MIRA INFORM REPORT

 

 

 

Report Date :

19.08.2008

 

IDENTIFICATION DETAILS

 

Name :

PRIME WEAR INDIA

 

 

Registered Office :

A-4, Nanddham Industrial Estate, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

04.11.1999

 

 

IEC No.:

0304018872

 

 

PAN No.:

[Permanent Account No.]

AAHFP1120B

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Manufacturers of Disposable Drapes and Packs.

 

 

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 5545

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed concern meeting its normal commitments timeously. Trade relations are fair. Business is active.

 

The concern can be considered good for normal business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Nilesh Shah

Designation :

Partner

Contact No.:

Mobile no.91-9869071942

Date :

08.08.2008

 

 

LOCATIONS

 

Registered Office :

A-4, Nanddham Industrial Estate, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India.

Tel. No.:

91-22-66977102/ 103

Mobile No.:

91-9869071942

Fax No.:

91-22-66921275

E-Mail :

primewear@hotmail.com

Website :

www.primewearindia.com

www.indiamart.com/primewear

www.trustseal.org/members/primewear

Area :

1117 sq ft

Location :

Owned

 

 

Factory 2 :

107, Bhullar Star Premises, Near Sakinaka Telephone Exchange, Andheri (East), Mumbai – 400 072, Maharashtra, India.

Tel. No.:

91-22-28592980

Fax No.:

91-22-28592980

Area :

715 sq ft

Location :

Owned

 

 

PARTNERS

 

Name :

Mr. Nilesh Suresh Shah

Designation :

Partner

Address :

46, 4th Floor, Warden Court, 79-81, Mumbai – 400 036, Maharashtra, India.

Date of Birth/Age :

37 Years

Qualification :

B.Com

 

 

Name :

Mrs. Hetal Nilesh Shah

Designation :

Partner

Address :

46, 4th Floor, Warden Court, 79-81, Mumbai – 400 036, Maharashtra, India.

Date of Birth/Age :

34 Years

Qualification :

B.Com

 

 

Name :

Ms. Neha Sanjiv Shah

Designation :

Partner

Address :

B-306, Gulshan Building, Juhu, Andheri (West), Mumbai, Maharashtra, India.

Date of Birth/Age :

38 Years

Qualification :

B.Com

 

 

Name :

Mr. Parag Navin Shah

Designation :

Partner

Address :

B-201, Meera Darshan, Vile Parle (East), Mumbai – 400 057, Maharashtra, India.

Date of Birth/Age :

40 Years

Qualification :

B.Com

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Disposable Drapes and Packs.

 

 

Products :

·       Opthalmic

·       General Surgery

·       Cardiovascular / Cardiac

·       Orthopedic

·       Gynac

·       Kits

·       Gowns

·       Urology

·       Neurology / Eent / Head & Neck

·       Universal / Multi Procedural

·       Equipment Covers

·       Mask / Caps

 

 

Terms :

 

Selling :

Credit 30 days

 

 

Purchasing :

Credit 30 days

 

 

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers

 

 

No. of Employees :

14 (in office-4, In factory-10)

 

 

Bankers :

·       Syndicate Bank

·       ICICI Bank

 

 

Facilities :

Satisfactory

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

A.I. Kapadia and Associates

Chartered Accountants

 

 

Associates/Subsidiaries :

NIL

 

 

 

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Mrs. Hetal Nilesh Shah

Rs.0.044 Million

Ms. Neha Sanjiv Shah

Rs.0.038 Million

Mr. Nilesh Suresh Shah

Rs.0.458 Million

Mr. Parag Navin Shah

Rs.0.569 Million

TOTAL

Rs.1.109 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

 

 

1.109

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

1.109

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

2.300

TOTAL BORROWING

 

 

2.300

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

3.409

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

2.377

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

1.686

 

Sundry Debtors
 

 

1.563

 

Cash & Bank Balances
 

 

0.297

 

Other Current Assets
 

 

0.654

 

Loans & Advances
 

 

0.000

Total Current Assets
 

 

4.200

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

3.011

 

Provisions
 

 

0.157

Total Current Liabilities
 

 

3.168

Net Current Assets
 

 

1.032

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

3.409

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover

 

 

9.761

Other Income

 

 

0.000

Total Income

 

 

9.761

 

 

 

 

Profit/(Loss) Before Tax

 

 

0.109

Provision for Taxation

 

 

--

Profit/(Loss) After Tax

 

 

0.109

 

 

 

 

Expenditures :

 

 

 

 

Purchases made for re-sale

 

 

8.505

 

Salaries & Bonus

 

 

0.265

 

Interest

 

 

0.368

 

Insurance Expenses

 

 

0.023

 

Depreciation & Amortization

 

 

0.285

 

Other Expenditure

 

 

1.016

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2007

PAT / Total Income

(%)
 

 

1.12

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

1.12

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

1.66

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.10

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

4.93

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.33

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

TRUSTSEAL ACCEPTANCE CHART:

 

Parameters

Detail

Existence Verification

 

Name

PRIME WEAR INDIA

Address

A-4, Nanddham Industrial Estate, Marol Maroshi Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India.

Phone/Mobile Numbers

91-22-66977102

Fax Numbers

91-22-66921275

 

 

Statutory Approvals

 

Legal Status Of Firm

Partnership Firm

Income Tax Registration

AAHFP1120B

Central Sales Tax Registration

27490018642C dt. 01.04.2006

Service Tax Registration

NA

VAT/ TIN Registration

27490018642V dt. 01.04.2006

Excise Registration

NA

Import Export Code

0304018872

Name Of the Bank

Syndicate Bank

Current Account Number

50231010003580

Account Since

1999

Emp PF Reg Number

NA

Company ESI Reg. Number

NA

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.43.23

UK Pound

1

Rs.80.89

Euro

1

Rs.63.80

 

 

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

NO

--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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions