MIRA
INFORM REPORT
|
Report Date : |
08.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
G. M. SYNTEX PRIVATE LIMITED |
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Registered Office : |
Dhanasingh Processors Compound, Galli Vazir Glass
Works, J. B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
03.11.1999 |
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Com. Reg. No.: |
11-122522 |
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CIN No.: [Company
Identification No.] |
U17100MH1999PTC122522 |
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|
Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Weaving
and Sale of Textile Fabrics. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
700000 |
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|
Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. Financial position is good. Payments are correct and as per
commitments. The
company is doing well. It can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Dhanasingh Processors Compound, Galli Vazir Glass
Works, J. B. Nagar, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059,
Maharashtra, INDIA. |
|
Tel. No.: |
91-22-66750155 |
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Fax No.: |
91-22-77650160 |
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E-Mail : |
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Factory
1 : |
Plot No. C-38 & E-32 / 1 / 1, MIDC, Tarapur
Industrial Area, Boisar, District Thane, Maharashtra. |
|
Tel.
No.: |
91-2525-272478 |
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Fax
No.: |
91-2525-272672 |
DIRECTORS
|
Name : |
Mr. Gurbakhshish Singh |
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Designation : |
Director |
|
Address : |
4th Floor, Subeam
Apartment, North Avenue, Linking Road, Santacruz (West), Mumbai - 400 054,
Maharashtra |
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Date of Birth/Age : |
20-12-1949 |
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Date of Appointment : |
03-11-1999 |
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Name : |
Mrs. Gurdeep Kaur |
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Designation : |
Director |
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Address : |
Elnor Apartments, Linking
Road, Santacruz (West), Mumbai - 400 054, Maharashtra |
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Date of Birth/Age : |
15-08-1956 |
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Date of Appointment : |
16-06-2000 |
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Date of Ceasing : |
20.07.2005 |
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Name : |
Mr. S.
Dalbir Singh |
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Designation : |
Director
|
|
Address : |
Sundean Apartments, Linking
Road, North Avenue, Santacruz (West), Mumbai - 400 054, Maharashtra |
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Date of Birth/Age : |
24.08.1981 |
|
Date of Appointment : |
20.07.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Gurbakhshish Singh |
|
164100 |
|
Smt Ravinder G. Kaur |
|
18100 |
|
Mr. S. Dalbir Singh |
|
18100 |
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Total |
|
200200 |
BUSINESS DETAILS
|
Line of Business : |
Weaving
and Sale of Textile Fabrics. |
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|
|
|
Products : |
·
Fabrics · Grey Fabrics |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Finished Fabrics |
