MIRA
INFORM REPORT
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Report Date : |
16.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
KARAN ENTERPRISES |
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Registered Office : |
Moti Baug, Shed ‘M’, Plot No. 21, Opposite R K Studio, S J Road, Chembur,
Mumbai – 400 071, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1996 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK08218A |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Importers and Traders of Embroidery Machinery, Garments Machinery and Textiles Machinery. |
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 29300 |
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Status : |
Good |
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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 concern in its field. Financial position is satisfactory. Trade relations are fair. Payments are correct and as per commitments. The concern can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Moti Baug, Shed ‘M’, Plot No. 21, Opposite R. K. Studio, S. J. Road, Chembur, Mumbai – 400 071, Maharashtra, India. |
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Tel. No.: |
91-22-25203233 / 25207495 / 25202715 |
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Mobile No.: |
91-9323903233 |
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Fax No.: |
91-22-25202715 |
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E-Mail : |
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Website : |
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Area : |
12, 500 Sq. ft – Including Falt |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Nirmal Chhadwa
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Designation : |
Proprietor |
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Address : |
Flat No.: 1 & 2, Shripal, Chhaya Society, S T Road, Chembur, Mumbai – 400071 |
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Date of Birth/Age : |
25.12.1962 |
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Qualification : |
B. Com |
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Experience : |
26 Years |
KEY EXECUTIVES
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Name : |
Mr. Nilesh |
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Designation : |
Key Executive |
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Mobile No.: |
91-9820309594 |
BUSINESS DETAILS
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Line of Business : |
Importers and Traders of Embroidery Machinery, Garments Machinery and Textiles Machinery. |
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Products : |
v
Embroidery
Machinery v
Garments
Machinery v
Textiles
Machinery. v
Chenille Embroidery
Machine v
Super High Speed Flat
Multi Embroidery Machine v
Flat Type High-Speed
Multi-Head Embroidery Machine v
Flat Type Multi-Head
Embroidery Machine |
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Agencies Held : |
SWF – Embroidery Machines – Korean |
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Imports : |
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Products : |
v Embroidery
Machinery v Software
v Accessories |
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Countries : |
Korea, Japan, Taiwan, Italy, Germany, USA and Canada |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash, D/P terms against documents & DA |
GENERAL
INFORMATION
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Customers : |
v Wholesalers,
v Retailers,
v Manufacturers
v End
Users |
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No. of Employees : |
10 |
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Bankers : |
v Bank of India, Chembur, Mumbai – 400 071, Maharashtra, India v Kurla Nagrik Sahakari Bank Limited, Govandi, Mumbai - 400 074, Maharashtra India v The Cosmos Cooperative Bank Limited, Plot No. 239, Richmond Heights, Central Avenue Road, Chembur - 400071 |
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Facilities : |
Kurla Nagrik Sahakari Bank Limited v Cash Credit
Limit – Rs. 7.500 millions v Term Loan – Rs. 0.600
millions – Rs. 0.700 millions (Earlier – Rs.
20.000 millions) |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Pravin Jayanti & Associates Chartered Accountant |
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Address : |
Surat Sadan, Surat Street, Masjid Bunder, Mumbai |
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Tel. No.: |
91-22-23702633 |
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Fax No.: |
91-22-23701697 |
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Associates/Subsidiaries : |
Sapan Creatives Waman Industrial Estate, W. T. Patil Marg, Chembur – Mumbai - 400071 Line of Business : Embroidery Job Work Staff – 200 Sales– About Rs.40.000 millions Leena Fashion Embroiders Private Limited, Plot No. 51, Khapoli Industrial Area, Khapoli Line of Business: Garment Manufacturing & Embroidery Jobworking Span Trading Company Opposite Bank of India, R C Marg, Chembur, Mumbai – 400071 Occasion Opposite Elco Market, Hill Road, Bandra (West), Mumbai Line of Business: Exclusive Bridal & Party Wear Indian & Western Outfit Boutique Merry Vaibhav Industrial Area, Deonar Mumbai Line of Business: Girls Garments Manufacturing & Exporter |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.866 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.866 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.866 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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5.866 |
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LOAN FUNDS |
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1] Secured Loans |
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2.040 |
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2] Unsecured Loans |
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56.232 |
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TOTAL BORROWING |
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58.272 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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64.138 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.151 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.120 |
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Sundry Debtors |
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4.769 |
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Cash & Bank Balances |
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0.718 |
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Other Current Assets |
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1.957 |
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Loans & Advances |
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50.762 |
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Total
Current Assets |
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59.326 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.339 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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16.339 |
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Net Current Assets |
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42.987 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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64.138 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008
(Approx) |
31.03.2007 |
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Sales Turnover |
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25.000 |
2.956 |
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Other Income |
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0.000 |
16.670 |
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Total Income |
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25.000 |
19.626 |
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Profit/(Loss) Before Tax |
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NA |
1.928 |
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Provision for Taxation |
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NA |
0.000 |
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Profit/(Loss) After Tax |
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NA |
1.928 |
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Expenditures : |
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Administrative Expenses |
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NA |
3.105 |
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Selling & Distribution Expenses |
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NA |
1.606 |
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Financial Expences |
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NA |
7.357 |
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Depreciation & Amortization |
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NA |
2.742 |
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Cost of Sale |
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NA |
2.888 |
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Total Expenditure |
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NA |
17.698 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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9.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
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65.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.71 |
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Current Ratio (Current Asset/Current Liability) |
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3.63 |
LOCAL AGENCY
FURTHER INFORMATION
The concern is in trade terms with:
Ø Brothers, Japan
Ø Madura Coats, Mumbai
Ø Alla Mode, Mumbai
Ø Jiny & Johny, Mumbai
Ø Bits and Volts, Spain
Ø Easy Programme, Italy (for Books & Software)
Ø S W F, Korea
Ø Benzer, Mumbai
Ø Kala Niketan, Mumbai
Ø Manufacturers in Banaras and Bangalore
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. 42.87 |
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UK Pound |
1 |
Rs. 83.41 |
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Euro |
1 |
Rs. 66.11 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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54 |
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 |
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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/normal. |
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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