MIRA
INFORM REPORT
|
Report Date : |
21.01.2010 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL APPAREL MANUFACTURERS |
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Registered
Office : |
Block No.35, Laxmi Woolen Mills Estate, Shakti Mill Lane, Off Dr. E
Mosses Road, Mahalaxmi, Mumbai – 400011, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.11.2002 |
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IEC No.: |
0301022968 |
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PAN No.: [Permanent Account No.] |
AAAFJ9815M |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business
: |
Manufacturer and Exporter of All kinds of Textiles and Garments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. However it would be advisable to take adequate securities while
dealing with the subject. |
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) |
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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
|
Name : |
Mr. Ashok Dani |
|
Designation : |
Executive Director |
|
Contact No.: |
91-9320222919 |
|
Date : |
08.01.2011 |
LOCATIONS
|
Registered Office : |
Block No.35, Laxmi Woolen Mills Estate, Shakti Mill Lane, Off Dr. E
Mosses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-32402290/ 66661458 |
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Mobile No.: |
91-9320222919 (Mr. Ashok Dani) |
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Fax No.: |
91-22-66661458 |
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E-Mail : |
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Location : |
Leased |
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Factory/ Branch Office : |
No.6 and 7, IInd Floor, Anna Poorheshwari Industrial Estate, |
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Tel. No.: |
91-80-40991104 |
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E-Mail : |
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Location : |
Leased |
PARTNERS
|
Name : |
Mr. Arun Nayar |
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Designation : |
Partner |
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Address : |
7/ |
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Date of Birth/Age : |
42 years |
|
Qualification : |
B. Sc. |
|
Experience : |
17 years |
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|
Name : |
Mr. Samatha Nayar |
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Designation : |
Partner |
|
Address : |
30, Suraj Apartment, Breach Candy, Mumbai – 400016, |
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Date of Birth/Age : |
36 years |
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Qualification : |
Degree in Editing ( |
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Experience : |
10 years |
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|
Name : |
Mr. Nidhi Dani |
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Designation : |
Partner |
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Address : |
160, |
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Date of Birth/Age : |
32 years |
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Qualification : |
Diploma in Gemology ( |
|
Experience : |
10 years |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Dani |
|
Designation : |
Executive Director |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of All kinds of Textiles and Garments. |
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Agencies Held : |
· Makarna Exim Private Limited · R J West |
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Exports : |
