
|
Date of Appointment : |
05.07.2011 |
|
DIN No.: |
03371201 |
KEY EXECUTIVES
|
Name : |
Mr. Soheb Siddiqui |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mikadad Soyabbhai Bhabharawala |
950000 |
95.00 |
|
Seshan Narayanan |
50000 |
5.00 |
|
Total
|
1000000 |
100.00 |
AS ON 27.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
95.00 |
|
Other
top fifty shareholders |
|
5.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Wooden and Metal Furniture. |
|
|
|
|
Imports : |
|
|
Products : |
Furniture |
|
Countries : |
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Natuzzi, Italy |
|
|
|
|
Customers : |
Wholesalers, Retailers and End Users ·
Bombay Dyeing |
|
|
|
|
No. of Employees : |
22 (Approximately) |
|
|
|
|
Bankers : |
Axis Bank Limited, Worli Branch |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Ray and Ray Chartered Accountants |
|
Address : |
305, Eastern Court, C Wing, Tejpal Road, Vile Parle (East), Mumbai –
400 057, Maharashtra, India |
|
PAN No.: |
AADFR8764R |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
10.000 |
|
(b) Reserves & Surplus |
|
|
(11.841) |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
(1.841) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
15.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c)
Other long term liabilities |
|
|
0.000 |
|
(d)
Long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
15.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
63.777 |
|
(b)
Trade payables |
|
|
0.270 |
|
(c)
Other current liabilities |
|
|
7.011 |
|
(d)
Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
71.058 |
|
|
|
|
|
|
TOTAL |
|
|
84.217 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
32.541 |
|
(ii)
Intangible Assets |
|
|
0.038 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
1.613 |
|
(d) Long-term Loan
and Advances |
|
|
10.801 |
|
(e)
Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
44.993 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
26.597 |
|
(c)
Trade receivables |
|
|
0.314 |
|
(d)
Cash and cash equivalents |
|
|
7.825 |
|
(e)
Short-term loans and advances |
|
|
4.488 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
39.224 |
|
|
|
|
|
|
TOTAL |
|
|
84.217 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Revenue |
|
|
10.127 |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(6.268) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
7.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(13.453) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
(1.612) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(11.841) |
|
|
|
|
|
|
|
|
|
|
VALUE OF IMPORT
ON CIF BASIS |
|
|
23.174 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
(11.84) |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
120.000 |
|
|
|
|
|
Expected Sales (2013-2014): Rs.140.000 millions
The above information has been parted by Mr. Soheb Siddiqui (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(132.84) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(16.29) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
7.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
(42.79) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.55 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for two years |
Yes |
|
12] |
Profitability for one year |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
No |
|
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 |
No |
|
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 |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
|
LONG TERM
BORROWINGS |
|
|
Loan From Director (There are no
stipulations with respect to repayment of the above interest free unsecured
loan) |
15.000 |
|
SHORT TERM
BORROWINGS |
|
|
Loan From Director |
63.777 |
|
Total
|
78.777 |
Note:
The registered office of the company has been shifted from 1604, Lokhandwala Galaxy, N.M. Joshi Marg, Opposite “S” Bridge, Byculla (West), Mumbai – 400 011, Maharashtra, India to the present address w.e.f. 01.11.2011.
PERFORMANCE:
The Company is
Formed on 20th April, 2011 and acquired show room on Lease in May,
2011 and started renovation of Showroom. The actual Commercial Operation of the
Company is started on December, 2011.
The Operating
Revenue of Rs.10.127 millions in its four month operation, from December to
March 2012. The Net Loss after tax Rs.11.841 millions.
FIXED ASSETS:
TANGIBLE ASSETS
- Vehicle
- Computer and Printer
- Office Equipment
- Furniture and Fixtures
- Air Conditioner
- Warehouse Racking System
INTANGIBLE ASSETS
- Intangible 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 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.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.