MIRA
INFORM REPORT
|
Report Date : |
26th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
RAJSHREE
VISION PRIVATE LIMITED |
|
|
|
|
Registered Office : |
E-259, 2nd
Floor, Greater Kailash I, New Delhi – 110 048, India. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
08.12.1988 |
|
|
|
|
Com. Reg. No.: |
55-34162 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1988PTC034162 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELR04310F |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
The
Company is engaged in the business of Manufacturing of Shoes. |
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow
by average 30 Days |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
has discontinued manufacturing business and switched over to trading
activity. Management claims in their directors report that they face
liquidity problems. Financial position can be regarded as moderate. Payments
are reported as slow and delayed. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
E-259, 2nd Floor, Greater Kailash I, New Delhi – 110 048,
India. |
|
Tel. No.: |
91-120-2580827 / 2580927 |
|
Fax No.: |
91-120-2588534 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
3000 sq. ft. |
|
Location: |
Owned |
|
|
|
|
Head Office/ Factory/ Warehouse: |
B-62,
Sector 57, Noida – 201 301, Uttar Pradesh |
|
Tel.
No.: |
91-120-4580827 / 4580927 |
|
Fax
No.: |
91-120-4588534 |
|
E-Mail
: |
|
|
Area: |
16000
sq. ft. |
|
Location: |
Owned |
|
|
|
|
Branch: |
3428/1,
Ragharpure, Karal Bagh, New Delhi |
DIRECTORS
|
Name : |
Mr.
Kamal Kapoor |
|
Designation : |
Director |
|
Address : |
E-259, 2nd Floor, Greater Kailash I, New Delhi – 110 048,
India. |
|
Date of Appointment : |
15.01.1996 |
|
|
|
|
Name : |
Mr.
Veenu Kapoor |
|
Designation : |
Director |
|
Address : |
E-259, 2nd Floor, Greater Kailash I, New Delhi – 110 048,
India. |
|
Date of Appointment : |
15.01.1996 |
|
|
|
|
Name : |
Mr. S.
P. Kapoor |
|
Designation : |
Director |
|
Address : |
E-259, 2nd Floor, Greater Kailash I, New Delhi – 110 048,
India. |
|
Date of Appointment : |
25.12.2001 |
|
|
|
|
Name : |
Mr.
Kunal Kapoor |
|
Designation : |
Director |
|
Address : |
E-259, 2nd Floor, Greater Kailash I, New Delhi – 110 048,
India. |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of shares
|
|
Veekam
Exports Private Limited |
106179 |
57.64% |
|
Kapoor
Kamal |
78010 |
42.36% |
BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged in the business of Manufacturing of Shoes. |
|
|
|
|
Exports to : |
Australia,
Middle East and Scandihavia. |
|
|
|
|
Imports from : |
China
and Australia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash
or Credit (30 – 60 Days) |
|
|
|
|
Purchasing : |
Cash,
L/C or D/P or Credit (30 Days) |
PRODUCTION
STATUS
|
Particulars |
Installed Capacity |
Actual Production |
|
Men/Women Shoes |
800 pair per day |
300 pair per day |
GENERAL
INFORMATION
|
Suppliers : |
v
AMS
Narula Labels Private Limited v
Anubhav
Packaging Industries v
APC
Enterprises v
Asian
Mercantile Private Limited v
Bhawna
Enterprises v
Concept
Engineering (India) Private Limited v
Durable
Packaging Industries v
Durable
Packaging Care v
Eco
Sales v
Elegant
Leather Private Limited v
Enkay
India Rubber Company Limited v
Jay
Dee Leather Private Limited v
Krishna
Agencies v
Printech
Printers India Private Limited v Raj Enterprises |
||||||||||
|
|
|
||||||||||
|
Customers : |
Wholesalers
and Manufacturers v
Authentico
Transational v
Apex
Sales v
Magna
Marketing v
Mehrothra
Agencies v
Ultan
Footwears, Saharanpur v
Tata
International Limited v
Weba
Marketing v
Nithya
Sai Enterprises |
||||||||||
|
|
|
||||||||||
|
No. of Employees : |
10 |
||||||||||
|
|
|
||||||||||
|
Bankers : |
v Oriental Bank of Commerce, SSI Branch A – 135- A; Sector
27, Noida – 201 301, Gautam Budh Nagar, Uttar Pradesh Tele No. 91-120-2541050 /
2536668 v
ICICI
Bank Limited v
OBC
Noida CC A/C |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
Sahni
Bansal & Associates |
|
Qualification: |
Chartered
Accountants |
|
Address: |
Roopal
Palace, II Floor, Navyug Market, Ghaziabad, Uttar Pradesh |
|
Tel. No.: |
951202791400 |
|
|
|
|
Sister Concern: |
Veekam
Exports Private Limited |
|
Line of Business : |
Trading,
Imports and Exports of Shoes and Leather Garments |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
184189 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.841 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.841 |
1.841 |
|
|
2] Share Application Money |
|
0.200 |
1.400 |
|
|
3] Reserves & Surplus |
|
1.432 |
1.182 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
3.473 |
4.423 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.425 |
4.703 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.425 |