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Products : |
Walk Shorts |
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Countries : |
·
·
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Imports : |
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Products : |
Trims |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit (66 days), TT at Sight |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
Installed Capacity |
Actual Production |
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|
Walk Shorts |
75000 Pcs. Avg. |
65000 Pcs. |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
134 (Office – 6, Factory – 110 and Branch Office – 18) |
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Bankers : |
§
Corporation Bank Overseas Branch, Nariman Point, Mumbai – 400021, |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
J L Gandhi and Associates Chartered Accountant |
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Address : |
302, Sai Chambers, Opposite Railway Station, Santacruz (East), Mumbai
– 400055, |
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Tel. No.: |
91-22-26121537 |
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Fax No.: |
91-22-26136537 |
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Email : |
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Associates/Subsidiaries : |
§
Eco Laboratories Plot No.A-373, MIDC, TTC Industrial Area, Mahape, Navi Mumbai –
400701, Line of Business: Testing of Textiles and Chemicals. |
CAPITAL STRUCTURE
PARTNER
CAPITAL ACCOUNTS
(RS. IN MILLIONS)
|
PARTNER’S ACCOUNTS |
MR. ARUN NAYAR |
MR. SAMANTHA
NAYAR |
MRS. NIDHI DANI |
TOTAL |
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|
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|
|
|
|
CAPITAL ACCOUNTS |
|
|
|
|
|
Opening Balance |
0.011 |
0.012 |
0.092 |
0.115 |
|
Add: Capital Brought In |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
Total |
0.011 |
0.012 |
0.092 |
0.115 |
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||||
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CURRENT ACCOUNTS |
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|
|
|
|
Opening Balances |
1.799 |
1.806 |
1.413 |
5.018 |
|
Add: Addition During the year |
-- |
-- |
-- |
-- |
|
Less: Withdrawals During the year |
(0.338) |
(0.338) |
(0.290) |
(0.966) |
|
Add: Profit for the year |
0.568 |
0.568 |
0.487 |
1.623 |
|
|
|
|
|
|
|
Total |
2.029 |
2.036 |
1.610 |
5.675 |
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] Partner’s Capital Accounts |
0.115 |
0.115 |
0.115 |
|
|
2] Partner’s Current Account |
5.675 |
5.018 |
3.156 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.790 |
5.133 |
3.271 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.648 |
0.712 |
0.000 |
|
|
2] Unsecured Loans |
1.266 |
1.978 |
1.903 |
|
|
TOTAL BORROWING |
16.914 |
2.690 |
1.903 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.704 |
7.823 |
5.174 |
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APPLICATION OF FUNDS |
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|
|
|
|
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|
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FIXED ASSETS [Net Block] |
5.245 |
2.652 |
0.756 |
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|
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 |
17.332
|
9.678 |
8.077 |
|
|
Sundry Debtors |
5.608
|
1.727 |
4.273 |
|
|
Cash & Bank Balances |
0.245
|
0.640 |
1.461 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.783
|
9.302 |
6.397 |
|
Total
Current Assets |
37.968
|
21.347 |
