MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
CREATIVE TRENDZ PRIVATE LIMITED |
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Registered Office : |
Plot No.1-8, Sai Krupa Society, Survey No.166, Opposite Prime Co-operative
Bank, Fulpada, A.K. Road, Surat – 395 008, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
03.04.2006 |
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Com. Reg. No.: |
04-48058 |
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CIN No.: [Company
Identification No.] |
U17110GJ2006PTC048058 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTC00939B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer
and Exporter of embroidered fabrics |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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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 240000 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively a new company having moderate track. Company’s
profitability is under severe pressure. General financial position is weak
having good amount of accumulated losses. However no complaints have been
heard. The company can be considered for small to mediocre business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Nitesh D. Patel |
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Designation : |
Assistant Accountant |
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Date : |
08.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No.1-8, Sai Krupa Society, Survey No.166, Opposite Prime
Co-operative Bank, Fulpada, A.K. Road, Surat – 395 008, Gujarat, India |
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Tel. No.: |
91-261 – 2487474 |
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Fax No.: |
91-261 – 2487474 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Jayesh D. Mistry |
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Designation : |
Director |
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Address : |
Gangotri Society, Near Gandhi Kutir, Bhatar Road, Surat, Gujarat,
India |
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Date of Birth/Age : |
06.04.1964 |
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Date of Appointment : |
03.04.2006 |
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DIN or Income-tax PAN : |
00007747 |
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Name : |
Mr. Rameshbhai R. Bhadani |
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Designation : |
Director |
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Address : |
Plot No.9, Dhanamal Compound, Varachha Road, Surat, Gujarat, India |
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Date of Birth/Age : |
01.06.1968 |
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Date of Appointment : |
03.04.2006 |
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DIN or Income-tax PAN : |
00007740 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2008
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Names of Shareholders |
No. of Shares |
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Jayesh D. Mistry |
1799951 |
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Mayaben Mistry |
177303 |
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Vimal Mistry |
850962 |
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Pravinbhai Bhadhani (HUF) |
688510 |
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Vijaybhai Bhadhani |
578500 |
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Arunaben Bhadhani |
564500 |
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Ramesh Bhadhani |
14 |
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Parshotambhai Dhami |
555132 |
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Suresh Tex-Fab Private Limited |
1068457 |
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Virumatiben Mistry |
23233 |
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Sanjay Mistry |
23233 |
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Chetan Mistry |
25298 |
As on 30.09.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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16.81 |
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Directors
or relatives of directors |
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74.45 |
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Other
top fifty shareholders |
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8.74 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of embroidered fabrics |
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Exports : |
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Countries : |
Dubai, Singapore, Indonesia |
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Imports : |
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Products : |
Yarn, Plastic Foil Film |
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Countries : |
Switzerland, China, Korea |
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Terms : |
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Selling : |
Credit 15-20 days |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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Bankers : |
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Facilities : |
Secured Loans :
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
D.M.S. and Vilki Associates Chartered Accountants |
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Address : |
UG – 1 and 2, Luxor Palace, Near Gandhi Smruti Bhavan, Timaliyawad,
Nanpura, Surat – 395 001, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6300000 |
Equity Shares |
Rs.10/- each |
Rs.63.000
millions |
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Of these shares 3422716 shares are issued to the
erstwhile partners of the firm on conversion of the firm into company under
Part IX for consideration other than cash)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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63.000 |
34.228 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(14.920) |
(6.107) |
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NETWORTH |
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48.080 |
28.121 |
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LOAN FUNDS |
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1] Secured Loans |
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134.303 |
74.783 |
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2] Unsecured Loans |
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70.586 |
61.458 |
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TOTAL BORROWING |
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204.889 |
136.241 |
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DEFERRED TAX LIABILITIES |
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31.600 |
12.600 |
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TOTAL |
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284.569 |
176.962 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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248.045 |
142.715 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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14.618 |
14.547 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.606 |
4.773 |
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Sundry Debtors |
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36.300 |
18.463 |
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Cash & Bank Balances |
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0.171 |
3.297 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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10.514 |
4.569 |
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Total
Current Assets |
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53.591 |
31.102 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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27.956 |
11.018 |
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Provisions |
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3.932 |
0.705 |
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Total
Current Liabilities |
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31.888 |
11.723 |
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Net Current Assets |
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21.703 |
19.379 |
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MISCELLANEOUS EXPENSES |
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0.203 |
0.321 |
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TOTAL |
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284.569 |
