MIRA INFORM REPORT

 

 

Report No. :

303372

Report Date :

16.01.2015

 

IDENTIFICATION DETAILS

 

Name :

D'DECOR EXPORTS PRIVATE LIMITED

 

 

Registered Office :

1081/1082, Building No. 10, Solitaire Corporate Park, 167, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.09.2013

 

 

Com. Reg. No.:

11-248691

 

 

Capital Investment / Paid-up Capital :

Rs. 40.000

 

 

CIN No.:

[Company Identification No.]

U17120MH2013PTC248691

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Home Decor Fabrics.

 

 

No. of Employees :

1700 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (36)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of old and reputed “D’Decor Group”. It is an established company having moderate track record.

 

Mr. Manish Shah, Accounts Executive as well as Ms. Sharma C, General Manager provided general information and denied to disclose any financial details to us.

 

Further, he confirmed that the company has been newly established as on September 30, 2013 and has taken over the business of “D’Decor Exports” which was an erstwhile partnership concern started in the year 1995 managed by the same management.

 

The ratings also take into consideration the strong operating efficiencies and groups moderate financial profile marked by a large networth and strong debt protection metrics as well as dominant position in the organized market in India.

 

Moreover, it would be fair to state that all D’Decor Group companies will continue to benefit from synergies arising out of their common brand “D’Decor”.

 

Trade relations are fair. Business is active. Payment terms are reported as slow but correct.

 

In view of lack of requisite information, albeit group’s established market position and strong brand name the subject can be considered for business dealings with slight caution.  

 

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

 

Rating Agency Name

CRISIL

Rating

Long term rating: A

Rating Explanation

Adequate degree of safety and low credit risk.

Date

December 08, 2014

 

 

Rating Agency Name

CRISIL

Rating

Short term rating: A1

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

December 08, 2014

 

 

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 [GENERAL DETAILS]

 

Name :

Mr. Manish Shah

Designation :

Accounts Manager

Contact No.:

91-22-66782020

Date :

14.01.2015

 

Name :

Ms. Sharma C.

Designation :

General Manager

Contact No.:

91-22-66782020

Date :

14.01.2015

 

 

LOCATIONS

 

Registered Office :

1081/1082, Building No. 10, Solitaire Corporate Park, 167, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India

Tel. No.:

91-22-66782000

Fax No.:

91-22-66782001

E-Mail :

bhaven@ddecor.com

sandeeps@ddecor.com

Website :

http://www.ddecor.com

Location :

Owned

 

 

Corporate Office :

1071/ 1072, Solitaire Corporate Park – 10, 167, Guru Hargovindji Marg, Andheri - Ghatkopar Link Road, Chakala, Andheri (East), Mumbai - 400093, Maharashtra, India

Tel. No.:

91-22-66782000/ 2020

Fax No.:

91-22-66782001/ 2021

E-Mail :

sales@ddecor.com 

 

 

Factory :

Plot No. E-26, Part 2, MIDC Industrial Estate, Boisar, Thane – 401506, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Virender Kumar Dharamchand Arora

Designation :

Director

Address :

54 V.K. Cottage, J.V.P.D. Scheme, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

05.04.1939

Date of Appointment :

30.09.2013

DIN No.:

00276052

 

 

Name :

Mr. Sanjay Virendrakumar Arora

Designation :

Director

Address :

V.K.Cottage, Plot 54, J.V.P.D. Scheme, Juhu, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

08.04.1965

Date of Appointment :

30.09.2013

DIN No.:

00276271

 

 

Name :

Sameetaa Sanjay Arora

Designation :

Director

Address :

V.K. Cottage Plot No.54, Road No.9, Jvpd Scheme Juhu Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

09.08.1966

Date of Appointment :

30.09.2013

DIN No.:

03034072

 

 

KEY EXECUTIVES

 

Name :

Mr. Manish Shah

Designation :

Accounts Manager

 

 

Name :

Ms. Sharma C.

Designation :

General Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Virendrakumar Arora

300000

7.50

Sanjay Arora

3240000

81.00

Sameetaa Sanjay Arora

40000

1.00

Neena Arora

300000

7.50

Ajay Arora

40000

1.00

Labhchand Goyal

40000

1.00

Arvind Poddar

40000

1.00

Total

4000000

100.00

 

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

98.00

Other top fifty shareholders

2.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Home Decor Fabrics.

 

 

Brand Names :

“D’Decor”

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Finished Goods

Countries :

·         USA

·         Russia

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

 

 

 

Not Divulged

 

Name of the Person (Designation):

Contact Number:

Since how long known:

Maximum limit dealt:

Experience:

Remark

 

 

Customers :

Reference:

 

 

 

Not Divulged

 

Name of the Person (Designation):

Contact Number:

Since how long known:

Maximum limit dealt:

Experience:

Remark

 

 

No. of Employees :

1700 (Approximately)

 

 

Bankers :

Bank Name:

 

 

 

 

 

 

 

Not Divulged

Branch:

Person Name (with Designation):

Contact Number:

Name of Account Holder:

Account Number:

Account Since (Date/ Year of A/c Opening):

Average Balance Maintained (Optional):

Credit Facilities Enjoyed (CC/OD/Term Loan):

Account Operation:

Remarks:

 

 

Union Bank of India, Santacruz (West) Branch, "La-Avant", Junction Of S.V.Road, and Main Avenue, Santacruz, Mumbai – 400054, Maharashtra, India

 

 

 

Auditors :

 

Name :

Gokhale and Sathe

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,000,000

Equity Shares

Rs. 10/- each

Rs. 50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4,000,000

Equity Shares

Rs. 10/- each

Rs. 40.000 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

NOT AVAILABLE

 

 

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

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

No

12]

Profitability for last three years

No

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

--

26]

Buyer visit details

--

27]

Financials, if provided

No

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

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

Yes

 

 

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

10521041

25/08/2014

300,000,000.00

ICICI BANK LIMITED

ICICI BANK TOWERS BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA

C21545751

2

10519702

05/08/2014

185,000,000.00

UNION BANK OF INDIA

SANTACRUZ (WEST) BRANCH, "LA-AVANTI", JUNCTION OF
S.V.ROAD, & MAIN AVENUE, SANTACRUZ (WEST), MUMBAI, MAHARASHTRA - 400054, INDIA

C20419651

3

10472311

05/08/2014 *

2,915,200,000.00

UNION BANK OF INDIA

SANTACRUZ (WEST) BRANCH, "LA-AVANTI", JUNCTION OF
S.V.ROAD, MAIN AVENUE, SANTACRUZ (WEST), MUMBAI, MAHARASHTRA - 400054, INDIA

C20419974

 

* Date of charge modification

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 61.76

UK Pound

1

Rs. 94.02

Euro

1

Rs. 72.63

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MRI/ BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

36

 

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

 

--

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.