MIRA INFORM REPORT

 

 

Report No. :

344389

Report Date :

10.10.2015

 

IDENTIFICATION DETAILS

 

Name :

KHURANA CLOTHINGS PRIVATE LIMITED

 

 

Registered Office :

16-A, Behind Shop No.180, Adarsh Nagar, Jaipur – 302004, Rajasthan

Tel. No.:

91-141-2601710

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.04.2012

 

 

Com. Reg. No.:

17-038428

 

 

Capital Investment / Paid-up Capital :

Rs.4.800 Million

 

 

CIN No.:

[Company Identification No.]

U18101RJ2012PTC038428

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JPRK03908C

 

 

PAN No.:

[Permanent Account No.]

AAECK7056R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of trading of readymade garments.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 41000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2012 having satisfactory track.

 

The company is progressing well. It has achieved a significant growth in its turnover and profit during FY 2014.

 

General financial position of the company is normal and acceptable for business dealings.

 

The rating also takes into consideration company’s fair liquidity position and favorable gap between trade payables and trade receivables.

 

However, this rating strength is partially offset by limited track record of business operation.

 

Trade relations are reported as fair. Business is active. Payment terms are reported as usually correct and as per commitment.

 

The company can be considered normal for business dealings at usual 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

 

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 DENIED BY

 

Name :

Mr. Rohit Bhatia

Designation :

Director

Contact No.:

91-9352144466

Date :

09.10.2015

 

LOCATIONS

 

Registered Office :

16-A, Behind Shop No.180, Adarsh Nagar, Jaipur – 302004, Rajasthan, India 

Tel. No.:

91-141-2601710

Fax No.:

Not Available

E-Mail :

manid_1984@yahoo.com

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Rohit Bhatia

Designation :

Director

Address :

111, Taneja Block, Adarsh Nagar, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

16.05.1966

Date of Appointment :

30.09.2013

DIN No.:

05319176

 

 

Name :

Mr. Anshu Bhatia

Designation :

Director

Address :

111, Taneja Block, Adarsh Nagar, Raja Park, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

10.09.1971

Date of Appointment :

02.04.2012

DIN No.:

05233745

 

 

Name :

Mr. Anil Verma

Designation :

Director

Address :

4/269, Jawahar Nagar, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

25.04.1963

Date of Appointment :

02.04.2012

DIN No.:

05233753

 

 

Name :

Mr. Ayush Khurana

Designation :

Director

Address :

J-74, Ashok Chowk, Adarsh Nagar, Jaipur - 302004, Rajasthan, India

Date of Birth/Age :

03.11.1989

Date of Appointment :

02.04.2012

DIN No.:

05233736

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Anshu Bhatia

 

160000

Anil Verma

 

160000

Ayush Khurana

 

160000

Total

 

480000

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of trading of readymade garments.

 

 

Products :

Readymade Garments

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

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

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Banker Name

HDFC Bank Limited

Branch Address

HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, 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

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term loans from banks

0.507

0.594

SHORT TERM BORROWING

 

 

Overdraft limit from HDFC Bank

9.156

9.675

Total

9.663

10.269

 

Note:

 

LONG TERM BORROWING:

 

Details of securities/term and conditions of the above long term borrowings are as under:

 

  1. Vehicle loan from HDFC Bank Limited is secured against respective vehicle. Interest Rate is 10.50% p.a. The loan is repayment in 36 equited monthy installment of Rs.0.032 Million started from December-2012 and last EMI will falls due in November-2015.
  2. Vehicle loan from ICICI Bank Limited is secured against respective vehicle. Interest Rate is 10.99% p.a. The loan is repayment in 36 equited monthly installment of Rs.0.015 Million started from November-2013 and last EMI will falls due in October-2016
  3. There has been no continuing default on the balance sheet date in repayment of loan and interest.

