MIRA INFORM REPORT
|
Report Date : |
25.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MILAN |
|
|
|
|
Registered
Office : |
Shop No.1,2,3,4, Lytton Hotel 14, Sudder Street, Kolkata – 700016,
West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
1976 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.037 Millions |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFFM1379R |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Retailers and Wholesalers of Readymade Garments, Sarees, Unstitched
Salwar Suits etc. |
|
|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having a satisfactory
track record. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The concern 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) |
|
|
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
|
Name : |
Mr. Sankarlal Ojha |
|
Designation : |
Accountant |
|
Contact No.: |
91-33-22496160 |
|
Date : |
23.01.2013 |
LOCATIONS
|
Registered Office : |
Shop No.1,2,3,4, Lytton Hotel 14, Sudder Street, Kolkata – 700016,
West Bengal, India |
|
Tel. No.: |
91-33-22496160/ 22496991 |
|
Fax No.: |
Not Available |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. Ramesh Kumar Narwani |
|
Designation : |
Partner |
|
Address : |
27/1E, CIT Road, Kolkata – 700014, West Bengal, India |
|
Date of Birth/Age : |
19.01.1962 |
|
Qualification : |
Graduate |
|
Experience : |
20 years |
|
PAN No.: |
ABRPN5669C |
|
Voter ID No.: |
WB/22/155/402420 |
|
|
|
|
Name : |
Mr. Nanik Narwani |
|
Designation : |
Partner |
|
Address : |
27/1E, CIT Road, Kolkata – 700014, West Bengal, India |
|
Date of Birth/Age : |
10.07.1953 |
|
Qualification : |
Graduate |
|
Experience : |
37 years |
|
PAN No.: |
ABRPN6009N |
|
Voter ID No.: |
DLR2737138 |
|
|
|
|
Name : |
Mrs. Jaya Narwani |
|
Designation : |
Partner |
|
Address : |
27/1E, CIT Road, Kolkata – 700014, West Bengal, India |
|
Date of Birth/Age : |
22.08.1963 |
|
Qualification : |
Graduate |
|
Experience : |
15 years |
|
PAN No.: |
ADBPN6459J |
KEY EXECUTIVES
|
Name : |
Mr. Sankarlal Ojha |
|
Designation : |
Accountant |
BUSINESS DETAILS
|
Line of Business : |
Retailers and Wholesalers of Readymade Garments, Sarees, Unstitched
Salwar Suits etc. |
|
|
|
|
Exports : |
|
|
Products : |
Unstitched Salwar Suits |
|
Countries : |
Brunei |
|
|
|
|
Terms : |
|
|
Selling : |
Cash |
|
|
|
|
Purchasing : |
Credit (60 days) |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
40 (Approximately) |
|
|
|
|
Bankers : |
· Indusind Bank – Current A/c 3-A, Upper Wood Street, Sbitri Tower, India · United Bank of India – Cash Credit A/c Chowringhee Road Branch, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. C. and Company Chartered Accountant |
|
Address : |
7/1-C, Lindsay Street, Surana Mansion, 4th Floor, Kolkata –
700087, West Bengal, India |
|
Tel No.: |
91-33-22261059 |
|
Mobile No.: |
91-9831174414 |
|
Email : |
|
|
|
|
|
Associates/Subsidiaries : |
· New Milan Shop No. 8 and 9, 14, Sudder Street, Kolkata – 700016, West Bengal,
India Activity: Trading of Salwar Suits and Sarees. · Gossip 20-G, Park Street, Kolkata – 700016, West Bengal, India Activity: Trading of Salwar Suits and Sarees. |
CAPITAL STRUCTURE
CAPITAL
ACCOUNT AS ON 31.03.2012
|
Particulars |
