MIRA INFORM REPORT
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Report No. : |
323442 |
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Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
PARAMOUNT BED INDIA PRIVATE LIMITED |
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Registered
Office : |
1002 A and 1002 B, 10th Floor, Welldone Tech Park, Sector-48, Sohna Road, Gurgaon - 122002, Haryana |
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Mobile No.: |
91-7838104786 (Ms. Asha Sharma) |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.08.2012 |
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Com. Reg. No.: |
05-046874 |
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Capital
Investment / Paid-up Capital : |
Rs. 39.000 Million |
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CIN No.: [Company Identification
No.] |
U74120HR2012FTC046874 |
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IEC No.: |
0512085293 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
RTKP06010E |
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PAN No.: [Permanent Account No.] |
AAGCP7609B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
To carry on the business of manufacturers, wholesalers, buyers, sellers, agents, importers, exporters, renters, consultants of all types of electric metal beds, manual beds, furniture, fixtures, fittings, building materials and etc. |
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No. of Employees
: |
Not Divulged |
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RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 96000 |
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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 a subsidiary, Paramount India Asia Pacific Pvt Ltd having
moderate track record. Subject was incorporated in India on 24.08.2012 to carry on the
business of trading in all types of electric metal beds, furniture, fixtures
etc. As per financial of 2013 and 2014, the
Company has incurred huge accumulated losses which has eroded the reserves of
the company. Rating also takes into consideration the debt free balance sheet
of the company. However the company has strong managerial
and financial support from its parent company. Trade relations are reported to be fair.
Business is active. Payments are reported to be slow but correct. In the view of strong parent company,
subject 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 : |
Ms. Asha Sharma |
|
Designation : |
Admin Department |
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Contact No.: |
91-7838104786 |
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Date : |
21.05.2015 |
LOCATIONS
|
Registered Office : |
1002A and 1002B, 10th Floor, Welldone Tech Park, Sector-48, Sohna Road, Gurgaon - 122002, Haryana, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-7838104786 (Ms. Asha Sharma) |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 15.09.2014
|
Name : |
Masanori Take |
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Designation : |
Managing Director |
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Address : |
8-28-5-1808, Ojima, Koto-Ku, Tokyo |
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Date of Birth/Age : |
09.02.1971 |
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Date of Appointment : |
19.09.2012 |
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DIN No.: |
05311273 |
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Name : |
Tomohiko Kimura |
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Designation : |
Director |
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Address : |
5-2-5-314, Minami Azabu, Minato-Ku, Tokyo |
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Date of Birth/Age : |
17.07.1977 |
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Date of Appointment : |
24.08.2012 |
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DIN No.: |
05311867 |
KEY EXECUTIVES
|
Name : |
Ms. Asha Sharma |
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Designation : |
Admin Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2014
|
Names of Shareholders |
No. of Shares |
|
Paramount Bed Asia Pacific Pte Limited |
7099999 |
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Masanori Take |
1 |
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Total |
7100000 |
ALLOTTEE
AS ON 05.12.2014
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Names of Allottee |
No. of Shares |
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Paramount Bed Asia Pacific Pte Limited |
3000000 |
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Total |
3000000 |
AS ON 15.09.2014
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Equity Share Breakup |
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
99.99 |
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Other
top fifty shareholders |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of manufacturers, wholesalers, buyers, sellers, agents, importers, exporters, renters, consultants of all types of electric metal beds, manual beds, furniture, fixtures, fittings, building materials and etc. |
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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 : |
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 : |
Not Divulged |
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Bankers : |
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Auditors : |
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Name : |
ASA and Associates LLP Chartered Accountants |
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Address : |
KS House 118 Shahpur Jat, New Delhi – 110049, India |
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Tel. No.: |
91-11-4100 9999 |
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Fax No.: |
91-11-4100 9990 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFA4690A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company and Ultimate Holding Company Control Exists : |
Paramount Bed Asia Pacific Pte. Limited |
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Fellow Subsidiary : |
Paramount Bed (China) Co. Limited Paramount Bed (Thailand) Co. Limited |
CAPITAL STRUCTURE
AS ON 15.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7,100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 71.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7,100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 71.000 Million |
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AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7,100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 71.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3,900,000 |
Equity Shares |
Rs. 10/- each |
Rs. 39.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
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39.000 |
25.000 |
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(b) Reserves & Surplus |
