MIRA INFORM REPORT
|
Report No. : |
346971 |
|
Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERCRAFT TRADING PRIVATE LIMITED |
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Registered
Office : |
75, Dr. Annie Besant Road, Worli Nishuvi Building, 1st Floor,
Mumbai – 400018, Maharashtra |
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Tel. No.: |
91-22-43600600 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.09.1989 |
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Com. Reg. No.: |
11-053421 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.018 Million |
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CIN No.: [Company Identification
No.] |
U51900MH1989PTC053421 |
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|
IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service provider of Cosmetics and Toiletries, Salon, Spas and Beauty
Products. |
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|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 is a subsidiary of ‘Sagitta Investments Limited’. It is
engaged in manufacturing and providing cosmetic products. The company products
include creams, face wash, scrubs and gel creams. For the financial year ended 2014, company possesses moderate
operational performance and it has incurred loss from its operations during
the year under a review. Rating remain constrained on account of company’s moderate financial
profile marked by its modest net worth along with weak liquidity base and
leverage balance sheet position. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing 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
|
Name : |
Mr. Shreedharan |
|
Designation : |
Director |
|
Contact No.: |
91-22-43600600 |
|
Date : |
24.10.2015 |
LOCATIONS
|
Registered Office : |
75, Dr. Annie Besant Road, Worli Nishuvi Building, 1st
Floor, Mumbai – 400018, Maharashtra, India
|
|
Tel. No.: |
91-22-43600600 |
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Fax No.: |
91-22-28512780 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Harendra Chandrakant Gandhi |
|
Designation : |
Director |
|
Address : |
A-301, Adarsh Classic, Adarsh Vihar Complex, Off Marve Road, Malad (West), Mumbai - 400064, Maharashtra, India |
|
Date of Birth/Age : |
19.11.1951 |
|
Date of Appointment : |
20.10.1999 |
|
DIN No.: |
00146747 |
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|
|
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Name : |
Mr. Shreedharan Ayyappakutty Arayamparambil |
|
Designation : |
Whole-Time Director |
|
Address : |
42, 4th Floor, Krystal Blue, 11th Road, Santacruz (East), Mumbai - 400055, Maharashtra, India |
|
Date of Birth/Age : |
14.06.1953 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
00271818 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Shreedharan Ayyappakutty Arayamparambil |
|
02 |
|
Sangitta Investment Limited, Mauritius |
|
2016 |
|
Total |
|
2018 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.90 |
|
Directors or relatives of Directors |
0.10 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service provider of Cosmetics and Toiletries, Salon, Spas and Beauty
Products. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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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 : |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Vinod K. Mehta Chartered Accountants |
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Address : |
B-5, Satyam Shopping Centre, 2nd Floor , Ghatkopar (East), Mumbai – 400077, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFV6947N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other related parties : |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500 |
Equity Shares |
Rs.1000/- each |
Rs.2.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2018 |
Equity Shares |
Rs.1000/- each |
Rs.2.018
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 |
2.018 |
2.018 |
2.018 |
|
(b) Reserves & Surplus |
55.052 |
131.692 |
111.437 |
|
(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) |
57.070 |
133.710 |
113.455 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
81.443 |
98.573 |
83.637 |
|
(b) Trade payables |
1636.509 |
1562.278 |
1298.696 |
|
(c) Other current liabilities |
4.042 |
0.214 |
0.195 |
|
(d) Short-term provisions |
62.126 |
74.766 |
74.272 |
|
Total
Current Liabilities (4) |
1784.120 |
1735.831 |
1456.800 |
|
|
|
|
|
|
TOTAL |
1841.190 |
1869.541 |
1570.255 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
228.622 |
235.301 |
134.137 |
|
(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 |
0.022 |
0.022 |
0.022 |
|
(c) Deferred tax assets (net) |
