MIRA
INFORM REPORT
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Report No. : |
305584 |
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Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
Dempo Trade Centre 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.03.2005 |
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Com. Reg. No.: |
24-003951 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.400 Millions |
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CIN No.: [Company Identification
No.] |
U24222GA2005PTC003951 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Paints. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
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 record. The rating is constrained on account of continuous dip in the turnover
and a loss incurred by the company during financial year 2014. 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 caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
PINFORMATION PARTED BY
|
Name : |
Mr. Ajit Vasudevan |
|
Designation : |
General Manager in Operation |
|
Contact No.: |
91-832-2437813 |
|
Date : |
04.02.2015 |
LOCATIONS
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Registered Office : |
Dempo Trade Centre 1st Floor, Patto Plaza, Panaji – 403001,
Goa, India |
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Tel. No.: |
91-832-2437812 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 280, Kundaim Industrial Estate, Kundaim – 403115, Goa, India |
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Branches : |
Located at : ·
Ahmedabad ·
Mumbai ·
Hubli ·
Vishakhapatnam ·
Kochin |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Jaiprakash Vaikunthrao Dempo |
|
Designation : |
Managing Director |
|
Address : |
130, Nagaili Hills Colony, Dona Paula, Panaji, Goa – 403004, India |
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Date of Birth/Age : |
27.07.1948 |
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Date of Appointment : |
31.03.2005 |
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DIN No.: |
00081442 |
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Name : |
Mr. Padmini Jaiprakash Dempo |
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Designation : |
Director |
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Address : |
130, Nagaili Hills Colony, Dona Paula, Panaji, Goa – 403004, India |
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Date of Birth/Age : |
16.08.1954 |
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Date of Appointment : |
08.10.2005 |
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DIN No.: |
00079487 |
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Name : |
Mr. Anirudh Jaiprakash Dempo |
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Designation : |
Director |
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Address : |
130, Nagaili Hills Colony, Dona Paula, Panaji, Goa – 403004, India |
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Date of Birth/Age : |
26.04.1985 |
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Date of Appointment : |
25.09.2009 |
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DIN No.: |
02797777 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Vasudevan |
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Designation : |
General Manager in Operation |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Dempo V. Jaiprakash |
|
239999 |
|
Demo J. Padmini |
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1 |
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Total |
|
240000 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Paints. |
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Products : |
Paints |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit (30 and 60 days) |
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Purchasing : |
Cash and Credit (30 and 60 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S.J. Thally and Company Chartered Accountants |
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Address : |
112, First Floor, Govinda Building, M.G. Road, Panaji, Goa – 403001,
India |
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Tel. No.: |
91-832-2422543 / 2228223 |
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Fax No.: |
91-832-2228223 |
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E-Mail : |
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PAN No.: |
AAFFS8177H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.400
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 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
2.400 |
2.400 |
2.400 |
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(b) Reserves & Surplus |
48.111 |
50.442 |
47.545 |
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(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 |
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Total
Shareholders’ Funds (1) + (2) |
50.511 |
52.842 |
49.945 |
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(3)
Non-Current Liabilities |
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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 |
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(d) long-term provisions |
0.951 |
0.970 |
0.735 |
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Total Non-current Liabilities (3) |
0.951 |
0.970 |
0.735 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.195 |
1.514 |
0.281 |
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(b) Trade payables |
13.062 |
7.995 |
10.907 |
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(c) Other current
liabilities |
4.190 |
5.907 |
5.144 |
|
(d) Short-term provisions |
5.632 |
12.528 |
16.931 |
|
Total Current Liabilities (4) |
23.079 |
27.944 |
33.263 |
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TOTAL |
74.541 |
81.756 |
83.943 |
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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 |
8.534 |
8.921 |
9.510 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.072 |
|
(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 |
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(c) Deferred tax assets (net) |
0.408 |
0.526 |
0.458 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.004 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
8.942 |
9.447 |
10.044 |
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(2) Current assets |
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(a) Current investments |
9.222 |
5.511 |
1.602 |
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(b) Inventories |
22.375 |
21.695 |
22.890 |
|
(c) Trade receivables |
26.401 |
30.558 |
28.023 |
|
(d) Cash and cash
equivalents |
0.628 |
0.265 |
3.662 |
|
(e) Short-term loans and
advances |
6.973 |
14.280 |
17.722 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
65.599 |
72.309 |
73.899 |
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|
|
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TOTAL |
74.541 |
81.756 |
83.943 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
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TOTAL INCOME (A) |
70.813 |
96.173 |
107.352 |
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Less |
EXPENSES |
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TOTAL (B) |
71.789 |
90.245 |
93.253 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(0.976) |
5.928 |
14.099 |
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|
Less |
FINANCIAL
EXPENSES (D) |
0.095 |
0.152 |
0.188 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1.071) |
5.776 |
13.911 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.341 |
1.672 |
1.569 |
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|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(2.412) |
4.104 |
12.342 |
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|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
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PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(2.412) |
4.104 |
12.342 |
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|
Earnings /
(Loss) Per Share (Rs.) |
(10.05) |
17.10 |
51.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
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|
|
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|
Net Profit Margin PAT / Sales |
(%) |
(3.40)
|
4.27 |
11.45 |
|
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|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(1.38)
|
6.16 |
13.33 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.25) |
5.05 |
14.78 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.08 |
0.25 |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.03 |
0.01 |
|
|
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84 |
2.59 |
2.22 |
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 |
2.400 |
2.400 |
2.400 |
|
Reserves & Surplus |
47.545 |
50.442 |
48.111 |
|
Net
worth |
49.945 |
52.842 |
50.511 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.281 |
1.514 |
0.195 |
|
Total
borrowings |
0.281 |
1.514 |
0.195 |
|
Debt/Equity
ratio |
0.006 |
0.029 |
0.004 |
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) |
|
Total Income |
107.352 |
96.173 |
70.813 |
|
|
|
(10.413) |
(26.369) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
107.352 |
96.173 |
70.813 |
|
Profit |
12.342 |
4.104 |
(2.412) |
|
|
11.50% |
4.27% |
(3.41%) |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRNET
MATURITY LONG TERM DEBT ARE 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) |
Yes |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90076542 |
07/01/2013 * |
10,000,000.00 |
Canara Bank |
18th June Road,, Mathias Plaza, Panaji, Goa - 403001, INDIA |
B66478165 |
* Date of charge modification
FIXED ASSETS
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
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. 61.74 |
|
|
1 |
Rs. 92.71 |
|
Euro |
1 |
Rs. 69.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
30 |
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.