MIRA
INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAM FASHION EXPORTS PRIVATE LIMITED |
|
|
|
|
Formally Known
As : |
VALSON FABRICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
135, Marol Cooperative Industrial Estate, J B Nagar, Andheri (East),
Mumbai-40059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
02.08.1985 |
|
|
|
|
Com. Reg. No.: |
11-037032 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19129MH1985PTC037032 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR16378F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR1955L |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Subject is engaged in making Leather Shoes and Sandals |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 540000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. The company can be considered normal for 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 : |
135, Marol Cooperative Industrial Estate, J B Nagar, Andheri (East),
Mumbai-40059, Maharashtra, India |
|
Fax No.: |
91-22-28509272 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As On : 21.05.2010
|
Name : |
Mr. Rakesh Shivlal Bhasin |
|
Designation : |
Director |
|
Address : |
303-304, 3rd Floor, Freen Acres, Lokhandwala Complex,
Andheri (West), Mumbai-400058, Maharshtra, India |
|
Date of Birth/Age : |
15.01.1964 |
|
Date of Appointment : |
01.12.1993 |
|
DIN No : |
00218319 |
|
|
|
|
Name : |
Mr. Naresh Shivlal Bhasin |
|
Designation : |
Director |
|
Address : |
203-204, 2nd Floor, Freen Acres, Lokhandwala Complex,
Andheri (West), Mumbai-400058, Maharshtra, India |
|
Date of Birth/Age : |
12.02.1956 |
|
Date of Appointment : |
01.12.1993 |
|
DIN No : |
00217914 |
|
|
|
|
Name : |
Mr. Suresh Shivlal Bhasin |
|
Designation : |
Director |
|
Address : |
303-304, 3rd Floor, Freen Acres, Lokhandwala Complex,
Andheri (West), Mumbai-400058, Maharshtra, India |
|
Date of Birth/Age : |
12.02.1950 |
|
Date of Appointment : |
01.12.1993 |
|
DIN No : |
00218386 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.05.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Rakesh Shivlal Bhasin |
|
6000 |
|
Mr. Naresh Shivlal Bhasin |
|
6000 |
|
Mr. Suresh Shivlal Bhasin |
|
6000 |
|
|
|
|
|
Total |
|
18000 |
AS ON 21.05.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in making Leather Shoes and Sandals |
GENERAL INFORMATION
|
Bankers : |
·
Dena Bank, 67-A, Krishna Bhavan, Nehru Road, Vile
Parle (East), Mumbai-400057, Maharashtra, India ·
Citi Bank |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anil Kumar Sharma and Associates Chartered Accountant |
|
Address : |
03, Trimurti Tower, Vridh Ashrm Marg, Mahakali Caves Road, Andheri
(East), Mumbai-400093, Maharashtra, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.800
millions |
|
|
|
|
|
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 |
1.800 |
1.800 |
0.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
134.873 |
122.704 |
54.656 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
136.673 |
124.504 |
55.456 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
402.998 |
340.570 |
168.555 |
|
|
2] Unsecured Loans |
122.141 |
38.676 |
38.976 |
|
|
TOTAL BORROWING |
525.139 |
379.246 |
207.531 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
661.812 |
503.750 |
262.987 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
220.630 |
205.665 |
55.042 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.013 |
0.013 |
0.012 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
289.692
|
164.041 |
78.532 |
|
|
Sundry Debtors |
219.574
|
210.259 |
185.151 |
|
|
Cash & Bank Balances |
20.402
|
4.417 |
14.452 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
96.520
|
116.916 |
94.420 |
|
Total
Current Assets |
626.188
|
495.633 |
372.555 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
174.000
|
160.242 |
128.078 |
|
|
Other Current Liabilities |
5.859
|
8.638 |
8.178 |
|
|
Provisions |
5.160
|
28.681 |
28.366 |
|
Total
Current Liabilities |
185.019
|
197.561 |
164.622 |
|
|
Net Current Assets |
441.169
|
298.072 |
207.933 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
661.812 |
503.750 |
262.987 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
SALES /
REVENUE |
707.772 |
647.018 |
701.459 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
81.228 |
37.182 |
NA |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
40.655 |
11.602 |
NA |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
40.573 |
25.580 |
NA |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
25.126 |
6.420 |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
15.447 |
19.160 |
18.802 |
|
|
|
|
|
|
|
Less |
TAX |
4.545 |
7.060 |
6.015 |
|
|
|
|
|
|
|
Less |
PROVISION
ADJUSTMENTS AND PRIOR PERIOD ITEMS |
(1.268) |
3.054 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12.170 |
9.046 |
12.787 |
|
|
|
|
|
|
|
|
Earnings Per
Share |
67.61 |
502.56 |
1598.375 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
2.18
|
2.96 |
2.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.82
|
2.73 |
4.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.15 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.20
|
4.63 |
6.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.38
|
2.51 |
2.26 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The financial year
2009-10 was marked by tremendous uncertainties. Due to global meltdown tile financial
market faced a considerable volatility within Indian industry, which also was
characterized by high commodity prices and increased costs. The Government
announced host of stimulus measures for the industry to counter recession.
