MIRA
INFORM REPORT
|
Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
YASH TEXTILES PRIVATE LIMITED |
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Registered Office : |
43, Surve Industrial Estate, Sonawala X Lane, Goregaon (East),
Mumbai-400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.10.1996 |
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Com. Reg. No.: |
11-103413 |
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CIN No.: [Company
Identification No.] |
U17200MH1996PTC103413 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporters of readymade garments |
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 29000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company has improved it’s performance by wiping out previous losses. Its trade
relations are fair. Payments are reported as slow but correct. However the company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
43, Surve Industrial Estate, Sonawala X Lane, Goregaon (East),
Mumbai-400063, Maharashtra, India |
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Tel. No.: |
91-22-26864919/ 56941719 |
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Mobile No.: |
91-9820009593 |
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Fax No.: |
91-22-26860183 |
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E-Mail : |
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Shop : |
Shop
No. 24, Gyoneshwari, Aarey Road, Goregaon (E), Mumbai – 400063, Maharashtra,
India |
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Tel. No.: |
91-22-28788454 |
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Fax No.: |
91-22-28747193 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay
Prabhakar Joshi |
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Designation : |
Director |
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Address : |
C/14, OM Shri
Yashodhan, J P Nagar, RD 5, Goregaon (E), Mumbai – 400063, Maharashtra, India
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Date of Birth/Age : |
19.12.1958 |
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Date of Appointment : |
18.10.1996 |
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Name : |
Mr. Rajan Prabhakar Joshi |
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Designation : |
Director |
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Address : |
C – 14/16, Doodh
Sagar Society, Ciba Road, Goregaon (E), Mumbai – 400065, Maharashtra, India |
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Date of Birth/Age : |
10.09.1962 |
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Date of Appointment : |
18.10.1996 |
KEY EXECUTIVES
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Name : |
Mr. Rajankumar Joshi |
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Designation : |
Chief Executive
Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2002
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Names of Shareholders |
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No. of Shares |
|
Vijay Prabhakar Joshi |
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5000 |
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Rajan Prabhakar Joshi |
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5000 |
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Total |
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10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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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 and exporters of readymade garments |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
Bank of Maharashtra, Goregaon (West) Branch, A.B. Goregaonkar School
Complex, Mumbai-400062, Maharashtra, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
A J Baliya and Associates Chartered Accountant |
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Address : |
1, Gala Tower, Bhai Balmukund Marg, Opposite, Jahing Theartre,
Chinchpokli (East), Mumbai-400012, Maharashtra, India |
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Tel. No.: |
91-22-23735011 /
23731935 |
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Fax No.: |
91-22-23732462 |
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E-Mail : |
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Memberships : |
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CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
5.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.952 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[0.832] |
[1.834] |
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NETWORTH |
5.952 |
[0.732] |
[1.734] |
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LOAN FUNDS |
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1] Secured Loans |
8.231 |
5.204 |
0.827 |
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2] Unsecured Loans |
0.596 |
5.560 |
4.950 |
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TOTAL BORROWING |
8.827 |
10.764 |
5.777 |
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DEFERRED TAX LIABILITIES |
0.030 |
0.000 |
0.000 |
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TOTAL |
14.809 |
10.032 |
4.043 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.992 |
0.387 |
0.293 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.120 |
0.040 |
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 |
10.872
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10.811 |
2.343 |
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Sundry Debtors |
5.780
|
4.342 |
1.098 |
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Cash & Bank Balances |
0.389
|
0.094 |
0.146 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.663
|
1.386 |
1.529 |
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Total
Current Assets |
18.704
|
16.633 |
5.116 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.462
|
6.967 |
1.370 |
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Provisions |
0.628
|
0.064 |
0.000 |
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Total
Current Liabilities |
5.090
|
7.031 |
1.370 |
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Net Current Assets |
13.614
|
9.602 |
3.746 |
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MISCELLANEOUS EXPENSES |
0.083 |
0.003 |
0.004 |
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TOTAL |
14.809 |
10.032 |
4.043 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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40.018 |
21.631 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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40.018 |
21.631 |
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Profit/(Loss) Before Tax |
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2.391 |
1.085 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.391 |
1.085 |
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Earnings in Foreign Currency : |
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Export Earnings |
