|
Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
IMPRESS COTTONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
At Post Khede,
Mukkam – Sutrepada, DHULE-424302, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
10.01.2005 |
|
|
|
|
Com. Reg. No.: |
11-150522 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH2005PTC150522 |
|
|
|
|
Legal Form : |
Private limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Textile and Textile Articles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Yet to commence |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
-- |
|
|
|
|
Comments : |
Even though the company was incorporated in the year 2005 but they
have not yet started with their business activities. As conformed with Mr.
Vijay export manager the company is going to start the business activities
from October. Payment terms are unknown. The company can be considered for business dealing on a safe and
secured trade terms and condition. Profit and Loss of the company is not given. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
At Post Khede,
Mukkam – Sutrepada, DHULE-424302, Maharashtra, India |
|
Tel. No.: |
91-22-40785838 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 18.08.2011
|
Name : |
Mr. Mangesh Vitthal Thanedar |
|
Designation : |
Director |
|
Address : |
578, Gao Bhag, Joshi Galli, Sangli-416416, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1977 |
|
Date of Appointment : |
10.01.2005 |
|
DIN No.: |
00534374 |
|
|
|
|
Name : |
Mr. Ramesh Hilal Patil |
|
Designation : |
Director |
|
Address : |
127, Shraddha Nagar, Near Income Tax Colony, Nakade Road, Deopur, Dhule-424002,
Maharashtra, India |
|
Date of Birth/Age : |
01.05.2008 |
|
Date of Appointment : |
10.01.2005 |
|
DIN No.: |
01243649 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mangesh Vitthal Thanedar |
|
1000 |
|
Ramesh Hilal Patil |
|
9000 |
|
|
|
|
|
Total |
|
10000 |
List of Allottees as on 16.05.2012
|
Names of Allottees |
|
No. of Shares |
|
|
|
|
|
Ramesh Hilal Patil |
|
240000 |
|
|
|
|
|
Total |
|
240000 |
Equity Share Break up (Percentage of Total Equity)
As on 18.08.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Textile and Textile Articles. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Axis Bank Limited, Andheri Branch, Royal Accord
IV, Lokhandwala Complex, Andheri (West),
Mumbai - 400053, Maharashtra, India ·
State
Bank Of India, SME BRANCH, Shivsagar Estate, Worli (South), Dr.A.B. RD,
Mumbai-400018, Maharashtra,
India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chartered Accountants |
|
Address : |
Office No. 30, 2nd Floor, 132-C, Bhagatwadi, Bhuleshwar, Mumbai-400
002, |
|
Tel. No.: |
91-22-65791224/66154195 |
|
Mobile No.: |
91-9321725156/9323450396 |
|
PAN No.: |
AABPA9113F |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
As on 18.08.2011
Authorised Capital: Rs. 2.500
Millions
Issued, Subscribed & Paid-up Capital: Rs. 2.500 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.247 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.347 |
0.100 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.347 |
0.100 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.076 |
0.076 |
0.076 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.111
|
0.058
|
0.078 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
0.111
|
0.058
|
0.078 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.174
|
0.164 |
|
|
Other Current Liabilities |
0.000 |
0.000 |
0.000 |
|
|
Provisions |
0.007
|
0.007
|
0.004 |
|
Total
Current Liabilities |
0.007
|
0.181
|
0.168 |
|
|
Net Current Assets |
0.104
|
(0.123)
|
(0.090) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.167 |
0.147 |
0.114 |
|
|
|
|
|
|
|
|
TOTAL |
0.347 |
0.100 |
0.100 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
1.81
|
1.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
15.86
|
0.32
|
0.46 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
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 involved in |
------ |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note:
Registered office of the company has been shifted from 2132 A Sahayadri Co Op Hsg Somhada Colony Chandivali, Powai, Mumbai-400 076, Maharashtra, India to the present address w.e.f.10.12.2008
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17120MH2005PTC150522 |
|
Name of the
company |
IMPRESS COTTONS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
At Post Khede,
Mukkam – Sutrepada, DHULE-424302, Maharashtra, India Email: cs@samruddha.net |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts
|
|
Particular of
charge holder |
State Bank Of
India, SME BRANCH, Shivsagar Estate, Worli (South), Dr.A.B. RD,
Mumbai-400018, Maharashtra,
India Email: kamalax_saraf@hotmail.com |
|
Nature of
instrument creating charge |
Agreement Of Loan
- Cum - Hypothecation |
|
Date of
instrument Creating the charge |
14.05.2012 |
|
Amount secured by
the charge |
Rs. 7.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 3.25% Above base rate
+ 1.00% (Term premium) Which Is Presently 10.00% P.A. Rising or Falling
therewith, on daily products with monthly rests. present effective rate =
14.25% P.A. Terms of
Repayment To be repaid
within 92 months including moratorium period of 11 months. The repayment at
quartery interval starting from april 2013. Details as per
schedule a of agreement of loan - cum –hypothecation Margin Term Loan/
Dpg : 25% Extent and
Operation of the charge Term Loan : RS.
7.5 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
looms, compressor and other movable assets aquired out of bank finance. |
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 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.54.33 |
|
|
1 |
Rs.87.90 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
|
|
|
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.