MIRA
INFORM REPORT
|
Report Date : |
24.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHOREWALA GLOBAL INDUSTRIES PRIVATE LIMITED (w.e.f. 21.10.2008) |
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Formerly Known
As : |
TERRY PLUS INDIA PRIVATE LIMITED |
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Registered Office
: |
9, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
24.01.2002 |
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Com. Reg. No.: |
55-113962 |
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Capital Investment
/ Paid-up Capital : |
Rs.65.000 millions |
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CIN No.: [Company Identification
No.] |
U18101DL2002PTC113962 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELT05534E |
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PAN No.: [Permanent Account No.] |
AABCT8271C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Terry Towels. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 494000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management of the company has not filed its financials with the Government Department
after the year 2009. However, trade relations are reported as fair. Business
is active. Payments are unknown. The company can be considered for business dealings with some caution. Profit and loss account of the company is not available. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay |
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Designation : |
Accounts Manager |
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Contact No.: |
91-11-23819363 |
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Date : |
22.12.2011 |
LOCATIONS
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Registered Office : |
9, |
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Tel. No.: |
91-11-23819363 |
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Fax No.: |
91-11-23810677 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
S-P-2/6, RIICO Industrial Area, Neemrana, District Alwar, Rajasthan, India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Alok Kumar Shorewala |
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Designation : |
Director |
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Address : |
9, Banarsi Das Estate, Timarpur, |
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Date of Birth/Age : |
15.10.1954 |
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Date of Appointment : |
24.01.2002 |
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DIN No.: |
02082327 |
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Name : |
Mr. Anil Kumar Shorewala |
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Designation : |
Director |
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Address : |
9, Banarsi Das Estate, Timarpur, |
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Date of Birth/Age : |
26.07.1957 |
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Date of Appointment : |
24.01.2002 |
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DIN No.: |
02082338 |
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Name : |
Mr. Atul Kumar Shorewala |
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Designation : |
Director |
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Address : |
9, Banarsi Das Estate, Timarpur, |
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Date of Birth/Age : |
28.06.1961 |
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Date of Appointment : |
24.01.2002 |
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DIN No.: |
02082370 |
KEY EXECUTIVES
|
Name : |
Saket Billa |
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Designation : |
Secretary |
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Address : |
106-A, Ramesh Nagar, |
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Date of Birth/Age : |
12.08.1981 |
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Date of Appointment : |
01.04.2008 |
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PAN No.: |
AIHPK0744Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Alok Kumar Shorewala |
|
287500 |
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Anil Kumar Shorewala |
|
214300 |
|
Atul Kumar Shorewala |
|
243200 |
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Total |
|
745000 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Terry Towels. |
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Exports : |
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Products : |
Terry Towels |
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Countries : |
v
US v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
v
Trident Mills v
Sathiya Mill |
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Customers : |
Wholesalers and Retailers v
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No. of Employees : |
150 (Approximately) |
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Bankers : |
v Bank of v Corporation
Bank, Overseas Branch v Punjab National
Bank v State Bank of v State Bank of v ICICI Bank
Limited |
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Facilities : |
Cash Credit, Overdraft and Term Loan – Rs.700.000 millions (Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Goel Mintri and Associates Chartered Accountants |
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Address : |
JD-18B, Near Ashiana Chowk, Pitampura, |
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Income-tax
PAN of auditor or auditor's firm : |
AADFG6745P |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.100/- each |
Rs.80.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
745000 |
Equity Shares |
Rs.100/- each |
Rs.74.500
millions |
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As on 31.03.2009
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.65.000
millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
65.000 |
60.000 |
58.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
144.852 |
94.852 |
82.652 |
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4] (Accumulated Losses) |
(86.392) |
(80.901) |
(49.240) |
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NETWORTH |
123.460 |
73.951 |
92.012 |
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|
LOAN FUNDS |
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1] Secured Loans |
366.219 |
398.366 |
383.305 |
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2] Unsecured Loans |
81.280 |
92.480 |
91.905 |
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TOTAL BORROWING |
447.499 |
490.846 |
475.210 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
570.959 |
564.797 |
567.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
452.193 |
468.132 |
498.142 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.164 |
0.097 |
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 |
115.515
|
92.876 |
50.721 |
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Sundry Debtors |
64.821
|
35.825 |
11.945 |
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Cash & Bank Balances |
1.609
|
2.642 |
1.153 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.913
|
32.446 |
29.653 |
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Total
Current Assets |
204.858
|
163.789 |
93.472 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
34.365 |
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Other Current Liabilities & Provisions |
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|
5.108 |
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Total
Current Liabilities |
93.793
|
78.530 |
39.473 |
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Net Current Assets |
111.065
|
85.259 |
53.999 |
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MISCELLANEOUS EXPENSES |
7.537 |
11.309 |
15.081 |
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TOTAL |
570.959 |
564.797 |
567.222 |
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Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
600.000 |
500.000 |
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Expected Sales (2011-2012): Rs.800.000 millions
The above information has been parted by Mr. Sanjay (Accounts Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.38
|
7.70 |
5.59 |
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Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.09 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
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2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
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4) Premises
details |
Yes |
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5) Type of
Business |
Yes |
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6) Line of
Business |
Yes |
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7) Promoter’s
background |
-- |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
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11) Turnover of firm
for last two years |
Yes |
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12) Profitability
for last three years |
-- |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
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15) Capital in
the business |
Yes |
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16) Details of
sister concerns |
-- |
|
17) Major
suppliers |
Yes |
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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 |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
No |
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28) Incorporation
details, if applicable |
-- |
|
29) Last accounts
filed at ROC |
-- |
|
30) Major Shareholders,
if available |
-- |
Note:
The registered office of the company has been shifted from 4543, Krishna
Bazar, Cloth Market,
TRADE REFERENCES:
v
v
Trident Mills
v
Sathiya Mill
FIXED ASSETS:
v
v Buildings
v Plant and Machinery
v Electrical Installation
v Furniture and Fixtures
v Office Equipments and Computers
v 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.52.72 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.68.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.