MIRA
INFORM REPORT
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Report Date : |
18.05.2007 |
IDENTIFICATION DETAILS
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Name : |
AVISHKAAR PROCESSING MILLS PRIVATE LIMITED |
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Registered Office : |
145, GIDC, Pandesara, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.03.1991 |
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Com. Reg. No.: |
04-15213 |
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CIN No.: [Company
Identification No.] |
U17119GJ1991PTC015213 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA00069G |
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PAN No.: [Permanent
Account No.] |
AACCA0038P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers
and Exporters of Silk accessories, Silk chiffon fabrics, Silk cords, Silk cushions,
silk dresses, Silk fabrics, Silk garments, Silk Product, Silk rope, Silk
sarees, Silk scarves, Silk ties, Tassar silk, and also Silk Fabrics,
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 65000 |
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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 : |
145, GIDC, Pandesara, |
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Tel. No.: |
91-261-2890400 / 2693066 |
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Mobile No.: |
91-9825298283 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kaluram Bishambardayal Rastogi |
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Designation : |
Director |
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Name : |
Mr. Sandeep Rastogi |
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Designation : |
Director |
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Name : |
Mrs. Rekharani Rastogi |
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Designation : |
Director |
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Name : |
Mr. Sumit Kaluram Rastogi |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Kaluram Rastogi |
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95954 |
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Rekha Rastogi |
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123166 |
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Damodarprasad Soni |
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1 |
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Laxmidas Soni |
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1 |
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Sachin Rastogi |
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69745 |
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Sumit Rastogi |
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39000 |
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Suresh Soni |
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1 |
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Sandeep Rastogi |
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75100 |
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Aruna Soni |
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1 |
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Shantilal Dani |
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1 |
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Kaluram Rastogi – HUF |
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97000 |
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Poonamchand Vaishnav |
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10 |
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Narendra |
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10 |
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Sharma |
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10 |
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Total |
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500000 |
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Category |
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Percentage of
Holding |
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Directors of Relatives of Directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
and Exporters of Silk accessories, Silk chiffon fabrics, Silk cords, Silk cushions,
silk dresses, Silk fabrics, Silk garments, Silk Product, Silk rope, Silk
sarees, Silk scarves, Silk ties, Tassar silk, and also Silk Fabrics,
Garments. |
GENERAL INFORMATION
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Alpa Christie and Company Chartered Accountants |
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Address : |
504, Lalbhai Contractor Complex, Nanpura – 395001, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- 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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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 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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5.000 |
5.000 |
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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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11.404 |
10.983 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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16.404 |
15.983 |
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LOAN FUNDS |
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1] Secured Loans |
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9.894 |
0.000 |
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2] Unsecured Loans |
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2.043 |
2.139 |
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TOTAL BORROWING |
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11.937 |
2.139 |
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DEFERRED TAX LIABILITIES |
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0.862 |
0.862 |
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TOTAL |
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29.203 |
18.984 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.776 |
10.869 |
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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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0.723 |
0.600 |
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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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6.066 |
6.552 |
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Sundry Debtors |
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24.932 |
13.306 |
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Cash & Bank Balances |
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0.142 |
0.166 |
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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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3.345 |
2.486 |
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Total
Current Assets |
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34.485 |
22.510 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.781 |
14.995 |
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Provisions |
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Total
Current Liabilities |
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17.781 |
14.995 |
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Net Current Assets |
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16.704 |
7.515 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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29.203 |
18.984 |
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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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1.81 |
1.07 |
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Current Ratio (Current Asset/Current Liability) |
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1.94 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
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Name of the company |
AVISHKAAR
PROCESSING MILLS PRIVATE LIMITED |
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Presented By |
KALURAM RASTOGI |
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1) Date and description of instrument creating the change |
Memorandum of
deposit of title deeds dated 04.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Secured by
Equitable mortgage of all that piece parcels of the lease hold rights of the
land and building bearing Plot No. 145 adm. 4599 sq. mts. At Pandesara Industrial
area / Estate of GIDC situated on the land bearing revenue survey no. 74/P
and 56/1 at village Pandesara tal Choryasi, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security, interlia for the due payment by the company to the bank
of its credit facilities aggregating to Rs. 10.000 Millions together with
interest, additional interest, and all other moneys and expenses payable by
the company to the bank. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.90 |
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1 |
Rs.80.78 |
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Euro |
1 |
Rs.55.18 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
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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46 |
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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