MIRA
INFORM REPORT
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Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
LIBAS FASHIONS PRIVATE LIMITED |
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Registered Office : |
C-18, Lajpat Nagar – II, New Delhi – 110 024, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.02.2003 |
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Com. Reg. No.: |
55-119078 |
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CIN No.: [Company
Identification No.] |
U51311DL2003PTC119078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELL01939A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Suppliers of Textile Products – Bridal Lehenga,
Designer Lehanga, Salwar Suits |
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 28000 |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
C-18, Lajpat Nagar – II, New Delhi – 110 024, Delhi, India |
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Tel. No.: |
91-11-29838644 |
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E-Mail : |
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Factory : |
D-3, Old Double Storey, Lajpat Nagar – IV, New Delhi – 110 024, Delhi,
India |
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Tel. No.: |
91-11-26419410 / 26472347 / 41325939 / 26470742 / 26317062 |
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Fax No.: |
91-11-26288761 |
DIRECTORS
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Name : |
Mr. Purshotam Kumar Keshwani |
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Designation : |
Director |
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Address : |
B-491, New Friends Colony, New Delhi – 110 065, India |
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Date of Appointment : |
21.02.2003 |
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Name : |
Mr. Sunil Kumar Keshwani |
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Designation : |
Director |
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Address : |
B-491, New Friends Colony, New Delhi – 110 065, India |
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Date of Appointment : |
21.02.2003 |
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Name : |
Mr. Hitesh Keshwani |
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Designation : |
Director |
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Address : |
B-491, New Friends Colony, New Delhi – 110 065, India |
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Date of Birth : |
30.03.1985 |
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Date of Appointment : |
14.01.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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Purshotam Kumar Keshwani |
10000 |
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Sunil Kumar Keshwani |
10000 |
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Total |
20000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Suppliers of Textile Products – Bridal Lehenga,
Designer Lehanga, Salwar Suits |
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Products : |
·
Ladies and Teenaber’s Designer Suits ·
Sarees ·
Lehengas ·
Chilis ·
Payjamas ·
Children Wear etc. |
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Exports : |
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Countries : |
·
UK ·
USA ·
Canada ·
Asian and Gulf countries |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
·
Union Bank of India, Lajpat Nagar ·
HDFC Bank ·
Citi Bank ·
ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P K Arora and Company Chartered Accountants |
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Address : |
C-55, LGF Jangpura Extension, New Delhi – 110 014, Delhi, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.200 |
0.200 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.384 |
4.930 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.902) |
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NETWORTH |
5.584 |
5.130 |
(0.802) |
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LOAN FUNDS |
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1] Secured Loans |
8.477 |
6.553 |
0.000 |
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2] Unsecured Loans |
1.450 |
2.028 |
10.511 |
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TOTAL BORROWING |
9.927 |
8.581 |
10.511 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.511 |
13.711 |
9.709 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.172 |
7.503 |
7.033 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
12.635
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14.352 |
19.862 |
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Sundry Debtors |
0.099
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0.007 |
0.021 |
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Cash & Bank Balances |
1.196
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1.420 |
0.946 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
6.082
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3.732 |
0.850 |
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Total
Current Assets |
20.012
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19.511 |
21.679 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.327
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13.136 |
18.997 |
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Provisions |
0.352
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0.175 |
0.015 |
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Total
Current Liabilities |
12.679
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13.311 |
19.012 |
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Net Current Assets |
7.333
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6.200 |
2.667 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.009 |
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TOTAL |
15.511 |
13.711 |
9.709 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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84.148 |
85.111 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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84.148 |
85.111 |
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Profit/(Loss) Before Tax |
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0.706 |
1.208 |
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Provision for Taxation |
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0.251 |
0.175 |
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Profit/(Loss) After Tax |
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0.455 |
1.033 |
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Expenditures : |
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Financial charges |
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1.306 |
0.557 |
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Other Expenditure |
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82.136 |
83.346 |
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Total Expenditure |
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83.442 |
83.903 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.54
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1.21 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.84
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1.42 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.50
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4.47 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.24 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.05
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4.27 |
(36.81) |
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Current Ratio (Current Asset/Current Liability) |
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1.58
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1.47 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
LIBAS FASHIONS PRIVATE LIMITED |
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Presented By |
Union Bank of India, Lajpat Nagar |
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1) Date and description of instrument creating the change |
SD – 06
(Hypothecation Agreement of goods and Debts) Date : 28.12.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions |
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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 |
Hypothecation of
Book debts and all types of readymade garments, suits, sarees and other
materials of their showroom at D-42. Shop No. 50 at Central Market, Lajpat
Nagar – II, New Delhi |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 9%, Penal interest : 2% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Lajpat Nagar |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
Web Details
Profile
Subject is a manufacturer, supplier
and exporter of Ladies Designer suits, Ladies Sarees, Lehengas, Cholis and Ladies Ethnic
Clothing. The company is also a manufacturer of Lehengas and Cholis for
teenagers, Kurta Pyjamas, Children wear etc.
Subject was established in the year 1985 and has vast experience in this
competitive industry. It has successfully earned an enviable reputation for
itself as a manufacturer of top quality ladies designer suits, lehengas and
cholis.
With its dedication to quality and customer satisfaction, the company
has made inroads into various international markets and is recognized as a
reliable manufacturer and supplier of designer suits, both in India and abroad.
Presently, the company is exporting its range of designer suits and ethnic
clothing to competitive markets all over the world, mainly UK, USA, Canada,
Asian and Gulf countries. Subject provides excellent delivery services and
goods can be delivered within 72-90 hours to any part of the world.
If believe in
quality of garments, timely and committed deliveries, Subject is the right
choice.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.26 |
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UK Pound |
1 |
Rs.79.00 |
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Euro |
1 |
Rs.63.53 |
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 |
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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