MIRA
INFORM REPORT
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Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
SALONI FASHION PRIVATE LIMITED |
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Registered Office : |
2/4149, Anavil Sheri, Sagrampura, Surat – 395002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
02.05.2001 |
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Com. Reg. No.: |
04-39490 |
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CIN No.: [Company
Identification No.] |
U17111GJ2001PTC039490 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To carry on the business as manufacturers, job workers or to undertake
dyeing, bleaching, sanforising, mercerizing, printing or other wise
processing of man-made fibres, cotton fibres, fabrics of cotton, silk,
sarees, nylon, polyester, chiffon, acrylic, rayon wool, shoddy, jute, hemp
and other fibres and fabrics or textiles products whether on handlooms or
power looms or in textile mills. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though subject is a pretty old company, it has not filed any financial
with the Government department so far. Company is not much known in the
market. No further details could be available. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
2/4149, Anavil Sheri, Sagrampura, Surat – 395002, Gujarat, India |
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Tel. No.: |
91-261-8331093 |
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Corporate Office : |
Street No. 6, Mahavir Jain Colony, Sundar Nagare, Ludhiana – 141007,
Punjab, India |
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Tel. No.: |
91-161-2621730 |
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Fax No.: |
91-161-2620150 |
DIRECTORS
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Name : |
Mr. Paresh B. Jariwala |
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Designation : |
Director |
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Address : |
2/4149, Anavil Sheri, Sagrampura, Surat – 395002, Gujarat, India |
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Name : |
Mr. Amar B. Jariwala |
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Designation : |
Director |
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Address : |
2/4149, Anavil Sheri, Sagrampura, Surat – 395002, Gujarat, India |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Paresh B. Jariwala |
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5000 |
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Mr. Amar B. Jariwala |
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5000 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business as manufacturers, job workers or to undertake
dyeing, bleaching, sanforising, mercerizing, printing or other wise
processing of man-made fibres, cotton fibres, fabrics of cotton, silk,
sarees, nylon, polyester, chiffon, acrylic, rayon wool, shoddy, jute, hemp
and other fibres and fabrics or textiles products whether on handlooms or
power looms or in textile mills. |
GENERAL INFORMATION
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Bankers : |
The Federal Bank Limited Ring Road, Surat |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.100
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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31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.213 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.313 |
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LOAN FUNDS |
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1] Secured Loans |
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1.006 |
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2] Unsecured Loans |
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2.100 |
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TOTAL BORROWING |
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3.106 |
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DEFERRED TAX LIABILITIES |
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7.576 |
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TOTAL |
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10.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.168 |
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Capital work-in-progress |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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8.800 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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Net Current Assets |
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8.800 |
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MISCELLANEOUS EXPENSES |
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0.027 |
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TOTAL |
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10.995 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2002 |
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Sales Turnover |
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92.874 |
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Other Income |
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Total Income |
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92.874 |
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Profit/(Loss) Before Tax |
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0.212 |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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0.212 |
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Total Expenditure |
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107.516 |
KEY RATIOS
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PARTICULARS |
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31.03.2002 |
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PAT / Total Income |
(%) |
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0.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.23 |
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Return on Investment (ROI) (PBT/Networth) |
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0.68 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on the business as manufacturers, job workers or to undertake
dyeing, bleaching, sanforising, mercerizing, printing or other wise processing
of man-made fibres, cotton fibres, fabrics of cotton, silk, sarees, nylon,
polyester, chiffon, acrylic, rayon wool, shoddy, jute, hemp and other fibres
and fabrics or textiles products whether on handlooms or power looms or in
textile mills.
To carry on the business of exporters, importers, buyers, sellers,
manufacturers, buying agents, selling agents, commission agents, distributors,
stockiest, agents, distributors,
stockiest, agents and suppliers and dealers in all classes and kinds of sarees
, textiles, yarns, threads, fibres kited fabrics and fibres products and garments.
To carry on the business of manufacturers, twister, Texurisers,
crimpers, processor, spinners, seizers,
doublers, weavers, ginners, balers of industries fabrics, synthetic yarn
synthetic fabrics, cotoon, wool, silk, art silk, rayon, hemp, twine of all
kinds of whatsoever description like nylon, polyester, viscose, polypro pole
line canvas and all kinds of fibrous materials of substances.
Bankers Charges
Report as per Registry
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Name of the company |
SALONI FASHIONS PRIVATE LIMTIED |
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1) Date and description of instrument creating the change |
13.11.2001 Memorandum of
Deposit of title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.000
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 |
Equitable
mortgage of Shop No. 5001 to 5004 and Shop No. 5012 and 5013 and Golden
Plaza, Textile Market, Ring Road, Surat on 13.11.2001 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Limit for Inland
L/C Rs. 8.500 Millions Limit for C/C
[Stock] Rs. 1.000 Millions Limit for C/C
[BD] Rs. 1.500 Millions Rate of Interest
for L/C limit Bank rate 14 % minimum 18.5 for C/C 16.5 Margin for L/C
Limit 25 % For Stock 40 % For Book debts
Rs. 50 % |
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5) Name and Address and description of the person entitled to the charge. |
The Federal Bank Limited Ring Road, Surat |
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6) Date and brief description of instrument modifying the charge |
05.08.2002 Memorandum of
deposit of title deeds |
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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. |
Additional
charges other than mentioned in Point 3 above is given to bank as Equitable
mortgage of Shop No 552 and 555 at Golden Plaza, Ring Road, Surat dated
05.08.2002 for revised and extended financial assistance to company which is mentioned as below. Limit for Inland
L/C Rs. 10.000 Millions Limit for C/C Rs.
10.000 Millions Rate of interest
for L/C limit Bank rate + 4 % minimum 17.5 for C/C 16.5 Margin For L/C Limit 25
% For Stock 40 % For Book debts 50
% |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.31 |
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UK Pound |
1 |
Rs.86.96 |
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Euro |
1 |
Rs.58.58 |
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 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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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15 |
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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PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions