MIRA
INFORM REPORT
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Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
42-43, Hirabhai Market, Diwan Ballubhai School Road, Kankaria, Behind
New Cloth Market, Ahmedabad – 380 022, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.12.2006 |
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Com. Reg. No.: |
04-049643 |
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CIN No.: [Company Identification
No.] |
U17121GJ2006PTC049643 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Dealer of Denim Fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 212084 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 (GENERAL DETAILS)
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Name : |
Ms. Mita |
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Designation : |
Accounts Department |
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Date : |
07.03.2011 |
LOCATIONS
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Registered Office : |
42-43, Hirabhai Market, Diwan Ballubhai School Road, Kankaria, Behind
New Cloth Market, Ahmedabad – 380 022, Gujarat, India |
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Tel. No.: |
91-79-25451502/ 65240975/ 25471303/ 25461566 |
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Fax No.: |
91-79-25461566 |
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E-Mail : |
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Area : |
4500 sq ft |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Arun J. Tulsian |
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Designation : |
Director |
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Address : |
444, Satyagruh Chhavani, Lane-19, |
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Date of Birth/Age : |
01.10.1959 |
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Date of Appointment : |
26.12.2006 |
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Name : |
Mrs. Sitadevi A. Tulsian |
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Designation : |
Director |
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Address : |
444, Satyagruh Chhavani, Lane-19, |
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Date of Birth/Age : |
22.10.1957 |
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Date of Appointment : |
26.12.2006 |
KEY EXECUTIVES
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Name : |
Ms. Nita |
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Designation : |
Accountant |
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Name : |
Harish P. Jain and Associates |
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Designation : |
Company Secretary |
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Name : |
Ms. Mita |
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Designation : |
Accounts Department |
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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Arunkumar J. Tulsian |
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100000 |
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Sitadevi A. Tulsian |
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55000 |
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Arunkumar J. Tulsian (HUF) , |
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350000 |
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Urvina Arunkumar Tulsian |
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1300000 |
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Ahinsa Share and Stock Broking Private
Limited, |
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60000 |
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Yankee Management Services Private Limited ,
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100000 |
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Gujarat Jhaveri Spinners Limited , |
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40000 |
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Akash Palace Developers Private Limited , |
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60000 |
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Rankapur Securities Limited , |
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20000 |
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Chardham Developers Private Limited, |
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30000 |
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Vikram Sureshbhai Shah |
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10000 |
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Suresh K. Bhavsar |
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10000 |
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Ken Securities Limited , |
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40000 |
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Kantaben Atmaram Shah |
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10000 |
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Bimla Arvind Sharma |
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10000 |
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Ashokkumar F. Jain |
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32000 |
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Bhuriben F. Jain |
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26000 |
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5000 |
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8000 |
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Daxa J. Jain |
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40000 |
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Fatehlal M. Jain |
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19000 |
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Jinesh F. Jain |
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5000 |
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14000 |
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Sudha A. Jain |
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33000 |
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Satnam Software |
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7000 |
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24000 |
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Total
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2408000 |
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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Bodies corporate |
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43.46 |
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Directors
or relatives of directors |
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56.54 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealer of Denim Fabrics. |
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Products : |
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Agencies Held : |
Denim |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Individual |
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No. of Employees : |
05 (In office) |
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Bankers : |
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Facilities : |
Cash Credit – Rs.15.000 millions (
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sunil Kothari and Company Chartered Accountants |
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Address : |
405, Pratibha-I Complex, Near Gandhi Gram Railway Station, Ahmedabad –
380 006, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2408000 |
Equity Shares |
Rs.10/- each |
Rs.24.080
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
24.080 |
20.550 |
13.050 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.941 |
1.517 |
0.903 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.021 |
22.067 |
13.953 |
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LOAN FUNDS |
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1] Secured Loans |
15.391 |
(0.700) |
0.000 |
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2] Unsecured Loans |
2.490 |
0.000 |
0.000 |
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TOTAL BORROWING |
17.881 |
(0.700) |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
