MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
PINKY FABRICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
505/510, Everest Comm. Complex, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 (Unaudited and Provisional) |
|
|
|
|
Date of Incorporation : |
27.09.2004 |
|
|
|
|
Com. Reg. No.: |
44812 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17100GJ2004PTC44812 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trader and Distributor of “Pepe London” Readymade Garments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
505/510, Everest Comm. Complex, |
|
Tel. No.: |
91-281-2220834/ 3298989 |
|
Mobile No.: |
91-9824045600 |
|
Fax No.: |
91-281-2220833 |
|
E-Mail : |
|
|
Area : |
684 Sq.ft. (Owned by Directors) |
|
|
|
|
Branches : |
D P House, Shree Kunj Society, Nagar Seth No Wando, Gheekata,
Ahmedabad-380002, |
|
Fax No.: |
91-79-25510970 |
|
Area : |
1000 Sq.ft. (Owned by directors) |
|
Location : |
|
|
|
|
|
Godown : |
17, Narayankrupa Bunglows, Bopal, |
|
Mobile No.: |
91-9374101153 |
|
Area : |
1800 Sq.ft. (Rented) |
DIRECTORS
|
Name : |
Mr. Kirit K Parekh |
|
Designation : |
Director |
|
Address : |
83, Gauttam Buddha Apartment, 8th Floor, Opposite Shastri
Medan, |
|
PAN No. : |
AHOPP7435K |
|
|
|
|
Name : |
Mr. Chandresh R Desai |
|
Designation : |
Director |
|
Address : |
61/5, Nutan Nagar, |
|
PAN No. : |
ACSPD5813C |
|
|
|
|
Name : |
Mrs. Tarulata K Parekh |
|
Designation : |
Director |
|
Address : |
83, Gauttam Buddha Apartment, 8th Floor, Opposite Shastri
Medan, |
|
PAN No. : |
ACVPP8142R |
|
|
|
|
Name : |
Mr. Hiren K Agarwal |
|
Designation : |
Director |
|
Address : |
46, Chandroday Society, Opposite Golden Triangle, |
|
PAN No. : |
AATPA6582C |
|
|
|
|
Name : |
Mr. Sorav K Agarwal |
|
Designation : |
Director |
|
Address : |
35, Chandroday Society, Opposite Golden Triangle, Sardar Patel,
Stadium Road, navrangpura, Ahmedabad-380014, Gujarat |
|
PAN No. : |
AAZPA8191R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equal shares are held among directors and other shareholders, who are
family members.
BUSINESS DETAILS
|
Line of Business : |
Trader and Distributor of “Pepe London” Readymade Garments. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (45/50 days) |
|
|
|
|
Purchasing : |
Credit (60 days) |
GENERAL INFORMATION
|
Customers : |
Retailers |
|
|
|
|
No. of Employees : |
18 (Office -6, Branch-12) |
|
|
|
|
Bankers : |
v
Union Bank of v
HDFC Bank, v
UTI Bank |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B J Mithani Chartered Accountants |
|
Address : |
|
|
Tel. No.: |
91-281-2241841 |
|
|
|
|
Associates/Subsidiaries : |
Evergreen Everseas Private Limited 505/ 510, Line of business : Merchant Exporter Evershine Polyplast Private Limited 1048/1049, GIDC, Lodhika Metoda District, Line of Business : Manufacturing |
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 |
|
31.03.2007 (Unaudited and
Provisional) |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.292 |
0.292 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.392 |
0.392 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
9.586 |
9.586 |
|
|
2] Unsecured Loans |
|
21.149 |
20.365 |
|
|
TOTAL BORROWING |
|
30.735 |
29.951 |
|
|
DEFERRED TAX LIABILITIES |
|
2.574 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
|
33.701 |
30.346 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.607 |
0.061 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
33.803 |
17.945 |
|
|
Sundry Debtors |
|
5.169 |
10.886 |
|
|
Cash & Bank Balances |
|
5.691 |
1.042 |
|
|
Other Current Assets |
|
2.759 |
2.205 |
|
|
Loans & Advances |
|
0.068 |
0.048 |
|
Total
Current Assets |
|
47.490 |
32.126 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
14.313 |
1.662 |
|
|
Provisions |
|
0.084 |
0.181 |
|
Total
Current Liabilities |
|
14.397 |
1.843 |
|
|
Net Current Assets |
|
33.093 |
30.283 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.001 |
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
|
33.701 |
30.346 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 (Unaudited and
Provisional) |
31.03.2006 |
|
Total Income |
|
46.133 |
22.521 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.451 |
0.409 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
2.451 |
0.409 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 (Unaudited and
Provisional) |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
5.31 |
1.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.31 |
1.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.09 |
1.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
6.25 |
1.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
115.13 |
81.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.30 |
17.43 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject formed in the year 1994 at Jaipur
R.O.C. state of Rajasthan.
