MIRA INFORM REPORT
|
Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
BARON LEATHER PRIVATE LIMITED |
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Registered
Office : |
7-H, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai –
400 053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.01.2009 |
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Com. Reg. No.: |
11-189323 |
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Capital
Investment / Paid-up Capital : |
Rs.9.300 millions |
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CIN No.: [Company Identification
No.] |
U19116MH2009PTC189323 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19337D |
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PAN No.: [Permanent Account No.] |
AADCB6760E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in Leather and Leatherette Articles. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track record. Financial
position of the company seems to be decent. Trade relation reported
to be fair. Business is active. Payment terms are reported to be usually
correct. The company can
be considered for business dealings at usual trade terms and conditions. |
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 DECLINED BY
|
Name : |
Mr. Ashitosh |
|
Contact No.: |
91-9820027034 |
|
Date : |
01.01.2015 |
LOCATIONS
|
Registered Office/ Head Quarter : |
7-H, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai –
400 053, Maharashtra, India |
|
Tel. No.: |
91-22-26399182/ 83/ 84/ 85/ 61785151 |
|
Mobile No.: |
91-9819900637 (Mr. Mani Vannan) |
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Fax No.: |
91-22-26399181 |
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E-Mail : |
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Website : |
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Area : |
1300 sq. ft. |
|
Location : |
Owned |
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Warehouse : |
Mira Industrial Estate, Mira Road, Thane, Maharashtra, India |
|
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Branch Office 1 : |
6-H/1, 3rd Floor, Shahpur Jat, New Delhi – 110 049, India |
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Tel. No.: |
91-11-26490812/ 13 |
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E-Mail : |
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Branch Office 2 : |
# 8, Wood Street, Bangalore – 560 025, Karnataka, India |
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Tel. No.: |
91-80-41533311 |
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E-Mail : |
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Branch Office 3 : |
2, Upaven Twins Bunglow, Near Shyamal Cross Road, Ahmedabad – 380 015, Gujarat, India |
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Tel. No.: |
91 79-26769031 |
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E-Mail : |
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Global Headquarter : |
Located at: · USA |
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Overseas Office : |
Located at: · Dubai · UK |
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Representative Office : |
Located at: · Singapore · Malaysia · Indonesia · Thailand · China · Hong Kong · Philippines · Qatar |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Bijal Suryakant Maniar |
|
Designation : |
Managing Director |
|
Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
08.05.1970 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02320698 |
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Name : |
Mrs. Priti Bijal Maniar |
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Designation : |
Director |
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Address : |
10/10, Ravi Kiran, Juhu Scheme, |
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Date of Birth/Age : |
06.06.1968 |
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Date of Appointment : |
02.01.2009 |
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DIN No. : |
02346565 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
Bijal Suryakant Maniar |
706800 |
76.00 |
|
Priti Bijal Maniar |
223200 |
24.00 |
|
Total |
930000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Leather and Leatherette Articles. |
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Products : |
Leather and Leatherette Articles |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patel and Kurup Chartered Accountants |
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Address : |
6, Crescent Chambers, 1st Floor, Tamarind Lane, Fort,
Mumbai – 400 023, Maharashtra, India |
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Tel. No. : |
91-22-22670815 |
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PAN
No.: |
AAAFP2413L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates and Joint Ventures/ Enterprise/ Firm over which controlling
individual has significant influence :
|
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
930000 |
Equity Shares |
Rs.10/- each |
Rs.9.300 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 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.300 |
9.300 |
9.300 |
|
(b) Reserves & Surplus |
35.738 |
27.862 |
20.060 |
|
(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) |
