MIRA INFORM
REPORT
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Report Date : |
22.07.2011 |
IDENTIFICATION DETAILS
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Name : |
IMPERIAL SEWING MACHINE PRIVATE LIMITED |
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Formerly Known
As : |
IMPERIAL SEWING MACHINE BOMBAY PRIVATE LIMITED |
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Registered
Office : |
7/9, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.07.1992 |
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Com. Reg. No.: |
11-67888 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.500 Million |
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CIN No.: [Company Identification
No.] |
U29260MH1992PTC067888 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04812D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Carry on the business of Developer, Assembler, Producer, Manufacturers, Wholesalers and Dealers of all kinds of Domestic Sewing Machines and Industrial Sewing Machines. |
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No. of Employees
: |
30 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B [27] |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2000 |
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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
some accumulated losses being recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The Company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
LOCATIONS
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Registered Office / Showroom : |
7/9, |
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Tel. No.: |
91-22-2422 3454 / 3887/ 24329853 / 24302097 |
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Fax No.: |
91-22-2436 3544 |
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E-Mail : |
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Website : |
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Corporate Office : |
402, Antariksh, |
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Tel. No.: |
91.22-40848100 |
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Fax No.: |
91-22-40848114 |
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E-Mail : |
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Branches : |
Located at
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kishor Keshavlal Doshi |
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Designation : |
Director |
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Address : |
1002-A, 10th Floor, Water Ford, B- Wing, |
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Date of Birth/Age : |
12.10.1941 |
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DIN : |
00828344 |
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Date of Appointment : |
27.07.1992 |
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Name : |
Mr. Deepak Kishor Doshi |
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Designation : |
Director |
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Address : |
34-D, 4th Floor, Navmangal Co-operative Housing
Society Limited, 167, |
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Date of Birth/Age : |
03.01.1963 |
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DIN : |
00786864 |
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Date of Appointment : |
20.08.1992 |
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Name : |
Mrs. Jagruti Deepak Doshi |
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Designation : |
Director |
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Address : |
34-D, 4th Floor, Navmangal Co-operative Housing
Society Limited, 167, |
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Date of Birth/Age : |
29.09.1963 |
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DIN : |
00828388 |
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Date of Appointment : |
20.08.1992 |
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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Mr. Kishor Keshavlal Doshi |
|
990 |
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Mr. Deepak Kishor Doshi |
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3020 |
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Mrs. Jagruti Deepak Doshi |
|
990 |
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Total |
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5000 |
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Carry on the business of Developer, Assembler, Producer, Manufacturers, Wholesalers and Dealers of all kinds of Domestic Sewing Machines and Industrial Sewing Machines. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
30 [Approximately] |
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Bankers : |
Mumbai – 400 028,
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Dipak Doshi and Associates Chartered Accountant |
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Address : |
A-11, Dhiraj Kunj, 4, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs.100/-each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000 |
Equity Shares |
Rs.100/-each |
Rs.0.500 million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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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) |
0.000 |
0.000 |
1.098 |
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NETWORTH |
0.500 |
0.500 |
1.598 |
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LOAN FUNDS |
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1] Secured Loans |
26.394 |
23.546 |
19.213 |
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2] Unsecured Loans |
3.808 |
3.585 |
2.975 |
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TOTAL BORROWING |
30.202 |
27.131 |
22.188 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.702 |
27.631 |
23.786 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.999 |
27.537 |
20.008 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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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 |
8.772
|
9.167 |
16.351 |
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Sundry Debtors |
12.472
|
7.573 |
9.779 |
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Cash & Bank Balances |
0.474
|
0.700 |
0.663 |
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Other Current Assets |
1.163
|
0.596 |
0.000 |
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Loans & Advances |
1.193
|
1.095 |
1.222 |
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Total
Current Assets |
24.074
|
19.131 |
28.015 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.917
|
19.661 |
22.588 |
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Other Current Liabilities |
0.770
|
1.123 |
1.198 |
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Provisions |
0.079
|
0.249 |
0.456 |
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Total
Current Liabilities |
14.766
|
21.033 |
24.242 |
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Net Current Assets |
9.308
|
[1.902] |
3.773 |
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MISCELLANEOUS EXPENSES |
0.390 |
1.991 |
0.000 |
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TOTAL |
30.702 |
27.631 |
23.786 |
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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 |
61.960 |
60.430 |
75.836 |
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EXPENSES
[Including Finance Expenses] |
57.526 |
61.826 |
73.833 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.434 |
[1.396] |
2.003 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.796 |
1.430 |
1.240 |
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PROFIT BEFORE
TAX |
1.638 |
[2.826] |
0.763 |
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Less |
TAX |
0.037 |
0.263 |
0.638 |
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PROFIT AFTER TAX
|
1.601 |
[3.089] |
0.125 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[1.991] |
1.098 |
0.973 |
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BALANCE CARRIED
TO THE B/S |
[0.390] |
[1.991] |
1.098 |
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EARNINGS IN FOREIGN
CURRENCY |
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Commission Earnings |
7.719 |
3.533 |
7.295 |
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TOTAL EARNINGS |
7.719 |
3.533 |
7.295 |
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IMPORTS |
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Machines & Spare Parts |
25.137 |
19.450 |
46.342 |
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TOTAL IMPORTS |
25.137 |
19.450 |
46.342 |
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Earnings Per
Share (Rs.) |
320.19 |
[617.92] |
25.02 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.58
|
[5.11] |
0.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.64
|
[4.68] |
1.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.63
|
[6.05] |
1.59 |
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Return on Investment (ROI) (PBT/Networth) |
|
3.27
|
[5.65] |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
|
89.94
|
96.33 |
29.05 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63
|
0.91 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29260MH1992PTC067888 |
|
Name of the
company |
IMPERIAL SEWING
MACHINE PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Dadar West,
Mumbai – 400028, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai – 400013, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
recording past transaction of creation of mortgage by deposit of title deeds. |
|
Date of
instrument Creating the charge |
04.01.2008 |
|
Amount secured by
the charge |
Rs.50 millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest at the rate as may be communicated by the Bank from time to time. Terms of
Repayment - On Demand Margin - Company
shall at all times during the continuance of this security maintain a
sufficient amount to provide the margin of security as may from time to time
advised by the Bank. Extent and
Operation of the charge - The Company created an equitable mortgage by way of
deposit of title deeds in respect of its immovable properties as stated under
item No. 14 as security for the due repayment
/payment of the Company's dues
including principal amount of the Facility, interest, liquidated
damages, costs, charges and expenses etc. |
|
Short particulars
of the property charged |
Immovable
properties bearing Office No.308, Shulirn, Swastik, Char Rasta, C. G. Road,
Ahmedabad. |
FIXED ASSETS :
- Furniture and Fixtures
- Motor Car
- Fax Machine
- Air Conditioners
- Computers
- Laptop
- Motor Car
- Fax Machine
- Washing Machine
- Mobile Phones
- Refrigerator
AS PER WEBSITE
Company Profile
“IMPERIAL SEWING MACHINE PRIVATE LIMITED.” That name runs with apparel and clothing
industry over nine decades. The company is a market leader in providing one
stop solution in every aspects of apparel manufacturing.
Way back in 20’s the company started importing sewing machines from
Gradually with time, sewing machine industry underwent a significant shift in
technology and volume. This revolutionalised the garment industry too as it
became technology oriented. Volume of the garment production became larger and
larger with time, under organized professional set ups.
To cater to this new growing market trend, IMPERIAL advanced itself and
upgraded itself. The company introduced famous foreign brands in
Imperial sewing machines has played an important role in bringing revolution in
Indian sewing machines market and in the growth of garment manufacturing
industries By importing sewing machines from known brands all over the world.
Services
“Imperial” Offers user friendly support
services that will enable to resolve the problems and get solutions rapidly.
The Support Team backed by Hard Core Technocrat and the Application Engineering
team, works hand in hand, each putting the best in analyzing customers’
specific needs and offers a comprehensive package to the customers and there by
strengthens the customers’ confidence in them.
The Company always
remains in active advancement of technology and assists the customers and keeps
them informed of the New Technologies and New products. The Company’s active
participation in national and International Exhibitions, Trade Shows and
Technical Seminars enables The Company in increasing their database of Loyal
Customers and New Entrants abreast of the Innovations and Developments in the
Garment and Textile Industry from all over the world.
Subject’s
Imperial provides
Training to it’s Technocrats by sending them abroad like
As Part of extending
the customer support, Imperial also provides monthly / Annual Maintenance
Contract.
Subject is always on
the look out of opportunities and avenues to form alliances and franchises with
New and improved Technology providers from across the world in the Garment /
Apparel arena and Textile Field and Plays an Important Role in bringing those
Innovations to
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.44.43 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.