MIRA
INFORM REPORT
|
Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN SEAM TEXTILES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
154-155, Kewal Industrial Estate, Senapati Bapat Road, Lower Parel, Mumbai
– 400012, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
26.03.2004 |
|
|
|
|
Com. Reg. No.: |
11-145341 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17120MH2004PTC145341 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG09610G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCG1114E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Fabrics and 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 : |
USD 91000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track.
Directors are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are fair. Payments are reported as
slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
154-155, Kewal Industrial Estate, Senapati Bapat Road, Lower Parel,
Mumbai – 400012, Maharashtra, India |
|
Tel. No.: |
91-22-24949398 / 24949381 / 24952124 / 30409191 |
|
Fax No.: |
91-22-24937236 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
No. 45, Heggadadevanapura Village, Golden Palm Resort Road, Off Tumkur
Road, Bangalore – 562123, Karnataka, India
|
|
Tel. No.: |
91-80-23713451 / 52 |
|
Fax No.: |
91-80-23713454 |
DIRECTORS
|
Name : |
Mr. Purushottam Mahdhana |
|
Designation : |
Director |
|
Address : |
23, Mount Unique, 65-A, Peddar Road, G. D. Marg, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
06.07.1955 |
|
Date of Appointment : |
26.03.2004 |
|
|
|
|
Name : |
Mr. Manish Mandhna |
|
Designation : |
Director |
|
Address : |
31, Mount Unique, 62-A, Peddar Road, G. D. Marg, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
28.09.1968 |
|
Date of Appointment : |
23.06.2004 |
|
|
|
|
Name : |
Mr. Sanjeev Mukhija |
|
Designation : |
Director |
|
Address : |
Mukhija Chambers, 5, Saraswati Marg, |
|
Date of Birth/Age : |
13.03.1972 |
|
Date of Appointment : |
26.03.2004 |
|
|
|
|
Name : |
Mrs. Minal R. Mukhija |
|
Designation : |
Director |
|
Address : |
Mukhija Chambers, 5, Saraswati Marg, |
|
Date of Appointment : |
26.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Purushottam Mahdhana |
|
62500 |
|
Manish Mandhna |
|
62500 |
|
Sanjeev Mukhija |
|
62500 |
|
Minal Mukhija |
|
62500 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Fabrics and Garments |
GENERAL INFORMATION
|
No. of Employees : |
About 250 |
|
|
|
|
Bankers : |
Overseas Branch, Mittal Court,
Nariman Point, Mumbai – 400021,
Industrial Finance Branch, Bharat house,
Fort, Mumbai – 400001, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sudha P. Navandar Chartered Accountants |
|
Address : |
5549/203, Amar Jyot, Hig Colony, Opposite Odeon, Ghatkopar East,
Mumbai – 400075, |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,990,000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.900 Millions |
|
10,000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.100 Million |
|
|
Total |
|
Rs. 20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,450,000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
14.500 |
2.500 |
|
|
2] Share Application Money |
|
0.000 |
2.000 |
|
|
3] Reserves & Surplus |
|
8.346 |
3.005 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
22.846 |
7.505 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
106.732 |
6.443 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
106.732 |
6.443 |
|
|
DEFERRED TAX LIABILITIES |
|
2.412 |
0.041 |
|
|
|
|
|
|
|
|
TOTAL |
|
131.990 |
13.989 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
105.331 |
1.144 |
|
|
Capital work-in-progress |
|
0.000 |
0.687 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
40.153 |
19.165 |
|
|
Sundry Debtors |
|
3.256 |
2.426 |
|
|
Cash & Bank Balances |
|
3.260 |
0.194 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
14.768 |
1.578 |
|
Total
Current Assets |
|
61.437 |
23.363 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
33.461 |
10.030 |
|
|
Provisions |
|
1.317 |
1.175 |
|
Total
Current Liabilities |
|
34.778 |
11.205 |
|
|
Net Current Assets |
|
26.659 |
12.158 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
131.990 |
13.989 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover [Estimated] |
|
150.000 |
130.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.19 |
2.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.77 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
GOLDEN SEAM TEXTILES
PRIVATE LIMITED |
||||||||
|
Presented By |
Jointly by Company and Charge Holder |
||||||||
|
1) Date and description of instrument creating the change |
Common Deed of
Hypothecation of movable / assets /
debts dated 22.12.2004 |
||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 27.000
Millions Rs in Millions
|
||||||||
|
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 stock
in trade of the company meant for exports Hypothecation
of export receivables Hypothecation of
all movable fixed assets comprised of furniture and fixture, office
equipments, computers and accessories etc. Both present and future belonging
to the company by way of first charge exclusively. |
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
@ 16 % p.a. being 5.50 % over and above the Corporation Bank benchmark advance
rate which is 10.50 % p.a. subject to change over terms and conditions same
as per the agreement attached and as per banks sanction letter. |
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Industrial Finance Branch, Bharat house, Fort, Mumbai – 400001, |
||||||||
|
6) Date and brief description of instrument modifying the charge |
NA |
||||||||
|
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. |
NA |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U17120MH2004PTC145341 |
|
Name of the
company |
GOLDEN SEAM TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
154-155, Kewal Industrial Estate, Senapati Bapat Road, Lower Parel,
Mumbai – 400012, Maharashtra |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Bank of Overseas Branch, Mittal Court, Nariman Point, Mumbai – 400021, |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
packing credit facility and hypothecation |
|
Date of
instrument Creating the charge |
20.03.2007 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 8.50 %
p.a. for the first 180 days and thereafter @ 11 % p.a. on such extended
period as the bank may grant not exceeding 270 days and thereafter @ 11.50 %
p.a. Terms of
repayment As per bank rules
Margin As per RBI / H.O.
Rules Extent operation
of the charge Security to cover
principal amount together with interest, costs, charges and expenses
etc. |
|
Short particulars
of the property charged |
Hypothecation of
Stock of raw Materials, Finished / semi finished goods |
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.39.47 |
|
|
1 |
Rs.80.59 |
|
Euro |
1 |
Rs.56.18 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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. |
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 |
|