MIRA
INFORM REPORT
|
Report Date : |
24.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
EXCEL SYNTHETICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Building No 7, Mittal Industrial
Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
21.10.1997 |
|
|
|
|
Com. Reg. No.: |
11-111439 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17110MH1997PTC111439 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME03087A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Specialty Fancy
Yarns for textiles |
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 87000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Head Office : |
Building No 7, Mittal Industrial
Estate, |
|
Tel. No.: |
91-22-2850
0240, 28503013 |
|
Fax No.: |
91-22-2850
2420 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Site No. 62/4, 13, 14, 15, |
|
Tel. No.: |
91-80-32002124 |
|
Fax No.: |
91-80-25737700 / 11 |
DIRECTORS
|
Name : |
Mr. Amitabh R. Kejriwal |
|
Designation : |
Director |
|
Address : |
101, Santushti, 1st Floor, Janaki Kutir, |
|
Date of Birth/Age : |
20.11.1965 |
|
Date of Appointment : |
21.10.1997 |
|
|
|
|
Name : |
Mr. Somany B. Ramniwas |
|
Designation : |
Director |
|
Address : |
Flat No. 3, Geeta Sadan, Iraniwadi, Kandivali [West], Mumbai – 400067,
|
|
Date of Birth/Age : |
01.03.1963 |
|
Date of Appointment : |
28.02.1998 |
|
|
|
|
Name : |
Mr. Shonit Prakashchand Dalmia |
|
Designation : |
Director |
|
Address : |
701, Santhusthi Building, 7th Floor, Juhu Church Road, Janki
Kutir Society, Juhu Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Appointment : |
30.09.2006 |
|
Other Directorship : |
Konark Synthetic Limited L17200MH1984PLC033451 Konark Silk Mills Private Limited U17100MH1990PTC055288 Konark Biotech Limited L72200MH2000PLC126070 |
|
|
|
|
Name : |
Mr. Pramod Satyanarayan Kakrania |
|
Designation : |
Director |
|
Address : |
2, Ridhi Co-operative Housing Society, |
|
Date of Appointment : |
30.10.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Amitabh Kejriwal |
|
1010 |
|
Rakadevi Dalmia |
|
28520 |
|
Prakash Dalmia – HUF |
|
28000 |
|
Rakadevi Dalmia Joint With Geetadevi Dalmia |
|
144500 |
|
Kayo Investment and Finance Private Limited |
|
80000 |
|
R. B. Somany |
|
510 |
|
Geetadevi Dalmia |
|
122000 |
|
Ruchi Kejriwal |
|
4000 |
|
Shonit Dalmia |
|
35000 |
|
Total |
|
443540 |
|
|
|
|
|
Equity Share
Breakup |
|
|
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialty Fancy Yarns
for textiles |
GENERAL INFORMATION
|
Bankers : |
Indian bank Industrial
Finance Branch, Indage House, Dr. A. B. Road, Worli, Mumbai – 400018,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Bhuwania and Agrawal Associates Chartered Accountants |
|
Address : |
503/505, |
|
|
|
|
Associates/Subsidiaries : |
Konark Synthetic Limited Konark Silk Mill Private Limited Goan Real Estate And Construction Limited Panchsheel Developers (Joint Venture with Dynamix Group) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800,000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.000 Millions |
|
40,000 |
Preference Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
|
|
Total |
|
Rs. 12.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
443,540 |
Equity Shares |
Rs. 10/- each |
Rs. 4.435
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4.435 |
4.435 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
17.397 |
9.474 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
21.832 |
13.909 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
14.967 |
13.234 |
|
|
2] Unsecured Loans |
|
19.024 |
14.983 |
|
|
TOTAL BORROWING |
|
23.991 |
28.217 |
|
|
DEFERRED TAX LIABILITIES |
|
2.707 |
2.197 |
|
|
|
|
|
|
|
|
TOTAL |
|
58.530 |
44.323 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
29.312 |
30.881 |
|
|
Capital work-in-progress |
|
11.456 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT0 |
|
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10.483 |
9.654 |
|
|
Sundry Debtors |
|
1.853 |
3.722 |
|
|
Cash & Bank Balances |
|
4.858 |
0.630 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
5.586 |
2.374 |
|
Total
Current Assets |
|
22.780 |
16.380 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
4.170 |
2.792 |
|
|
Provisions |
|
0.862 |
0.170 |
|
Total
Current Liabilities |
|
5.032 |
2.962 |
|
|
Net Current Assets |
|
17.748 |
13.418 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.013 |
0.023 |
|
|
|
|
|
|
|
|
TOTAL |
|
58.530 |
44.323 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover [Including Other Income] |
|
117.983 |
75.800 |
|
|
Total Income |
|
117.983 |
75.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
9.330 |
4.596 |
|
|
Provision for Taxation |
|
-- |
-- |
|
|
Profit/(Loss) After Tax |
|
9.330 |
4.596 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.543 |
1.193 |
|
|
Depreciation & Amortization |
|
2.334 |
1.735 |
|
|
Other Expenditure |
|
104.776 |
68.357 |
|
Total Expenditure |
|
108.653 |
71.285 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
7.91 |
6.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.91 |
6.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
17.91 |
9.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.43 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.33 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.52 |
5.53 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
EXCEL SYNTHETICS
PRIVATE LIMITED |
||||||||||||||||||
|
Presented By |
Indian Bank, IFB, Indage House, |
||||||||||||||||||
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Movable Agreement of Hypothecation
of Goods receivables under advance payment guarantees / LC’s both dated
15.09.1999 creating a single garage.
