MIRA INFORM REPORT

 

 

Report No. :

333802

Report Date :

30.07.2015

 

IDENTIFICATION DETAILS

 

Name :

RAJKIRAN FABRICS PRIVATE LIMITED

 

 

Registered Office :

66/72, Manohar Building, 1st Floor, Off. No.4, Dadiseth Agiary Lane, Mumbai – 400002, Maharashtra

Tel. No.:

91-22-22064175/ 22064878/ 32429443

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.08.2007

 

 

Com. Reg. No.:

11-173418

 

 

Capital Investment / Paid-up Capital :

Rs. 0.100 Million

 

 

CIN No.:

[Company Identification No.]

U17120MH2007PTC173418

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR22660B

 

 

PAN No.:

[Permanent Account No.]

AADCR7776C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of Textile Goods mainly in Shirting.

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Rating takes into consideration below average financial risk profile of the company marked by weak networth base, small cash balance, low net profit margin and huge external borrowings taken by the company which may act as threat to its liquidity position.

 

Profitability of the company is under pressure. Subject has achieved better growth in sales turnover of the company during FY 2014.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow.

 

Subject 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 – 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

 

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 31-03-2013.

 

 

LOCATIONS

 

Registered/ Sales Office :

66/72, Manohar Building, 1st Floor, Off. No.4, Dadiseth Agiary Lane, Mumbai – 400002, Maharashtra, India

Tel. No.:

91-22-22064175/ 22064878/ 32429443

Fax No.:

Not Available

E-Mail :

cadileepprithvi@gmail.com

 

 

Factory :

Phase III, B Building, Gala No. 101/102, Munisuvrat Compound, Anjur Phata, Rehnal Village, Bhiwandi – 421302, Maharashtra, India

Tel. No.:

91-2522-328321

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Jabarsingh Achalingji Purohit

Designation :

Director

Address :

Millennium Park Building No.2, Flat No. 302, Hari Om Nagar, Mulund East, Mumbai – 400081, Maharashtra, India

Date of Birth/Age :

11.06.1965

Date of Appointment :

24.08.2007

DIN No.:

00805222

 

 

Name :

Mr. Girishkumar Jabbarsingh Purohit

Designation :

Additional director

Address :

Flat No. 202, Castle Rock Tower, Hari Om Nagar, Mulund East, Mumbai – 400081, Maharashtra, India

Date of Birth/Age :

20.10.1986

Date of Appointment :

19.09.2014

DIN No.:

06966886

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Bhanwarlal A. Purohit

5000

50.00

Jabarsingh Achalingji Purohit

5000

50.00

 

 

 

Total

 

10000

100.00

 

 

 

 

AS ON 30.03.2015

 

Names of Allottees

No. of Shares

 

Mamtadevi Girish Purohit

50000

Jashodadevi Jabarsingh Purohit

50000

Girishkumar Jabarsingh Purohit

100000

Jabarsingh Purohit

250000

Jabarsingh Purohit (HUF)

150000

 

 

Total

 

600000

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Textile Goods mainly in Shirting.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Available 

Name of the Person (Designation):

Not Available 

Contact Number:

Not Available 

Since how long known:

Not Available 

Maximum limit dealt:

Not Available 

Experience:

Not Available 

Remark

Not Available 

 

 

Customers :

 

Reference:

Not Available 

Name of the Person (Designation):

Not Available 

Contact Number:

Not Available 

Since how long known:

Not Available 

Maximum limit dealt:

Not Available 

Experience:

Not Available 

Remark

Not Available 

 

 

No. of Employees :

Not Available 

 

 

Bankers :

Bank Name:

Not Available 

Branch:

Not Available 

Person Name (with Designation):

Not Available 

Contact Number:

Not Available 

Name of Account Holder:

Not Available 

Account Number:

Not Available 

Account Since (Date/ Year of A/c Opening):

Not Available 

Average Balance Maintained (Optional):

Not Available 

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Available 

Account Operation:

Not Available 

Remarks:

Not Available 

 

·         The Bharat Co-operative Bank (Mumbai) Limited

Chembur Branch, Gagangiri Complex, 18th Road, Near Ambedkar Garden, Chembur, Mumbai - 400071, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans

Loan from The Bharat Cooperative Bank Limited

(Secured against hypothecation of stocks, book debts, machinery and other assets of directors. The loan is also has mortgage of factory land and building and equitable mortgage of immovable property of HUF of a director)

13.244

15.524

Loan from The Bharat Cooperative Bank Limited

(Secured against hypothecation of stocks, book debts, machinery and other assets of directors. The loan is also has mortgage of factory land and building and equitable mortgage of immovable property of HUF of a director)

3.248

3.667

SHORT TERM BORROWINGS

 

 

Cash Credit from Bank

[Secured against hypothecation of stocks, book debts, machinery and other assets of directors. The loan is also has mortgage of factory land and building and equitable mortgage of immovable property of HUF of a director]

17.180

13.835

 

 

 

Total

 

33.672

33.026

 

Banking Relations :

--

 

 

Auditors :

 

Name :

N.G. Galgali

Chartered Accountant

Address :

Office No.7, Shivani Apartment, Tilak Road, Near Oriental Bank of Commerce, Dombivali [East], Thane – 421202, Maharashtra, India

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

AEHPG9309K

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

·         Rajshree Syntex (Exports) Private Limited

Rajshree Silk Mills

Radhika Silk Mills

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

900,000

Equity Shares

Rs. 10/- each

Rs. 9.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

610,000

Equity Shares

Rs. 10/- each

Rs. 6.100 Million

 

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

900,000

Equity Shares

Rs. 10/- each

Rs. 9.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000

Equity Shares

Rs. 10/- each

Rs. 0.100 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

0.100

0.100

0.100

(b) Reserves & Surplus

0.082

0.076

0.245

(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)

0.182

0.176

0.345

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

19.730

22.930

21.282

(b) Deferred tax liabilities (Net)

1.545

0.801

0.007

(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)

21.275

23.731

21.289

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

17.180

13.835

9.964

(b) Trade payables

18.314

22.289

6.078

(c) Other current liabilities

0.141

0.254

0.052

(d) Short-term provisions

0.191

0.216

0.091

Total Current Liabilities (4)

35.826

36.594

16.185

 

 

 

 

TOTAL

57.283

60.501

37.819

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

23.877

25.794

0.794

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

26.178

(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

0.097

0.262

0.546

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

23.974

26.056

27.518

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

15.642

4.620

0.754

(c) Trade receivables

17.145

29.328

9.180

(d) Cash and cash equivalents

0.152

0.138

0.193

(e) Short-term loans and advances

0.320

0.359

0.174

(f) Other current assets

0.050

0.000

0.000

Total Current Assets

33.309

34.445

10.301

 

 

 

 

TOTAL

57.283

60.501

37.819

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

60.963

43.829

18.598

 

 

Other Income

0.485

0.020

0.021

 

 

TOTAL                                    

61.448

43.849

18.619

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

60.506

43.070

18.422

 

 

 

 

 

 

PROFIT BEFORE TAX

0.942

0.779

0.197

 

 

 

 

 

Less

TAX                                                                 

0.936

0.949

0.063

 

 

 

 

 

 

PROFIT AFTER TAX

0.006

-0.170

0.134

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.60

(16.96)

13.41

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net Cash flow from (used in) Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.01

(0.39)

0.72

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.64

1.29

1.69

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

5.18

4.43

0.57

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

202.80

208.89

90.57

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.93

0.94

0.64

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

0.100

0.100

0.100

Reserves & Surplus

0.245

0.076

0.082

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

0.345

0.176

0.182

 

 

 

 

Long-term borrowings

21.282

22.930

19.730

Short term borrowings

9.964

13.835

17.180

Total borrowings

31.246

36.765

36.910

Debt/Equity ratio

90.568

208.892

202.802

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

18.598

43.829

60.963

 

 

135.665

39.093

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

18.598

43.829

60.963

Profit/ (Loss)

0.134

(0.170)

0.006

 

0.72%

(0.39%)

0.01%

 

 

 

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

No

8

Designation of contact person

No

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

No

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

No

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10437030

11/07/2013

15,000,000.00

THE BHARAT CO-OPERATIVE BANK (MUMBAI) LIMITED

CHEMBUR BRANCH, GAGANGIRI COMPLEX, 18TH ROAD, NR. 
AMBEDKAR GARDEN, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA

B79695151

2

10336259

03/02/2012

4,000,000.00

THE BHARAT CO-OPERATIVE BANK (MUMBAI) LIMITED

CHEMBUR BRANCH, GAGANGIRI COMPLEX, 18TH ROAD, NR. 
AMBEDKAR GARDEN, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA

B32404956

3

10286403

11/07/2013 *

33,573,000.00

THE BHARAT CO-OPERATIVE BANK (MUMBAI) LIMITED

CHEMBUR BRANCH, GAGANGIRI COMPLEX, 18TH ROAD, NR. 
AMBEDKAR GARDEN, CHEMBUR, MUMBAI, MAHARASHTRA - 400071, INDIA

B79696548

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans and advances from related parties

 

 

Directors

1.555

1.361

Others

1.683

2.378

 

 

 

Total

 

3.238

3.739

 

 

CORPORATE INFORMATION

 

The Company was incorporated in India on August 24, 2007 under the name of Rajkiran Fabrics Private Limited and is engaged in the business of manufacturing and trading of Textile Goods mainly in Shirting.


FIXED ASSETS:

 

·         Plant and Machinery

Computer

Gala

 

 

 

 

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. 63.89

UK Pound

1

Rs. 99.71

Euro

1

Rs. 70.63

 

 

INFORMATION DETAILS

 

Analysis Done by :

SAN

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

2

--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

 

--

 

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.