|
(37.376) |
(5.810) |
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(c) Money received against share warrants |
|
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
|
32.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
33.624 |
19.190 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
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0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
|
0.015 |
0.013 |
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(c)
Other long term liabilities |
|
0.000 |
0.000 |
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(d)
long-term provisions |
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0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
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0.015 |
0.013 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
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0.000 |
0.000 |
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(b)
Trade payables |
|
6.040 |
0.247 |
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(c)
Other current liabilities |
|
2.437 |
1.780 |
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(d)
Short-term provisions |
|
0.209 |
0.013 |
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Total
Current Liabilities (4) |
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8.686 |
2.040 |
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TOTAL |
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42.325 |
21.243 |
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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 |
|
2.021 |
1.610 |
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(ii)
Intangible Assets |
|
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
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(iv) Intangible assets under development |
|
0.000 |
0.000 |
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(b) Non-current
Investments |
|
0.000 |
0.000 |
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(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.975 |
0.966 |
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(e)
Other Non-current assets |
|
0.000 |
0.000 |
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Total
Non-Current Assets |
|
2.996 |
2.576 |
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(2) Current assets |
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(a)
Current investments |
|
0.000 |
0.000 |
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(b)
Inventories |
|
10.467 |
0.087 |
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(c)
Trade receivables |
|
3.924 |
0.000 |
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(d)
Cash and cash equivalents |
|
23.967 |
18.150 |
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(e)
Short-term loans and advances |
|
0.867 |
0.430 |
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(f)
Other current assets |
|
0.104 |
0.000 |
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Total
Current Assets |
|
39.329 |
18.667 |
|
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|
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TOTAL |
|
42.325 |
21.243 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
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SALES |
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Income |
|
9.608 |
0.000 |
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Other Income |
|
0.383 |
0.007 |
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TOTAL |
|
9.991 |
0.007 |
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Less |
EXPENSES |
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|
Cost of Purchase |
|
18.721 |
0.000 |
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Changes in inventories |
|
(10.467) |
0.000 |
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Employees benefits expense |
|
17.844 |
2.385 |
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Other expenses |
|
14.766 |
3.342 |
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TOTAL |
|
40.864 |
5.727 |
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
(30.873) |
(5.720) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.690 |
0.072 |
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PROFIT/(LOSS) BEFORE
TAX |
|
(31.563) |
(5.797) |
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Less |
TAX |
|
0.002 |
0.013 |
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PROFIT/(LOSS)
AFTER TAX |
|
(31.565) |
(5.810) |
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IMPORTS |
|
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|
Finished Goods |
|
15.061 |
0.000 |
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Earnings Per
Share (Rs.) |
|
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|
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|
Basic |
|
(9.87) |
(2.32) |
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Diluted
|
|
(8.58) |
NA |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(328.53) |
(83000.00) |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
(321.33) |
(81714.29) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(74.57) |
(27.29) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.94) |
(0.30) |
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Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
|
4.53 |
9.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
25.000 |
39.000 |
|
Reserves & Surplus |
(5.810) |
(37.376) |
|
Money received against share
warrants |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
|
Net
worth |
19.190 |
1.624 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
0.007 |
9.991 |
|
|
|
1,42,628.571 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
0.007 |
9.991 |
|
Profit |
(5.810) |
(31.565) |
|
|
(83000.00%) |
(315.93%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two years |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE
INFORMATION:
The company a subsidiary of Paramount Bed Asia
Pacific Pte. Limited was incorporate in India on 24.08.2012 to carry on the
business of in all types of electric metal bed, furniture, fittings, buildings,
fixtures, material, and all other things capable of being used therewith and
maintaining, repairing, renting, altering, developing, modifying, servicing of
the products and materials used in such beds.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
CHANGE OF ADDRESS:
The Registered Office of the Company has been shifted from 14th
Floor, Building Tower–58, Cyber Terraces, Cyber City, CLF Phase – III, Gurgaon
– 122002, Haryana, India to the present address w.e.f. 01.09.2013
FIXED ASSETS:
· Vehicles
· Computer
· Office Equipment
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. 63.70 |
|
|
1 |
Rs. 98.92 |
|
Euro |
1 |
Rs. 70.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRI |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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.