MIRA
INFORM REPORT
|
Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BINHENDI FASHIONS PRIVATE LIMITED |
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Registered
Office : |
210, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.01.2003 |
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Com. Reg. No.: |
55-118752 |
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Capital Investment
/ Paid-up Capital : |
Rs. 9.887 Millions |
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CIN No.: [Company Identification
No.] |
U51311DL2003PTC118752 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Retailer and Importer of Readymade Garments |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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. Profitability
of the company is under pressure. There appears huge accumulated losses
recorded by the company. however, trade relations are reported as fair. Business
is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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
|
Name : |
Mr. Rajeev Jain |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-9892218721 |
|
Date : |
29.03.2012 |
LOCATIONS
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Registered Office : |
210, Jagdamba Tower, 13, Preet Vihar Commercial Complex, Delhi-110092,
India |
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Tel. No.: |
91-11-42421306 |
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Mobile No.: |
91-9892218721 (Mr. Rajeev Jain) |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Owned |
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Branch Office : |
G1M Boss Hugo Entry Level, Grand Hyatt Shipping P Santacruz,
Mumbai-400056, Maharashtra, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Sunil Kumar Singh |
|
Designation : |
Additional Director |
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Address : |
14, DIG Colony, Varanasi-221001, Uttar Pradesh, India |
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Date of Birth/Age : |
24.03.1961 |
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Date of Appointment : |
12.11.2009 |
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DIN No.: |
02961355 |
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Name : |
Ms. Swati Singh |
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Designation : |
Additional Director |
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Address : |
14, DIG Colony, Varanasi-221001, Uttar Pradesh, India |
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Date of Birth/Age : |
16.08.1986 |
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Date of Appointment : |
12.11.2009 |
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DIN No.: |
02961354 |
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Name : |
Mr. Harish Chandra |
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Designation : |
Director |
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Address : |
TC 14-1378, Sannidhi Medical College Thiruvananthapuram-695011,
Kerala, India |
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Date of Birth/Age : |
27.01.1976 |
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Date of Appointment : |
25.06.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Harish Chandra |
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Designation : |
Manager |
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Address : |
TC 14-1378, Sannidhi Medical College Thiruvananthapuram-695011,
Kerala, India |
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Date of Birth/Age : |
27.01.1976 |
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Date of Appointment : |
01.07.2007 |
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Pan No.: |
AHEPC9796N |
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Name : |
Mr. Rajeev Jain |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Binhendi Enterprises Limited, Mauritius |
788427 |
|
Harish Chandra |
10 |
|
Sunil Singh |
200300 |
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Total |
988737 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
79.74 |
|
Directors or relatives of Directors |
20.26 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Retailer and Importer of Readymade Garments |
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Products : |
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Imports : |
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Products : |
Garment |
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Countries : |
Hong Kong |
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Terms : |
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Selling : |
Cash, Credit (30 Days / 60 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days / 60 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
·
Yes Bank ·
HSBC Bank |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Ray and Ray Chartered Accountant |
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Address : |
205, Ansal Bhawan, 2nd Floor, 16-Kasturba Gandhi Marg, New
Delhi-110001, India |
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Tel. No.: |
91-11-23705415 / 23705416 / 41525215 |
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Fax No.: |
91-11-23705428 |
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E-Mail : |
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Pan No.: |
AADFR8784R |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
988737 |
Equity Shares |
Rs.10/- each |
Rs. 9.887
Millions |
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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 |
9.887 |
9.887 |
9.887 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(36.318) |
(23.032) |
(2.344) |
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NETWORTH |
(26.431) |
(13.145) |
7.543 |
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LOAN FUNDS |
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1] Secured Loans |
20.899 |
4.596 |
14.645 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
20.899 |
4.596 |
14.645 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
(5.532) |
(8.549) |
22.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.684 |
36.058 |
47.322 |
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Capital work-in-progress |
0.000 |
4.175 |
0.0000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
11.970 |
10.945 |
11.044 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
75.811
|
55.327 |
98.763 |
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Sundry Debtors |
0.181
|
0.167 |
0.472 |
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Cash & Bank Balances |
4.842
|
4.730 |
11.056 |
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Other Current Assets |
0.023
|
0.023 |
0.033 |
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Loans & Advances |
40.022
|
43.173 |
41.977 |
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Total
Current Assets |
120.879
|
103.420 |
152.301 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
174.395 |
155.431 |
179.059 |
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Other Current Liabilities |
8.822
|
1.250 |
2.522 |
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Provisions |
0.848
|
6.466 |
6.898 |
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Total
Current Liabilities |
184.065
|
163.147 |
188.479 |
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Net Current Assets |
(63.186)
|
(59.727) |
(36.178) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
(5.532) |
(8.549) |
22.188 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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|
133.890 |
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Other Income |
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NA |
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TOTAL |
168.818 |
181.573 |
NA |
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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 |
182.506 |
201.958 |
NA |
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PROFIT / (LOSS)
BEFORE TAX |
(13.688) |
(20.385) |
(11.162) |
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Less |
TAX |
(0.402) |
(0.272) |
0.594 |
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PRIOR PERIOD
ITEMS |
0.000 |
(0.030) |
0.000 |
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PROFIT / (LOSS)
AFTER TAX |
(13.286) |
(20.688) |
(11.756) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(23.032) |
(2.344) |
(9.412) |
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BALANCE CARRIED
TO THE B/S |
(36.318) |
(23.032) |
(2.344) |
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IMPORTS |
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Finished Goods |
84.063 |
56.079 |
122.062 |
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Packing and Promotional Materials |
4.299 |
6.160 |
5.446 |
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Capital Goods |
0.000 |
0.000 |
28.258 |
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TOTAL IMPORTS |
88.362 |
62.239 |
155.766 |
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Earnings /
(Loss) Per Share (Rs.) |
(13.44) |
(20.92) |
(11.89) |
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Expected Sales (2011-2012) : Rs. 180.000 Millions
The above information has been parted by Mr. Rajeev Jain.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(7.87)
|
(11.39) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(8.34) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(7.67)
|
(13.55) |
(5.30) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
1.55 |
(1.48) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(7.75)
|
(12.76) |
26.93 |
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Current Ratio (Current Asset/Current Liability) |
|
0.66
|
0.63 |
0.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
------- |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
No |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
Yes |
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20. Export / Import details |
Yes |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
-
Total outstanding dues of Micro Enterprises and
Small Enterprises |
0.000 |
0.000 |
0.000 |
|
-
Total outstanding dues of creditors others than
Micro Enterprises and Small Enterprises |
174.395 |
155.431 |
179.059 |
|
Total |
174.395 |
155.431 |
179.059 |
NOTE
The registered office has been shifted from 402 Prabla House, 4E/7,
Jhandewalan Extention, New Delhi-110055, India to the present address w.e.f.
01.10.2009
FIXED ASSETS
·
Computer
·
Office Equipment
·
Furniture and Fixtures
·
Leasehold Improvement
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. 51.14 |
|
|
1 |
Rs. 81.41 |
|
Euro |
1 |
Rs. 68.22 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.