MIRA INFORM REPORT

 

 

Report Date :

07.05.2012

 

IDENTIFICATION DETAILS

 

Name :

JENIOUS CLOTHING PRIVATE LIMITED

 

 

Registered Office :

7 and 12, Industrial Suburb, II Stage, Yeshwantpur, Tumkur Road, Bangalore – 560 022, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.02.2011

 

 

Com. Reg. No.:

08-057158

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U17124KA2011PTC057158

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRJ04474B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Readymade Garments.

 

 

No. of Employees :

8 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (19)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively new company establishing itself gradually. Trade relations are reported as fair. Business is active. Payments are unknown.

 

The company can be considered for business dealings on a secured trade terms and conditions.

 

Profit and loss account of the company is not 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

(30.06.2011)

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

 

 

LOCATIONS

 

Registered Office :

7 and 12, Industrial Suburd, II Stage, Yeshwantpur, Tumkur Road, Bangalore – 560 022, Karnataka, India

Tel. No.:

91-80-22964103/ 22964100/ 22964101/ 22964154

Fax No.:

91-80-22964164/ 22964165/ 22964164

E-Mail :

smlumar@jeniousclothing.com

smkumar@gokaldas.com

pmvenkat@gokaldas.com

Location :

Rented

 

 

Factory :

12, Chord Road, Rajatt Nagar, Bangalore – 560 010, Karnataka, India

 

 

DIRECTORS

 

As on 31.10.2011

 

Name :

Mr. Sunil Vasudev Raheja

Designation :

Director

Address :

278, Prabhu Kunj, RMV 2nd Stage, 4th Cross, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

08.10.1962

Date of Appointment :

17.02.2011

DIN No.:

03369477

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U17124KA2011PTC057158

Jenious Clothing Private Limited

Director

17-02-11

17-02-11

Active

NO

2

U17120KA2011PTC060800

Beehive Made Ups Private Limited

Director

21-11-11

21-11-11

Active

NO

3

U74900KA2012PTC063165

Peaches Investments Private Limited

Director

21-03-12

21-03-12

Active

NO

 

 

Name :

Mrs. Mohini Vasudev Raheja

Designation :

Director

Address :

278, Prabhu Kunj, RMV 2nd Stage, 4th Cross, Bangalore – 560 094, Karnataka, India

Date of Birth/Age :

08.08.1938

Date of Appointment :

17.02.2011

DIN No.:

03369465

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U17124KA2011PTC057158

Jenious Clothing Private Limited

Director

17-02-11

17-02-11

Active

NO

2

U17120KA2011PTC060800

Beehive Made Ups Private Limited

Director

21-11-11

21-11-11

Active

NO

3

U74900KA2012PTC063165

Peaches Investments Private Limited

Director

21-03-12

21-03-12

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.10.2011

 

Names of Shareholders

 

 

No. of Shares

Mohini Vasudev Raheja

 

5000

Sunil Vasudev Raheja

 

5000

Total

 

10000

 

As on 31.10.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Readymade Garments.

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

 

GENERAL INFORMATION

 

No. of Employees :

8 (Approximately)

 

 

Bankers :

v      State Bank of India, Bangalore, Karnataka, India

v      ICICI Bank

v      IndusInd Bank

 

 

Facilities :

Secured Loans

31.03.2011

Rs. In Millions

IndusInd Bank – Long Term Loan

100.000

Total

100.000

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Madan and Balan

Chartered Accountant

Address :

#22, 2nd Floor, Shamarao and Sons Complex, Mission Road, Bangalore - 560 027, Karnataka, India

Tele Fax No.:

91-80-22114235

E-Mail :

mjainsing@gmail.com

Income-tax PAN of auditor or auditor's firm :

AAHPM8342G

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30000

Equity Shares

Rs.10/- each

Rs.0.300 million

20000

Preference Shares

Rs.10/- each

Rs.0.200 million

 

Total

 

Rs.0.500 million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2011

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

0.100

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

(0.635)

NETWORTH

 

 

(0.535)

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

100.000

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

100.000

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

99.465

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

0.000

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERRED TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

45.418

 

Sundry Debtors
 

 

0.000

 

Cash & Bank Balances
 

 

0.007

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

145.187

Total Current Assets
 

 

190.612

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

91.160

 

Other Current Liabilities
 

 

0.029

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

91.189

Net Current Assets
 

 

99.423

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.042

 

 

 

 

TOTAL

 

 

99.465

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2011

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

(357.36)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

2.09

 

 

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

8) No. of employees

Yes

9) Name of person contacted

No

10) Designation of contact person

No

11) Turnover of firm for last one year

No

12) Profitability for last one year

No

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter

--

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

 

FINANCIAL RESULTS:

 

The Company was incorporated on 17th February 2011 and the Directors commenced business activities soon after.

 

During the year period ended 31st March 2011, the Company has procured inventory amounting to Rs.45.418 millions which will be used to execute orders in the ensuing year.

 

The Company has incurred an expenditure of Rs.0.635 million towards its operations (including Interest of Rs.0.529 million)

 

The Directors are confident that they will be able to procure and execute substantial orders in the ensuing year.

 

 

 

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 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.53.72

UK Pound

1

Rs.86.98

Euro

1

Rs.70.65

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

 

19

 

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.