176.962 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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142.512 |
93.699 |
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Stock Loss Flood |
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0.000 |
1.464 |
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Other Income |
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0.665 |
0.454 |
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Total Income |
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143.177 |
95.617 |
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Profit/(Loss) Before Tax |
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12.273 |
6.589 |
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Provision for Taxation |
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20.435 |
12.696 |
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Profit/(Loss) After Tax |
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(8.162) |
(6.107) |
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Earnings in Foreign Currency : |
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Export Earnings |
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3.277 |
0.000 |
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Total Earnings |
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3.277 |
0.000 |
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Imports : |
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Raw Materials |
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84.571 |
2.652 |
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Total Imports |
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84.571 |
2.652 |
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Expenditures : |
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Material and Operating Expenses |
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89.858 |
61.973 |
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Administrative Expenses |
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9.503 |
8.838 |
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Preliminary Expenses W/off |
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0.068 |
0.068 |
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Financial Expenses |
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15.648 |
6.901 |
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Depreciation & Amortization |
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15.827 |
11.248 |
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Total Expenditure |
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130.904 |
89.028 |
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Expected Sales (2008-09): Rs.300.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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(5.70) |
(6.39) |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.61 |
7.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.88 |
3.50 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.71 |
5.26 |
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Current Ratio (Current Asset/Current Liability) |
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1.68 |
2.65 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10030378 |
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Corporate
identity number of the company |
U17110GJ2006PTC048058 |
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Name of the
company |
CREATIVE TRENDZ PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No.1-8, Survey No.166, Opposite Prime Co-operative Bank, Fulpada,
A.K. Road, Surat – 395 008, Gujarat, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
State Bank of India, Indian Finance Branch, Marble Arch, Race Course
Circle, Vadodara – 390 007, Gujarat, India E-Mail: sbiifb@iqara.net |
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Nature of
description of the instrument creating or modifying the charge |
Form C-10
Extension of Mortgage Created on 24.01.2008 |
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Date of
instrument Creating the charge |
24.01.2008 |
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Amount secured by
the charge |
Rs.217.300
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Cash Credit – at SBAR presently at 12.75% p.a. with monthly rests Term Loan (New) –
At SBAR i.e. at 12.75% p.a. with monthly rests Term Loans
(Existing) As per Section Terms Terms of
Repayment: Working Capital – on demand Term Loan (New) –
in 24 quarterly installments – first 23 of Rs.2.396 millions and last of
Rs.2.392 millions. Term Loans
(Existing) – Repayment as per original terms Margin: Raw
Material – 25% Receivables – 50% BG, BG under EPCG
– 25% Capital Goods
letter of credit – 38.02% Extent and
Operation of the charge: 1) First charge over fixed assets of the company
including land and building located at Plot No.2, Block No.24, Village
Vareli, Ta. Palsana, District Surat. AMES 2902.95 sq mts. 2) Negative Lien
over existing factory land and building located at Plot No.15, RS No. 16/2,
166/1-1 and Plot No.1, RS. No. 166/4, Fulpada Surat. |
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Short particulars
of the property charged |
1) First charge over
fixed assets of the company including land and building located at Plot No.2,
Block No.24, Village Vareli, Ta. Palsana, District Surat. AMES 2902.95 sq
mts. 2) Negative Lien
over existing factory land and building located at Plot No.15, RS No. 16/2, 166/1-1
and Plot No.1, RS. No. 166/4, Fulpada Surat.
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TRADE REFRENSES:
Dupatta Sagar – Kalbadevi
Tel. No.: 91-22-22403180
M R Collection, Surat
Contact Person: Mr. Ramesh
Mobile No.: 91-9825124977
FINANCE:
During the year, the company has continue to avail various types of credit facilities from State Bank of India. Company has also purchased two motor cars financed by ICICI Bank and one tempo loan from TML Financial Services Limited.
CURRENT YEARS PROSPECTS
AND FUTURE OUTLOOK:
The year may be considered as a year of consolidation. This year is considered as a launching pad towards the future projects of the company has undertaken some major expansion. Some of the machinery which company has planned to install are put to use during the later part of financial year. The company shall have fruits of the new project during the year to come.
CONSERVATION OF
ENERGY:
Various energy conservation measures like optimum utilization of power by avoiding loss of power, regular program machine maintenance, awareness amongst supervisory staff is made. Accordingly reasonable measures are being taken to reduce the power consumption.
FIXED ASSETS:
- Air Conditioner
- CCTV Camera
- Computer
- Electrical Installation
- Factory Building
- Fax Machine
- Furniture and Fixtures
- Motor Car
- Plant and Machinery
- Refrigerators
- Tata Tempo
- Plot - Fulpada
WEBSITE DETAILS:
PROFILE:
Creative Trendz, a name that has become synonymous with exclusive and exquisite
embroidery. Ever since its inception, Creative Trendz has carved an identity
for itself as a trend-setter with a focus on creating niche products. Every
creation is crafted intricately, catering to customer requirements. In tune
with the latest trends, the products are designed to have a truly international
appeal.
PRODUCTS:
Creative Trendz has on offer, a plethora of products in diverse
materials like cotton, polyester, silk, synthetic fibres and blends. Yarns
ranging from Rayon to Polyester, Cotton, Lurex and Chord yarns embedded with
decorative sequins are interchangeably used in various combinations. The
designs are made on a number of fabrics that include Chiffons, Georgette,
Crepes, Nets, Organzas, Taffeta, Tissues, Voiles and Lace. The product range
comprises Fashion Wear, Curtains, Table Covers, Mats and Cushion Covers.
Combining geometry with motifs, natural and unnatural fibres and effectively
playing with colours, Creative Trendz' products are definite masterpieces.
INDIAN EMBROIDERY:
Indian Embroidery is as rich and diverse as its cultural heritage. There
are as many styles of embroidery as there are states in India, each reflecting
the grandeur and uniqueness of the region. Some of the legendary embroidery
styles are
- Aari Bharat Embroidery
- Kashmiri
Embroidery
- Ahir Bharat Embroidery
- Kasuti Embroidery
- Banjara
Embroidery
- Kathi Embroidery
- Banni Embroidery
- Phulkari
Embroidery
- Bidri Embroidery
- Rabari Embroidery
- ChikanKari
Embroidery
- Soofi Embroidery
- Kantha Embroidery
- Zardozi
Embroidery
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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|