MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
PRET STUDY BY JANAK FASHIONS PRIVATE LIMITED |
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Formerly Known As : |
ARK CAPLEAFIN PRIVATE LIMITED |
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Registered Office : |
N -9, South Extension – I, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.03.1997 |
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Com. Reg. No.: |
55-086282 |
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CIN No.: [Company
Identification No.] |
U70101DL1997PTC086282 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09360B |
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PAN No.: [Permanent
Account No.] |
AABCA8711C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Men’s Readymade and Traditional Garments |
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 270228 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
N -9, South Extension – I, |
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E-Mail : |
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Website : |
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Head Office : |
K -5, Udyog Nagar, Peera Ghari, |
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Tel. No.: |
91-011-41000003 |
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Fax No.: |
91-011-41000003 |
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E-Mail : |
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Corporate Office : |
A/17 |
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Tel. No.: |
91-124-4335333 |
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Fax No.: |
91-124-4335334 |
DIRECTORS
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Name : |
Mr. Manoj Mehra |
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Designation : |
Director |
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Address : |
94, Arjun Marg, DLF Phase – I, Gurgaon – 122 001, |
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Date of Birth/Age : |
25.09.1962 |
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Date of Appointment : |
15.12.1998 |
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Name : |
Mrs. Aarti Mehra |
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Designation : |
Director |
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Address : |
94, Arjun Marg, DLF Phase – I, Gurgaon – 122 001, |
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Date of Birth/Age : |
11.01.1964 |
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Date of Appointment : |
25.06.1999 |
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Name : |
Mr. Lalit Mehra |
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Designation : |
Director |
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Address : |
67/10, New |
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Date of Appointment : |
10.102003 |
KEY EXECUTIVES
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Name : |
M /s AVA Associates |
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Designation : |
Company Secretary |
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Address : |
U -75, 1sst Floor, Kalra Complex, Shakarpur, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Manoj Mehra |
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2,10,010 |
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Mr. Lalit Mehra |
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2,00,010 |
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Mrs. Aarti Mehra |
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1,00,000 |
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Total |
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5,10,020 |
Equity share breakup ( percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relavtives of directors |
93.00 |
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2 |
Other top fifty (50) shareholders (other
than listed above) |
7.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Men’s Readymade and Traditional Garments |
GENERAL INFORMATION
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No. of Employees : |
20 |
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Bankers : |
15A/13,
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M /s Sunil Dhawan and Associates |
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Address : |
Safdarjung Enclave, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity shares |
Rs. 10/- each |
Rs. 50.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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50.000 |
5.100 |
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2] Share Application Money |
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0.000 |
10.075 |
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3] Reserves & Surplus |
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17.557 |
5.048 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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67.557 |
20.223 |
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LOAN FUNDS |
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1] Secured Loans |
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116.934 |
38.146 |
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2] Unsecured Loans |
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12.476 |
0.000 |
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TOTAL BORROWING |
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129.410 |
38.146 |
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DEFERRED TAX LIABILITIES |
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5.178 |
0.598 |
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TOTAL |
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202.145 |
58.967 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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154.938 |
55.192 |
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Capital work-in-progress |
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0.000 |
1.722 |
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INVESTMENT |
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0.151 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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60.512 |
4.080 |
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Sundry Debtors |
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27.266 |
12.642 |
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Cash & Bank Balances |
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4.774 |
3.974 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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22.911 |
18.945 |
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Total
Current Assets |
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115.463
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39.641 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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68.667 |
37.645 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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68.667
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37.645 |
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Net Current Assets |
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46.796
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1.996 |
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MISCELLANEOUS EXPENSES |
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0.260 |
0.057 |
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TOTAL |
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202.145 |
58.967 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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250.746 |
136.972 |
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Total Income |
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250.746 |
136.972 |
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Profit/(Loss) Before Tax |
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19.516 |
4.171 |
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Provision for Taxation |
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7.026 |
0.488 |
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Profit/(Loss) After Tax |
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12.490 |
3.683 |
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Earnings in Foreign Currency : |
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Total Earnings |
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10.008 |
19.908 |
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Imports : |
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Capital Goods |
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24.380 |
0.000 |
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Total Imports |
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24.380 |
0.000 |
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Expenditures : |
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Total Expenditure |
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231.230 |
132.801 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.98
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2.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.78
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3.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.22
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4.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.93
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3.74 |
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Current Ratio (Current Asset/Current Liability) |
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1.68
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1.05 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The subject was originally incorporated on 31.03.1997 as” Ark Capleafin
Private Limited” and changed to its present name “Pret Study By Janak Fashion
Private Limited” with effect from 05.05.2005 vide ROC Approval No.