20.208 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
18.979
|
15.390 |
13.368 |
|
|
Other Current Liabilities |
0.992
|
0.321 |
2.211 |
|
|
Provisions |
0.538
|
0.465 |
0.211 |
|
Total
Current Liabilities |
20.509
|
16.176 |
15.790 |
|
|
Net Current Assets |
17.459
|
5.171 |
4.418 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.704 |
7.823 |
5.174 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
97.950 |
106.033 |
84.706 |
|
|
|
Other Income |
10.430 |
10.003 |
7.918 |
|
|
|
TOTAL |
108.380 |
116.036 |
92.624 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Fabrics and Garments |
56.176 |
68.989 |
51.235 |
|
|
|
Custom Duty |
0.143 |
0.043 |
0.067 |
|
|
|
Processing Charges |
0.107 |
0.075 |
0.110 |
|
|
|
Packing Materials |
0.000 |
0.000 |
0.002 |
|
|
|
Testing Charges |
0.516 |
0.304 |
0.230 |
|
|
|
Job Works |
24.785 |
19.508 |
16.503 |
|
|
|
Designing Charges |
0.000 |
0.001 |
0.000 |
|
|
|
Embroidery Charges |
0.000 |
0.184 |
1.597 |
|
|
|
Chemical Charges |
0.386 |
0.000 |
0.194 |
|
|
|
Textile Committee |
0.000 |
0.002 |
0.006 |
|
|
|
Administrative and General Expenses |
24.644 |
24.083 |
21.268 |
|
|
|
TOTAL |
106.757 |
113.189 |
91.212 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.623 |
2.848 |
1.412 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.623 |
2.848 |
1.412 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.50
|
2.45 |
1.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.66
|
2.69 |
1.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.76
|
11.87 |
6.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.55 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.46
|
3.68 |
5.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.32 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING STATEMENT
(RS. IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimates)
|
(Projected) |
|
|
|
|
|
|
|
Gross Sales |
|
|
|
|
-
Domestic |
17.500 |
20.000 |
20.000 |
|
-
Export |
130.000 |
150.000 |
175.000 |
|
-
Other Revenue Income |
12.500 |
12.500 |
12.500 |
|
|
|
|
|
|
Sub Total (Gross Income) |
160.000 |
182.500 |
207.500 |
|
|
|
|
|
|
Less: Excise Duty |
-- |
-- |
-- |
|
|
|
|
|
|
Net Sales |
160.000 |
182.500 |
207.500 |
|
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
47.63% |
14.06% |
13.70% |
|
|
|
|
|
|
Cost of Sales |
|
|
|
|
|
|
|
|
|
Raw Material (Including Stores and Spares and Other Items used in the process of manufacturer) |
92.500 0.058 |
105.000 0.058 |
120.000 0.058 |
|
- Imported |
-- |
-- |
-- |
|
- Indigenous |
-- |
-- |
-- |
|
|
|
|
|
|
Other Spares Consumed |
|
|
|
|
- Imported |
-- |
-- |
-- |
|
- Indigenous |
-- |
-- |
-- |
|
|
|
|
|
|
Power and Fuel |
-- |
-- |
-- |
|
Direct Labour and Wages |
27.500 |
35.000 |
40.000 |
|
Other Manufacturing Expenses |
0.017 |
0.019 |
0.019 |
|
Depreciation |
0.500 |
0.400 |
1.000 |
|
|
|
|
|
|
SUB
TOTAL |
120.517 |
140.419 |
161.019 |
|
|
|
|
|
|
Add : Opening Stocks of WIP |
-- |
-- |
-- |
|
|
|
|
|
|
Deduct : Closing Stock of WIP |
-- |
-- |
-- |
|
|
|
|
|
|
Total
Cost of Production |
120.517 |
140.419 |
161.019 |
|
|
|
|
|
|
Add : Opening Stocks of Finished Goods |
17.332 |
16.000 |
15.000 |
|
|
|
|
|
|
Sub Total |
137.849 |
156.419 |
176.019 |
|
|
|
|
|
|
Deduct : Closing Stock of Finished Goods |
16.000 |
15.000 |
15.000 |
|
|
|
|
|
|
Total
Cost of Sales |
121.849 |
141.419 |
161.019 |
|
|
|
|
|
|
Selling general and administrative expenses |
30.000 |
32.500 |
35.000 |
|
|
|
|
|
|
Sub
Total |
151.849 |
173.919 |
196.019 |
|
|
|
|
|
|
Operation profit before interest |
8.151 |
8.581 |
11.481 |
|
|
|
|
|
|
Interest |
1.500 |
1.500 |
1.500 |
|
|
|
|
|
|
Operation profit after interest |
6.651 |
7.081 |
9.981 |
|
|
|
|
|
|
Add : Other non-operating income |
-- |
-- |
-- |
|
|
|
|
|
|
Sub
– Total [Income] |
-- |
-- |
-- |
|
|
|
|
|
|
Deduct other non-operating expenses |
-- |
-- |
-- |
|
|
|
|
|
|
Sub
total [Expenses] |
-- |
-- |
-- |
|
|
|
|
|
|
Net of other non-operating income / expenses |
-- |
-- |
-- |
|
|
|
|
|
|
Profit before tax / Loss |
6.651 |
7.081 |
9.981 |
|
|
|
|
|
|
Provision for taxes |
-- |
-- |
-- |
|
|
|
|
|
|
Net profit After Tax |
6.651 |
7.081 |
9.981 |
|
|
|
|
|
|
Dividend and Dividend tax |
-- |
-- |
2.500 |
|
Rate |
0% |
0% |
0% |
|
|
|
|
|
|
Retained Profit |
6.651 |
7.081 |
7.481 |
|
|
|
|
|
|
Retained Profit/ Net Profit (% age) |
100% |
100% |
100% |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimates)
|
(Projected) |
|
|
Short – Term borrowings from banks [including bills,
purchased, discounted and excess borrowings placed on repayment basis] |
|
|
|
|
From Application Bank |
23.000 |
25.000 |
25.000 |
|
From other banks |
-- |
-- |
-- |
|
|
|
|
|
|
Sub
Total |
23.000 |
25.000 |
25.000 |
|
|
|
|
|
|
Short Term Borrowings from promoters |
-- |
-- |
-- |
|
Sundry creditors [Trade] |
8.000 |
5.000 |
5.000 |
|
Advance payments from customers/ Deposits from dealers |
-- |
-- |
-- |
|
Provision for tax |
0.200 |
0.200 |
0.200 |
|
Dividend payable |
-- |
-- |
-- |
|
Other statutory liabilities |
-- |
-- |
-- |
|
Deposits/ Installments of term loans/ DPGs/ debentures,
etc [due within one month] For New Project |
-- |
-- |
-- |
|
Other current liabilities and provisions [due within one
year] [Specify major items] |
-- |
-- |
-- |
|
|
|
|
|
|
OTHER CURRENT
LIABILITIES (SUB TOTAL) |
8.200 |
5.200 |
5.200 |
|
|
|
|
|
|
TOTAL
CURRENT LIABILITIES |
31.200 |
30.200 |
30.200 |
|
|
|
|
|
|
TERM LIABILITIES |
|
|
|
|
Debentures [not maturing within one year] |
-- |
-- |
-- |
|
Preference Shares [Redeemable after 1 year] |
-- |
-- |
-- |
|
Term loans [excluding installments payable within
one year] For New Project |
-- |
-- |
-- |
|
Deferred Payment Credits [excluding installments due
within one year] |
-- |
-- |
-- |
|
Unsecured Loans |
-- |
-- |
-- |
|
Term deposit [repayable after one year] |
-- |
-- |
-- |
|
Other Term Liabilities |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL
TERM LIABILITIES |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL
OUTSIDE LIABILITIES |
31.200 |
30.200 |
30.200 |
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
|
|
|
|
|
Shares Capital A/c |
12.440 |
19.521 |
27.001 |
|
General Reserve |
1.267 |
1.267 |
1.267 |
|
Unsecured Loans (Quasi Capital) |
-- |
-- |
-- |
|
Capital Reserve |
-- |
-- |
-- |
|
Revaluation Reserve |
-- |
-- |
-- |
|
Other |
-- |
-- |
-- |
|
Surplus [+] or deficit [-] in Profit and Loss Account |
-- |
**=G67 |
**=G67 |
|
|
|
|
|
|
TOTAL
NET WORTH |
13.707 |
20.788 |
28.268 |
|
|
|
|
|
|
TOTAL
LIABILITIES |
44.907 |
50.988 |
58.468 |
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and Bank Balance |
0.200 |
0.200 |
0.200 |
|
|
|
|
|
|
Investments [Other than long term investments] |
|
|
|
|
- Government and
other Trustee securities |
-- |
-- |
-- |
|
- Fixed deposit
with bank |
-- |
-- |
-- |
|
- Others |
-- |
-- |
-- |
|
|
|
|
|
|
Receivables other than deferred and exports |
8.500 |
11.000 |
16.000 |
|
|
|
|
|
|
Inventory
|
|
|
|
|
Raw Material Consumed |
|
|
|
|
- Imported |
-- |
-- |
-- |
|
- Indigenous |
-- |
-- |
-- |
|
|
|
|
|
|
Work in Process |
-- |
-- |
-- |
|
Finished Goods (Including Traded Goods) |
16.000 |
17.000 |
15.000 |
|
|
|
|
|
|
Total
Inventory |
|
|
|
|
|
|
|
|
|
Advances to suppliers of Raw Materials and stores/spares |
15.461 |
18.442 |
13.268 |
|
Advance payment of taxes |
-- |
-- |
-- |
|
Other current assets (specify major items) |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL
CURRENT ASSETS |
40.161 |
46.642 |
44.468 |
|
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
Gross Block (Land and Building, Machinery,
Work-In-Progress) |
5.246 |
4.746 |
15.000 |
|
Depreciation to date |
0.500 |
0.400 |
1.000 |
|
|
|
|
|
|
NET
BLOCK |
4.746 |
4.349 |
14.000 |
|
|
|
|
|
|
OTHER
NON – CURRENT ASSETS |
|
|
|
|
Investments/ book/ debts/ advances/ deposits which are not
Current Assts |
|
|
|
|
[a] Investments in Subsidiary companies/ affiliates |
-- |
-- |
-- |
|
[b] Others |
-- |
-- |
-- |
|
|
|
|
|
|
ii] Advances to suppliers of capital goods and contractors
|
-- |
-- |
-- |
|
iii] Deferred receivables [maturity exceeding one year] |
-- |
-- |
-- |
|
iv] Others |
-- |
-- |
-- |
|
Miscellaneous Deposits |
-- |
-- |
-- |
|
Non consumables Stores and Spares |
-- |
-- |
-- |
|
|
|
|
|
|
Other non – current assets including dues from directors
(Deferred Tax Assets) |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL
OTHER NON – CURRENT ASSETS |
-- |
-- |
-- |
|
|
|
|
|
|
Intangible assets [Patents, goodwill, prelim, expenses,
bad/ doubtful expenses Not provided for etc.] |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL
ASSETS |
44.907 |
50.988 |
58.468 |
|
|
|
|
|
|
TANGIBLE
NET WORTH |
13.707 |
20.788 |
28.268 |
|
|
|
|
|
|
NET
WORKING CAPITAL |
8.961 |
16.442 |
14.268 |
|
|
|
|
|
|
Current Ratio |
4.90 |
8.97 |
8.55 |
|
|
|
|
|
|
Total Outside Liabilities/ Tangible Net Worth |
2.28 |
1.45 |
1.07 |
|
|
|
|
|
|
DSCR |
|
|
|
|
Net Profit Before Interests and Tax + Depreciation |
81.51 |
85.81 |
89.81 |
|
Interests + Principal repayment Installments |
15.00 |
15.00 |
15.00 |
|
|
5.43 |
5.72 |
5.99 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimates)
|
(Projected) |
|
|
A. CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Raw Material |
|
|
|
|
a) Imported |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
b) Indigenous |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
|
|
|
|
|
Other consumable spares, excluding those
included in 1 above |
|
|
|
|
a) Imported |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
b) Indigenous |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
|
|
|
|
|
Stock in process |
-- |
-- |
-- |
|
Months cost of production |
-- |
-- |
-- |
|
|
|
|
|
|
Finished Goods |
16.000 |
17.000 |
15.000 |
|
Months cost of sales |
(1.58) |
(1.44) |
(1.12) |
|
|
|
|
|
|
Receivable other than export and deferred
receivables (including bills purchased and discounted by bankers) |
8.500 |
11.000 |
16.000 |
|
Months domestic sales (excluding deferred
payment sales ) |
(5.83) |
(6.60) |
(9.60) |
|
|
|
|
|
|
Export receivables including bills purchased
and discounted by bankers |
-- |
-- |
-- |
|
Months export sales |
-- |
-- |
-- |
|
|
|
|
|
|
Advances to supplier of raw materials and
stores/ spares, consumable |
15.461 |
18.442 |
13.268 |
|
|
|
|
|
|
Other Current Assets |
0.200 |
0.200 |
0.200 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
40.161 |
46.642 |
44.468 |
|
|
|
|
|
|
B. CURRENT LIABILITIES (Other than bank borrowing for working
capital) |
|
|
|
|
|
|
|
|
|
Creditors for purchases of raw materials and
stores and consumable spares) |
8.000 |
5.000 |
5.000 |
|
(Month purchase) |
(1.04) |
(0.57) |
(0.50) |
|
|
|
|
|
|
Advances from customers |
-- |
-- |
-- |
|
|
|
|
|
|
Statutory liabilities |
-- |
-- |
-- |
|
|
|
|
|
|
Other current liabilities short term