|
||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 18.500
Millions |
||||||||||||||||||
|
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 |
First charge on
all present and future. Goods, produce
and Merchandise which are stored in the premises at 201,kalbadevi
Road, 3rd Floor, Mumbai – 400002 Mittal Industrial
Estate, Building No. 7, Andheri – Kurla Road, Saki Naka, Andheri [East],
Mumbai – 400059 or 25, Silvassa
Industrial Co-operative Society 66, |
||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest on Imp /
Inl @ 19.89 % p.a. Interest on OCC
and OD / BD and 4 % p.a. over the prime Lending Rate with a Min of 17.87 % p.a.
with quarterly rest. Margin OCC – 25 % of
securities hypothecated OD / Book debts :
50 % of securities hypothecated |
||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Indian bank Industrial
Finance Branch Indage House Dr. A. B. road Worli, Mumbai –
400018, |
||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Letter from
company for second charge on immovable property Hypothecation
agreement – second charge on machineries / movable |
||||||||||||||||||
|
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. |
15.09.1999 – Original
charge for Rs. 18.500 Millions against first charge by hypothecation of
Stock, Book debts and goods under L/C 13.10.1999 –
Second charge on immovable properties of the company situated at Dadra and
Nagar Haveli 15.10.1999 –
Modification of certain Terms and Conditions of the original agreement. 29.10.1999 – The
various credit facilities sanctioned by the bank are further secured
hypothecation by way of second charge on Company’s plant, machinery,
accessories and other assets stored at the Company’s factory, premises at
plot No. 25 Silvassa Industrial Co-operative Society, premises at Plot No. 25
Silvassa Industrial Co-operative Society Village Amli, Silvassa U/T of Dadra
and Nagar Haveli or in course of transit or elsewhere 29.09.2001 – The various
credit facilities granted by the bank increased and modified from Rs. 18.500
Millions to Rs. 11 Millions to secured CC Rs. 7.000 Millions, ILC Rs. 2.500
Millions and BG Rs. 1.500 Millions 28.07.2003 – The
various credit facilities granted by Banks increased to Rs. 17.223 Millions
consisting of CC Rs. 10.000 Millions. Inland / Import / LC Rs. 5.000 Millions
and Gtee Rs. 2.223 Millions. Now vide above
referred agreement dated 13.08.2003 the security by way of second charge on
immovable property of the company being all that piece and parcel of
non-agriculture land or ground adm 4400 sq. mtrs. at Village Amli, Silvassa
U/T of Dadra and Nagar Haveli together with the present and future building
and other structures erected and godowns and any thing attached to earth fro
permanent beneficial enjoyment, more particularly described in schedule B to
letter from company for second charge on immovable property given earlier has
been extended to secure the credit facilities to the extent of Rs. 17.223
Millions granted by the Bank. The said credit
facilities are also secured by way of second charge on all plant and
machinery, more particularly described in Annexure to the Hypothecation
agreement second charge on Machinery / Movable situated at Plot No. 25 Village
Amli, Silvassa U/T of Dadra and Nagar Haveli GSFC hold the
first charge on immovable property and plant and machinery of the company and
second charge is created in favour of Indian Bank |
|
Corporate
identity number of the company |
U17110MH1997PTC111439 |
|
Name of the
company |
EXCEL SYNTHETICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Building No 7, Mittal Industrial
Estate, |
|
This form is for |
Modification of Charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Indian Bank 386, Veer
Savarkar Marg, |
|
Amount secured by
the charge |
Rs. 29.466
Millions |
|
Description of the
property charged indicating whether it is a charged on |
|
|
Particulars of
the property charged |
Charge on goods,
produce, merchandise, stock stored or to be stored from time to time at Plot
No. 25 Silvassa Industrial Sty, at Building No. 7 Mittal Industrial Estate,
Andheri [East] or any other place under intimation to the bank from time to
time. All the book debts being intimated to the Bank by the Company is also
given as Security. |
|
Charge identification
number of the charge to be modified |
90142536 |
|
Brief description
of the instrument modifying the charge under section 135 |
Agreement of
Hypothecation of Movables, agreement for open Cash Credit, Agreement for increase
of Cash Credit limit and agreement of irrevocable letter of credit all dated
15.05.2006 |
|
Particulars of
the present modification |
The total credit
facilities increased from Rs. 24.202 Millions to Rs. 29.466 Millions. CCT
Limit increased from Rs. 10 Millions to Rs. 11.500 Millions, Imp / Inl
DP/DALC from Rs. 15 Millions to Rs. 25 Millions and MTL reduced from Rs.
