MIRA
INFORM REPORT
|
Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VICKY FASHIONS LIMITED |
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Registered Office : |
Unit No.232, Sanjay Blkdg No.5B, Mittal Industrial Estate, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.03.1996 |
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Com. Reg. No.: |
097900 |
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CIN No.: [Company
Identification No.] |
U17100MH1996PLC097900 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV06286A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Textile, Clothing and Footwear. |
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 136032 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having steady business. Trade
relations are fair. Financial position of the company is satisfactory.
Payments are reported as slow but correct. However, the company can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Kiran |
|
Designation : |
Accountant |
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Contact No.: |
91-22-28504030 |
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Date : |
25.03.2008 |
LOCATIONS
|
Registered Office : |
Unit No.232, Sanjay Blkdg No.5B, Mittal Industrial Estate, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-28504030/ 39504314 /40600400 (30 Lines) |
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Fax No.: |
91-22-28506031/ 40600428 |
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E-Mail : |
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Area : |
1700 sq. ft |
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Location : |
Owned by director |
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Factory : |
A 482, TTC Industrial Area, MIDC Mahape, Navi Mumbai, India |
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Location : |
Rented (3 Storeyed bldg) |
DIRECTORS
|
Name : |
Mr. Vicky Kumar Jhunjhunwala |
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Designation : |
Director |
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Address : |
6/7 Agarwal Nagar, Matunga (West), Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
17.04.1978 |
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Date of Appointment : |
23.02.1999 |
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Name : |
Mr. Prahlad Kumar Jhunjhunwala |
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Designation : |
Director |
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Address : |
6/7 Agarwal Nagar, Matunga (West), Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
15.06.1951 |
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Date of Appointment : |
27.09.2001 |
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Name : |
Mr. Santosh Kumar Jhunjhunwala |
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Designation : |
Director |
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Address : |
6/7 Agarwal Nagar, Matunga (West), Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
01.06.1953 |
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Date of Appointment : |
25.09.2000 |
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Name : |
Mr. Rohit S. Chandgothia |
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Designation : |
Director |
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Address : |
B-582, Orchid Tower, Vasant Valley, Gokuldham, Goregaon (East), Mumbai
– 400019, India |
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Date of Birth/Age : |
09.04.1971 |
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Date of Appointment : |
25.09.2000 |
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Name : |
Mrs. Nita S Jhunjhunwala |
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Designation : |
Director |
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Address : |
6/7 Agarwal Nagar, Matunga (West), Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
26.03.1955 |
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Date of Appointment : |
06.03.1996 |
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Date of Ceasing : |
17.10.2001 |
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Name : |
Mr. Rajni P Jhunjhunwala |
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Designation : |
Director |
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Address : |
6/7 Agarwal Nagar, Matunga (West), Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
01.07.1956 |
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Date of Appointment : |
06.03.1996 |
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Date of Ceasing : |
17.10.2001 |
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Name : |
Mr. Manish Ajmera |
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Designation : |
Director |
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Address : |
6/7 Agarwal Nagar, Matunga (West), Mumbai – 400019, Maharashtra, India |
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Date of Appointment : |
01.01.1998 |
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Date of Ceasing : |
15.07.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. Prahlad Kumar Jhunjhunwala |
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102510 |
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Mr. Santosh Kumar Jhunjhunwala |
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4510 |
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Mr. Rajni P Jhunjhunwala |
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10 |
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Mrs. Nita S Jhunjhunwala |
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82010 |
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Mr. Sohanlal Chandgothia |
|
51010 |
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Mrs. Lalita Devi Chandgothia |
|
3010 |
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Mr. Rohit S. Chandgothia |
|
110010 |
|
Krishna Texport and Capital Market Limited |
|
150000 |
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Mr. Santosh Kumar Jhunjhunwala HUF |
|
47000 |
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Mr. Manish Ajmera |
|
71000 |
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Mr. Arun Purohit |
|
15500 |
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Mr. Mohansingh Negi |
|
10000 |
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Mrs. Runa S Agarwal |
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24500 |
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Mrs. Pushpa A Purohit |
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37500 |
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Mrs. Sushila Banka |
|
29000 |
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Mr. Vicky Kumar Jhunjhunwala |
|
119500 |
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Mr. Rahul Banka |
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29000 |
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Mrs. Bhagavati Prasad Banka |
|
6000 |
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Mr. Kamlesh Shukla |
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17000 |
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Mr. Prahlad Kumar Jhunjhunwala |
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50000 |
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Mrs. Shardadevi Agarwal |
|
22500 |
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Mr. Ranchandra Agrarwal |
|
12500 |
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Mr. Naresh Agrwal |
|
6500 |
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Mr. Chandrashekar Shirwadkar |
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30000 |
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Mrs. Shardadevi Agarwal |
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28500 |
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Mrs. Seema Rohit Chandgothia |
|
1500 |
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Mrs. Veena Ajmera |
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25000 |
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Mr. Silviya Manish Ajmera |
|
1500 |
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Mr. Amit Ajmera |
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14000 |
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Mrs. Sanjana R Banka |
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1500 |
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Mrs. Mittali Mulick |
|
4500 |
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Mr. Sudhir Mulick |
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11000 |
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Mrs. Indhira S Mulick |
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1500 |
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Mr. Umang Mulik |
|
2500 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
92.32 |
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Other top fifty (50) shareholders (other than listed above) |
|
7.68 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Textile, Clothing and Footwear. |
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Products : |
Item Code No. :
52-05 Products Description :
Trading of Cotton Yarn
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C at Sight, Cash, Advance, T/T |
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Purchasing : |
D/P at Sight |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
50 ( 25 – Office and 25 – Factory) |
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Bankers : |
Union Bank of India, Matunga (East) Branch |
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Facilities : |
Packaging Credit Rs.15.000 Millions Term Loans Rs.9.000 Millions C/C Rs.50.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Banka and Banka Chartered Accountant |
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Address : |
204 B wing Anupam Apartment, Opp. Ration Office, S V Road, Malad West,
Mumbai – 400064, Maharashtra, India Malad, Mumbai |
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Name : |
Pradeep P Banka Chartered Accountant |
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Address : |
204 B wing Anupam Apartment, Opp. Ration Office, S V Road, Malad West,
Mumbai – 400064, Maharashtra, India |
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Associates/Subsidiaries : |
Clour
International Limited Unit No.232, Sanjay Blkdg No.5B, Mittal Industrial Estate, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India (Trading of Textile) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1483530 |
Equity Shares |
Rs.10/- each |
Rs.14.835 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
14.835 |
11.220 |
11.220 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.173 |
14.096 |
7.753 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.008 |
25.316 |
18.973 |
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LOAN FUNDS |
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1] Secured Loans |
45.245 |
46.708 |
26.031 |
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2] Unsecured Loans |
10.473 |
7.857 |
8.404 |
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TOTAL BORROWING |
55.718 |
54.565 |
34.435 |
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DEFERRED TAX LIABILITIES |
1.337 |
0.872 |
0.000 |
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TOTAL |
91.063 |
80.753 |
53.408 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.450 |
22.830 |
4.625 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.217 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.007 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
17.745
|
4.655 |
1.025 |
|
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Sundry Debtors |
105.050
|
97.175 |
64.489 |
|
|
Cash & Bank Balances |
4.413
|
2.935 |
0.030 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.467