70.902 |
21.367 |
13.953 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.180 |
0.074 |
0.096 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
99.168
|
25.692
|
11.569 |
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Sundry Debtors |
76.539
|
80.107
|
26.432 |
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Cash & Bank Balances |
0.242
|
0.246
|
0.738 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
4.003
|
2.007
|
0.400 |
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Total
Current Assets |
179.952
|
108.052
|
39.139 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.074
|
1.233
|
0.639 |
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Other Current Liabilities |
107.828
|
85.480
|
24.528 |
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Provisions |
1.600
|
0.305
|
0.407 |
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Total
Current Liabilities |
110.502
|
87.018
|
25.574 |
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Net Current Assets |
69.450
|
21.034
|
13.565 |
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MISCELLANEOUS EXPENSES |
0.272 |
0.259 |
0.292 |
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TOTAL |
70.902 |
21.367 |
13.953 |
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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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|
523.796 |
180.673 |
181.885 |
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Other Income |
|
0.081 |
0.000 |
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TOTAL (A) |
523.796 |
180.754 |
181.885 |
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Less |
EXPENSES |
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Increase/ decrease in stock |
(73.476) |
(14.124) |
(11.569) |
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Cost of Purchase |
582.012 |
192.401 |
190.595 |
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Administrative, selling & Other Expenses |
9.914 |
1.529 |
1.536 |
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TOTAL (B) |
518.450 |
179.806 |
180.562 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.346 |
0.948 |
1.323 |
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Less |
FINANCIAL
EXPENSES (D) |
0.228 |
0.001 |
0.001 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.118 |
0.947 |
1.322 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.224 |
0.022 |
0.014 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.894 |
0.925 |
1.308 |
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Less |
TAX (H) |
1.591 |
0.311 |
0.405 |
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PROFIT AFTER TAX
(G-H) (I) |
3.303 |
0.614 |
0.903 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.517 |
0.903 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
4.821 |
1.51 |
0.903 |
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Earnings Per
Share (Rs.) |
0.33 |
0.06 |
-- |
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Expected Sales (2010-11): Rs.200.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.63
|
0.34
|
0.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.51
|
0.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.70
|
0.85
|
3.33 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.04
|
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
3.94
|
1.83 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.25
|
1.53 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors for Expenses |
1.074
|
1.233
|
0.639 |
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FINANCIAL RESULTS:
The company in its Fourth year of operation has affected
sales of Rs.523.676 Millions After charging the administrative expenses, other
expenses and writing off preliminary expenses and depreciation to the extent of
Rs.0.0232 Millions and Rs.0.037 Millions respectively the company has earned a
net Profit of Rs.4.893 Millions
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U17121GJ2006PTC049643 |
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Name of the
company |
ASHI TEXFAB PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
42-43, Hirabhai Market, Diwan Ballubhai School Road, Kankaria, Behind
New Cloth Market, Ahmedabad – 380 022, Gujarat, India E-Mail: rfjain1234@yahoo.com |
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This form is for |
Creation of
charge |
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Type of charge |
Movable Property Others (Current
assets) |
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Particular of
charge holder |
Punjab and Sind Bank, E-Mail: gandhiroadahmedabad@psb.org.in |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Goods to Secure a Demand Cash Credit dated 31/03/2010 Memorandum of
Agreement for Equitable Mortgage dated 31/03/2010 |
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Date of
instrument Creating the charge |
31/03/2010 |
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Amount secured by
the charge |
Rs.15.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 13.50% p.a. with
monthly rests Terms of
Repayment: On demand Margin: 25% Extent and
Operation of the charge: The Charge shall
cover entire stock of raw materials, Finished Goods, Semi Finished Goods,
Packing Material etc. and all other Current assets at Stored in Company's
premises and elsewhere including those in transit. The Charge shall also
cover Shop No. 42 and 43 under the Scheme Gujarat Cloth Dealers Co-operative
Shop and Warehouse Society, F.P No. 29 patr. of the T.P Scheme 16 of Mouje
Rajpur-Hirapur in the Registration district of Ahmedabad-380 004 as
collateral Security. |
|
Short particulars
of the property charged |
Entire stock of
raw materials, Finished Goods, Semi Finished Goods, Packing Material etc. and
all other Current assets at Stored in Company's premises and elsewhere including those in
transit. Shop No. 42 and
43 under the Scheme Gujarat Cloth Dealers Co-operative Shop and Warehouse
Society, F.P No. 29 patr. of the T.P Scheme 16 of Mouje Rajpur-Hirapur in the
Registration district of Ahmedabad-380 004. |
|
Corporate
identity number of the company |
U17121GJ2006PTC049643 |
|
Name of the
company |
ASHI TEXFAB PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
42-43, Hirabhai Market, Diwan Ballubhai School Road, Kankaria, Behind
New Cloth Market, Ahmedabad – 380 022, Gujarat, India E-Mail: rfjain1234@yahoo.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property Others |
|
Particular of
charge holder |
|
|
Nature of
instrument creating charge |
Hypothecation of
Goods to Secure a Demand Cash Credit dated 31/03/2010 Memorandum of Agreement
for Equitable Mortgage dated 31/03/2010 |
|
Date of
instrument Creating the charge |
31/03/2010 |
|
Amount secured by
the charge |
Rs.15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50% p.a. with
monthly rests Terms of
Repayment On demand Margin 25% Extent and
Operation of the charge The Charge shall
cover entire stock of raw materials, Finished Goods, Semi Finished Goods,
Packing Material etc. and all other Current assets at Stored in
Company's premises and elsewhere
including those in transit. The Charge shall also cover Shop No. 42 & 43
under the Scheme Gujarat Cloth Dealers Co. op Shop and Warehouse Society,F.P
No. 29 patr. Of the T.P Scheme 16 of Mouje Rajpur-Hirapur in the Registration
district of Ahmedabad-04 as collateral Security. |
|
Short particulars
of the property charged |
Entire stock of
raw materials, Finished Goods, Semi Finished Goods, Packing Material etc. and
all other Current assets at Stored in Company's premises and elsewhere including those in
transit. Shop No. 42 and
43 under the Scheme Gujarat Cloth Dealers Co.op Shop and Warehouse
Society,F.P No. 29 patr. of the T.P Scheme 16 of Mouje Rajpur-Hirapur in the
Registration district of Ahmedabad-04. |
FIXED ASSETS:
·
Computer
·
Note Counting Machinery
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.45.13 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.06 |
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 |
2 |
|
--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 |
|
26 |
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.