4.703 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.045 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.898 |
9.171 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.419 |
4.044 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.800 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.054 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.933 |
5.866 |
|
|
Sundry Debtors |
|
0.830 |
1.888 |
|
|
Cash & Bank Balances |
|
0.228 |
0.109 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.147 |
1.408 |
|
Total Current Assets |
|
3.138 |
9.271 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
4.518 |
4.369 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities |
|
4.518 |
4.369 |
|
|
Net Current Assets |
|
(1.380) |
4.902 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.005 |
0.225 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.898 |
9.171 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
10.562 |
13.453 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.255 |
0.165 |
|
Provision
for Taxation |
|
0.151 |
0.128 |
|
Profit/(Loss)
After Tax |
|
0.104 |
0.037 |
|
|
|
|
|
|
Import
Value |
|
3.109 |
NA |
|
|
|
|
|
|
Total
Expenditure |
|
10.306 |
13.287 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
0.98 |
0.28 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
2.41 |
1.23 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
3.03 |
1.22 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.04 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.42 |
2.05 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
0.69 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED
ASSETS:
Air
Compressor, Air Conditioner, Computer, Electric Equipment, Fan, Fax Machine,
Furniture and Fixture, Machinery, Office Equipment, Scooter, Building, Land,
Car and Refrigerator etc.
Financial
Result:
During
the year, the company has stopped its manufacturing activities because of
tighter margins and high cost of its products as compared to prices of
international products. Moreover the gross margins of the fell drastically by
28.59% on account of aggressive pricing in the international market, lower
custom duties as a result there was a sharp decline in sales volume by 12.76%
as compared to previous year. With international prises being less as compared
to prices of own manufactured products, the company will be focusing more on
trading opportunities in the coming years.
Further
the company has earned Profit Before Tax of Rs. 0.255 Millions as compared to
the previous year profit of Rs. 0.165 Millions.
|
Name
of the company |
RAJSHREE
VISION PRIVATE LIMITED |
|
Presented By |
Chief Manager, Oriental Bank of
Commerce, Specialised, SSI Branch A – 135- A; Sector 27, Noida – 201 301,
Gautam Budh Nagar, Uttar Pradesh |
|
1)
Date and description of instrument creating the change |
09.02.1998 Hypothecation
of Assets Agreement for Cash Credit 05.03.2001
Registered |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
3.500 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 Finished laces, Stock in process & Shoes. Hypothecation
of Book Debts. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate
Of Interest 15.31 % |
|
5)
Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, Specialised,
SSI Branch A – 135- A; Sector 27, Noida – 201 301, Gautam Budh Nagar, Uttar
Pradesh |
|
6)
Date and brief description of
instrument modifying the charge |
28.12.2002 Supplemental
Agreement of Secure Credit / Loan Facilities. |
|
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. |
The
bank has renewed various credit facilities enjoyed by the borrower. At
present the limits are: Cash
Credit Stocks & Book Debts Rs. 3.500 Millions. (Rs.
3.000 Millions against Stock & Rs. 0.500 Millions against Book Debts.) Margin:
25% on Stocks 50% on Book Debts Cash
Margin on FLC – 25% Commission:
As per FEDAI/ Rules of the Bank from time to time. Security:
Hypothecation of Stocks of Footwears, Raw materials, viz. Soles, uppers,
leather adhesives, semi-finished goods and finished goods. Book debts not
older than 90 days. Rate
of interest 2.5% over PLR i.e. 13.5 % at Monthly rests. 2% Penal Interest for
default, as per agreement dated 28.12.2002. The
equitable mortgage already created by the company stands extended to cover
the entire credit facilities. The property is situated at B – 62, Sector –
57, Noida and in the name of the company. Personal guarantee of the
directors. |
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 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] 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.46.40 |
|
UK
Pound |
1 |
Rs.84.50 |
|
Euro |
1 |
Rs.58.32 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
30 |
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 |