MIRA
INFORM REPORT
|
Report Date : |
25.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDESA YARNS PRIVATE LIMITED |
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Registered
Office : |
703-A Wing, Blue Nile, Pacific Enclave, Powai, Mumbai – 400076,
Maharashtra |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
05.01.2004 |
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Com. Reg. No.: |
11-143843 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U17119MH2004PTC143843 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer, Exporter, traders, buyers, sellers, retailers,
wholesalers in all kinds of years, cloth and fabrics. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Management has failed the financials of 2013 with the government
department, the financials after F.Y 2009 are not available with us. Management denied to disclose and information of the subject to us. As per the available financials of 2009, the company has incurred a
loss from its operations. However, trade relations are fair. Business is active. Payments are
unknown. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social responsibility
in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DECLINED BY
|
Name : |
Mr. Damodaran Sardaram Vijji |
|
Designation : |
Managing director |
|
Contact No.: |
91-9821903225 |
|
Date : |
22.11.2013 |
LOCATIONS
|
Registered Office : |
703-A Wing, Blue Nile, Pacific Enclave, Powai, Mumbai – 400076,
Maharashtra, India |
|
Tel. No.: |
91-4324-652375 |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Damodaran Sardaram Vijji |
|
Designation : |
Managing director |
|
Address : |
703-A Wing, Blue Nile, Pacific Enclave, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
30.06.1958 |
|
Date of Appointment : |
05.01.2004 |
|
DIN No.: |
01220787 |
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|
|
|
Name : |
Pushpa Ram Vijji |
|
Designation : |
Director |
|
Address : |
703-A Wing, Blue Nile, Pacific Enclave, Powai, Mumbai – 400076,
Maharashtra, India |
|
Date of Birth/Age : |
02.04.1965 |
|
Date of Appointment : |
14.05.2009 |
|
DIN No.: |
02270409 |
|
|
|
|
Name : |
Alberto Pascual Ferrer |
|
Designation : |
Director |
|
Address : |
Avdaparisvalenci 2, Aloy Alicante Spain |
|
Date of Appointment : |
04.10.2004 |
|
|
|
|
Name : |
Ferrer Pascual Jorge |
|
Designation : |
Director |
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Address : |
Gongora- 1, Alcoy 03800 alcante Spain |
|
Date of Appointment : |
04.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Damodaran Sardaram Vijji |
|
600 |
|
Pushpa Ram Vijji |
|
400 |
|
|
|
|
|
Total |
|
1000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer, Exporter, traders, buyers, sellers, retailers,
wholesalers in all kinds of years, cloth and fabrics. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
The Karur Vysya Bank
Limited, No 68, Erode Road, Lng Branch, Karur - 639002, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jayaraman and Krishna Chartered Accountants |
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Address : |
22/25,'Sai Shree', Pillayar Kovil Street, Muthusamy Colony,Selvapuram,
Coimbatore – 641026, Tamilnadu, India |
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Tel. No.: |
91-422-2340168 |
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Mobile No.: |
91-9443684044 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFJ4355G |
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Related Party : |
·
Hilatures Miel S I Spain |
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|
|
|
Enterprise owned by I over which Key
Management Personnel is able to exercise significant influence: |
·
SVS Apparel Manufacturing
Company ·
SVS Spinning Mills
Private Limited ·
SVS Spinning Mills |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs.100/- each |
Rs. 0.100
Million |
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|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
4.900 |
4.900 |
4.900 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(43.613) |
(24.452) |
(22.368) |
|
|
NETWORTH |
(38.613) |
(19.452) |
(17.368) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.054 |
0.170 |
|
|
2] Unsecured Loans |
128.319 |
126.462 |
126.443 |
|
|
TOTAL BORROWING |
128.319 |
126.516 |
126.613 |
|
|
DEFERRED TAX LIABILITIES |
9.858 |
8.973 |
1.683 |
|
|
|
|
|
|
|
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TOTAL |
99.564 |
116.037 |
110.928 |
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APPLICATION OF FUNDS |
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|
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|
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|
FIXED ASSETS [Net Block] |
104.871 |
106.238 |
94.619 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
30.706
|
28.896
|
48.309
|
|
|
Sundry Debtors |
50.474
|
83.905
|
15.383
|
|
|
Cash & Bank Balances |
2.385
|
1.009
|
4.776
|
|
|
Other Current Assets |
4.907
|
4.243
|
1.712
|
|
|
Loans & Advances |
46.434
|
28.068
|
1.918
|
|
Total
Current Assets |
134.906
|
146.121
|
72.098
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
139.781
|
136.369
|
55.297
|
|
|
Other Current Liabilities |
0.000
|
0.000
|
0.000
|
|
|
Provisions |
0.558
|
0.204
|
0.869
|
|
Total
Current Liabilities |
140.339
|
136.573
|
56.166
|
|
|
Net Current Assets |
(5.433)
|
9.548
|
15.932
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.126 |
0.251 |
0.377 |
|
|
|
|
|
|
|
|
TOTAL |
99.564 |
116.037 |
110.928 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
85.080 |
132.909 |
116.221 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
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Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
113.816 |
134.992 |
134.885 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(18.197) |
(2.039) |
(12.467) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.965 |
0.044 |
(1.690) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(19.162) |
(2.083) |
(10.777) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.59)
|
(0.81) |
(7.48) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.47)
|
(0.10) |
(0.72) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(3.32)
|
(6.50) |
(7.29) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96
|
1.07 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
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 |
Yes |
|
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 |
No |
|
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 |
REVIEW OF
PEPRFORMANCE:
The Company had registered a sales turnover of Rs 85.080 Millions (Export sales Rs 70.498 Millions and Domestic sates Rs.13.582 Millions) for the year ended, 31.03.2009. The Company had incurred a net loss of Rs. 19.162 Millions (after FBT, DTL for the year ended 31st March 2009 and has been carried forward.
This includes preliminary expenses charged to profit and loss accounts to the tune of Rs. 0.126 Million and the excess deferred tax liability for differential depreciation of Rs.0.885 Millions after retaining an amount Rs. 9.858 Millions as deferred tax liability as at 31.03.2009.
FUTURE OUTLOOK:
The Company is hopeful of doing well and bring good results through increased capacity utilization and exports, in the year to come.
UNSECURED LOAN
|
PARTICULARS |
31.03.2009 (Rs.
in Millions) |
31.03.2008 (Rs.
in Millions) |
|
Spain, Joint Venture partners/promoters share held as unsecured loan |
124.891 |
125.014 |
|
From Indian promoter |
3.428 |
1.429 |
|
From Banks |
0.000 |
0.019 |
|
Total |
128.319 |
126.462 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10011743 |
28/06/2006 |
270,000.00 |
THE KARUR VYSYA BANK LIMITED |
NO 68, ERODE ROAD, LNG BRANCH, KARUR,
TAMIL NADU - 639002, INDIA |
A03054459 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Electrical Fitting
·
Vehicles
·
Cell Phone/Telephone
·
Computer
·
Television
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.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.