MIRA
INFORM REPORT
|
Report Date : |
19.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROYAL EMBROIDERY THREADS PRIVATE LIMITED |
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Registered
Office : |
124, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.11.2006 |
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Com. Reg. No.: |
11-165892 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000 millions |
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CIN No.: [Company Identification
No.] |
U17299MH2006PTC165892 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR21178D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Embroidery Threads. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 103000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. As per Mr.
Asad, the Managing Director, the company has achieved an increase in its
sales turnover. Trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution.
Note: Profit and loss statements are not made available. |
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 (30.09.2011) |
Current Rating (31.12.2011) |
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|
A1 |
A1 |
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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. Asadali Shabbirali Mukadam |
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Designation : |
Director |
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Contact No.: |
91-9821038404 |
|
Date : |
17.07.2012 |
LOCATIONS
|
Registered Office : |
124, |
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Tel. No.: |
91-22-24713747/ 24711539/
24712149 |
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Mobile No.: |
91-9821038404 (Mr. Asad) |
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Fax No.: |
91-22-24715104 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Located at: v
Pune, |
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Branch Office : |
They have branches in all over |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Shabbirali Dost Mohammed Mukadam |
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Designation : |
Managing Director |
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Address : |
603, Sunflower, Four Bunglows, |
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Date of Birth/Age : |
14.01.1957 |
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Date of Appointment : |
30.11.2006 |
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DIN No.: |
00368936 |
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Name : |
Mrs. Khursheed Bano Haiderali Gheewala |
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Designation : |
Director |
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Address : |
201-C, Arshi Complex, Off |
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Date of Birth/Age : |
27.12.1947 |
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Date of Appointment : |
30.11.2006 |
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DIN No.: |
00369199 |
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Name : |
Mr. Sajjad Dost Mohammed Mukadam |
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Designation : |
Director |
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Address : |
704, Manish Flower, Four Bunglows, Andheri (West), Mumbai – 400 053, |
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Date of Birth/Age : |
27.01.1959 |
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Date of Appointment : |
30.11.2006 |
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Name : |
Mr. Asadali Shabbirali Mukadam |
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Designation : |
Managing Director |
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Address : |
603, Sunflower, Four Bunglows, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Shabbirali Dost Mohammed Mukadam |
|
418102 |
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Khursheed Bano Haiderali Gheewala |
|
666600 |
|
Asgarali Yusufali |
|
1 |
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Nargis Yusufali |
|
1 |
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Zain Yusufali |
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1 |
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Iqbal Jafferali Chaviwala |
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1 |
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Kaniz Fatema Ali Kamani |
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1 |
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Tarannum Ali Kamani |
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1 |
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Anjum Ali Kamani |
|
1 |
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Ali Janmohd Kamani |
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1 |
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Mohammed Hasan Vakil |
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1 |
|
Sajjad Dost Mohammed Mukadam |
|
466000 |
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Asad Ali Shabbirali Mukadam |
|
449282 |
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Ashraf Bano Shabbirali Mukadam |
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1 |
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Najma Bano Sajjad Mukadam |
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1 |
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Sukkayna Sajjad Mukadam |
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1 |
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Khushboo Fatema Asadali |
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1 |
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Faiza Bano Abbasali Mukadam |
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1 |
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Sabira Amirali Mukadam |
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1 |
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Sarwar Husainali Mukadam |
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1 |
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Total |
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2000000 |
As on 29.09.2011
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Embroidery Threads. |
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Products : |
v
Viscose Rayon Embroidery Threads v
Trilobal Polyester Embroidery Threads |
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Exports : |
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Products : |
Embroidery Threads |
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Countries : |
Gulf Countries |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
