MIRA
INFORM REPORT
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Report No. : |
309893 |
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Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ROVERCO APPAREL COMPANY PRIVATE LIMITED |
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Registered Office
: |
No. 37, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.07.2003 |
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Com. Reg. No.: |
18-051145 |
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Capital Investment
/ Paid-up Capital : |
Rs.860.235 Millions |
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CIN No.: [Company Identification
No.] |
U70109TN2003PTC051145 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCR4890A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is engaged in manufacture and exports of
Readymade Garments including men's, ladies and children wear. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 65400 |
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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 constrained on account of company’s moderate financial risk
profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow. 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2014.
LOCATIONS
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Registered Office/ Factory / Head Office : |
No. 37, T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
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Tel. No.: |
91-44-24661690 (10 Lines) |
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Fax No.: |
91-44-24661534 / 24661388 / 24941801 |
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E-Mail : |
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Website : |
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Branch : |
No. 6 (SP), Sidco Industrial Estate, Guindy, Chennai – 600032, Tamilnadu, India |
DIRECTORS
As on 16.09.2013
|
Name : |
Mr. Gurvinder Singh Saluja |
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Designation : |
Director |
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Address : |
Old No 315, New No.8-H, Ceebros River Heights Apts, Village Road,
Nungambakkam, Chennai - 600034, Tamilnadu
, India |
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Date of Birth/Age : |
22.12.1963 |
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Date of Appointment : |
29.10.2012 |
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DIN No.: |
01876095 |
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Other Directorship:
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Name : |
Mr. Ramamurthy Suresh Kumar |
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Designation : |
Director |
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Address : |
5.1.C, Ceebros Orchid, 33.263 Velachery Main Road, Velachery, Chennai
- 600042, Tamilnadu, India |
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Date of Appointment : |
11.07.2014 |
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DIN No.: |
06556692 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Satheeshini T |
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Designation : |
Secretary |
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Address : |
204 Eathamozhi Road, Vaithiyanathapuram Kottar, Nagercoil Kanyakumari
District - 629002, Tamilnadu, India |
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Date of Birth/Age : |
20.02.1977 |
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Date of Appointment : |
20.04.2013 |
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PAN No.: |
CUFPS5342J |
MAJOR SHAREHOLDERS
As on 16.09.2013
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Names of Shareholders |
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No. of Shares |
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Harinder Singh Mendhi |
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19543966 |
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Harbinder Singh Mendhi |
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22511796 |
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Gurbinder Singh Mendhi |
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19189786 |
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Rattha Infrastructure Private Limited, India |
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7088000 |
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Rattha Holding Company Private Limited, India |
|
2690000 |
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Total |
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71023548 |
As on 19.03.2014
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Names of Allottees |
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No. of Shares |
|
Estra IT Park Private Limited, India |
|
15000000 |
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Total |
|
15000000 |
Equity Share Break up (Percentage of Total Equity)
As on 16.09.2013
|
Category |
Percentage |
|
Bodies corporate |
13.77 |
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Directors or relatives of Directors |
86.23 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in manufacture and exports of
Readymade Garments including men's, ladies and children wear. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· ABN Amro Bank N.V, New No.18; Old No.19/1; Haddows Ruad, Chennai - 600008, Tamilnadu, India · Punjab and Sind Bank, International Banking Division, 770 A, Spencers Towers, Anna Salai, Chennai - 600002, Tamilnadu, India |
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Facilities : |
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Auditors : |
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Name : |
Karpagam and Company Chartered Accountants |
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Address : |
(Old No.21), Balaji Avenue, First Street, T Nagar, Chennai – 600017, Tamilnadu, India |
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PAN No.: |
AAFFK6739H |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiary Company
: |
Roverco Clothing Company Private Limited CIN No.: U17120TN2007PTC064178 |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86600000 |
Equity Shares |
Rs.10/- each |
Rs.866.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86023548 |
Equity Shares |
Rs.10/- each |
Rs.860.235 Millions |
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 |
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|
|
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(a) Share Capital |
860.235 |
710.235 |
515.975 |
|
(b) Reserves & Surplus |
(837.348) |
(687.893) |
(252.680) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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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) |
22.887 |
22.342 |
263.295 |
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(3)
Non-Current Liabilities |
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|
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(a) long-term borrowings |
1045.073 |
671.506 |
1096.739 |
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(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 |
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Total Non-current Liabilities (3) |
1045.073 |
671.506 |
1096.739 |
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(4) Current Liabilities |
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|
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(a) Short term borrowings |
128.800 |
252.038 |
151.084 |
|
(b) Trade payables |
91.370 |
33.820 |
22.599 |
|
(c) Other current
liabilities |
71.543 |
76.347 |
109.206 |
|
(d) Short-term provisions |
0.000 |
2.252 |
0.791 |
|
Total Current Liabilities (4) |
291.713 |
364.457 |
283.680 |
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TOTAL |
1359.673 |
1058.305 |
1643.714 |
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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 |
63.923 |
74.733 |
95.958 |
|
(ii) Intangible Assets |
1.355 |
1.979 |
3.299 |
|
(iii) Capital
work-in-progress |
1.178 |
1.178 |
1.178 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
48.181 |
39.325 |
39.325 |
|
(c) Deferred tax assets (net) |
1.242 |
1.507 |
1.073 |
|
(d) Long-term Loan and Advances |
95.207 |
482.277 |
104.675 |
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(e) Other Non-current assets |
289.961 |
294.373 |
293.761 |
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Total Non-Current Assets |
501.047 |
895.372 |
539.269 |
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(2) Current assets |
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
453.462 |
428.510 |
566.450 |
|
(c) Trade receivables |
227.921 |
76.794 |
387.143 |
|
(d) Cash and cash
equivalents |
57.259 |
(465.681) |
3.360 |
|
(e) Short-term loans and
advances |
119.984 |
123.310 |
23.891 |
|
(f) Other current assets |
0.000 |
0.000 |
123.601 |
|
Total Current Assets |
858.626 |
162.933 |
1104.445 |
|
|
|
|
|
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TOTAL |
1359.673 |
1058.305 |
1643.714 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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INCOME |
NA |
NA |
NA |
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EXPENSES |
NA |
NA |
NA |
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PROFIT/(LOSS)
BEFORE TAX |
(149.191) |
(435.647) |
(690.961) |
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Lepss |
TAX |
(0.265) |
(0.434) |
(1.073) |
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PROFIT/(LOSS)
AFTER TAX |
(149.456) |
(435.213) |
(689.888) |
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|
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Earnings /
(Loss) Per Share (Rs.) |
(1.74) |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
51.29 |
41.34 |
4.74 |
|
|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
2.94 |
0.45 |
3.89 |
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 |
515.975 |
710.235 |
860.235 |
|
Reserves & Surplus |
(252.680) |
(687.893) |
(837.348) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Net
worth |
263.295 |
22.342 |
22.887 |
|
|
|
|
|
|
Long Term borrowings |
1096.739 |
671.506 |
1045.073 |
|
Short Term borrowings |
151.084 |
252.038 |
128.800 |
|
Total
borrowings |
1247.823 |
923.544 |
1173.873 |
|
Debt/Equity
ratio |
4.739 |
41.337 |
51.290 |
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
three years |
No |
|
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 |
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from others |
0.000 |
104.189 |
|
Other loans and advances |
460.200 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
128.800 |
252.038 |
|
Total |
589.000 |
356.227 |
CORPORATE
INFORMATION:
The Company is engaged in manufacture and exports of Readymade Garments including men's, ladies and children wear. The Company caters to the international market only. The Company exports to United Kingdom, Europe and South Africa with major contribution of 70% to United Kingdom.
BUSINESS
OVERVIEW:
The Revenue from operations has increased during the year. The Company is planning to increase the sales Turnover in the upcoming days. Measures are in implementation to reduce the operational costs. The management is planning to include new clients into its profile
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10202137 |
30/01/2014 * |
505,000,000.00 |
Punjab and Sind Bank |
International Banking Division, 770 A, Spencers Towers, Anna Salai, Chennai, Tamil Nadu - 600002, India |
B96762380 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.62.18 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--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 |
|
26 |
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.