 

SHORT TERM BORROWING

 

  1. Cash Credit facility to the extent of Rs.10.000 Million from HDFC Bank Limited on interest rate of 12.55% p.a. is secured by hypothecation of stock and debtors.
  2. There has been no defaults in repayment of any of the loans or interest thereon as at the end of the year.

 

Auditors :

 

Name :

Sareen Satish and Company

Chartered Accountants

Address :

S-14, Shopping Center, Tilak Nagar, Jaipur – 302004, Rajasthan, India

PAN No.:

AAKFS1866L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs.5.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

480000

Equity Shares

Rs.10/- each

Rs.4.800 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

4.800

4.800

(b) Reserves & Surplus

 

9.383

4.332

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

14.183

9.132

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

0.507

0.594

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

0.000

0.000

(d) long-term provisions

 

0.000

0.000

Total Non-current Liabilities (3)

 

0.507

0.594

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

15.256

15.225

(b) Trade payables

 

26.803

21.375

(c) Other current liabilities

 

2.992

2.913

(d) Short-term provisions

 

2.330

1.998

Total Current Liabilities (4)

 

47.381

41.511

 

 

 

 

TOTAL

 

62.071

51.237

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

2.115

2.040

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

0.000

0.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.000

0.000

(c) Deferred tax assets (net)

 

0.081

0.030

(d)  Long-term Loan and Advances

 

0.400

0.400

(e) Other Non-current assets

 

0.060

0.090

Total Non-Current Assets

 

2.656

2.560

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

22.176

15.780

(c) Trade receivables

 

31.945

28.460

(d) Cash and cash equivalents

 

1.792

2.373

(e) Short-term loans and advances

 

3.472

2.034

(f) Other current assets

 

0.030

0.030

Total Current Assets

 

59.415

48.677

 

 

 

 

TOTAL

 

62.071

51.237

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

 

163.578

129.506

 

Other Income

 

0.039

0.040

 

TOTAL

 

163.617

129.546

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases of Stock-in-Trade

 

149.033

127.848

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(6.395)

(15.780)

 

Employees benefits expense

 

6.136

3.977

 

Other expenses

 

4.971

5.153

 

TOTAL

 

153.745

121.198

 

 

 

 

 

Less

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

 

9.872

8.348

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

1.994

1.691

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

7.878

6.657

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

0.569

0.376

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

7.309

6.281

 

 

 

 

 

Less

TAX

 

2.258

1.949

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

5.051

4.332

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

 

4.332

0.000

 

 

 

 

 

 

Balance Carried to the B/S

 

9.383

4.332

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

10.52

9.02

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

31.03.2014

31.03.2013

Current Maturities of Long term debt

 

0.493

0.310

Cash generated from operations

 

NA

NA

Net cash flows from

 

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

 

3.09

3.35

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)
 

6.04

6.45

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

11.79

12.27

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.52

0.69

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
 

1.15

1.77

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.25

1.17

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Share Capital

4.800

4.800

Reserves & Surplus

4.332

9.383

Net worth

9.132

14.183

 

 

 

long-term borrowings

0.594

0.507

Short term borrowings

15.225

15.256

Current Maturities of Long Term Debt

0.310

0.493

Total borrowings

16.129

16.256

Debt/Equity ratio

1.766

1.146

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

129.506

163.578

 

26.309

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Sales

129.506

163.578

Profit

4.332

5.051

 

3.35%

3.09%

 

 

 

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

No

17

Details of sister concerns

No

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 two years

Yes

27

Reasons for variation <> 20%

----------------------

28

Estimation for coming financial year

No

29

Profitability for last two 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

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

From Directors

3.800

3.250

From Relatives of directors or shareholders

2.300

2.300

Total

6.100

5.550

 

 

INDEX OF CHARGES

 

S.  NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10363089

24/09/2014 *

15,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA

C25474974

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Furniture and Fixtures
  • Vehicles
  • Office Equipment
  • Others

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration:

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime:

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws:

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards:

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government:

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package:

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report:

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.78

UK Pound

1

Rs.99.54

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY 

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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.