MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HIGH STREET FASHION LIMITED |
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Registered Office : |
B – 17, Bais Godam Industrial Area, Jaipur-302006, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.06.2000 |
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Com. Reg. No.: |
016452 |
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CIN No.: [Company
Identification No.] |
U74994RJ2000PTC016452 |
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IEC No.: |
1300007770 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRH02172C |
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PAN No.: [Permanent
Account No.] |
AAACH8656A |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer
& Exporters of Socks for Men, Ladies, Children & Babies. Wrist Bands & Head Band |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track. Directors are reported as experienced, respectable & having satisfactory track records. Their trade relations are fair. Payments are usually correct & as per commitments. The company can be considered normal for business dealings at usual trade terms & conditions. |
LOCATIONS
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Registered Office : |
B – 17, Bais Godam Industrial Area, Jaipur-302006, |
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Tel. No.: |
91-141-2214065/2211658 |
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Fax No.: |
91-141-2212984 |
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E-Mail : |
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Website : |
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Head Office / Factory 1 : |
B – 17and B – 18, 22 Godown Industrial Estate, Jaipur – 302 006, |
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Factory 2: |
B- 3 and B – 4, 22 Godown Industrial Estate, Jaipur – 302 006, |
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Tel. No.: |
91-141-2214065, 2214074, 2211658 |
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Fax No.: |
91-141-2212984 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Moti Lal Baid |
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Designation : |
Director |
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Address : |
K-15, Nalviya Marg, ‘C’ Scheme Jaipur |
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Name : |
Mrs. Neeta Sethia |
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Designation : |
Director |
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Address : |
K-15, Nalviya Marg, ‘C’ Scheme Jaipur |
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Date of Birth : |
14/05/1960 |
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Name : |
Mrs. Padmini Palod |
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Designation : |
Director |
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Address : |
K-15, Nalviya Marg, ‘C’ Scheme Jaipur |
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Mobile No.: |
91-9314420306 |
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Date of Birth : |
17/05/1969 |
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Name : |
Mr. Raj Kumar Sethia |
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Designation : |
Director |
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Address : |
K-15, Nalviya Marg, ‘C’ Scheme Jaipur |
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Name : |
Ms. Divya Sethia |
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Designation : |
Director |
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Address : |
K-15, Nalviya Marg, ‘C’ Scheme Jaipur |
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Date of Birth : |
24/04/1981 |
KEY EXECUTIVES
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Name : |
Mr. Vicky |
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Designation : |
Import / Export Manager |
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Name : |
M/s. V M and Associates |
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Designation : |
Company Secretary |
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Address: |
309 -310, |
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Tel. No.: |
91-141-2370954 |
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Mobile No.: |
91-9314504821 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Moti Lal Baid |
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94800 |
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Mrs. Neeta Sethia |
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92200 |
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Mr. Tara Chand Banthia |
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45000 |
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Ms. Divya Sethia |
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20100 |
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M/s Savta Credit Capital Private Limited (Private) Limited - Jaipur |
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25000 |
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Thar Finance Private Limited - Jaipur |
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25000 |
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Artline Finusest Private Limited – Jaipur |
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25000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, trader, dealers,
distributors & exporters of Socks for Men, Ladies, Children & Babies.
