MIRA INFORM REPORT

 

 

Report Date :

20.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SILVER FIBRES PRIVATE LIMITED

 

SILVER DESIGNS (A DIVISION OF SILVER FIBRES PRIVATE LIMITED)

 

 

Registered Office :

203/1, Mahatma Gandhi Road, 4th Floor, Room No. 356, Kolkata – 700 007, West Bengal 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

28.03.1994

 

 

Capital Investment / Paid-up Capital :

Rs.4.674 millions 

 

 

CIN No.:

[Company Identification No.]

U51109WB1994PTC062622

 

 

TIN No.:

09466200996

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Trader of Readymade garments – ladies garments, gents garments, kids garments, pants, shirts, trousers, t-shirts, jeans, top, kurta, kurties, suits, frocks and related products.    

 

 

No. of Employees :

50 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 190000

 

 

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.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INFORMATION PARTED BY

 

Name :

Mr. Niraj Pungalia

Designation :

Chief Executive Officer

Contact No.:

91-9873701003

Date :

03.10.2011

 

 

LOCATIONS

 

Registered Office :

203/1, Mahatma Gandhi Road, 4th Floor, Room No. 356, Kolkata – 700 007, West Bengal, India  

Tel. No.:

Not Available

Mobile No.:

91-9873701003 (Mr. Niraj Pungalia)

Fax No.:

Not Available

E-Mail :

rbc_client@yahoo.co.in

niraj@silverapparels.com

 

 

Factory :

B-17, Sector 59, Noida – 201 301, Uttar Pradesh, India

Tel. No.:

91-120-4326070 / 71 / 72

Fax No.:

91-120-2584937 / 4219100

 

 

Branch Office :

3007, Bahadurgarh Road, 2nd Floor, Delhi – 110 006, India

 

 

DIRECTORS

 

Name :

Mr. Arun Kumar Bhaiya

Designation :

Director

Address :

AM/197, 2nd Floor, Shalimar Bagh, New Delhi – 110 088, India

Date of Appointment :

11.04.2000

DIN No.:

00562127

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U51909WB1994PLC062621

Bhaiya Fibres Limited

Director

06-04-00

06-04-00

-

Active

NO

2

U51109WB1994PTC062622

Silver Fibres Private Limited

Director

11-04-00

11-04-00

-

Active

NO

3

U24111WB2002PTC094542

Silver International Private Limited

Director

23-04-02

23-04-02

29-11-10

Active

NO

4

U27203WB2004PTC099221

Aludecor Lamination Private Limited

Director

10-02-05

10-02-05

08-12-09

Active

NO

5

U65991WB1994PTC065719

Ridhi Sidhi Financial Services Private Limited

Director

14-02-05

14-02-05

-

Active

NO

6

U18109DL2009PTC225728

Silver Sign Private Limited

Director

19-06-09

19-06-09

-

Active

NO

7

U51101DL2010PTC225727

Punam Vanijya Private Limited

Director

21-04-10

21-04-10

-

Active

NO

8

U51909DL2008PTC225729

Northstar Tie-Up Private Limited

Director

04-05-10

04-05-10

-

Active

NO

9

U45209WB1989PTC046791

Mayukh Construction Private Limited

Additional director

22-05-10

22-05-10

-

Active

NO

10

U51909DL2011PTC217549

Vrion Global Private Limited

Director

15-04-11

15-04-11

-

Active

NO

 

 

Name :

Mr. Ashok Kumar Bhaiya

Designation :

Director

Address :

1, Prince Gulam Mohammad Road, Lake Market, 3rd Floor, Kolkata – 700 026, West Bengal, India 

Date of Appointment :

28.03.1994

DIN No.:

00562190

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U51909WB1994PLC062621

Bhaiya Fibres Limited

Director

28-03-94

28-03-94

-

Active

NO

2

U51109WB1994PTC062622

Silver Fibres Private Limited

Director

28-03-94

28-03-94

-

Active

NO

3

U65991WB1994PTC065719

Ridhi Sidhi Financial Services Private Limited

Director

31-10-94

31-10-94

26-11-10

Active

NO

4

U24111WB2002PTC094542

Silver International Private Limited

Director

23-04-02

23-04-02

-

Active

NO

5

U27203WB2004PTC099221

Aludecor Lamination Private Limited

Managing director

13-10-06

10-02-05

-

Active

NO

6

U51909WB2009PTC131852

Silver Apparels Industries Private Limited

Director

12-01-09

12-01-09

-

Active

NO

7

U18109DL2009PTC225728

Silver Sign Private Limited

Director

19-06-09

19-06-09

26-11-10

Active

NO

8

U51909WB2010PTC145844

Sarla Vyapaar Private Limited

Director

22-04-10

22-04-10

-

Active

NO

9

U51101WB2008PTC123899

Silverline Commotrade Private Limited

Director

04-05-10

04-05-10

-

Active

NO

10

U45209WB1989PTC046791

Mayukh construction Private Limited

Additional director

22-05-10

22-05-10

26-11-10

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Niraj Pungalia

Designation :

Chief Executive Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

NOT AVAILABLE                     

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Trader of Readymade garments – ladies garments, gents garments, kids garments, pants, shirts, trousers, t-shirts, jeans, top, kurta, kurties, suits, frocks and related products.    

 

 

Terms :

 

Selling :

Cash and Credit (30 days)

 

 

Purchasing :

Cash and Credit (30 days)

 

 

GENERAL INFORMATION

 

Suppliers :

Sri Ganeshji Maharaj

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

·         Tamilnad Mercentile Bank

58/D, N. S. Road, 2nd Floor, Ganesh Market, Kolkata – 700 001, West Bengal, India 

 

·         Tamilnad Mercentile Bank Limited, Delhi, India

·         Punjab National Bank, Kolkata, West Bengal, India

·         State Bank of India, Mumbai, Maharashtra, India

 

 

Facilities :

Unsecured Loans

As on 31.03.2010

Rs. in millions

As on 31.03.2009

Rs. in millions

Bentron Commodities Private Limited 

0.000

2.069

Econo Trade (India) Limited

0.000

6.904

Mayukh Construction Private Limited

0.000

2.045

Total

0.000

11.018

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R Bhutra and Company

Chartered Accountant

Address :

11A, M D Road, 6th Floor, Kolkata – 700 007, West Bengal, India 

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2400000

Equity Shares

Rs.10/- each

Rs.24.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

469442

Equity Shares

Rs.10/- each

Rs.4.694 millions

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2400000

Equity Shares

Rs.10/- each

Rs.24.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

467441

Equity Shares

Rs.10/- each

Rs.4.674 millions 


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

4.674

4.674

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

41.731

47.561

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

46.405

52.235

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.000

11.018

TOTAL BORROWING

 

0.000

11.018

DEFERRED TAX LIABILITIES

 

0.000

0.191

 

 

 

 

TOTAL

 

46.405

63.444

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

6.694

6.756

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

3.914

5.997

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

0.000

0.000

 

Cash & Bank Balances
 

1.731

9.504

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

34.752

41.998

Total Current Assets
 

36.483

51.502

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

0.065

0.196

 

Other Current Liabilities
 

0.000

0.000

 

Provisions
 

0.621

0.615

Total Current Liabilities
 

0.686

0.811

Net Current Assets
 

35.797

50.691

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

46.405

63.444

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

 

 

 

 

 

PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION

 

0.692

0.910

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

0.062

0.082

 

 

 

 

 

 

PROFIT/LOSS BEFORE TAX

 

0.630

0.828

 

 

 

 

 

Less

TAX                                                                 

 

0.005

0.402

 

 

 

 

 

 

PROFIT/LOSS AFTER TAX

 

0.625

0.426

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

 

16.037

15.611

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

 

16.662

16.037

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

1.34

0.91

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

Return on Total Assets

(PBT/Total Assets}

(%)
 

1.46

1.42

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.01

0.02

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.01

0.23

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

53.18

63.50

 

 

LOCAL AGENCY FURTHER INFORMATION

 

NOTE

 

The company changed its registered office from 203/1, Mahatma Gandhi Road, 4th Floor, Room No. 356, Kolkata, West Bengal, India to 1, R. N. Mukherjee Road, 5th Floor, Suite No. 52, Kolkata – 700 001, West Bengal, India w.e.f. 15.02.2008.

