MIRA
INFORM REPORT
|
Report Date : |
31.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE MEENA CREATION PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
4th Floor, 313, Kalbadevi Road, Mumbai – 400002,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
31.03.2005 |
|
|
|
|
Com. Reg. No.: |
152308 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 6.852 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH2005PTC152308 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS47621A |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Sarees and Dress Materials. |
|
|
|
|
No. of Employees
: |
350 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 148072 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
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. Sagar |
|
Designation : |
Manager |
|
Date : |
26.12.2011 |
LOCATIONS
|
Registered Office : |
4th Floor, 313, Kalbadevi Road, Mumbai – 400002,
Maharashtra, India |
|
Tel. No.: |
91-22-22405351 |
|
Fax No.: |
91-22-22404988 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at Dahisar and Surat |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vinod Bhuralal Kothari |
|
Designation : |
Director |
|
Address : |
Ganga Sagar Building, 1st Floor, Opp Blr School, Vile Parle (East), Mumbai 400 057,
Maharashtra, India |
|
Date of Birth/Age : |
16.05.1974 |
|
Date of Appointment : |
31.03.2005 |
|
|
|
|
Name : |
Mr. Bhuralal Ambalal Kothari |
|
Designation : |
Director |
|
Address : |
41, Ganga Sagar Apt, A., Mahant Road, Vile Parle (East), Mumbai 400
057, Maharashtra, India |
|
Date of Birth/Age : |
05.08.1935 |
|
Date of Appointment : |
31.03.2005 |
|
|
|
|
Name : |
Mrs. Kusum Vinodkumar Kothari |
|
Designation : |
Director |
|
Address : |
03, Ganga Sagar Apt, 1st Floor, Mahant Road, Vile Parle
(East), Mumbai 400 057, Maharashtra, India |
|
Date of Birth/Age : |
18.03.1976 |
|
Date of Appointment : |
01.11.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Vinodbhai Kothari |
|
18500 |
|
Bhuralal A. Kothari |
|
35494 |
|
Bhagaram Premaji Choudhary |
|
1 |
|
Bhailal Narbheram Rajgor |
|
1 |
|
Bhanumati Vadilal Shah |
|
1 |
|
Bharat Gangji Furia |
|
1 |
|
Bhartiben Anil Dedhia |
|
1 |
|
Bhavin Navin Shah |
|
1 |
|
Chetan Jalamchand Jain |
|
1 |
|
Divya Vasantlal Gala |
|
1 |
|
Haresh Natwarlal Pithadia |
|
1 |
|
Hemlata Khimji Maru |
|
1 |
|
Hemlata Navinchand Cheda, |
|
1 |
|
Javerchand Shivpal Shah |
|
1 |
|
Lata M.Shah |
|
1 |
|
Linesh Furia, |
|
1 |
|
Manish Manoj Rajgor |
|
1 |
|
Manoj Harishakar Rajgor |
|
1 |
|
Mita S.Thakkar, |
|
1 |
|
Nita Ashok Damania |
|
1 |
|
Prabhaben Harishankar Rajgor |
|
1 |
|
Priya Ratanshri Vora |
|
1 |
|
Shantilal Premji Chheda, |
|
1 |
|
Sharad Kalyanji Gada |
|
1 |
|
Arvind Ratanchand Jain |
|
1 |
|
Sumitra Pravin Prasad, |
|
1 |
|
Sushila Bhavanji Rambhia |
|
1 |
|
Vijay Narendra Prajapati |
|
1 |
|
Virendra Shivaji Palan, |
|
1 |
|
Kusum Vinod Kothari |
|
14501 |
|
Jyotsna Chetan Jain |
|
1 |
|
Harakchand Sundarji Gogari |
|
1 |
|
Kusum Pravin kakkad |
|
1 |
|
Sangita Arvind Jain |
|
1 |
|
Sarla Ramniklal Furia |
|
1 |
|
Total |
|
68527 |
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.95 |
|
Other top fifty shareholders |
0.05 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sarees and Dress Materials. |
|
|
|
|
Imports : |
|
|
Products : |
·
Machinery |
|
Countries : |
·
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days) |
|
|
|
|
Purchasing : |
L/C, Cash, Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
350 (in office + in factory) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda, Crawford Market Branch, 67/ 69 Mohd. Ali Road, Mumbai - 400003, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N D Shah and Associates Chartered Accountant |
|
Address : |
Shop No. 2, Jerome Villa, Veer Makrand Ghanekar Marg, Vile Parle
(east), Mumbai – 400057, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68527 |
Equity Shares |
Rs. 100/- each |
Rs. 6.852 Millions |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2011-2012) : Rs. 150.000 Millions
The above information has been parted by (Mr. Sagar - Manager)
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.853 |
6.853 |
