MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AAYUSHI EMBROIDERY PRIVATE LIMITED |
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Registered Office : |
No. 8, Ravi Kiran, |
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Country : |
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Date of Incorporation : |
25.02.2004 |
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Com. Reg. No.: |
144715 |
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CIN No.: [Company
Identification No.] |
U17291MH2004PTC144715 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21821C |
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PAN No.: [Permanent
Account No.] |
AAECA6361R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Garments and also engaged in
embroideries and laundry. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is 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 for small business dealings at usual
trade terms and conditions. The company’s latest financials are missing from the government
records and the management remained non-cooperative despite several follow –
ups. |
LOCATIONS
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Registered Office : |
No. 8, Ravi Kiran, |
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Tel. No.: |
91-22-24143271 / 1022 |
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Fax No.: |
91-22-24143271 |
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E-Mail : |
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Area : |
450 sq. fts. |
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Location : |
Owned |
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Factory 1 : |
Ujagar Slik Mills Compound, Sundar Baug, Near Deonar Depot, Deonar,
Mumbai 400 088, |
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Tel. No.: |
91-67704400 / 67704401 |
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Fax No.: |
91-67704431 |
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Location : |
Leased |
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Factory 2 : |
Kamaraj Nagar, Eastern |
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Tel. No.: |
91-22-25299512 / 5168 |
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Fax No.: |
91-22-25287238 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Navin Kumar Mansinghka |
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Designation : |
Director |
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Date of Appointment : |
25.02.2004 |
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Name : |
Mr. Raj Kumar Agarwal |
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Designation : |
Director |
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Date of Appointment : |
25.02.2004 |
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Name : |
Ms. Prema Agarwal |
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Designation : |
Director |
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Date of Appointment : |
25.02.2004 |
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Name : |
Ms. Lalita Mansinghka |
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Designation : |
Director |
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Date of Appointment : |
25.02.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Navin Kumar Mansinghka |
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2500 |
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Mr. Raj Kumar Agarwal |
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2500 |
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Ms. Prema Agarwal |
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2500 |
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Ms. Lalita Mansinghka |
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2500 |
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Mr. Ravi Mansinghka |
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36000 |
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Mrs. Laxmi Devi Mansinghka |
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1000 |
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Mr. Navin Kumar Mansinghka |
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62000 |
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Ms Prema R Agarwal |
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5000 |
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Ms Lalita N Mansinghka |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Garments and also engaged in
embroideries and laundry. |
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Products : |
Men’s Wear, Bottom Wear, Shirts, Ladies Wear |
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Exports : |
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Products : |
Men’s Wear, Bottom Wear, Shirts, Ladies Wear |
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Countries : |
Europe, |
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Terms : |
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Selling : |
Credit (30 – 60 days) |
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Purchasing : |
Credit (30 – 90 days) |
PRODUCTION STATUS
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Particulars |
Actual Production |
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Garments |
30 Thousand Per Month |
GENERAL INFORMATION
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Customers : |
OEM’S |
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No. of Employees : |
150 |
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Bankers : |
Indian Overseas Bank, Santacruz (West) Branch, Mumbai Indian Overseas Bank, Bandra (West) Branch, Mumbai |
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Facilities : |
12.01.2004 Rs. 7.500 millions Hypothecation of TPGN 91 × Flat Bed Type computerized embroidery
machine and one Tajima Model TMCE Flat Bed Type Computerized Embroidery
Machine. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B N Kedia and Company Chartered Accountants |
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Address : |
1601, Challengers – 3, |
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Associates/Subsidiaries : |
Rajoverseas Private Limited Line of
Business: Exporter and Importer of Garments and also engaged in embroideries,
laundry. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
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50000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.100
million |
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43000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.430 million
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FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT AVAILABLE
LOCAL AGENCY FURTHER INFORMATION
Introduction:
Since their inception in 1985, they have strived towards their sole
motto Complete Customer Satisfaction.
It is because of this very belief that today, Raj Overseas Private
Limited is one of India’s fastest growing manufacturer and exporter of a wide
variety of garment products, to large and well reputed organization in Europe,
USA and Canada.
They are supported by team of young enthusiastic professionals who have
he desire to excel, while internally they work work with team spirit and pooled
efforts, their hand on work style has contributed substantially, to the group’s
success
Profile:
Raj overseaspvt
incorpated by Mr. Rajkumar Agarwal and Navin Kumar Mansinghk.
Enthusiast sharp business acumen and vast experience in textile
manufacturing and processing initially, the exports of ready to wear garments
were mainly
Continuous tracking of business scenario in the garment industry and
changing trends, across the globe has helped them to stay ahead in the fast
response fashion industry.
Today, they meet aggressive commitments with uncompromising integrity,
self – confidence and commitments to excellence.
Raj Overseas is also specialized in Embroidery which is manufactured and
merchandised by subject their sister concern under the able leadership of Me.
Ravi Kumar Mansinghka.