Quantity (mtrs) |
|
|
2292155.200 |
GENERAL
INFORMATION
|
Suppliers : |
v
Microsynth Fabrics (India) Limited v
Fairdeen Firmaments Limited v
Sunfab Silk Mills Limtied v
Garden Silk Mills Limited v
Reliance Sales and Industries Limited v
Century Enka Limited v
Khandelwal Polyster Private Limited v
Pee Gee Fabrics Limited v
Rawalwasia Yarn Dyeing Private Limited v
Reliance Chemotex Industries Limited v
Shree Ram Resins Private Limited v
Welspun Syntex Limited v
Silvassa Industries Limited v Supertex Industries Limited |
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|
|
|
Customers : |
v
Beekaylene Fabrics Limited v
Alendel fabrics Limited v
Super Woollen Private Limited v
Sarin Textiles Private Limited v
Kanjur Textiles India (Private) Limited v
Pakiza Textiles Limited v
Super Woollen Private Limited v
D’costa Textiles v
Golden International Private Limited v
Heena Trading Company (Private) Limited v
Sheetal Drope (India) Private Limited v
Garden Silk Mills Limited v
Ashika Saree Limited |
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|
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No. of Employees : |
250 |
|
|
|
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Bankers : |
v
Punjab
and Sind Bank Andheri
Kurla Road, J. B. Nagar, Mumbai – 400059, Maharashtra, India v
Bank of India, Andheri, Mumbai, Maharashtra v
Bank of Baroda, Tarapur, Boisar, Thane, Maharashtra v
Bank of Baroda, Andheri, Maharashtra v
Bank of Baroda, KIM v
Industrial
Development Bank of India |
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Banking Relations : |
Satisfactory
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Auditors : |
K. C. Ajmera Chartered Accountant Deshmukh Building, 3rd Floor, Deshmukh Lane, V. P.
Road, Mumbai – 400 004, Maharashtra |
|
Tel. No.: |
91-22-23094295 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200200 |
Equity shares |
Rs. 10/- each |
Rs. 2.002 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.002 |
2.002 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
172.805 |
128.584 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
174.807 |
130.586 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
6.307 |
2.048 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
6.307 |
2.048 |
|
|
DEFERRED TAX LIABILITIES |
|
0.853 |
1.024 |
|
|
|
|
|
|
|
|
TOTAL |
|
181.967 |
133.658 |
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|
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
24.853 |
20.939 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
1.975 |
1.175 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
50.827 |
21.839 |
|
|
Sundry Debtors |
|
100.814 |
31.323 |
|
|
Cash & Bank Balances |
|
4.302 |
36.319 |
|
|
Other Current Assets |
|
0.426 |
0.449 |
|
|
Loans & Advances |
|
98.045 |
72.857 |
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Total Current Assets |
|
254.414 |
162.787 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
41.700 |
9.131 |
|
|
Provisions |
|
57.585 |
42.125 |
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Total Current Liabilities |
|
99.285 |
51.256 |
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|
Net Current Assets |
|
155.129 |
111.531 |
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MISCELLANEOUS EXPENSES |
|
0.010 |
0.013 |
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|
|
|
|
|
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TOTAL |
|
181.967 |
133.658 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
380.129 |
360.820 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
59.680 |
59.236 |
|
Provision
for Taxation |
|
15.460 |
15.000 |
|
Profit/(Loss)
After Tax |
|
44.220 |
44.236 |
|
|
|
|
|
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Export
Value |
|
14.928 |
Nil |
|
|
|
|
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Import
Value |
|
2.428 |
7.052 |
|
|
|
|
|
|
Total
Expenditure |
|
320.448 |
301.584 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
11.63 |
12.26 |
|
|
|
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|
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|
Net
Profit Margin (PBT/Sales) |
(%) |
|
15.70 |
16.42 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
21.37 |
32.24 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.34 |
0.45 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.60 |
0.41 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.56 |
3.18 |
LOCAL AGENCY
FURTHER INFORMATION
During the year under review, the company’s turnover increased yet
profitability could not go up due to cost increase. The directors are looking
forward for same better cost control measure in the ensuing year go as to
increase profitability.
The company’s fixed assets of important value include plant
& machinery (Tarapur), electrical installation (Tarapur), land, motor car,
computer & fax, furniture & fixtures and office equipments.
BUSINESS
The company is engaged in manufacturing, buying, selling of all
types of suiting and shirtings, sarees and other dress materials, synthetic and
synthetic blends, cotton & cotton blends, natural and man made fibres
including cotton, staple fibre viscose, silk nylon, terylene, etc.
It also acts as an importer, trader and exporter of all the above
products.
Form 8 Particular for creation or modification of
charges
|
Corporation identity number or foreign company registrations number of the company |
U17100MH1999PTC122522 |
|
Name of the company |
G. M. SYNTEX PRIVATE LIMITED |
|
Address |
Dhanasingh Processors Compound,
Galli Vazir Glass Works, J. B. Nagar, Andheri-Kurla Road, Andheri (East),
Mumbai - 400 059, Maharashtra |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Punjab
and Sind Bank Andheri
Kurla Road, J. B. Nagar, Mumbai – 400059, Maharashtra, India |
|
Date of the instrument creating charge |
30.05.2006 |
|
Amount Secure by the charge |
Rs. 2.500 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
3.75 % and 9.75 % p.a. |
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Description of the property charge whether it is a charge on |
Plant and Machinery |
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Date of instrument modifying the charge |
05.05.2006 |
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Modification charge Charge identification number of the charge to be modified |
80005825 |
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Particulars of the Property charged |
Charge of Tsukodama jet looms and all fixed assets located at E 32/1/1 MIDC Tarapur Industrial Area Boisar, Thane |
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Particulars of the present modification |
Charge of Tsukodama jet looms and all fixed assets located at E 32/1/1 MIDC Tarapur Industrial Area Boisar, Thane first charge modification from Rs. 2.5 millions to Rs. 10.600 Millions |
|
Name of the company |
G. M.
SYNTEX PRIVATE LIMITED |
|
Presented By |
Jointly by company and Charge holder, i.e. Punjab and Sind Bank, Andheri
[East] Branch, Mumbai – 400059,
Maharashtra, India |
|
1) Date and description of instrument creating the change |
31.05.2002 Agreement for Hypothecation of goods to secure a demand cash credit i.e. Term Loan [Under Tur Scheme] |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stock of 4 Rapier-looms somet type with Dobby 3200 MM at premises in Tarapur. First charge on all the fixed assets of the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 6.5 % over RBI rate, with a minimum of 13 % p.a. Security by way of first charge. 70 % Margin to be maintained. |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab
and Sind Bank Andheri Kurla Road, J. B. Nagar, Mumbai – 400059, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
16.06.2005 agreement of hypothecation of goods to secure demand cash credit i.e. Term Loan |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Cash credit Rs. 2.500 millions on 31.05.2002 on hypothecation of goods. Again enhanced to TL of Rs. 113.400 millions on 16.06.2005 to Total Rs. 13.800 Millions on hypothecation of stock of Imported Textile Machinery. Security by way of first charge on entire fixed assets of company. Interest @ 3.70 % over RBI rate subject to minimum 9.70 % p.a. 40 % and 25 % margin to be maintained. |
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 records 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.44.99 |
|
UK
Pound |
1 |
Rs.85.34 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|