MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAJESH SUITINGS PRIVATE LIMITED |
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Registered Office : |
Tower, Near Rajasthan Hospital, Shahibaug, Ahmedabad – 380 004,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.03.1991 |
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Com. Reg. No.: |
015244 |
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CIN No.: [Company
Identification No.] |
U17119GJ1991PTC015244 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR00790G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Suiting and Shirting. |
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 25560 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Company’ financials are missing from the Government registry. Mr.
Rajesh of the Company parted some general information but declined to part
with financials. Trade relations are fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Tower, Near Rajasthan Hospital, Shahibaug, Ahmedabad – 380 004,
Gujarat, India |
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E-Mail: |
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Head Office : |
34, Shreeji Cloth Market, O/S Sarangpur Gate, Ahmedabad – 380 002,
Gujarat, India |
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Tel. No.: |
91-79-22171850 |
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Mobile No.: |
91-9825320390 |
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Fax No.: |
91-79-22171851 / 52 |
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Corporate Office: |
70, Shreeji Cloth Market, O/S Sarangpur Gate, Ahmedabad – 380 002,
Gujarat, India |
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Godown: |
72, Shreeji Cloth Market, O/S Sarangpur Gate, Ahmedabad – 380 002,
Gujarat, India |
DIRECTORS
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Name : |
Mr. Arunkumar Parsrampuria |
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Designation : |
Director |
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Address : |
B – 82 / 83, Om Tower, Ghoda Camp Road, Shahibaug, Ahmedabad, Gujarat,
India |
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Date of Appointment : |
20.03.1991 |
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Name : |
Mrs. Bhavna Parsrampuria |
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Designation : |
Director |
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Address : |
B – 82 / 83, Om Tower, Ghoda Camp Road, Shahibaug, Ahmedabad, Gujarat,
India |
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Date of Appointment : |
08.07.2005 |
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Name : |
Mr. Sunilkumar Parsrampuria |
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Designation : |
Director |
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Address : |
B – 82 / 83, Om Tower, Ghoda Camp Road, Shahibaug, Ahmedabad, Gujarat,
India |
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Date of Appointment : |
08.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Arunkumar Parsrampuria |
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3550 |
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Mr. Sunilkumar Parsrampuria |
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50 |
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Mr. Arunkumar Parsrampuria , HUF |
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26000 |
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Mr. Bhavna Parsrampuria |
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400 |
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Mr. B L Parsrampuria, HUF |
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20000 |
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Total |
|
50000 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Suiting and Shirting. |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash or Credit (30 days – 60 days) |
GENERAL
INFORMATION
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Customers: |
v Wholesalers v Retailers v Garment
Industries |
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No. of Employees : |
15 |
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Bankers : |
·
Bank of India Ashram Road Branch, Ahmedabad, Gujarat,
India ·
Bank of
India Panchvati Branch, Opposite White House, Centre Point, Ahmedabad – 380
006, Gujarat, India E-Mail: ahmedabadcbb@bankofindia.co.in ·
Union Bank of India ·
State Bank of Bikaner and Jaipur |
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Facilities: |
The subject enjoys cash credit limit facility. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lunia and Company Chartered Accountant |
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Address : |
B-12, Harekrishna Compalex, Opposite Apsara Cinema, Ahmedabad- 380
028. |
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Associates/Subsidiaries : |
Suzuki Suitings Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100.00 each |
Rs. 5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Paid up Capital |
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5.000 |
0.850 |
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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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0.122 |
0.037 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.122 |
0.887 |
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LOAN FUNDS |
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1] Secured Loans |
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10.882 |
2.765 |
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2] Unsecured Loans |
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2.553 |
6.090 |
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TOTAL BORROWING |
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13.435 |
8.855 |
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DEFERRED TAX LIABILITIES |
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0.008 |
0.008 |
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TOTAL |
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18.565 |
9.749 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.042 |
0.043 |
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Capital work-in-progress |
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0.00 |
0.00 |
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INVESTMENT |
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0.300 |
0.300 |
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DEFERREX TAX ASSETS |
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0.00 |
0.00 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.603 |
14.497 |
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Sundry Debtors |
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29.156 |
11.234 |
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Cash & Bank Balances |
