MIRA INFORM REPORT
|
Report Date : |
13.04.2011 |
Note:
The Correct name of the company is “VEMB
Lifestyle Private Limited”
IDENTIFICATION DETAILS
|
Name : |
VEMB LIFESTYLE PRIVATE LIMITED (w.e.f 07.01.2011) |
|
|
|
|
Formerly Known
As : |
VAISHALI GARMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No 15/16 4th Floor, A Wing Krishna Co-op Hsg Society
Off Subhash Road Next to Iflex, Vile Parle East, Mumbai – 400057, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
05.07.2005 |
|
|
|
|
Com. Reg. No.: |
11-154498 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U1810MH2005PTC154498 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV12719A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV0704F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Trader of Hand Embroidered Fashion Garments
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Punit Agarwal |
|
Designation : |
Director |
|
Contact No.: |
91-9820329144 |
|
Date : |
12.04.2011 |
LOCATIONS
|
Registered Office : |
Flat No 15/16 4th Floor, A Wing Krishna Co-op Hsg Society
Off Subhash Road Next to Iflex, Vile Parle East, Mumbai – 400057,
Maharashtra, India |
|
Tel. No.: |
91-22-26841694/1653 |
|
Mobile No.: |
91-9820329144 (Mr. Punit Agarwal) |
|
Fax No.: |
91-22-26841790 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 sq.ft (approximately) |
|
Location : |
Owned |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Punit Shivkumar Agarwal |
|
Designation : |
Director |
|
Address : |
2 Shweta Building, Plot No 42, 1st Gulmohar Road, Juhu,
Mumbai – 400049, |
|
Date of Appointment : |
05.07.2005 |
|
DIN No.: |
00325616 |
|
|
|
|
Name : |
Mrs. Neetu Punit Agarwal |
|
Designation : |
Director |
|
Address : |
2 Shweta Building, Plot No 42, 1st Gulmohar Road, Juhu,
Mumbai – 400049, |
|
Date of Appointment : |
05.07.2005 |
|
DIN No.: |
01506024 |
|
|
|
|
Name : |
Mrs. Usha Shivkumar Agarwal |
|
Designation : |
Director |
|
Address : |
2 Shweta Building, Plot No 42, 1st Gulmohar Road, Juhu,
Mumbai – 400049, |
|
Date of Birth/Age : |
01.01.1955 |
|
Date of Appointment : |
05.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Punit Agarwal |
|
685100 |
|
Neetu Agarwal |
|
179900 |
|
Usha Agarwal |
|
2500 |
|
Punit Agarwal HUF |
|
42500 |
|
Kushal Bajaj |
|
10000 |
|
Tanaya Enterprises Private Limited – |
|
410000 |
|
Total |
|
1330000 |
As On 16.03.2011
|
List of Allottees |
|
No. of Shares |
|
Tanaya Enterprises Private Limited – |
|
150000 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
30.83 |
|
Directors or relatives of Directors |
69.17 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Trader of Hand Embroidered Fashion Garments
|
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit: 30/60/90 Days |
|
|
|
|
Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
50 (approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Cash Credit: Rs. 80.000 Millions (Punjab National Bank)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singrodia Goyal and Company Chartered Accountant |
|
Address : |
A-201, Rajeshri Accord, Telly Cross Lane, Off S. N. Road, Andheri (E),
Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-42256363 |
|
Fax No.: |
91-22-42256364 |
|
E-Mail : |
|
|
Website : |
|
|
Pan No.: |
AAAFS7106D |
|
|
|
|
Associates/Subsidiaries : |
Address: Flat No 15/16 4th Floor,
A Wing Krishna Co-op Hsg Society Off Subhash Road Next to Iflex, Vile Parle
East, Mumbai – 400057, Maharashtra, India Line of Business: Manufacturer, Exporter
and Trader of Hand Embroidered Fashion Garments
Address: Flat No 15/16 4th
Floor, A Wing Krishna Co-op Hsg Society Off Subhash Road Next to Iflex, Vile
Parle East, Mumbai – 400057, Maharashtra, India Line of Business: Manufacturer, Exporter
and Trader of Hand Embroidered Fashion Garments
|
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1330000 |
Equity Shares |
Rs. 10/- each |
Rs. 13.300
Millions |
|
|
|
|
|
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1480000 |
Equity Shares |
Rs. 10/- each |
Rs. 14.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.300 |
10.800 |
8.700 |
|
|
2] Share Application Money |
0.000 |
0.050 |
0.000 |
|
|
3] Reserves & Surplus |
15.356 |
10.094 |
6.030 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
28.656 |
20.944 |
14.730 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
35.788 |
29.892 |
23.122 |
|
|
2] Unsecured Loans |
5.237 |
7.374 |
0.037 |
|
|
TOTAL BORROWING |
41.025 |
37.266 |
23.159 |
|
|
DEFERRED TAX LIABILITIES |
1.175 |
0.631 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70.856 |
58.841 |
37.889 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.326 |
12.679 |
11.981 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.345 |
2.005 |
0.332 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.810 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
80.067
|
36.865 |
19.268 |
|
|
Sundry Debtors |
25.853
|
8.890 |
9.552 |
|
|
Cash & Bank Balances |
1.365
|
0.806 |
0.747 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.082
|
8.390 |
9.097 |
|
Total
Current Assets |
116.367
|
54.951 |
