MIRA
INFORM REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
RINKY FASHIONS PRIVATE LIMITED |
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Registered Office : |
House No. 27, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.06.1995 |
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Com. Reg. No.: |
04-026291 |
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CIN No.: [Company
Identification No.] |
U65910GJ1995PTC026291 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTR00081E |
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PAN No.: [Permanent
Account No.] |
AABCR1095C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Textile Items. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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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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Comments : |
Subject is an established company having moderate track. There appears
to be some accumulated losses recorded by the company. Profitability of the
company is under pressure. However trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Name : |
Mr. Ravindra Shah |
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Designation : |
Director |
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Contact No.: |
91-9974702538 |
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Date : |
10.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
House No. 27, |
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Tel. No.: |
91-261-2364645/3251428 |
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Mobile No.: |
91-9974702538 (Mr. Ravindra Shah) |
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Fax No.: |
91-261-2364645 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. (Owned) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Chhaganmal Tekchand Shah |
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Designation : |
Chairman |
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Address : |
7, Yogikrupa, Society, New Civil Road, Surat-395007, |
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Date of Birth/ Age: |
05.02.1948 |
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Date of Appointment : |
12.06.1995 |
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Date of Signing : |
24.10.2008 |
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Name : |
Mr. Ravindra Tekchand Shah |
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Designation : |
Director |
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Address : |
7, Yogikrupa, Society, New Civil Road, Surat-395007, |
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Date of Birth/ Age: |
13.12.1971 |
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Date of Appointment : |
12.06.1995 |
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Date of Signing : |
24.10.2008 |
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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Tekchand Shah |
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14860 |
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Ravindra T. Shah |
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14010 |
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Chunilal C. Shah |
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1250 |
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Lalchand C. Shah |
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1250 |
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Venichand C. Shah |
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1250 |
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Nani Bai C. Shah |
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17200 |
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Pushpa T. Shah |
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100 |
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Chanchal T. Shah |
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7500 |
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Bhavana T. Shah |
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100 |
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Dinesh T. Shah |
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15000 |
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Champaklal C. Shah HUF |
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100 |
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Hiren M. Kansara |
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100 |
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Narendrakumar Chandmal |
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100 |
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Rasilaben M. Kansra |
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100 |
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Kunjam M. Kansara |
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100 |
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Total |
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73020 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Textile Items. |
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Products : |
v
Fabrics v
Dress Materials v
Embroidered Sarees v
Synthetic Fabrics v
Natural Fabrics v
Embroidered Dress Materials v
Dyeable Fabrics v
Dyed Sarees v
Embroidered Fabrics v
Dyed Fabrics v
Viscose Fabrics |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Suppliers : |
v
Akash Dyeing and Printing mills Private Limited v
Allied Industries v
Ayush Textiles v
Bhakti Textiles v
Bharat Silk Mills v
Chirag Textiles v
D P Cloth v
Dhara Textiles v
Dharam Textiles v
Dinesh Textiles v
Hitesh Textiles v
Jay Ambe Traders v
Kakoo Textiles v
Kanchan Synthetics v
Karan Textiles v
Kiran Industries Limited v
M R Textiles v
Madhav Silk v
Madhavi Fabrics v
Meenakshi Silk Industries v
