MIRA
INFORM REPORT
|
Report Date : |
15.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
STORI FASHIONS PRIVATE LIMITED |
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Formerly Known As : |
CHAYA GARMENTS PRIVATE LIMITED |
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Registered Office : |
1 Mullick Street, 1st Floor, Kolkata – 700007, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.09.2001 |
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Com. Reg. No.: |
21 – 93738 |
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CIN No.: [Company
Identification No.] |
U18101WB2001PTC093738 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC04739A |
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PAN No.: [Permanent
Account No.] |
AACCC1173B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Story Fashions Products. |
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 123900 |
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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. Trade relations are reported as fair. Business is active. Payments are
reported as 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 : |
1 Mullick Street, 1st Floor, Kolkata – 700007, West Bengal,
India |
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Tel. No.: |
91-33-22341852 |
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E-Mail : |
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Website : |
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Corporate Office : |
2/6, 3rd Cross, Oppl Old Tollgate, Mysore Road, Bangalore –
560026, Karnataka, India |
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Tel. No.: |
91-80-6742545/85 |
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Fax No.: |
91-80-6747407 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Om Prakash Bhaiya |
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Designation : |
Director |
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Address : |
Gayathri Kunj, 1188, 9th Cross, 3rd Main,
Chandra Layout 2nd Stage, Bangalore – 560040, India |
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Date of Birth/Age : |
15.12.1962 |
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Date of Appointment : |
01.05.2003 |
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Name : |
Mr. Manoj Kumar Bhaiya |
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Designation : |
Director |
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Address : |
Flat B, 4th Floor, 96 Garden Reach Road, Kolkata – 700023,
India |
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Date of Birth/Age : |
21.01.1973 |
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Date of Appointment : |
14.09.2001 |
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Name : |
Mr. Kamal Kishore Bhaiya |
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Designation : |
Director |
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Address : |
Flat B, 4th Floor, 96 Garden Reach Road, Kolkata – 700023,
India |
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Date of Birth/Age : |
26.05.1970 |
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Date of Appointment : |
14.09.2001 |
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Name : |
Mr. Dilip Kumar Bhaiya |
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Designation : |
Director |
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Address : |
Gayathri Kunj, 1188, 9th Cross, 3rd Main,
Chandra Layout 2nd Stage, Bangalore – 560040, India |
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Date of Birth/Age : |
17.12.1978 |
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Date of Appointment : |
01.04.2003 |
KEY EXECUTIVES
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Name : |
M. Maheshwari and Associates |
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Designation : |
Company Secretary |
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Address : |
350, Sterling Arcade, 15/3 Race Course Road, Indore – 452001, India |
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Tel No.: |
91-731-4068730 |
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Mobile : |
91-9826040473 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Om Prakash Bhaiya |
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40000 |
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Mr. Manoj Kumar Bhaiya |
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390000 |
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Mr. Kamal Kishore Bhaiya |
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15000 |
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Mr. Dilip Kumar Bhaiya |
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20000 |
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K M K Marketing |
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34000 |
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Total |
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499000 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Story Fashions Products. |
GENERAL
INFORMATION
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Bankers : |
Commercial Branch, Industrial Estate, Rajaji Nagar, Bangalore –
560044, Karnataka, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prabhat Rathi and Associates Chartered Accountant |
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Address : |
31, Ashish Apartment, 10 Rajgarh Kothi, Indore – 452001, Madhya
Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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499000 |
Equity Share |
Rs.10/- each |
Rs.4.990
Millions |
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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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4.990 |
4.990 |
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2] Share Application Money |
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8.662 |
7.000 |
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3] Reserves & Surplus |
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17.323 |
14.265 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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30.975 |
26.255 |
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LOAN FUNDS |
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1] Secured Loans |
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39.703 |
0.485 |
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2] Unsecured Loans |
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0.025 |
0.025 |
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TOTAL BORROWING |
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39.728 |
0.510 |
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DEFERRED TAX LIABILITIES |
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1.147 |
0.532 |
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TOTAL |
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71.850 |
