MIRA INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRIYA LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg, Marine
Lines (East), Mumbai – 400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.08.1986 |
|
|
|
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Com. Reg. No.: |
11-040713 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 30.023 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1986PLC040713 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trader, Exporter and Importer of Electronic Items and Chemicals,
Dyestuffs, Pharmaceuticals and Allied Products. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the turnover and profit of the company during
2014. However, net worth of the company is satisfactory. General financial
position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Jeetu |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-42203100 |
|
Date : |
30.10.2014 |
LOCATIONS
|
Registered Office : |
4th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg, Marine Lines (East), Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-42203100 |
|
Fax No.: |
91-22-42203197 |
|
E-Mail : |
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|
Website : |
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Branch Office 1 : |
406, Madhuban Building, 55, Nehru Place, New Delhi - 110 019, India |
|
Tel. No.: |
91-011-2643 8555 / 56 / 57 , 2623 2443 |
|
Fax No.: |
91-011-2623 2443 |
|
E-Mail : |
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Branch Office 2 : |
GE-06, Sunrise Chambers, No.22, Ulsoor Road, Bangalore-560042, Karnataka, India |
|
Tel. No.: |
91-080-2558 6122 |
|
Fax No.: |
91-080-2662 6106 |
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E-Mail : |
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Branch Office 3 : |
55, Shahid Nagar, Bhubaneshwar - 751 007. Odisha, India |
|
Tel. No.: |
91-0674-3201416 |
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Fax No.: |
91-0674-3103356 |
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E-Mail : |
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Branch Office 4 : |
Old No. 17, New No.31, 2nd Floor, Room No.11, G.C. Complex Dorai Swamy Road, T. Nagar, Chennai -600 017, Tamilnadu, India |
|
Tel. No.: |
91-044-4214 6104/ 05 , 4214 61064/ 07 24345118 |
|
Fax No.: |
91-044-28365118 |
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E-Mail : |
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Branch Office 5 : |
No. 39/5689, Thekkanath Building, Near South Over Bridge, Kochi – 682036, Kerala, India |
|
Tel. No.: |
91-0484-2311397, 2311398, 3083185 to 89. |
|
Fax No.: |
91-0484-2207294 |
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E-Mail : |
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Branch Office 6 : |
"Lords" 3rd Floor, 7/1, Lord Sinha Road, Kolkata - 700 071, West Bengal, India |
|
Tel. No.: |
91-033-30571000/01/03 |
|
Fax No.: |
91-033-30571002 |
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E-Mail : |
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Branch Office 7 : |
No. 210, 2nd Floor, Minerva Commercial Complex, 94, Sarojini Devi Road, Secunderabad -500 003. Andhra Pradesh, India |
|
Tel. No.: |
91-040-39122225,27810979,66382237 / 38 |
|
Fax No.: |
91-040-2781 3549 |
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E-Mail : |
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Arunkumar Bhuwania |
|
Designation : |
Chairman |
|
Address : |
Dariya Mahal – A, 15th Floor, Nepean Sea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1947 |
|
Date of Appointment : |
22.08.1986 |
|
DIN No.: |
00387445 |
|
|
|
|
Name : |
Mr. Radhakrishna Kunjal Saraswat |
|
Designation : |
Director |
|
Address : |
A/6 Asian Assurance Building, Manmala Tank Road, Mumbai – 400016,
Maharashtra, India |
|
Date of Birth/Age : |
17.04.1938 |
|
Date of Appointment : |
30.08.2000 |
|
DIN No.: |
00015095 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Arora |
|
Designation : |
Director |
|
Address : |
Flat No. 2, 8 Golf Links, Pali Hill Khar, Mumbai – 400052,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1941 |
|
Date of Appointment : |
30.08.2003 |
|
DIN No.: |
00031777 |
|
|
|
|
Name : |
Mr. Ashish Bhuwania |
|
Designation : |
Executive Director |
|
Address : |
8 Edmunds Walk, East Finchley, London, N2 OHV, London, United Kindgom |
|
Date of Birth/Age : |
14.10.1971 |
|
Date of Appointment : |
02.02.1994 |
|
DIN No.: |
01176475 |
|
PAN No.: |
AAJPB8136F |
|
|
|
|
Name : |
Mr. Aditya Arunkumar Bhuwania |
|
Designation : |
Executive Director |
|
Address : |
8, Dariya Mahal A 80, Nepean Sea Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
13.02.1974 |
|
Date of Appointment : |
13.08.2008 |
|
DIN No.: |
00018911 |
|
PAN No.: |
AAJPB8135G |
|
|
|
|
Name : |
Mr. Anuj Amarnath Bhargava |
|
Designation : |
Director |
|
Address : |
31 Swadhin Sadan, 5th Floor, C Road, Churchgate, Mumbai –
400020, Maharashtra ,India |
|
Date of Birth/Age : |
24.09.1962 |
|
Date of Appointment : |
27.05.2010 |
|
DIN No.: |
03090652 |
|
|
|
|
Name : |
Mr. Hariharan Vishwanathan Puthucode |
|
Designation : |
Director |
|
Address : |
11/58-59, Savitha, Chedda Nagar Road, No 2, Tilak Nagar, Chembur ,
Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
13.01.1954 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
03196975 |
KEY EXECUTIVES
|
Name : |
Shri. Saishwar Dalvi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Jeetu |
|
Designation : |
Office Executive |
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|
|
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1959360 |
65.26 |
|
|
275800 |
9.19 |
|
|
2235160 |
74.45 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2235160 |
74.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
100 |
0.00 |
|
|
|
|
|
|
61471 |
2.05 |
|
|
|
|
|
|
440012 |
14.66 |
|
|
139744 |
4.19 |
|
|
125813 |
4.17 |
|
|
122 |
0.00 |
|
|
125000 |
4.16 |
|
Clearing Members |
691 |
0.02 |
|
|
767040 |
25.55 |
|
Total Public shareholding (B) |
767140 |
25.55 |
|
Total (A)+(B) |
3002300 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3002300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Electronic Items and Chemicals,
Dyestuffs, Pharmaceuticals and Allied Products. |
|
|
|
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Exports : |
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|
Products : |
Electronic Items and Chemicals, Dyestuffs, Pharmaceuticals and Allied
Products |
|
Countries : |
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Imports : |
|
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Products : |
Raw Materials |
|
Countries : |
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Terms : |
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Selling : |
Cash Cheque / / Credit |
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Purchasing : |
Cash Cheque / / Credit |
GENERAL INFORMATION
|
Customers : |
Retailers |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||
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Banking
Relations : |
--- |
|
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Auditors : |
|
|
Name : |
M. L. Bhuwania and Company Chartered Accountants |
|
Address : |
F-11 Third Floor, Manek Mahal, 90 Veer Nariman Road, Churchgate Mumbai
- 400020, Maharashtra, India |
|
PAN No.: |
AAAFM1380R |
|
|
|
|
Entities where individual
having control/significant influence or key management personnel or their
relatives are able to exercise significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 Millions |
|
1000000 |
Unclassified Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.75.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3002300 |
Equity Shares |
Rs.10/- each |
Rs.30.023 Millions |
|
|
|
|
|
Note No 1.1 The reconcilation of the number of shares outstanding at the beginning and at the end of reporting period 31.03.2014
|
Particulars |
As at March 31,2013 |
|
Number of shares at the beginning |
3002300 |
|
Add: Shares issued during the year |
-- |
|
Less : Shares Bought back (if any) |
-- |
|
Number of shares at
the end |
3002300 |
Note No 1.2
Terms/rights attached to equity shares
(A) The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(B) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Note No 1.3 The
details of shareholders holding more than 5% shares in the company
|
Name of the
shareholders |
No. of shares held |
% held as at March 31, 2014 |
|
Arun Kumar Bhuwania |
571210 |
19.03 |
|
Saroj Bhuwania |
541750 |
18.04 |
|
Priya International Limited |
275800 |
9.19 |
|
Ashish Bhuwania |
280200 |
9.33 |
|
Aditya Bhuwania |
260300 |
8.67 |
|
Shruti Bhuwania |
167600 |
5.58 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.023 |
30.023 |
30.023 |
|
(b) Reserves & Surplus |
292.966 |
279.339 |
261.585 |
|
(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) |
322.989 |
309.362 |
291.608 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.240 |
0.552 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.786 |
0.000 |
4.640 |
|
(d) long-term
provisions |
7.025 |
7.214 |
4.469 |
|
Total Non-current
Liabilities (3) |
11.051 |
7.766 |
9.109 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
239.717 |
196.315 |
228.726 |
|
(b) Trade
payables |
323.402 |
359.075 |
216.353 |
|
(c) Other current
liabilities |
8.736 |
11.846 |
8.160 |
|
(d) Short-term
provisions |
4.280 |
4.997 |
3.925 |
|
Total Current
Liabilities (4) |
576.135 |
572.233 |
457.164 |
|
|
|
|
|
|
TOTAL |
910.175 |
889.361 |
757.881 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
30.779 |
24.124 |
24.214 |
|
(ii)
Intangible Assets |
