MIRA INFORM REPORT

 

 

Report Date :

26th February, 2007

 

IDENTIFICATION DETAILS

 

Name :

HASEJA FIBRES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

27/ 31,  Botawala Building, Shop No. 6, Ground Floor, Old Hanuman Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

27.09.2004

 

 

Com. Reg. No.:

11-136022

 

 

CIN No.:

[Company Identification No.]

U17297MH2004PTC136022

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Carry on the business of manufacturers, producers, processor, reproccessors, dealers, exporters, importers, buyers, sellers, factors, designers, dyers, bleachers, printers, twisters, doubles, knitters, balers, sanforizers, calenderers, scourers, mercerizes, texturisers, mixtures, threaders, crimpers, weavers, spinners, agents, packers and or distributors of yarn, viscose, nylon, manmade synthetic fibres and polyester yarns, stapal fibres, polysters, poliamide, acrylic, polypropylene, woolwaste droppings and any other fibrous materials textiles, cottons, jute, hemp, silk, artificial silk, natural silk, linen, rayon and raw materials, etc. 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

--

 

 

Status :

New Company

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new company and in the process of establishing itself. Trade relations are reported as fair. Company’s Profitability is under severe pressure. It has some accumulated losses. Payments are reported as slow but correct.

 

The company can be considered for small to mediocre business dealings with slight caution, initially. 

 

 

LOCATIONS

 

Registered Office :

27/ 31,  Botawala Building, Shop No. 6, Ground Floor, Old Hanuman Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India 

Tel. No.:

91-22-22083837

Mobile No.:

91-9824003192

E-Mail :

allinyarn@yahoo.com

 

DIRECTORS

 

Name :

Mr. Prakash J Khimawat 

Designation :

Director

Address :

5/ A, Jay Ambe Mansion, 2nd Floor, Zaoba Wadi, Thakurdwar Road, Mumbai – 400 002, Maharashtra, India 

Date of Birth/Age :

10.11.1950

Date of Appointment :

27.05.2002

 

 

Name :

Mr. Manish D Khimawat

Designation :

Director

Address :

5/ A, Jay Ambe Mansion, 2nd Floor, Zaoba Wadi, Thakurdwar Road, Mumbai – 400 002, Maharashtra, India 

Date of Birth/Age :

10.10.1975

Date of Appointment :

27.05.2002

 

SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Mr. Prakash J Khimawat

6200

Mr. Manish P Khimawat 

6200

 

BUSINESS DETAILS

 

Line of Business :

Carry on the business of manufacturers, producers, processor, reproccessors, dealers, exporters, importers, buyers, sellers, factors, designers, dyers, bleachers, printers, twisters, doubles, knitters, balers, sanforizers, calenderers, scourers, mercerizes, texturisers, mixtures, threaders, crimpers, weavers, spinners, agents, packers and or distributors of yarn, viscose, nylon, manmade synthetic fibres and polyester yarns, stapal fibres, polysters, poliamide, acrylic, polypropylene, woolwaste droppings and any other fibrous materials textiles, cottons, jute, hemp, silk, artificial silk, natural silk, linen, rayon and raw materials, etc. 

 

GENERAL INFORMATION

 

Bankers :
  • Canara Bank

      Tamarind Lane Branch, Calcot House, Tamarind Lane, Fort,

      Mumbai – 400 023, Maharashtra, India 

 

 

Facilities :

The company enjoys mortgage facilities of Rs. 24.000 millions from Canara Bank dated 20.07.2006

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Jain Jain & Associates

Chartered Accountant

 

 

Memberships :

Nil

 

 

Collaborators :

Nil

 

 

Associates/Subsidiaries :

Nil

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/-

Rs. 1.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

12400

Equity Shares

Rs. 10/-

Rs. 0.124 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.124

0.124

2] Share Application Money

 

1.170

1.170

3] Reserves & Surplus

 

0.714

0.484

4] (Accumulated Losses)

 

(3.701)

(3.036)

NETWORTH

 

(1.693)

(1.258)

LOAN FUNDS

 

 

 

1] Secured Loans

 

13.337

12.657

2] Unsecured Loans

 

0.700

0.379

TOTAL BORROWING

 

14.037

13.036

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

12.344

11.778

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

9.654

5.297

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.005

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

4.253

2.562

 

Sundry Debtors
 

4.679

3.655

 

Cash & Bank Balances
 

0.037

0.009

 

Other Current Assets
 

0.921

1.282

 

Loans & Advances
 

0.000

0.007

Total Current Assets
 

9.890

7.515

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

7.252

2.068

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

7.252

2.068

Net Current Assets
 

2.638

5.447

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.047

0.053

 

 

 

 

TOTAL

 

12.344

10.797

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004

Sales Turnover

 

48.757

28.641

Total Income

 

48.757

28.641

 

 

 

 

Profit/(Loss) Before Tax

 

(0.435)

(2.448)

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

(0.435)

(2.448)

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

1.854

1.704

 

Depreciation & Amortization

 

0.766

0.557

 

Other Expenditure

 

49.192

31.089

Total Expenditure

 

51.812

33.350

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2005

31.03.2004

PAT / Total Income

(%)
 

(0.89)

(8.54)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

(0.89)

(8.54)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

(2.22)

(19.10)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

(0.25)

(1.94)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

(12.57)

(12.00)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.36

3.63

 

LOCAL AGENCY FURTHER INFORMATION

 

Corporate identity number (CIN) Foreign company registration number

U17297MH2004PTC136022

Name of the Company

HASEJA FIBRES (INDIA) PRIVATE LIMITED

Address

27/ 31,  Botawala Building, Shop No. 6, Ground Floor, Old Hanuman Lane, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India 

This form is for

Modification Charge

Type of Charge

Equitable mortgage or mortgage of property by depositing the title deeds 

Particulars of the charge holder 

Canara Bank, Tamarind Lane Branch, Calcot House, Tamarind Lane, Fort, Mumbai – 400 023, Maharashtra, India 

Amount secured by the charge

Rs. 15.000 Millions

Brief of the principal terms and conditions 

The immovable properties has been given as security to secure credit facilities upto Rs. 15.000 Millions granted by the bank.

Description of the property charged indicating

Immovable properties, Plant & Machinery, Furniture and Fixture 

Charge identification

80007972

Brif description of the instrument modifying the charge under section 

No instrument. Letter evidencing deposited of title deeds.

Date of Instrument

19.07.2006

Particular of the present modification 

Security of immovable property at Wada, Thane

 

 

 

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.44.27

UK Pound

1

Rs.86.87

Euro

1

Rs.58.53

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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

 

 

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