27.297 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.682 |
10.605 |
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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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38.072 |
31.260 |
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Sundry Debtors |
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40.603 |
30.685 |
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Cash & Bank Balances |
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0.000 |
0.296 |
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Other Current Assets |
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0.106 |
0.106 |
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Loans & Advances |
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3.455 |
5.520 |
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Total
Current Assets |
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82.236 |
67.867 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.886 |
51.198 |
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Provisions |
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2.182 |
0.000 |
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Total
Current Liabilities |
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25.068 |
51.198 |
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Net Current Assets |
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57.168 |
16.669 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.023 |
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TOTAL |
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71.850 |
27.297 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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221.124 |
184.639 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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221.124 |
184.639 |
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Profit/(Loss) Before Tax |
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4.822 |
2.076 |
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Provision for Taxation |
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1.764 |
0.756 |
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Profit/(Loss) After Tax |
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3.058 |
1.320 |
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Expenditures : |
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Depreciation & Amortization |
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0.892 |
0.608 |
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Other Expenditure |
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215.410 |
181.955 |
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Total Expenditure |
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216.302 |
182.563 |
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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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1.38 |
0.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.18 |
1.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.97 |
2.64 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.09 |
1.97 |
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Current Ratio (Current Asset/Current Liability) |
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3.28 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Subject was Originally Incorporate on “Chaya Garments Private
Limited” dated September 14th, 2001. The said company changed its
name is “Stori Fashions Private Limited” dated July 20th, 2007.
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U18101WB2001PTC093738 |
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Name of the
Company |
CHAYA GARMENTS PRIVATE LIMITED |
|
Address |
1 Mullick Street, 1st Floor, Kolkata – 700007, West Bengal,
India |
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This form is for |
Modification of Charge |
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Type of Charge |
Book Debts Movable Property
(Not being pledge) Floating Charge |
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Particulars of
the charge holder |
State Bank of
India Commercial
Branch, Industrial Estate, Rajajinagar, Bangalore – 560044, Karnataka, India |
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Nature or description
of the instrument(s) creating or modifying the charge |
Agreement of Loan
cum Hypothecation SME – 2, and Link Letter SME-12 (Both Pertain to the same
Charge) |
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Date of the
instrument creating or modifying the charge |
14.09.2006 |
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Amount secured by
the charge |
Rs.58.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Rate: at 1.55
above SBAR=11% with a minimum of 12.5% p.a. rising or falling therewith, on daily
products with monthly rests. Present effective rate 12.5% per annum. Wherever
expedient, interest’s rate is directly linked to cra of the borrower. Penal Interests
for non compliance of terms of sanction: Max 2% per annum over the normal
rate. Terms of
repayment: Working capital
finance repayable on demand. Term Loan:
Repayable in monthly/ Quarterly instilments as per terms of sanction Margin: Raw Materials –
Semi Finished Goods/ Finished Goods – 25% Components/
Spares Etc.- 25% Book Debts/
Receivables – 25% Extent and
operation of the charge: The charge on the
assets of the company is for the full amount and by way of first charge. Others: Break up of
limits: Rs.58.000 Millions CC Hypothecation
of Rs.30.000 Millions CC
Receivable Rs.25.000 Millions BG Rs.0.300
Million and TL Rs.2.700
Millions (Present
Outstanding – Original Limit Rs.4.300 Millions) Collateral Security: Directors
individual/ Personal Property at No.1188, 2nd Phase Chandra Layout
Kempapura Agrahara Bangalore obtained. |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
all the present and future stocks, raw materials, semi finished goods and
finished goods, book debts, vehicles other movable assets receivables,
documents of title to goods, bills invoice contractors plant and machinery,
furniture, fixture fittings, equipment wherever kept stored lying in the
premises of the borrower or in possession of any third party or in transit. |
|
Particular of the
present modification |
The amount
security by the charge stands increased from Rs.40.000 Millions to Rs.58.000
Millions. The securities already obtained extended to cover the enhanced
limit. All other terms and conditions remain unchanged. |
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.40.45 |
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UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
NO |
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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 |
|
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
|
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 |
|