38.664 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
37.238
|
8.482 |
9.465 |
|
|
Other Current Liabilities |
30.326
|
1.917 |
1.302 |
|
|
Provisions |
1.618
|
0.395 |
4.131 |
|
Total
Current Liabilities |
69.182
|
10.794 |
14.898 |
|
|
Net Current Assets |
47.185
|
44.157 |
23.766 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
70.856 |
58.841 |
37.889 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
181.623 |
135.804 |
77.462 |
|
|
|
Other Income |
1.208 |
0.353 |
0.586 |
|
|
|
TOTAL (A) |
182.831 |
136.157 |
78.048 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed/goods sold |
136.964 |
97.565 |
50.324 |
|
|
|
Manufacturing and other expenses |
14.861 |
14.744 |
12.356 |
|
|
|
Staff costs |
9.209 |
8.634 |
7.378 |
|
|
|
Administrative, selling and other expenses |
18.908 |
21.748 |
18.743 |
|
|
|
Prior Period Adjustments |
0.000 |
0.018 |
(0.055) |
|
|
|
Increase/ Decrease in stocks |
(10.759) |
(16.924) |
(13.746) |
|
|
|
TOTAL (B) |
169.183 |
125.785 |
75.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.648 |
10.372 |
3.048 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.053 |
4.136 |
1.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.595 |
6.236 |
1.078 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.332 |
0.987 |
0.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
6.263 |
5.249 |
0.397 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.251 |
2.164 |
0.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
4.012 |
3.085 |
0.102 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.115 |
6.030 |
5.928 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
13.127 |
9.115 |
6.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
66.179 |
57.357 |
38.297 |
|
|
TOTAL EARNINGS |
66.179 |
57.357 |
38.297 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
3.71 |
3.54 |
0.20 |
|
|
|
- Diluted |
3.71 |
3.54 |
0.20 |
|
Expected Sales (2010-2011) : Rs. 250.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.19
|
2.27 |
0.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.45
|
3.87 |
0.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.52
|
7.76 |
0.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.25 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.85
|
2.29 |
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
5.09 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
The Details of sundry creditors:
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Due to micro, small and medium enterprises
|
-- |
-- |
-- |
|
- Due to others |
37.238 |
8.482 |
9.465 |
|
Total |
37.238 |
8.482 |
9.465 |
Contingent Liabilities not provided for
Bank Guarantees Rs. 1.068 millions (Previous
year Nil)
Form 8:
|
Corporate
identity number of the company |
U18101MH2005PTC154498 |
||||||
|
Name of the
company |
VAISHALI GARMENTS
PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Flat No 15/16 4th
Floor,A Wingkrishna Co-Op Hsg Society Off Subhash Rd Next To Iflex Vile Parle
East Mumbai - 400057, Maharashtra, India |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Immovable
Property Any Interest in
immovable Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Hypothecation of
goods and book debts to secure cash credit facility for Rs.40.000 millions
(enhanced) Packing credit
agreement (hypothecation) for Rs..21.000 millions (enhanced) Postshipment limit
for Rs.19.000 millions Memorandum of
deposit of title deeds for Rs.80.000 millions Working capital
agreement for Rs.80.000 millions Deed of
hypothecation for Rs..80.000 millions Declaration and
confirmation of deposit of title deeds for Rs.80.000 millions (all the above
documents constitute single charge of Rs.80.000 millions) |
||||||
|
Date of
instrument Creating the charge |
18.10.2010 |
||||||
|
Amount secured by
the charge |
Rs. 80.000
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- CC :BPLR +2% P.A. PC: 8.50% P.A. Terms of
Repayment - working capital facilities are subject to revision and renewal at
annually. Margin - stock
25% book debts 40% Extent and
Operation of the charge - RS.80.000 millions and operation of charge on
entire hypothecated current assets including book debts and stocks and
immovable properties at mumbai and pune as described in the schedules of
memorandum of deposit of title deeds. |
||||||
|
Particulars of
the property charged |
Entire
Hypothecated Current Assets Including Book Debts And Stocks. Flat No.15, A
Wing, |
||||||
|
Particulars of
the present modification |
By This
Submission Of Modification, The Company Has Created Charge On Entire
Hypothecated Current Assets Including Book Debts And Stocks And On Immovable
Properties As Detailed In The Schedules Of Memorandum Of Deposit Of Title
Deeds And Other Assets In Other
Documents To Secure Bank For The Total
Fund Base And Non Fund Base Limit Of Rs.80.000 millions ( Enhanced From Rs.52.500
millions) |
Fixed Assets:
- Property
- Plant and machinery
- Furniture and fixtures
- Office equipments
- Computers
- Motor cars
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.20 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.