MIRA
INFORM REPORT
|
Report Date : |
24TH
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
SHAHI
EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
3262
Ranjeet Nagar, New Delhi – 110 008, India. |
|
|
|
|
Country : |
India |
|
|
|
|
Date of Incorporation : |
15.07.2005 |
|
|
|
|
Com. Reg. No.: |
11-138730
|
|
|
|
|
CIN No.: [Company
Identification No.] |
U1810DL2005PTC138730 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS27895A |
|
|
|
|
Legal Form : |
Private
Limited Liability Company. |
|
|
|
|
Line of Business : |
To carry
on the business as manufacturers, producers, processors, importers,
exporters, fabricators, consignors, franchise, factors, clearing &
forwarding agents, brokers, whole sellers, showroom owners, retailers,
distributors, exchangers, traders, buyers, sellers, job workers, stockiest of
readymade garments of all shapes, sizes, verities, specifications,
descriptions, fashions, and uses specifically including inner-wear/out-wear,
dress materials, bottoms, Kitchen wears, knit wear, active wears, daily wear,
fashion wears, party wears, sports wears and wearing apparel and/or any other
allied goods such as bed-sheets, towels, table cloths, curtain cloth,
furnishing material, hosieries, mosquito curtains, fishing nets, ropes etc.
and/or any other made-ups, textile based accessories and ancillaries for
textile made from cotton whether woven or knitted, manmade, silk, denim,
nylon, wool, linen yarns, of all kinds and description, jute, velvet,
woollen, leather, leatheroitte, rexin, teri – cotton, terelyne, poly-fibre,
lycra, georgette and /or any other fibrous material or blended or combination
of fibrous materials and/or decorative material. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
New
Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
was established to tack over the running business of Shahi Exports, a running
business of export house. The company
has taken substantial loans from it’s bankers against hypothecation of
assets. Trade relations are fair. Nothing advance reported. The
company can be considered for normal business dealings at usual trade terms
and conditions, with some caution. |
LOCATIONS
|
Registered Office : |
3262 Ranjeet Nagar, New Delhi –
110 008, India. |
|
|
Website : |
||
|
|
|
|
|
Corporate office : |
S. F. No.
107/2B 1, Sedarpalayam Road, Arulpuram, Palladam Main Road, Tirupur – 641605,
Tamilnadu, India |
|
|
Tel. No.: |
91-421-2212176 |
|
|
|
|
|
|
Factory 1 : |
Shahi Export House, I.P. – 1 SECTOR 28 , Faridabad,
Haryana. INDIA |
|
|
Tel No :
|
91- 129-25273970 (10 Lines) |
|
|
Fax No : |
91- 129-25273485 |
|
|
Email : |
||
|
|
|
|
|
Factory 2 : |
Shahi Export House, Belandur Gate, Sarjapur Main Road,
Bangalore INDIA – 560035 |
|
|
Tel No :
|
91 80-28439214 (7 Lines) |
|
|
Fax No : |
91 80-28439356 |
|
|
Email : |
infoblr@shahiindia.com |
|
|
|
|
|
DIRECTORS
|
Name : |
Mrs.
Sarla M. Ahuja |
|
Designation : |
Director |
|
Address : |
R/O 115,
Jor Bagh, New Delhi – 110 003. |
|
|
|
|
Name : |
Mr.
Harish Ahuja |
|
Designation : |
Director |
|
Address : |
R/O
115, Jor Bagh, New Delhi – 110 003. |
|
|
|
|
Name : |
Mr.
Jlandhar D. Giri |
|
Designation : |
Director |
|
Address : |
F-88, Okhla
Industrial Area, Phase 1, New Delhi – 110 020 |
|
|
|
|
Name : |
Mr.
Manoj Chelani |
|
Designation : |
Director |
|
Address : |
F-88,
Okhla Industrial Area, Phase 1, New Delhi – 110 020 |
|
|
|
|
Name : |
Mr.
Vinod Kumar Bhardwaj |
|
Designation : |
Director |
|
Address : |
115,
Jor Bagh, New Delhi – 110 003. |
|
|
|
|
Name : |
Mr.
