MIRA INFORM REPORT

 

 

Report Date :

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MINAKSHI FASHIONS PRIVATE LIMITED

 

 

Registered Office :

A/1/ 244, Road No.2, GIDC, Sachin, Surat – 394230, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

02.05.1994

 

 

Com. Reg. No.:

04 - 021956

 

 

Capital Investment / Paid-up Capital :

Rs. 9.011 Millions

 

 

CIN No.:

[Company Identification No.]

U18109GJ1994PTC021956

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTM00582B

 

 

PAN No.:

[Permanent Account No.]

AABCM6171C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Supplier of all types of Polyester Fabrics, Cotton Fabrics, Nylon Fabrics.

 

 

No. of Employees :

100 + (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 82000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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.

 

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. Vinay

Designation :

Director

Contact No.:

91-9825149940

Date :

28.05.2011

 

 

LOCATIONS

 

Registered Office :

A/1/ 244, Road No.2, GIDC, Sachin, Surat – 394230, Gujarat, India

Tel. No.:

91- 261 – 8874195/ 2397063

Mobile No.:

91-9825149940 (Mr. Vinay)

Fax No.:

91-261-8874196

E-Mail :

mcafiling@yahoo.co.in

 

 

DIRECTORS

As on 28.09.2010

 

Name :

Mr. Nirajkumar Chainaram Khurana

Designation :

Director

Address :

7 – H, Siddhkruti Apartment, GHOD – DOD Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

24.10.1967

Date of Appointment :

27.04.1988

DIN No.:

00042286

 

 

Name :

Mr. Vinay Manoharlal Nandwani

Designation :

Director

Address :

6th Floor, Garden Avenue, Beside Kapadia Health Club, New Civil Road, Surat – 395001, Gujarat

Date of Birth/Age :

23.05.1974

Date of Appointment :

27.04.1998

DIN No.:

00042296

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2010

 

Names of Shareholders

 

No. of Shares

Madanlal Khurana

 

50010

Shyam Khurana

 

10010

Suresh Khurana

 

2000

Kamala Khurana

 

9000

Dayaprakash Khurana

 

10000

Nandlal Khurana

 

2500

Sheeladevi Khurana

 

10000

Piyush Khurana

 

11500

Sumit Khurana

 

14495

Raj Khurana

 

5000

Niraj Khurana

 

230000

Usha Khurana

 

5010

Indu Khurana

 

5010

Amit Khurana

 

18010

Bharati Khurana

 

10010

Vinay Nandwani

 

205000

Ishwar Nandwani

 

45000

Manoharlal Nandwani

 

33000

Kishanlal Makkar

 

20000

Ankur Khurana

 

7000

Neeru Thakkar

 

3500

Laxmi Khurana

 

3500

 

 

As on 28.09.2010

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

5.41

Directors or relatives of Directors

84.25

Other top fifty shareholders

10.34

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Supplier of all types of Polyester Fabrics, Cotton Fabrics, Nylon Fabrics.

 

 

 

Products :

Dyed Fabrics

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

PRODUCTION STATUS (As on 31.03.2010)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Job Work of Cloth

Mtrs.

Not Laid Down

Not Laid Down

35750960.93

 

 

 

 

(28282818.00)

 

 

GENERAL INFORMATION

 

Customers :

Supplier

 

 

No. of Employees :

100 + (Approximately)

 

 

Bankers :
  • Bank of Baroda, 1st Floor, Janki Shopping Complex, Road No.3, GIDC, Sachin, Surat – 395230, Gujarat, India
  • ICICI Bank

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Cash Credit from Bank of Baroda secured against Stock and Book Debts

2.091

2.653

Term Loan from ICICI Bank secured against Tempo

0.048

0.242

Term Loan From Bank of Baroda against Machinery (TUF)

0.618

0.159

Term Loan From Bank of Baroda against Machinery (TUF)

6.003

0.000

Total

8.760

3.054

Unsecured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

From share holders

0.360

0.360

Total

0.360

0.360

 

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Shiv Kumar Agrawal and Company

Chartered Accountant

Address :

701 to 703, Golden Plaza, Near Kinnary Cinema, ring road, Surat – 395002, Gujarat, India

Tel. No.:

91-261-2345495

Fax No.:

91-261-2355495

E-Mail :

shivagwl@yahoo.com

PAN.:

ACCPA7126M

 

 

CAPITAL STRUCTURE

As on 28.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

901105

Equity Shares

Rs.10/- each

Rs. 9.011 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

9.011

9.011

9.011

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

11.561

9.122

7.860

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

20.572

18.133

16.871

LOAN FUNDS

 

 

 

1] Secured Loans

8.760

3.054

4.305

2] Unsecured Loans

0.360

0.360

0.360

TOTAL BORROWING

9.120

3.414

4.665

DEFERRED TAX LIABILITIES

0.727

0.697

1.019

 

 

 

 

TOTAL

30.419

22.244

22.555

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

18.661

11.205

13.033

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

3.182

2.775

0.900

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.443

4.439

2.676

 

Sundry Debtors
16.983

11.161

12.354

 

Cash & Bank Balances
0.124

0.197

0.357

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
7.416

5.789

6.293

Total Current Assets
26.966

21.586

21.680

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
13.440

8.518

8.272

 