52.486 |
5.592 |
2.871 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
281.130 |
240.915 |
137.030 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
550.944 |
679.947 |
472.320 |
|
(c) Trade receivables |
850.546 |
761.737 |
813.618 |
|
(d) Cash and cash equivalents |
16.767 |
4.353 |
7.519 |
|
(e) Short-term loans and
advances |
13.614 |
13.798 |
5.803 |
|
(f) Other current assets |
128.189 |
168.791 |
133.965 |
|
Total
Current Assets |
1560.060 |
1628.626 |
1433.225 |
|
|
|
|
|
|
TOTAL |
1841.190 |
1869.541 |
1570.255 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
2734.523 |
2303.095 |
1795.545 |
|
|
|
Other Income |
1.416 |
12.013 |
0.151 |
|
|
|
TOTAL
|
2735.939 |
2315.108 |
1795.696 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Increase in Stock |
0.000 |
(207.628) |
0.000 |
|
|
|
Other expenses |
2811.038 |
2454.420 |
1729.566 |
|
|
|
TOTAL
|
2811.038 |
2246.792 |
1729.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(75.099) |
68.316 |
66.130 |
|
|
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
48.328 |
37.316 |
22.697 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(123.427) |
31.000 |
43.433 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(46.895) |
9.780 |
13.049 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(76.532) |
21.220 |
30.384 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
131.693 |
111.437 |
81.073 |
|
|
|
|
|
|
|
|
|
Less |
Short
provision for tax |
0.109 |
0.964 |
0.020 |
|
|
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
55.052 |
131.693 |
111.437 |
|
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(37924.68) |
10515.36 |
15056.49 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover |
|
|
3000.000 |
The above information has been parted by Mr. Shreedharan (Director)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
63.001 |
162.121 |
86.722 |
|
Net cash flow from operating activity |
63.001 |
149.621 |
72.301 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(2.80) |
0.92 |
1.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.90) |
1.66 |
2.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(2.16) |
0.23 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.43 |
0.74 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.94 |
0.98 |
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 |
2.018 |
2.018 |
2.018 |
|
Reserves & Surplus |
111.437 |
131.692 |
55.052 |
|
Net
worth |
113.455 |
133.710 |
57.070 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
83.637 |
98.573 |
81.443 |
|
Total
borrowings |
83.637 |
98.573 |
81.443 |
|
Debt/Equity
ratio |
0.737 |
0.737 |
1.427 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1795.545 |
2303.095 |
2734.523 |
|
|
|
28.267 |
18.733 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1795.545 |
2303.095 |
2734.523 |
|
Profit |
30.384 |
21.220 |
(76.532) |
|
|
1.69% |
0.92% |
(2.80%) |
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 |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office of the company has been shifted from 71, Maker Chambers VI, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f. 02.05.2012
OPERATIONS
Sales and services during the year amounted to Rs. 2734.523 Million and Other income was Rs. 1.416 Million. The Total Income for the year was Rs. 235.939 Million. After providing for Depreciation of Rs. 48.328 Million and Other Expenses aggregating to Rs. 2811.038 Million, the working for the year resulted in a Loss of Rs. 123.427 Million. Deducting therefrom a sum of Rs. 46.895 Million being the amount adjusted during the year against Deferred Tax Assets, the Loss for the year was Rs. 76.532 Million. A sum of Rs. 0.109 Million has been provided for short provision of tax. After adjusting the Loss and short provision for tax against the opening balance in Statement of Profit and Loss of Rs. 131.692 Million, the balance amount of Rs.55.052 Million is carried forward in the Balance Sheet as surplus as per Statement of Profit and Loss.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
20.000 |
12.500 |
|
Total |
20.000 |
12.500 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10013073 |
09/01/2012 * |
70,000,000.00 |
UNION BANK OF INDIA |
Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort,
Mumbai, Maharashtra - 400023, INDIA |
B32239881 |
FIXED ASSETS
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
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.64.88 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--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 |
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 |
|
27 |
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.