MIRA
INFORM REPORT
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Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SWISS RIBBONS PRIVATE LIMITED |
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Registered Office : |
2/1415, Jariwala House, Opposite, J K Tower, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
14.02.2003 |
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Com. Reg. No.: |
04-042006 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.650 Millions |
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CIN No.: [Company
Identification No.] |
U17119GJ2003PTC042006 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of Beaded Lace, Cotton Lace,
Jari Borders, Ribbons, Jari Borders, Trimmings, Fringes, Fancy Cords,
Tassels. |
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No. of Employees
: |
160 [Office + Factory] Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 178000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Name : |
Mr. Vishal Jariwala [Son of Mr. Harishkumar Jariwala] |
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Designation : |
Executive Manager |
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Contact No.: |
91-261-2337333 |
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Date : |
23.11.2011 |
LOCATIONS
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Registered Office/Factory : |
2/1415, Jariwala House, Opposite J K Tower, |
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Tel. No.: |
91-261-4040333 / 2337333 / 2331783 / 2333613 |
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Mobile No.: |
91-9825119538 (Mr. Dinesh B. Jariwala) |
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Fax No.: |
91-261-2310178 |
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E-Mail : |
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Website : |
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Warehouse : |
Located at |
DIRECTORS
AS ON 15.09.2011
|
Name : |
Mr. Jayvadan Bhagwandas Jariwala |
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Designation : |
Director |
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Address : |
2/1415, Jariwala House, Opposite, J K Tower, |
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Date of Birth/Age : |
14.11.1956 |
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Date of Appointment : |
14.02.2003 |
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DIN : |
01040277 |
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Name : |
Mr. Navinchandra Bhagwandas Jariwala |
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Designation : |
Director |
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Address : |
2/1415, Jariwala House, Opposite, J K Tower, |
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Date of Birth/Age : |
19.10.1950 |
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Date of Appointment : |
14.02.2003 |
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DIN : |
01040257 |
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Name : |
Mr. Harishkumar Bhagwandas Jariwala |
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Designation : |
Director |
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Address : |
2/1415, Jariwala House, Opposite, J K Tower, |
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Date of Birth/Age : |
16.02.1954 |
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Date of Appointment : |
14.02.2003 |
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DIN : |
01040201 |
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Name : |
Mr. Dineshkumar Bhagwandas Jariwala |
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Designation : |
Director |
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Address : |
2/1415, Jariwala House, Opposite, J K Tower, |
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Date of Birth/Age : |
14.10.1959 |
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Date of Appointment : |
14.02.2003 |
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DIN : |
01040229 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Jariwala [Son of Mr. Harishkumar Jariwala] |
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Designation : |
Executive Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2011
|
Names of
Shareholders |
No. of Shares |
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Harishkumar B. Jariwala |
20500 |
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Dineshkumar B. Jariwala |
29500 |
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Jayvadan B. Jariwala |
33750 |
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Navinchandra B. Jariwala |
25000 |
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Jyotiben D Jariwala |
36750 |
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Rashikaben H Jariwala |
30500 |
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Prabhaben N Jariwala |
44500 |
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Ushaben J Jariwala |
32500 |
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Vishal Jariwala |
6000 |
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Mehul Jariwala |
6000 |
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Total |
265000 |
AS ON 15.09.2011
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Equity Share
Break up 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 : |
Manufacturers and Exporters of Beaded Lace, Cotton Lace, Jari
Borders, Ribbons, Jari Borders, Trimmings, Fringes, Fancy Cords, Tassels. |
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Products : |
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Exports : |
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Products : |
Zari Ribbons and Borders |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit, L/C |
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Purchasing : |
Cash, Credit, L/C |
PRODUCTION STATUS As on 31.03.2011
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Laces |
PCS |
NA |
NA |
33,67,226 |
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GENERAL INFORMATION
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Suppliers : |
·
Labrela Textile Stores ·
Manubhai and Sons (HUF) ·
Royale Cleford Private Limited ·
TNT India Private Limited ·
N. N. Shah and Associates |
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Customers : |
Wholesalers ·
AL Sawad Corner ·
Abdulkarim Nagi ·
Gold Lea Trims Corporation ·
Halat AI-Shams Trading Estate |
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No. of Employees : |
160 [Office + Factory] Approximately |
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Bankers : |
Axis Bank Limited, 3rd Floor, Bank of Panchsheel Cooperative Bank |
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Facility: |
Cash Credit Rs. 60.000 million
(Axis Bank)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. N. Shah and Associates Chartered Accountants |
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Address : |
704, Takshshila Apartment, Majura Gate, |
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Tel No.: |
91-261-2473845 / 6572716 |
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Mobile No.: |
91-9825053505 |
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PAN : |
AAEFN6077A |
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Name : |
Mr. Vikasbhai Gheewala Chartered Accountant |
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Address : |
Ahmedabad, |
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Name : |
Ms. Deepali Supariwala Chartered Accountant |
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Membership : |
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Relatives of Key Managerial personnel and their enterprises where
transactions have taken place : |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500,000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares [fully paid up
issued at par] |