|
25.856 |
12.115 |
|
Total
Current Assets |
137.675
|
130.621 |
77.659 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
72.757 |
69.905 |
26.660 |
|
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Provisions |
2.522 |
2.802 |
2.239 |
|
Total
Current Liabilities |
75.279 |
72.707 |
28.899 |
|
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Net Current Assets |
62.396
|
57.914 |
48.760 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.009 |
0.016 |
|
|
|
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|
|
|
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TOTAL |
91.063 |
80.753 |
53.408 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
618.391 |
360.509 |
215.284 |
|
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Other Income |
20.387 |
18.377 |
15.334 |
|
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Total Income |
638.778 |
378.886 |
230.618 |
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|
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Profit/(Loss) Before Tax |
8.062 |
10.024 |
5.552 |
|
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Provision for Taxation |
2.986 |
3.681 |
2.049 |
|
|
Profit/(Loss) After Tax |
5.076 |
6.343 |
3.503 |
|
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|
|
|
|
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Export Value |
30.815 |
2.758 |
NA |
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Expenditures : |
|
|
|
|
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Raw Material Consumed |
604.613 |
350.921 |
210.893 |
|
|
Salaries, Wages, Bonus, etc. |
3.989 |
3.316 |
2.233 |
|
|
Managerial Remuneration |
1.020 |
0.973 |
0.967 |
|
|
Payment to Auditors |
0.563 |
0.150 |
0.150 |
|
|
Interest |
5.250 |
4.526 |
5.154 |
|
|
Insurance Expenses |
0.000 |
0.000 |
0.000 |
|
|
Power & Fuel |
0.000 |
0.000 |
0.000 |
|
|
Depreciation & Amortization |
1.684 |
0.937 |
0.278 |
|
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Other Expenditure |
13.596 |
8.039 |
5.390 |
|
Total Expenditure |
630.716 |
368.862 |
225.065 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
0.79
|
1.67 |
1.52 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.30
|
2.78 |
2.58 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.03
|
6.53 |
6.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.39 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.85
|
5.03 |
3.34 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.80 |
2.69 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U17100MH1996PLC097900 |
|
Name of the
Company |
VICKY FASHIONS LIMITED |
|
Address |
Unit No.232, Sanjay Blkdg No.5B, Mittal Industrial Estate, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Movable Property
(Not being pledge) |
|
Particulars of
the charge holder |
Union Bank of
India Matunga East
Branch, Bhagawati Bhavan , 323/A Dr, B Ambedkar Road, Matunga (East), Mumbai
– 400019, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Packaging Credit
Agreement |
|
Date of the
instrument creating or modifying the charge |
20.03.2007 |
|
Amount secured by
the charge |
Rs.15.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As Applicable Terms of
repayment: On Demand Margin: As per Sanction
Terms Extent and
operation of the charge: To secured the
packaging credit limit of Rs.15.000 Millions granted by the Bank of the
company |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation by
way of first charge in favour of the Bank all those movable properties of the
borrower meant or indented for export of goods such as yarn, clothing etc
including raw materials semi finished good and finished goods and /or any
other goods meant, intended or being manufactured for export lying in the
factory or godowns at Bhivandi, Mumbai and Elsewhere in India or that may be
held by any party to the other and disposition of the borrower both present
and future. |
|
Particular of the
present modification |
The packing
credit limit has enhanced from Rs.7.500 Millions to Rs.15.000 Millions
against the security described in column 14 above. |
|
Name of the company |
VICKY FASHIONS LIMITED |
|
Presented By |
Union Bank of
India Matunga East
Branch, Mumbai |
|
1) Date and description of instrument creating the change |
Term Loan Agreement
(SD-19) (Hypothecation of
Movables) Dated: 28th
October, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.000 Millions |
|
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 |
The borrower
hypothecates and charge to the bank: Machinery and
furniture for manufacturing of garment/ readymade garment at their unit at
Mhape, New Mumbai All the tangible
movable machinery and plant of the borrower together with spares tools and
accessories and other movables both present and future, whether lying losses
or in cases which are now lying or stored in or about or shall be brought in
to or be stored or be in or upon or about the borrower premises and godowns
or wherever else the same may be or be held be any party to the order or
disposition of the borrower relating to or pertaining to the borrower’s works
at Mhape, New Delhi |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan Amount
Rs.9.000 Millions No of Installment
: 60 Repayable of
Installment: Commencing from Oct. 2006. Amount of
Installments : Rs.0.210 Million Tenure – 60
Months Interests – 10%
per annum with monthly rests. |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Matunga (East)
Branch, Bhagawati Bhavan, 323/A, Dr.Babasaheb Ambedkar Road, Matunga (East),
Mumbai – 400019, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
Trade Reference:
- Rajvir Industries Limited (Supplier)
- Arvind Mills, 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.40.14 |
|
UK Pound |
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.62.59 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
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 |
|
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 |
|