MIRA
INFORM REPORT
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Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SMRITI APPARELS PRIVATE LIMITED |
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Registered Office : |
B-92, Malviya Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.06.2003 |
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Com. Reg. No.: |
120744 |
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CIN No.: [Company
Identification No.] |
U18101DL2003PTC120744 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS14277E |
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PAN No.: [Permanent
Account No.] |
ACVPA8537F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of leather garments, accessories and finished leathers |
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 19000 |
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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. Director are re[ported 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 : |
B-92, Malviya Nagar, |
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e-mail: |
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Corporate Office : |
852 Udvog Vihar Phase 5, Gurgaon,-120016, |
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Tel. No.: |
91-124-5034852 |
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Fax No.: |
91-124-5035852 |
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Branches : |
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DIRECTORS
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Name : |
Ms. Meenu Arora |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
02.09.1966 |
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Date of Appointment : |
05.06.2003 |
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Name : |
Mr. Tilak Raj Arora |
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Designation : |
Director |
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Address : |
B-1/1114, Vasant Kunj, |
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Date of Appointment : |
05.06.2003 |
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Name : |
Mr. Manoj Arora |
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Designation : |
Director |
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Address : |
B-1/1114, Vasant Kunj, |
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Date of Appointment : |
05.06.2003 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Meenu Arora |
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347500 |
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Tilak Raj Arora |
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2500 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of leather garments, accessories and finished leathers |
GENERAL INFORMATION
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Bankers : |
Dena Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P M and Associates Chartered Accountant |
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Address : |
307, Kirti Deep, Nangal Raya commercial Complex Nangal Raya, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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420000 |
Equity Shares |
Rs.10/- each |
Rs.4.200 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity shares |
Rs.10/- each |
Rs.3.500
Millions |
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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3.500 |
3.500 |
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2] Share Application Money |
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0.700 |
0.000 |
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3] Reserves & Surplus |
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0.758 |
0.495 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.958 |
3.995 |
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LOAN FUNDS |
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1] Secured Loans |
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8.180 |
8.207 |
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2] Unsecured Loans |
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6.794 |
3.289 |
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TOTAL BORROWING |
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14.974 |
11.496 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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19.932 |
15.491 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.238 |
2.189 |
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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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9.925 |
7.566 |
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Sundry Debtors |
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7.272 |
10.055 |
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Cash & Bank Balances |
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0.385 |
1.210 |
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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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2.039 |
3.311 |
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Total
Current Assets |
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19.621 |
22.142 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.886 |
8.863 |
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Provisions |
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0.085 |
0.039 |
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Total
Current Liabilities |
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4.971 |
8.902 |
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Net Current Assets |
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14.650 |
13.240 |
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MISCELLANEOUS EXPENSES |
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0.044 |
0.062 |
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TOTAL |
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19.932 |
15.491 |
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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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4.022 |
5.10 |
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Current Ratio (Current Asset/Current Liability) |
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3.94 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
SMIRITI APPARELS
PRIVATE LIMITED |
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Presented By |
T. Raj Arora,
director, Smriti Apparels Private Limited Dena Bank, |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation Dated 18.12.2003 registered on 23.12.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.000 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 |
Hypothecation of
stocks of all goods raw material, semifinished , finished goods, such as
leather leather garments and other products plant and machinery stores back
debts outstanding money receivables claims etc. both present and future
belonging to the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
Goods as in col 3, and other assets to secure the diverse credit facilities
to the extent as Rs.7.000 Millions granted by bank and int 15.25% p.a with
monthly rest |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank , |
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6) Date and brief description of instrument modifying the charge |
Hypothecation
Agreement dated 14.07.2004 |
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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. |
Increase of
credit limit from Rs.7.000 Millions to Rs.17.000 Millions |
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Corporate
identity number of the company |
U18101DL2003PTC20744 |
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Name of the
company |
SMIRITI APPERELS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
B-1/1114 Vasant
Kunj, |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Dena Bank |
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Nature of
instrument creating charge |
Agreement of Hypothecations
(goods, book debts, and other movable assets) to secure multiple facilities |
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Date of
instrument Creating the charge |
05.07.2006 |
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Amount secured by
the charge |
Rs.6.500 Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Term loan:
Interest@ 13.25%p.a (BPLR+ 1.75%) Margin : 10% Letter of Credit
(Inland/ foreign)- Commission as per H.O. Guidelines, Margin-10% |
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Description of
the property charged |
Plant and
Machinery Stock in trade Book Debts Other |
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Particulars of
the property charged |
Hypothection of
Plant and machinery purchased or to be purchased with the utilization of Term
Loan Hypothecation of stocks of al goods, raw material,, semi finished,
finished goods, such as leather, leather garments and other products, plant
and machinery, stores book- debts, outstanding , moneys, receivables, claims,
etc. to or in movable properties and movable assets both present and future,
belonging to the company. |
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. |
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1 |
Rs. |
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Euro |
1 |
Rs. |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
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PAID-UP CAPITAL |
1~10 |
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OPERATING SCALE |
1~10 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
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--PROFITABILIRY |
1~10 |
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--LIQUIDITY |
1~10 |
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--LEVERAGE |
1~10 |
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--RESERVES |
1~10 |
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--CREDIT LINES |
1~10 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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--LITIGATION |
YES/NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
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--EXPORT ACTIVITIES |
YES/NO |
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--AFFILIATION |
YES/NO |
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--LISTED |
YES/NO |
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--OTHER MERIT FACTORS |
YES/NO |
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TOTAL |
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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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