MIRA INFORM REPORT

 

 

Report Date :

14.12.2007

 

IDENTIFICATION DETAILS

 

Name :

R KUMAR SPUN -TEX PRIVATE LIMITED

 

 

Registered Office :

3701, Phase IV, GIDC Vatva, Ahmedabad 382445, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

18.05.1988

 

 

Com. Reg. No.:

04-10729

 

 

CIN No.:

[Company Identification No.]

U18109GJ1988PTC010729

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMR01084G

 

 

PAN No.:

[Permanent Account No.]

AAACR9259F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporters and Suppliers of different types of dress materials, dyed dress materials and various other apparels.

 

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 7800

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company.  Trade relations are fair.  Business is active.  Payments are reported as usually correct and as per commitments.

 

The Company can be considered normal for business dealing at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

3701, Phase IV, GIDC, Vatva, Ahmedabad 382445, Gujarat, India

Tel. No.:

91-79-25842277 / 25840725

Fax No.:

91-79-25840377

 

DIRECTORS

 

Name :

Mr. Kalidas R. Ahuja

Designation :

Director

Address :

34, Krishna Kunj Society, Kankaria Mani Nagar, Ahmedabad, Gujarat

Date of Appointment :

20.05.1988

 

 

Name :

Mr. Ramkishan R. Ahuja

Designation :

Director

Address :

34, Krishna Kunj Society, Kankaria Mani Nagar, Ahmedabad, Gujarat

Date of Appointment :

20.05.1988

 

 

Name :

Mr. Rajendra  Ahuja

Designation :

Director

Mobile No. :

91-9898098739 / 9352115161 / 9825009770

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Ramkrishna Kalidas Ahuja

 

5065

Rajendra Ramkrishna Ahuja

 

2440

Nilu Rajendra Ahuja

 

4527

Varun Rajendra Ahuja

 

2968

Total

 

15000

 

 

 

Equity Share Break-up

 

Percentage of Holding

Directors or relatives of the Directors

 

98.67

Other

 

1.33

Total

 

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporters and Suppliers of different types of dress materials, dyed dress materials and various other apparels.

 

 

Products :

Ø       Trousers

Ø       Shirts

Ø       Suiting and Shirting Materials

Ø       Plain dyed dress material

Ø       Uniform [Industrial and School]

 

GENERAL INFORMATION

 

No. of Employees :

25

 

 

Bankers :

Bank of Baroda

Sarangpur Darwaja Branch, Near Chetan Cloth Market, Sarangpur, Ahmedabad 380001, Gujarat, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Pritam K. Sadhwani and Company

Chartered Accountants

Address :

Navjivan Ashram Road, Ahmedabad 380014, Gujarat, India

 

 

Memberships :

Ø       CETT of Green Environment

Ø       AMA

Ø       ATIRA

Ø       The Green Environment Service Co-Operative Society Limited

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30000

Equity Shares

Rs. 100/- each

Rs.3.000 Millions 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

15000

Equity Shares

Rs. 100/- each

Rs. 1.500 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

 

1.500

1.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.461

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

1.961

1.500

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.405

1.335

2] Unsecured Loans

 

4.774

3.046

TOTAL BORROWING

 

5.179

4.381

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

7.140

5.881

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

4.294

2.497

Capital work-in-progress

 

0.000

0.224

 

 

 

 

INVESTMENT

 

0.010

0.230

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

8.703

6.306

 

Sundry Debtors
 

5.028

4.509

 

Cash & Bank Balances
 

0.644

1.039

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

4.409

1.531

Total Current Assets
 

18.784

13.385

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

15.948

10.495

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

15.948

10.495

Net Current Assets
 

2.836

2.890

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.040

 

 

 

 

TOTAL

 

7.140

5.881

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

10.77

9.91

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.17

1.27

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8

 

Corporate identity number of the company

U18109GJ1988PTC010729

Name of the company

R KUMAR SPUN -TEX PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

3701, Phase IV, GIDC, Vatva, Ahmedabad 382445, Gujarat

This form is for

Creation of Charge

Type of charge

Equitable mortgage or mortgage of property by depositing the title deeds

Particular of charge holder

Bank of Baroda

Sarangpur Darwaja Branch, Near Chetan Cloth Market, Sarangpur, Ahmedabad 380001, Gujarat, India

Nature of instrument creating charge

1.       Hypothecation agreement dated 17.03.2006 in favour of Bank of Baroda

2.       Memo of Deposit  of Title Deeds by way of first charge of mortgager’s immovable properties bearing Lease Hold Plot No. 3701 in the Vatva Industrial Estate of Gujarat Industrial Development Corporation situated on Survey No. 414/p, 425/p, Mouje Ramol, Taluka Dascroi District Ahmedabad, Gujarat

Date of instrument Creating the charge

17.03.2006

Amount secured by the charge

Rs. 5.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Cash Credit Limits as under :

[Hypothecation of Goods and Book Debts]

Rs. 0.000050 Millions

 

Rate of Interest

9.75%

Margins :

 

Finished Goods

25%

Book Debts

50%

To be reviewed every year

 

 

 

Sub Limits :

 

BP/BD

 

Security

Rs. 2.500 Millions

Exchange/Commission as per  Bank Guidelines to be reviewed every year

BP Agreement

 

 

Sub Limits :

 

PC/FBP/FBD

 

Margin

Rs. 2.500 Millions

Raw material, Stock in process, Colour Chemicals to be reviewed every year

10%

   

Particulars of the property charged

Lease Hold Plot No. 3701 in the Vatva Industrial Estate of Gujarat Industrial Development Corporation, situated on Survey No. 414/p, 425/p, Mouje Ramol, Taluka, Dascroi District Ahmedabad, Gujarat

 

 

AS PER WEBSITE DETAILS:

 

Profile:

Subject was incepted in the year 1992 with an ambition to make its own identity in the textile industry. Under the spectacular guidance of Mr. Varun Ahuja the company has achieved great accolades. They are manufacturers, exporters and suppliers of different types of dress materials, dyed dress materials, and various other apparels. With 12 years of thorough experience in the industry they strive to progress ahead with self motivation as their guide.

 

Although they face cut throat competition in the industry yet they have been able to prove their potentials by supplying premium quality products to their customers. Their product range is inexhaustible and irresistible. They manufacture, export and supply -

The materials and apparels are available in different designs and patterns. Their designers have a creative and innovative acumen to develop new styles and designs for their customers providing them choice and variety.

 

Their products are made of fabrics which provide comfort coupled with style and durability. The procedure of manufacturing, exporting and supply of their materials and apparels is under inspection at all levels to ensure flawless quality. To yield products of international standards stringent quality control measures are followed. Their products are in great demand in quality conscious and competitive markets. Fine and skin friendly raw material is used for comfort and fitting. Use of immaculate raw material and hi-tech manufacturing course refines the texture and gives a smooth fall to the material.

 

The demand of their materials and apparels has increased over the past years. Their organization is gaining visibility and recognition in both domestic and international markets. Their network of clients is satisfied and convinced groups who appreciate and recommend their products. With this towering success they hope to grow further as an enterprise with steady achievements to their credit.

 

 

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. 39.37

UK Pound

1

Rs. 80.49

Euro

1

Rs. 57.92

 

 

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

 

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

 

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

 

 

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