0.168 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
36.049 |
36.049 |
36.049 |
|
(c) Deferred tax assets (net) |
6.552 |
6.504 |
3.427 |
|
(d) Long-term Loan and Advances |
11.736 |
75.198 |
12.745 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
85.284 |
141.875 |
76.435 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
16.938 |
11.065 |
25.412 |
|
(c) Trade
receivables |
731.699 |
680.012 |
596.494 |
|
(d) Cash
and cash equivalents |
32.052 |
45.446 |
28.099 |
|
(e)
Short-term loans and advances |
42.365 |
9.747 |
28.540 |
|
(f) Other
current assets |
1.837 |
1.216 |
2.901 |
|
Total
Current Assets |
824.891 |
747.486 |
681.446 |
|
|
|
|
|
|
TOTAL |
910.175 |
889.361 |
757.881 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1772.072 |
2116.226 |
1924.660 |
|
|
|
Other Income |
23.443 |
16.108 |
15.775 |
|
|
|
TOTAL (A) |
1795.515 |
2132.334 |
1940.435 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock - in – Trade |
1667.775 |
1960.496 |
1760.484 |
|
|
|
Changes in inventories of Stock-in-Trade |
(5.873) |
14.348 |
42.172 |
|
|
|
Employee benefit expenses |
21.850 |
26.578 |
21.476 |
|
|
|
Other Expenses |
55.933 |
65.186 |
57.412 |
|
|
|
TOTAL (B) |
1739.685 |
2066.608 |
1881.544 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.830 |
65.726 |
58.891 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.762 |
34.828 |
38.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.068 |
30.898 |
20.010 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.440 |
2.799 |
2.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.628 |
28.099 |
17.582 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.489 |
6.833 |
9.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
17.139 |
21.266 |
8.163 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
82.224 |
64.470 |
59.797 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.002 |
3.002 |
3.002 |
|
|
|
Corporate Dividend Tax |
0.510 |
0.510 |
0.487 |
|
|
BALANCE CARRIED
TO THE B/S |
95.851 |
82.224 |
64.471 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
915.334 |
1272.498 |
992.727 |
|
|
TOTAL EARNINGS |
915.334 |
1272.498 |
992.727 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
728.537 |
1055.068 |
934.285 |
|
|
TOTAL IMPORTS |
728.537 |
1055.068 |
934.285 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.71 |
7.08 |
2.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.95 |
1.00 |
0.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
3.10 |
3.08 |
3.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.30 |
3.32 |
2.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.09 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.75 |
0.64 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.31 |
1.49 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
CURRENT MATURITY
OF LONG TERM DEBT IS NOT AVAILABLE
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
30.023 |
30.023 |
30.023 |
|
Reserves & Surplus |
261.585 |
279.339 |
292.966 |
|
Net
worth |
291.608 |
309.362 |
322.989 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.552 |
3.240 |
|
Short term borrowings |
228.726 |
196.315 |
239.717 |
|
Total
borrowings |
228.726 |
196.867 |
242.957 |
|
Debt/Equity
ratio |
0.784 |
0.636 |
0.752 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1924.660 |
2116.226 |
1772.072 |
|
|
|
9.953 |
(16.263) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1924.660 |
2116.226 |
1772.072 |
|
Profit |
8.163 |
21.266 |
17.139 |
|
|
0.42% |
1.00% |
0.97% |
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
No |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/31/2014 |
Failing Date:- |
02.01.2014 |
Reg. No.:- |
ITXA/441/2014 |
Reg. Date:- |
05.03.2014 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX - 2 |
Respondent:- |
M/S PRIYA LIMITED |
||||
|
Petn.Adv:- |
Prakash Chandra Chhotaray (0) |
Resp. Adv.: |
ATUL KARSANDAS JASANI (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre- Admission |
Stage:- |
|||||
|
Last Date:- |
03/11/2014 |
||||||
|
Last Coram:- |
ACCORDING TO STING LIST ACCORDING TO STING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
Note:
Registered office of the company has been
shifted from 2nd Floor 209-210 Kimatrai Building 77-79, Maharshi Karve
Marg, Marine Lines (East), Mumbai – 400002, Maharashtra, India to the present address w.e.f 01.02.2012
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate Deposits |
30.832 |
29.407 |
|
Loans from Finance Companies |
0.000 |
2.695 |
|
Total |
30.832 |
32.102 |
OPERATIONS
During the year
the aggregate turnover of the Company was Rs.1772.072 Millions as compared to Rs.2116.226
Millions in the previous year. The Company has earned profit after tax and
exceptional item of Rs.17.139 Millions in 2013- 2014 as compared to Rs. 21.266
Millions in the previous year.
