MIRA
INFORM REPORT
|
Report No. : |
350204 |
|
Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PHOTOQUIP ( |
|
|
|
|
Registered
Office : |
A/33-34 Royal Industrial Estate, |
|
Tel. No.: |
91-22-61474000 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
24.07.1992 |
|
|
|
|
Com. Reg. No.: |
11-067864 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 48.008 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74940MH1992PLC067864 |
|
|
|
|
IEC No.: |
0394013514 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP15952G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCP0468Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject manufactures, exports and trades in Digital Studio
Flashlights and Photographic Accessories and similar products. |
|
|
|
|
No. of Employees
: |
82 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
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 : |
Exist |
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|
|
|
Comments : |
Subject is an established company having moderate track record. The rating takes into consideration moderate financial risk profile of
the company marked by losses from its operations since last three financial
years. However, debt level has reduced and there has reported significant
improvement in the sales turnover of the company in FY15. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution. Note : As claimed by Mr. Vivek Divekar (Account Head) that the subject is
listed company since 2000. It is listed on BSE (Bombay Stock Exchange) and
shares are traded with the price of Rs.22 as on 17th November
2015. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2015.
INFORMATION DECLINED
Management non-cooperative (91-22-61474000)
LOCATIONS
|
Registered / Corporate Office / Factory : |
A/33-34 Royal Industrial Estate, Naigaon Cross Road, Wadala, Mumbai -
400031, Maharashtra, India |
|
Tel. No.: |
91-22-61474000 |
|
Fax No.: |
91-22-24144498 |
|
E-Mail : |
|
|
Website: |
|
|
Location: |
Owned |
|
|
|
|
Branch Office: |
10/116, Salt Pan Division, Lloyds Compound, Antop Hill, Mumbai, |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Jayant P. Soni |
|
Designation : |
Chairman and Managing Director |
|
Address : |
B 2004 20th Floor, Bhavya Heights, Katrak Road, Wadala, Mumbai-400031, Maharashtra, India |
|
Date of Birth/Age : |
15.09.1929 |
|
Qualification : |
Diploma in Photography |
|
Date of Appointment : |
01.11.1993 |
|
DIN No.: |
00249057 |
|
|
|
|
Name : |
Mr. Dhaval Jayant Soni |
|
Designation : |
Director |
|
Address : |
1301 Springs ICC G.D. Ambekar Marg, Next to Wadala Telephone Exchange, Dadar (East) Mumbai-400014, Maharashtra, India |
|
Date of Birth/Age : |
13.12.1958 |
|
Qualification : |
B.Sc |
|
Date of Appointment : |
01.08.1994 |
|
DIN No.: |
00751362 |
|
|
|
|
Name : |
Dr. Vishnu J. Acharya |
|
Designation : |
Non-Executive Independent Director
|
|
Address : |
702/703, 7th Floor, Heritage 65, Lajpatrai Road, Vile Parle (East), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
10.031935 |
|
Qualification : |
Master of Surgery, Fellow of institute of cancer surgeons |
|
Date of Appointment : |
27.11.2003 |
|
DIN No.: |
01508749 |
|
|
|
|
Name : |
Mr. Mohib Nomanbhai Khericha |
|
Designation : |
Director |
|
Address : |
4, Saritakunj Society, Opposite Nid Hostel, Pt College Road, Paldi, Ahmedabad-380007, Gujarat, India |
|
Date of Birth/Age : |
04.08.1952 |
|
Qualification : |
Fellow Chartered Accountant |
|
Experience : |
35 Years |
|
Date of Appointment : |
24.11.1993 |
|
DIN No.: |
00010365 |
|
|
|
|
Name : |
Mr. Mohan Motiram Jayakar |
|
Designation : |
Director |
|
Address : |
12, Makani Manor, 1st Floor, Peddar Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
08.10.1951 |
|
Qualification : |
B.A., L.L.B. Advocate and Solicitor, High Court, Mumbai and Advocate on Record of Supreme Court of India |
|
Experience : |
35 Years |
|
Date of Appointment : |
