|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
INESH HOMETEXX LLP |
|
|
|
|
Formerly Known
As : |
AASTHA HOMETEX LLP |
|
|
|
|
Registered
Office : |
1116, Raheja Chamber,, Nariman Point, Mumbai - 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
21.03.2013 |
|
|
|
|
LLPIN: |
AAB-4140 |
|
|
|
|
Total Obligation
of Contribution : |
Rs. 0.100 Million |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business
: |
Manufacturer of Textile, Bed Sheet, Pillows, etc. |
|
|
|
|
No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new limited liability partnership concern
having moderate track record. Ms. Priyanka, finance head provided information and confirmed that the
concern has reported decent revenue and performed. However, the ratings also take into consideration, the involvement of
one of the designated partners of the concern named as “Aastha Minmet (India)
Limited” in the recently occurred NSEL scam, through its director Mr. Mohit
Agarwal, who has been ceased as a partner as on February 11, 2014 which has
badly deteriorated the goodwill and the reputation in the market and further
may have negative effect on the business profile of the concern. Moreover, it has been found to be a group concern of “Aastha Minmet
(India) Limited” which was earlier known as “Aastha Hometexx LLP” and later
in the year 2013 has changed the name to the present name which undoubtly can
be presumed as a result of indulging of one of the company into any illegal
activity as mentioned earlier. However, track relations are improving. Business is active. Payment
terms are unknown. In view of being in embroyonic stage, the concern can be considered for
any business dealings as a matter of your confidence or on a safe and 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Miss. Priyanka |
|
Designation : |
Finance Head |
|
Contact No.: |
91-9892472482 |
|
Date : |
31.07.2014 |
LOCATIONS
|
Registered Office : |
1116, Raheja Chamber,, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9892472482 (Miss. Priyanka) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
Office No.5,6, B-Wing, Trade World, 1st Floor, Kamala Mills
Compound, Lower Parel, Mumbai, Maharashtra, India |
|
|
|
|
Factory : |
Rajlaxmi Compound, Kalher Village, Old Bhiwandi Road, Thane,
Maharashtra, India |
|
|
|
|
Branch Office / Sales Office : |
206-A, Pinnacle, Off Prahladnagar Road, Corporate Road, Makarba,
Ahmedabad – 380015, Gujarat, India |
PARTNERS
|
Name : |
Mr. Vickaash Agarwal |
|
Designation : |
Partner |
|
Address : |
Plot No 50/51, 2nd Main, 2nd Cross RHB Colony, Mahadev Pura, Bangalore – 560048, Karnataka, India |
|
Date of Birth/Age : |
19.10.1980 |
|
Date of Appointment : |
24.03.2014 |
|
DIN No.: |
01951205 |
|
|
|
|
Name : |
Mrs. Jyoti Agarwal |
|
Designation : |
Partner |
|
Address : |
79, 2nd Cross, R H B Colony, Mahadevapura, Bangalore East, Bangalore Urban – 560048, Karnataka, India |
|
Date of Birth/Age : |
27.11.1980 |
|
Date of Appointment : |
20.05.2014 |
|
DIN No.: |
02792260 |
KEY EXECUTIVES
|
Name : |
Miss. Priyanka |
|
Designation : |
Finance Head |
OBLIGATION OF
CONTRIBUTION
|
Names of Persons |
|
Obligation of Contribution (Rs. In Millions) |
|
Shilpa Aggarwal |
|
0.030 |
|
Vickaash Agarwal |
|
0.070 |
|
Total |
|
0.100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textile, Bed Sheet, Pillows, etc. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
USA ·
Australia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
25 (Approximately) |
|
|
|
|
Bankers : |
State Bank of India, Nariman Point, Mumbai, Maharashtra, India |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain V. and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2014
Total Obligation of Contribution: Rs. 0.100
Million
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
80.000 |
|
|
|
|
|
Expected Sales (2014-15) : Rs.250.000 Millions
The above information has been parted by Miss. Priyanka
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
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 one year |
Yes |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
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 |
INDEX OF CHARGES: NO CHARGES
EXIST FOR THE COMPANY
As per Website
Press Releases
NSEL SCAM: ED RAIDS
AASTHA GROUP PREMISES
December 23, 2013
Aastha is one of the smallest borrowers of NSEL with total payment obligation of Rs 264.700 Millions as on Aug 15
The enforcement directorate (ED) conducted searches here and in Bangalore on various premises of Aastha Minmet India and Juggernaut Projects under the Prevention of Money Laundering Act, 2002 (PMLA) said sources. Aastha Minmet and Juggernaut are among the major defaulters in the National Spot Exchange Limited (NSEL) case, owing investors Rs 2500.000 Millions.
ED officials said incriminating evidence had been unearthed. Sources, who declined to be identified, alleged the investigations had revealed funds received from NSEL were diverted for investments in real estate, plant capacity expansion, repayment of loans and purchase of high-end vehicles, the officials said. The realty investments are in various parts of the country.
The director of the group has allegedly admitted contracts were launched on the NSEL portal without any physical stock in NSEL warehouses. ED is likely to attach these properties under PMLA.
NSEL CRISIS: BOURSE
GETS RS. 112.800 MILLIONS FOR SIXTH PAYOUT
September 24, 2013
Members of beleaguered bourse National Spot Exchange Limited (NSEL) have paid Rs. 112.800 Millions so far against the scheduled payment of Rs. 1747.200 Millions, raising the possibility of a sixth straight default opn Tuesday.
According to NSEL data, 10 members out of 24 have paid in Rs.112.800 Millions to the stock exchange as on Monday, against the payout requirement of Rs.1747.200 Millions the next day.
The 10 members include Topworth Steels and Power Limited (Rs. 96.500 Millions), Sankhya Investments (Rs. 6.400 Millions), Metkore Alloys and Industries (Rs. 5.000 Millions) and Aastha Minmet India Private Limited (Rs.1.000 Millions), among others.
NSEL has already defaulted in the last five pay-outs and has been able to settle just about Rs.1370.000 Millions out of Rs. 56000.000 Millions outstanding to the 13,000 investors.
The bourse could gather only Rs. 927.300 Millions in its first payout (August 20), Rs. 120.500 Millions in second (August 27), Rs. 153.700 Millions in third (September 3), Rs. 77.700 Millions in fourth (September 10), and Rs.85.700 Millions in fifth (September 17), out of the scheduled Rs. 1747.200 Millions each time.
NSEL, however, had availed a bridge loan of Rs. 1772.300 Millions from Jignesh Shah-led promoter Financial Technologies (FTIL) to make payments on priority basis to small investors.
NSEL, which is expected to settle Rs. 56000.000 Millions dues to 148 members after it suspended trade on July 31 on government direction, had planned to settle its entire dues by paying back investors Rs. 1747.200 Millions every week over seven months.
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.60.87 |
|
|
1 |
Rs.102.68 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.