Trade References:
- Pratex Industries
- Roots
- Northern
Reflections
- Navigator
Clothing Company
- Toxic Waste
Clothing
- M S Retail
- Network And
Concepts
- NTS
- J C Rags
- Fish Bone
- Cotton Blue
Main Object:
To carry out the business as manufacturers, producers,
buyers, sellers, exporters, importers, designers, embroiders of fabrics,
cloths, garments and designing and embroidery, printings and paintings,
crafting and blending, cutting and stitching of readymade garments, woolen,
silk synthetics etc.
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Name of the company |
AAYUSHI
EMBROIDERY PRIVATE LIMITED |
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Presented By |
Mr.
Navin Kumar Mansinghka, Director |
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1) Date and description of instrument creating the change |
Advances against Goods awaiting Shipment (Packing Credti) 11.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 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 |
Bills of Exchange for Export of Materials |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(1) Interest 8% p. a. (2) Margin 25% (3) Repayable on Demand |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Santacruz Branch, Mumba |
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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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Corporation identity number or foreign company registrations number of the company |
U17291MH2004PTC144715 |
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Name of the company |
AAYUSHI EMBROIDERY PRIVATE LIMITED |
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Address |
No. 8, Ravi Kiran, |
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This Form is for |
Modification of Charge |
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Type of Charges |
Book Debts, Movable Property (Not Being Pledge) |
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Particular of the charge holder |
Indian
Overseas Bank, 26 –A, hari Kripa, |
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Nature or description of the instrument creating charge |
Letter of hypothecation and advance against goods awaiting shipment executed on 6.03.2007 between Indian Overseas Bank and Aayushi Embroidery Private Limited for securing enhancement of packing credit facility from Rs. 5.000 millions to Rs. 12.500 millions and also securing letter of credit facility of Rs. 17.500 millions only |
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Date of the instrument creating charge |
06.03.2007 |
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Amount Secure by the charge |
Rs. 30.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
a) Rate of Interest: On packing credit facility of Rs. 12.500 millions interest shall be charged @ 8.50% p. a. calculated on monthly rests. On letter of credit facility commission shall be charged as per applicable rates from time to time. b) Terms of Repayment: The loan and LC facilty is repayable on demand and shall be reviewed after 12 months of sanction c) Margin: Margin for packing credit facility shall be @ 25% on stock of goods Margin for setter of credit shall be @15% d) Extent and operation of the charge: The bank shall have first and exclusive charge on all stocks and book debts, accepted hundi hypothecation of plant and machinery with book value of Rs. 29.281 million as of 31.03.2006 |
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Description of the property charge whether it is a charge on |
First and exclusive charge on all stocks and book debts, accepted hundi, hypothecation of plant and machinery with book value of Rs. 29.281 million as of 31.03.2006 |
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Modification charge Charge identification number of the charge to be modified |
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Date of instrument modifying the charge |
22.06.2006 |
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Particulars of the Property charged |
By way of present modification the existing packing credit facility is being enhanced from Rs. 5.000 millions to Rs. 12.500 millions and a letter of credit facility of Rs. 17.500 millions is being granted. |
Website Details:
Subject has been an established
company in this industry since 12 years. The company has been one of the first
to introduce computerized Embroidery machinery in
Since 1992, the company has been increasing its
capacity and now has more than 72 heads of Embroidery Machines running which
have been bought from well known manufacturing companies from
The company is run by the chairman, Mr. Raj Kumar
Agarwal, who is a garment exporter since 35 years. He has wide experience in
embroidery and has trained the staff to solve all the problem faced by the
customers.
The company always aims to maintain its goodwill with
the customers by giving them the best services possible. It aspires to bring
the latest technologies in this world to Mumbai to meet the growing demands of
the customers and to fulfill the need to create “something new” in the world of technology.
Technology:
Subject is ‘again’ proud to be one of the first to bring the
latest technologies of embroidery to the market i.e. “Multi-Head Chenille
Embroidery Machine”, a 12 head machine.
The
machine is bought from the reputed Japanese company, Tajima, who have mastered
the technology. This machine is capable of producing design giving a very 3-D
effect, which gives a designer an opportunity to make new and innovative
designs that can change the way a normal embroidery design looks like. One can
create different embroideries with just a single design bringing a vast variety
of options to the customer. The main features are as follows: -
- Standard
Embroidery
- Chain Stitch
- Any type of
thread can be used right from the thin nylon threads to the woolen
threads.
- Embroidery
using together 2 threads / 3 threads / 4 threads and more depending upon
the type of the threads
- Works on all sorts
of fabrics right from the silky cloth to the woolen fabrics
- Complicated
Mixed Embroideries like the normal, chain, loop, etc. together is very
easy to stitch on this machine.
- More than 72
heads giving quick production for huge quantities
- Cording
Device, Boring Device
- Fully
Air-Conditioned so that goods are stain free
- More than 38
operators per shift
- More than 30
Dhaga Cutting People during the day
- Checkers to
inspect all goods before they are delivered
- More than
2000 sq. ft. of space for storage of goods
- Transportation
:- Van and Tempo for quick deliveries
- Quick
Designing and Sampling of styles
- Square
Aluminum Frames of size : 800 x 400
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.40.30 |
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1 |
Rs.82.93 |
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Euro |
1 |
Rs.55.75 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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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24 |
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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