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MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL ART IMPEX (INDIA) PRIVATE LIMITED |
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Formerly Known As : |
ART MARBLES PRIVATE LIMITED |
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Registered Office : |
A 4/501 Alok Co-op Society, 19 A Nerul, New Bombay – 400706,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.05.1996 |
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Com. Reg. No.: |
11-99461 |
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CIN No.: [Company
Identification No.] |
U51432MH1996PTC099461 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTR01347D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Export of any kind of Dyed Polyester Yarn, Malai
Dori, satin Cords, Carpet Cords, Malai Cords, Rat Tail Cords, Satin Rat Tail
Cords, Sequin CD, Spangle Sequin Roll, Cotton Yarn, Viscose Rayon Yarn, Dyed
Thread Yarn for Embroidery, Polyester Dyed Doubling Yarn. |
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 11000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Ajesh Kabra, Managing Director confirmed the details. Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
INFORMATION PARTED
BY
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Name : |
Mr. Ajesh Kabra, |
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Designation : |
Managing Director |
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Contact No.: |
91-937-4725820 |
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Date : |
13.06.2008 |
LOCATIONS
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Registered Office : |
A 4/501 Alok Co-op Society, 19 A Nerul, New Bombay – 400706,
Maharashtra, India |
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E-Mail : |
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Website : |
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Area : |
960 sq. ft. |
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Location : |
Owned |
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Corporate Office 1: |
C – 1423-24, 1st Floor, Kohinoor Textile Market, Ring Road,
Surat – 395002, Gujarat, India |
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Tel. No.: |
91-261-2338568/ 3956990 |
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Mobile No.: |
9374725820 |
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Fax No.: |
91-261-2707106 |
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E-Mail : |
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Website : |
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Corporate Office 2: |
601 – A, Siddhi Apartment, Kalyan Complex, Yari Road, Varsova, Andheri
(West), Mumbai – 400004, Maharashtra, India |
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Tel No.: |
91-22-6547538 |
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Factory : |
Road No.33, GIDC, Sachin Surat – 395002, Gujarat, India |
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Area : |
13400 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Murli Manohar Modani |
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Designation : |
Director |
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Address : |
401, Shreeji Sayona Apartments, City Light Road, Surat, Gujarat, India
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Date of Birth/Age : |
20.09.1966 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
24.01.2002 |
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Name : |
Mr. Rajendra Modani |
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Designation : |
Director |
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Date of Birth/Age : |
38 years |
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Qualification : |
Chartered Accountant |
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Name : |
Mr. Ajesh Kabra |
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Designation : |
Managing Director |
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Date of Birth/Age : |
26 years |
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Qualification : |
MBA |
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Name : |
Mr. Kailash Narayan Modani |
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Designation : |
Director |
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Address : |
402, Sayona Apartments, City Light Road, Surat, Gujarat, India |
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Date of Birth/Age : |
03.01.1953 |
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Date of Appointment : |
30.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30-09-2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Radhamohan Lakhotia |
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7500 |
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Mrs. Asha R. Lakhotia |
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2500 |
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Total |
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10000 |
(As on 30.09.2006)
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Category |
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Percentage |
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Director or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Export of any kind of Dyed Polyester Yarn, Malai
Dori, satin Cords, Carpet Cords, Malai Cords, Rat Tail Cords, Satin Rat Tail
Cords, Sequin CD, Spangle Sequin Roll, Cotton Yarn, Viscose Rayon Yarn, Dyed
Thread Yarn for Embroidery, Polyester Dyed Doubling Yarn. |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and T/T |
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Purchasing : |
L/C, Cash and T/T |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
130 (Office – 10 and Factory – 120) |
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Bankers : |
Salabat Pura Branch, Kohinoor Market, Ring Road, Surat – 395002,
Gujarat, India
Ring Road, Surat – 395002, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gopal Laddha and Company Chartered Accountant |
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Address : |
5033, Trade House, Ring Road, Surat – 395002, Gujarat, India |
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Associates/Subsidiaries : |
Special Yarn
Private Limited A 4/501 Alok Co-op Society, 19 A Nerul, New Bombay – 400706,
Maharashtra, India (Viscose Embroidery Thread) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
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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0.500 |
0.100 |
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2] Share Application Money |
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0.000 |
1.495 |
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3] Reserves & Surplus |
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1.753 |
0.042 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.253 |
1.637 |
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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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4.265 |
2.525 |
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TOTAL BORROWING |
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4.265 |
2.525 |
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DEFERRED TAX LIABILITIES |
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0.028 |
0.018 |
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TOTAL |
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6.546 |
4.180 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.344 |
0.178 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.832 |
7.686 |
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Sundry Debtors |
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5.066 |
0.925 |
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Cash & Bank Balances |
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0.354 |
2.500 |
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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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0.541 |
1.153 |
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Total
Current Assets |
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9.793 |
12.264 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.535 |
8.262 |
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Provisions |
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0.089 |
0.039 |
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Total
Current Liabilities |
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3.624 |
8.301 |
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Net Current Assets |
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6.169 |
3.963 |
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MISCELLANEOUS EXPENSES |
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0.033 |
0.039 |
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TOTAL |
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6.546 |
4.180 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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35.000 (Estimated) |
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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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.50 |
6.61 |
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Current Ratio (Current Asset/Current Liability) |
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2.70 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
Bankers Charges Report as per Registry
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Corporate
identity number of the company |
U51432MH1996PTC099461 |
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Name of the
company |
ROYAL ART IMPEX INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A 4/501 Alok Co-op Society, 19 A Nerul, New Bombay – 400706,
Maharashtra, India |
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This form is for |
Creation of Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Bank of Baroda Salabat Pura Branch, Kohinoor Market, Ring Road, Surat – 395002,
Gujarat, India |
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Nature of instrument
creating charge |
Hypothecation
Agreement Date 25.05.20006 |
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Date of
instrument Creating the charge |
25.05.2006 |
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Amount secured by
the charge |
Rs.8.500 Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Term Loan Rs.2.5
Millions INT 11% Hypothecation Machinery Margin 25% Cash Credit Rs.6.000
Millions INT 10% Hypothecation Stock Margin 30% Hypothecation Book Debts
Margin 50% |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
NA |
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Particulars of
the present modification |
NA |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.90 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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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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45 |
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
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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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