MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEASONS FURNISHING LIMITED |
|
|
|
|
Registered
Office : |
D-29 (Ground Floor), Defence Colony, New Delhi -110024 |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
|
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|
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Date of
Incorporation : |
16.02.1990 |
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Com. Reg. No.: |
55-039238 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 73.939 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36101DL1990PLC039238 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS08576B |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACS1002M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Trading Of Furnishing Fabrics And Other Lifestyle Products. |
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No. of Employees
: |
55 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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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. Profitability of the company seems to be low during 2014. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 PARTED BY
|
Name : |
Mr. Virender Mishra |
|
Designation : |
Purchase head |
|
Contact No.: |
91-9871900035 |
|
Date : |
20.10.2014 |
LOCATIONS
|
Registered Office/Showroom : |
D-29, Defence Colony, (Ground Floor), New Delhi -110 024, India |
|
Tel No : |
91-11-47675000 |
|
Fax No : |
91-120-4351485 |
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E-Mail : |
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|
Website: |
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|
Area : |
4000 Sq. Ft. |
|
Location : |
Rented |
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|
|
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Corporate Office : |
B-18, Sector-5, Noida-201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4690000 |
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Fax No.: |
91-11-4255994 |
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E-Mail: |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Inderjeet Singh Wadhwa |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Mandeep Singh Wadhwa |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Kailash Chandra Mehra |
|
Designation : |
Non Executive Independent Director |
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|
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|
Name : |
Mr. Bishan Dass Bhagat |
|
Designation : |
Non Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. S.K. Sachdeva |
|
Designation : |
Company Secretary & Compliance Officer |
|
|
|
|
Name : |
Mr. Vineet Kumar Sharma |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
4818529 |
65.17 |
|
|
50200 |
0.68 |
|
|
4868729 |
65.85 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
4868729 |
65.85 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
400 |
0.01 |
|
|
400 |
0.01 |
|
|
|
|
|
|
426201 |
5.76 |
|
|
|
|
|
|
1632381 |
22.08 |
|
|
410374 |
5.55 |
|
|
55815 |
0.75 |
|
|
24132 |
0.33 |
|
|
31033 |
0.42 |
|
|
650 |
0.01 |
|
|
2524771 |
34.15 |
|
Total Public shareholding (B) |
2525171 |
34.15 |
|
Total (A)+(B) |
7393900 |
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) |
7393900 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading Of Furnishing Fabrics And Other Lifestyle Products. |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
55 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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|
Name : |
Anuj Garg and Company Chartered Accountants |
|
Address : |
Karol Bagh, New Delhi – 110005, India |
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|
|
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Internal
Auditors: |
Ashok Kantoor and Company Chartered Accountants |
|
Address : |
Karol Bagh, New Delhi – 110005, India |
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Associates: |
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Other Related
Parties |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7393900 |
Equity Shares |
Rs.10/- each |
Rs.73.939
Million |
|
|
|
|
|
The Company has only one class of Equity Shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
|
List of
shareholders holdig more than 5% of The total no. Of shares issued by the
company: Name of the shareholder |
31.03.2014 |
|
Mandeep Singh Wadhwa |
2.868 |
|
Manjit Kaur Wadhwa |
1.487 |
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 |
73.939 |
73.939 |
63.939 |
|
(b) Reserves &
Surplus |
44.780 |
44.669 |
55.930 |
|
(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) |
118.719 |
118.608 |
119.869 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
22.615 |
25.540 |
31.735 |
|
(b) Deferred tax
liabilities (Net) |
8.338 |
9.837 |
14.459 |
|
(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) |
30.953 |
35.377 |
46.194 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
50.077 |
25.339 |
82.156 |
|
(b) Trade payables |
55.416 |
47.385 |
82.597 |
|
(c) Other current
liabilities |
23.909 |
50.291 |
38.677 |
|
(d) Short-term provisions |
1.833 |
0.225 |
3.194 |
|
Total Current Liabilities
(4) |
131.235 |
123.240 |
206.624 |
|
|
|
|
|
|
TOTAL |
280.907 |
277.225 |
372.687 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20.415 |
24.688 |
44.808 |
|
(ii) Intangible Assets |