45.038 |
37.162 |
29.360 |
|
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
4.537 |
2.949 |
4.805 |
|
(b) Deferred tax liabilities (Net) |
(0.009) |
0.026 |
0.084 |
|
(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) |
4.528 |
2.975 |
4.889 |
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(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
47.942 |
50.414 |
43.942 |
|
(b) Trade payables |
3.004 |
12.194 |
22.564 |
|
(c) Other current liabilities |
4.677 |
7.269 |
6.333 |
|
(d) Short-term provisions |
1.658 |
2.453 |
2.160 |
|
Total Current
Liabilities (4) |
57.281 |
72.330 |
74.999 |
|
|
|
|
|
|
TOTAL |
106.847 |
112.467 |
109.248 |
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ASSETS |
|
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|
(1) Non-current
assets |
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|
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|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6.040 |
5.722 |
5.766 |
|
(ii) Intangible Assets |
0.995 |
0.360 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.075 |
0.776 |
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 |
2.403 |
2.416 |
2.555 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
9.513 |
9.274 |
8.321 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a) Current investments |
0.236 |
0.136 |
0.115 |
|
(b) Inventories |
82.636 |
86.264 |
89.226 |
|
(c) Trade receivables |
9.433 |
12.605 |
8.823 |
|
(d) Cash and cash equivalents |
2.996 |
1.687 |
1.978 |
|
(e) Short-term loans and advances |
2.033 |
1.190 |
0.751 |
|
(f) Other current assets |
0.000 |
1.311 |
0.034 |
|
Total Current
Assets |
97.334 |
103.193 |
100.927 |
|
|
|
|
|
|
TOTAL |
106.847 |
112.467 |
109.248 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
GROSS INCOME |
144.857 |
130.167 |
149.792 |
|
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EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14.788 |
12.881 |
16.607 |
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DEPRECIATION/
AMORTISATION |
1.439 |
1.415 |
1.247 |
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|
PROFIT/
(LOSS) BEFORE TAX |
13.348 |
11.465 |
15.361 |
|
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|
|
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|
TAX |
4.589 |
3.720 |
5.151 |
|
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|
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|
|
PROFIT/
(LOSS) AFTER TAX |
8.759 |
7.745 |
10.209 |
|
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|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
28.734 |
27.489 |
33.097 |
|
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|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
9.42 |
8.33 |
10.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.50 |
10.26 |
14.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.31 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.17 |
1.44 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.43 |
1.35 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
9.300 |
9.300 |
9.300 |
|
Reserves & Surplus |
20.060 |
27.862 |
35.738 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
29.360 |
37.162 |
45.038 |
|
|
|
|
|
|
Long Term borrowings |
4.805 |
2.949 |
4.537 |
|
Short Term borrowings |
43.942 |
50.414 |
47.942 |
|
Total borrowings |
48.747 |
53.363 |
52.479 |
|
Debt/Equity ratio |
1.660 |
1.436 |
1.165 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Gross Income |
149.792 |
130.167 |
144.857 |
|
|
|
(13.102) |
11.286 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR) |
(INR) |
(INR) |
|
Gross Income |
149.792 |
130.167 |
144.857 |
|
Profit |
10.209 |
7.745 |
8.759 |
|
|
6.82% |
5.95% |
6.05% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF HDFC BANK (CAR LOAN):
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of HDFC Bank (Car Loan) |
0.451 |
0.356 |
0.308 |
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from Director - Bijal Maniar |
2.500 |
2.500 |
|
VEA – Security Deposits |
2.000 |
0.000 |
|
Total |
4.500 |
2.500 |
CONTINGENT
LIABILITY NOT PROVIDED FOR:
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantees given by the bankers on behalf of the company |
0.090 |
0.090 |
|
Letter of Credit |
Nil |
Nil |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
CHARGE HOLDER |
Address |
Service Request Number
(SRN) |
|
1 |
10535517 |
26/11/2014 |
5,000,000.00 |
THE SARASWAT CO-OPERATIVE
BANK LIMITED |
SME VILE PARLE BRANCH, BHOLANATH
CO-OPERATIVE HOUSING SOCIETY, SUBHASH ROAD, VILE PARLE (EAST), MUMBAI,
MAHARASHTRA |
C36309995 |
|
2 |
10159511 |
28/06/2012 * |
50,000,000.00 |
THE SARASWAT CO-OPERATIVE
BANK LIMITED |
SME VILE PARLE BRANCH, BHOLANATH
CO-OPERATIVE HOUSING SOCIETY, SUBHASH ROAD, VILE PARLE (EAST), MUMBAI,
MAHARASHTRA |
B42990069 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
· Air Conditioner
· Computer
· Cycle
· Digital Camera
· Electrical Fittings
· EPBAX System
· Furniture and Fixtures
· Mobile Phone
· Motor Car
· Printer
· Refrigerator
· Water Filter
· Web Site
· Machinery
· Office Equipment
Intangible Assets
· Software and Software License
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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.