MIRA
INFORM REPORT
|
Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SWASTIK KNITS PRIVATE LIMITED |
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Registered Office : |
4844/24, Western Ground Floor, Ansari Road, Darya Ganj, New Delhi –
110002 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.05.1997 |
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Com. Reg. No.: |
55-87478 |
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CIN No.: [Company
Identification No.] |
U18101DL1997PTC087478 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS12750D |
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PAN No.: [Permanent
Account No.] |
AACCS0513R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Knitwears Garments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 87500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Company’s profitability is under severe pressure having good amount of accumulated
losses. Payments are reported as slow at times but correct. The company can be considered for small to mediocre business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. P V Murlidaran |
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Designation : |
Accounts Manager |
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Date : |
05.08.2008 |
LOCATIONS
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Registered Office : |
4844/24, Western Ground Floor, Ansari Road, Darya Ganj, New Delhi –
110002 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
C – 120/121, Hosiery Complex, Phase – II, Noida, Uttar Pradesh, India |
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Tel. No.: |
91-120-2563610/11 |
DIRECTORS
|
Name : |
Mrs. Dr. Madhu Gupta Shastri |
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Designation : |
Director |
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Address : |
C-18, Sector 26, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
17.08.1947 |
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Date of Appointment : |
27.02.2006 |
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Name : |
Mr. Rajendra N Goela |
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Designation : |
Managing Director |
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Address : |
C-18, Sector 26, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
29.06.1936 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Arun Kumar Goela |
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Designation : |
Managing Director |
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Address : |
D-154, Sector 26, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
18.05.1955 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Jeewan Lal Goela |
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Designation : |
Director |
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Address : |
B-22, Sector 26, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
02.09.1938 |
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Date of Appointment : |
28.09.2001 |
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Name : |
Mr. Samit Goela |
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Designation : |
Director |
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Address : |
E-17 Greater Kailash – I, New Delhi, India |
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Date of Birth/Age : |
07.12.1972 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Amit Goela |
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Designation : |
Director |
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Address : |
E-17 Greater Kailash – I, New Delhi, India |
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Date of Birth/Age : |
07.12.1972 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Vijay Kumar Goela |
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Designation : |
Director |
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Address : |
B-222 Sector 26, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
27.12.1970 |
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Date of Appointment : |
28.09.2001 |
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Name : |
Mr. Hari Bhalwar |
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Designation : |
Director |
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Name : |
Mr. Munish Palsaran Bhalwar |
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Designation : |
Director |
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Address : |
C-202, Agrasen Apartment, 66 I P Extension Patparganj, Delhi – 110092,
Delhi, India |
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Date of Birth/Age : |
30.06.1957 |
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Date of Appointment : |
30.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Mittal |
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Designation : |
Company Secretary |
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Address : |
House No. 11684, Gali No. 2, Satnagar, Karol Bagh, New Delhi – 110005,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
|
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|
R. N. Goela |
370000 |
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Dr. Madhu Gupta Shastri |
200000 |
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Arun Kumar Goela |
60000 |
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Samit Goela |
60000 |
|
Amit Goela |
60000 |
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Total |
750000 |
Equity share breakup (Percentage of total equity)
(As on 31.03.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Knitwears Garments. |
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Products : |
Garments |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (30-45 days)_ |
GENERAL
INFORMATION
|
Customers : |
v Wholesalers v Retailers v CMT Limited v Generos De Punto
Sprotivio SL v Alumnia Textil
SA v Creaciones Demar
SA v Tritema SI v Giher Textil
Calella SA |
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No. of Employees : |
50 |
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Bankers : |
v Indian Overseas
Bank Arjun Vihar, AVCC
Sector 37, Noida – 201302, Uttar Pradesh, India v Punjab National
Bank v State Bank of
India v Oriental Bank of
Commerce |
|
Auditors : |
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|
Name : |
M. Mohan and Company Chartered Accountant |
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Address : |
C-3, Amar Colony Market, Lajpat Nagar, New Delhi – 110024, India |
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Name : |
H. R. Surendra and Company Chartered Accountant |
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Address : |
F-11/B, Sector – 27, Noida, Uttar Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
225000 |
Equity Shares |
Rs. 100/- each |
Rs. 22.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1750000 |
Equity Shares |
Rs. 10/- each |
Rs. 17.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
17.500 |
17.500 |
17.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.500 |
17.500 |
17.500 |
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LOAN FUNDS |
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1] Secured Loans |
24.224 |
22.556 |
13.104 |
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2] Unsecured Loans |
37.601 |
28.111 |
24.611 |
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TOTAL BORROWING |
61.825 |
50.667 |
37.715 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
79.325 |
68.167 |
55.215 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.262 |
25.402 |
24.621 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.943
|
49.496 |
27.196 |
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Sundry Debtors |
10.517
|
3.193 |
2.295 |
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Cash & Bank Balances |
0.485
|
1.459 |
1.143 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.317
|
1.972 |
1.794 |
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Total
Current Assets |
22.262
|
56.120 |
32.428 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.163
|
14.455 |
3.777 |
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Provisions |
1.075
|
0.000 |
0.000 |
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Total
Current Liabilities |
1.238
|
14.455 |
3.777 |
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Net Current Assets |
21.024
|
41.665 |
28.651 |
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MISCELLANEOUS EXPENSES |
0.014 |
0.018 |
0.028 |
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Profit and Loss Accounts |
34.025 |
1.082 |
1.915 |
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TOTAL |
79.325 |
68.167 |
55.215 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
64.207 |
77.257 |
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Other Income |
|
0.000 |
2.896 |
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Total Income |
|
64.207 |
80.153 |
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Profit/(Loss) Before Tax |
|
(32.812) |
1.033 |
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Provision for Taxation |
|
0.000 |
0.200 |
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Profit/(Loss) After Tax |
|
(32.812) |
0.833 |
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Expenditures : |
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Financial Charges |
|
3.986 |
3.568 |
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Other Expenditure |
|
93.033 |
75.552 |
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Total Expenditure |
|
97.019 |
79.120 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(51.10)
|
1.04 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
(51.10)
|
1.34 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(51.10)
|
0.01 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.87)
|
0.06 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.07
|
0.82 |
0.22 |
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Current Ratio (Current Asset/Current Liability) |
|
17.98
|
3.88 |
8.59 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from B-100 Pundrik Viharsarswati Vihar, Delhi –
110034, India to the present address w.e.f.06.03.2007
Trade Reference:
- Bharat Ram Raj Kumar and Company, Delhi
- AP Securities, Delhi
Form 8:
|
Corporate
identity number of the company |
U18101DL1997PTC087478 |
|
Name of the
company |
SWASTIK KNITS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B-100 Pundrik
Viharsarswati Vihar, Delhi – 110034, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Equitable
Mortgage or mortgage of property by depositing the title deeds |
|
Particular of
charge holder |
Indian Overseas
Bank Arjun Vihar, AVCC
Sector 37, Noida – 201302, Uttar Pradesh, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation (F-110A) Letter of Hypothecation (F110E) Confirmaion Letter
Supplemental Mortgage created on 21.03.2006 |
|
Date of instrument
Creating the charge |
21.03.2006 |
|
Amount secured by
the charge |
Rs.8.500 Millions |
|
Particulars of
the property charged |
Em C-120/121 Hosiery
Complex, Phase – II, Noida, Uttar Pradesh, India |
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 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. 43.23 |
|
UK Pound |
1 |
Rs. 80.89 |
|
Euro |
1 |
Rs. 63.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|