Manoj Chelani (P. H. Estate Private Limited) |
|
Designation : |
Director |
|
Address : |
115,
Jor Bagh, New Delhi – 110 003. |
|
|
|
|
Name : |
Mr.
Vinod Kumar Bhardwaj (Seh Approval
(India) Private Limited) |
|
Designation : |
Director |
|
Address : |
F-88,
Okhla Industrial Area, Phase 1, New Delhi – 110 020 |
|
|
|
|
Name : |
Mr.
Vinod Kumar Bhardwaj (S. F. G. Developers Private Limited) |
|
Designation : |
Director |
|
Address : |
115,
Jor Bagh, New Delhi – 110 003. |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Sarla
M. Ahuja |
9,75,000 |
|
Harish
Ahuja |
3,95,00,000 |
|
Delhi
Brass and Metal Works Private Limited |
5,000 |
|
Shahi
Export (India) Private Limited |
50,000 |
|
AHP
Properties Private Limited |
5,000 |
|
P. H.
Estate Private Limited |
5,000 |
|
Seh
Approval (India) Private Limited |
5,000 |
|
S. F.
G. Developers Private Limited |
5,000 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business as manufacturers, producers, processors, importers,
exporters, fabricators, consignors,
franchise, factors, clearing & forwarding agents, brokers, whole sellers,
showroom owners, retailers, distributors, exchangers, traders, buyers,
sellers, job workers, stockiest of readymade garments of all shapes, sizes,
verities, specifications, descriptions, fashions, and uses specifically
including inner-wear/out-wear, dress materials, bottoms, Kitchen wears, knit wear, active wears, daily wear,
fashion wears, party wears, sports wears and wearing apparel and/or any other
allied goods such as bed-sheets, towels, table cloths, curtain cloth,
furnishing material, hosieries, mosquito curtains, fishing nets, ropes etc.
and/or any other made-ups, textile based accessories and ancillaries for
textile made from cotton whether woven or knitted, manmade, silk, denim,
nylon, wool, linen yarns, of all kinds and description, jute, velvet,
woollen, leather, leatheroitte, rexin, teri – cotton, terelyne, poly-fibre,
lycra, georgette and /or any other fibrous material or blended or combination
of fibrous materials and/or decorative material. |
GENERAL
INFORMATION
|
Bankers : |
Canara
Bank, Maharani Bagh, New Delhi. |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Unknown |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 102.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
499000 |
Equity
Shares |
Rs. 10/- each |
Rs. 4.990
Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
Subject is a new company and no financials could be available from any sources.
Management remained non-cooperative during
the current investigation.
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
SHAHI
EXPORTS PRIVATE LIMITED |
|
Presented By |
Canara
Bank, Maharani Bagh, New Delhi. |
|
1) Date and description of instrument creating the change |
Hypothecation Agreement for packing credit advances dated 28.12.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 700.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stocks of raw materials, semi-finished goods, finished goods of manufacturing garments now lying or hereafter stored at company’s godowns, yards or hereafter stored at company’s godowns, yards and premises in new Delhi and at Banglore or at any other place including those in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to secure all accounts payable under PC/PCFC/FDB/(O/LC)/ BRD limits of Rs. 700.000 Millions granted to the company together with all interests, costs, charges, expenses, etc. Interest is to be charged @ 7.25% p.a. compounded monthly for the concessional period of 90 days or at such rate as may be specified by the bank from time to time. In case of default, interest shall be payable @16.25% p.a. compounded monthly. Margin: As may be stipulated by the bank from time to time. Payable on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Maharani Bagh, New Delhi. |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
As per website
Shahi Export Pvt.
Ltd. stands steeped in time. The company started its operations way back in
1974. But its ideas and views are what make it young. A modern outlook to
business and faith in technology has ensured it weathered many a storm.
Established in Delhi, Shahi stands vertically integrated as one of the largest
manufacturers and exporters in India offering ready - to - wear garments for
ladies, men and children. A claim only some distinguished few can make in the
hugely competitive arena of garment exports .
Shahi Export,
is among the most brilliant jewels of an industry that spins multi-coloured
dreams in all their splendour in the mind's eye. In a mercurial world where
what's hot today is what's not tomorrow , it is propelled only by vision and
worth . It takes more than grit and determination to stand one's ground here.
And only one company has what it takes to prove to be the leader , Shahi Export
House .
Besides the
dynamic and professional leadership of the promoters, Shahi is mainly
recognized for its excellence in quality, product range, service and
reliability.
The company at
Shahi boast of India's most organized garment manufacturing facilities in Delhi
, Ghaziabad , Noida and Bangalore .
An innovative
team and a mature infrastructure are the pride of any company in fashion
industry . But at Shahi it is the bellwether. Leading the charge into markets
abroad. Diligent merchandisers are always in their toes to service clients. The
creative team involves itself in producing brilliant designs and outstanding creations
. There are 18 integrated state-of-the-art garment production centers with a
whopping 4500 sewing machines installed. While the highly advanced fabric
processing unit at Ghaziabad whips out a daunting 90000 metres of finished
fabric a day. The company has the capacity to produce over 2 million high
quality garments per month.
Right from
fabric processing to garment finishing , product engineering , production
planning and control and sourcing is executed with great precision and is
second to none , ensuring timely delivery and consistency to their ever -
valued customers .
Shahi Export
House employs 14000 highly competent people who are partnering the progress and
are responsible for the success of the group . Human intelligence is the
greatest asset which they possess .
Technology is
utilised to the maximum here. Be it in communication or production . The CAM
based Cutting Department has a production capacity of 75,000 cuts per day. While
the 60 Multi-head Computerised Embroidery Machines have a capacity of 800
million stitches per day . The latest CAD software ensures quick processing of
pattern creation , grading , marker making and global electronic exchange of
pattern data . The washing facility puts out over a tonne of garments per day
through specialized wash treatments such as softner wash , stone wash , enzyme
wash , desize soft wash and golf ball wash . The only one of its kind in Asia.
The pre-treatment section houses
an Osthoff Gas Singe & Desize machine, Benninger Continuous Bleaching
Range, Ben Dimensa Chainless Merceriser.
The Dyeing
Section has a host of machinery like a Kusters Cold Pad Batch & Benninger
wash range , continuous Dyeing Range , Jet dyeing, BENNINGER Pad-Dry (with
Kuster Padder) and Benninger Pad Steam Range .
12 colour
rotary Printing Machines, with after treatment machines like continuous Ager ,
Loop Ager , Star Agers , Polymerisers & Washing Ranges find pride of place.
The designing department is computerised with small yardages tackled on a
Baby-Pilot Rotary Machine.
In the
Finishing Section one finds Stenters, a Relax Dryer cum baker, Emerising
(Peaching) Machine & Preshrinking Range, Speciality finishes (apart from
normal silicon or soft finishes) like easy care (Self Smoothening rating
3-3.5), Permanent Hydrophilic, Stain repellant – Teflon , Water repellent ,
Anti microbe or Permanent Fresh & Permanent Perfume can be applied .
In their plants
, all kinds of woven fabrics like poplin , twill , canvas , gauze etc. and
garments made of cotton , linen , rayon and lycra blends are processed to
international standards . Prints like reactive , vat colour discharge on
reactive grounds and pigments apart from some special printing techniques like
burnt out effects on polyester - cotton blends are achieved .
Their processing units are
equipped with ultra modern laboratories with globally acclaimed equipments .
The laboratory has a Datacolor Computer Colour Matching System coupled with a
Datacolor automatic Dispenser to eleminate any human error . There is a Mathis
Padder with Dryer and Steamer and a replica pilot plant of bulk dyeing machines
. Lab to Bulk co-relation is perfectly documented and remains above 95% every
time . They have a Datacolor infra-red dyeing equipment for exhaust dyeing .
The color management group also handles the product shade sorting and color
related defects like listing and end to end problem detection . Their labs are
equipped with various testing machines that check tensile strength , tear
strength , abrasion resistance , pilling resistance , shrinkage , fabric drape
, fastness to various agencies - washing , crocking , perspiration etc .
Weaving
A Spell
Shahi Export House pieces
together woven garments for some of the best International brands. Brands that
demand the very best in quality. These wovens are truly superior as they are
churned out by the latest machines like Brother, Juki, Ngai Shing, Durkopp
Adler, Hashima and Kannegiesser.