24.11.1993 |
|
DIN No.: |
00925962 |
|
|
|
|
Name : |
Mrs. Anju Dhaval Soni |
|
Designation : |
Director |
|
Address : |
1301 Springs, Island City Centre, G.D. Ambekar Marg, Dadar (East), Mumbai-400014, Maharashtra, India |
|
Date of Birth/Age : |
11.08.1963 |
|
Qualification : |
Graduate, Gemologist |
|
Experience : |
25 years |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
01006316 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2671990 |
55.66 |
|
|
125000 |
2.60 |
|
|
2796990 |
58.26 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2796990 |
58.26 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5000 |
0.10 |
|
|
12000 |
0.25 |
|
|
23700 |
0.49 |
|
|
40700 |
0.85 |
|
|
|
|
|
|
54904 |
1.14 |
|
|
|
|
|
|
1038531 |
21.63 |
|
|
745425 |
15.53 |
|
|
124250 |
2.59 |
|
|
10 |
0.00 |
|
|
124240 |
2.59 |
|
|
1963110 |
40.89 |
|
Total Public shareholding (B) |
2003810 |
41.74 |
|
Total (A)+(B) |
4800800 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4800800 |
0.00 |
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%20LIMITED%20-%20350204_MIRA%2018-Nov-2015_files/image007.gif)
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Jenita Dhaval Soni |
6,000 |
0.12 |
|
Kruti Harshvadan Suthar |
5,971 |
0.12 |
|
Tara Jayant Soni |
5,27,395 |
10.99 |
|
Jayant Purshottam Soni |
9,22,247 |
19.21 |
|
Dhaval Jayant Soni |
5,31,400 |
11.07 |
|
Anju Dhaval Soni |
16,300 |
0.34 |
|
Vimal Jayant Soni |
6,54,277 |
13.63 |
|
Piri Systems Private Limited |
1,25,000 |
2.60 |
|
Pulin Dhaval Soni |
8,400 |
0.17 |
|
Total |
27,96,990 |
58.26 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
Rajesh Kumar Agrawal |
114202 |
2.38 |
|
|
Raj Kumar Lohia |
49969 |
1.04 |
|
|
Sudha Ashok Ajmera |
73891 |
1.54 |
|
|
Ashok Parmanand Ajmera |
49833 |
1.04 |
|
|
Total |
287895 |
6.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject manufactures, exports and trades in Digital Studio
Flashlights and Photographic Accessories and similar products. |
|
|
|
|
Products : |
· Digital Studio Flashlights · Photographic Accessories ·
Similar products |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
82 (Approximately) |
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Bankers : |
Apna Sahakari Bank Limited. D., Sarfare Chowk Branch, Wadala, Mumbai- 400031, Maharashtra, India |
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Facilities : |
|
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Auditors : |
|
|
Name : |
Mayank Shah and Associates Chartered Accountant |
|
Address : |
706/708, Mahakant Opposite V.S. Hospital, Ellisbridge, Ahmedabad –
380006, Gujarat, India |
|
Tel. No. : |
91-79-26575642, 26579106 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprise under
significant influence of key management personnel(Enterprise) : |
· Piri Systems Private Limited · Vijay Studio System ·
Photoquip |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,800,800 |
Equity Shares |
Rs.10/- each |
Rs. 48.008
Million |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period:-
|
Particulars |
31.03.2015 |
|
|
Equity Shares |
Nos. |
Rs. In Million |
|
At the beginning of the period |
4800800 |
48.008 |
|
Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
4800800 |
48.008 |
Rights, preferences and restrictions attached to Equity Shares
The company has
one class of Equity shares having a par value of Rs. 10 per share. Each
shareholder of equity shares is entitled to one vote per share. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the company, after distribution of all preferential amounts, in
proportion to their shareholding
Details of shares held by shareholders holding more than 5% of
the aggregate shares in the Company:
|
Particulars |
31.03.2015 |
|
|
|
Nos. |
% holding in the
class |
|
Equity Shares |
|
|
|
Jayant Purshottam Soni |
922247 |
19.21 |
|
Vimal Jayant Soni |
654277 |
13.63 |
|
Dhaval Jayant Soni |
531400 |
11.07 |
|
