MIRA
INFORM REPORT
|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
R.S.EXPOFABS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4754, Laxmi Bazar, Cloth Market, Delhi – 110006 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.12.1999 |
|
|
|
|
Com. Reg. No.: |
55-102772 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4.927 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52190DL1999PTC102772 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELR05173A |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Dealer of Fabrics |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The external
borrowings recorded by the company appears to be increasing over years. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. Note: Profit and Loss account for the current year 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 – 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating = BB |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
09.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety it carry higher credit risk. |
|
Date |
09.11.2012 |
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 : |
4754, Laxmi Bazar, Cloth Market, Delhi – 110006, India |
|
Tel. No.: |
91-11-23937508 / 24000000 |
|
Fax No.: |
91-11-24000000 |
|
E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Ravi Wadhwa |
|
Designation : |
Director |
|
Address : |
0212, ATS Green Village, Sector-93, Greater Noida |
|
Date of Appointment : |
10.12.1999 |
|
DIN No.: |
01098833 |
|
|
|
|
Name : |
Mr. Sameer Wadhwa |
|
Designation : |
Director |
|
Address : |
D-85, Sector – 30, Noida, India |
|
Date of Appointment : |
10.12.1999 |
|
DIN No.: |
00214176 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ravi Wadhwa |
|
3000 |
|
Sameer Wadhwa |
|
3000 |
|
Ashok Puri |
|
2000 |
|
Simmi Wadhwa |
|
13010 |
|
Rahat Wadhwa |
|
12960 |
|
Sara Expofabs private Limited, India |
|
10800 |
|
Lotus technosoft Private Limited, India |
|
4500 |
|
Total |
|
49270 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
31.00 |
|
Directors or relatives of Directors |
69.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Fabrics |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Tamilnad Mercantile Bank Limited, 384-390, First Floor, Loke Nath Building, Opposite Fatehpuri Post Office, Chandni Chowk, Delhi - 110006, India · HDFC Bank Limited ·
ICICI Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunita and Chadha Chartered Accountants |
|
Address : |
Flat No.77, Bhagat Singh Market, New Delhi – 110001, India |
|
Tel. No.: |
91-11-23348045 |
|
Mobile No.: |
91-9711499108 |
|
Fax No.: |
91-11-23346370 |
|
E-Mail : |
|
|
PAN.: |
AABFS6939F |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49270 |
Equity Shares |
Rs.100/- each |
Rs.4.927 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 |
4.927 |
3.397 |
3.397 |
|
|
2] Share Application Money |
0.000 |
1.000 |
1.000 |
|
|
3] Reserves & Surplus |
34.545 |
22.033 |
16.955 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
39.472 |
26.430 |
21.352 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.709 |
3.254 |
0.739 |
|
|
2] Unsecured Loans |
45.995 |
18.963 |
0.000 |
|
|
TOTAL BORROWING |
49.704 |
22.217 |
0.739 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.176 |
48.647 |
22.091 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.337 |
8.067 |
1.677 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.156 |
0.073 |
0.100 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.986
|
6.857 |
2.357 |
|
|
Sundry Debtors |
196.265
|
145.269 |
64.234 |
|
|
Cash & Bank Balances |
8.848
|
5.614 |
20.987 |
|
|
Other Current Assets |
0.295
|
2.847 |
0.820 |
|
|
Loans & Advances |
6.345
|
3.456 |
3.175 |
|
Total
Current Assets |
234.739
|
164.043 |
91.573 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
140.060
|
102.907 |
4.205 |
|
|
Other Current Liabilities |
13.796
|
20.179 |
67.054 |
|
|
Provisions |
0.200
|
0.450 |
0.300 |
|
Total
Current Liabilities |
154.056
|
123.536 |
71.259 |
|
|
Net Current Assets |
80.683
|
40.507 |
20.314 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
89.176 |
48.647 |
22.091 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
501.392 |
321.560 |
|
|
|
Other Income |
|
1.043 |
1.024 |
|
|
|
TOTAL (A) |
|
502.435 |
322.584 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
473.244 |
301.982 |
|
|
|
Office, administrative and sales Expenses |
|
17.567 |
13.428 |
|
|
|
TOTAL
(B) |
|
490.811 |
315.410 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
11.624 |
7.174 |
|
|
|
|
NA |
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.843 |
1.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
8.781 |
6.066 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.264 |
0.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
7.517 |
5.641 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
2.440 |
1.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
5.077 |
3.854 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
149.46 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.01 |
1.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.50 |
1.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
4.37 |
6.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.04 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.26
|
0.84 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
1.33 |
1.29 |
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 two years |
Yes |
|
12] |
Profitability for last two 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 |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U52190DL1999PTC102772 |
|
Name of the
company |
R.S.EXPOFABS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
4754, Laxmi Bazar, Cloth Market, Delhi – 110006, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
80013311 |
|
Type of charge |
· Book debts ·
Others (Receivables) |
|
Particular of
charge holder |
Tamilnad Mercantile Bank Limited, 384-390, First Floor, Loke Nath Building, Opposite Fatehpuri Post Office, Chandni Chowk, Delhi - 110006, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation of Book Debts dated 31.12.2012 and Bank Sanction Letter. |
|
Date of
instrument Creating the charge |
31.12.2012 |
|
Amount secured by
the charge |
Rs.80.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest BR+4%+0.50% i.e.
presently 15.50% Terms of Repayment 90 Days Margin BD-30%(BD cover
period 90 days) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Primary: On hypothecation of receivables arising out of genuine trade transactions. Collateral: On equitable mortgage of residential plot measuring 450sq.mtrs on which a single storey structure is made on a portion thereof having covered area of 1600 sq. ft. (leasehold) situated at Plot No. D-286, Sector 47, Noida, District Gautam Budh Nagar, Uttar Pradesh standing in the name of Mrs. Simmi Wadhwa w/o Mr. Ravi Wadhwa valued 42.800 Millions as per Manager Independent valuation dated 07.03.2012, 42.840 Millions as per Engineer valuation dated 23.02.2012. On Equitable mortgage of lease hold land measuring 260.22sq.mts and building constructed thereon to an extent of 2800 sq.ft situated at Flat No. 212, 1st Floor, Tower No.2, Ats Greens Village at Express way, Plot No.1, Sector - 93A, NOIDA standing in the name of Mr. Sameer wadhwa and Mrs. Shashi Wadhwa. Manager valuation dated 07.03.2012 Rs.25.400 Millions, Engineer valuation dated 23.02.2012 Rs.25.466 Millions. |
|
Date of
instrument modifying the charge |
27.08.2011 |
|
Particulars of
the present modification |
The Adhoc Cash
Credit Limit (Book Debts) sanctioned to M/s. R.S. Expofabs Private Limited
was enhanced from Rs.70.500 Millions to Rs. 80.500 Millions. |
FIXED ASSETS
·
Furniture
·
Machine
·
Computer
·
Air Conditioner
·
Tempo
·
Generator
·
Cars
·
Office Equipments
·
Cycle
·
Office Space
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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.