(Rs. In Millions) |
|
|
|
|
Jaya Narwani |
0.176 |
|
Nanik Narwani |
0.864 |
|
Ramesh Kumar
Narwani |
3.997 |
|
|
|
|
Total |
5.037 |
------------------------------------------------------------------------------------------------------------------------------
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note: Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.037 |
3.334 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3.107 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
8.144 |
3.334 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
3.594 |
1.551 |
|
|
2] Unsecured Loans |
|
3.037 |
2.412 |
|
|
TOTAL BORROWING |
|
6.631 |
3.963 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
14.775 |
7.297 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.962 |
2.529 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.958 |
0.882 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
28.195
|
21.145 |
|
|
Sundry Debtors |
|
0.497
|
0.463 |
|
|
Cash & Bank Balances |
|
0.032
|
(1.191) |
|
|
Other Current Assets |
|
0.989
|
0.402 |
|
|
Loans & Advances |
|
1.571
|
1.632 |
|
Total
Current Assets |
|
31.284
|
22.451 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
20.220
|
18.565 |
|
|
Other Current Liabilities |
|
0.209
|
0.000 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
20.429
|
18.565 |
|
|
Net Current Assets |
|
10.855
|
3.886 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
14.775 |
7.297 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
117.022 |
81.701 |
|
|
|
Other Income |
|
0.234 |
0.106 |
|
|
|
TOTAL |
|
117.256 |
81.807 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
101.796 |
69.766 |
|
|
|
Direct Expenses |
|
1.037 |
|
|
|
|
Advertisement Expenses |
|
1.027 |
|
|
|
|
Electricity Charges |
|
0.946 |
|
|
|
|
General Charges |
|
0.097 |
|
|
|
|
Insurance Premium |
|
0.094 |
|
|
|
|
Packing Expenses |
|
1.104 |
|
|
|
|
Partners Remunerations |
|
1.200 |
|
|
|
|
Printing and Stationery |
|
0.093 |
|
|
|
|
Personnel Fees |
|
0.017 |
|
|
|
|
Rent for Milan |
|
0.089 |
|
|
|
|
Repairs and Renewals |
|
0.016 |
|
|
|
|
Retainer Ship Fees |
|
0.060 |
|
|
|
|
Salary and Wages |
|
2.727 |
|
|
|
|
Sales Promotions |
|
0.551 |
|
|
|
|
Travelling and Conveyance |
|
0.390 |
|
|
|
|
Other Expenses |
|
2.438 |
8.215 |
|
|
|
TOTAL |
|
113.682 |
78.880 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
3.574 |
2.927 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.467 |
0.483 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
|
3.107 |
2.444 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
|
2.65 |
2.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.66 |
2.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.07 |
9.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.38 |
0.73 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.32 |
6.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.53 |
1.21 |
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 two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
Yes |
|
34] |
External Agency Rating, if available |
No |
------------------------------------------------------------------------------------------------------------------------------
OPERATING STATEMENT
(RS.
