MIRA INFORM REPORT

 

 

Report Date :

05.02.2007

 

IDENTIFICATION DETAILS

 

Name :

CARREMAN FABRICS (INDIA) LIMITED

 

 

Registered Office :

Post Box 39, Navagaon Road, Industrial Area, Banswara – 327001, Rajasthan – 327001

 

 

Country :

India

 

 

Financials (as on) :

---

 

 

Date of Incorporation :

15.09.2005

 

 

Com. Reg. No.:

17-021321

 

 

CIN No.:

[Company Identification No.]

L18101RJ2005PLC021321

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JDHC02355D

 

 

PAN No.:

[Permanent Account No.]

AACCC6679A

 

 

Legal Form :

Closely Held Public Limited Liability Company.

 

 

Line of Business :

Subject is engaged in the business as a spinners, weavers, manufacturers, producers, ginners, pressers, packers, balers, liners, cleaners, processors, doublers, combers, wool combers, worsted spinners, woollen spinners, knitters, dyers, bleachers, calenderers, sellers, buyers, traders, brokers, stockists, importers, exporters, distributors, barterers, shippers and dealers in all kinds of threads, yarn fibres, suitings, shirtings, sarees, dress materials, ready made garments of all fabrics including waste cotton, linen, hemp, jute, wool, polyester, acrylics, silk, artificial, silk, rayon, manmade synthetic fibres, staple synthetic yarn and any other fibrous material, by-products and to treat and utilise any waste arising from any such manufacturing, production or process.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

 

 

 

Status :

New Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a new Indo-French joint venture. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Payments are reported as usually correct and as per commitments.

 

The company can be considered for small business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

Post Box 39, Navagaon Road, Industrial Area, Banswara – 327001, Rajasthan – 327001

E-Mail :

secbsw@banswarafabrics.com

Website :

http://www.banswarafabrics.com

 

 

Corporate Office :

Industrial Area, Dohad Road, Banswara , Rajasthan, India

 

DIRECTORS

 

Name :

Mr Ravi Toshniwal

Designation :

Director

Address :

6A, Altview, 7, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

01.09.1963

Date of Appointment:

07.03.2006

Directorship in other Companies:

CIN of Company :

U24302RJ1976PLC001684

Name of the Company :

Banswara Syntex Limited

Designation :

Joint Managing Director

 

 

CIN of Company :

U74899DL1978PTC009157

Name of the Company :

R R Toshniwal and Company Limited

Designation :

Director

 

 

CIN of Company :

U12100MH1981PLC023947

Name of the Company :

Shaleen Syntex Limited

Designation :

Director

 

 

Partnership held in partnership firm

Partnership Held in Partnership Firm:

Mehra International

Address :

182, Jolly maker Apartment No 3, Cuffe Parade, Mumbai – 400005, Maharashtra, India

 

 

Proprietorship Held in Partnership Firm

Dhruv Impex 

Address :

40, Gopal Bhawan ,3rd Floor, 199, Shamaldas Gandhi Marg, Mumbai – 400002, Maharashtra, India

 

 

Proprietorship Held in Partnership Firm

R R Toshniwani Enterprises

Address

Room No 204, ARA Centre, E-2, Jhandewala Extension, New Delhi – 110055, India

 

 

Name :

Mr Shyam Sunder Sajal

Designation :

Director

Address :

Blue Nile, Dohad Road, Banswara – 327001, Rajasthan, India

Date of Birth/Age :

23.01.1949

 

 

Name :

Mr Jitendra Kumar Jain

Designation :

Director

Address :

Basant Villa, Sham Ki Subzi Mandi, Gujar Mohalla, Bhilwara – 311001, Rajasthan, India

Date of Birth/Age :

03.09.1968

 

 

Name :

Mr Sanjay Maheshwari

Designation :

Director

Address :

1305, Challenger Tower IV, Thakur Village, Kandivali (East), Mumbai – 400101, Maharashtra, India 

Date of Birth/Age :

06.09.1965

 

 

Name :

Mr Henry Andureu

Designation :

Director

Address :

Syntex Staff Colony, Dohad Road, Banswara – 327001, Rajasthan, India

Date of Birth/Age :

31.08.1949

Date of Appointment:

07.03.2006

 

 

Name :

Mr Rameshwar Lal Toshniwal

Designation :

Director

Address :

11 Maker Tower ‘B’, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

22.11.1933

Date of Appointment:

09.03.2006

Directorship in other  Companies:

CIN of Company

L24302RJ1976PLC001684

Name of the company

Banswara Syntex Limited

Designation

Chairman and Managing Director

 

 

CIN of Company

L2105RJ1973PLC015819

Name of the company

APM Industries Limited transfer from West Bengal To Rajasthan)

Designation

Director

 

 

CIN of Company

L65921DL1983PLC016382

Name of the company

Mefcom Agro Industries Limited

Designation

Director

 

 

CIN of Company

U17124RJ1980PLC002005

Name of the company

Banswara Fabrics Limited

Designation

Chairman

 

 

CIN of Company

U45202MH1967PTC013800

Name of the company

Rastogi Estates and Construction Company Private Limited

Designation

Director

 

 

Proprietorship Held in Proprietorship firm :

Name :

Lawson Corporation

Address :

5th Floor, Gopal Bhawan, 199, Princess Street, Mumbai – 400002, Maharashtra, India

 

 

Name :

Eric Baisse

Designation :

Director

Address :

Syntex Staff Colony, Dohad Road, Banswara – 327001, Rajasthan, India

Date of Birth/Age :

20.12.1949

Date of Appointment:

30.03.2006

 

 

 

 

 

MAJOR SHAREHOLDERS

 

Names of  Equity Shareholders

 

No. of Shares

Banswara Syntex Limited

 

39,50,000

Carreman Michel Industry

 

39,50,000

 

 

 

 

 

 

Names of Preference Shareholders

 

No. of Shares

Carremen Michel Thierry

 

190,000

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business as a spinners, weavers, manufacturers, producers, ginners, pressers, packers, balers, liners, cleaners, processors, doublers, combers, wool combers, worsted spinners, woollen spinners, knitters, dyers, bleachers, calenderers, sellers, buyers, traders, brokers, stockists, importers, exporters, distributors, barterers, shippers and dealers in all kinds of threads, yarn fibres, suitings, shirtings, sarees, dress materials, ready made garments of all fabrics including waste cotton, linen, hemp, jute, wool, polyester, acrylics, silk, artificial, silk, rayon, manmade synthetic fibres, staple synthetic yarn and any other fibrous material, by-products and to treat and utilise any waste arising from any such manufacturing, production or process.

 

 

 

GENERAL INFORMATION

 

Bankers :

Punjab National bank

    Near Kushal Baugh Ground, Banswara – 327001, Rajasthan, India

Bank of Baroda

      Saraf Natwarlal Lekhraj Complex, Collectory Choraha, Banswara –    27001, Rajasthan, India

 

 

 

Banking Relations :

Satisfactory

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1,80,00,000

Equity Shares

Rs 10/- each

Rs 180.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1,43,00,000

Equity Shares

Rs 10/- each

Rs 143.000 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Not Available as new company.l

 

LOCAL AGENCY FURTHER INFORMATION

 

Carreman Fabrics India Ltd, a joint venture entity between Banswara Syntex and France-based Carreman Michel Thiery has started commercial production.

 

Banswara syntax today informed the Bombay Stock exchange that JV company – Carreman Fabrics India started its commercial production from 01.07..2006

 

The company had earlier entered into a 50-50 joint venture with the French company to set up a plant at Banswara in Rajasthan for weaving and exporting high value lycra-based designer fabrics.

 

The share of the company closed at Rs 102.20, up 0.39 per cent at the BSE on the 18.07.2006

 

Name of the company

CARREMAN FABRICS INDIA LIMITED

Presented By

 

1) Date and description of instrument creating the change

Agreement of Hypothecation of Plant and Machinery dated 11.03.2006

 

2) Amount secured by the charge/amount owing on the securities of charge

Rs 130.000 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

By Joint Equitable Mortgage and/or Hypothecation charges ranking pari passu with other bank/financial institutions on immovable/movable properties both present and future.

 

4) Gist of the terms and conditions and extent and operation of the charge.

Interest – BPLR + 0.5% - 1.75% i.e. 9.50%

 

Repayment – The repayment shall start from March,2008 after a moratorium period of 2 years. In the 3rd and 4th year 7.5% each, in the 5th and 6th year 12.5% each and in the last four years i.e. 7th, 8th, 9th and 10th 15% each of the loan amount will be repaid.

 

Margin - 39% by way of equity and preference shares.

 

5) Name and Address and description of the person entitled to the charge.

Punjab National bank

Near Kushal Baugh Ground, Banswara – 327001, Rajasthan, India

 

6) Date  and brief description of instrument modifying the charge

11.03.2006

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.

NA

 

 

Name of the company

CARREMAN FABRICS INDIA LIMITED

Presented By

 

1) Date and description of instrument creating the change

Agreement of Hypothecation of Plant and Machinery, Stock in Trade dated 24.03.2006

 

2) Amount secured by the charge/amount owing on the securities of charge

Rs 65.000 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

Fixed Assets, Plant and Machinery at Industrial Area, Banswara.

4) Gist of the terms and conditions and extent and operation of the charge.

Interest – 1.25% below BPLR at Present @ 9.25% p.a. with monthly rests

 

Repayment - The repayment shall be made in 8 quarterly instalments of Rs 36.526 Millions each, 8 Quarterly Instalments of rs 6.093 Millions each and 16 Quarterly Instalments of Rs 7.312 Millions each w.e.f. 31.03.2008, 31.03.201. and 31.03.2012

 

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda

Saraf Natwarlal Lekhraj Complex, Collectory Choraha, Banswara – 327001, Rajasthan, India

 

6) Date  and brief description of instrument modifying the charge

24.03.2006

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.

NA

 

 

 

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.44.13

UK Pound

1

Rs.86.40

Euro

1

Rs.56.99

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

2

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

27

 

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

 

 

 

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