Other Current Liabilities
3.885

3.911

3.659

 

Provisions
1.065

0.896

1.133

Total Current Liabilities
18.390

13.325

13.064

Net Current Assets
8.576

8.261

8.616

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.003

0.006

 

 

 

 

TOTAL

30.419

22.244

22.555

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

90.891

70.663

69.368

 

 

Other Income

0.314

0.407

0.245

 

 

TOTAL                                     (A)

91.205

71.070

69.613

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

85.174

66.599

63.976

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

6.031

4.471

5.637

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2.498

2.634

3.441

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

3.533

1.837

2.196

 

 

 

 

 

Less

TAX                                                                  (I)

1.065

0.896

1.134

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

2.468

0.941

1.062

 

 

 

 

 

Less

DEFERRED TAX EXPENSES (ASSETS)

0.029

(0.320)

(0.438)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

9.121

7.860

6.360

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

11.560

9.121

7.860

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.74

1.04

 

 

                                                                                 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.70

1.32

1.52

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
3.89

2.60

3.16

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.74

5.60

6.33

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.17

0.10

0.13

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.34

0.92

1.05

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.47

1.62

1.66

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors:

 

Particulars

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

As on

31.03.2008

(Rs. in

Millions)

Sundry Creditors

13.440

8.518

8.272

Total

13.440

8.518

8.272

 

 

Year in Retrospect and Future Outlook:

 

During the year the company’s job income has increased to Rs. 90.891 Millions compared to Rs. 70.662 Millions in previous year i.e. about 28% increase as compared to previous year. The company has earned net profit of Rs. 2.438 Millions. the processing industry mainly the printing segments and also due to excess supply than demand, pressure on job charges. Inspite of all these odds, the company has clocked remarkable financial performance with its constant hard work and clear vision. The company has also put hard efforts to minimize the cost of production and increase profit. The company has given its main thrust to increase the operational efficiency and commitment towards the quality

 

The directors are making maximum efforts in development of new qualities and design and improving the operational efficiencies at Plant level and the directors are confident that the same will translate in better result during the current year.

 

 

Form 8:

 

Corporate identity number of the company

U18109GJ1994PTC021956

Name of the company

MINAKSHI FASHIONS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

A/1/ 244, Road No.2, GIDC, Sachin, Surat – 394230, Gujarat, India

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

90102303

Type of charge

Immovable Property

Particular of charge holder

Bank of Baroda, 1st Floor, Janki Shopping Complex, Road No.3, GIDC, Sachin, Surat – 395230, Gujarat, India

Nature of instrument creating charge

Instrument of Extension Relating to Deposit of Title Deed. [Registered with Sub Registrar - Udhna-2, Surat vide Document No. 6665 dated 02.05.2011]

Date of instrument Creating the charge

21.04.2011

Amount secured by the charge

Rs. 12.540 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Collateral security and hence not applicable

 

Terms of Repayment

Collateral security and hence not applicable

 

Margin

Collateral security and hence not applicable

 

Extent and Operation of the charge

The charge shall operate as continuing security towards the total aggregate credit facility of Rs. 12.540 Millions granted to

1. M/s Minakshi Fashions Private Limited and

2. M/s V.N.S. Fashions Private Limited

Together with any interest, penal interest or any other charges thereof.

 

Others

M/s Minakshi Fashions Pvt. Ltd.                                                

          

CC  -Rs. 3.500 Millions to Rs. 6.000 Millions                        

TL - I(TUFS) -Rs. 6.100 Millions to Rs. 4.986 Millions                                

TL – II (MMS) Rs. 0.700 Millions to Rs.   0.490 Millions

Total  - Rs.10.300 Millions to Rs. 11.476 Millions

 

M/s V.N.S. Fashions Private Limited - TL - Rs. 7.000 Millions to - Rs. 1.064 Millions

Short particulars of the property or asset(s) charged (including complete address and location of the property)
  • All that piece and parcel of the land and building bearing Industrial Plot No. 245 admeasuring 2132.23 square meters together with lease hold rights in the land/plots and super structure thereon at
  • Sachin Industrial Area/Estate of Gujarat Industrial Development Corporation situated on the land bearing Revenue Survey No. 160/P and 161/P, paiki at Village: Unn Taluka: Choryasi, District: Surat.
  • and as described in The Second Schedule of the Instrument of Extension Relating to Deposit of Title Deed

Date of instrument modifying the charge

19.02.2010

Particulars of the present modification

The charge on the immovable property of the company has been extended by the bank and total amount of charge now stands at Rs.12.540 Millions. (Minakshi Fashions Private Limited Rs. 11.476 Millions and VNS Fashions Pvt Ltd Rs.1.064 Millions)

 

 

Fixed Assets:

 

  • Air Conditioner
  • Land and Building
  • Computer
  • Tempo
  • Machinery
  • Car
  • Office Equipment
  • Land
  • Factory Building
  • Furniture and Fixture
  • Plant and Machinery

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.21

UK Pound

1

Rs.74.30

Euro

1

Rs.64.40

 

 

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

NO

--AFFILIATION

YES/NO

NO

--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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.