0.695 |
0.708 |
0.011 |
|
(iii) Capital
work-in-progress |
2.933 |
7.283 |
7.283 |
|
(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 |
9.491 |
10.907 |
9.765 |
|
(e) Other Non-current
assets |
23.027 |
25.820 |
25.244 |
|
Total Non-Current Assets |
56.561 |
69.406 |
87.111 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
109.667 |
99.499 |
121.631 |
|
(c) Trade receivables |
98.501 |
91.219 |
149.774 |
|
(d) Cash and cash
equivalents |
0.415 |
2.742 |
0.121 |
|
(e) Short-term loans and
advances |
15.763 |
14.359 |
14.050 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
224.346 |
207.819 |
285.576 |
|
|
|
|
|
|
TOTAL |
280.907 |
277.225 |
372.687 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
170.189 |
168.574 |
304.986 |
|
|
Other Income |
1.691 |
17.195 |
3.342 |
|
|
TOTAL (A) |
171.880 |
185.769 |
308.328 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
116.429 |
107.058 |
205.116 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(10.168) |
22.132 |
12.226 |
|
|
Employees benefits
expense |
16.320 |
16.305 |
18.913 |
|
|
Other expenses |
35.179 |
36.622 |
45.941 |
|
|
TOTAL (B) |
157.760 |
182.117 |
282.196 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
14.120 |
3.652 |
26.132 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
9.409 |
14.089 |
19.805 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.711 |
(10.437) |
6.327 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.502 |
5.445 |
5.449 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
0.209 |
(15.882) |
0.878 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.099 |
(4.622) |
0.739 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
0.110 |
(11.260) |
0.139 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
34.192 |
45.451 |
45.312 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J) |
34.302 |
34.191 |
45.451 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.109 |
0.020 |
0.000 |
|
|
TOTAL EARNINGS |
0.109 |
0.020 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Trading Goods |
53.978 |
44.233 |
34.919 |
|
|
Capital Goods |
0.000 |
0.000 |
0.045 |
|
|
TOTAL IMPORTS |
53.978 |
44.233 |
34.964 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.01 |
(1.52) |
0.02 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
0.06 |
-6.06 |
0.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.12 |
-9.42 |
0.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.08 |
-5.88 |
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
-0.13 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61 |
0.43 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.69 |
1.38 |
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 |
63.939 |
73.939 |
73.939 |
|
Reserves & Surplus |
55.930 |
44.669 |
44.780 |
|
Net worth |
119.869 |
118.608 |
118.719 |
|
|
|
|
|
|
long-term borrowings |
31.735 |
25.540 |
22.615 |
|
Short term borrowings |
82.156 |
25.339 |
50.077 |
|
Total borrowings |
113.891 |
50.879 |
72.692 |
|
Debt/Equity ratio |
0.950 |
0.429 |
0.612 |
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 |
304.986 |
168.574 |
170.189 |
|
|
|
(44.727) |
0.958 |
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 |
304.986 |
168.574 |
170.189 |
|
Profit |
0.139 |
(11.260) |
0.110 |
|
|
0.05% |
(6.68%) |
0.06% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
Yes |
|
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 |
No |
|
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 / No) |
REVIEW OF OPERATIONS
The total income of the Company during the financial year 2013-14 stands at Rs. 171.880 Millions as against Rs. 185.769 Millions in the previous financial year. The Company during the financial year 2013-14 earned profit before tax of Rs. 0.209 Million as against loss before tax of Rs. 15.883 Millions in the previous financial year.
The lower profitability of the Company during the financial year was, inter alia, due to the occurrence of fire resulting in loss/damage to the assets of the company and the operations of the company were also hampered (insurance claim for the same is still pending for settlement), low turnover which is the result of slow demand in the market and high Inventory carrying costs.
Company is coming up with new plans, designs and strategies for greater consumer acceptance of the company’s products and increased profitability in the near future.
No material changes have occurred since the date of the Balance sheet and this report, which has any adverse effect on the working of the Company.
MANAGEMENT DISCUSSION
& ANALYSIS
COMPANY OVERVIEW
Seasons Furnishings Limited (SFL) was incorporated on 16th February, 1990 and promoted by Late Shri Nanak Singh Wadhwa, Shri Inderjeet Singh Wadhwa, Shri Mandeep Singh Wadhwa. SFL is one of the pioneer companies in organized sector which market exclusively designed furnishing fabric, made-ups and life style products to institutional as well as retail customers. The Company not only sells products but sell a concept to sell its products. The Company is regularly participating in fairs and exhibitions to keep itself abreast with the latest trends and customers’ taste as also to showcase its products. Besides, the Company has its own Design Studio, continuously engaged in creating new and innovative designs. The in-house Design Studio help the company to market its exclusively designed products.