3.654 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.165 |
28.009 |
7.887 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
37.018 |
34.862 |
11.541 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
29.241 |
21.955 |
7.149 |
|
|
2] Unsecured Loans |
21.468 |
21.875 |
26.300 |
|
|
TOTAL BORROWING |
50.709 |
43.830 |
33.449 |
|
|
DEFERRED TAX LIABILITIES |
0.002 |
0.000 |
0.477 |
|
|
|
|
|
|
|
|
TOTAL |
87.729 |
78.692 |
45.467 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.116 |
25.701 |
13.248 |
|
|
Capital work-in-progress |
0.000 |
4.419 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.127 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.518
|
13.128 |
15.574 |
|
|
Sundry Debtors |
31.879
|
41.188 |
28.175 |
|
|
Cash & Bank Balances |
5.232
|
13.219 |
5.974 |
|
|
Other Current Assets |
0.585
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.961
|
4.876 |
5.170 |
|
Total
Current Assets |
76.175
|
72.411 |
54.893 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.652
|
22.466 |
19.671 |
|
|
Other Current Liabilities |
4.060
|
0.847 |
0.756 |
|
|
Provisions |
0.850
|
0.653 |
2.247 |
|
Total
Current Liabilities |
14.562
|
23.966 |
22.674 |
|
|
Net Current Assets |
61.613
|
48.445 |
32.219 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
87.729 |
78.692 |
45.467 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
124.711 |
145.881 |
89.202 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
12.827 |
9.596 |
7.357 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.598 |
2.863 |
3.179 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.229 |
6.733 |
4.178 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.093 |
2.558 |
1.814 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.136 |
4.175 |
2.364 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.850 |
0.050 |
0.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
2.286 |
4.125 |
1.514 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.51
|
2.86 |
2.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.06
|
4.25 |
3.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.11 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
1.94 |
4.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.23
|
3.02 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U17120MH2005PTC152308 |
||||||
|
Name of the
company |
SHREE MEENA CREATION PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
4th Floor, 313, Kalbadevi Road, Mumbai – 400002,
Maharashtra, India |
||||||
|
This form is for |
Creation of
charge |
||||||
|
Type of charge |
Book debts Movable property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Composite
Hypothecation Agreement (For stocks/book
debts/Vehicles/Movable Machinery) |
||||||
|
Date of
instrument Creating the charge |
27.10.2009 |
||||||
|
Amount secured by
the charge |
Rs. 42.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest rate of
0.50 % p.a. below BPLR ie 11.50 % p.a. at present with mly rest. Penal
interest in addition to agreed rate in case of default Terms of
Repayment Term Loan
repayable in 60 mly instalment of Rs. 0.200 millions. Interest on term loan
to be paid separately as and when due. Cash Credit for a period of 12 months
subject to yearly review Margin Cash Credit : 25
% on Inventory, 40 % on book debts Term Loan : Plant
and machinery 26.71 % Extent and
Operation of the charge To secure the due
repayment of the banking limits of Rs. 42.000 millions and for all costs,
interest and other charges thereon, the Borrower Company has created first
charge and hypothecation on stocks, book debts, plant and machinery and other
assets of the Company both present and future. Others Nil |
||||||
|
Particulars of
the property charged |
First charge and
hypothecation on stocks, book debts, plant and machinery and other assets of
the Company both present and future |
|
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 |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
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 |
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. 53.26 |
|
|
1 |
Rs.82.09 |
|
Euro |
1 |
Rs.68.90 |
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 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.