Rs.10/- each |
Rs.0.100 Million |
|
255,000 |
Equity Shares [issued at
premium] |
Rs.10/- each |
Rs.2.550 Millions |
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Total |
|
Rs.2.650
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.650 |
2.650 |
0.100 |
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2] Share Application Money |
7.750 |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.144 |
27.794 |
0.980 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
44.544 |
30.444 |
1.080 |
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LOAN FUNDS |
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1] Secured Loans |
97.009 |
73.359 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.154 |
0.000 |
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TOTAL BORROWING |
97.009 |
73.513 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.334 |
0.000 |
0.000 |
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TOTAL |
141.887 |
103.957 |
1.080 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.532 |
27.352 |
0.000 |
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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 |
82.720 |
26.251 |
0.023 |
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Sundry Debtors |
41.953
|
67.061
|
0.427
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Cash & Bank Balances |
4.452
|
3.618
|
0.903
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
8.877
|
7.718
|
0.000
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Total
Current Assets |
138.002
|
104.648
|
1.353
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
33.312
|
27.720
|
0.118
|
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Current Liabilities |
3.109
|
0.000
|
0.068
|
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Provisions |
1.289
|
0.407
|
0.087
|
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Total
Current Liabilities |
37.710
|
28.127
|
0.273
|
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Net Current Assets |
100.292
|
76.521
|
1.080
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MISCELLANEOUS EXPENSES |
0.063 |
0.084 |
0.000 |
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TOTAL |
141.887 |
103.957 |
1.080 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
290.586 |
81.949 |
10.094 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL |
290.586 |
81.949 |
10.094 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
277.137 |
78.549 |
9.395 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.449 |
3.400 |
0.699 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.976 |
1.678 |
0.000 |
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PROFIT BEFORE
TAX |
8.473 |
1.722 |
0.699 |
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Less |
TAX |
2.124 |
0.407 |
0.086 |
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PROFIT AFTER TAX
|
6.349 |
1.315 |
0.613 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.295 |
0.980 |
0.367 |
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BALANCE CARRIED
TO THE B/S |
8.644 |
2.295 |
0.980 |
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EARNINGS IN
FOREIGN CURRENCY – FOB Value of Exports |
5.665 |
NA |
NA |
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IMPORTS |
3.482 |
NA |
NA |
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Earnings Per
Share (Rs.) |
23.96 |
- |
- |
|
Expected Sales (2011-2012) : Rs.290.000 millions
The above information has been parted by Mr. Vishal Jariwala [Executive Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.18
|
1.60
|
6.07 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.91
|
2.10
|
6.92 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.72
|
1.30
|
51.66 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.06
|
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.02
|
3.34
|
0.25 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.66
|
3.72
|
4.96 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
No |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
Trade References :
- Royale Cleford Private Limited
- TNT India Private Limited
- Gold Lea Trims Corporation
- Halat AI-Shams Trading Estate
OPERATIONS
The company has achieved turnover of Rs.290.586 millions [P.Y. 81.949
millions] increase of 255% over previous year. The company also earned cash
profit of Rs.13.449 millions [P.Y. 3.400 millions] an increase of 295% in
profit as compared to previous year.
FORM 8
|
Corporate
identity number of the company |
U17119GJ2003PTC042006 |
|
Name of the
company |
SWISS RIBBONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2/1415, Jariwala House, Opposite, J K Tower, |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10184425 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank, 3rd Floor, Trishul Opposite Samartheshwar
Temple, Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India Email : bharat.kale@axisbank.com
|
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
10.12.2010 |
|
Amount secured by
the charge |
Rs. 91.800
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR- 2.50% i.e.
12.25% P.A. At Present Payable Monthly Terms of repayment No change- as per
original charge Margin No change- as per
original charge Extent and operation of the charge This charge shall
operate against the entire current assets
of the company present and future and all the movable assets both
present and future excluding vehicle finance exclusively charged to
respective lenders |
|
Short particulars
of the property charged (Including location of the property) |
Exclusive
hypothecation charge on entire current assets of the company, present and
future. Extension of
exclusive hypothecation charge over all the movable assets both present and
future excluding vehicle finance exclusively charge to respective lenders. |
|
Corporate
identity number of the company |
U17119GJ2003PTC042006 |
|
Name of the
company |
SWISS RIBBONS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2/1415, Jariwala House, Opposite, J K Tower, |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank, 3rd Floor, Trishul Opposite Samartheshwar
Temple, Law Garden, Ellisbridge, Ahmedabad 380006, Gujarat, India |
|
Nature of
instrument creating charge |
Composite
Hypothecation Deed |
|
Date of
instrument Creating the charge |
05.11.2009 |
|
Amount secured by
the charge |
Rs. 94.300
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BPLR- 2.50% i.e. 12.25%
P.A. At Present Payable Monthly Terms of Repayment Term Loan
-I: 48 equal monthly installments of
Rs. 0.414 million and starting from October 2009 last installment of Rs.
0.428 million. Monthly interest to be serviced separately. Term Loan- II- 59
equal monthly installment of Rs. 0.233 million each and last installment of
Rs. 0.253 million. Cash Credit :
Payable on Demand. Margin 25% for stock
& 40% for book debts ( cover period on book debts max 90 days) Extent and operation of the charge This charge will
operate against all the book debts, plant and machineries and other current
assets to the extent of Rs. 0.943 million along with interest accrued there
on. |
|
Short particulars
of the property charged (Including location of the property) |
All tangible
movable machinery, Plant Machinery, fixtures, fittings other installation,
cranes, furniture, computers and other accessories vehicle together with
spare tools and accessories. All the present
and future book-debts, outstanding monies, receivables claims bills,
contracts, engagements and securities |
FIXED ASSETS :
§
Machinery
§
Furniture and Fixtures
§
Computer
§
Software
§
Activa
§
Display Board
§
Treasure Chest
§
Office Equipments
§
Electrical Installations
§
Vehicles
§
Motor Car
§
Air Conditioner
§
Weighing Machine
§
Mobile Phones
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.52.16 |
|
|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.69.42 |
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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.