 

The Registered Office has again shifted from 1, R. N. Mukherjee Road, 5th Floor, Suite No. 52, Kolkata – 700 001, West Bengal, India to the present address w.e.f. 18.12.2010.

OPERATIONAL HIGHLIGHTS

 

The operation of the company’s business is well and future looks good.

 

FUTURE PROSPECTS

 

The future of the company looks prosperous.

 

FORM 8

 

Corporate identity number of the company

U51109WB1994PTC062622

Name of the company

SILVER FIBRES PRIVATE LIMITED

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

R. N. Mukherjee Road, 5th Floor, Suite No. 52, Kolkata – 700 001, West Bengal, India

This form is for

Modification of charge

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

10043023

Type of charge

·         Immovable property

·         Book debts

·         Movable property (not being pledge)

Particular of charge holder

Tamilnad Mercentile Bank

58/D, N. S. Road, 2nd Floor, Ganesh Market, Kolkata – 700 001, West Bengal, India 

Nature of instrument creating charge

1) Ltter of hypothecation

2) Ltter of hypothecation of book- debts-loans

3) Agreement for demand cash credit on the hypothecation of moveable  properties

4) Consent Letter- 3 sets.

Date of instrument Creating the charge

18.06.2009

Amount secured by the charge

Rs.295.000 millions

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

Rate of Interest

A)For the Bhaiya Fibres Limited

1) FLC/FCL (DP/DA 120 days)- Rs.100.000 millions

    Sub- Limit :

    i) ILC (DP/DA 120 days)       Rs.20.000 millions

    ii)Bank Guarantee                Rs.1.500 millions

    iii)Short Term Rupee Loan   Rs.20.000 millions

2) Forward Sales Contract- Rs.80.000 millions

3) Overdraft  Rs.15.000 millions

 

Terms of Repayment

12 months subject to annual review.

TOTAL  Rs.295.000 millions

 

Margin

FLC/FCL/ILC- 25% and BG- 10%

Note:

In case of FLC, 10% margin should be remitted at the time of establishing LC and remaining 15% at the time of receipt of Bills under LC.

 

Extent and Operation of the charge

For Silver Sales Corporation (proprietor of Silver Fibres Private Limited) :

1) FLC/FCL           Rs.20.000 millions

    Sub- Limit :

    i) ILC :                     Rs.5.000 millions

    ii)Bank Guarantee  Rs.1.000 million

2) Forward Sales Contract- Rs.20.000 millions

 SUB TOTAL Rs.40.000 millions

 

Others

) For Silver International :

1) FLC/FCL (DP/DA 120 days)- Rs.30.000 millions

    Sub- Limit :

    i) ILC : (DP/DA 120 days)    Rs.5.000 millions

    ii)Bank Guarantee               Rs.1.000 million

2) Forward Sales Contract- Rs.30.000 millions

SUB TOTAL Rs.60.000 millions

Short particulars of the property or asset(s) charged (including complete address and location of the property)

1) All the Borrower's stock of coaxial cable, PVC laminated sheets etc.

2) All the present and future book- debts of the Company.

3) All plant and machinery situated at Borrower's factory, godown or premises.

4) Office space measuring 1180 sq.ft at, 1, R. N. Mukherjee Road, Kolkata-700001(Doc No.40 related to Office Room No. 56)

Particulars of the present modification

By this modification the overall limit have been enhanced from Rs.20.000 millions to Rs.295.000 millions


 

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.49.17

UK Pound

1

Rs.77.49

Euro

1

Rs.67.96

 

 

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

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

43

 

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.