MIRA
INFORM REPORT
|
Report Date : |
08.02.2007 |
IDENTIFICATION
DETAILS
|
Correct Name : |
MERIDIAN
CLOTHING COMPANY PRIVATE LIMITED |
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Registered Office : |
65-A,
Virvani Industrial Estate, Off Western Express Highway, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
18.08.1999 |
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Com. Reg. No.: |
11-121354 |
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CIN No.: [Company
Identification No.] |
U1810MH1999PTC121354 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM13910B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Exporter
of Garment and Fabrics |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Small
company |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a relatively small company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
65-A,
Virvani Industrial Estate, Off Western Express Highway, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-28782976 |
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Fax No.: |
91-22-28744085 |
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E-Mail : |
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Website : |
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Area : |
2000
Sq. ft. |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mrs
Pratibha Vinod Gadia |
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Designation : |
Director |
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Address : |
Meenakshi
Apartments, Row House Number -2, Gokuldham, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Date of Birth/Age : |
08.01.1979 |
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Date of Appointment : |
18.08.1999 |
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Name : |
Mr
Vivek Vinod Gadia |
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Designation : |
Director |
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Address : |
Meenakshi
Apartments, Row House Number -2, Gokuldham, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Date of Birth/Age : |
24.06.1981 |
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Date of Appointment : |
18.08.1999 |
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Name : |
Mr Ashish
P Chamria |
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Designation : |
Director |
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Address : |
401,
Gurusheesh, Plot No 29, JUPD Scheme, Road No 7, N S, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
23.12.1977 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mrs
Manju Devi Gadia |
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Designation : |
Director |
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Address : |
Meenakshi
Apartments, Row House Number -3, Film City Road,Gokuldham, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
02.09.1959 |
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Date of Appointment : |
31.12.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Ms
Pratibha Vinod Gadia |
|
10 |
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Mr
Vivek Vinod Gadia |
|
905 |
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Mrs
Manjudevi Vinod Gadia |
|
250 |
BUSINESS DETAILS
|
Line of Business : |
Exporter
of Garment and Fabrics |
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Products : |
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Exports to : |
Subject
exports to Saudi Arabia, South Africa and Middle East. |
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Terms : |
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Selling : |
Credit
: 30 days |
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Purchasing : |
Cash,
Credit : 60 to 60 days |
PRODUCTION
STATUS
|
Particulars |
Unit |
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Actual Production |
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Semi Finished Goods - Textiles(Grey Fabrics) |
Meters |
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|
726455 |
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Finished Goods – Textiles(Grey Fabrics) |
Meters |
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|
770885 |
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Finished Goods - Garments |
Meters |
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|
173578 |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
4 |
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Bankers : |
Oriental
Bank of Commerce Overseas Andheri Branch, Sanjay Mittal
Industrial Estate, Unit No 15,
Ground Floor, Andheri Kurla Road,
Sakinaka, Andheri (East), Mumbai – 400059 Bank
of Baroad |
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Banking Relations : |
Satisfactory |
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Auditors : |
Mandhania
and Associates Chartered
Accountants |
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Address : |
6 A,
Sherbanoo, 6th Floor, 111, M H Road, Churchgate, Mumbai – 400020,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs 100/- each |
RS 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1810 |
Equity
Shares |
Rs 100/- each |
RS 0.181 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.181 |
0.052 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(0.265) |
(5.421) |
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NETWORTH |
|
(0.084) |
(5.369) |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
2.854 |
4.750 |
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TOTAL BORROWING |
|
2.854 |
4.750 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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2.770 |
(0.619) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.405 |
0.361 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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16.427 |
1.750 |
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Sundry Debtors |
|
3.768 |
1.611 |
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Cash & Bank Balances |
|
0.128 |
0.038 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
7.007 |
0.248 |
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Total Current Assets |
|
27.330 |
3.647 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
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25.219 |
4.923 |
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Total Current Liabilities |
