MIRA INFORM REPORT
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Report No. : |
307081 |
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Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SURFACES ( |
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Registered
Office : |
14A, Paper Box Estate, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.08.2007 |
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Com. Reg. No.: |
11-173450 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.450 Million |
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CIN No.: [Company Identification
No.] |
U45309MH2007PTC173450 |
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IEC No.: |
0307067980 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS57246A |
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PAN No.: [Permanent Account No.] |
AALCE1717L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributor and Importer of Pergo Flooring, Wood Flooring and WPC Decking
in Tile and Plank form. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
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. There seems sharp dip in the profit of the company during FY2014.
Borrowings of the company are huge and increasing. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. NOTE: Subject was established in the year 1999 as a partnership concern with
the name “Surfaces India” and later during 2007 it got converted into private
limited. |
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. Amit Jawarimal Dugar |
|
Designation : |
Director |
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Contact No.: |
91-9819192285 |
|
Date : |
07.02.2015 |
LOCATIONS
|
Registered Office : |
14A, Paper Box Estate, Mahakali Caves Road, Andheri (East), Mumbai –
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66959352/ 66959353/ 66910336 |
|
Mobile No.: |
91-9819192285 (Mr. Amit Jawarimal Dugar) |
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Fax No.: |
91-22-26871187 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Warehouse : |
2 Warehouse Located at Bhiwandi |
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Area : |
2000 Sq. ft. and 1500 Sq. ft. |
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Location : |
Rented |
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Branch Office : |
Shop No 8, Guru Mauli CHS Limited, Opposite Versova Police Station and Barfiwala College, D N Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-26255833 |
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Fax No.: |
91-22-65217997 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Jawarimal Manekchand Dugar |
|
Designation : |
Whole-time director |
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Address : |
B-905, Highland Park, Co-Operative Housing Society, 9th
Floor, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
11.08.1952 |
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Date of Appointment : |
24.08.2007 |
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DIN No.: |
01641161 |
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Name : |
Mr. Amit Jawarimal Dugar |
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Designation : |
Whole-time director |
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Address : |
B-905, Highland Park, Co-Operative Housing Society, 9th
Floor, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra,
India |
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Date of Birth/Age : |
08.09.1980 |
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Qualification : |
B.Com |
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Date of Appointment : |
24.08.2007 |
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DIN No.: |
01641205 |
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Name : |
Mr. Sumeet Jawarimal Dugar |
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Designation : |
Whole-time director |
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Address : |
B-905, Highland Park, Co-Operative Housing Society, 9th
Floor, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra,
India |
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Date of Birth/Age : |
21.09.1984 |
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Qualification : |
B.Com |
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Date of Appointment : |
24.08.2007 |
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DIN No.: |
01649888 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Jawarimal Manekchand Dugar |
15000 |
33.33 |
|
Amit Jawarimal Dugar |
15000 |
33.33 |
|
Sumeet Jawarimal Dugar |
15000 |
33.33 |
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Total |
45000 |
100.00 |
%20FLOORING%20PRIVATE%20LIMITED%20-%20307081_MIRA%2009-Feb-2015_files/image002.gif)
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor and Importer of Pergo Flooring, Wood Flooring and WPC Decking
in Tile and Plank form. |
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Brand Names : |
"PROMIX" |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
Wood Flooring |
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Countries : |
· Malaysia China Austria |
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Terms : |
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Selling : |
Cash and Credit [30 Days, 60 Days and 90 Days] |
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Purchasing : |
Cash and Credit [30 Days, 60 Days and 90 Days] |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
· Jahnvi Agencies Royal Enterprises Saffron Interiors Saji Enterprises Synergy Impex Cyrus Cama Tent Limited |
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Customers : |
End Users and OEM’s
