MIRA
INFORM REPORT
|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TIMEX ART DECOR PRIVATE LIMITED |
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Registered
Office : |
102, Shivam Apartment, Sant Janbai Marg, Opposite Greater Bank, Vile Parle
(East), Mumbai-400057, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.08.2005 |
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Com. Reg. No.: |
11-155275 |
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Capital
Investment / Paid-up Capital : |
Rs. 66.500 Millions |
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CIN No.: [Company Identification
No.] |
U20210MH2005PTC155275 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT12929A |
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PAN No.: [Permanent Account No.] |
AACCT2857K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Laminates and Wood Based Products. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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. The company possesses an acceptable financial profile marked by adequate
networth base comprising of relatively low reserves and comfortable capital
structure along with moderate debt coverage indicators. Management has
reported modest scale of operations, emanating from moderate revenue base and
profitability margins during FY 14. The ratings also take into consideration the working capital intensive
nature of operations and dependence on the inherent cyclical real estate
industry. Moreover, the ratings are also influenced by the presence of TIMEX
brand and established distribution network. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of extensive experience of the promoters in the industry, the
company can be considered for business dealings with slight 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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities “BB+” |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial
obligations |
|
Date |
March 12, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March 12, 2014 |
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 PARTED BY
|
Name : |
Mr. Nitin Shah |
|
Designation : |
Director |
|
Contact No.: |
91-22-26102231 |
|
Date : |
21.11.2014 |
LOCATIONS
|
Registered Office : |
102, Shivam Apartment, Sant Janbai Marg, Opposite Greater Bank, Vile Parle
(East), Mumbai-400057, Maharashtra |
|
Tel. No.: |
91-22-26102231 / 26133377 |
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Fax No.: |
91-22-26101973 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Bhadresh Jagshi Shah |
|
Designation : |
Director |
|
Address : |
601-602, 6th Floor, Trishla Mandir Road, Vile Parle (East),
Mumbai – 400057, Maharashtra, India |
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Date of Birth/Age : |
21.06.1976 |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
00242737 |
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Name : |
Mr. Nitin Jethalal Shah |
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Designation : |
Director |
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Address : |
Prabha Niketan, Chandravarkar Road, Matunga, Mumbai – 400019, Maharashtra,
India |
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Date of Birth/Age : |
21.11.1976 |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
00242839 |
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Name : |
Mr. Jayant Kanji Gada |
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Designation : |
Director |
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Address : |
12, Om Jagannath Apartment, SVP Road, Opposite Ram Mandir, Borivali
(West), Mumbai – 400103, Maharashtra, India |
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Date of Birth/Age : |
16.06.1974 |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
00242881 |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Bhadresh Jagshi Shah |
3500 |
|
Nitin Jethalal Shah |
50000 |
|
Jayant Kanji Gada |
50000 |
|
Bhadresh Jagshi Shah |
27000 |
|
Vandana Bhadresh Shah |
28500 |
|
Jagshi Samat Shah |
41000 |
|
Bhagyawati Jagshi Shah |
39000 |
|
Janvi Bhadresh Shah |
1000 |
|
Akshar Décor Private Limited, India |
6400000 |
|
Jay B. Shah by his father and natural guardian Bhadresh Shah |
10000 |
|
TOTAL
|
6650000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
96.39 |
|
Directors or relatives of Directors |
3.61 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Laminates and Wood Based Products. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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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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Auditors : |
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Name : |
B.P. Parikh and Associates Chartered Accountants |
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Address : |
111, 11th Floor, Sai Dwar Soc, Above Shabri, sab TV Lane, Off link road, Andheri (W), Mumbai – 400053, Maharashtra, India |
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PAN No.: |
AAEPP2605A |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company: |
Akshar Décor Private Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
6650000 |
Equity Shares |
Rs.10/- each |
Rs.66.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
66.500 |
66.500 |
66.500 |
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(b) Reserves &
Surplus |
26.466 |
22.069 |
17.971 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
75.400 |
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Total Shareholders’ Funds
(1) + (2) |
92.966 |
88.569 |
159.871 |
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(3) Non-Current
Liabilities |
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|
(a) long-term borrowings |
57.808 |
82.952 |
39.262 |
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(b) Deferred tax
liabilities (Net) |
1.879 |
1.991 |
2.081 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
59.687 |
84.943 |
41.343 |
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(4) Current Liabilities |
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(a) Short term borrowings |
76.055 |
75.314 |
73.984 |
|
(b) Trade payables |
74.567 |
69.005 |
57.711 |
|
(c) Other current
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term provisions |
8.395 |
6.314 |
3.307 |
|
Total Current Liabilities
(4) |
159.017 |
150.633 |
135.002 |
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TOTAL |
311.670 |
324.145 |
336.216 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
87.554 |
95.138 |
102.000 |
|
(ii) Intangible Assets |
0.000 |
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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.637 |
1.617 |
1.535 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
89.191 |
96.755 |
103.535 |
|
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|
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(2) Current assets |
|
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|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
105.770 |
124.976 |
147.359 |
|
(c) Trade receivables |
101.803 |
90.080 |
75.705 |
|
(d) Cash and cash
equivalents |
8.840 |
8.245 |
6.403 |
|
(e) Short-term loans and
advances |
6.066 |
4.089 |
3.214 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
222.479 |
227.390 |
232.681 |
|
|
|
|
|
|
TOTAL |
311.670 |
324.145 |
336.216 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
18.112 |
18.796 |
18.260 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
11.916 |
12.898 |
14.315 |
|
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PROFIT/ (LOSS) BEFORE TAX |
6.196 |
5.898 |
3.945 |
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Less |
TAX |
1.800 |
1.800 |
1.200 |
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PROFIT/ (LOSS) AFTER TAX |
4.396 |
4.098 |
2.745 |
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Earnings / (Loss) Per
Share (Rs.) |
0.66 |
0.62 |
0.41 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.99 |
1.82 |
1.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.07 |
0.02 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
1.44 |
1.79 |
0.71 |
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Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.51 |
1.72 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
66.500 |
66.500 |
66.500 |
|
Reserves & Surplus |
17.971 |
22.069 |
26.466 |
|
Share Application money
pending allotment |
75.400 |
0.000 |
0.000 |
|
Net worth |
159.871 |
88.569 |
92.966 |
|
|
|
|
|
|
long-term borrowings |
39.262 |
82.952 |
57.808 |
|
Short term borrowings |
73.984 |
75.314 |
76.055 |
|
Total borrowings |
113.246 |
158.266 |
133.863 |
|
Debt/Equity ratio |
0.708 |
1.787 |
1.440 |
LOCAL AGENCY FURTHER INFORMATION
Current Maturities
of Long Term Debts: 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 |
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 |
OPERATIONS
The working results of the Company for the year under report show a net profit of Rs. 4.396 Millions after providing for depreciation of Rs. 11.916 Millions and provision for taxation of Rs.1.800 Millions
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10070992 |
30/08/2010 * |
275,000,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD
BRANCH, RAHEJA CHEMBERS, NARIMAN |
A96325709 |
|
2 |
10048664 |
31/08/2010 * |
275,000,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD BRANCH,
RAHEJA CHEMBERS, NARIMAN |
A96324017 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances |
54.650 |
63.350 |
|
Total |
54.650 |
63.350 |
FIXED ASSETS
· Land
· Buildings
· Factory building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
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. 61.77 |
|
|
1 |
Rs. 96.78 |
|
Euro |
1 |
Rs. 76.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.