Tara Jayant Soni |
527395 |
10.99 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
48.008 |
48.008 |
48.008 |
|
(b) Reserves & Surplus |
215.739 |
246.069 |
273.078 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
263.747 |
294.077 |
321.086 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
30.060 |
47.578 |
59.511 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
3.259 |
|
(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) |
30.060 |
47.578 |
62.770 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
78.975 |
48.833 |
92.462 |
|
(b) Trade payables |
128.717 |
113.897 |
102.892 |
|
(c) Other current
liabilities |
21.619 |
15.495 |
13.401 |
|
(d) Short-term provisions |
11.775 |
10.291 |
7.603 |
|
Total Current Liabilities (4) |
241.086 |
188.516 |
216.358 |
|
|
|
|
|
|
TOTAL |
534.893 |
530.171 |
600.214 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
122.955 |
116.373 |
91.162 |
|
(ii) Intangible Assets |
19.379 |
14.661 |
6.626 |
|
(iii) Capital
work-in-progress |
2.738 |
0.327 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.286 |
0.286 |
0.286 |
|
(c) Deferred tax assets (net) |
20.117 |
2.983 |
0.000 |
|
(d) Long-term Loan and Advances |
119.253 |
110.323 |
143.404 |
|
(e) Other Non-current assets |
27.791 |
34.393 |
33.663 |
|
Total Non-Current Assets |
312.519 |
279.346 |
275.141 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
101.577 |
79.065 |
100.297 |
|
(c) Trade receivables |
26.925 |
42.124 |
29.454 |
|
(d) Cash and cash
equivalents |
16.709 |
26.413 |
46.869 |
|
(e) Short-term loans and
advances |
74.680 |
103.223 |
148.453 |
|
(f) Other current assets |
2.483 |
0.000 |
0.000 |
|
Total Current Assets |
222.374 |
250.825 |
325.073 |
|
|
|
|
|
|
TOTAL |
534.893 |
530.171 |
600.214 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1011.418 |
914.219 |
775.950 |
|
|
|
Other Income |
3.762 |
5.077 |
6.045 |
|
|
|
TOTAL (A) |
1015.180 |
919.296 |
781.995 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
364.005 |
380.139 |
425.698 |
|
|
|
Purchases of Stock-in-Trade |
505.773 |
361.008 |
255.387 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(26.528) |
4.855 |
(21.053) |
|
|
|
Employees benefits expense |
64.186 |
56.905 |
49.198 |
|
|
|
Other expenses |
128.884 |
110.047 |
56.253 |
|
|
|
Exceptional items |
(15.797) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1020.523 |
912.954 |
765.483 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(5.343) |
6.342 |
16.512 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
20.131 |
21.798 |
10.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(25.474) |
(15.456) |
6.276 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
18.737 |
16.880 |
9.368 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(44.211) |
(32.336) |
(3.092) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(14.580) |
(5.328) |
(0.296) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(29.631) |
(27.008) |
(2.796) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
209.674 |
236.682 |
239.478 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
180.043 |
209.674 |
236.682 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
450.689 |
489.330 |
531.318 |
|
|
TOTAL EARNINGS |
450.689 |
489.330 |
531.318 |
|
|
|
|
|
|
|
|
|
|
Value of Import CIF
Value |
249.010 |
299.369 |
236.367 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic and Diluted Earning
per Share after tax and before Exceptional Items of face value of Rs. 10
each(in Rs.) |
(9.46) |
(5.63) |
(0.58) |
|
|
|
Basic and Diluted
Earning per Share after tax and after Exceptional Items of face value of Rs.
10 each(in Rs.) |
(6.17) |
(5.63) |
-- |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
20.503 |
14.212 |
11.525 |
|
Cash generated from operations |
(0.640) |
103.802 |
10.909 |
|
Net Cash from Operating Activities |
(1.013) |
103.704 |
0.782 |
QUARTERLY RESULTS
|
Particulars |
|
|
30.09.2015 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
111.970 |
|
Total Expenditure |
|
|
118.380 |
|
PBIDT (Excl OI) |
|
|
(6.410) |
|
Other Income |
|
|
3.380 |
|
Operating Profit |
|
|
(3.030 |
|
Interest |
|
|
4.770 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(7.800) |
|
Depreciation |
|
|
4.420 |
|
Profit Before Tax |
|
|
(12.220) |
|
Tax |
|
|
(3.120) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(9.100) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(9.100) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(2.93) |
(2.95) |
(0.36) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(0.53) |
0.69 |
2.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.64) |
(6.14) |
(0.52) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.17) |
(0.11) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.49 |
0.38 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
1.33 |
1.50 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.22.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
48.008 |
48.008 |
48.008 |
|
Reserves & Surplus |
273.078 |
246.069 |
215.739 |
|
Net
worth |
321.086 |
294.077 |
263.747 |
|
|
|
|
|
|
long-term borrowings |
59.511 |
47.578 |
30.060 |
|
Short term borrowings |
92.462 |
48.833 |
78.975 |
|
Current maturities of
long-term debts |
11.525 |
14.212 |
20.503 |
|
Total
borrowings |
163.498 |
110.623 |
129.538 |
|
Debt/Equity
ratio |
0.509 |
0.376 |
0.491 |
%20LIMITED%20-%20350204_MIRA%2018-Nov-2015_files/image009.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
775.950 |
914.219 |
1011.418 |
|
|
|
17.819 |
10.632 |
%20LIMITED%20-%20350204_MIRA%2018-Nov-2015_files/image011.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
775.950 |
914.219 |
1011.418 |
|
Profit/ (Loss) |
(2.7960) |
(27.008) |
(29.631) |
|
|
(0.36%) |
(2.95%) |
(2.93%) |
%20LIMITED%20-%20350204_MIRA%2018-Nov-2015_files/image013.gif)
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 |
No |
|
8] |
Designation of contact person |
No |
|
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 |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
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 three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
No |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date:- 07/01/2015 |
||||||
|
Lodging No. : |
NMAL/34/2015 |
Failing Date:- |
07/01/2015 |
Reg. No.:- |
ITXA/202/2015 |
|
|
|
Main Matter |
|
||||
|
Lodging No. : |
APPL/634/2014 |
|
|
Reg. No.:- |
APP/591/2014 |
|
|
|
||||||
|
Petitioner:- |
DELHI PHOTO STORE AND ANR. |
Respondent:- |
PHOTOQUIP INDIA LIMITED |
|||
|
Petn.Adv:- |
G S HEGDE AND V A BHAGAT (I6387) |
Resp. Adv:- |
0(0) |
|||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
DIVISION |
Category:- |
NOTICE OF MOTION (APPEAL) |
|||
|
Status:- |
Pre-Admission |
Stage:- |
-- |
|||
|
Next Date:- |
19/10/2015 |
Stage:- |
-- |
|||
|
Coram:- |
HON'BLE SHRI JUSTICE V.M. KANADE HON'BLE SMT. JUSTICE DR. SHALINI PHANSALKAR-JOSHI |
|
|
|||
|
Act. : |
Code of Civil Procedure 1908 |
|
|
|||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10461827 |
13/11/2013 * |
100,000,000.00 |
APNA SAHAKARI BANK LIMITED |
D. SARFARE CHOWK, A/4-5,, ROYAL INDUSTRIAL ESTATE, WADALA, MUMBAI,
Maharashtra - 400031, INDIA |
B90215484 |
|
2 |
10409873 |
02/03/2013 |
70,000,000.00 |
APNA SAHAKARI BANK LIMITED |
D. SARFARE CHOWK, A/4-5, ROYAL INDUSTRIAL ESTATE, WADALA, MUMBAI,
Maharashtra - 400031, INDIA |
B70040290 |
|
3 |
10065802 |
12/04/2007 |
35,400,000.00 |
THE APNA SAHAKARI BANK LIMITED |
D Sarfare Chowk Branch, Naigaon, WADALA, Mumbai, |
A13968797 |
* Date of charge modification
OPERATIONAL REVIEW
During the year, the Company earned an income of Rs. 1015.180 Million as against Rs. 919.297 Million in the previous year, an increase of 10.63% as compared to the previous year. The Company has incurred a Net Loss of Rs.29.630 Million as against Net Loss of Rs. 27.007 Million in the previous year.