IN MILLIONS)
|
Particulars |
2013 |
2014 |
2015 |
|
|
(Projected) |
||
|
|
|
|
|
|
Gross Sales |
|
|
|
|
Domestic Sales |
132.500 |
145.000 |
154.000 |
|
Export Sales |
-- |
-- |
-- |
|
Total |
132.500 |
145.000 |
154.000 |
|
|
|
|
|
|
Less: Excise Duty |
-- |
-- |
-- |
|
|
|
|
|
|
Net Sales |
132.500 |
145.000 |
154.000 |
|
|
|
|
|
|
%age rise/ fall in net sales as compared to previous year |
13.23 |
9.43 |
6.21 |
|
|
|
|
|
|
Other Income |
0.350 |
0.350 |
0.400 |
|
|
|
|
|
|
Total |
132.850 |
145.350 |
154.400 |
|
|
|
|
|
|
Cost of Sales |
|
|
|
|
Raw Materials (Including Stores and Other Items used in the process of
Manufacturer) |
|
|
|
|
Imported |
-- |
-- |
-- |
|
Indigenous |
-- |
-- |
-- |
|
|
|
|
|
|
Purchases |
|
|
|
|
Imported |
-- |
-- |
-- |
|
Indigenous |
116.843 |
123.915 |
131.100 |
|
|
|
|
|
|
Carriage Inward and Direct Expenses
|
1.175 |
1.293 |
1.422 |
|
Electricity Charges |
1.035 |
1.139 |
1.252 |
|
Salary Including Partner’s Remuneration |
4.320 |
4.752 |
5.227 |
|
Advertisement and Publicity |
1.325 |
1.450 |
1.540 |
|
Packing Charges |
1.270 |
1.460 |
1.679 |
|
Depreciation |
0.430 |
0.405 |
0.386 |
|
|
|
|
|
|
Sub – Total |
126.397 |
134.413 |
142.606 |
|
|
|
|
|
|
Add: Opening Stocks in Process |
-- |
-- |
-- |
|
|
|
|
|
|
Total |
126.397 |
134.413 |
142.606 |
|
|
|
|
|
|
Deduct: Closing Stocks in Process |
-- |
-- |
-- |
|
|
|
|
|
|
Cost of
Production |
126.397 |
134.413 |
142.606 |
|
|
|
|
|
|
Add: Opening Stock of Finished Goods |
28.195 |
30.425 |
31.500 |
|
|
|
|
|
|
Sub Total |
154.592 |
164.838 |
174.106 |
|
|
|
|
|
|
Deduct: Closing Stock of Finished Goods |
30.425 |
31.500 |
32.000 |
|
|
|
|
|
|
Sub Total (Total Cost of
Sales) |
124.167 |
133.338 |
142.106 |
|
|
|
|
|
|
General, Administrative and selling Expenses |
2.652 |
3.050 |
3.507 |
|
|
|
|
|
|
Sub- Total |
126.819 |
136.387 |
145.613 |
|
|
|
|
|
|
Operating Profit before Interests |
6.031 |
8.963 |
8.787 |
|
|
|
|
|
|
Interests |
1.500 |
3.100 |
3.500 |
|
|
|
|
|
|
Operating Profit After Interests |
4.531 |
5.863 |
5.287 |
|
|
|
|
|
|
Provision for Income taxes |
1.359 |
1.759 |
1.586 |
|
|
|
|
|
|
Net Profit/ loss |
3.172 |
4.104 |
3.701 |
|
Net Profit Percentage % |
3.42 |
4.04 |
3.43 |
|
|
|
|
|
|
Dividend |
-- |
-- |
-- |
|
|
|
|
|
|
Amount Transferred to the Partners Capital A/c |
3.172 |
4.104 |
3.701 |
|
|
|
|
|
|
Amount Transferred to Balance Sheet |
-- |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS
OF BALANCE SHEET
(RS.
IN MILLIONS)
|
Particulars |
2013 |
2014 |
2015 |
|
|
(Projected) |
||
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
Short term borrowings banks (Including bills purchased, discounted and
excess borrowing placed on repayment basis) |
|
|
|
|
- From Applicant Bank |
20.000 |
20.000 |
20.000 |
|
- From Other Banks |
-- |
-- |
-- |
|
(Of which BP and BD) |
|
|
|
|
|
|
|
|
|
Sub Total (A) |
20.000 |
20.000 |
20.000 |
|
|
|
|
|
|
Short Term borrowing- others |
-- |
-- |
-- |
|
Sundry Creditors |
2.500 |
2.980 |
2.797 |
|
Advance/ Progress Payments from Customers/ deposits from Dealers,
Selling agents |
-- |
-- |
-- |
|
Provision for taxation |
-- |
-- |
-- |
|
Other Statutory Liabilities (Due within one year) |