Due to
recessionary trends which continuedglobally, the company’s turnover decreased
to Rs. 1772.072 Millions in comparison to performance of previous year. The
aforesaid decrease in turnover was a result of economic slowdown globally and
not restricted to USA & European countries.
The Company is
focused to concentrate on the hardware business which has been major revenue
earner, which mainly includes marketing of VXL thin clients and has now started
marketing various software products, and offering solutions for different
industries. This year has been challenging, as the company had to shrink its
import activities in response to high volatility in foreign currency and
devaluation of rupee.
As regards to
infrastructure, The Company’s head office and all the branches are adequately
equipped to provide complete support to the customers.
Internal control
systems have been well established and cost consciousness in branch operations
will lead to improved profitability in the long run.
The Directors are confident
that the company will strive hard to improve the performance in the current
year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECECONOMIC REVIEW AND
OUTLOOK
The revitalisation
of global economy continued during the calendar year 2013 and the global
economy ended the year on a better footing as compared to the start of the
year. The growth momentum is expected to be carried forward during the year
2014. The International Monetary Fund forecasts that world output will grow
3.6% in 2014, compared to 2.9% during 2013. The US economy grew at an annual
rate of 2.6% in the last quarter of 2013 with better growth forecast for 2014.
The UK economy strengthened steadily with GDP showing 1.9% growth during 2013
and it is expected to maintain the revival momentum through 2014. Eurozone
continued to show mixed signs of recovery and growth concerns. However, policy
action by specific countries is expected to deliver better performance during
2014. While the global economic recalibration is playing out in a relatively
measured way, global business leaders are becoming increasingly confident about
the sustained economic and business growth than they were last year. Global
corporations’ performance and investors’ confidence were reflected in the sharp
movement of world capital markets during 2013.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Electronics Division:
With the advent of
2014, market is showing steady signs of a slow revival especially from its
largest market, US. The year 2014 has shown some early signs of pick-up in
discretionary spends which coupled with strategic initiatives by the companies
will improve momentum to 15% plus year-onyear growth in Financial year 2015.
The Indian IT is gearing up to meet this demand by strengthening their sales
and resources largely in the US market. Healthy pick-up in spending in key
markets of North America and scope for accelerated market share gains in Europe
can support 15% growth for the Industry. Numerous changes within the global IT
Industry has brought into focus areas such as cloud, mobility and analytics to
the fore, with Indian IT firms adapting rapidly.
The thin client
market size in EMEA was 1.85 million units, and is expected to grow by 4.3%
this year, and expected to grow by 7.3% (CAGR) till 2018. The global economy is
set to get stronger in 2014, with growth likely to edge up to 3.2 percent this
year, up from 2.4 percent in 2013, according a World Bank report. Worldwide IT
spending is projected to total $3.8 trillion in 2014, a 3.1 percent increase
from 2013 spending of $3.7 trillion, according to the latest forecast by
Gartner, Inc. India is growing faster than other emerging countries which can
be attributed to an export-oriented focus over the last decade.