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2.621 |
0.875 |
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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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1.282 |
1.238 |
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Total
Current Assets |
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50.663 |
27.844 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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32.390 |
18.414 |
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Provisions |
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0.050 |
0.024 |
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Total
Current Liabilities |
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32.440 |
18.438 |
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Net Current Assets |
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18.222 |
9.406 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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18.565 |
9.749 |
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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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133.406 |
78.884 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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133.406 |
78.884 |
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Profit/(Loss) Before Tax |
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0.136 |
0.067 |
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Provision for Taxation |
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0.051 |
0.032 |
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Profit/(Loss) After Tax |
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0.085 |
0.035 |
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Expenditures : |
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Other Expenditure |
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133.270 |
78.817 |
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Total Expenditure |
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133.270 |
78.817 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.06 |
0.04 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.10 |
0.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.3 |
0.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.33 |
20.7 |
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Current Ratio (Current Asset/Current Liability) |
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1.6 |
1.5 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
RAJESH SUITINGS PRIVATE LIMITED |
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Presented By |
Mr. Arunkumar
Parasrampuria |
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1) Date and description of instrument creating the change |
Hypothecation
(Goods) Agreement dated 29th October 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
Hypothecation of Goods of Rs. 1.250 millions |
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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 |
All raw
materials, semi-finished goods and finished goods, Stock of Suiting processed
/ to be processed, products and movable property of any kind belongings to the
Borrower which now or hereinafter from time to time during this security
shall be brought in stored or to be stored in or about the Borrower’s
premises or godown at 34, Shreeji Cloth market, near Meghdoot Hotel, O/S
Sarangpur Gate, Ahmedabad – 380 001, Gujarat, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1.
Rate of
Interest 12.75% per annum with monthly rests or at such other revised tare as
may be prescribed by the Bank from time to time depending upon the changes in
the Prime lending rate of the bank or upon the directives of Reserve Bank of
India from time to time. 2.
Margin: 25% 3.
Amount
repayable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Ashram Road,
Branch, Ahmedabad, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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Corporate
identity number (CIN) Foreign company registration number |
U17119GJ1991PTC015244 |
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Name of the
Company |
RAJESH SUITINGS PRIVATE LIMITED |
|
Address |
Tower, Near Rajasthan Hospital, Shahibaug, Ahmedabad – 380 004,
Gujarat, India |
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This form is for |
Creation of
charge |
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Type of Charge |
A charge on: v
Book Debts v
Movable
Property (not Being pledge) |
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Particulars of
the charge holder |
Bank of India Panchvati Branch,
Opposite White House, Centre Point, Ahmedabad – 380 006, Gujarat, India E-Mail: ahmedabadcbb@bankofindia.co.in
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Nature or description
of the instrument(s) creating or modifying the charge |
Hypothecation cum
loan agreement (Plant and Machinery, stocks and Book Debts) dated 21.08.2006 |
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Date of
Instrument |
21.08.2006 |
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Amount secured by
the charge |
Rs. 10.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the
charge |
(a) Rate of
Interest BOIBPLR + 1%
(i.e. at present 12.25%) (with Monthly Rests) (b) Terms of
Repayment: On Demand (C) Margin: On Stocks 25% and
on Book Debts (Not more than 90 days old): 40% Book Debts (more
than 90 days old): 100% Primary Security:
First Charge on stock and Book Debts of the Company (d) Extent and
operation of the charge Primary Security:
First Charge on stock and Book Debts of the Company Amount: Against
Hypothecation of Stocks Rs. 10.000 millions, Against Hypothecation of Book
Debts Rs. 5.000 millions (But Maximum Rs. 10.000 millions ) (e) Others: Nature of
Facility: Cash Credit Limit against hypothecation of Stock and Book Debts |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
Stocks lying in the offices and godowns of the Company at 72, Shreeji Cloth
Market, Sarangpur, Ahmedabad, Gujarat, India or Any other Premises or godown
wherein the goods of the companies are stored and all the present and future
Book Debts and Receivables of the company |
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Charge
identification |
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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. 42.82 |
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UK Pound |
1 |
Rs. 84.89 |
|
Euro |
1 |
Rs. 68.07 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
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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 |
|
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 |
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