|
Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
HRISHIKESH TEXFAB PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
At Post Khede, Mukkam – Sutrepada, Dhule – 424302, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.04.2005 |
|
|
|
|
Com. Reg. No.: |
11-152913 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH2005PTC152913 |
|
|
|
|
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 : |
Ca (11) |
|
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 : |
Yet to commence business activity |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year 2005, they have not commence
there business activity. As conformed with Mr. Vijay (Export Manager) subject
will start their business activity by the ending of January 2013. Payments
are unknown. The company can be considered for business dealing 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.
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, |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office: |
Shivsagar, Dr. Annie Besant Road, Worli, Mumbai – 400018, Mahrashtra , India |
|
Tel. No.: |
91-22-66619000 |
DIRECTORS
As on 30.08.2012
|
Name : |
Mr. Sagar Gangaram Sadiram |
|
Designation : |
Director |
|
Address : |
516/9, Pratiksha Nagar, Transit Camp, Sion, Mumbai – 400022, |
|
Date of Birth/Age : |
28.08.1985 |
|
Date of Appointment : |
29.04.2005 |
|
DIN No.: |
02434604 |
|
|
|
|
Name : |
Mr. Vishal Haribhau Bhagwat |
|
Designation : |
Additional Director |
|
Address : |
29/229 Laxmi Nagar, Parvati, Pune – 411009, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1982 |
|
Date of Appointment : |
01.12.2010 |
|
DIN No.: |
03536897 |
|
|
|
|
Name : |
Mr. Hemant Vishwasrao Patil |
|
Designation : |
Additional Director |
|
Address : |
Flat No.11, Shivratna Apartment, 27 Professor Colony, Deopur, Dhule –
424002, Maharashtra, India |
|
Date of Birth/Age : |
27.07.1968 |
|
Date of Appointment : |
28.03.2012 |
|
DIN No.: |
05240713 |
|
|
|
MAJOR SHAREHOLDERS
As on 30.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Sagar Gangaram Sadiram |
|
5000 |
|
Amit Anil Jagtap |
|
5000 |
|
Hemant Vishwasrao Patil |
|
120000 |
|
Anil Gorakh Badhane |
|
120000 |
|
Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.08.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
50.00 |
|
Other top fifty shareholders |
50.00 |
|
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 : |
· State Bank of India , SME Branch, Shivsagar Estate, Worli (South), Dr. A.B. Road, Mumbai – 400018, Maharashtra, India · Axis Bank Limited, Andheri Branch, Royal Accord IV, Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
N. Ambawat and Associates Chartered Accountants |
|
Address : |
132 – C, Bhagatwadi, Bhuleshwar, Office No.30, 2nd Floor, Mumbai
– 400002, Maharashtra, India |
|
Tel. No.: |
91-22-65791224/ 66154195 |
|
Mobile No.: |
91-9324725156/ 9323450396 |
|
PAN No.: |
AABPA9113F |
|
|
|
CAPITAL STRUCTURE
As on 30.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.207 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.100 |
0.307 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.365 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.365 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.465 |
0.307 |
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.091 |
0.076 |
0.076 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED 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 |
0.120
|
0.118
|
0.060
|
|
|
Other Current Assets |
0.140
|
0.000
|
0.000 |
|
|
Loans & Advances |
0.123
|
0.000
|
0.000 |
|
Total
Current Assets |
0.383
|
0.118 |
0.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000
|
0.132
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
0.009
|
0.008
|
0.008
|
|
Total
Current Liabilities |
0.009
|
0.008 |
0.140 |
|
|
Net Current Assets |
0.374
|
0.110
|
(0.080)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.121 |
0.104 |
|
|
|
|
|
|
|
|
TOTAL |
0.465 |
0.307 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.000 |
0.000 |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.000
|
0.000 |
0.000 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.74
|
0.03
|
1.40
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
42.55
|
14.75
|
0.43
|
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 |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
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 |
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 |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17120MH2005PTC152913 |
|
Name of the
company |
HRISHIKESH TEXFAB
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
At Post Khede,
Mukkam – Sutrepada, Dhule – 424302, Maharashtra, India |
|
This form is for |
Creation
of charge |
|
Type of charge |
·
Book
Debts ·
Movable
Property(not being pledge) |
|
Particular of
charge holder |
State Bank of India, SME Branch, Shivsagar Estate, Worli (South),
Dr. A.B.
Road, Mumbai – 400018, Maharashtra,
India |
|
Nature of
instrument creating charge |
Agreement of loan
- cum - hypothecation |
|
Date of
instrument Creating the charge |
10.05.2012 |
|
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. Raising 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
quarterly interval starting from April 2013. Margin Term Loan/
DPG : 25% Extent and Operation of the charge Term Loan: Rs.7.500
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 acquired out of bank finance. |
BUSINESS
ACTIVITIES:
The company has not carried on any commercial
activities during the year. The management is hopeful to commence commercial
activities very soon and waiting for future opportunities.
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 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.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
- |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
11 |
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.