MIRA
INFORM REPORT
|
Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
DEB FASHION INDIA PRIVATE LIMITED (w.e.f. 14.05.2008) |
|
|
|
|
Formerly Known
As : |
SWETHA HORN AND MARINE EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot 151, Phase II, IDA, Ramanayyapeta, Kakinada – 533005, Andhra
Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.10.2006 |
|
|
|
|
Com. Reg. No.: |
051466 |
|
|
|
|
Paid-up Capital
: |
Rs. 10.826 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999AP2006PTC051466 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
VPND01021G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS3240B |
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|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Horn Buttons and Palmyra Fiber |
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|
|
|
No. of Employees
: |
150 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 107148 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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. Amir Ali |
|
Designation : |
Manager |
|
Contact No.: |
91-8842355261 |
|
Date : |
05.12.2011 |
LOCATIONS
|
Registered Office : |
Plot 151, Phase II, IDA, Ramanayyapeta, Kakinada – 533005, Andhra
Pradesh, India |
|
Tel. No.: |
91-88-42355261 |
|
Mobile No.: |
91-9849295027 (Srinivasa Rao) |
|
Fax No.: |
91-88-42358258 |
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E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
APSEZ, Brandix India Apporel City, Pudimadaka Road, Atchutapuram,
Visakhapatnam, India |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Bettoni Fiorentino |
|
Designation : |
Director |
|
Address : |
XX Settembre 16, Bergamo, Italy 24100 |
|
Date of Birth/Age : |
10.12.1953 |
|
Date of Appointment : |
23.06.2008 |
|
|
|
|
Name : |
Mr. Badigantla Srinivasa Rao |
|
Designation : |
Director |
|
Address : |
Plot 151, IDA, Phase II, Ramanayyapeta, Kakinada – 533005, Andhra
Pradesh, India |
|
Date of Birth/Age : |
04.06.1975 |
|
Qualification : |
MBBS/M.D. |
|
|
|
|
Name : |
Mr. Badigantla Satyanarayana |
|
Designation : |
Director |
|
Address : |
Plot 151, IDA, Phase II, Ramanayyapeta, Kakinada – 533005, Andhra
Pradesh, India |
|
Date of Birth/Age : |
06.06.1961 |
|
Qualification : |
Post Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Amir Ali |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2006
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Badigantla Satyanarayana |
|
3600 |
|
Mr. Badigantla Srinivasa Rao |
|
7200 |
|
|
|
|
|
Total |
|
10800 |
List of Allottee as on 20.05.2009
|
Names of Allottee |
|
No. of Shares |
|
|
|
|
|
DEB S.P.A., Italy |
|
10,71,840 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Horn Buttons and Palmyra Fiber |
|
|
|
|
Exports : |
|
|
Products : |
·
Horn Buttons and Palmyra Fiber |
|
Countries : |
·
Italy ·
Korea ·
UK ·
Sri Lanka ·
Japan ·
Germany |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, T.T. (30 days, 60 days ) |
|
|
|
|
Purchasing : |
L/C, T.T. (30 days, 60 days ) |
GENERAL INFORMATION
|
Suppliers : |
·
Venkataramana Traders |
|
|
|
|
Customers : |
·
Wholesalers ·
Hae Sung
International, Korea · Frameless Asia Pacific Limited, Hong Kong |
|
|
|
|
No. of Employees : |
150 (in office + in factory) |
|
|
|
|
Bankers : |
·
Bank of India, Kakinada Branch, 27-4-4, Jawahar
Street, Kakinada-533001, Andhra Pradesh, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sikhi Vahana and Company Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
·
Swetha Exports |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
Rs. 10/- each |
Rs. 11.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1082640 |
Equity Shares |
Rs. 10/- each |
Rs. 10.826 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2011-2012) : Rs. 100.000 Millions
The above information has been parted by (Mr. Amir Ali - Manager)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
26.000 |
26.000 |
0.108 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.787 |
0.342 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
26.787 |
26.342 |
0.108 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
122.770 |
120.967 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
122.770 |
120.967 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
149.557 |
147.309 |
0.108 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
29.023 |
9.432 |
0.220 |
|
|
Capital work-in-progress |
0.000 |
23.787 |
0.549 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
Other Non-Current Assets |
0.083 |
0.083 |
0.082 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.367 |
57.979
|
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000
|
0.000 |
|
|
Cash & Bank Balances |
1.701 |
0.023
|
3.405 |
|
|
Other Current Assets |
5.239 |
0.000
|
0.000 |
|
|
Loans & Advances |
70.438 |
72.515
|
0.681 |
|
Total
Current Assets |
122.745 |
130.517 |
4.086
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
1.942 |
16.358
|
4.829 |
|
|
Provisions |
0.352 |
0.152
|
0.000 |
|
Total
Current Liabilities |
2.294 |
16.510 |
4.829
|
|
|
Net Current Assets |
120.451 |
114.007 |
(0.743)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
149.557 |
147.309 |
0.108 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
88.619 |
77.221 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL (A) |
|
88.619 |
77.221 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
4.465 |
4.397 |
|
|
|
Purchase of Stock-in Trade |
|
44.082 |
116.785 |
|
|
|
Changes in Inventories of Finished Goods, Work-In-Progress and Stock
in Trade |
|
12.612 |
(57.979) |
|
|
|
Employee Benefit Expenses |
|
2.688 |
2.683 |
|
|
|
Other Expenses |
|
2.732 |
6.443 |
|
|
|
TOTAL (B) |
|
66.579 |
72.329 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
22.040 |
4.892 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
17.199 |
2.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
4.841 |
2.018 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
4.196 |
1.524 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.645 |
0.494 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
0.200 |
0.153 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
0.445 |
0.341 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.17 |
0.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.50
|
0.44 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.72
|
0.63 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.42
|
0.35 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.66
|
5.21 |
44.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
53.50
|
7.90 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
·
Venkataramana Traders
·
Hae Sung International, Korea
·
Frameless
Asia Pacific Limited, Hong Kong
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
---------------------- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact
person |
Yes |
|
11) Turnover of firm for last
three years |
Yes |
|
12) Profitability for last
three years |
Yes |
|
13) Reasons for variation
<> 20% |
No |
|
14) Estimation for coming
financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details
(if applicable) |
Yes |
|
21) Market information |
---------------------- |
|
22) Litigations that the firm
/ promoter involved in |
---------------------- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking
account |
---------------------- |
|
26) Buyer visit details |
---------------------- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if
applicable |
---------------------- |
|
29) Last accounts filed at ROC |
---------------------- |
|
30) Major Shareholders, if
available |
---------------------- |
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.51.35 |
|
|
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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.