MIRA
INFORM REPORT
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Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
RATHI APPARELS PRIVATE LIMITED |
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Registered Office : |
6 and 7. H. H. Complex Cubbonpet Main Road, Bangalore – 500002,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.10.1995 |
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Com. Reg. No.: |
019035 |
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CIN No.: [Company
Identification No.] |
U18101KA1995PTC019035 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
From Incorporation upto August 2007, Company was into Manufacturing
and Trading in Ready made Garments of all varieties. Consequent to the recessionary
Trends in the Garment line, the above activity has been stopped. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
USD 7500 |
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Status : |
Currently Non-Operational |
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Comments : |
Subject is currently non-operational since August 2007, as confirmed
by the managements. This is due to the recessionary trend in the market. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
6 and 7. H. H. Complex Cubbonpet Main Road, Bangalore – 500002,
Karnataka |
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Area : |
4000 sq. ft. |
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Location : |
Owned |
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Head Office : |
15, 196 and G1-G2, Richmond Tower, Ground Floor, 12 Richmond Road,
Bangalore – 560026, India |
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Tel. No.: |
91-80-41326253 |
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Fax No.: |
91-80-41326252 |
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Mobile : |
91-934265939/9900113333 |
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E-Mail : |
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Area : |
220 acres |
DIRECTORS
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Name : |
Mr. K. R. Balasubramanyan |
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Designation : |
Managing Director |
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Date of Birth/Age : |
52 years |
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Qualification : |
Post – Graduate in Political Science and Public Admn. |
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Experience : |
30 years |
KEY EXECUTIVES
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Name : |
Mrs. Rathi Poonacha |
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Designation : |
Fashion Designer |
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Date of Birth/Age : |
52 years |
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Qualification : |
B.A. |
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Experience : |
30 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. K. R. Balasubramanyan |
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10 |
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Mrs. Rathi Poonacha |
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10 |
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BUSINESS DETAILS
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Line of Business : |
From Incorporation upto August 2007, Company was into Manufacturing
and Trading in Ready made Garments of all varieties. Consequent to the
recessionary Trends in the Garment line, the above activity has been stopped. |
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Exports : |
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Products : |
Iron Ore |
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Countries : |
China |
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Imports : |
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Products : |
Machinery |
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Countries : |
Korea |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C, Against Payment |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
A few customers in China are being identified for Exports. |
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No. of Employees : |
25 |
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Bankers : |
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Facilities : |
Garments – Operated on own funds Mining Business – In Process with State Bank of India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
H. P. M. Kumar Associates Chartered Accountant |
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Address : |
Bangalore |
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Associates/Subsidiaries : |
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Name : |
Girijaramana Mines, Minerals and Metals Private Limited |
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Address : |
Bangalore |
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Line of Business : |
(Mining Business) |
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Name : |
Empire Infoteck India Private Limited |
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Address : |
Bangalore |
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Line of Business : |
Call Centre activity |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Share |
Rs.10/- Each |
Rs.0.300 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.10/- Each |
Rs.0.100
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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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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1.775 |
1.671 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.875 |
1.771 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.875 |
1.771 |
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APPLICATION OF FUNDS |
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0.889 |
1.046 |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.517 |
0.298 |
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Cash & Bank Balances |
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0.352 |
0.306 |
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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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0.220 |
0.175 |
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Total
Current Assets |
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1.089 |
0.779 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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0.103 |
0.054 |
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Total
Current Liabilities |
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0.103 |
0.054 |
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Net Current Assets |
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0.986 |
0.725 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1.875 |
1.771 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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10.051 |
4.005 |
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Other Income |
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0.016 |
0.015 |
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Total Income |
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10.067 |
4.020 |
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Profit/(Loss) Before Tax |
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0.157 |
0.072 |
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Provision for Taxation |
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0.053 |
0.026 |
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Profit/(Loss) After Tax |
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0.104 |
0.046 |
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Export Value |
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N.A. |
N.A. |
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Import Value |
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N.A. |
N.A. |
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Expenditures : |
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Operating Expenses |
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0.188 |
0.178 |
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Salaries and Wages |
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9.149 |
3.135 |
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Financial Expenses |
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0.005 |
0.000 |
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Administration and Other Expenses |
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0.412 |
0.374 |
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Depreciation & Amortization |
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0.156 |
0.261 |
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Total Expenditure |
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9.910 |
3.948 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.03 |
1.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.56 |
1.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.94 |
3.94 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.05 |
0.03 |
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Current Ratio (Current Asset/Current Liability) |
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10.57 |
14.42 |
LOCAL AGENCY
FURTHER INFORMATION
- Business:
From Incorporation upto August 2007, Company was into Manufacturing and
Trading in Ready made Garments of all varieties. Consequent to the recessionary
Trends in the Garment line, the above activity has been stopped.
Currently the Group Company:
Girijaramana Mines, Minerals and Metals Private Limited Promoted by Mr.
Mr. K. R. Balasubramanyan are focusing on the business of Mining Iron Ore for
Exports.
This report is provided on the Enquiry on Subject and also on the new
activity of the group.
Hotherto Garments Manufacturer activity was
being outsourced. Since stopped Mining area extends to about 220 acres in
Chotradurga region, (Karnataka)
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.48 |
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UK Pound |
1 |
Rs.77.44 |
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Euro |
1 |
Rs.58.75 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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