borrowing, dividend payable, installment of TL, DPG, public deposit,
debentures etc |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL |
8.200 |
5.200 |
5.200 |
------------------------------------------------------------------------------------------------------------------------------
ASSESSED BANK FINANCE – PROJECTED BALANCE SHEET METHOD
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimates)
|
(Projected) |
|
|
|
|
|
|
|
Total Current Assets |
46.642 |
44.468 |
11.356 |
|
|
|
|
|
|
Other Current Liabilities |
5.200 |
5.200 |
3.406 |
|
|
|
|
|
|
Working Capital Gap |
41.442 |
39.268 |
7.950 |
|
|
|
|
|
|
Net Working Capital (Actual/ Projected) |
16.442 |
14.268 |
5.450 |
|
|
|
|
|
|
Assessed Bank Finance |
25.000 |
25.000 |
2.500 |
|
|
|
|
|
|
NWC/ TCA (%) |
35.25 |
32.09 |
48.00 |
|
|
|
|
|
|
OCL/ TCA (%) |
11.15 |
11.69 |
29.99 |
|
|
|
|
|
|
S. Creditors/ TCA (%) |
10.72 |
11.24 |
29.99 |
|
|
|
|
|
|
ABF/ TCA (%) |
53.60 |
56.22 |
22.01 |
|
|
|
|
|
|
Inventory/ Net Sales (Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Receivable / Gross Sales (%) |
22.00 |
28.14 |
120.45 |
|
|
|
|
|
|
Sundry Creditors/ Purchases (Days) |
17.38 |
15.21 |
65.70 |
------------------------------------------------------------------------------------------------------------------------------
FUND FLOW
STATEMENT
(RS IN MILLIONS)
|
PARTICULARS |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimates)
|
(Projected) |
|
|
SOURCES |
|
|
|
|
Net Profit (After Tax) |
6.651 |
7.081 |
9.981 |
|
Depreciation |
0.500 |
0.400 |
1.000 |
|
Increase in Capital |
-- |
-- |
-- |
|
Increase in Term Liabilities |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Decrease in |
|
|
|
|
- Fixed Assets |
0.707 |
0.500 |
0.000 |
|
- Other Non Current Assets |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Other – Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Deferred Tax Liabilities |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
7.858 |
7.981 |
10.981 |
|
|
|
|
|
|
USES |
|
|
|
|
|
|
|
|
|
Net Loss |
-- |
-- |
-- |
|
Decrease in Term Liabilities |
0.709 |
0.000 |
0.000 |
|
Increase in |
|
|
|
|
- Fixed Assets |
0.000 |
0.000 |
10.254 |
|
- Other Non Current Assets |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Dividend Payments |
0.000 |
0.000 |
2.500 |
|
Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
1.416 |
0.500 |
13.154 |
|
|
|
|
|
|
Long Term Surplus (+) Deficit (-) |
6.442 |
7.481 |
(2.173) |
|
|
|
|
|
|
Increase/ Decrease in current Assets (as per details Given Below) |
(0.698) |
3.981 |
(7.174) |
|
|
|
|
|
|
Increase/ decrease in current Liabilities other Than Bank Burrowing |
(12.309) |
(3.000) |
-- |
|
|
|
|
|
|
Increase/ decrease Working Capital Gap |
11.611 |
6.981 |
(7.174) |
|
|
|
|
|
|
Net surplus (+)/ Deficit (-) |
(5.169) |
0.500 |
5.001 |
|
|
|
|
|
|
Increase/ decrease in Bank Borrowings |
8.061 |
2.000 |
-- |
|
|
|
|
|
|
INCREASE/ DECREASE
IN NET SALES |
51.621 |
22.500 |
25.000 |
|
|
|
|
|
|
Break-Up of (4) |
2.892 |
2.500 |
5.001 |
|
|
|
|
|
|
Increase/ Decrease in Raw Materials |
-- |
-- |
-- |
|
|
|
|
|
|
Increase/ Decrease in Stock – In – Process |
-- |
-- |
-- |
|
|
|
|
|
|
Increase/ Decrease in Finished Goods |
(1.332) |
1.000 |
(2.000) |
|
|
|
|
|
|
Increase/ Decrease in Receivables |
|
|
|
|
Domestic |
-- |
-- |
-- |
|
Export |
-- |
-- |
-- |
|
|
|
|
|
|
Increase/ Decrease in Stores and Spares |
-- |
-- |
-- |
|
|
|
|
|
|
Increase/ Decrease in Other current Assets |
0.634 |
2.981 |
(5.174) |
|
|
|
|
|
|
Total |
(0.698) |
3.981 |
(7.174) |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
MS.
SAMANTHA NIKHIL NAYAR
(RS.
IN MILLIONS)
ASSETS
INVESTMENT
IN BUSINESS CAPITAL
|
Name of the
company/ firm/ concern in which investment is made |
Amount Invested (Rs. In Millions) |
|
|
|
|
International Apparel Manufactures |
2.041 |
|
|
|
|
Total |
2.041 |
INCLUDING
MOVABLE ASSETS LIKE FURNITURE AND FIXTURE/ PLANT AND MACHINERY/ VEHICLES/
JEWELS ETC.
|
Nature / Details
of Assets |
Market Value of Asset (Rs. In Millions) |
|
|
|
|
American Express Bank Account |
Avg Balance 0.250 |
|
|
|
|
Total |
0.250 |
|
TOTAL ASSETS |
RS.2.291 MILLIONS |
|
NET WORTH |
RS.2.291 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
MR.
ARUN NAYAR
(RS.
IN MILLIONS)
ASSETS
INVESTMENT
IN BUSINESS CAPITAL
|
Name of the
company/ firm/ concern in which investment is made |
Amount Invested (Rs. In Millions) |
|
|
|
|
Direction Software Solution |
34.783 |
|
International Apparel Manufacturer |
2.040 |
|
|
|
|
Total |
36.823 |
DEPOSITS
HELD WITH BANKS
|
Name of the Bank |
Nature of Deposits Held |
Amount of Deposits |
|
|
|
|
|
Corporation
Bank, Nariman Point |
Current Account |
1.163 |
|
HSBC |
Saving Account |
7.538 |
|
Indusind
Bank |
Saving Account |
2.251 |
|
|
|
|
|
Total |
|
10.952 |
GOVERNMENT
SECURITIES/ NATIONAL SAVINGS CERTIFICATES / SHARES OF LISTED COMPANIES / UNITS
OF UNIT TRUST OF INDIA ETC.
|
Description of Security |
Face Value |
Market Value |
|
|
|
|
|
Reliance Capital |
0.853 |
0.417 |
|
Reliance |
3.620 |
3.333 |
|
|
|
|
|
Total |
4.473 |
3.750 |
|
TOTAL ASSETS |
RS.51.525 MILLIONS |
BORROWINGS
FROM OTHERS
|
Name of the Lender |
Details of Securities (Rs. In Millions) |
|
|
|
|
NBC Private
Limited |
4.700 |
|
|
|
OTHER
LIABILITIES
|
Nature of Liability |
Extent of Liability (Rs. In Millions) |
|
|
|
|
Direction |
23.415 |
|
|
|
|
TOTAL LIABILITIES
|
RS.28.115 MILLIONS |
|
NET WORTH |
RS.23.410 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
MS. NIDHI
A. DANI
(RS.
