1. Summary Information
|
|
|
Country |
|
|
Company Name |
DIVYAM KNITWEARS LIMITED |
Principal Name 1 |
Ms. Renu Jain |
|
Status |
Moderate |
Principal Name 2 |
Mr. Satish Jain |
|
|
|
Registration # |
05-35958 |
|
Street Address |
338, Sector - 24,
|
||
|
Established Date |
13.12.2005 |
SIC Code |
-- |
|
Telephone# |
91-129-4020837 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-129-4028212 / 402282 |
Business Style 2 |
Exporters |
|
Homepage |
http://www.divyamknitwears.com |
Product Name 1 |
Sports Wear Garments |
|
# of employees |
75 |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
10,724,000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate (12.72%) Others (87.28%) |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
6 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (29) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
|
Indo Auto tech |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
9,120,000 |
Current Liabilities |
2,561,000 |
|
Inventories |
4,968,000 |
Long-term Liabilities |
3,368,000 |
|
Fixed Assets |
3,306,000 |
Other Liabilities |
-- |
|
Deferred Assets |
141,000 |
Total Liabilities |
5,929,000 |
|
Invest& other Assets |
1,870,000 |
Retained Earnings |
2,751,000 |
|
|
|
Net Worth |
13,476,000 |
|
Total Assets |
19,405,000 |
Total Liab. & Equity |
19,405,000 |
|
Total Assets (Previous Year) |
16,642,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
24,580,000 |
Net Profit |
(51,000) |
|
Sales(Previous yr) |
30,088,000 |
Net Profit(Prev.yr) |
2,711,000 |
MIRA INFORM REPORT
|
Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
DIVYAM KNITWEARS
LIMITED |
|
|
|
|
Registered Office
: |
338, Sector - 24,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
13.12.2005 |
|
|
|
|
Paid up
Capital : |
Rs.10.724 millions |
|
|
|
|
Com. Reg. No.: |
05-35958 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899HR2005PLC035958 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
RTKD03434E |
|
|
|
|
Legal Form : |
A Closely held
Public Limited Liability Company. |
|
|
|
|
Line of
Business : |
Manufacturers and
Exporters of Sports Wear Garments. |
|
|
|
|
No. of
Employees : |
75 |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 53904 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate
track. The company has incurred some losses in the current year. Trade
relations are 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 – 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/ Factory : |
338, Sector – 24,
|
|
Tel. No.: |
91-129-4020837 |
|
Mobile No.: |
91-9811107772
(Mr. Satish Jain) |
|
Fax No.: |
91-129-4028212 /
402282 |
|
E-Mail : |
|
|
Website : |
http://www.divyamknitwears.com
|
|
Location : |
Rented |
|
|
|
|
Overseas
Office : |
28 Wheatsheaf
Close, Docklands, |
|
Tel. No.: |
447956838009 |
DIRECTORS
As on 30.09.2010
|
Name : |
Ms. Renu Jain |
|
Designation : |
Director |
|
Address : |
House No. 1443, Sector 14, |
|
Date of Birth/Age : |
05.08.1975 |
|
Date of Appointment : |
13.12.2005 |
|
|
|
|
Name : |
Mr. Satish Jain |
|
Designation : |
Director |
|
Address : |
House No. 1443, Sector 14, |
|
Date of Birth/Age : |
05.06.1972 |
|
Date of Appointment : |
13.12.2005 |
|
|
|
|
Name : |
Mr. Sajan Kumar Jain |
|
Designation : |
Director |
|
Address : |
House No. 1443, Sector 14, |
|
Date of Birth/Age : |
13.03.1948 |
|
Date of Appointment : |
13.12.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Chandak
Mundhra and Associates |
|
Designation : |
Company Secretary |
|
Address : |
102, 1st
Floor, Sector – 7, Huda Market, Near Axis Bank, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sajan Kumar Jain |
|
301000 |
|
Anand Kumar Jain |
|
15000 |
|
Satish Jain |
|
460000 |
|
Trishla Jain |
|
5000 |
|
Babita Jain |
|
5000 |
|
Nisha Jain |
|
5000 |
|
Renu Jain |
|
120000 |
|
Divyam Jain |
|
25000 |
|
Deo Jewellers Limited, New Delhi |
|
50000 |
|
Brij Packing Limited, New Delhi |
|
50000 |
|
Archit Fincap Limited, New Delhi |
|
14000 |
|
Juneja Nagpal Construction Private Limited, New Delhi |
|
22460 |
|
Total |
|
1072460 |
List of Allottes as on 15.03.2011
|
Names of Allottes |
|
No. of Shares |
|
Satish Jain |
|
40000 |
|
Renu Jain |
|
90000 |
|
Total |
|
130000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
12.72 |
|
Others |
|
87.28 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporters of Sports Wear Garments. |
GENERAL INFORMATION
|
No. of Employees : |
75 |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· State Bank of India, SIB Branch, 65, Neelam Bata Road, Faridabad-121001, Haryana, India · ICICI Bank Limited ·
Punjab National Bank |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sudhir Chaudhary
and Associates Chartered Accountants |
|
Address : |
205, Om |
|
Tel. No.: |
91-129-4004129 /
4038429 |
|
Fax No.: |
91-129-4004428 |
|
Pan No.: |
ABCFS6938E |
|
|
|
|
Associates/Subsidiaries : |
Indo Auto tech Opposite Register
office of Divyam |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Share |
Rs.10/- Each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1072460 |
Equity Share |
Rs.10/- Each |
Rs.10.724
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 |
10.725 |
10.160 |
9.060 |
|
|
2] Share Application Money |
0.000 |
0.200 |
0.850 |
|
|
3] Reserves & Surplus |
2.751 |
1.345 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.476 |
11.705 |
9.910 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.368 |
3.583 |
4.986 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.150 |
|
|
TOTAL BORROWING |
3.368 |
3.583 |
5.136 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.844 |
15.288 |
15.046 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.306 |
3.395 |
3.975 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.823 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.141 |
0.156 |
0.105 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.968
|
5.912 |
7.365 |
|
|
Sundry Debtors |
6.884
|
5.049 |
1.732 |
|
|
Cash & Bank Balances |
1.483
|
1.431 |
1.280 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.753
|
0.605 |
0.834 |
|
Total
Current Assets |
14.088
|
12.997 |
11.211 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.318
|
0.605 |
0.819 |
|
|
Current Liabilities |
1.219
|
0.360 |
0.911 |
|
|
Provisions |
0.024
|
0.389 |
0.023 |
|
Total
Current Liabilities |
2.561
|
1.354 |
1.753 |
|
|
Net Current Assets |
11.527
|
11.643 |
9.458 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.047 |
0.094 |
1.508 |
|
|
|
|
|
|
|
|
TOTAL |
16.844 |
15.288 |
15.046 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24.580 |
30.088 |
16.512 |
|
|
|
Other Income |
0.381 |
1.525 |
0.567 |
|
|
|
TOTAL (A) |
24.961 |
31.613 |
17.079 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
19.571 |
23.355 |
14.053 |
|
|
|
Administrative & Other Expenses |
4.364 |
3.994 |
3.314 |
|
|
|
Increase/(Decrease) in Stock |
0.237 |
0.051 |
0.363 |
|
|
|
Preliminary Exp. W/off |
0.047 |
0.047 |
0.047 |
|
|
|
TOTAL (B) |
24.219 |
27.447 |
17.777 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.742 |
4.166 |
(0.698) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.171 |
0.455 |
0.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.571 |
3.711 |
(1.055) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.583 |
0.662 |
0.741 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(0.012) |
3.049 |
(1.796) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.039 |
0.388 |
0.023 |
|
|
Add |
Deferred Tax
Adjustment |
0.000 |
0.050 |
0.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(0.051) |
2.711 |
(1.485) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.344 |
(1.366) |
0.119 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.293 |
1.345 |
(1.366) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.20)
|
8.57 |
(8.69) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.04)
|
10.13 |
(10.87) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.06)
|
18.60 |
(11.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.00)
|
0.26 |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.42 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.50
|
9.59 |
6.39 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10025914 |
|
Corporate
identity number of the company |
U74899HR2005PTC035958 |
|
Name of the
company |
DIVYAM KNITWEARS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
338, Sector – 24,
|
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
|
Particular of charge
holder |
State Bank of India, SIB Branch, 65, Neelam Bata Road, Faridabad-121001, Haryana, India Email ID: priyangarg@gmai.com |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Arrangement, Agreement of Loan Cum Hypothecation, Link Letter |
|
Date of
instrument Creating the charge |
27.08.2007 |
|
Amount secured by
the charge |
Rs.6.100 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working capital
:- interest at 2.65% below SBAR (12.75% w.e.f 09.04.2007) with a minimum of
10.10% p.a. Rising or falling therewith, on daily products with monthly
rests. Present effective rate 10.10% p.a. With a monthly rests. Terms of
Repayment Working capital:
repayable on demand. Margin Raw material
(imported) - 25%, raw material (indigenous)-25%, semi finished goods and
finished goods - 25%, domestic receivables - 40%, letter of credit - 25%, bank
guarantee - 25%. Extent and
Operation of the charge Hypothecation of
stocks of raw material, stock in process, finished goods and receivables
(present and future). Extension of the charge of factory land and building
situated at plot no. 254, sec-24, |
|
Short particulars
of the property charged |
Plot No. 254,
Sec-24, |
|
Date of latest
modification prior to the present modification |
07.10.2006 |
Fixed Assets
·
Furniture Fixtures
·
Computer and Software
·
Two Wheelers
·
Plant and Machinery
·
Electrical Equipment
·
Car
·
Trade Mark
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.44.93 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.61.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.