MIRA
INFORM REPORT
|
Report Date : |
28.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
HENAN FIBERS INDIA PRIVATE LIMITED |
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Registered Office : |
27/ 31, Botawala Building, Shop
No. 6, Ground Floor, Old Hanuman Lane, Kalbadevi Road, Mumbai – 400 002,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.09.2004 |
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Com. Reg. No.: |
11-136021 |
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CIN No.: [Company
Identification No.] |
U17297MH2004PTC136021 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH06691G |
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Legal Form : |
Private Limited Liability Company |
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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
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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 : |
Slow & Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track. Company’s
profitability is under severe pressure. It has huge accumulated losses. Payments
are reported as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions. |
LOCATIONS
|
Registered Office : |
27/ 31, Botawala Building, Shop
No. 6, Ground Floor, Old Hanuman Lane, Kalbadevi Road, Mumbai – 400 002,
Maharashtra, India |
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Tel. No.: |
91-22-22083837 |
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Factory 1 : |
Survey No. 50A, Plot No. 4, Kundla Road, Taluka – Vada, Thane,
Maharashtra |
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Tel. No.: |
91-22-21239723 |
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Fax No.: |
91-22-21239724 |
DIRECTORS
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Name : |
Mr. Prakash J Khimawat |
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Designation : |
Director |
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Address : |
5/ A, Jay Ambe Mansion, 2nd Floor, Zaoba Wadi, Thakurdwar
Road, Mumbai – 400 002, Maharashtra, India
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Date of Birth/Age : |
10.11.1950 |
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Date of Appointment : |
27.05.2002 |
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Name : |
Mr. Manish D Khimawat |
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Designation : |
Director |
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Address : |
5/ A, Jay Ambe Mansion, 2nd Floor, Zaoba Wadi, Thakurdwar
Road, Mumbai – 400 002, Maharashtra, India
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Date of Birth/Age : |
10.10.1975 |
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Date of Appointment : |
27.05.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Prakash J Khimawat |
5000 |
|
Mr. Manish P Khimawat |
5000 |
BUSINESS DETAILS
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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
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Bankers : |
Canara Bank, Tamarind Lane Branch, Calcot House, Tamarind Lane, Fort,
Mumbai – 400 023, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain Jain & Associates Chartered Accountant |
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Address : |
C/21, Bharat Nagar, Opposite Shalimar Talkies, Grant Road, Mumbai -
400007 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.100
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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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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4.856 |
0.856 |
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4] (Accumulated Losses) |
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(6.185) |
(3.660) |
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NETWORTH |
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(1.229) |
(2.704) |
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LOAN FUNDS |
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1] Secured Loans |
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10.565 |
8.215 |
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2] Unsecured Loans |
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2.975 |
3.535 |
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TOTAL BORROWING |
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13.540 |
11.750 |
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DEFERRED TAX LIABILITIES |
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0.855 |
0.656 |
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TOTAL |
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13.166 |
9.702 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.632 |
10.484 |
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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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0.047 |
0.047 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.704 |
2.811 |
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Sundry Debtors |
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3.734 |
4.593 |
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Cash & Bank Balances |
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0.302 |
0.145 |
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Other Current Assets |
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1.527 |
0.164 |
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Loans & Advances |
|
1.353 |
0.026 |
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Total
Current Assets |
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9.620 |
7.739 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.659 |
8.437 |
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Provisions |
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0.495 |
0.157 |
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Total
Current Liabilities |
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19.154 |
8.594 |
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Net Current Assets |
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(9.534) |
(0.855) |
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MISCELLANEOUS EXPENSES |
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0.021 |
0.026 |
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TOTAL |
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13.166 |
9.702 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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(26.60) |
(7.52) |
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Current Ratio (Current Asset/Current Liability) |
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0.50 |
0.90 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
HENAN FIBERS INDIA PRIVATE LIMITED |
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Presented By |
Canara Bank, Tamarind Lane Branch, Calcot House, Tamarind Lane, Fort,
Mumbai – 400 023, Maharashtra, India |
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1) Date and description of instrument creating the change |
Common Hypothecation agreement dated 12.12.2003 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 7.500 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 |
Stock of goods such as raw material, stock in process, finished goods
and manufacturer goods and other items of stock in trade and stores, spares,
components, machinery, vehicles, furniture with processors or in transit or
wherever else including any such raw material Present and future book debts, outstanding moneys, bills, cash, gold,
silver, jeweler Hypothecation of plant and machine of W.D.V. Rs. 2.969 Millions
hypothecation agreement |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest 1.85% above ongoing PLR with a minimum of 12.85% Margin – CC – 25% Book Debts – 50% Cash Credit – Rs. 7.500 Millions OD Book Debts – 3.500 Millions
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank, Tamarind Lane Branch, Calcot House, Tamarind Lane, Fort,
Mumbai – 400 023, Maharashtra, India |
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6) Date and brief description
of instrument modifying the charge |
Supplemental common hypothecation agreement dated 24.03.2005 |
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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. |
29.04.2004 – The various credit facilities aggregating to Rs. 7.500
Millions granted by the bank is futher secured by way of equitable mortgage
by deposit of title deeds in respect Now vide above refereed agreement dated 24.03.2005 cash credit
facilitate granted by the bank increased from Rs. 7.500 Millions to Rs. 8.500
Millions |
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 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.44.27 |
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UK Pound |
1 |
Rs.86.87 |
|
Euro |
1 |
Rs.58.53 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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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 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
1 |
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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 |
|
13 |
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 |
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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 |
|
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 |
|
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 |
|
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