MIRA
INFORM REPORT
|
Report Date : |
21.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BARNET INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
17, Usha Kiran, M
L Dahanukar Marg, Mumbai
– 400 026, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.06.2002 |
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Com. Reg. No.: |
11-136278 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 million |
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CIN No.: [Company Identification
No.] |
U17299MH2002PTC136278 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Fibre Yarn, Textiles,
Polymers etc. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 210000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
17, Usha Kiran, M
L Dahanukar Marg, Mumbai
– 400 026, |
|
Tel. No.: |
91-22-66366681-83 |
|
Fax No.: |
91-22-66366682 |
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E-Mail : |
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Website : |
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Branch Office : |
4-C |
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Tel. No.: |
91-22-66366681 / 53 |
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Fax No.: |
91-22-663 66682 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Uday Kapilmuni
Grover |
|
Designation : |
Director |
|
Address : |
17, Usha Kiran, M.
L. Dahanukar Marg, Mumbai
– 400 026, |
|
Qualification : |
B.Com |
|
Experience : |
21 Years |
|
Date of Appointment : |
21.06.2002 |
|
DIN No.: |
00165706 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U17110MH1982PTC026497 |
Pali Grover Woollens Private Limited |
Managing
director |
12-07-93 |
12-07-93 |
Active |
NO |
|
2 |
U17299MH2002PTC136278 |
Barnet India
Private Limited |
Director |
21-06-02 |
21-06-02 |
Active |
NO |
|
3 |
U17120MH2004PTC145451 |
Pali Grover Textiles
Private Limited |
Director |
31-03-04 |
31-03-04 |
Active |
NO |
|
|
|
|
Name : |
Ms. Anuradha Grover |
|
Designation : |
Director |
|
Address : |
17, Usha Kiran, M.
L. Dahanukar Marg, Mumbai
– 400 026, |
|
Date of Appointment : |
21.06.2002 |
|
DIN No.: |
00208938 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of appointment
at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U17299MH2002PTC136278 |
Barnet India
Private Limited |
Director |
21-06-02 |
21-06-02 |
Active |
NO |
|
2 |
U17120MH2004PTC145451 |
Pali Grover Textiles
Private Limited |
Director |
31-03-04 |
31-03-04 |
Active |
NO |
|
3 |
U17110MH1982PTC026497 |
Pali Grover Woollens Private Limited |
Director |
08-11-10 |
08-11-10 |
Active |
NO |
|
|
|
|
Name : |
Mr. William McCrary |
|
Designation : |
Director |
|
Address : |
William Barnet and Son, P. O. Box No. 131, 1300, Hayne
Street, Arcadia, S S 29320, USA |
|
Date of Appointment : |
09.02.2004 |
|
DIN No.: |
00924931 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current designation
of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U17299MH2002PTC136278 |
Barnet India
Private Limited |
Director |
30-09-04 |
30-09-04 |
Active |
NO |
|
|
|
|
Name : |
Mr. Byrd Miller |
|
Designation : |
Director |
|
Address : |
William Barnet and Son, P. O. Box No. 131, 1300, Hayne
Street, Arcadia, S S 29320, USA |
|
Date of Appointment : |
09.02.2004 |
|
DIN No.: |
00924856 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U17299MH2002PTC136278 |
Barnet India
Private Limited |
Director |
30-09-04 |
30-09-04 |
Active |
NO |
|
|
|
|
Name : |
Mr. Robert Vannoy |
|
Designation : |
Director |
|
Address : |
William Barnet and Son, P. O. Box No. 131, 1300, Hayne
Street, Arcadia, S S 29320, USA |
|
Date of Appointment : |
09.02.2004 |
|
DIN No.: |
00925013 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U17299MH2002PTC136278 |
Barnet India
Private Limited |
Director |
30-09-04 |
30-09-04 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Uday Grover |
|
20000 |
|
Anuradha Grover |
|
20000 |
|
Indira Grover |
|
9000 |
|
William Barnet and |
|
51000 |
|
Total |
|
100000 |
As on 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Directors
or relatives of directors |
|
49.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fibre Yarn, Textiles,
Polymers etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
Bankers : |
Not Available |
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|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
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|
Name : |
Chokshi and Chokshi Chartered Accountants |
|
Address : |
101/102, Kshamalaya, Sir V. T. Marg, Mumbai – 400 020, |
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PAN No.: |
AAAFC2633B |
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|
|
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Holding Company : |
William Barnet and Son, |
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Other Related Parties where common control exists : |
W. Barnet GMBH and Company KG, Barnet Pacific, LLC (BPAC), Hong Kong Barnet Trading ( |
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|
|
Companies in which the directors hold substantial interest : |
·
Pali Grover Textile Private Limited ·
Pali Grover Woollens
Private Limited |
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
51.552 |
34.775 |
26.507 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
52.552 |
35.775 |
27.507 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52.552 |
35.775 |
27.507 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.016 |
0.490 |
0.669 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.022 |
5.732 |
5.628 |
|
|
DEFERREX TAX ASSETS |
0.052 |
0.072 |
0.062 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.541
|
17.306 |
4.791 |
|
|
Sundry Debtors |
4.302
|
3.350 |
0.559 |
|
|
Cash & Bank Balances |
7.805
|
10.275 |
13.042 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.112
|
1.376 |
19.613 |
|
Total
Current Assets |
50.760
|
32.307 |
38.005 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.250
|
1.415 |
0.500 |
|
|
Other Current Liabilities |
1.048
|
0.974 |
0.292 |
|
|
Provisions |
0.000
|
0.437 |
16.065 |
|
Total
Current Liabilities |
6.298
|
2.826 |
16.857 |
|
|
Net Current Assets |
44.462
|
29.481 |
21.148 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
52.552 |
35.775 |
27.507 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
INCOME |
89.488 |
56.940 |
15.751 |
|
|
|
|
|
|
|
|
NET PROFIT |
16.778 |
8.268 |
10.480 |
|
|
|
|
|
|
|
|
Earning in
Foreign Currency |
|
|
|
|
|
Commission |
Euro 69371.76 US 368094.55 |
Euro 41033.30 US 361742.11 |
Euro 58181.20 US 340190.35 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.12
|
0.08 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.06
|
11.43 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The income of the company during the year is Rs.89.488 millions.
The net financial results of the company show a net profit of Rs.16.778
millions.
FIXED ASSETS
·
Computers
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
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.53.03 |
|
|
1 |
Rs.82.34 |
|
Euro |
1 |
Rs.69.00 |
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 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.