v Century Rayon v Chenraj and Sons v Alfa Thread Work v Alif Industries v Charmi Twine Company v Anand Agencies v A to Z Printers v Delux Trading Company v Ganraj Foods v Fancy Textiles v Hetal Chem Impex v Jayesh Sales v M.A. Engineering v Kusum Yarn Trading Company Private Limited |
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Customers : |
Wholesalers, Retailers and End Users v
Amtek Industries Private Limited v
Nikita Bangles v
Welspun India Limited v
A.S.M. Art v
Floorals v
Orange Tree Impex and Clothing Company Private
Limited v
Vishal Trading v
Vishwashanti Fashion |
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No. of Employees : |
250 (Approximately) |
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Bankers : |
v Union Bank of v IndusInd Bank,
Andheri, Mumbai, v Kallappanna Awade Ichalkaranji Janata
Sahakari Bank Limited, Mohan Heritage, B Opposite Thane Municipal
Corporation, Dr. Almeida Road, Chandanwadi, Panchpakhadi, Thane (West) – 400
602, Maharashtra, India v State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.G. Lakhani and Company Chartered Accountants |
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Address : |
201-B, |
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Tel. No.: |
91-22-26510238/ 26433874 |
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Fax No.: |
91-22-26433874 |
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Income-tax
PAN of auditor or auditor's firm : |
AAAPL1771F |
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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|
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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 |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.729 |
3.006 |
2.745 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.729 |
23.006 |
22.745 |
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LOAN FUNDS |
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|
1] Secured Loans |
146.347 |
165.639 |
159.687 |
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2] Unsecured Loans |
73.691 |
55.074 |
38.152 |
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TOTAL BORROWING |
220.038 |
220.713 |
197.839 |
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DEFERRED TAX LIABILITIES |
1.309 |
1.335 |
1.272 |
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TOTAL |
247.076 |
245.054 |
221.856 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.623 |
103.238 |
117.337 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.207 |
2.695 |
2.343 |
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DEFERRED TAX ASSETS |
0.000 |
0.206 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
108.136
|
87.101 |
60.925 |
|
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Sundry Debtors |
42.529
|
35.374 |
11.089 |
|
|
Cash & Bank Balances |
1.689
|
1.343 |
2.839 |
|
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Other Current Assets |
2.386
|
0.000 |
0.000 |
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Loans & Advances |
35.271
|
38.723 |
37.267 |
|
Total
Current Assets |
190.011
|
162.541 |
112.120 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
22.543 |
9.127 |
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Other Current Liabilities |
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Provisions |
0.913
|
1.625 |
1.361 |
|
Total
Current Liabilities |
36.198
|
24.168 |
10.488 |
|
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Net Current Assets |
153.813
|
138.373 |
101.632 |
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MISCELLANEOUS EXPENSES |
0.433 |
0.542 |
0.544 |
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TOTAL |
247.076 |
245.054 |
221.856 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
300.000 |
250.000 |
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|
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Expected Sales (2012-2013): Rs.400.000 millions
The above information has been parted by Mr. Asadali Shabbirali Mukadam
(Managing Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.96
|
10.64 |
9.16 |
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Current Ratio (Current Asset/Current Liability) |
|
5.25
|
6.73 |
10.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
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8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last two years |
Yes |
|
12) Profitability
for last three years |
No |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation for
coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
Yes |
|
18) Major
customers |
Yes |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials, if
provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
TRADE REFERENCES:
v Century Rayon
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U17299MH2006PTC165892 |
|
Name of the
company |
ROYAL EMBROIDERY THREADS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
124, E-Mail: zaheer_agl@yahoo.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Kallappanna Awade
Ichalkaranji Janata Sahakari Bank Limited, Mohan Heritage, B Opposite Thane
Municipal Corporation, Dr. Almeida Road, Chandanwadi, Panchpakhadi, Thane
(West) – 400 602, Maharashtra, India E-Mail: kaijsbthane@ijsbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Loan Agreement |
|
Date of instrument
Creating the charge |
20.01.2012 |
|
Amount secured by
the charge |
Rs.22.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest: 13.25% Terms of
Repayment: On demand Margin: Margin: 25% Extent and
Operation of the charge: To secure the
Cash Credit Limit of Rs.22.500 millions granted by the Bank to the Company. Others: Nil |
|
Short particulars
of the property charged |
Prime Security: Hypothecation
of all types of stock in trade, work in process, semi finished goods and
finished goods and debtors outstanding not more than 90 days. collateral
security : (i) Hypothecation of machinery purchased by the borrower Including
Twister Model Texpro - 6, Winder Model Texpro - 2, Bottle Shape Bobbin, UTM
Precision King Spool Winder, Yarn Dyeing Machine, TMW Precision Supconer Cone
Winding Machine and other incidental machineries along with required
electrification etc. (ii) Register
mortgage charge on property bearing Gat No.115 admeasuring 0.95 R, Gat
No.116/2 admeasuring 0.53 R, situated at Koregaon Bhima, Taluka Shirur,
District Pune owned by Mr. Shabbir Ali D. Mukadam and Mr. Asadali Shabbirali
Mukadam. (iii) Second
register mortgage charge on property bearing Plot No.D/11 admeasuring 24750
sq. mtrs. at MIDC Kurkumbh, Taluka Daund, District Pune allotted to Royal
Embroidery Threads Private Limited by MIDC Kurkumbh on lease basis and
building constructed on it. |
FIXED ASSETS:
v Land and Building
v Plant and Machinery
v Motor vehicles
v Computer
v Furniture and Fixture
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.55.34 |
|
|
1 |
Rs.86.55 |
|
Euro |
1 |
Rs.67.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.