MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
KHUSHBOO COMPUTER EMBROIDERY PRIVATE LIMITED |
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Registered Office : |
M Shed, Plot No. 21, Natraj Compound, Moti Baug, Opposite R. K. Road, Chembur, Mumbai-400071, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.2002 |
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Com. Reg. No.: |
11-136449 |
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CIN No.: [Company
Identification No.] |
U1820MH2002PTC136449 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK10142G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of Computerized and Manual Embroidery Work. |
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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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 : |
USD 44000 |
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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 : |
M Shed, Plot No. 21, Natraj Compound, Moti Baug, Opp. R. K. Road, Chembur, Mumbai-400071, Maharashtra |
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Tel. No.: |
91-22-25584448/ 25584495 |
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Fax No.: |
91-22-25561715 |
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E-Mail : |
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Administrative Office : |
Plot No. 369-A, B-2/B-3, Mata Barasala, Near Hanjar Multiplex,
Kim-Char Rasta, Taluka – Mangrol, |
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Tel. No.: |
91-2621-234424 |
DIRECTORS
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Name : |
Mr. Nirmal G Chhadwa |
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Designation : |
Director |
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Address : |
1 and 2, Shripal Chhaya Society, |
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Date of Birth/Age : |
25.12.1962 |
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Date of Appointment : |
09.07.2002 |
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Name : |
Ms. Leena N Chhadwa |
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Designation : |
Director |
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Address : |
1 and 2, Shripal Chhaya Society, |
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Date of Birth/Age : |
15.09.1985 |
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Date of Appointment : |
09.07.2002 |
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Name : |
Mr. Farook A Godil |
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Designation : |
Director |
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Address : |
101, Building No.20-A, Kapadia Nagar, C |
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Date of Birth/Age : |
28.11.1948 |
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Date of Appointment : |
09.07.2002 |
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Name : |
Mr. Yasin A Godil |
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Designation : |
Director |
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Address : |
101, Building No.20-A, Kapadia Nagar, C |
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Date of Birth/Age : |
15.07.1955 |
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Date of Appointment : |
09.07.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Nirmal G Chhadwa |
12500 |
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Ms. Leena N Chhadwa |
12500 |
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Mr. Farooq A Godil |
12490 |
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Mr. Yasin A Godil |
12490 |
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Ms. Naseema F Godil |
10 |
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Ms. Yasmeen Y Godil |
10 |
All the shares are held by directors or their relatives
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Computerized and Manual Embroidery Work. |
GENERAL INFORMATION
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Suppliers : |
v Hi-Rel. Electronics Private Limited v Jayesh Enterprises v Maharaja Clearing and Forwarding v Pravin Thakkar and Company |
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Customers : |
v Florina International v Handloom Art v Varundev Overseas Private Limited |
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No. of Employees : |
20 |
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Bankers : |
v
Bank of v Kurla Nagrik Sahakari Bank v The Cosmos Cooperative Bank Limited, Chembur Branch, having Head Office at Pune. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pravin Jayanti and Associates Chartered Accountants |
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Address : |
404, |
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Tel. No.: |
91-22-23752191 |
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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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 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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5.000 |
5.000 |
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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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6.067 |
2.854 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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11.067 |
7.854 |
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LOAN FUNDS |
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1] Secured Loans |
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42.652 |
17.932 |
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2] Unsecured Loans |
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25.318 |
18.269 |
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TOTAL BORROWING |
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67.970 |
36.201 |
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DEFERRED TAX LIABILITIES |
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1.276 |
0.531 |
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TOTAL |
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80.313 |
44.586 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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67.919 |
39.066 |
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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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1.286 |
0.496 |
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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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3.298 |
0.786 |
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Sundry Debtors |
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13.060 |
5.332 |
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Cash & Bank Balances |
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0.540 |
0.948 |
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Other Current Assets |
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3.372 |
1.198 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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20.270 |
8.264 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.328 |
2.501 |
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Provisions |
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1.895 |
0.825 |
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Total
Current Liabilities |
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9.223 |
3.326 |
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Net Current Assets |
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11.047 |
4.938 |
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MISCELLANEOUS EXPENSES |
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0.061 |
0.086 |
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TOTAL |
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80.313 |
44.586 |
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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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Total Income |
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49.134 |
28.893 |
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Profit/(Loss) Before Tax |
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5.028 |
3.655 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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5.028 |
3.655 |
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Expenditures: |
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Total Expenses |
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44.106 |
25.238 |
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Interest |
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6.461 |
3.351 |
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Depreciation |
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15.496 |
8.070 |
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Total Expenditure |
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66.063 |
36.659 |
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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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10.23 |
12.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.23 |
12.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.70 |
7.72 |
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Return on Investment (ROI) (PBT/Networth) |
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0.45 |
0.47 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.97 |
5.03 |
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Current Ratio (Current Asset/Current Liability) |
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2.20 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
KHUSHBOO
COMPUTER EMBROIDERY PRIVATE LIMITED |
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Presented By |
Mr. Nirmal Chhadwa |
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1) Date and description of instrument creating the change |
Hypothecation agreement dated 08.08.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Loan of Rs.29.800 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 |
Embroidery Machines |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of embroidery machines as hypothecated security by way of charge for due repayment of loan including interest due to bank at any time. |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos Cooperative Bank Limited Chembur Branch, having Head Office at Pune. |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
N.A. |
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Corporation identity number or foreign company registrations number of the company |
U1820MH2002PTC136449 |
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Name of the company |
KHUSHBOO COMPUTER EMBROIDERY PRIVATE LIMITED |
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Address |
M Shed, Plot No. 21, Natraj Compound, Moti Baug, Opp. R. K. Road, Chembur, Mumbai, Maharashtra, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
The Cosmos Cooperative Bank Limited, Chembur Branch, Mumbai-400071, |
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Nature or description of the instrument creating charge |
Agreement fo mortgage of deed. |
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Date of the instrument creating charge |
05.12.2006 |
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Amount Secure by the charge |
Rs.72.700 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Interest @ 10.50% p.a. Terms of repayment On demand Extent and operation of the charge Charge to the extent of Rs.72.700 millions operating on security
offered by the company |
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Particulars of the Property charged |
All that piece and parcel of the land and building bearing part No.2
towards Eastern part admeasuring about 2915.63 Sq.mtrs. equivalent to
31372.17 Sq.fts. situated on the land bearing Block No.83 and of village Mota
Borsara, Taluka Mangroi, District Surat. Land bearing plot Nos. B/2 and B/3 admeasuring about 1906 Sq.mtrs.
along with building situated on land bearing Rev. S. No.17-A and 202-A Blo0ck
No.369 of village Mota Borsara, Taluka Mangrol, District Surat of factory
building standing to be standing |
BUSINESS
Subject undertakes any type of computerized and manual embroidery work on man made synthetic yarn or fibres of celluodic origin including polyester, nylon viscos, acrylic yarn and fibres and all types of natural and man made fibres, yarn, cloth, fabric, fibrous substances including the made of any or combination of one or more of cotton, wool, jute, silk, nylon, polyster, viscose, acrylic as also any other fibres and fibrous substances or any fibres or other origin.
During the very first year of its operation the company has earned income of Rs. 201.600 millions.
Subject’s fixed assets of important value includes plant and machinery, air conditioners, swf 18 head machine, furniture and fixtures, computers.
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.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
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 |
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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