MIRA
INFORM REPORT
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Report Date : |
21.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SABNAM EXPORTS PRIVATE LIMITED |
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Registered Office : |
Plot No. A-15/16, Central Cross Road, MIDC, Andheri, Mumbai – 400 093,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.07.2002 |
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Com. Reg. No.: |
11-136396 |
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CIN No.: [Company
Identification No.] |
U18101MH2002PTC136396 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS30137C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter 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 100000 |
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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 meeting its normal commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Pradeep Kumar |
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Designation : |
Senior Account Manager |
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Date : |
17.07.2008 |
LOCATIONS
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Registered Office : |
Plot No. A-15/16, Central Cross Road, MIDC, Andheri, Mumbai – 400 093,
Maharashtra, India |
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Tel. No.: |
91-22-30880202 |
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Fax No.: |
91-22-30880203 |
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E-Mail : |
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Website : |
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Area : |
8500 Sq. ft. |
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Location : |
Owned |
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Factory : |
S.F. No. 99, D/No.6/5/6, PVG Nagar Valayankadu, Tirupur – 3,
Tamilnadu, India |
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Tel. No.: |
91-641-603200-740 |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Pannalal Sovachand Surana |
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Designation : |
Director |
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Address : |
521, Akshay Giriraj, 14, Paliram Road, Andheri (W), Mumbai – 400 058,
Mahaarshtra, India |
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Date of Birth/Age : |
05.01.1947 |
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Qualification : |
M.Com. |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mr. Rajesh Pannalal Surana |
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Designation : |
Director |
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Address : |
521, Akshay Giriraj, 14, Paliram Road, Andheri (W), Mumbai – 400 058,
Mahaarshtra, India |
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Date of Birth/Age : |
14.03.1966 |
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Qualification : |
B.Com. |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mr. Vimal Giridharilala Pasari |
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Designation : |
Director |
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Address : |
12, Vishwa mahal, C-Road, Chhrchgate, Mumbai – 400 020, Maharashtra,
India |
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Date of Birth/Age : |
13.06.1947 |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mrs. Laxmidevi Pannalal Surana |
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Designation : |
Director |
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Address : |
521, Akshay Giriraj, 14, Paliram Road, Andheri (W), Mumbai – 400 058,
Mahaarshtra, India |
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Date of Birth/Age : |
17.04.1950 |
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Qualification : |
SSC |
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Date of Appointment : |
12.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Pannalal Surana |
300000 |
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Laxmidevi Surana |
309900 |
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Sheeladevi Pasari |
99900 |
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Rajesh Surana |
239900 |
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Ekta Surana |
49900 |
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Pannalal Rajesh Kumar – HUF |
100 |
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Kamalkant Pasari |
100 |
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Viren Surana |
100 |
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Akshay Surana |
100 |
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Total |
1000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Readymade Garments |
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Products : |
Knitted Garments |
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Exports : |
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Countries : |
·
Japan ·
USA ·
Italy |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Approximately 200 |
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Bankers : |
Bank of Baroda, Vile Parle |
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Facilities : |
Term Loan – Rs.30.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. M. Nissim and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B –Wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai – 400 018, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.661 |
9.955 |
5.407 |
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4] (Accumulated Losses) |
0.000 |
(0.046) |
0.000 |
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NETWORTH |
20.661 |
19.909 |
15.407 |
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LOAN FUNDS |
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1] Secured Loans |
51.747 |
51.044 |
23.174 |
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2] Unsecured Loans |
35.374 |
32.726 |
35.462 |
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TOTAL BORROWING |
87.121 |
83.770 |
58.636 |
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DEFERRED TAX LIABILITIES |
1.648 |
2.199 |
0.930 |
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TOTAL |
109.430 |
105.878 |
74.973 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
88.052 |
93.079 |
43.691 |
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Capital work-in-progress |
0.000 |
0.000 |
13.286 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.065
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13.196 |
8.024 |
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Sundry Debtors |
10.619
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13.133 |
15.807 |
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Cash & Bank Balances |
0.490
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1.956 |
1.725 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
6.614
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5.651 |
4.195 |
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Total
Current Assets |
30.788
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33.936 |
29.751 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.410
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21.137 |
11.846 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
9.410
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21.137 |
11.846 |
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Net Current Assets |
21.378
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12.799 |
17.905 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.091 |
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TOTAL |
109.430 |
105.878 |
74.973 |
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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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4.67
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5.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.57 |
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Current Ratio (Current Asset/Current Liability) |
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3.27
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1.61 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Sobar Italy
·
Sanko Company Limited
Form No. 8
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Name of the company |
SABNAM EXPORTS PRIVATE LIMITED |
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Presented By |
Bank of Baroda,
Vile Parle (West) Branch, Mumbai – 400 056. |
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1) Date and description of instrument creating the change |
No instrument was
executed, but the equitable mortgage was earlier created on 29.02.1992,
27.09.1995, 12.12.1996, 03.03.1998, 12.05.1999, 20.04.2000 and 03.08.2001 by
the partnership firm M/S. Sabnam Exports and the said firm was converted into
private limited company under part IX of the Companies Act, 1956 w.e.f. 2nd
July, 2002. As an effect of conversion of firm as private limited company all
assets and liabilities were passed on
w.e.f. 2nd July, 2002 to private limited company. The
company acquired the property which is subject to charge and hence the
particulars of the same are required to be filed u/s 127 of the Act within 30
days from the date of conversion i.e. 2nd July, 2002. (Registered on 29th
August, 2002 under document No. 10). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.60.500
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 |
On or towards the
North by reserved area On or towards the
South by Plot No.A-16 part On or towards the
East by MIDC Road, and On or towards
West by plot No. A-26 and A-25. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge was
created to secure following credit facilities :
Together with
interest, costs, charges, expenses, additional / penal interest, commission
charges and / or premia and other monies thus payable by the Company
(formerly known as M/s. Sabnam Exports) to Bank of Baroda, Vile Parle (West)
Branch. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Vile Parle (West)
Branch, Mumbai – 400 056. |
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6) Date and brief description of instrument modifying the charge |
Extension of
Equitable Mortgage dated 22nd September, 2004. |
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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. |
The charge is
increased from Rs.60.500 millions to
Rs.70.500 millions to cover the following enhanced / sanctioned credit
facilities :
Being a sum of Rs.70.500
millions (Rs.10.000 millions) being an actual increase) so sanctioned /
released to the Company by Bank of Baroda, to be repaid / returned together
with interest, costs, charges, expenses and other monies thus payable by the
company to Bank of Baroda, Vile Parle (west) Branch, Mumbai – 400 056. |
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.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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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