MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MADAN FASHION SAREES PRIVATE LIMITED |
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Registered Office : |
4259-60, Gali Bharon Wali, Jogiwara, Nai Sarak, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.11.1990 |
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Com. Reg. No.: |
55-41957 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC041957 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08913C / DELM12314B |
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PAN No.: [Permanent
Account No.] |
AAACM1406H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Sarees, ladies suit & dupatta, womenswear, lehenga-chunni, hand embroidered sarees & suit, bridal lehengas with choli & exquisite dupattas, Indo-western women outfits. |
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 110000 |
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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 a well-established and reputed company having satisfactory
track records. Directors are reported as experienced 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 / Factory : |
4259-60, Gali Bharon Wali, Jogiwara, Nai Sarak, |
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Tel. No.: |
91-11-23943047 / 32465481 / 23973326 / 23943046 / 28833025
/ 23984436 |
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Mobile No.: |
91-9868231477 |
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Fax No.: |
91-11-23943046 / 28833027 23984436 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Madan Lal |
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Designation : |
Whole Time Director |
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Address : |
F-17/53, Sector – 8, Rohini, |
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Date of Birth/Age : |
03.01.1958 |
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Date of Appointment : |
01.12.1993 |
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Election Commission Identity card No. : |
DL/03/020/030395 |
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Name : |
Mr. Harish Chander |
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Designation : |
Whole Time Director |
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Address : |
231, Neelkanth Apartments, Rohini Sector – 13, Plot -49, |
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Date of Birth/Age : |
07.04.1960 |
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Date of Appointment : |
05.11.1990 |
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Election Commission Identity card No. : |
DL/03/020/0099345 |
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Name : |
Mr. Jagdish Chander |
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Designation : |
Director |
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Address : |
112, Neelkanth Apartments, Sector – 13, Plot -49, Rohini, |
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Date of Birth/Age : |
04.11.1962 |
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Date of Appointment : |
17.10.1991 |
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Election Commission Identity card No. : |
DL/03/020/009936 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Madan Lal |
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6000 |
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Harish Chander |
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6000 |
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Jagdish Chander |
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6000 |
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Yash Pal |
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6000 |
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Jugal Kishore |
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6000 |
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Charanjit Lal |
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20 |
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Suman Khaneja |
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1600 |
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Sudesh Khaneja |
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1600 |
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Sarita Khaneja |
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1600 |
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Jyoti Khaneja |
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1600 |
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Neeru Khaneja |
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1600 |
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Charanjit Lal and Sons – HUF |
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1980 |
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Chinky Khaneja |
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200 |
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Total |
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40200 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Sarees, ladies suit &
dupatta, womenswear, lehenga-chunni, hand embroidered sarees & suit,
bridal lehengas with choli & exquisite dupattas, Indo-western women
outfits. |
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Products : |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
Punjab National Bank Katra Mohan, Trade Finance Branch, Chandni Chowk – 110006, |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Rattan and Company Chartered Accountants |
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Address : |
Safdarjung Development Area, |
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Tel No.: |
91-11-26564452/ 26564456 |
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Fax: |
91-11-26529833 |
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E-Mail: |
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Memberships : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40200 |
Equity Shares |
Rs. 100/- each |
Rs. 4.020
Millions |
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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4.020 |
4.020 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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23.611 |
10.500 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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27.631 |
14.520 |
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LOAN FUNDS |
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1] Secured Loans |
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17.300 |
5.420 |
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2] Unsecured Loans |
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17.220 |
12.506 |
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TOTAL BORROWING |
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34.520 |
17.926 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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62.151 |
32.446 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.033 |
4.918 |
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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 |
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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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36.529 |
20.847 |
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Sundry Debtors |
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46.242 |