· Kalpataru, Mumbai L & T Limited, Mumbai Divine Décor Alis Construction Bling Accessories Private Limited Charms Classic Deco Décor Point Elite Creation Glory Impex |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
· Bank of India Andheri
(East), Mumbai, Maharashtra, India HDFC Bank Limited Andheri (East), Mumbai, Maharashtra, India |
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Facilities : |
-- |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Ranawat and Company Chartered Accountants |
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Address : |
107B/108, Sagar Shopping Centre, J.P. Road, Andheri (W), Mumbai – 400058,
Maharashtra, India |
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Tel. No.: |
91-22-26775965/ 26773676 |
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-tax
PAN of auditor or auditor's firm : |
AADPR1231R |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
45,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.450 Million |
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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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|
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(1)Shareholders' Funds |
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(a) Share Capital |
0.450 |
0.450 |
0.450 |
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(b) Reserves & Surplus |
1.917 |
1.745 |
1.447 |
|
(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) |
2.367 |
2.195 |
1.897 |
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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 |
|
(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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(4) Current Liabilities |
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(a)
Short term borrowings |
10.379 |
7.083 |
3.891 |
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(b)
Trade payables |
1.471 |
3.466 |
2.145 |
|
(c)
Other current liabilities |
8.627 |
2.707 |
1.982 |
|
(d) Short-term
provisions |
0.191 |
0.118 |
0.171 |
|
Total Current
Liabilities (4) |
20.668 |
13.374 |
8.189 |
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|
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TOTAL |
23.035 |
15.569 |
10.086 |
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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 |
0.402 |
0.408 |
0.492 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.025 |
0.137 |
0.025 |
|
(c) Deferred tax assets (net) |
0.012 |
0.016 |
0.022 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.012 |
0.016 |
0.020 |
|
Total Non-Current
Assets |
0.451 |
0.577 |
0.559 |
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(2) Current assets |
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|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
18.217 |
11.433 |
6.166 |
|
(c) Trade
receivables |
2.572 |
1.597 |
1.744 |
|
(d) Cash
and cash equivalents |
0.146 |
0.264 |
0.304 |
|
(e)
Short-term loans and advances |
0.992 |
1.177 |
1.150 |
|
(f)
Other current assets |
0.657 |
0.521 |
0.163 |
|
Total
Current Assets |
22.584 |
14.992 |
9.527 |
|
|
|
|
|
|
TOTAL |
23.035 |
15.569 |
10.086 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
60.000 [Approx.] |
45.000 [Approx.] |
NA |
|
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Other Income |
NA |
NA |
NA |
|
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TOTAL |
NA
|
NA
|
NA
|
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|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
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TOTAL |
NA
|
NA
|
NA
|
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PROFIT BEFORE
TAX |
NA |
NA |
NA |
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|
Less |
TAX |
NA |
NA |
NA |
|
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|
PROFIT AFTER TAX
|
0.173 |
0.315 |
0.368 |
|
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CIF VALUE OF
IMPORTS |
17.502 |
5.174 |
0.363 |
|
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|
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|
Earnings Per
Share (Rs.) |
3.84 |
7.00 |
8.18 |
|
Expected Sales (2014-2015): Rs. 70.000 Millions
The above information has been parted by Mr. Amit J. Dugar (Director)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.38 |
3.23 |
2.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.12 |
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.450 |
0.450 |
0.450 |
|
Reserves & Surplus |
1.447 |
1.745 |
1.917 |
|
Net
worth |
1.897 |
2.195 |
2.367 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3.891 |
7.083 |
10.379 |
|
Total
borrowings |
3.891 |
7.083 |
10.379 |
|
Debt/Equity ratio |
2.051 |
3.227 |
4.385 |
%20FLOORING%20PRIVATE%20LIMITED%20-%20307081_MIRA%2009-Feb-2015_files/image004.gif)
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
-- |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10106668 |
25/06/2014 * |
13,000,000.00 |
THE SARASWAT CO-OP BANK LIMITED |
SME VILE PARLE BRANCH, BHOLANATH CO-OP HSG SOC, SUBHASH ROAD, VILE PARLE EAST, MUMBAI, MAHARASHTRA - 400057, INDIA |
C11331600 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from
Directors Amit J. Dugar |
3.882 |
2.100 |
|
Jawarlmal Dugar |
2.937 |
2.200 |
|
Sumeet J. Dugar |
3.560 |
2.783 |
|
|
|
|
|
Total |
10.379 |
7.083 |
FINANCIAL HIGHLIGHTS
During the year, the company has incurred a profit of Rs.
0.172 Million against profit of Rs. 0.315 Million incurred during the previous
year.
FIXED ASSETS:
· Furniture and Fitting
Office
Equipment
Air
Conditioners
Electronic
Weighing Machine
Fire
Extinguisher
Computer
Vehicles
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 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. 94.65 |
|
Euro |
1 |
Rs. 70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.