However its impact on various economic indicators would take time.
Despite
inflationary pressure on input cost, interest due to increased borrowing for
capacity augmentation at MAHAPE unit and depreciation on new assets, the
Company was able to post a healthy growth in gross and operating margins and
registered net profit of Rs.12.170 millions. This was mainly due to determined
efforts in cost control and value engineering combined with selective price
increase.
Their new unit at
MAHAPE, Navi Mumbai is operational now. They would soon be in a position to
capitalize on the demand growth expected in the coming months as their
installed capacity is set to grow with the commissioning of their
fully-integrated unit at MAHAPE.
NATURE of OPERATION
Subject is
specialized in making Leather Shoes and Sandals. Subject was originally
incorporated as VALSON FABRICS PRIVATE LIMITED. Name of the company was changed
to Ram Fashion Exports Private Limited subsequent to the acquisition of 100%
equity shareholding by Ram Family in 1994.
The company has
achieved success due to careful family management and the use of avant-garde
production processes; and has also become one of the leading company in the
Indian manufacture and export of leather shoes.
The company also
specializes in traditional styles with carefully manufactures interwoven
patterns: an always adaptable and current patterns for SUMMER Collections in
which decorating patterns with cuts and holes are alternated.
The success of Ram
Fashion Exports Private Limited is because of a great will to further improve
and to accept the new market challenges and expand business abroad.
FORM 8
|
Corporate
identity number of the company |
U19129MH1985PTC037032 |
|
Name of the
company |
RAM FASHION
EXPORTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
135, Marol Cooperative Industrial Estate, J B Nagar, Andheri (East),
Mumbai-40059, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Dena Bank, 67-A, Krishna Bhavan, Nehru Road, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of Entry
For Extension of Existing Mortgage Dated 25.01.2011 |
|
Date of
instrument Creating the charge |
25.01.2011 |
|
Amount secured by
the charge |
Rs. 470.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and operation of the charge Equitable
Mortgage by deposit of Title Deeds in respect of immovable Properties being
compartment No.135, administrative 8250 sq. ft. on Plot No.24/25 at Marol Cooperative Industrial
Estate and Compartment No.130 consisting of Ground Floor and 1st
Floor total area 4402 sq. ft. (Built Up) on Plot No. 23, Marol Industrial
Estate M. V. Road, Post J B Nagar, Andheri (East), Mumbai-400059, Plot
No.A-463, MIDC, Mhape, TTC Industrial Area, Navi Mumbai. All other terms and
conditions as per Memorandum of Entry for Extension of E Other All other terms
and conditions as per Memorandum of entry for extension of existing mortgage
dated 25.01.2011 |
|
Short particulars
of the property charged (Including location of the property) |
Immovable
properties being compartment No.135, administrative 8250 sq. ft. on Plot
No.24/25 at Marol Industrial Estate, M. V. Road, Post J B Nagar, Andheri (East),
Mumbai-400059 bearing Survey No.30, Hissa No. (Pt), 31 Hissa No. (Pt), 32
Hissa No. (Pt), 48 Hissa No. (Pt), 49 Hissa No. (Pt), 50 Hissa No. (Pt), 51
Hissa No. (Pt), 52 Hissa No. (Pt), 53 Hissa No. (Pt), 80 Hissa No. (Pt) and
CTS No.43/26 (part), Compartment No.130, Ground Floor and 1st Floor total area
4402 sq. ft. (Built Up) on Plot No. 23, S No.48, Hissa No. (Pt, CTS 443/23
(Part), Marol Village, Taluka Andheri (East), Mumbai-400059, and Plot and
Building at A-463, MIDC, Mahape, TTC
Industrial Area, Navi Mumbai |
|
Charge
identification number of the charge to be modified |
10155097 |
|
Particulars of
the present modification |
By the present
modification Dated 25.01.2011 the existing Mortgage of immovable properties
is extended to the additional limit sanctioned by the Bank to the Borrower making
total limit Rs. 470.000 millions and the Borrower offered the additional
security being plot and building at A-463, MIDC, Mahape, TTC Industrial Area,
Navi Mumbai. Thus by the present modification the total limit stands at Rs.
470.000 millions. |
FIXED ASSETS
·
Land
·
Factory Premises
·
Residential Flat
·
Plant and Machinery
·
Motor Cars
·
Office Equipments
·
Computer Systems
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.44.30 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
59 |
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.