MIRA
INFORM REPORT
|
Report Date : |
02.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
NAINA’S
APPAREL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
13/14,
New Majestic Shopping Centre, 144, J S S Road, Girgaum, Mumbai – 400004,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Date of Incorporation : |
27.06.2000 |
|
|
|
|
Com. Reg. No.: |
11-127416 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17110MH2000PTC127416 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN09904G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCN1997R |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers
of Ladies T – Shirts / Blouse with Embroidery and Apparels. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
5000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and reputed company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are fair. Business is
active. Payments are usually correct
and as per commitments. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
13/14,
New Majestic Shopping Centre, 144, J S S Road, Girgaum, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23860653
/ 23860655 / 23825181 /23860648 |
|
Fax No.: |
91-22-23825180 |
|
E-Mail : |
|
|
Website : |
http://www.nainashah.com |
DIRECTORS
|
Name : |
Mr.
Jayesh Champaklal Shah |
|
Designation : |
Director
|
|
Address : |
13/14,
New Majestic Shopping Centre, 144, J S S Road, Girgaum, Mumbai – 400004,
Maharashtra, India |
|
Date of Birth/Age : |
28.11.1957 |
|
Date of Appointment : |
27.06.2000 |
|
|
|
|
Name : |
Ms.
Naina Jayesh Shah |
|
Designation : |
Director
|
|
Address : |
13/14,
New Majestic Shopping Centre, 144, J S S Road, Girgaum, Mumbai – 400004,
Maharashtra, India |
|
Date of Birth/Age : |
30.06.1958 |
|
Date of Appointment : |
27.06.2000 |
|
|
|
|
Name : |
Mr.
Sanil Jayesh Shah |
|
Designation : |
Director
|
|
Address : |
13/14,
New Majestic Shopping Centre, 144, J S S Road, Girgaum, Mumbai – 400004,
Maharashtra, India |
|
Date of Appointment : |
01.04.2002 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Jayesh Champaklal Shah |
|
5100 |
|
Ms.
Naina Jayesh Shah |
|
5100 |
|
TOTAL |
|
10200 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Ladies T – Shirts / Blouse with Embroidery and Apparels. |
|
|
|
|
Products : |
Apparels
|
GENERAL
INFORMATION
|
Suppliers : |
Godolo
& Godolo Exports Private Limited Seasonal
Packaging Private Limited Shree
Tirupati Textiles Shree
Vinayak Enterprises |
|
|
|
|
Customers : |
Fashion
Box SPG Finesse
Embroidories Inc |
|
|
|
|
Bankers : |
Not
Available |
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
J. K.
Vora & Associates Chartered
Accountants, Nikunj
House, 20/26, Tawa Lane, Abdul Rehman Street, Mumbai – 400003, Maharashtra,
India |
|
Tel. No.: |
91-22-23439061 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10200 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.102 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.102 |
0.102 |
0.102 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.608 |
0.417 |
0.280 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.710 |
0.519 |
0.382 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.445 |
0.497 |
0.902 |
|
|
TOTAL BORROWING |
0.445 |
0.497 |
0.902 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1.155 |
1.016 |
1.284 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.319 |
0.293 |
0.361 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.192 |
0.259 |
|
|
|
Sundry Debtors |
0.393 |
0.226 |
1.328 |
|
|
Cash & Bank Balances |
0.146 |
0.114 |
|
|
|
Other Current Assets |
0.011 |
0.010 |
|
|
|
Loans & Advances |
0.299 |
0.226 |
|
|
Total Current Assets |
1.041 |
0.835 |
1.328 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.186 |
0.092 |
|
|
|
Provisions |
0.046 |
0.050 |
|
|
Total Current Liabilities |
0.232 |
0.142 |
0.439 |
|
|
Net Current Assets |
0.809 |
0.693 |
0.889 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.027 |
0.030 |
0.034 |
|
|
|
|
|
|
|
|
TOTAL |
1.155 |
1.016 |
1.284 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
7.739 |
6.717 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.214 |
0.154 |
|
Provision
for Taxation |
|
0.023 |
0.017 |
|
Profit/(Loss)
After Tax |
|
0.191 |
0.137 |
|
|
|
|
|
|
Export
Value |
|
7.523 |
6.469 |
|
|
|
|
|
|
Total
Expenditure |
|
7.525 |
6.563 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.46
|
2.03 |
N.A. |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
2.76
|
2.29 |
N.A. |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
15.73
|
13.65 |
N.A. |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.29 |
N.A. |
|
|
|
|
|
|
|
Debt Equity
Ratio (Total
Liability/Networth) |
|
0.95
|
1.23 |
3.51 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
4.48
|
5.88 |
3.02 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Air
Conditioners, Xerox Machine, Furniture & Fixtures, Fax Machine, Computers,
Weighing Machine and Telephone Systems
|
Name of the company |
NAINA’S APPAREL PRIVATE LIMITED |
|
Presented By |
State Bank of India Opera House Branch, Mumbai – 400004 |
|
1) Date and description of instrument creating the change |
1. Agreement of Loan for Overall Limit 2. Agreement of Hypothecation of goods & assets 3. Letter Reg. Grant of Individual Limits within the Overall Limit all dt. 22.01.2003 creating a single charge |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 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 |
All present & future goods, book –debts and all other movable assets including documents of to goods, outstanding moneys, receivables including receivables by way of cash incentive scheme or any other scheme, claims including claims by way of refund of customs / excise duties under the duty drawback credit scheme, bills, invoices, documents, contracts, policies guarantees, engagements, securities, investments and rights and present and all future machineries belongingto or under the control of the company, wherever lying, stored and kept whether in India or elsewhere including such goods and other movable assets in course of transit / shipment / delivery |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest – As determined by the Bank from time to time Margin – As prescribed by the Bank from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Opera House Branch, Mumbai – 400004, Maharashtra, India |
|
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 |
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] 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.44.90 |
|
UK
Pound |
1 |
Rs.85.91 |
|
Euro |
1 |
Rs.57.78 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
42 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|