MIRA INFORM REPORT

 

 

Report Date :

2.06.2008

 

IDENTIFICATION DETAILS

 

Name :

SAHYOG EXPORTS PRIVATE LIMITED

 

 

Registered Office :

Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri [East], Mumbai 400093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

10.08.2006

 

 

Com. Reg. No.:

163732

 

 

CIN No.:

[Company Identification No.]

U51909MH2006PTC163732

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS53394F

 

 

PAN No.:

[Permanent Account No.]

AAKCS0806R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Ladies Foot Wear

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Maximum Credit Limit :

USD 8000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small company meeting its smaller commitments timeously.  Trade relations are fair.

 

The Company can be considered good for small to mediocre business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Tushar

Designation :

Accountants

Date :

26.05.2008

 

 

LOCATIONS

 

Registered Office :

Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri [East], Mumbai 400093, Maharashtra, India

Tel. No.:

91-22-26873628

E-Mail :

sahyog@vsnl.net

 

 

DIRECTORS

 

Name :

Mr. Samir Suresh Doshi

Designation :

Director

Address :

3/A, Krishna Kunj, 1st Floor, 212, Walkeshwar Road, Mumbai 400006, Maharashtra, India

Date of Birth/Age :

24.06.1970

 

 

Name :

Mr. Manish Harshad Doshi

Designation :

Director

Address :

Plot No. 203, 2nd Floor, Anurag Building, 9, Banganga Cross Lane, Walkeshwar Road, Mumbai 400006, Maharashtra, India

Date of Birth/Age :

21.05.1971

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Equity Share Break-up [31.03.2007]

 

Percentage of Holding

Directors or relatives of the Directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Ladies Foot Wear

 

 

Exports :

 

Products :
  • Ladies Footwear

Countries :
  • European Countries

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Japan

 

 

Terms :

 

Selling :

L/C

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Retailers

 

 

No. of Employees :

132 [In Office 12 +  In Factory 120]

 

 

Bankers :
  • Central Bank of India

Walkeshwar Branch, Nav Krishna Kunj Premises, 212, Walkeshwar Road, Mumbai 400006, Maharashtra, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Ashwin Shah and Associates

Chartered Accountants

Address :

Chemnok House, Office no. 7, 2nd Floor, Barrack Lane, Dhobitalao, Mumbai 400020, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs. 10/- each

Rs. 5.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/- each

Rs. 1.000 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

1.000

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

1.022

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

2.022

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

10.634

2] Unsecured Loans

 

 

11.751

TOTAL BORROWING

 

 

22.385

DEFERRED TAX LIABILITIES

 

 

0.089

 

 

 

 

TOTAL

 

 

24.496

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

3.167

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

14.850

 

Sundry Debtors
 

 

15.826

 

Cash & Bank Balances
 

 

0.000

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

9.168

Total Current Assets
 

 

39.844

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

16.820

 

Provisions
 

 

1.734

Total Current Liabilities
 

 

18.554

Net Current Assets
 

 

21.290

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.039

 

 

 

 

TOTAL

 

 

24.496

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover

 

 

107.400

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2007

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

20.24

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

2.14

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

 

Form 8

 

Bankers Charges Report as per Registry

 

This form is for

Creation  of charge

Corporate identity number of the company

U51909MH2006PTC163732

Name of the company

SAHYOG EXPORTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Gala No. 9 and 22, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri [East], Mumbai 400093, Maharashtra, India

Type of charge
  • Immovable property
  • Movable property

Particular of charge holder

Central Bank of India

Walkeshwar Branch, Nav Krishna Kunj Premises, 212, Walkeshwar Road, Mumbai 400006, Maharashtra, India

E-mail: sborase@gmail.com

 

Nature of description of the instrument creating or modifying the charge

  1. Agreement of hypothecation to secure demand cash credit against goods
  2. Letter of packing credit
  3. Tripartite Agreement
  4. Mortgage by deposit of title deeds
  5. Agreement to be signed by parties whose bills are discounted

Date of instrument Creating the charge

30.10.2006

Amount secured by the charge

Rs. 33.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

[a] Rate of interest

Interest @ 8% p.a. compounded at monthly rests

 

[b] Terms of repayment

The credit facilities sanctioned shall be for a period of 1 year and subject to review thereafter.

 

[c] Margin

Margin of 10% on stocks and 5% on booking forward contracts.

 

[d] Extent and operation of the charge

The facilities are as follows: Packing credit Rs. 11.500 Millions EBD/EBP against LC Rs. 6.500 Millions and Non fund based booking forward contract – Rs. 15.000 Millions aggregating to Rs. 33.000 Millions.  The working capital facilities are secured by hypothecation of stocks and equitable mortgage of the company’s factory gala at Makharia Industrial complex, Andheri [East] and bills drawn against LC hundies.

 

Short particulars of the property charged

All tangible movable property such as products stock in trade and goods of the borrowers in Gala No. 9, 10, 22, 24, 29 and 6, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri [East], Mumbai 400093, Maharashtra, India stock in the form of raw material, semi finished goods and finished goods, stock in transit and given for outsourcing. Also equitable mortgage of factory premises situated at Gala No. 22, Makharia Industrial Complex, Plot No. 27, Mahakali Caves Road, Andheri [East], Mumbai 400093, Maharashtra, India

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 42.59

UK Pound

1

Rs. 84.16

Euro

1

Rs. 65.99

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

--

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

26

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions