MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
AHAN APPAREL PRIVATE LIMITED |
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Registered Office : |
D-202, Sonmarge Apartment, S. V. Road, Malad [West], Mumbai – 400064,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.01.2003 |
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Com. Reg. No.: |
11-138648 |
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CIN No.: [Company
Identification No.] |
U18100MH2003PTC138648 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA22078A |
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PAN No.: [Permanent
Account No.] |
AAECA0983D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all types of readymade garments. |
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 50000 |
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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. 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 : |
D-202, Sonmarge Apartment, S. V. Road, Malad [West], Mumbai – 400064,
Maharashtra, India |
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Email : |
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Factory 1 : |
N-202, Tex Centre, Narayan Plaza, Behind HDFC, Off. Saki Vihar Road,
Mumbai – 400072, Maharashtra, India |
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Tel No. : |
91-22-66778277 |
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Mobile No. : |
91-9821117695 |
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Fax No. : |
91-22-66778266 |
DIRECTORS
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Name : |
Mr. Arvind Gupta |
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Designation : |
Director |
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Address : |
D-202, Sonmarge Apartment, S. V. Road, Malad [West], Mumbai – 400064,
Maharashtra, India |
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Date of Birth/Age : |
04.03.1972 |
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Date of Appointment : |
13.01.2003 |
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Name : |
Ms. Seema Gupta |
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Designation : |
Director |
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Address : |
D-202, Sonmarge Apartment, S. V. Road, Malad [West], Mumbai – 400064,
Maharashtra, India |
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Date of Birth/Age : |
09.04.1975 |
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Date of Appointment : |
13.01.2003 |
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Name : |
Mr. Abhishek Gupta |
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Designation : |
Director |
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Address : |
D-202, Sonmarge Apartment, S. V. Road, Malad [West], Mumbai – 400064,
Maharashtra, India |
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Date of Birth/Age : |
11.10.1978 |
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Date of Appointment : |
02.08.2003 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Arvind Gupta |
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50000 |
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Seema Gupta |
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10000 |
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Arvind Gupta – HUF |
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50000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of readymade garments. |
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Products : |
Top, Dress, Shirts, Pant, T-Shirts, Ladies and Gents Garments |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
Bank of Baroda Tardeo Branch Mumbai – 400034 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. Saboo and Company Chartered Accountants |
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Address : |
D-9/002, Yogi Nagar, Borivali [West], Mumbai – 400091, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 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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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.000 |
0.000 |
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2] Share Application Money |
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8.100 |
4.900 |
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3] Reserves & Surplus |
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4.405 |
4.342 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.505 |
9.242 |
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LOAN FUNDS |
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1] Secured Loans |
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17.097 |
8.716 |
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2] Unsecured Loans |
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1.580 |
1.331 |
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TOTAL BORROWING |
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18.677 |
10.047 |
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DEFERRED TAX LIABILITIES |
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1.364 |
1.253 |
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TOTAL |
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32.546 |
20.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.640 |
7.720 |
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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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7.171 |
8.507 |
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Sundry Debtors |
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15.346 |
18.680 |
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Cash & Bank Balances |
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0.994 |
0.969 |
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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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2.165 |
3.773 |
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Total
Current Assets |
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25.676 |
31.929 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.436 |
18.776 |
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Provisions |
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0.438 |
0.388 |
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Total
Current Liabilities |
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11.874 |
19.164 |
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Net Current Assets |
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13.802 |
12.765 |
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MISCELLANEOUS EXPENSES |
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0.104 |
0.057 |
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TOTAL |
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32.546 |
20.542 |
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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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2.44 |
3.16 |
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Current Ratio (Current Asset/Current Liability) |
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2.16 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on the in India or abroad the
business as manufacturer, producers, processors, importers, exporters, agents,
brokers, wholesalers, showroom owner, retailers, distributors, exchangers, traders,
buyers, sellers, jobworkers, stockiest and to market, promote, organize,
design, develop, cut, sort and grade or otherwise to deal in all shapes, sizes,
varieties, specifications, descriptions, applications, modalities fashions and
use of garments for men, women and children including sportswear, activwear,
dailywear, fshionwear, partywear, underwears, purses, belts, wallets and other
goods made from cotton , silk, synthetics, jute, velvet, wool, leather, remix
or with any combination them and to participate in local, national and
international trade fairs, sales exhibition, seminars, fashion shows or any
other sales promotion scheme.
Bankers Charges
Report as per Registry
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Name of the company |
AHAN APPAREL
PRIVATE LIMITED |
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Presented By |
Abhishek Gupta |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Agreement dated 10.06.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Composite
Hypothecation agreement for Rs. 5.000 Millions for securing the following
credit facilities
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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 |
The Whole of the
Borrower’s stock both present and future raw material, work on process,
finished goods and packing materials and stores and stock in process and
finished goods that may be held by any party anywhere to the order and
disposition of the borrowers. All the present
and future book dents outstanding monies receivables claims, boll, contracts
engagements and securities which are now due owing to the borrowers in the
course of its business by any person, firm company or body corporate or by
the Government of India or any state Government of Indian railway or any
Government department or office any municipal or local or public or semi
Government body or authority whatsoever including those relating to the
assets leased out and / or given or hire purchase basis. All the tangible
movable machinery and plant and cranes boats and crafts and the vehicles
spares tools accessories an other movable both present and future and the furniture fixture and the fitting
and office equipment whether installed or not and whether loose or in case
which are not laying or store or be in or upon or about the borrower’s
disposition of the borrower relating and pertaining to borrowers work at M-13
Tax Centre building, behind HDFC Building, Chandivali Farm Road, Saki Vihar
Road, Andheri [East], Mumbai – 400072 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest [CC] PLR
+ 1.25 % Interest [IT]
TPLR + 1.25 % Margin 35 % |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Tardeo Branch Mumbai – 400034 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.63 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.08 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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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