MIRA INFORM REPORT

 

 

Report No. :

354063

Report Date :

11.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SHIPA FABRICS PRIVATE LIMITED

 

 

Formerly Known As :

KASHVI FINSTICK PRIVATE LIMITED

 

 

Registered Office :

B-116 Shree Ghantakaran Mahavir Commercial Market, OS Sarangpur Gate, Ahmedabad – 380002, Gujarat

Tel. No.:

91-79-30417117

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

14.11.1995

 

 

Com. Reg. No.:

04-028112

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U65910GJ1995PTC028112

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Job work of fabrics, clothes [Confirmed by management]

 

 

No. of Employees :

4 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (12)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1995 and it was engaged in the job work operations of cloth and fabrics. The company has sold plant and machinery during previous year and discontinued the job work activities from 16th July, 2014.

 

During the FY-15, the company has earned net profile of Rs.1.296 Million as compared to Rs.2.209 Million earned in the previous FY-14.

 

As per our investigation on the company, our executive has word with Mr. Pragnesh Patel, Account Manager of “Aarvee Denims and Exports Private Limited,” (Associate Company) and he informed us that company is not undertaking job work operation and it has only earned interest income.

 

Rating remains constrained on account of discontinuation of company’s core business and risk associated with the weak business profile of the company.

 

Payment terms are unknown.

 

In view of aforesaid, the subject can be considered for business dealings on fully safe and secure 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pragnesh Patel

Designation :

Account Manager in Aarvee

Contact No.:

91-79-30417117

Date :

09.12.2015

 

 

LOCATIONS

 

Registered Office :

B-116 Shree Ghantakaran Mahavir Commercial Market, OS Sarangpur Gate, Ahmedabad – 380002, Gujarat, India

Tel. No.:

91-79-30417117

Fax No.:

Not Available

E-Mail :

mishankshah@gmail.com

pragnesh@aarvee_denims.com

Location :

Owned

Locality:

Commercial

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Pankaj Arora

Designation :

Director

Address :

"Omkar", 239/2, Fp No. 12/01/A, Hebatpur,, Shilaj Road, Opp. Amimangal Bunglow, Thaltej, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

12.04.1979

Date of Appointment :

01.04.2000

DIN No.:

00054884

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U65910GJ1982PLC005008

RENTEX WEAVERS LIMITED

Director

01/04/2000

01/04/2000

-

Active

NO

2

U65910GJ1995PTC028112

SHIPA FABRICS PRIVATE LIMITED

Director

01/04/2000

01/04/2000

-

Active

NO

3

U74899DL1991PTC042781

PEE VEE SYNTHETICS PRIVATE LIMITED

Director

29/09/2002

29/09/2002

-

Active

NO

4

U51399GJ1997PTC031432

BHANSALI TRADELINK PRIVATE LIMITED

Director

15/04/2006

15/04/2006

-

Active

NO

 

 

Name :

Mrs. Shikha P. Arora

Designation :

Director

Address :

221, Sushilpark Society, Nr. Sarkari Vasahat, Vastrapur, Ahmedabad, Gujarat, India

Date of Appointment :

01.04.2000

DIN No.:

00054900

 

 

KEY EXECUTIVES

 

Name :

Mr. Pragnesh Patel

Designation :

Account Manager in Aarvee

 

 

MAJOR SHAREHOLDERS

 

AS ON 30.09.2014        

 

Names of Shareholders

No. of Shares

%age holding

A shish V. Shah

10

0.10

Vinodkumar P. Arora

1800

18.00

Nipun Vinodkumar Arora

1700

17.00

Pankaj Vinodkumar Arora

1700

17.00

Renu Vinodkumar Arora

1500

15.00

Raj eshkumar Parmanand Arora

1790

17.90

Rita Rajeshkumar Arora

1500

15.00

Total

10000

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

99.90

Other top fifty shareholders

0.10

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Job work of fabrics, clothes [Confirmed by management]

 

 

Products :
  • Fabrics
  • Clothes

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cheque

 

 

Purchasing :

Cheque

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Retailers

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

4 (Approximately) 

 

 

Bankers :

Banker Name

Bank of Baroda

Branch Address

Ashram Road Branch, Near. Vallabhsadan, Ahmedabad - 380009, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

LONG TERM BORROWING

 

 

Term Loan From Bank

0.000

0.764

Less: Current maturities of long-term Loan

0.000

(0.764)

Total

0.000

0.000

Other Loans

 

 

Vehicle Loans

0.600

0.147

Less: Current maturities of long-term Vehicle Loan

(0.181)

(0.147)

Total

0.419

0.000

 

Notes:

 

  • Secured by way of hypothecation of respective plant and machineries financed by the bank, other movable assets and personal guarantee of all directors.

 

  • Secured by way of hypothecation of respective motor vehicles purchased. 

 

Auditors :

 

Name :

Mishank Shah and Associates

Chartered Accountants

Address :

191/1, New Cloth Market, O/S Raipur Gate, Ahmedabad – 380002, Gujarat, India

PAN N Income-tax PAN of auditor or auditor's firm :

AKJPS7710E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Group Companies :
  • Parmanand Vinodkumar
  • Virendra Bhogilal and Company
  • Pari Bhogilal Laxmichand
  • Arora Agencies
  • Pee Vee Sysnthetics Private Limited
  • Vee Bee Textile Private Limited
  • Kashi Investments Private Limited
  • V.B. Investments Private Limited
  • Kashi Holdings Private Limited
  • New Ahmedabad Synthetic Private Limited
  • Bhansali Tradelink Private Limited
  • Twenty First Century Marketing Limited
  • Rentex Weaver Limited
  • Enbee Textile Private Limited
  • Avarvee Denims and Exports Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs. 0.100 Million

14900

Cumulative Preference Shares

Rs.1000/- each

Rs. 14.900 Million

 

Total

 

Rs. 15.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2015

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.100

0.100

0.100

(b) Reserves & Surplus

24.729

23.432

21.224

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

24.829

23.532

21.324

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.419

0.000

0.911

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.419

0.000

0.911

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

0.000

0.000

0.000

(c) Other current liabilities

0.204

0.926

1.116

(d) Short-term provisions

0.547

1.053

0.938

Total Current Liabilities (4)

0.751

1.979

2.054

 

 

 

 

TOTAL

25.999

25.511

24.289

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.780

2.094

2.888

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

10.869

5.869

5.869

(c) Deferred tax assets (net)

0.478

0.520

0.480

(d)  Long-term Loan and Advances

13.335

16.550

14.177

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

25.462

25.033

23.414

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.272

0.273

(c) Trade receivables

0.537

0.186

0.582

(d) Cash and cash equivalents

0.000

0.000

0.000

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

0.000

0.020

0.020

Total Current Assets

0.537

0.478

0.875

 

 

 

 

TOTAL

25.999

25.511

24.289

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

0.980

3.360

3.360

 

Other Income

1.742

1.692

1.771

 

TOTAL (A)

2.722

5.052

5.131

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Employees benefits expense

0.238

0.535

0.534

 

Other expenses

0.296

0.294

0.279

 

TOTAL (B)

0.534

0.829

0.813

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

2.188

4.223

4.318

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

0.048

0.207

0.216

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

2.140

4.016

4.102

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION (F)

0.255

0.794

1.095

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

1.885

3.222

3.007

 

 

 

 

 

Less

TAX (H)

0.589

1.013

0.842

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

1.296

2.209

2.165

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

129.6

220.94

216.57

 

 

Expected Sales (2015-2016): Rs.3.000 Million [no activity has been done from July 2014 but interest income is receiving]

 

The above information has been parted by Mr. Pragnesh Patel [Account Manager in Aarver].

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

0.181

0.911

1.062

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

132.24

65.74

64.43

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

223.27

125.68

128.51

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.87

16.85

16.76

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.14

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.02

0.04

0.09

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.72

0.24

0.43

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.100

0.100

0.100

Reserves & Surplus

21.224

23.432

24.729

Net worth

21.324

23.532

24.829

 

 

 

 

Long-term borrowings

0.911

0.000

0.419

Short term borrowings

0.000

0.000

0.000

Current maturities of long-term debts

1.062

0.911

0.181

Total borrowings

1.973

0.911

0.600

Debt/Equity ratio

0.093

0.039

0.024

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3.360

3.360

0.980

 

 

0.000

(70.833)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3.360

3.360

0.980

Profit

2.165

2.209

1.296

 

64.43%

65.74%

132.24%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

CORPORATE INFORMATION

 

Subject (the company) is a private company domiciled in India and incorporated under the provisions of the company Act, 1956. The company is carried Job Work activates and also having Interest and Dividend income.

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

FIXED ASSETS

 

Tangible Assets

 

 

Intangible Assets

 

 

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.66.79

UK Pound

1

Rs.101.37

Euro

1

Rs.73.46

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUV

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILITY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

 

12

 

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

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NB

                                       New Business

 

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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.