MIRA INFORM REPORT
|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
INSTA EXHIBITIONS PRIVATE LIMITED |
|
|
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|
Registered
Office : |
306, Garg Plaza, Local Shopping Centre, Sindhora Kalan, New Delhi –
110 052 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
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|
Date of
Incorporation : |
16.01.2003 |
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|
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Com. Reg. No.: |
55-118523 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13.126
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U92199DL2003PTC118523 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELI03966E |
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Legal Form : |
Private Limited Liability Company |
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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 (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1665000 |
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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 record. The company sales turnover has declined resulting into dip in profit of
the company during financial year 2013. Further the rating take into consideration company’s moderate
financial risk profile and intense competition in the exhibition products and
solution industry. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
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
Management non-cooperative
Tel. No.: 91-22-40649200
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) |
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Fax No.: |
91-11-23643375 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
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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 |
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Fax No.: |
91-22-28251836 |
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E-Mail : |
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Branch Office : |
Located
at: ·
Ahmedabad ·
Secunderabad ·
Chennai ·
Bangalore ·
Gurgaon |
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|
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 |
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Overseas Office : |
Located
at: ·
·
UAE ·
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DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ved Prakash Kedia |
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Designation : |
Director |
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Address : |
BFH-90, Shalimar Bagh West, Delhi – 110 088, India |
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Date of Birth/Age : |
28.07.1981 |
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Date of Appointment : |
16.01.2003 |
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DIN No.: |
00293412 |
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Other Directorship :
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Name : |
Mr. Mahesh Sharwankumar Kedia |
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Designation : |
Director |
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Address : |
B-603, Lakshchandi Apartments, Gokul Dham, Goregaon (East), Mumbai – 400
063, Maharashtra, India |
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|
Date of Appointment : |
16.01.2006 |
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DIN No.: |
00321944 |
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Other Directorship :
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|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rajnikant Sharwankumar Kedia |
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Designation : |
Director |
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|
Address : |
B-603, Lakshchandi Apartments, Gokul Dham, Goregaon (East), Mumbai –
400 063, Maharashtra, India |
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Date of Birth/Age : |
06.01.1975 |
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Date of Appointment : |
16.01.2003 |
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DIN No.: |
00712396 |
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Other Directorship :
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|||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Debasish Manidrakumar Guha |
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Designation : |
Additional Director |
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Address : |
B-304, 3rd Floor, Legend Apartments, Behind Vakola Church,
Vakola, Santacruz (East), Mumbai – 400 055, Maharashtra, India |
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Date of Birth/Age : |
06.01.1966 |
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Date of Appointment : |
23.12.2013 |
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DIN No.: |
06761544 |
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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. |
|
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|
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 : |
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|
PAN No.: |
AABFC7580J |
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Overseas
Subsidiary Companies : |
|
|
|
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Fellow
Subsidiaries : |
|
|
|
|
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Joint
Venture : |
E.D.S Middle East (L.L.C.), Dubai, UAE |
|
|
|
|
Associates
: |
|
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 |
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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
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.60.05 |
|
UK Pound |
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.