MIRA
INFORM REPORT
|
Report No. : |
345770 |
|
Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
DESIGNERS WATCHES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No.SR-02, Service Floor, |
|
Mobile No.: |
91-9820574854 (Mr. Santosh Adkhale) |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.06.1994 |
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Com. Reg. No.: |
11-079011 |
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Capital
Investment / Paid-up Capital : |
Rs.0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51399MH1994PTC079011 |
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|
|
IEC No.: |
0394064976 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD09587E |
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|
|
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PAN No.: [Permanent Account No.] |
AAACD4460G |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Designer Watches and Promotion Watches. |
|
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|
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated on 16th June, 1994. It is the well-known
manufacturers and suppliers of a wide range of designer wrist watches. It has moderate
track record. There is an unfavourable gap between trade receivables and trade
payables. Further, the rating also takes into consideration modest financial
risk profile marked by modest networth base and drastic dip in the profit of
the company during FY14. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company 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.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Santosh Adkhale |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9820574854 |
|
Date : |
16.10.2015 |
LOCATIONS
|
Registered Office : |
Office No.SR-02, Service Floor, Pinnacle Business Park, Mahakali Caves
Road, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9820574854 (Mr. Santosh Adkhale) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Area : |
1700 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office / Factory: |
11-81, Designer
House, Near Bses Anand Nagar, Santacruz (East), Mumbai – 400055, Maharashtra,
India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Jatinder Tarlok Nagpal |
|
Designation : |
Director |
|
Address : |
103, Neelam Apartment, Mount Mary Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
05.12.1957 |
|
Date of Appointment : |
16.06.1994 |
|
DIN No.: |
01506789 |
|
|
|
|
Name : |
Mr. Narinder Tarlok Nagpal |
|
Designation : |
Director |
|
Address : |
36, Dreamland, Mount Mary Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1955 |
|
Date of Appointment : |
16.06.1994 |
|
DIN No.: |
02597866 |
KEY EXECUTIVES
|
Name : |
Mr. Santosh Adkhale |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Jatinder Tarlok Nagpal |
450 |
9.00 |
|
Narinder Tarlok Nagpal |
450 |
9.00 |
|
Narinder Tarlok Nagpal HUF |
2050 |
41.00 |
|
Jatinder Tarlok Nagpal HUF |
2050 |
41.00 |
|
Total |
5000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Designer Watches and Promotion Watches. |
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|
Products : |
Escort Watches · Fashion/Sports Watches · Pair Watches · Classic Watches D'signer Watches · Women D'signer Watches (179) · Ceramic D'signer Watches (169) · Sports D'signer Watches (167) · Men D'signer Watches (163) · Classic Chrono D'signer Watches (104) · Chrono D'signer Watches (108) · Metal Band D'signer Watches (122) · Fashion D'signer Watches (153) · Classic D'signer Watches (158) |
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Brand Names : |
v D’SIGNER v ESCORT |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· United Arab Emirates ·
Dubai ·
Switzerland |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Dubai ·
Hong Kong ·
Malaysia |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 days) |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
·
Arvind Brands ·
Nikon India |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Vinod V Mehta and Associates Chartered Accountants |
|
Address : |
601, Balarama, Bandra Kurla Complex, Bandra [East], Mumbai – 400051,
Maharashtra, India |
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Tel. No.: |
91-22-30686900 |
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Fax No.: |
91-22-30686904 |
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Website : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAPM8763G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.500 |