-- |
-- |
-- |
|
Deposits / Installments of Term Loans DPGs/ Debentures/ ECB/ ADR/ GDR
(Due Within One Year) |
0.025 |
0.333 |
0.380 |
|
Other Current Liabilities and Provision |
0.550 |
0.675 |
0.860 |
|
|
|
|
|
|
SUB TOTAL (B) |
3.075 |
3.988 |
4.037 |
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES |
23.075 |
23.988 |
24.037 |
|
|
|
|
|
|
TERM LIABILITIES |
|
|
|
|
|
|
|
|
|
Debentures |
-- |
-- |
-- |
|
|
|
|
|
|
Creditors for Capital Goods |
-- |
-- |
-- |
|
|
|
|
|
|
Term Loan |
-- |
-- |
-- |
|
|
|
|
|
|
Deferred sales Tax liabilities |
-- |
-- |
-- |
|
|
|
|
|
|
Term Deposits |
-- |
-- |
-- |
|
|
|
|
|
|
Other Term Liabilities |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL TERM
LIABILITIES |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL OUTSIDE
LIABILITIES |
23.075 |
23.988 |
24.037 |
|
|
|
|
|
|
NET WORTH |
|
|
|
|
|
|
|
|
|
Ordinary Share Capital |
11.316 |
15.419 |
19.120 |
|
Unsecured Loans from Directors and Others |
4.123 |
3.923 |
1.973 |
|
Share Deposits |
-- |
-- |
-- |
|
Reserve and Surplus |
-- |
-- |
-- |
|
Share Premium |
-- |
-- |
-- |
|
Capital Redemption Reserve |
-- |
-- |
-- |
|
Surplus (+) Deficit (-) in Profit and Loss A/c |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET WORTH |
15.439 |
19.342 |
21.093 |
|
|
|
|
|
|
TOTAL
LIABILITIES |
38.514 |
43.330 |
45.130 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Cash and bank balances |
0.307 |
2.153 |
2.239 |
|
|
|
|
|
|
Investment |
|
|
|
|
- Government and Other Trustee Securities |
1.000 |
1.050 |
1.050 |
|
- Export Receivables |
1.000 |
1.100 |
1.200 |
|
|
|
|
|
|
Receivable other than deferred and exports |
0.750 |
1.900 |
2.600 |
|
|
|
|
|
|
INVENTORY |
|
|
|
|
|
|
|
|
|
Raw Materials (Indigenous) |
-- |
-- |
-- |
|
Stock in Process |
-- |
-- |
-- |
|
Stock of different goods |
30.425 |
31.500 |
32.000 |
|
Finished Goods |
-- |
-- |
-- |
|
Other Consumable Spares |
-- |
-- |
-- |
|
Advance Payment of Taxes |
-- |
-- |
-- |
|
Advance to Suppliers of Raw Materials and stores and
Spares |
2.500 |
2.700 |
3.500 |
|
Other Current Assets |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL
CURRENT ASSETS |
35.982 |
40.403 |
42.589 |
|
|
|
|
|
|
FIXED ASSETS |
|
|
|
|
|
|
|
|
|
Gross Block |
3.913 |
3.913 |
4.713 |
|
Additional During the year |
-- |
0.800 |
0.000 |
|
Depreciation to date |
1.381 |
1.786 |
2.172 |
|
|
|
|
|
|
Net Block |
2.532 |
2.927 |
2.541 |
|
|
|
|
|
|
OTHER NON
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Investment/ Book Debts Advance Deposits, which are not current Assets |
-- |
-- |
-- |
|
Long term investments (In Subsidiaries) |
-- |
-- |
-- |
|
Other non Current assets |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL OTHER NON
CURRENT ASSETS |
-- |
-- |
-- |
|
|
|
|
|
|
Intangible Assets |
-- |
-- |
-- |
|
|
|
|
|
|
TOTAL ASSETS |
38.514 |
43.330 |
45.130 |
|
|
|
|
|
|
Tangible Net worth |
15.439 |
19.342 |
21.093 |
|
|
|
|
|
|
Net Working Capital |
12.907 |
16.415 |
18.552 |
|
|
|
|
|
|
Current Ratio |
1.56 |
1.68 |
1.77 |
|
|
|
|
|
|
Total Outside Liabilities/ Tangible Net
worth |
1.49 |
1.24 |
1.14 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
(RS. IN MILLIONS)