(Rs. in million)
|
Particulars |
31.03.2015 |
|
Sales / Other Receipts |
1011.418 |
|
Exports |
446.694 |
|
Net Profit / (Loss) |
(29.630) |
During the year losses have also increased by Rs. 2.663 Million due to unprecedented increase in Raw Material and Packing Material prices throughout the year; and also additionally due the high level of expenses of the General Lighting Division of the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
FORWARD-LOOKING
STATEMENTS
The report contains forward-looking statements based on certain assumptions and expectations of future events. The Company, therefore, cannot guarantee that these assumptions and expectations are accurate or will be realized. The Company's actual results, performance or achievements can thus differ materially from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is engaged in Photographic and Allied Products
industry. The Company manufactures, exports and trades in Digital Studio
Flashlights and Photographic Accessories and similar products. It is an OEM for
Elinchrom SA, a Company based in Switzerland and a renowned named in the global
photographic industry. It is a distributor for Elinchrom SA in India since
1986. The Company, over the decades, has been understanding and catering to the
needs of the photographic fraternity and has dedicatedly ensured that every
photo studio is equipped with the best equipment that meets the most stringent
requirements.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
a) Disputed matters
in appeals/contested in respect of: |
|
|
|
I) Income Tax |
4.900 |
4.900 |
|
II) Sales Tax |
2.209 |
2.209 |
|
Future cash outflows in respect of the above are determinable
only on receipt of Judgments /decisions pending with various
forums/authorities. Based on the decisions of the Appellate authorities and
the interpretations of other relevant provisions, the Company has been
legally advised that the additional demand raised is likely to be either
deleted or substantially reduced and accordingly no provision is considered
necessary |
||
|
b) Bonds/Undertakings given by the Company under Concessional duty/ exemption to Customs/Excise Authorities(Net of redemption applied for) |
25.000 |
25.000 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30TH
SEPTEMBER, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Half year ended |
||||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
110.914 |
158.450 |
269.364 |
|
|
|
b. Other Operating Income |
1.052 |
1.136 |
2.188 |
|
|
|
Total Income from
Operations (Net) |
111.966 |
159.586 |
271.552 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a)
Cost of Materials Consumed |
32.424 |
80.061 |
112.485 |
|
|
|
b)
Purchases of Stock-in-Trade |
47.222 |
57.622 |
104.844 |
|
|
|
c)
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
6.546 |
(12.053) |
(5.507) |
|
|
|
d)
Employees benefits expense |
10.877 |
12.476 |
23.353 |
|
|
|
e)
|
4.419 |
4.413 |
8.832 |
|
|
|
f)
Other expenses |
21.295 |
19.753 |
41.048 |
|
|
|
Total Expenses |
122.783 |
162.272 |
285.055 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(10.817) |
(2.686) |
(13.503) |
|
|
4 |
Other Income |
3.378 |
1.490 |
4.868 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(7.439) |
(1.196) |
(8.635) |
|
|
6 |
Finance Costs |
4.774 |
4.956 |
9.730 |
|
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
(12.213) |
(6.152) |
(18.365) |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
(12.213) |
(6.152) |
(18.365) |
|
|
10 |
Tax Expense |
(3.115) |
(2.195) |
(5.310) |
|
|
11 |
Net Profit from
ordinary activity after tax |
(9.098) |
(3.957) |
(13.055) |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
(9.098) |
(3.957) |
(13.055) |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
48.008 |
48.008 |
48.008 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
(1.90) |
(0.82) |
(2.72) |
|
|
|
Diluted EPS |
(1.90) |
(0.82) |
(2.72) |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
2003810 |
2003810 |
2003810 |
|
|
|
- Percentage of shareholding |
41.74% |
41.74% |
41.74% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
-- |
-- |
-- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
2796990 |
2796990 |
2796990 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
58.26% |
58.26% |
58.26% |
|
|
|
Particulars |
Quarter ended 30.09.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
3 |
|
|
Disposed off during the quarter |
3 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
STATEMENT OF
ASSETS AND LIABILITES AS ON 30.09.2015
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
48.008 |
|
(b) Reserves & Surplus |
202.684 |
|
(c) Money received against share
warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
250.692 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
22.871 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
0.000 |
|
Total
Non-current Liabilities (3) |
22.871 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
89.251 |
|
(b) Trade payables |
104.902 |
|
(c) Other current liabilities |
20.629 |
|
(d) Short-term provisions |
11.806 |
|
Total
Current Liabilities (4) |
226.588 |
|
|
|
|
TOTAL |
500.151 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
119.808 |
|
(ii) Intangible Assets |
17.451 |
|
(iii) Capital work-in-progress |
2.781 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
0.286 |
|
(c) Deferred tax assets (net) |
27.098 |
|
(d) Long-term Loan and Advances |
102.943 |
|
(e) Other Non-current assets |
22.917 |
|
Total
Non-Current Assets |
293.284 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
113.056 |
|
(c) Trade receivables |
19.601 |
|
(d) Cash and cash equivalents |
11.888 |
|
(e) Short-term loans and
advances |
58.815 |
|
(f) Other current assets |
3.507 |
|
Total
Current Assets |
206.867 |
|
|
|
|
TOTAL |
500.151 |
FIXED ASSETS
·
Land
·
Office Building
·
Factory Building
·
Machinery
·
Lab Tools / Equipment
·
Dies and Moulds
·
Electrical Fittings
·
Office Equipment
·
Air Conditioner
·
Computers
·
Typewriter
·
Sign Board
·
Furniture and Fixtures
·
Motor Car
· Trade Mark
· Web Site
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.65.98 |
|
|
1 |
Rs.100.10 |
|
Euro |
1 |
Rs.70.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.