0.500 |
0.500 |
|
(b) Reserves &
Surplus |
7.924 |
7.351 |
5.699 |
|
(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) |
8.424 |
7.851 |
6.199 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
16.819 |
15.246 |
3.397 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
16.819 |
15.246 |
3.397 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4.547 |
5.820 |
10.127 |
|
(b) Trade payables |
72.539 |
75.306 |
43.728 |
|
(c) Other current
liabilities |
20.794 |
2.236 |
5.002 |
|
(d) Short-term provisions |
3.200 |
3.472 |
2.678 |
|
Total Current Liabilities
(4) |
101.080 |
86.834 |
61.535 |
|
|
|
|
|
|
TOTAL |
126.323 |
109.931 |
71.131 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
31.592 |
32.130 |
5.311 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.291 |
0.256 |
0.187 |
|
(d) Long-term Loan and Advances |
8.313 |
10.003 |
13.076 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
40.196 |
42.389 |
18.574 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
55.485 |
32.869 |
20.791 |
|
(c) Trade receivables |
29.013 |
34.434 |
30.799 |
|
(d) Cash and cash
equivalents |
1.189 |
(0.033) |
0.750 |
|
(e) Short-term loans and
advances |
0.156 |
0.132 |
0.217 |
|
(f) Other current assets |
0.284 |
0.140 |
0.000 |
|
Total Current Assets |
86.127 |
67.542 |
52.557 |
|
|
|
|
|
|
TOTAL |
126.323 |
109.931 |
71.131 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
NA |
NA |
111.870 |
|
|
Other Income |
NA |
NA |
(0.462) |
|
|
TOTAL |
NA |
NA |
111.408 |
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
Exceptional items |
|
|
0.024 |
|
|
Operating Expenses |
|
|
89.317 |
|
|
Employees benefits
expense |
|
|
2.847 |
|
|
Administration &
general Expenses |
|
|
14.743 |
|
|
TOTAL |
NA |
NA |
106.931 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
4.477 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
1.315 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
|
3.162 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
1.457 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
1.705 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.841 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
0.762 |
1.652 |
0.864 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
152.40 |
330.40 |
172.85 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
|
|
|
|
HDFC Bank Car Loan |
0.082 |
0.180 |
0.000 |
|
Tata Capital Limited ( Car Loan) |
0.000 |
0.029 |
0.000 |
|
Tata Capital Limited ( Car Loan) |
0.000 |
0.000 |
0.117 |
|
Total |
0.082 |
0.209 |
0.117 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
NA |
0.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA |
NA |
4.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
NA |
2.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA |
NA |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.55 |
2.71 |
2.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.78 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
0.500 |
0.500 |
0.500 |
|
Reserves & Surplus |
5.699 |
7.351 |
7.924 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
6.199 |
7.851 |
8.424 |
|
|
|
|
|
|
long-term borrowings |
3.397 |
15.246 |
16.819 |
|
Short term borrowings |
10.127 |
5.820 |
4.547 |
|
Current Maturities of
Long Term Debt |
0.117 |
0.209 |
0.082 |
|
Total borrowings |
13.641 |
21.275 |
21.448 |
|
Debt/Equity ratio |
2.201 |
2.710 |
2.546 |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 one year |
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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from Directors and
Relatives |
|
|
|
Jatinder
T Nagpal |
1.537 |
4.490 |
|
Narinder
T Nagpal |
9.991 |
5.434 |
|
Narinder
T Nagpal HUF |
1.085 |
1.085 |
|
Other loans and advances |
|
|
|
Aarti
Capital Services Private Limited |
2.770 |
2.500 |
|
Hansraj
Gupta |
0.000 |
0.200 |
|
Samaya
Industries |
0.726 |
0.726 |
|
Tissot
|
0.189 |
0.189 |
|
Vinayak Industries |
0.300 |
0.300 |
|
Total |
16.598 |
14.924 |
FINANCIAL:
During
the year the company has earned the Net Profit of Rs 0.761 Million. Compared to the Profit of
Rs 1.652 Million
in the immediate last year.
FIXED ASSETS:
· Office Equipment
· Machinery
· Air conditioner
· Pad Printing Machine
· Telephone
· Mobile Phone
· Video Camera
· Xerox Machine
· UPS & Connectors
· Electrical Equipments
· Furniture and Fixture
· Vehicles
· Office Equipments
·
Computers
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.64.96 |
|
|
1 |
Rs.100.53 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.