MIRA
INFORM REPORT
|
Report No. : |
307585 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAWALWASIA TEXTILE INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
113, Ratan Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.01.1988 |
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Com. Reg. No.: |
04-010302 |
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Capital Investment
/ Paid-up Capital : |
Rs. 10.538
Millions |
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|
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CIN No.: [Company Identification
No.] |
U17110GJ1988PTC010302 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Textile Products. |
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No. of Employees
: |
10 (Approximately) |
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 : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating takes into consideration company low reserves level and
small scale of operation. However, trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “B+” |
|
Rating Explanation |
High risk of default. |
|
Date |
05.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4” |
|
Rating Explanation |
It carry very high credit risk. |
|
Date |
05.12.2014 |
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 : |
Mr. Sumit Hanuman Prasad Agarwal |
|
Designation : |
Manager |
|
Contact No.: |
91-9824173969 |
|
Date : |
11.02.2015 |
LOCATIONS
|
Registered Office : |
113, Ratan Chambers, |
|
Tel. No.: |
91-261-2325739/ 2325393/ 2326795/ 6662228/ 4110024 |
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Mob. No.: |
91-9824173969 (Mr. Sumit Hanuman Prasad Agarwal) |
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Fax No.: |
91-261-2329422 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 18.08.2014
|
Name : |
Mr. Samir Hanuman Prasad Agarwal |
|
Designation : |
Director |
|
Address : |
601, Rushabh Apartment, Krishi Farm Road, Ghod Dod Road, Surat -
395007, Gujarat, India |
|
Date of Birth/Age : |
12.07.1979 |
|
Date of Appointment : |
18.09.2002 |
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DIN No.: |
00056249 |
|
|
|
|
Name : |
Dinesh Satyanarayan Dayama |
|
Designation : |
Director |
|
Address : |
7th Floor, Flat-701, Block-A, Bhagvatikrupa, Appartment,
Near Char Rasta, |
|
Date of Birth/Age : |
01.06.1974 |
|
Date of Appointment : |
08.05.2014 |
|
DIN No.: |
06864002 |
KEY EXECUTIVES
|
Name : |
Mr. Sumit Hanuman Prasad Agarwal |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Suhani Jewels Private Limited, |
45000 |
3.26 |
|
Kaushik Enterprises Private Limited, |
75000 |
5.43 |
|
Glorious Synthetics Private Limited, |
26200 |
1.90 |
|
Samir Agarwal |
680455 |
49.25 |
|
Solartex ( |
75000 |
5.43 |
|
Rawalwasia Synthetics Private Limited, |
75000 |
5.43 |
|
Sweta Agarwal |
135550 |
9.81 |
|
Archana Agarwal |
135220 |
9.79 |
|
Mamta Agarwal |
134245 |
9.72 |
|
Total |
1381670 |
100.00 |
As on 18.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
21.44 |
|
Directors or relatives of Directors |
78.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Textile Products. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash and Credit (30 Days/ 60 Days/ 90 Days) |
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Purchasing : |
Cash and Credit (30 Days/ 60 Days/ 90 Days) |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
OEMs and End Users
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No. of Employees : |
10 (Approximately) |
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Bankers : |
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Facilities : |
NOTE a)
Equitable mortgage of b)
Equitable mortgage of c)
Equitable mortgage of d) Equitable Mortgage of Residential Flat No. 802, Rushabh Apartment, Opposite Krushi Farm, Ghod Dod Road, Surat standing in the name of Samir Hanuman Prasad Agarwal. e)
Personally guaranteed by all the Directors of the
company and Corporate Guarantee given by Rawalwasia Yarn Dyeing Private
Limited, Solartex ( |
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Auditors : |
|
|
Name : |
L. P. Nahata and Company Chartered Accountants |
|
Address : |
424, Ajanta Shopping Centre, Ring Road, Surat – 395002, Gujarat, India |
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Tel. No. : |
91-261-2326181/ 2338181 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AANPN0582H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises owned or significantly influenced by key management
personnel or their relatives (either individually or with others) : |
· Rawalwasia Yarn Dyeing Private Limited Address: 113, Ratan Chambers, Line of Business: Trader of Textile Products. · Shaligram Industries Private Limited Suhani Jewels Private Limited Sanskar Processors Private Limited |
CAPITAL STRUCTURE
As on 18.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,381,670 |
Equity Shares |
Rs.10/- each |
Rs. 13.817 Millions |
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|
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As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1053770 |
Equity Shares |
Rs.10/- each |
Rs. 10.538
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
10.538 |
10.538 |
10.538 |
|
(b) Reserves & Surplus |
8.828 |
8.659 |
8.535 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
19.366 |
19.197 |
19.073 |
|
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(3) Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.238 |
0.200 |
0.247 |
|
(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) |
0.238 |
0.200 |
0.247 |
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(4) Current Liabilities |
|
|
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|
(a) Short term borrowings |
0.000 |
2.820 |
8.741 |
|
(b) Trade payables |
16.039 |
3.815 |
4.350 |
|
(c) Other current
liabilities |
0.663 |
2.561 |
3.303 |
|
(d) Short-term provisions |
0.062 |
0.027 |
0.049 |
|
Total Current Liabilities (4) |
16.764 |
9.223 |
16.443 |
|
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|
|
|
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TOTAL |
36.368 |
28.620 |
35.763 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
|
|
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(i) Tangible assets |
1.732 |
1.874 |
2.422 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.282 |
1.325 |
1.304 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3.014 |
3.199 |
3.726 |
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(2) Current assets |
|
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2.877 |
0.131 |
4.958 |
|
(c) Trade receivables |
11.049 |
10.496 |
5.207 |
|
(d) Cash and cash
equivalents |
0.570 |
0.160 |
0.125 |
|
(e) Short-term loans and
advances |
18.858 |
14.634 |
21.747 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
33.354 |
25.421 |
32.037 |
|
|
|
|
|
|
TOTAL |
36.368 |
28.620 |
35.763 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14.140 |
73.531 |
104.972 |
|
|
|
Other Income |
1.993 |
2.582 |
2.262 |
|
|
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TOTAL |
16.133 |
76.113 |
107.234 |
|
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Less |
EXPENSES |
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TOTAL |
15.668 |
75.827 |
106.915 |
|
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.465 |
0.286 |
0.319 |
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.141 |
0.142 |
0.148 |
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|
PROFIT/
(LOSS) BEFORE TAX |
0.324 |
0.144 |
0.171 |
|
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|
Less |
TAX |
0.155 |
0.020 |
(0.105) |
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|
|
PROFIT/
(LOSS) AFTER TAX |
0.169 |
0.124 |
0.276 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.498 |
3.374 |
3.098 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.667 |
3.498 |
3.374 |
|
|
|
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|
|
|
|
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|
Earnings /
(Loss) Per Share (Rs.) |
016 |
0.12 |
0.26 |
|
Expected Sales (2014-2015): Rs. 30.000 Millions
The above information has been parted by Mr. Sumit Hanuman Prasad
Agarwal (Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.20 |
0.17 |
0.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.89 |
0.50 |
0.48 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.01 |
|
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|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.15 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99 |
2.76 |
1.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
10.538 |
10.538 |
10.538 |
|
Reserves & Surplus |
8.535 |
8.659 |
8.828 |
|
Net
worth |
19.073 |
19.197 |
19.366 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
8.741 |
2.820 |
0.000 |
|
Total
borrowings |
8.741 |
2.820 |
0.000 |
|
Debt/Equity
ratio |
0.458 |
0.147 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
104.972 |
73.531 |
14.140 |
|
|
|
(29.952) |
(80.770) |
NET PROFIT MARGI
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
104.972 |
73.531 |
14.140 |
|
Profit |
0.276 |
0.124 |
0.169 |
|
|
0.26% |
0.17% |
1.20% |
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
three years |
Yes |
|
12] |
Profitability for last
three 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) |
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 |
CURRENT MATURITIES
OF LONG TERM DEBTS: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10493083 |
15/04/2014 |
100,000,000.00 |
BANK OF |
TEXTILE MARKET BRANCH, |
C04230447 |
|
2 |
90108000 |
29/10/2013 * |
120,000,000.00 |
BANK OF |
TEXTILE MARKET BRANCH, |
B88296686 |
* Date of charge modification
CHANGE OF ADDRESS
The registered office of the company has been shifted from
3,
PERFORMANCE AND
PROSPECTS:
During the year, the turnover of the company has declined as compared to previous year. The Company has achieved turnover of Rs. 14.140 Millions and has earned net profit after tax of Rs. 0.169 Million during the year. The management is planning to take various initiatives in the direction of efficient management, prudence decision making, better marketing, monitoring changing market trends to negotiate the current challenges and come out with better returns.
The Management is working out various strategies to lead the company’s way to progress and growth both in terms of revenue and profitability.
FIXED ASSETS
·
Building
Plant
and Machinery
Furniture
and Fixtures
Computer
Vehicles
Office
Equipments
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.62.15 |
|
|
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
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 |
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.