MIRA
INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRECISE SEAMLESS APPARELS PRIVATE LIMITED |
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Registered
Office : |
F 73, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.02.2004 |
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Com. Reg. No.: |
55-124843 |
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Capital
Investment / Paid-up Capital : |
Rs.49.600 Millions |
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CIN No.: [Company Identification
No.] |
U18101DL2004PTC124843 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of all types of Readymade
Garments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 98000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
F 73, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Vinod Kumar Jindal |
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Designation : |
Director |
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Address : |
F 73, |
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Date of Birth/Age : |
20.07.1958 |
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Date of Appointment : |
25.02.2004 |
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Name : |
Ms. Pushpa Jindal |
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Designation : |
Director |
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Address : |
F 73, |
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Date of Appointment : |
26.06.2007 |
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Name : |
Mr. Tarun Jindal |
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Designation : |
Director |
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Address : |
F 73, |
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Date of Appointment : |
21.06.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vinod Kumar Jindal |
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371700 |
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Pushpa Jindal |
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84000 |
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Tarun Jindal |
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40000 |
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Bhawan Jindal |
|
100 |
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Prema Jindal |
|
100 |
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Vinod Kumar Jindal HUF |
|
100 |
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Total |
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496000 |
As on 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of all types of Readymade
Garments. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaudhry Kumar and Company Chartered Accountant |
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Address : |
21 Deepak Building, |
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Tel. No.: |
91-11-26414640 / 41618168 (O) 91-11-24333303 (R) |
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Mobile No.: |
91-9810007859 |
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E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
496000 |
Equity Shares |
Rs.100/- each |
Rs.49.600 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
496000 |
Equity Shares |
Rs.100/- each |
Rs.49.600 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
49.600 |
49.600 |
49.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(25.044) |
(30.986) |
(15.625) |
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NETWORTH |
24.556 |
18.614 |
33.975 |
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LOAN FUNDS |
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1] Secured Loans |
50.956 |
40.672 |
55.722 |
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2] Unsecured Loans |
44.031 |
45.186 |
32.124 |
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TOTAL BORROWING |
94.987 |
85.858 |
87.846 |
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DEFERRED TAX LIABILITIES |
0.899 |
6.434 |
0.000 |
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TOTAL |
120.442 |
110.906 |
121.821 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
129.364 |
106.173 |
114.081 |
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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 |
9.718
|
4.000 |
0.036 |
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Sundry Debtors |
11.609
|
0.165 |
0.252 |
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Cash & Bank Balances |
4.237
|
0.031 |
0.079 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.092
|
4.969 |
9.919 |
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Total
Current Assets |
30.656
|
9.165 |
10.286 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
32.356
|
1.954 |
1.140 |
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Other Current Liabilities |
7.233
|
2.446 |
1.441 |
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Provisions |
0.000
|
0.055 |
0.000 |
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Total
Current Liabilities |
39.589
|
4.455 |
2.581 |
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Net Current Assets |
(8.933)
|
4.710 |
7.705 |
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MISCELLANEOUS EXPENSES |
0.011 |
0.023 |
0.035 |
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TOTAL |
120.442 |
110.906 |
121.821 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
131.282 |
53.199 |
8.346 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
136.593 |
66.516 |
24.105 |
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Advertising Expenses |
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TOTAL |
136.593 |
66.516 |
24.105 |
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PROFIT BEFORE
TAX |
0.407 |
NA |
NA |
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Less |
TAX |
0.000 |
NA |
NA |
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PROFIT AFTER TAX |
0.407 |
NA |
NA |
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Earnings Per
Share (Rs.) |
0.82 |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.31
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.25
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.48
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4.85 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
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0.77
|
2.06 |
3.99 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from LU-11, Vishakha Enclave,
Pitampura,
FINANCIAL RESULTS:
The Company has started the business activities during the
year. The factory building portion has been rented out during the year. The
Pre-Operative Expenses Account – Pending Capitalisation has been transferred to
the factory building and Plant and Machinery in their ratio. The turnover of
the Company during the year was Rs
118.578 millions and a rent realized amounting to Rs.5.375 millions. The net
profit of Rs.0.407 million including Deprecation Rs. 10.560 millions for the
year has been carried over to Balance Sheet amounting to Rs. 25.043
millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10267293 |
|
Corporate
identity number of the company |
U18101DL2004PTC124843 |
|
Name of the
company |
PRECISE SEAMLESS
APPARELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F 73, |
|
Type of charge |
Movable Property
(not being pledge) Immovable
Property Other |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Inst. Re.
Extension of mortgage |
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Date of
instrument Creating the charge |
01.02.2011 |
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Amount secured by
the charge |
Rs.26.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 4.25%
above SBM base rate, effective rate at present being 12.75% p.a. Terms of
Repayment Repayable in 14
equal quarterly installments of Rs. 1.750 millions each and last installment of Rs. 1.500
millions Margin 20.49% Extent and
Operation of the charge The charge
operates as security as exclusive first charge in favour of SBM Others This is to secure
term loan of Rs. 26.000 millions this
is to secure term loan of Rs. 26.000 millions |
|
Short particulars
of the property charged |
I)
Hypothecation
Charge Over Knitting Machines To Be Purchased out of Bank Finance II)
Hypothecation
of All Movable Fixed Assets Forming Part of Fixed/Block Assets Of The Company III)
Equitable
Mortgage by Deposit of Title Deeds over Imm. Property At Plot No. 762 And
763, Sector 37, Pace City Ii, Hidc, Gurgaon-122001 |
|
Particulars of
the present modification |
The Said Term
Loan Of Rs. 26.000 Millions is add. Secured by Eq. mortgage By Deposit of Title Deeds Over
Imm. Property Situated at Plot No. 762 And 763, Sector 37, Pace City Ii,
Hidc, Gurgaon-122001 |
Fixed Assets:
- Building
- Plant and Machinery
- Furniture and Fixtures
- Inventor
- Car
- Computer
- Office Equipment
- Plot
- Air Conditioner
- Ro Systems
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.44.37 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.62.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.