MIRA INFORM REPORT

 

 

Report Date :

22.01.2013

 

IDENTIFICATION DETAILS

 

Name :

SHREE MEENA CREATION PRIVATE LIMITED

 

 

Registered Office :

4th Floor, 313, Kalbadevi Road, Mumbai- 400002, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

31.03.2005

 

 

Com. Reg. No.:

11-152308

 

 

Capital Investment / Paid-up Capital :

Rs. 6.853 Millions

 

 

CIN No.:

[Company Identification No.]

U17120MH2005PTC152308

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of sarees and dress material.

 

 

No. of Employees :

350 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 160000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual 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.

 

 

INFORMATION PARTED BY (General Details)

 

Name :

Mr. Dharmesh

Designation :

Accounts Manager

Contact No.:

91-22-22405351

Date :

12.01.2013

 

 

LOCATIONS

 

Registered Office/ Factory :

4th Floor, 313, Kalbadevi Road, Mumbai- 400002, Maharashtra, India

Tel. No.:

91-22-22405351/ 22404988/ 5350/ 22405350/ 22405357

Fax No.:

91-22-22404988

E-Mail :

mailmyca@gmail.com

Website :

shreemeenassarees@rediffmail.com

Location :

Rented

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Vinod Bhuralal Kothari

Designation :

Director

Address :

Ganga Sagar Building, 1st Floor, Opposite BLR School, Vile Parle (East), Mumbai- 400057, Maharashtra, India

Date of Birth/Age :

16.05.1974

Date of Appointment :

31.03.2005

DIN No.:

01384463

 

 

Name :

Mr. Bhuralal Ambalal Kothari

Designation :

Director

Address :

41, Ganga Sagar Apartment, A. Mahant Road, Vile Parle (East), Mumbai- 400057, Maharashtra, India

Date of Birth/Age :

05.08.1935

Date of Appointment :

31.03.2005

DIN No.:

01384466

 

 

Name :

Mrs. Kusum VinodKumar Kothari

Designation :

Director

Address :

03, Ganga Sagar Apartment, 1st Floor, Mahant Road, Vile Parle (East), Mumbai- 400057, Maharashtra , India

Date of Birth/Age :

18.03.1976

Date of Appointment :

29.09.2009

DIN No.:

02397125

 

 

KEY EXECUTIVES

 

Name :

Mr. Dharmesh

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS

 

As on 29.09.2012

 

Names of Shareholders

 

No. of Shares

Vinodbhai Kothari

 

18500

Bhuralal A. Kothari

 

35494

Bhagaram Premaji Choudhary

 

1

Bhailal Narbheram Rajgor

 

1

Bhanumati Vadilal Shah

 

1

Bharat Gangji Furia

 

1

Bhartiben Anil Dedhia

 

1

Bhavin Navin Shah

 

1

Chetan Jalamchand Jain

 

1

Divya Vasantlal Gala

 

1

Haresh Natwarlal Pithadia

 

1

Hemlata Khimji Maru

 

1

Hemlata Navinchand Cheda,

 

1

Javerchand Shivpal Shah

 

1

Lata M.Shah

 

1

Linesh Furia

 

1

Manish Manoj Rajgor

 

1

Manoj Harishakar Rajgor

 

1

Mita S.Thakkar

 

1

Nita Ashok Damania

 

1

Prabhaben Harishankar Rajgor

 

1

Priya Ratanshri Vora

 

1

Shantilal Premji Chheda

 

1

Sharad Kalyanji Gada

 

1

Arvind Ratanchand Jain

 

1

Sumitra Pravin Prasad,

 

1

Sushila Bhavanji Rambhia

 

1

Vijay Narendra Prajapati

 

1

Virendra Shivaji Palan

 

1

Kusum Vinod Kothari

 

14501

Jyotsna Chetan Jain

 

1

Harakchand Sundarji Gogari

 

1

Kusum Pravin kakkad

 

1

Sangita Arvind Jain

 

1

Sarla Ramniklal Furia

 

1

Total

 

68527

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2012

 

Category

Percentage

Directors or relatives of Directors

99.95

Other top fifty shareholders

0.05

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of sarees and dress material.

 

 

Products :
  • Sarees
  • Dresses
  • Punjabi Suits
  • Kurtis
  • Kids Wear
  • Sharara
  • Lehnga Choli
  • Bridal Wear
  • Kids Sherwani

 

 

Imports :

 

Products :
  • Raw Material
  • Machinery

Countries :
  • China

 

 

Terms :

 

Selling :

Cash and Credit (30 days)

 

 

Purchasing :

Cash and Credit (30 days)

 

 

GENERAL INFORMATION

 

Suppliers :
  • A.B. Sarees
  • Adaaa
  • Ambika Prints
  • A.M.Creation
  • Amrita Fabrics
  • Anand Dhanuks
  • Bapa Sitaram Traders
  • Brijraj Fashion Private Limited
  • Charchit Creation
  • Chitra Lekha
  • CRG Apparels
  • Dalmia Silk Mills
  • Eshan Traders
  • Fashion Diffusionz Private Limited
  • Fine Yarn
  • GTF Creation
  • Kajal Silk Mills
  • Kanchan Sarees
  • Khodeshwar Creation
  • K. K. Tex
  • Kohinoor Textiles
  • Labour Colour Tex Arts