6.879 Millions to Rs. 5.733 Millions |
AS PER
WEBSITE
Company Profile
Konark
Group was built around deep commitment to produce quality fancy yarns. Their
key to success has been the customer orientation, research & development,
their people, competitive price and different marketing channels, which the
group has developed over the years, widening their reach.
“To be
successful in any business, we believe that we need to provide something better
than our competitors”. And our company policy works towards this goal to serve
our customers needs efficiently and effectively.
KONARK
SYNTHETIC LIMITED -
Konark
Synthetic Limited is a leading manufacturer of specialty fancy synthetic yarn.
These yarns are used for weaving & knitting fancy and value added fabrics,
imparting a special touch and visually aesthetic look. The company's products
are driven by innovation
Konark
Synthetic Limited was established in the year 1989 for the manufacturing of
Speciality Fancy Yarns (Filament based).
The
company caters to the requirement of weaving and knitting industries for the
production pf Apparel fabrics for Ladies and Gents, Knit fabrics for high
fashion Ladies wear. Home textiles like curtains, furnishing and upholstery
fabrics.
This vision and foresight resulted in establishment of a speciality yarn
production plant and the first plant was established in 1989 at Silvassa. Now
there are two manufacturing units located at Silvasa, 165 Km from
Konark
Synthetic Limited also established a facility for R &D center activities
with full fledged manufacturing facility on a mini scale to provide new designs
to be used in the production of woven & knitting fabrics for ensuring 100%
quality assurance and acceptance of the speciality fancy yarns developed by the
company.
The business
process is managed in accordance with the requirement of ISO 9001(2000)
international standards.
EXCEL SYNTHETIC PRIVATE LIMITED -
Excel
Synthetic Private Limited currently manufactures synthetic specialty yarn. The
company has forayed into garments business for the production of formal and
casual trousers at
KONARK
SILK MILLS PRIVATE LIMITED -
Konark
Silk Mills Private Limited has the existing specialty yarn manufacturing setup
in Gujrat. The company has entered in the home textiles business to produce
wider width fabric with a complete in house state of the art processing
facility. Its main focus in home textiles is on curtains and upholstery
fabrics.
CONSTRUCTION
ACTIVITIES -
The
group is also engaged in construction activities. It has formed a joint venture
with large construction houses for development of large scale commercial and
residential complexes in Mumbai, New Mumbai, Thane,
Management
The
chairman and Managing Director of the company Mr. Prakash Dalmia with fine
business acumen having more than 27 years of business experience.
He
began his career with manufacturing and marketing of various types of fabrics
like Suiting , Shirting, Dress Materials. to make the revolutionary change in
the type and varieties of fabrics produced by the company. Mr. Prakash Dalmia
visualized a great need for new types of yarns to be introduced in the textile
industry.
From a
humble beginning, the company has grown into a medium scale industry over
years, under his able guidance with an installed capacity of 600 tons per
month.
Apart
from this industry, he is involved in construction and real estate business and
is associated with a large real estate groups and has many successful projects
to his credit.
Mr.
Dalmia has a fore sighted vision, and great leadership having a dedicated team
of young talented staff.
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 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.40.86 |
|
|
1 |
Rs.81.62 |
|
Euro |
1 |
Rs.55.38 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|