MIRA
INFORM REPORT
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Report Date : |
17.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SWARAAJ FASHIONS PRIVATE LIMITED |
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Registered
Office : |
64, Jolly Maker Chamber No.2, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
03.06.2002 |
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Com. Reg. No.: |
11-136102 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U19110MH2002PTC136102 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS36711D / MUMS30055 |
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PAN No.: [Permanent Account No.] |
AAGCS2796A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Merchant, Exporter of Leather Garment |
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No. of Employees
: |
25 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca [20] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Subject is an
established company having moderate track. Profitability of the company is
under pressure. There appear 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 any business dealings on a safe and secured 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.
INFORMATION PARTED BY
|
Name : |
Mr. Kiran |
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Designation : |
Senior Manager |
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Contact No.: |
91-22-28396640 |
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Date : |
16.12.2011 |
LOCATIONS
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Registered Office : |
64, Jolly Maker Chamber No.2, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-28396640 / 30886041 / 30886043 |
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Fax No.: |
91-22-28371099 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
11, Plot No. C-4, Street No.11, MIDC, Andheri (East), Mumbai – 400093,
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Tel. No.: |
91-22-28396640 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kundan Hashmatrai Sippy |
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Designation : |
Director |
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Address : |
102, |
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Date of Birth/Age : |
30.06.1923 |
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Date of Appointment : |
03.06.2002 |
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00414534 |
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Other Directorship : |
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Name : |
Mr. Kishore Kundan Sippy |
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Designation : |
Director |
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Address : |
D-143, |
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Date of Birth/Age : |
22.12.1963 |
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Date of Appointment : |
30.06.2002 |
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DIN : |
00414565 |
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Other Directorship : |
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KEY EXECUTIVES
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Name : |
Mr. Kiran |
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Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Kundan Hashmatrai Sippy |
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25000 |
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Kishore Kundan Sippy |
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25000 |
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Total |
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50000 |
As on 30.09.2010
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Equity Share
Break Up 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 : |
Merchant, Exporter of Leather Garment |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit [30 Days] |
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Purchasing : |
L/C / Cash / Credit [30 Days] |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
25 [Approximately] |
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Bankers : |
IDBI Bank, Cuffee Parade Branch, Mumbai, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D. Kothary and Company Chartered Accountants |
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Address : |
149, Behram Mahal, 534, 2nd Floor, 53, Dhobi Talao, Mumbai
– 400002, |
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Tel. No.: |
91-22-22093344 / 22036688 |
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Fax No.: |
91-22-22017174 |
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E-Mail : |
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PAN : |
AAAFD2013L |
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Associates/Subsidiaries : |
Swaraaj Shipping Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs.100/- each |
Rs.5.000
millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs.100/- each |
Rs.5.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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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) |
[25.046] |
[12.642] |
[12.016] |
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NETWORTH |
[20.046] |
[7.642] |
[7.016] |
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LOAN FUNDS |
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1] Secured Loans |
8.583 |
4.638 |
2.844 |
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2] Unsecured Loans |
74.867 |
71.570 |
54.897 |
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TOTAL BORROWING |
83.450 |
76.208 |
57.741 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.404 |
68.566 |
50.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.103 |
2.288 |
2.555 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.300 |
0.308 |
0.312 |
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DEFERREX TAX ASSETS |
0.068 |
0.267 |
0.181 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.824
|
13.530 |
11.760 |
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Sundry Debtors |
3.472
|
6.676 |
0.109 |
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Cash & Bank Balances |
1.783
|
0.005 |
0.596 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
52.452
|
51.266 |
43.246 |
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Total
Current Assets |
68.531
|
71.477 |
55.711 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.083 |
2.634 |
4.029 |
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Other Current Liabilities |
3.406
|
2.558 |
3.537 |
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Provisions |
0.109
|
0.616 |
0.507 |