Wrist Bands & Head Band |
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Products : |
A - BABY SOCKS |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Knitted Socks |
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Pairs |
1698000 |
1024036 |
GENERAL INFORMATION
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Suppliers : |
· Gewarchand Sampatial · Navrang International Limited · Page Apparel Manufacturing Private Limited · Distribution Channels · Suzin Enterprises |
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Bankers : |
·
Bank of · HSBC · Punjab National Bank · State Bank of Bikaner & Jaipur ·
State Bank of · ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
A. Nathani and Company Chartered Accountant |
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Address : |
Room No. 7, Second Floor, Samod Tower, Dadu Bagh, S C Road, Jaipur – 302 001, Rajasthan, India |
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Tel. No.: |
91-141-2370994 |
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Associates/Subsidiaries : |
v Unileg Wears (Private) Limited – Jaipur v
Uni Legwears ( |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10.00 Each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1248600 |
Equity Shares |
Rs. 10.00 Each |
Rs. 12.486 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.486 |
12.486 |
5.473 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
61.372 |
2.314 |
1.028 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.858 |
14.800 |
6.501 |
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LOAN FUNDS |
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1] Secured Loans |
34.202 |
23.114 |
10.724 |
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2] Unsecured Loans |
3.778 |
4.133 |
4.065 |
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TOTAL BORROWING |
37.980 |
27.247 |
14.789 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.440 |
1.127 |
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TOTAL |
111.838 |
43.487 |
22.418 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.584 |
24.741 |
13.809 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
2.725 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.252
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11.216 |
7.132
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Sundry Debtors |
8.868
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9.222 |
2.578
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Cash & Bank Balances |
1.513
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0.388 |
0.169
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
3.430
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2.317 |
1.465
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Total
Current Assets |
30.063
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23.143 |
11.344 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.665
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4.547 |
2.826 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
14.665
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4.547 |
2.826 |
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Net Current Assets |
15.398
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18.596 |
8.518 |
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MISCELLANEOUS EXPENSES |
0.128 |
0.147 |
0.088 |
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TOTAL |
111.838 |
43.487 |
22.418 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
71.527 |
30.846 |
59.568 |
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Other Income |
0.758 |
0.405 |
0.000 |
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Increase / (Decrease) in Finished Stock |
0.951 |
3.952 |
0.000 |
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Total Income |
73.236 |
35.203 |
59.568 |
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Profit/(Loss) Before Tax |
4.604 |
1.821 |
1.092 |
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Provision for Taxation |
(2.934) |
0.464 |
0.931 |
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Profit/(Loss) After Tax |
7.538 |
1.357 |
0.161 |
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Expenditures : |
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Raw Material Consumed |
38.186 |
16.941 |
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Manufacturing Expenses |
11.141 |
5.121 |
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Selling and Administrative Expenses |
5.954 |
4.707 |
29.237 |
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Financial Expenses |
3.936 |
1.688 |
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Remuneration and Other Benefits to Employees |
5.649 |
2.630 |
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Depreciation |
3.765 |
2.294 |
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Total Expenditure |
68.632 |
33.382 |
29.237 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
10.29
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3.85 |
0.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.29
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5.17 |
3.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.72
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3.80 |
4.34 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.12 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.71
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2.15 |
2.70 |
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Current Ratio (Current Asset/Current Liability) |
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2.05
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5.09 |
4.01 |
LOCAL AGENCY FURTHER INFORMATION
Management
Subject is situated in the beautiful historical state of Rajasthan i.e.
Subject
is one of the largest exporters & manufactures of Socks in
Subject
is only Socks factory in India Certified by ISO – 9001:2000 by QSI and approved
by “Adidas, Reebok, Tommy Hilfighter, Lotto, Asda, Tesco, George Mills UK,
Bureau Veritas, Price Water House” etc. Also is a fully compliance factory.
Subject
is the brainchild of Mr. Rajkumar Sethia & Mrs. Neeta Sethia, the young,
dynamic and energetic entrepreneurs, they have skillfully guided the company’s
strategic planning and technical alliance they hail. From very reputed business
family of Calcutta, which is in business form last one & half century Shri
M.L. Baid, chairman of the company and prudent business magnet is the backbone
of the company, he has led the company with his vision and long experience of
over 45 years in various fields of business & Industries.
The company has a battery of Chartered Accounts, Engineers, M.B.A. s’ and
Italian trained technicians whose collective output high light the team effort
which is the hall mark of the High Street Group.
The company harbors extensive expansion plans and is all geared to install 100
more machines in a short while, the construction of new factory (with 40,000
Sq. fts.) has been already completed.
Factory
Subject
is having ultra modern factories in Jaipur. Having largest installation of
Italian Machines in
All
the machines are fully computerized capable of knitting upto 6 colours in same
course mainly imported from “
Finishing
line includes boarding machines from Technopea & Cortesse Linking from
Conti Complett & Rosso Tag stitching from Juki
Entire
factory is housed in first class building full air-conditioned / Air-cooled
comparable to any best factory in world.
Quality
The
Socks are manufactured with finest mercerized or combed cotton from most
reputed mills of
Packaging
Subject
is capable of doing any sort of packing whether it is a single pair pack or a trio pack, Tag are stitched with Japanese
machines or manually gunned from imported tagging machines. The final packing
is done as per the customer requirement in blister packing then put into the
master cartoons. The master cartoons are sealed with plastic straps from
automatic strapping machines avoiding any use of any metals.
Fixed
Assets
·
Land
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Plant & Machinery
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Electric Installations
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Furniture & Fixtures
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Lift
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Car
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Air Conditioners
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Cycle
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Fax Machine
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.75 |
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1 |
Rs. 81.63 |
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Euro |
1 |
Rs. 54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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