Specialised Equipments that have
been installed for continuos fusing , pocket welting and smocking are among the
best in the world .
There are also Single needle
lock stitch programmable machines with UBT , double needle - needle feed split
bar machines , single needle top and bottom variable feed machines ,
feed-off-the-arm machines , fusing press , collar / cuff turning & blocking
machines , pocket machines and Automatic pocket welters .
Fascinating
Knits
Shahi Export
House prides itself on its knitwear . The spanking new facility is capable of
producing 250,000 pieces a month . The advanced sewing facility is equipped
with the latest Pegasus top feed , micro processor controlled with automatic
trimmers , CF Italia Collar , Attaching and latest Button Hole Machines capable
of handling fine textured knits .
The product
range covers 3 button Polo Shirts , T- Shirts , Tailored Collar Polo
Shirts , Turtle Neck , Mock Neck , Jackets , Tanks , Lingerie , Loungewear ,
Golfwear , Sportswear , Sleepwear etc . The fabrics range from solids , yarn
dyed single jersey , pique , interlock , rib , flat back rib , textured knits ,
jacquard , engineering stripers , full jacquards , heavy jersey in cotton ,
polyester cotton , polyester viscose , double mercerised , 100% polyester polar
fleece , spun filament , cotton fleece , indigo dyed units , acrylic wool
, circular woolen knits etc.
Fabric flow is
handled by experienced personnel and an exclusive fabric division handles
knitting , processing , inspection etc. The yarns are procured from renowned mills
and knitted and processed with the best of facilities. . 100% fabric inspection
is done before dispatch and all the fabrics are sent to independent testing
facilities for a quality check . Efforts are on to increase the knit production
to 0.5 million pieces per month .
Washing
The washing facility puts out
over a tonne of garments per day through specialized wash treatments such as
softner wash / stone-wash / enzyme-wash / desize soft wash and golf-ball wash.
Shahi's
workline is as vast as the organization . It covers men's and boys' shirts -
casuals , men's shirts - formal , ladies' & girls' blouses , ladies' and
girls' dresses , men's and ladies' bottoms , among others . The product range
covers 3 button Polo Shirts , T- Shirts , Tailored Collar Polo Shirts , Turtle
Neck , Mock Neck , Jackets , Tanks , Lingerie , Loungewear , Golfwear ,
Sportswear , Sleepwear etc .
QUALITY IS PARAMOUNT
At, Shahi, care is taken to ensure only the finest garment get
through. The Shahi manufacturing facility incorporates comprehensive testing at
each stage. Starting with an in-house laboratory for foolproof material
testing. Ensuring flawless raw material matching STM standards are used every
time. The Quality Control Department comprises one of the best teams in the
country. The systems are developed, based research and stringent buyer
requirement and arrived at a standard Shahi Quality System. All units follow
stringent quality procedures with every shipment undergoing inspection by an
in-house Final Statistical Audio team. Quality System are strictly adhered to
in the garment wet processing department and Embroidery department.
Timely deliveries are given utmost importance at Shahi. In order
to meet high quality parameters, all fine dyed yarn is purchased from reputed
mills. An in-house facility then inspects 100% fabric in the production
centers. Fully equipped to test the yarn/fabric quality like fastness,
shrinkage etc., these production centers redefine excellence in their sphere.
Professionally qualified Textile Engineers handle the entire fabric sourcing
and quality control activities.
Shahi Export House has imbibed on a unique set of values
over the years. Values on which the mammoth organisation rests . Customer
satisfaction is desired at any cost. And no efforts are spared to that end .
While local manpower is developed using innovative training methodology of Kurt
Salmon Associates , the Total Quality Management approach rests in constant
process improvement .
As an organization with conscience , waste reduction is
practiced to the hilt and all efforts are directed at protecting the
environment . The plants are environment friendly with Effluent Treatment
Plants at all the wet processing units . Their beliefs have ensured a roller
coaster ride onto success for the organization all these years .
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records 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 records 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] 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.46.36 |
|
UK
Pound |
1 |
Rs.84.49 |
|
Euro |
1 |
Rs.58.38 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |