MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SWAMI TEXTILE PRIVATE LIMITED |
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Registered Office : |
418-B, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.06.1996 |
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Com. Reg. No.: |
16-18342 |
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CIN No.: [Company
Identification No.] |
U17111PB1996PTC018342 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDS01617A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers an Exporters of Fashion Accessories and Home Furnishing |
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 27000 |
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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 experience 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 : |
418-B, |
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Tel. No.: |
91-161-2678586 / 6577688 |
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Mobile No.: |
91-9815381154 / 9815165200 |
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E-Mail : |
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Website : |
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Corporate Office : |
B- V 118, Chownk Madhopuri, |
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Factory : |
D – 336, Phase – VIII, Focal Point, |
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Tel. No.: |
91-161-5011683 |
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Fax No.: |
91-161-2678586 |
DIRECTORS
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Name : |
Ms. Rakhi Jain |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
13.06.1996 |
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Name : |
Mr. Padam Jain |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
16.06.1996 |
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Name : |
Mr. Subash Chander Jain |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
13.06.1996 |
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Name : |
Mr. Ashish Jain |
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Designation : |
Director |
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Address : |
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Qualification : |
B. Tech Polymer Science |
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Date of Appointment : |
03.10.2003 |
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Name : |
Mr. Amit Jain |
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Designation : |
Director |
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Qualification : |
B. Tech Textiles |
KEY EXECUTIVES
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Name : |
Ms. Harvinder Kaur |
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Designation : |
Company Secretary |
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Address : |
1107/1, Street No. 6, Gurdev Nagar, |
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Tel No.: |
91-161-2420650 |
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Mobile No.: |
91-9814083043 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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S C jain |
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125000 |
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Ashish Jain |
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61000 |
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Padam Jain |
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31000 |
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S Jain |
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29000 |
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Rakhi Jain |
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500 |
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S C Jain and Sons |
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3500 |
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Amit Jain |
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270000 |
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Total |
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520000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers an Exporters of Fashion Accessories and Home Furnishing |
GENERAL INFORMATION
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Bankers : |
State Bank of SME Civil Lines, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vivek Manav and Associates Chartered Accountants |
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Address : |
1107-1, Street No. 6, Gurdev Nagar, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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520,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.200 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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520,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.200 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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5.200 |
5.200 |
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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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1.676 |
0.755 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.876 |
5.955 |
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LOAN FUNDS |
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1] Secured Loans |
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12.070 |
0.654 |
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2] Unsecured Loans |
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5.601 |
4.506 |
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TOTAL BORROWING |
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17.671 |
5.160 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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24.547 |
11.115 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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19.374 |
6.412 |
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DEFERREX TAX ASSETS |
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0.346 |
0.339 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.764 |
1.616 |
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Sundry Debtors |
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1.316 |
1.452 |
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Cash & Bank Balances |
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0.035 |
0.097 |
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Loans & Advances |
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2.218 |
3.467 |
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Total
Current Assets |
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11.333 |
6.632 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.508 |
2.272 |
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Provisions |
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Total
Current Liabilities |
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6.508 |
2.272 |
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Net Current Assets |
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4.825 |
4.360 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.004 |
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TOTAL |
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24.547 |
11.115 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
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14.755 |
6.948 |
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Total Income |
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14.755 |
6.948 |
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Profit/(Loss) Before Tax |
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0.989 |
0.339 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.989 |
0.339 |
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Earnings in Foreign Currency : |
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In Euro |
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92,695.080 |
NA |
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In USD |
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1,840.000 |
NA |
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Imports : |
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In Euro |
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69,500 |
NA |
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In USD |
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37,500 |
NA |
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Expenditures : |
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Interest |
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0.745 |
0.074 |
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Depreciation & Amortization |
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0.559 |
0.190 |
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Other Expenditure |
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12.462 |
6.345 |
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Total Expenditure |
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13.766 |
6.609 |
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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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PAT / Total Income |
(%) |
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6.70 |
4.88 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.70 |
4.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.22 |
2.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.52 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.74 |
2.92 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SWAMI TEXTILE
PRIVATE LIMITED |
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Presented By |
Amit Jain |
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1) Date and description of instrument creating the change |
14.05.1997 Agreement for
Grant of Small Industrial Advances for working capital advance general
agreement for Small Industrial Advances and Hypothecation of movable book
debts and other assets for working capital finance. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
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 |
Hypothecation of
present and future goods, book debts, movables and other assets of borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest to be
charged at 2 % above SBI advanced rate 0.50 % interest tax min 16.50 % p.a.
repayable on demand Margin 25 % Extent of
Operation 100 % Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Chaura Bazar, |
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6) Date and brief description of instrument modifying the charge |
25.08.2005 Agreement for
grant of small industrial advances and hypothecation of movables, book debts
and other assets. |
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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. |
Limits increased
as under : Rs. 4.800
Millions SLC Rs. 0.800
Millions CC Cash Credit
stocks Rs. 2.500 Millions CC Book Debts Rs.
2.000 Millions Together not to
exceed Rs. 4.000 Millions Rate of interest
1.20 % above State Bank of |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U17111PB1996PTC018342 |
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Name of the
company |
SWAMI TEXTILE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
B- V 118, Chownk Madhopuri, |
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Type of charge |
Movable Property |
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Particular of
charge holder |
State Bank of SME Civil Lines, |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
16.04.2007 |
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Amount secured by
the charge |
Rs. 6.250
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Term Loan 12.25 %
p.a. at monthly rests Terms of
repayment Repayable in 57
installment of Rs. 0.110 Millions each Starting form
25.06.2007 Last Installment
due on 25.03.2012 Margin 29.17 % Extent operation
of the charge 100 % |
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Short particulars
of the property charged |
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AS PER WEBSITE
Profile
Subject specialization is in designing and conceiving of fabrics right
from the fibers stage to their end use best suited for their feel and looks.
R & D
Well supported by qualified professional their yearly Expenditure for R
& D involves their 20 % of their Annual turnover, which gives them a lead
in product development and the specialization in the respective area of their
products.
Infrastructure
Fully integrated unit with In-house Spinning, Weaving, Dyeing and
Process house, with 120 Powerlooms, 40 Handlooms and 13 [DOUBLE WIDTH 340 CM] Shuttle-less
Dornier Rapier Looms.
Products
Home Furnishings [Tapestry Fabrics, Curtain, Throws], Fashion
Accessories [Shawls, Scarves, Mufflers, etc] and Textile yarns with
compositions as wide as [Wool, Mohair Acrylic, Polyester, Cotton, Viscose, Modal,
Linen, Bamboo Fiber, etc.]
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.39.31 |
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1 |
Rs.79.95 |
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Euro |
1 |
Rs.55.71 |
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 |
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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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. |
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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