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Total
Current Liabilities |
7.598
|
5.808 |
8.073 |
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Net Current Assets |
60.933
|
65.669 |
47.638 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.034 |
0.039 |
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TOTAL |
63.404 |
68.566 |
50.725 |
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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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SALES |
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Income |
16.604 |
20.492 |
14.663 |
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Other Income |
2.598 |
7.532 |
1.701 |
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TOTAL (A) |
19.202 |
28.024 |
16.364 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Administrative Expenses |
28.439 |
25.423 |
22.325 |
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Advertising Expenses |
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Increase / [Decrease] in Stocks |
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TOTAL (B) |
28.439 |
25.423 |
22.325 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[9.237] |
2.601 |
[5.961] |
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Less |
FINANCIAL
EXPENSES (D) |
2.596 |
2.815 |
1.271 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[11.833] |
[0.214] |
[7.232] |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.352 |
0.389 |
0.233 |
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
[12.185] |
[0.603] |
[7.465] |
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Less |
TAX (H) |
0.200 |
0.023 |
0.217 |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
[12.385] |
[0.626] |
[7.682] |
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Prior period items |
0.026 |
0.000 |
0.000 |
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Excess/ shortage provision for
tax |
0.007 |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[12.642] |
[12.016] |
[4.334] |
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BALANCE CARRIED
TO THE B/S |
[25.046] |
[12.642] |
[12.016] |
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EARNINGS IN
FOREIGN CURRENCY |
16.174 |
19.930 |
13.193 |
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Earnings/[Loss]
Per Share (Rs.) |
[247.70] |
[12.52] |
[153.64] |
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Particulars |
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|
31.03.2011 |
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Sales Turnover [Approximately] |
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|
35.000 |
Expected Sales (2011-2012) : Rs.50.000 millions
The above information has been parted by Mr. Kiran [Senior Manager].
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[64.50]
|
[2.23] |
[46.95] |
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(PBT/Sales) |
(%) |
[73.38]
|
[2.94] |
[50.91] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[17.25]
|
[0.82] |
[12.81] |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.61]
|
[0.08] |
[1.06] |
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Debt Equity Ratio (Total Liability/Networth) |
|
[4.54]
|
[10.73] |
[9.38] |
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Current Ratio (Current Asset/Current Liability) |
|
9.02
|
12.31 |
6.90 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
4.083 |
2.634 |
4.029 |
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Available
in Report [Yes/No] |
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Construction
of the firm |
Yes |
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Premises
details |
Yes |
|
Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
- |
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No.
of Employees |
Yes |
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Name
of Person Contacted |
Yes |
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Designation
of contact person |
Yes |
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Turnover
of firm for last three years |
Yes |
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Profitability
for last three years |
No |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
Yes |
|
Capital
the business |
No |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
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Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
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Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
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Banking
Details |
Yes |
|
Banking
Facility Details |
No |
|
Conduct
of the banking account |
- |
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Buyer
visit details |
- |
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Financials,
if provided |
No |
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Incorporation
details, if applicable |
- |
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Last
accounts filed at ROC |
- |
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Major
Shareholders, if applicable |
- |
Operational Review :
There has been a gradual decline in the turnover of the company, hence
the total income from operating activities has been decreased to Rs. 19.202
millions as compared to Rs. 28.024 millions in last financial year. The
Operating Loss before Interest, Depreciation and Taxes is Rs. 9.238 millions as
compared to Loss of Rs. 2.600 millions in last financial year.
Bankers Charges
Report as per Registry
|
Name of the company |
SWARAAJ FASHIONS PRIVATE LIMITED |
|
Presented By |
Mr. Kishore K.
Sippy, Director |
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1) Date and description of instrument creating the change |
Both are dated
14.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 millions |
|
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 |
All the stock of
raw materials goods in process semi finished and finished goods of the
company meant or intended for exports such as leather wearing apparels and
other outwears. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
8.50% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
The United
Western Bank Limited, Overseas Branch, Mittal Court, “C”, Nariman Point,
Mumbai – 400021, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
FIXED ASSETS :
§
Furniture and Fixtures
§
Computer
§
Office Equipments
§
Electrical Installations
§
Motor Car
§
Fax Machine
§
Air Conditioner
§
Camera
§
Sewing Machine
§
Mobile Phones
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.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
20 |
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.