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30.243 |
16.850 |
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Commission Earnings |
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1.802 |
0.740 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
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32.045 |
17.590 |
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Total Imports |
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Expenditures : |
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Interest |
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0.704 |
0.490 |
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Depreciation & Amortization |
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0.151 |
0.075 |
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Other Expenditure |
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36.772 |
19.981 |
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Total Expenditure |
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37.627 |
20.546 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.97
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5.02 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.97
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5.02 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.13
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20.05 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.40
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[1.48] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.34
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[24.31] |
[3.12] |
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Current Ratio (Current Asset/Current Liability) |
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3.67
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2.36 |
3.73 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v Furniture and Fixture
v Plant and Machinery
v
Computer
Bankers Charges
Report as per Registry
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Name of the company |
YASH TEXTILES PRIVATE LIMITED |
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Presented By |
Jointly by the
Company and Bank of Maharashtra |
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1) Date and description of instrument creating the change |
Composite Deed of
Hypothecation for all facilities dated 19th September, 2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 Million |
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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 |
First and
exclusive charge and security by way of hypothecation security charge in
favour of the bank over the Borrowers gods, stocks in process, semi finished
and finished goods, stores, and spares not relating to Plant and Machinery
(Consumable Stores and Spares), stock in trade, goods in process, book debts
and all of the Borrower’s other movable assets and properties both present ad
future situated or located at any place and now lying, being, affixed or
installed at any place at any time and the Borrower’s goodwill and all
outstanding monies, claims, receivables, book debts due or become due to the
borrower at any time or form time to time and all the borrower’s rights,
titles or interest therein. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Details of
credit facility as under Short Term Loan –
Rs. 0.400 Millions 2. Interest @
15.25% p.a. and Margin 25% 3. Security to
cover principal amount together with interest, costs, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of
Maharashtra, Goregaon (west) branch, Mumbai-400062, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U17200MH1996PTC103413 |
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Name of the
company |
YASH TEXTILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
43, Surve Industrial Estate, Sonawala X Lane, Goregaon (East),
Mumbai-400063, Maharashtra, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Bank of
Maharashtra, Goregaon (west) branch, Mumbai-400062, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Composite Deed of
Hypothecation for all facilities dated 01.11.2007 |
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Date of
instrument Creating the charge |
01.11.2007 |
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Amount secured by
the charge |
Rs. 1.000 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14.25% Terms of
Repayment On before
30.11.2007 Margin Nil Extent and
Operation of the charge Short Term Loan
of Rs. 1.000 Million |
AS PER WEBSITE
Profile:
They Subject are one of world's renowned manufacturer,
exporter, importer and supplier of Uniforms, Coverall, Nomax Garments, Jeans, Casual Pants, Winter Jackets
with Wadding & Lining of international quality. They offer the most
awesome collection of uniquely designed garments and uniforms for all purposes
and occasions. In 1997, they came up with an idea to manufacture the best
combination of style and quality garments
& uniforms at highly reasonable. Within a very short span of
time, they have reached at the highest peak of success and recognition. The
entire credit goes to their efficient management, skilled labors, creative
designers and alert R&D personnels.
Product
In the arena of garments
and textile industry, they have created a remarkable position for
their products. The secret lies in highly reliable quality of their products.
To maintain that, they take precautions from the very first stage i.e. while
purchasing the raw-materials. Fabrics, threads, ornaments, and other required
materials are sourced out from reputed companies and thoroughly checked by
their keen supervisors.
Dynamic Attitude
Since establishment, they have been following an extremely dynamic
attitude towards their profession. Adaptiveness is one of their core policies
and they firmly believe in absorbing new developments occurring in the
industrial sector. Highly enthusiastic approach of their team members adds up
to their active approach. Launch of innovative patterns on regular intervals in
their range of uniforms,
coverall, nomax garments, jeans, casual pants, winter jackets with wadding
& lining is the
outcome of their meticulous working.
- They can give
their customers unlimited reasons to choose them, such as :
- They have
self-sufficient production unit, consisting state-of-the-art machineries
and equipments.
- They have a
strong back up support of qualified and trained employees.
- The fabrics
and other raw-materials are as per international standards of perfection.
- They believe in
experimenting and developing something new and innovative.
- They offer
best quality at highly reasonable prices.
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.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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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 |
|
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 |
|