MIRA INFORM REPORT
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Report No. : |
315488 |
|
Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
D J APPLIANCES
PRIVATE LIMITED |
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Registered
Office : |
508, 5 Floor, Building No 20, Samartha Vaibhav, Shree Swami, Samarth Nagar,
New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.06.2008 |
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Com. Reg. No.: |
11-183082 |
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Capital Investment
/ Paid-up Capital : |
Rs.10.000 Million |
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CIN No.: [Company Identification
No.] |
U74900MH2008PTC183082 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD17032B |
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PAN No.: [Permanent Account No.] |
AADCD0627Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Retailers of Electronic Durable Goods Like T.V., VCR/VCD, Refrigerator,
Washing Machine, Microwave oven and Gases. |
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
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 has achieved low profits during FY 2014 and wiped off some
of its accumulated losses. The rating also takes note of the unfavorable gap between trade
receivables and payables of the company. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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. Das |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-65126333 |
|
Date : |
31.03.2015 |
LOCATIONS
|
Registered Office / Corporate Office : |
508, 5 Floor, Building No 20, Samartha Vaibhav, Shree Swami, Samarth Nagar,
New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-65126333 / 42669938 |
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Fax No.: |
91-22-67251834 |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
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Showrooms : |
Located At
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DIRECTORS
As on 30.09.2014
|
Name : |
Mrs. Jagruti Jayraj Pandit |
|
Designation : |
Director |
|
Address : |
Building No. 13, Flat No. 199, J P Road, Andheri (West), Mumbai –
400058, Maharashtra, India |
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Date of Birth/Age : |
16.08.1970 |
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Date of Appointment : |
03.06.2008 |
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DIN No.: |
00402674 |
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Name : |
Mr. Jayraj Dilipkumar Pandit |
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Designation : |
Director |
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Address : |
603, 6th Floor, Building No.16, Phase-I, Indradarshan, Lokh
Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
25.04.1965 |
|
Date of Appointment : |
03.06.2008 |
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DIN No.: |
02132430 |
KEY EXECUTIVES
|
Name : |
Mr. Das |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Jagruti Jayraj Pandit |
500000 |
50.00 |
|
Jayraj Dilipkumar Pandit |
500000 |
50.00 |
|
Total |
1000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Retailers of Electronic Durable Goods Like T.V., VCR/VCD,
Refrigerator, Washing Machine, Microwave Oven and Gases. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
H. P. Patel and Associates Chartered Accountants |
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Address : |
403, Sharda Chambers No – 3, 4th Floor, 31 Keshavji Naik Road, Bhat Bazar, Mumbai – 400009, Maharashtra, India |
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Tel. No. : |
91-22-23754250 / 26713584 |
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Fax No. : |
91-22-23747542 |
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PAN
No. : |
ABTPP4523F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
10.000 |
10.000 |
0.100 |
|
(b) Reserves & Surplus |
(2.632) |
(3.230) |
8.204 |
|
(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 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
7.368 |
6.770 |
8.304 |
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(3)
Non-Current Liabilities |
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|
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
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|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
17.857 |
11.368 |
7.661 |
|
(b) Trade
payables |
22.918 |
23.704 |
11.276 |
|
(c) Other
current liabilities |
44.793 |
29.581 |
22.297 |
|
(d) Short-term
provisions |
3.197 |
2.890 |
3.831 |
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Total Current
Liabilities (4) |
88.765 |
67.543 |
45.065 |
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|
|
|
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TOTAL |
96.133 |
74.313 |
53.369 |
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
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(a) Fixed
Assets |
|
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(i)
Tangible assets |
7.927 |
5.897 |
6.320 |
|
(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 |
1.012 |
1.017 |
1.017 |
|
(c) Deferred tax assets (net) |
0.442 |
0.734 |
0.330 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9.381 |
7.648 |
7.667 |
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(2)
Current assets |
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|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
33.499 |
19.677 |
11.171 |
|
(c) Trade
receivables |
1.160 |
0.294 |
0.000 |
|
(d) Cash
and cash equivalents |
28.082 |
32.288 |
27.816 |
|
(e)
Short-term loans and advances |
24.011 |
14.406 |
6.715 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
86.752 |
66.665 |
45.702 |
|
|
|
|
|
|
TOTAL |
96.133 |
74.313 |
53.369 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
262.799 |
209.343 |
|
|
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Other Income |
|
4.122 |
4.470 |
|
|
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TOTAL |
|
266.921 |
213.813 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
219.487 |
176.899 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
|
(13.821) |
(8.507) |
|
|
|
Employee Benefits Expenses |
|
13.549 |
10.023 |
|
|
|
Other Expenses |
|
45.947 |
38.074 |
|
|
|
TOTAL |
|
265.162 |
216.489 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1.759 |
(2.676) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
1.699 |
1.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
0.060 |
(4.493) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(0.292) |
(0.404) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
0.352 |
(4.089) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(0.35) |
(4.90) |
|
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
205.101 |
|
|
|
Other Income |
|
|
4.755 |
|
|
|
TOTAL |
|
|
209.856 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
|
|
168.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
|
(7.241) |
|
|
|
Employees benefits expense |
|
|
18.625 |
|
|
|
Other expenses |
|
|
25.022 |
|
|
|
TOTAL |
|
|
204.806 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
5.050 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
|
0.617 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
2.965 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
|
0.842 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
2.123 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
212.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.13 |
(1.95) |
1.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.06 |
(6.19) |
5.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.66) |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.42 |
1.68 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.99 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
0.100 |
10.000 |
10.000 |
|
Reserves & Surplus |
8.204 |
-3.230 |
-2.632 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8.304 |
6.770 |
7.368 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
7.661 |
11.368 |
17.857 |
|
Total
borrowings |
7.661 |
11.368 |
17.857 |
|
Debt/Equity
ratio |
0.923 |
1.679 |
2.424 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
205.101 |
209.343 |
262.799 |
|
|
|
2.068 |
25.535 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
205.101 |
209.343 |
262.799 |
|
Profit |
2.123 |
(4.089) |
0.352 |
|
|
1.04% |
(1.95%) |
0.13% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
|
|
|
Bank CC Account
Balance |
17.857 |
11.368 |
|
Total |
17.857 |
11.368 |
OPERATION
The turnover of the Company has marginally increased by 25% in spite of the recessionary conditions of the market. Due to increase in rentals and expansion costs, the profit figure could not be maintained. This is due to investment in the new Show Rooms and their infrastructure which is being amortized by the Company in a span of 3 years. In fact the company has incurred a loss of approx. Rs.0.060 Million. The Company during the year had opened the Prabhadevi Unit (one more showroom at Mumbai). The company has been investing in showrooms and a large part of the funds are utilized in these projects. The projects and other activities now being undertaken by the Company would definitely yield results in the coming years when the profitability would be stabilized.
OUTLOOK FUR
THE FUTURE:
The company is expanding the business by opening up several sow rooms in western region and also southern region. However, the future showrooms would be put up in Mumbai, Navi Mumbai and Chennai. Also in the northern region in consonance with the principal’s direction. The company could have a niche market for the products it is now trading.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10397586 |
31/12/2012 |
3,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B66098203 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.