 

 

Customers :

Wholesalers and Retailers

  • Anjali Sarees
  • Arvind Agrawal
  • Banarasi Queen
  • Kala Niketan
  • Kum Kum Fashion Collection

 

 

No. of Employees :

350 (Approximately)

 

 

Bankers :
  • Bank of Baroda, Crawford Market Branch, 67/ 69 Mohd. Ali Road, Mumbai- 400003, Maharashtra, India

      Phone No: 91-265-2362395, 2361824

  • Citi Bank
  • HDFC Bank
  • ICICI Bank

 

 

Facilities :

Secured Loan

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Bank of Baroda-C. C. Account

--

12.046

Car Loan-Kotak Mahindra Bank

--

0.819

Citi Bank Mortgage Link Product

--

6.376

Term Loan- Bank of Baroda

--

10.000

Total

--

29.241

 

 

 

Banking Relations :

------

 

 

Auditors :

 

Name :

N. D. Shah and Associates

Chartered Accountants

Address :

Shop No. 2, Jerome Villa, Veera Markhand Ghanekar Road, Vile Parle (East), Mumbai- 400057, Maharashtra, India

Tel. No.:

91-22-26126565/ 66

PAN No.:

AAHPS3176Q

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.100/- each

Rs. 20.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

68527

Equity Shares

Rs.100/- each

Rs. 6.853 Millions

 

Note:

 

RECONCILIATION OF NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD

 

 

As at 31st March, 2012

Equity Shares

No. of Shares

Rs. in Millions

Opening Balance

68527

6.853

Issued during the year

--

--

Closing Balance

68527

6.853

 

 

DETAILS OF SHARES HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE COMPANY

 

Name of the Shareholder

As at 31st March, 2012

No. of shares held

% of holding

Vinod B. Kothari

18500

27.00%

Bhuralal A. Kothari

35494

51.80%

Kusum V. Kothari

14501

21.16%

 

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

6.852

6.853

6.853

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

32.090

30.164

28.009

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

38.942

37.017

34.862

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

29.241

21.955

2] Unsecured Loans

51.945

21.469

21.875

TOTAL BORROWING

51.945

50.710

43.830

DEFERRED TAX LIABILITIES

0.000

0.003

0.000

 

 

 

 

TOTAL

90.887

87.730

78.692

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

22.630

26.116

25.701

Capital work-in-progress

0.000

0.000

4.419

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.217

0.000

0.127

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
20.666

15.518

13.129

 

Sundry Debtors
36.359

31.880

41.188

 

Cash & Bank Balances
5.076

5.233

13.219

 

Other Current Assets
0.044

0.585

0.000

 

Loans & Advances
35.120

22.961

4.876

Total Current Assets
97.265

76.177

72.412

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
19.441

9.653

22.468

 

Other Current Liabilities
7.201

4.059

0.845

 

Provisions
2.583

0.851

0.654

Total Current Liabilities
29.225

14.563

23.967

Net Current Assets
68.040

61.614

48.445

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

90.887

87.730

78.692

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

131.634

124.711

145.881

 

 

Other Income

N.A

N.A

N.A

 

 

TOTAL                                    

N.A

N.A

N.A

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

N.A

N.A

N.A

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

12.458

12.827

9.596

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

6.131

5.598

2.864

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

6.327

7.229

6.732

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

3.511

4.093

2.558

 

 

 

 

 

 

PROFIT BEFORE TAX                           

2.816

3.136

4.174

 

 

 

 

 

Less

TAX                                                                 

0.891

0.980

0.050

 

 

 

 

 

 

PROFIT AFTER TAX                            

1.925

2.156

4.124

 

 

 

 

 

 

Earnings Per Share (Rs.)

28.09

31.46

60.18

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

Net Profit Margin

(PBT/Sales)

(%)

2.14

2.51

2.86

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.35

3.07

4.25

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.08

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.08

1.76

1.94

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

3.33

5.23

3.02

 

 

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

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

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

 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

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

 

 

UNSECURED LOAN

 

Particulars

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Term loans

 

 

- From Banks

23.910

--

Loans and advances from related parties

28.035

--

Loans from Directors

--

6.769

Loans from Shareholders

--

14.700

Total

51.945

21.469

 

 

FIXED ASSETS

 

  • Furniture and Fixtures
  • Camera
  • Plant and Machinery
  • Air Conditioner
  • Air Compressor
  • Cutting Machine
  • Office Equipment
  • Water Pump
  • Vehicles
  • Computer
  • Software
  • Laptop
  • Printer Cannon
  • Printer Epson
  • Buildings

 

 

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 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. 53.87

UK Pound

1

Rs. 85.53

Euro

1

Rs. 71.78

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

RJT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

45

 

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.