MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
R KUMAR SPUN -TEX PRIVATE LIMITED |
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Registered Office : |
370111, Phase IV, GIDC Vatva, Ahmedabad 382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.05.1988 |
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Com. Reg. No.: |
04-10729 |
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CIN No.: [Company
Identification No.] |
U18109GJ1988PTC010729 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR01084G |
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PAN No.: [Permanent
Account No.] |
AAACR9259F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporters and Suppliers of different types of dress materials,
dyed dress materials and various other apparels. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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
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Registered Office : |
370111, Phase IV, GIDC Vatva, Ahmedabad 382445, Gujarat |
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Tel. No.: |
91-79-25842277 / 25840725 |
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Fax No.: |
91-79-25840377 |
DIRECTORS
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Name : |
Mr. Kalidas Ramkishan Ahuja |
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Designation : |
Director |
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Address : |
34, Krishna Kunj Society, Kankaria Mani Nagar, Ahmedabad, Gujarat |
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Date of Appointment : |
20.05.1988 |
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Name : |
Mr. Ramkishan Rajendra Ahuja |
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Designation : |
Director |
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Address : |
34, Krishna Kunj Society, Kankaria Mani Nagar, Ahmedabad, Gujarat |
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Date of Appointment : |
20.05.1988 |
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Name : |
Mr. Rajendra Ahuja |
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Designation : |
Director |
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Mobile No. : |
91-9898098739 / 9352115161 / 9825009770 |
KEY EXECUTIVES
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Name : |
Harish P Jain and Asociates |
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Designation : |
Company Secretary |
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Address : |
304, Shilp – II, Near Sales India, Ashram Road, Ahmedabad – 380 009,
Gujarat , India |
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Tel No: |
91-79-27545524 |
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Fax No: |
91-79-27545524 |
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Mobile No: |
91-98253556260 |
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Email Id: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ramkrishna Kalidas Ahuja |
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5065 |
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Rajendra Ramkrishna Ahuja |
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2440 |
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Nilu Rajendra Ahuja |
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4527 |
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Varun Rajendra Ahuja |
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2968 |
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Total |
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15000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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98.67 |
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Other |
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1.33 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporters and Suppliers of different types of dress
materials, dyed dress materials and various other apparels. |
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Products : |
Ø Trousers Ø Shirts Ø Suiting and
Shirting Materials Ø Plain dyed dress
material Ø Uniform
[Industrial and School] |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
· Bank of Baroda Sarangpur Darwaja Branch, Near Chetan Cloth
Market, Sarangpur, Ahmedabad 380001, Gujarat, India · HDFC Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pritam K. Sadhwani and Company Chartered Accountants |
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Address : |
Navjivan Ashram Road, Ahmedabad 380014, Gujarat, India |
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Memberships : |
Ø CETT of Green
Environment Ø AMA Ø ATIRA Ø The Green
Environment Service Co-Operative Society Limited |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
1.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.461 |
[0.040] |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.961 |
1.460 |
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LOAN FUNDS |
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1] Secured Loans |
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0.405 |
1.335 |
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2] Unsecured Loans |
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4.774 |
3.046 |
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TOTAL BORROWING |
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5.179 |
4.381 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.140 |
5.841 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.294 |
2.497 |
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Capital work-in-progress |
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0.000 |
0.224 |
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INVESTMENT |
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0.010 |
0.230 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.703 |
6.306 |
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Sundry Debtors |
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5.028 |
4.509 |
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Cash & Bank Balances |
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0.644 |
1.039 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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4.409 |
1.531 |
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Total
Current Assets |
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18.784 |
13.385 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.948 |
10.495 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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15.948 |
10.495 |
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Net Current Assets |
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2.836 |
2.890 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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7.140 |
5.841 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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47.178 |
31.824 |
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Other Income |
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0.248 |
0.109 |
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Total Income |
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47.426 |
31.933 |
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Profit/(Loss) Before Tax |
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0.562 |
0.153 |
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Provision for Taxation |
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0.061 |
0.055 |
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Profit/(Loss) After Tax |
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0.501 |
0.098 |
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Expenditures : |
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Depreciation & Amortization |
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0.488 |
0.344 |
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Financials Charges |
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1.196 |
0.351 |
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Other expenditure |
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43.496 |
30.390 |
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Total Expenditure |
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45.180 |
31.085 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.05 |
0.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.19 |
0.48 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.43 |
0.92 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.77 |
9.91 |
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Current Ratio (Current Asset/Current Liability) |
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1.17 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:-
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Corporate
identity number of the company |
U18109GJ1988PTC010729 |
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Name of the
company |
R KUMAR SPUN -TEX PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
370111, Phase IV, GIDC, Vatva, Ahmedabad 382445, Gujarat |
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This form is for |
Creation of Charge |
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Type of charge |
Equitable mortgage or mortgage of property by depositing the title
deeds |
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Particular of
charge holder |
Bank of Baroda Sarangpur Darwaja Branch, Near Chetan Cloth Market, Sarangpur,
Ahmedabad 380001, Gujarat, India |
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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 |
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Date of
instrument Creating the charge |
17.03.2006 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Cash Credit Limits as under :
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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 -
- Shirts
- Trousers
- Plain Dyed
Dress Material
- Suiting and
Shirting Material
- Uniform
(Industrial and School)
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 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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.57 |
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UK Pound |
1 |
Rs.79.91 |
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Euro |
1 |
Rs.56.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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