Chemical Division:
The Dyestuff
sector is one of the core chemical industries in India. It is also the second
highest export segment in chemical industry. The Indian dyestuff industry is
made up of about 1,000 small scale units and 50 large organized units, who
produce around 2,00,000 tonnes of dyestuff. Maharashtra and Gujarat account for
90% of dyestuff production in India. At present, India contributes about 6% of
the share in the global market in this sector. The dyestuff industry has
recently seen movement towards consolidation and as a result, organized players
are now poised to take a lead in the global market. Small units (around 1000)
that exist today still compete in the segments where price realization is lower
and the competition severe. Large and organized players (around 50) are gearing
up for global competitiveness leveraging technology, product innovation and
brand building. Increased focus is being laid on environmental friendliness and
at the same time the industry is ensuring greater customer focus through
technical services and marketing capabilities, in order to face global
competition.
SEGMENT-WISE
PERFORMANCE
Electronics Division:
The performance of
the company was relatively less satisfactory during the year in comparison to
last year turnover. The segment result, before adjustment for unallocated
expenses (net) and provisions for taxation, marginally decreased to Rs. 79.780
Millions as compared to Rs.98.305Millions in the previous year.
Chemical Division:
On the units on
pollution issues resulting in shortages and high prices of intermediates.
Indian dyestuff industry continues to face supply issues of raw materials from
the source of supply. Good relations with vendors and careful selection of
product range has enabled us to retain our place in the market. Inspite of
decrease in turnover in comparison to last year’s turnover the company has
managed to escalate the margin for the period under review. The segment result,
before adjustment for unallocated expenses (net) and provisions for taxation,
marginally increased to Rs.2.444 Millions as compared to Rs.1.763 Millions in the previous year.
FUTURE OUTLOOK
Electronics Division:
Driven by an
improvement in the global economic climate and rise in the technology spend, FY
2013-14 brought optimism for the Indian IT industry. A gradual revival in
consumer confidence leading to return of discretionary spending, and increased
demand from US and Europe is expected to help drive exports in FY 2014-15.
While US continues to be the largest geographic market for India, accounting
for 62% share, it is widely expected that the revival in demand from Europe,
will be the highlight of FY 2014-15. The future looks positive as the IT
industry is evolving dramatically in terms of scale and complexity. The sector
is expected to leverage collaboration, innovation, technology shifts and build
a transformational agenda for India. It will create a market not only in India
but globally that will serve as technology differentiator for customers shifting
from cost to innovation.
IT Exports from
India are estimated to have grown by around 13% in dollar terms to around USD
86 billion while the Indian domestic sector is estimated to have grown by 9.7%
to approx. USD 32 billion in FY 2013-14. NASSCOM has projected increased growth
rate of 13-15% in exports and around 9-12% in domestic sector in FY 2014-15.
“After showing strong double-digit growth for three years, the thin client
market may end with flat performance of 1% in its unit shipments in 2013,” said
Rajani Singh, senior research analyst at IDC’s U.S. Quarterly PC Tracker.
“Despite existing challenges, they expect strong doubledigit year-on-year
growth in thin client unit shipments during 2014-2017; as a result, the
2012-2017 Compound annual growth rate (CAGR) will touch roughly 9.3%.
Chemical
Division:
Difficulties in
obtaining the goods will have to be tackled carefully. New product range in the
existing vertical and new areas in specialty chemicals markets will be the
company’s focus to increase business.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10054441 |
28/05/2007 |
15,000,000.00 |
UNION BANK OF INDIA |
Overseas Branch, Union Bank Bhavan,, Ground Floor |
A16438137 |
|
2 |
10054442 |
28/05/2007 |
15,000,000.00 |
UNION BANK OF INDIA |
Overseas Branch, Union Bank Bhavan,, Ground Floor |
A16438525 |
|
3 |
90235147 |
09/01/2006 |
30,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH; 239; VIDHAN BHAVAN MARG, NARIMA |
- |
|
4 |
90235103 |
23/02/2005 |
62,500,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH; 239; VIDHAN BHAVAN MARG, NARIMA |
- |
|
5 |
80004473 |
04/07/2013 * |
420,000,000.00 |
INDIAN BANK |
UNITED INDIA BUILDING, SIR P.M. ROAD, FORT, MUMBA |
B82981192 |
* Date of charge modification
FIXED ASSETS
- Office Premises
- Laboratory Equipment
- Office Equipment
- Furniture and Fixture
- Computer
- Vehicles
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. 61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.