MIRA
INFORM REPORT
|
Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROOP DESIGNS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A/12/23 Vishnu Smruti Co-Operative Society, 1st |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
23.09.1997 |
|
|
|
|
Com. Reg. No.: |
11-110828 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18101MH1997PTC110828 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter of Apparel Textile Accessories and Mens Apparel Clothings. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 7700 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relation as fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for small 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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 : |
A/12/23 Vishnu Smruti Co-Operative Society, 1st |
|
Tel. No.: |
91-22-28068808/ 28078808 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Jayantilal Monjibhai Limbad |
|
Designation : |
Whole Time Director |
|
Address : |
3C, 303, Paras Nagar, |
|
Date of Birth/Age : |
02.11.1956 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Mr. Kamlesh Monjibhai Limbad |
|
Designation : |
Whole Time Director |
|
Address : |
3C, 303, Paras Nagar, |
|
Date of Birth/Age : |
03.02.1966 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Mr. Bipin Mojibhai Limbad |
|
Designation : |
Whole Time Director |
|
Address : |
3C, 303, Paras Nagar, |
|
Date of Birth/Age : |
02.09.1961 |
|
Date of Appointment : |
23.09.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jayantilal Monjibhai Limbad |
|
450 |
|
Kamlesh Monjibhai Limbad |
|
450 |
|
Bipin Mojibhai Limbad |
|
450 |
|
Jayantilal Limbad HUF |
|
450 |
|
Bhavna Jayantilal Limbad |
|
450 |
|
Daksha Bipin Limbad |
|
450 |
|
Neelam Jayantilal Limbad |
|
25 |
|
Khushal Jayantilal Limbad |
|
350 |
|
Kinjal Bipin Limbad |
|
50 |
|
Dimple Bipin Limbad |
|
50 |
|
Vijayaben Monjibhai Limbad |
|
1350 |
|
Urvashi Kamlesh Limbad |
|
450 |
|
Jak Exim |
|
25 |
|
Total |
|
5000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of Apparel Textile Accessories and Mens Apparel Clothings. |
GENERAL INFORMATION
|
Bankers : |
Bank of |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok V Ajmera and company Chartered Accountant |
|
Address : |
801A, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
||
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
||
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.431 |
1.045 |
0.836 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1.931 |
1.545 |
1.336 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.549 |
4.283 |
2.390 |
|
|
2] Unsecured Loans |
5.802 |
3.396 |
0.748 |
|
|
TOTAL BORROWING |
10.351 |
7.679 |
3.138 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.030 |
|
|
|
|
|
|
|
|
TOTAL |
12.282 |
9.224 |
4.504 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.563 |
0.928 |
0.982 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.502
|
13.134 |
8.627 |
|
|
Sundry Debtors |
17.975
|
18.485 |
15.124 |
|
|
Cash & Bank Balances |
0.270
|
0.241 |
0.829 |
|
|
Other Current Assets |
0.100
|
0.250 |
0.100 |
|
|
Loans & Advances |
0.102
|
0.312 |
0.492 |
|
Total
Current Assets |
32.949
|
32.422 |
25.172 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.389
|
23.437 |
20.902 |
|
|
Other Current Liabilities |
0.630
|
0.473 |
0.556 |
|
|
Provisions |
0.211
|
0.216 |
0.192 |
|
Total
Current Liabilities |
23.230
|
24.126 |
21.650 |
|
|
Net Current Assets |
9.719
|
8.296 |
3.522 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12.282 |
9.224 |
4.504 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
82.491 |
68.066 |
55.508 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
82.491 |
68.066 |
55.508 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
NA |
54.223 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
81.895 |
NA |
54.223 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
1.285 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
0.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
0.563 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
0.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.596 |
NA |
0.431 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.211 |
NA |
0.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.385 |
NA |
0.233 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.045 |
NA |
0.603 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
1.430 |
NA |
0.836 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
77.00 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.47
|
NA |
0.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.72
|
NA |
0.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.68
|
NA |
1.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
NA |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
17.39
|
20.59 |
18.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.34 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
Sales:
The Sales for the year is increased to Rs.
82.491 Millions as compared to Rs. 68.066 Millions in the previous year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80030134 |
|
Corporate
identity number of the company |
U18101MH1997PTC110828 |
|
Name of the
company |
ROOP DESIGNS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A/12/23 Vishnu Smruti Co-Operative Society, 1st |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Bank of |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
18.04.2007 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0% over BPLR Min 13.25%
with monthly rests or as notified by the bank from time to time. Terms of
Repayment On Demand Margin 25% against RM 30
@ against FGs, stores, goods in process, 40% against book debts outstanding
of 3 months, 100% aginst B/Ds outstandin for more than 3 months to less than
6 months or as required by the bank form time to time. Extent and
Operation of the charge Security in
favour of Bank as first charge for due payment as proviced in the deed of all
monies including the principal sums/ interest/ commission, costs, charges and expenses and all other moneys,
whatsoever due owing of or in connection with or in anywise concerning or
relating to the said facilities agreed to be granted and / or granted by the
bank to the borrower as aforesaid and also for due repayment of all present
and future (Continued in others) Others Indebtedness and
liabilities of the borrower to the bank of any kind in any manner whether
soley or jointly, primary or collateral, accrued or accruing with all
relative interest/ commission, charges, costs (between Advocate and Client)
and Expenses. Revised Facility
and Limit : Cash Credit (Hypothecation of Stock) Rs. 3.500 Millions, Cash
Credit ( Book Debts) Rs. 3.500 Millions Max, of Rs. 5.000 Millions. |
|
Short particulars
of the property charged |
All tangible
movable machineries and plant both present and future at or wherever else b)
All tangible movable properties and assets of whatsoever nature (both present
and future) wheresoever situate at Malad (Mumbai) c) All present and future
book debts, outstanding, money receivables, claims which are now due and
owing or which may any time hereafter during the continuance of this security
become due and owing to the borrower. |
|
Particulars of
the present modification |
1st
Modification. The charge on the hypothecated assets is increased from Rs.
2.000 Millions to Rs. 5.000 Millions. |
Fixed assets
·
Plant and Machinery
·
Motor Car
·
Computer
·
Furniture
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.