As on date Seasons Furnishings Limited is having Pan India presence through its 7 (Seven) showrooms including showrooms operated through its franchisees located in Delhi, Gurgaon, Mumbai, Bangalore, Hyderabad and Chandigarh and shop in shop counters in all major cities throughout the country. Every care is made to provide quality products, service and excellent ambience at all Seasons’ outlets.
OVERVIEW OF THE
ECONOMY
The year was challenging in many respects for business. The global economy continued to witness slower economic growth despite modest recovery in the US led by housing and consumer sectors. The economies of India and China were forced to tighten liquidity to control inflation, resulting in a demand slow-down. Global events also had a dampening impact on the Indian economy - deceleration in industrial output and lower exports weakened India’s economic.
With a clear mandate in the recently held Parliament Elections, the new government is expected to implement wide ranging economic reforms without many of the impediments faced by the erstwhile coalition government. The same sentiment is reflected in the buoyancy on the stock exchange and the rupee has already strengthened against the US dollar and other currencies. The new Government is expected to evolve a growth-focused agenda and improve the regulatory environment in the country.
INDUSTRY STRUCTURE
& DEVELOPMENTS
The Textile Industry in India is one of the largest segments of the Indian economy accounting for over one fifth of the country’s industrial production. It provides direct employment to many million people.
The Home Furnishings Industry in India falls under the purview of the textile industry. Indian home furnishings manufacturers and home furnishings exporters offers a spectacular range of bedspreads, furnishing fabrics, curtains, rugs, durries, carpets, placemats, cushion covers, table covers, linen, kitchen accessories, made-ups, bed spreads, bath linen, and other home furnishings accessories to the nation as well as to the world. Manufacturers of Home Furnishings from India, whether floor coverings, kitchen linen, bath linen, cushion covers, bed spreads, curtains etc. create a rage in the international markets.
With the increasing textile industry in the country, the furnishing fabric market will also continue to flourish. The home furnishing market is anticipated to witness huge demand with the booming real-estate projects like hotels, hospitals, commercial and big residential apartments.
INDUSTRY OUTLOOK:
India is one of the leading producers and exporters of home furnishings from bed, bath, kitchen linen to window dressing, carpets and rugs. India is the world leader in carpet exports.
The industry is witnessing all-round growth in the global scenario, which is coupled with gradual rise in demand in the housing and infrastructure. Changing life styles and people’s acumen to opt for sophisticated standards are the key factors in its growth pattern too. These factors will help the Company to achieve its projected growth for the future. The Company’s continued thrust in retail segment aimed at ensuring a horizontal growth and to extend its reach to the untapped segments has helped in achieving its long term goals which will lead the Company to the consolidation phase later. The Company’s expansion plans in the retail foray will greatly help the Company to improve margins, overall return on the capital and eventually shareholders value.
The Company remains apprehensive about possible changes in government policies, which will help to control the inflation affecting the purchasing power of consumers. Foreign exchange volatility is expected to be under control resulting in reduction in the prices of raw materials and finished goods. Market volatility and fluctuating prices of materials are key concerns, which are to be addressed appropriately at crucial stages to ensure projected growth.
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10520842 |
27/08/2014 |
71,231,000.00 |
Canara Bank |
Parliament Street,, New Delhi, Delhi - 110001, INDIA |
C21411038 |
|
2 |
10191196 |
01/12/2009 |
86,500,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A75037739 |
|
3 |
10248847 |
09/01/2009 |
30,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A86099306 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans From Related Parties |
|
|
|
From Directors |
0.221 |
0.345 |
|
Less: Due with in One Year (separately shown in Current Liabilities) |
0.150 |
0.124 |
|
|
0.071 |
0.221 |
|
From others |
|
|
|
Amsum Chits Private Limited |
3.250 |
0.875 |
|
Less: Due with in One Year (separately shown in Current Liabilities) |
2.400 |
0.875 |
|
|
0.850 |
0.000 |
|
Total |
0.921 |
0.221 |
FIXED ASSETS
·
Temp
Modification/ Interiors on Lease Premises
·
Data
Processing Equipments
·
Electrical
Installation and Fitting
·
Generators
·
Office
Equipments
·
Furniture
and Fixtures
·
Plant
and Machinery
·
Refrigeration
and Air Conditioning
·
Designing
Software
·
Vehicle
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 records 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 tht 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.61.22 |
|
|
1 |
Rs. 98.52 |
|
Euro |
1 |
Rs. 77.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.