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25.219 |
4.922 |
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Net Current Assets |
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2.111 |
(1.275) |
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MISCELLANEOUS EXPENSES |
|
0.254 |
0.295 |
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TOTAL |
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2.770 |
(0.619) |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
81.991 |
1.127 |
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Profit/(Loss)
Before Tax |
|
5.530 |
(1.940) |
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Provision
for Taxation |
|
0.375 |
----- |
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Profit/(Loss)
After Tax |
|
5.155 |
(1.940) |
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Export
Value |
|
51.438 |
NA |
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Total
Expenditure |
|
76.460 |
3.067 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
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6.28 |
(172.13) |
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Net
Profit Margin (PBT/Sales) |
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6.74 |
(172.13) |
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Return
on Total Assets (PBT/Total
Assets} |
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19.93 |
(48.40) |
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Return
on Investment (ROI) (PBT/Networth) |
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(65.83) |
(0.40) |
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Debt
Equity Ratio (Total
Liability/Networth) |
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(334.20) |
(1.80) |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.08 |
0.74 |
LOCAL AGENCY
FURTHER INFORMATION
Business
Subject
is engaged in the business in India or elsewhere as manufacture, producers,
processors, importers, exporters, agents, brokers, wholesalers, showroom
owners, retailers, distributors, exchangers, traders, buyers, sellers,
jobworkers, stockists, and to market, promote, organise, design, develop, cut,
sort and grade or otherwise to deal in all shapes, sizes, varieties,
specifications, descriptions, applications modalities, fashions and uses of
garments and made ups for men, women and children, including sportswear, active
wears, daily wears, fashion wears, party wears, wearing apparels, under wears,
purses, belts, wallets and other allied goods made from cotton, silk,
synthetics, jute, velvet, woollen, leather, rexin or with any combination
thereof and to participate in local, national and international trade fairs,
sales exhibitions, seminars,, fashion shows, or any other sales promotion
scheme.
|
Name of the company |
MERIDIAN CLOTHING COMPANY PRIVATE LIMITED |
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Presented By |
ORIENTAL BANK OF COMMERCE, OVERSEAS ANDHERI BRANCH, SAKINAKA, MUMBAI
- 400059 |
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1) Date and description of instrument creating the change |
18.07.2005 Agreement
of Hypothecation of Assets |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
4.000 Millions |
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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 |
At the
request of the borrower company, the bank has sanctioned PCL/FDBP/FUDBP limits
of Rs 4.000 Millions to Medirian International a division of borrower
company. To secure the due repayment of the limits and for all costs,
charges, and interest thereon first charge and hypothecation of stocks of raw
materials, stocks in process, finished goods, packing materials and book debt
and receivables of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest on monthly rest for packing
credit facility Upto
180 days 7.25% p.a. Beyond
180 days and 270 days 10.00% p.a. Beyond
270 days and 360 days 11.00 % p.a. Where
export do not take place 16.00 % p.a. Interest on monthly rests for FUDBP/FDBP
limit On
Demand Bills as specified by FEDIA 7.25% p.a. Upto
90 days 7.25% p.a. Beyond
90 and upto 6 months 10.00% p.a. Overdue
upto 90 days beyond due date 14.00 % p.a. Overdue
upto 180 days beyond due date 15.00 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental
Bank of Commerce Overseas
Andheri Branch, Sanjay Mittal Industrial Estate, Unit No 15, Ground Floor,
Andheri Kurla Road, Sakinaka, Andheri (East), Mumbai – 400059 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This
form is for |
Creation
of Charges |
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Corporate
identity number of the company |
U1810MH1999PTC121354 |
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Name
of the company |
MERIDIAN
CLOTHING COMPANY PRIVATE LIMITED |
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Address
of the registered office or of the principal place of business in India of the company |
A-17,
Virvani Industrial Estate, Western Express Highway, Goregaon (East), Mumbai –
400063, Maharashtra, India |
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Type
of charge |
Immovable
Properties |
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Particular
of charge holder |
Oriental
Bank of Commerce Limited Overseas
Branch, Sanjay Mittal Industrial Estates, Andheri Kurla Road, Sakinaka,
Andheri (East), Mumbai – 400059 |
|
Nature
of description of the instrument creating or modifying the charge |
Memorandum
of Deposit of title deeds Immovable property |
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Date
of instrument Creating the charge |
31.03.2006 |
|
Amount
secured by the charge |
Rs.10.575
Millions |
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Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Interest
and other terms and conditions as per the loading documents executed by the
borrower company with the bank. |
Performance
During
the year the company has acquired the running business of partnership firm
Meridian International along with all its assets and liabilities w.e.f.
01.07.2003. The consideration for purchase has been discharged by allotting
shares of the company at par.
Property
- Plant and Machinery
- Computers
- Furniture and Fixtures
- Intercom - EPABX
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.44.18 |
|
UK
Pound |
1 |
Rs.86.36 |
|
Euro |
1 |
Rs.57.54 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
33 |
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 |
|