IN MILLIONS)
ASSETS
INVESTMENT
IN BUSINESS CAPITAL
|
Name of the
company/ firm/ concern in which investment is made |
Amount Invested (Rs. In Millions) |
|
|
|
|
International Apparel Manufacturer |
1.708 |
|
|
|
|
Total |
1.708 |
LIFE
INSURANCE POLICIES
|
Date of Policy |
Policy No. |
Sum Assured (Rs. In Millions) |
|
|
|
|
|
HDFC |
10651551 |
0.100 |
|
|
|
|
|
TOTAL ASSETS |
RS.1.808 MILLIONS |
|
NET WORTH |
RS.1.808 MILLIONS |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
GENERAL
INFORMATION
|
Purpose for which valuation is made |
To determine market value of property |
|
|
|
|
Date as on which valuation is made |
03.11.2010 |
|
|
|
|
Name of Owner |
Mr. Nikhil Nayar |
|
|
|
|
If the Property is under Joint Ownership/
co-ownership, Share of each owner |
Single Owner |
|
|
|
|
Brief Description of the property |
A Residential Land |
|
|
|
|
Location Street and ward No. |
P. No.626 (Residential) Special economic Zone (Sez) Gram: Paldi Parsa The: Sanganer, Jaipur |
|
|
|
|
Survey / Plot No. of Land |
P. No.626 (Residential) Special economic Zone (Sez) Gram: Paldi Parsa The: Sanganer, Jaipur |
|
|
|
|
Property is situated in residential/
commercial/ mixed area/ Ind. Area |
Residential Land |
|
|
|
|
Mean of Proximity to surface communication
by which the locality is served. |
By Taxi, Bus Auto |
|
|
|
|
Classification of locality high/ middle/
poor class. |
Undeveloped area |
|
|
|
|
Proximity of civic amenities, like
schools, hospital, offices market, cinema etc. |
Within 10.0 km. |
|
|
|
|
LAND |
|
|
Area of Land supported by documentary proof,
shape, dimension and Physical features |
Area of Plot 1250.0 sqm. East: 48 M Road West: 619 North: 625 South: P No.627 |
|
|
|
|
Road street or lanes on which property is
situated |
48.0 M wide Road |
|
|
|
|
Is it freehold or leasehold land |
Leasehold |
|
|
|
|
If leasehold the name of lessor/ lesse,
nature of lease, date of commencement and termination of lease and term of
renewal of lease |
Lessor: JDA, Lease is as per JDA Rules. |
|
|
|
|
Is there any restrictive covenant in regard
payable to the lessor in the event of sale or transfer |
Residential Land |
|
|
|
|
Does the land fall in area included in town
planning scheme or any development of Govt. of any statutory body? If so,
give particulars |
Scheme Approved by JDA, Jaipur |
|
|
|
|
Has the whole or part of the land notified for acquisition by Govt. or
any statutory body? Give date of notisification. |
All details are the owner |
|
|
|
|
IMPROVEMENTS |
|
|
Is the building owner occupied, tenant, or
both |
|
|
|
|
|
SALES |
|
|
Give instance of sale of immovable property
in the locality on a separate sheet, including the name and address of the
property, registration No. sale price and area land sold. |
Market rate adopted |
|
|
|
|
Land rate adopted in this valuation |
Market rate |
|
|
|
|
If sale instances are not available or
relied upon the basis of arriving at the land rate |
Market rate |
|
|
|
|
VALUATION
OF LAND Valuation of land is based on prevailing market rate property in
question is situated in special economic Zone (sez). Village: Paldi Parsa,
Tehsil: Sanganer, Jaipur said scheme is a JDA, Jaipur Scheme and yet to be
developed. For the demarcation of Plots stone laying is done. But plot
numbers are not done on every plot. Mr. Ramdani (Relative of owner has shown
them the property. Plot in question is a residential Plot. Plot is situated
on 48.0 M wide Road. Rate of Land is based on enquiries made from realiable market sources
Rate of Land in this area varies from Rs.3000/- per sqm. To Rs.4500/- per
sqm. Depending upon Location future potentiality and size of plot. In My opinion rate of land is Rs.4000/-
per sqm. Area of Land= 1250.000 sqm. Rate of Land= Rs.4000.000 per sqm. Value of Land = 1250.000 * 4000 =
Rs.5000000.000 Value of Building for insurance purpose:
Zero ( |
|
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS:
· Air Conditioner
· Bentack Machine
· Canon Xerox
· Kaaza Machine
· Motor Car
· Laptop
· Computers
· Furniture and Fixtures
· Fusing Machine
· Machine
· Mobile Phone
· New Phone
· Office Equipments
· Sewing Machine
· Sunshine Machine
· Stiching Machine
· Washing Machine
· Generator
·
· TVS Bike
· Numbering Machine
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.45.38 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.61.15 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.