31.181 |
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Cash & Bank Balances |
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2.759 |
0.579 |
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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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0.667 |
0.295 |
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Total
Current Assets |
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86.197 |
52.902 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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37.333 |
23.309 |
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Provisions |
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2.817 |
2.159 |
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Total
Current Liabilities |
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40.150 |
25.468 |
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Net Current Assets |
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46.047 |
27.434 |
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MISCELLANEOUS EXPENSES |
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0.071 |
0.094 |
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TOTAL |
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62.151 |
32.446 |
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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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296.204 |
209.502 |
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Other Income |
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0.029 |
0.035 |
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Total Income |
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296.233 |
209.537 |
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Profit/(Loss) Before Tax |
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24.720 |
13.450 |
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Provision for Taxation |
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10.000 |
6.000 |
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Profit/(Loss) After Tax |
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14.720 |
7.450 |
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Total Expenditure |
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267.498 |
192.992 |
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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4.97 |
3.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.35 |
6.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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24.18 |
23.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.89 |
0.93 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.70 |
2.98 |
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Current Ratio (Current Asset/Current Liability) |
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2.15 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
MADAN FASHION
SAREES PRIVATE LIMITED |
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Presented By |
PUNJAB NATIONAL
BANK |
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1) Date and description of instrument creating the change |
05.02.2003, Hypothecation
of goods to secure demand cash credit Regd. On 21.02.2003 |
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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 |
Hypothecation of
all types of stock, book debts and other assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 13.75 % p.a. Margin : 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank Specialised Trade Finance Branch, Katra Mohan, Chandni Chowk – 110006,
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6) Date and brief description of instrument modifying the charge |
08.09.2005,
Hypothecation of Goods to secured a demand cash credit. |
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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. |
Cash credit limit
enclosed from Rs. 5.000 Millions to Rs. 15.000 Millions Now Rate of Interest
11.25 % p.a. |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80014017 |
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Corporate
identity number of the company |
U74899DL1990PTC041957 |
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Name of the
company |
MADAN FASHION SAREES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
4259-60, Gali Bharon Wali, Jogiwara, Nai Sarak, |
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Type of charge |
Book Debts, Movable Property and others |
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Particular of
charge holder |
Punjab National Bank Katra Mohan, Trade Finance Branch, Chandni Chowk – 110006, |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
goods and book debts to secure cash credit facility. |
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Date of instrument
Creating the charge |
05.10.2006 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 12.50 % PG Term of Repayment
: on Demand Margin : Stock –
25 % Book Debts – 40 %
Extent and
Operation of the charge : Full Charges – 100 % |
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Short particulars
of the property charged |
At the premises /
Godown of the company. |
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Date of latest
modification prior to the present modification |
08.09.2005 |
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Particulars of
the present modification |
Limit Enhanced
Form Rs. 15.000 Millions to Rs. 30.000 Millions |
As per website
Profile
From the very beginning of the career
Sh. Madan Lal, the Promoter and Director of Madan Fashion Sarees Private Limited, has learned embroidery work
from the experienced village craftsmen of his native place in Haryana. Due to
his inherent quality to take others he persuaded his younger brothers, friends
and relative to join hands in his mission. In this way, some entered to help
the village craftsmen /women to show their quality work with out leaving their
place of residence and disturbing their normal village life. Work for the
mutual benefits of his company and craftsmen working for the company.
In the year 1990, he along with
his younger brother incorporated a company known as Madan Fashion Sarees
Private Limited with its Regd. Office-cum-Showroom at 4529-60, Gali Bhairon,
Jogiwara, Nai Sarak, Delhi - 110006, India.
Explore the world of exclusive
Traditional Indian Sarees, Wedding and Bridal Lehengas, Designer Fancy Sarees,
Embroidery Sarees, Bridal Wedding Sarees, and Indian Salwar Kameez Suits.
Products
- Hand
Embroidery Bridal Lehangas, Designers Lehangas with Choli and exquisite
Dupattas.
- Special
collection of Indian Sarees - Traditional Bridal, Wedding Designer and
Embroidered Sarees, South Indian Handloms Sarees and Bandhej Sarees.
- Special
collection of Indian Salwar Kameez - Designer Casual, Embroidered Indo
Western and exclusive range of Embroidered Suit
The above products are being
developed blended with village craftsmanship and young fashion designers from
reputed institute of the country and abroad.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.81 |
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|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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 |
|
48 |
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 |
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