|
Particulars |
2013 |
2014 |
2015 |
|
|
(Projected) |
||
|
Raw Materials (Including Stores, and Other
Items used in the Process of Manufacture)
|
|
|
|
|
[a] Imported |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
[b] Indigenous |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
|
|
|
|
|
Other consumable spares, Excluding those
included 1 above |
|
|
|
|
[a] Imported |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
[b] Indigenous |
-- |
-- |
-- |
|
Months Consumption |
-- |
-- |
-- |
|
|
|
|
|
|
Stock in process |
-- |
-- |
-- |
|
Months cost of production |
-- |
-- |
-- |
|
|
|
|
|
|
Finished goods |
30.425 |
31.500 |
32.000 |
|
Months cost of sales |
-- |
-- |
-- |
|
|
|
|
|
|
Receivable other than export and deferred receivables
[including bills purchased and discounted by bankers] |
0.750 |
1.900 |
2.600 |
|
Months domestic sales |
-- |
-- |
-- |
|
|
|
|
|
|
Export receivables [including bills
purchased and discounted by bankers months export sales] |
-- |
-- |
-- |
|
|
|
|
|
|
Advances to suppliers of raw materials and
stores/ spares consumable |
2.500 |
2.700 |
3.500 |
|
|
|
|
|
|
Other current Assets including cash and bank
balances and deferred receivable due within one year |
1.307 |
3.203 |
3.289 |
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
34.982 |
39.303 |
41.389 |
|
|
|
|
|
|
B CURRENT LIABILITIES |
|
|
|
|
[Other than bank borrowing for working
capital] |
|
|
|
|
|
|
|
|
|
Creditors for purchases of raw materials and
stores and consumable spares |
2.500 |
2.980 |
2.797 |
|
Months Purchases |
-- |
-- |
-- |
|
|
|
|
|
|
Credit for than Suppliers |
-- |
-- |
-- |
|
|
|
|
|
|
Advances from customers |
-- |
-- |
-- |
|
|
|
|
|
|
Statutory liabilities |
-- |
-- |
-- |
|
|
|
|
|
|
Other current liability including short term
borrowing dividend payable, installment of DPG public deposit, debentures etc
|
0.550 |
0.675 |
0.860 |
|
|
|
|
|
|
TOTAL |
3.050 |
3.655 |
3.657 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION
OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
(RS IN MILLIONS)
|
Particulars |
2013 |
2014 |
2015 |
|
|
(Projected) |
||
|
FIRST METHOD OF LENDING |
|
|
|
|
|
|
|
|
|
Total Current Assets |
34.982 |
39.303 |
41.389 |
|
|
|
|
|
|
Other Current Liabilities (Other than bank borrowings) |
3.050 |
3.655 |
3.657 |
|
|
|
|
|
|
Working Capital Gap (WCG) |
31.932 |
35.648 |
37.732 |
|
|
|
|
|
|
Minimum stipulated net working capital i.e.
25% of WCG/ 25% of total current assets as the case may be depending upon the
method of lending being applied (Export receivables to be excluded under both
methods) |
8.746 |
9.826 |
10.347 |
|
|
|
|
|
|
Actual / projected net working capital |
12.907 |
16.415 |
18.552 |
|
|
|
|
|
|
Item 3 minus item 4 |
23.187 |
25.822 |
27.385 |
|
|
|
|
|
|
Item 3 minus item 5 |
19.025 |
19.233 |
19.180 |
|
|
|
|
|
|
Maximum permissible bank finance (Item 6 or 7 whichever is lower) |
20.000 |
20.000 |
20.000 |
|
|
|
|
|
|
Excess Borrowing Representing Short falling
NWC |
-- |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
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.53.85 |
|
|
1 |
Rs.85.26 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.