During the year July 1997, subject had formed a
branch at Rajkot and have joined with Evergreen Group as its associates and
have started the business of Readymade garments as wholesaler/ distributor, and
become the sole distributor for Arvind Mills “RUF and TUF” readymade garments
for the Saurashtra and Kutchh upto March 2000.
In 1999-2000 company have formed a partnership
firm named Jasraj Marketing to carry on the distributorship of “Pepe London” A
premium international and leading garments maker based at Mumbai, for the
Saurashtra and Kutchh upto December, 2004.
From April 2000 they had left the
distributorship of RUF and TUF as the company had stopped the said brand. So,
they had started distrinutorship of one of the leading rgroup of Readymade
garments manufacturer and fabrics dealer from Ahmedabad named D P Clothing
Company Private Limited, Rohan Apperals and Pyarelal Textiles, for the
Saurashtra and Kutchh region till today.
On 22.06.2004 company have transferred it’s
registered office from Rajasthan state to
From December, 2004 they (PFPL and Evergreen)
had made joint venture with the above Ahmedabad group, by taking tow directors
from them together with shareholders from other firms of the group and have
started C&F business for “Pepe London” a premium international and garments
manufacturer based at Mumbai, for whole Gujarat state, accordingly have
established a branch office at Ahmedabad, on the premises of the Ahmedabad
Group (At D P House Ahmedabad) and had marketed garments worth Rs.5.039
millions from 01.01.2005 to 31.03.2005 and from 01.04.2005 to 31.08.2005
Rs.5.761 millions, from 01.09.2005 they had diverted the business from Gujarat.
The total turnover from 01.09.2005 to 31.03.2006 was Rs.37.352 millions and
current till 15.03.2007 is Rs.44.953 millions.
Subject in January, 2006 have acquired a plot
of approx 6000 Sq.ft. at prime area at Baroda, fro developing the plot by way
of constructing shopping mall, with the help of finance sanctioned by Hudco for
total Rs.17.000 millions, out of which they have utilized only Rs.9.500
millions during acquiring (purchasing) the plot, while for construction, (which
at present reached to finished stage from basement to 4th Floor) is
self financed by themselves by way of directors, shareholders and promoters
loan.
After getting success in the said business the
company is now planning to establish EBO (Exclusive Brand Outlet) of Pepe and
FO (Factory Outlet for Seconds) of Pepe at following places :
v At Ahmedabad
v At
v At
v At
Out of the above 5 EBOS, 1 EBOS already
started by June 2006.
The promoter and associate of the company,
Evergreen Overseas Private Limited, is dealing in export business and
manufacturing business of plastic rope together with it’s sister concern
Evershine Polyplast Private Limited, since 1997. the average total turnover of
the company is Rs.45.000 millions.
The existing name of the Bank is as under and
have never acquired and enjoying any credit facilities from the said bankers,
(Exception of HUDCO – as stated above) as till date all the funds are managed
by it’s directors, promoters and shareholders.
Union Bank of
v
v
HDFC Bank
v Gymkhana Branch, Rajkot-360001
v
UTI Bank, Ahmedabad – Escrow Account only.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.34 |
|
|
1 |
Rs.81.81 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|