MIRA
INFORM REPORT
|
Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SRESTHA ARTS AND COMMODITIES PRIVATE LIMITED. |
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Formerly Known As : |
TREND AND BRAND APPARELS INDIA PRIVATE LIMITED. |
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Registered Office : |
413, Union Bank Building, Dalal Street, Fort, Mumbai 400001,
Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date Of Incorporation : |
01.10.2001 |
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Com. Reg. No.: |
133530 |
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CIN No.: [Company
Identification No.] |
U17110MH2001PTC133530 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS57731C |
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PAN No.: [Permanent
Account No.] |
AABCT4238P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Stockist and Distributor of Natural, Synthetic, Woven or Blended
Textiles, Yarns and Readymade Garments, Diamonds, etc |
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 147590 |
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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 : |
Subject has improved its performance in 2007-08 with the Sales and
Profit rising manifold in comparision to past. Director, are reported as
experienced respectable and resourceful businessmen. Their trade relations
are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
413, Union Bank Building, Dalal Street, Fort, Mumbai 400001,
Maharashtra, India. |
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Tel. No.: |
91-22-66325232/22703440 |
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Fax No.: |
91-22-66325271 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rashesh Arun Shah |
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Designation : |
Director |
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Address : |
A/10, Sterling Apt, 38, G. Deshmukh Marg, Mumbai-400026. |
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Date of Birth/Age : |
26.10.1973 |
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Date of Appointment : |
01.10.2001 |
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Date of Ceasing : |
31.05.2007 |
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Name : |
Ms. Nutan Arun Shah |
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Designation : |
Director |
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Address : |
A/10, Sterling Apt, 38, G. Deshmukh Marg, Mumbai-400026. |
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Date of Birth/Age : |
25.08.1974 |
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Date of Appointment : |
01.10.2001 |
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Name : |
Mr. Parul Arun Shah |
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Designation : |
Director |
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Address : |
A/10, Sterling Apt, 38, G. Deshmukh Marg, Mumbai-400026. |
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Date of Birth/Age : |
27.11.1967 |
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Date of Appointment : |
18.10.2007 |
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Name : |
Mr. Keki Minoo Lakdavala |
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Designation : |
Director |
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Address : |
34 Jupiter 41 Captain P. Pethe Marg, Mumbai 400005 Maharashtra, India. |
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Date of Birth/Age : |
01.12.1947 |
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Date of Appointment : |
18.10.2007 |
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Name : |
Mr. Nikesh Arun shah |
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Designation : |
Director |
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Address : |
A/10, Sterling Apt, 38, G. Deshmukh Marg, Mumbai-400026. |
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Date of Birth/Age : |
24.10.1971 |
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Date of Appointment : |
15.01.2007 |
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. Rashes A. Shah |
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25000 |
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M/s. Nutan A. Shah |
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25000 |
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Mr. Shashi A. Shah |
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25000 |
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Mr. Parul A. Shah |
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12500 |
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Mr. Nikesh A. Shah |
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12500 |
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Total |
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100000 |
(Equity Share Breakup ( Percentage Of Total Equity ):
(As on 31.03.2008 )
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Category |
Percentage |
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Directors of relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Stockist and Distributor of Natural, Synthetic, Woven or Blended
Textiles, Yarns and Readymade Garments, Diamonds, etc |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
The Greater Bombay Co-Operative Bank Limited. |
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Auditors : |
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Name : |
·
P Sanghani and company. Chartered Accountant. ( Praful Sanghani,
Proprietor, Membership No.038144). |
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Address : |
B/4, Parekh Apartments, Sarojni Road, Ville Parle ( W ), Mumbai 400056 |
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Name : |
·
K M Lakdavala and Company. Chartered Accountant. |
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Address : |
34, Jupiter 41, cuffe Parade Mumbai 400005 Maharashtra. |
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Tel. No.: |
91-22-26103065 |
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E-Mail : |
p.sanghani@gmail.com |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- Each |
5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/-
Each |
1.000
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.518 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(4.136) |
0.000 |
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NETWORTH |
29.518 |
(3.136) |
1.000 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
4.305 |
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2] Unsecured Loans |
5.488 |
3.241 |
0.893 |
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TOTAL BORROWING |
5.488 |
3.241 |
5.198 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
35.006 |
0.105 |
6.198 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.800 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.889
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0.000 |
0.000 |
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Sundry Debtors |
173.571
|
1.536 |
0.030 |
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Cash & Bank Balances |
0.120
|
0.513 |
0.049 |
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Other Current Assets |
13.549
|
0.268 |
0.000 |
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Loans & Advances |
67.020
|
0.000 |
0.000 |
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Total
Current Assets |
257.149
|
2.317 |
0.079 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
223.047
|
2.021 |
0.943 |
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Provisions |
0.000
|
0.421 |
0.000 |
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Total
Current Liabilities |
223.047
|
2.442 |
0.943 |
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Net Current Assets |
34.102
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(0.125) |
(0.864) |
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MISCELLANEOUS EXPENSES |
0.104 |
0.130 |
0.152 |
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PROFIT AND LOSS ACCOUNT |
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6.810 |
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TOTAL |
35.006 |
0.105 |
6.198 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
|
435.800 |
10.600 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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435.800 |
10.600 |
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Profit/(Loss) Before Tax |
|
309.500 |
3.510 |
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Provision for Taxation |
|
42.100 |
0.000 |
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Profit/(Loss) After Tax |
|
267.400 |
3.510 |
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Total Expenditure |
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126.300 |
7.090 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
61.36
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33.11 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
71.02
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33.11 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
120.36
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151.49 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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10.48
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1.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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7.74
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1.81 |
6.14 |
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Current Ratio (Current Asset/Current Liability) |
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1.15
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0.95 |
0.08 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
TREND AND BRAND
APPARELS (INDIA) PRIVATE LIMITED |
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Presented By |
Trend and Brand
Apparels (India) Private Limited |
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1) Date and description of instrument creating the change |
28.11.2001 (a) Deed of
Hypothecation of Movables (stock) Agreement executed by the Company with The
Greatef Bombay Co-operative Bank Limited., Mumbai (hereinafter reffered to as
‘the Lenders’). Certified copy of the said (a) Deed of Hypothecation of
Movables (Stock) is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Working Capital
facility ( Letter Of Credit ) aggregating to Rs. 2.500 Millions agreed to be
lend and advanced by The Greater Bombay Co-operative Bank Limited to the
company in terms of the working capital facilities loan agreements dated the
28th day of November 2001 executed by the company. |
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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 |
Short Particulars
of the Property Hypothecation of Stock Purtchased under the Letter of Credit
Charged. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(a) The Charge
operates as Security, inter alia, for the due repayment by the company to The
Greater Bombay Co-operative Bank Limited. of its Working Capital Facility of
Rs. 2.500 Millions. (b) The Charge in
favour of The Greater Bombay Co-
operative Bank Limited. under the said Deed of Hypothication of Movables
(stock) is subject to the charge(s) created and/or to be created by the
Company in favour of its bankers on the Company’s stocks purchased under
Letter of Credit as may be specifically permitted to its Working Capital
Facilities in the ordinary course of business. (c) The Company
has undertaken to keep the Movables (stock) hypothecated in marketable and
good condition at its own costs and to insure the same in the joint names of
the Company and the Lenders. (d) All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of the Lenders. (e) The security
created under the Deeds of Hypothecation of Movables (stock) Agreement are to
be a continuing security. (f) Rate of Interest 16%. |
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5) Name and Address and description of the person entitled to the charge. |
The Greater
Bombay Co-operative Bank Limited. GBCB House, 89,
Bhuleshwar, Mumbai 400002. |
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.47.46 |
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UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
|
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 |
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