Nav Nidhi Dyeing and Printing Mills Private
Limited v
Neelkanth Fabrics v
Parth Fabrics v
Preet Polysters v
Punam Fabrics v
Rajlaxmi Textiles v
Ramkrushna Textiles v
Rawatkhedia Processors Private Limited |
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Customers : |
Wholesalers v
Adinath Sarees v
AL-Huda Fabrics v
Anjaniputra Sarees v
Arbaz Textiles v
Arshad Cut-Piece Centre v
Arti Creation v
Arushi Textiles Private Limited v
B S U Silk and Sarees v
Bahurani Sarees v
v
Chetna Textiles v
Chopra Fashion v
D C Textiles v
Daga Bandhu v
Darshan Silk Mills v
Dhupia Silk Mills v
Dintex Fabrics v
Ditech Computers Private Limited v
DItech Software Exports Private Limited v
Eshwar Textiles v
Excelsior Creations Private Limited v
Faisal Textiles v
G T Enterprises v
Gotewala Vastralaya |
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No. of Employees : |
20 (In Office 5) (In Factory 15) (Approximately) |
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Bankers : |
v
Central Bank of v
ABN Amro Bank v
Citi Bank v
ICICI Bank v
Kotak Mahindra Bank Limited v
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rasesh Shah and Associates Chartered Accountant |
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Address : |
O-1, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
73020 |
Equity Shares |
Rs.10/- each |
Rs.0.730
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.730 |
0.730 |
0.730 |
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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) |
(0.469) |
(0.525) |
(0.764) |
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NETWORTH |
0.261 |
0.205 |
(0.034) |
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LOAN FUNDS |
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1] Secured Loans |
17.084 |
13.804 |
12.141 |
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2] Unsecured Loans |
1.100 |
1.436 |
0.673 |
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TOTAL BORROWING |
18.184 |
15.240 |
12.814 |
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DEFERRED TAX LIABILITIES |
0.063 |
0.052 |
0.042 |
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TOTAL |
18.508 |
15.497 |
12.822 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.128 |
0.966 |
1.023 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.037 |
0.037 |
0.037 |
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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 |
12.824
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11.497 |
5.185 |
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Sundry Debtors |
14.562
|
16.633 |
9.036 |
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Cash & Bank Balances |
1.264
|
0.774 |
0.883 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.275
|
0.134 |
2.245 |
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Total
Current Assets |
28.925
|
29.038 |
17.349 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
11.493
|
14.443 |
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Other Current Liabilities |
0.076
|
0.064 |
5.587 |
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Provisions |
0.013
|
0.037 |
0.000 |
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Total
Current Liabilities |
11.582
|
14.544 |
5.587 |
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Net Current Assets |
17.343
|
14.494 |
11.762 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.508 |
15.497 |
12.822 |
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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 |
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Other Income |
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TOTAL |
42.525 |
46.937 |
24.944 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
42.326 |
46.558 |
25.416 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
0.199 |
0.379 |
0.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.119 |
0.109 |
0.000 |
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PROFIT BEFORE
TAX |
0.080 |
0.270 |
(0.472) |
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Less |
TAX |
0.024 |
0.031 |
0.004 |
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PROFIT AFTER TAX
|
0.056 |
0.239 |
(0.476) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.525) |
(0.764) |
(0.288) |
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BALANCE CARRIED
TO THE B/S |
(0.469) |
(0.525) |
(0.764) |
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Earnings Per
Share (Rs.) |
0.77 |
3.27 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.13
|
0.51 |
(1.91) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.27
|
0.90 |
(2.57) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
1.32 |
13.88 |
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Debt Equity Ratio (Total Liability/Networth) |
|
114.05
|
145.29 |
(541.20) |
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Current Ratio (Current Asset/Current Liability) |
|
2.50
|
2.00 |
3.10 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 03267 Surat Textile Marketing Road,
Surat-395002,
FINANCIAL RESULTS
The Directors report that due to decrease in sales, The Company has posted gross income of Rs. 42.525 millions in the current year as compared to Rs. 46.937 millions in the corresponding previous year. As a result, The Company has posted net profit of Rs. 0.056 millions as compared to net profit of Rs. 0.239 millions in the corresponding previous year. In view of the previous year losses, The directors are unable to recommend any dividend and the entire amount of profit is carried to the balance sheet under the head “Reserve and Surplus.”
Fixed Assets:
- Computer
- Motor Car
- Kinetic Honda
- Air Conditioner
- Furniture
- Hero Honda
Trade References:
- Sampoorna
Fashions, Mumbai
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.