ROC/Approval/21/55-86282/428
Further information:
The subject company has purchased the business of M/s Mehra Stores, a
partnership firm, vide business purchase agreement dated 01.04.2005 for a
purchase consideration amount of Rs 14.660 millions pursuant to and in terms of
the said business purchase agreement with M/s Mehra Stores for the purchase of
the business of M/s Mehra Stores the purchase consideration of Rs. 14.660
millions was discharged by way of allotment of 14,65,975 share of Rs. 10/- each
at par in favor of the partners of M/s Mehra Stores
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Name of the company |
Pret Sturdy By Janak Fashions Private Limited |
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Presented By |
Mr. Manoj Mehra |
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1) Date and description of instrument creating the change |
Composit
Agreement dated 12.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
A) Security: (i) Hypothecation
of stock, raw material, finished goods, book debts, stock in process and
gate, meant for exports coverage under WT RCGOFECGC. (ii)
Hypothecation of fixed block of the company – existing and future plant and
machinery (iii) Equitable
martgages of facory land and building at A – 17, Infacity, Sector – 34,
Gurgaon, (iv) Export bills
drawn against confirmed order \LC of prime banks backed by bill of
trading/airways bills endorsed in favour of bank, coverage under WT PSG of ECGC B) Additional Security: (i) Equitable
martgage of 2nd floor at N -9, South Extension. (ii) Extension of
showroom area at 3.500 sq.fts. (approx) ground floor and |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(i) OCC, Term
Loan, Performance/Money Guarantee BMPLR + 3.500 = 14% p. a. Presently 9.5% p.
a. (ii) Overdraft –
2% over deposit rate – presently (iii) Prepaid
Acquisition – 10.50% p. a. (iv)FBP/FUBD a) For first 180
days – 7.25% p. a. b) From 181st
day to 270/365 day – 10.25 p. a. c) Beyond 270/365
days up-to-date of Export – 14.25% |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank, Karol
Bagh, |
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Corporate
identity number (CIN) Foreign company registration number |
U70101DL1997PTC086282 |
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Name of the
Company |
Pret Sturdy By Janak Fashions Private Limited |
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Address |
N -9, South Extension – I, |
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This form is for |
Modification of
charge |
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Type of Charge |
Immovable
property |
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Particulars of
the charge holder |
Andhra Bank 15A/13, |
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Amount secured by
the charge |
Rs. 166.758
millions |
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Brief of the
principal terms and conditions |
a) Rate of Interest:
b) Terms of Repayment: As per
composit agreement dated 18.12.2006 c) Margin: As per composit
agreement dated 18.12.2006 d) Extent and operation of the charge: As per composit
agreement dated 18.12.2006 e) Others: As per composit
agreement dated 18.12.2006 |
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Description of
the property charged indicating |
R. F. 255 and 256
DT 03.01.2007, Resolution DT 30.12.2006 |
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Charge
identification |
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Brief description
of the instrument modifying the charge under section |
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Date of
Instrument |
03.01.2007 |
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Particular of the
present modification |
In addition to
earlier charge on current and fixed assets of the company. The company
deposited original title deed of building property at plot no 94, Arjun Marg,
Gurgaon, Haryana Extent of site:885 SQ. Meters belonging to the company as an
additional security to the bank for all existing limits and term loans |
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Short particulars
of the property charged (including location of the property) |
As per composit
agreement dated 18.12.2006, Sanction letter dated 01.12.2006, charge on current
and fixed assets of the company |
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
|
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
YES |
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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 |
|
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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