MIRA
INFORM REPORT
|
Report Date : |
23.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SRI BHAGIRATH TEXTILES LIMITED |
|
|
|
|
Registered Office : |
Sarvoday Cloth Market, Gandhi Bagh, Nagpur – 440002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2003 |
|
|
|
|
Date of Incorporation : |
27.02.1991 |
|
|
|
|
Com. Reg. No.: |
11-60542 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17100MH1991PTC060542 |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturers of Polyester Viscose Yarn and Cotton Bales |
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 325000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. Nothing adverse reported. 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 : |
Sarvoday Cloth Market, Gandhi Bagh, Nagpur – 440002, Maharashtra,
India |
|
Tel. No.: |
91-712-2769035 / 2777206 |
|
Fax No.: |
91-712-2765845 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Ramesh Rander |
|
Designation : |
Managing Director |
|
Address : |
Sarvoday Cloth Market, Gandhi Bagh, Nagpur – 440002, Maharashtra,
India |
|
Date of Birth/Age : |
17.12.1961 |
|
Date of Appointment : |
27.02.1991 |
|
|
|
|
Name : |
Mr. Madhusudan Rander |
|
Designation : |
Director |
|
Address : |
111/112, Shastri Nagar, Cittorgarh, Rajasthan |
|
Date of Birth/Age : |
12.09.1958 |
|
Date of Appointment : |
01.07.1995 |
|
|
|
|
Name : |
Mr. Shrigopal Rander |
|
Designation : |
Director |
|
Address : |
115, Bashyakaralu Road, West R. S. Puram, Coimbatore |
|
Date of Birth/Age : |
09.09.1948 |
|
Date of Appointment : |
01.07.1995 |
|
|
|
|
Name : |
Mr. Anurag Rander |
|
Designation : |
Director |
|
Address : |
115, Bashyakaralu Road, West R. S. Puram, Coimbatore |
|
Date of Birth/Age : |
22.02.1974 |
|
Date of Appointment : |
30.09.1996 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh B. Rander |
|
565000 |
|
Madhusudan B. Rander |
|
215000 |
|
Bhagirath R. Rander – HUF |
|
128500 |
|
Anju Anil Laturia |
|
15000 |
|
Anil Ramswaroop Laturia |
|
20000 |
|
Ramesh B. Rander Natural Guardian of Master Anirudha Rander |
|
87500 |
|
Anurag S. Rander |
|
180000 |
|
Bhagirath S. Rander – HUF |
|
40000 |
|
Bhagirath R. Rander |
|
450000 |
|
Madhusudan B. Rander Natural Guardian of Master Govind Rander |
|
60000 |
|
Hemant T Surjan – HUF |
|
20000 |
|
Kavita B. Shah |
|
3000 |
|
Shrigopal B Rander |
|
200000 |
|
Srikanta S Rander |
|
410000 |
|
Shrigopal B Rander – HUF |
|
40000 |
|
Madhusudan B. Rander – HUF |
|
80000 |
|
Madhusudan B. Rander Natural Guardian of Master Praveen Rander |
|
32000 |
|
Ushadevi M Rander |
|
150000 |
|
Ramesh B. Rander – HUF |
|
100000 |
|
Saroj R. Rander |
|
639500 |
|
Ramesh B. Rander Natural Guardian of Master Rohit Rander |
|
185000 |
|
Rantankanwar T Surjan |
|
15000 |
|
Santosh Maheshwari |
|
20000 |
|
Bharti A Rander |
|
200000 |
|
Praveen Madhusudan Rander |
|
267500 |
|
Girish B Vyas |
|
36000 |
|
Jagdish S Sharma |
|
11000 |
|
Shrigopal Rameshkumar Sales Private Limited |
|
500000 |
|
Mitushi Fincap Private Limited |
|
930000 |
|
Mahesh Commercial Services Private Limited |
|
150000 |
|
Anshika Commercial Services Private Limited |
|
150000 |
|
Total |
|
5900000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Polyester Viscose Yarn and Cotton Bales |
|
|
|
|
Products : |
Polyester Viscose Yarn Cotton Bales Yarn [Spinning] PV / PC / Cotton Yarn |
GENERAL
INFORMATION
|
No. of Employees : |
700 |
|
|
|
|
Bankers : |
State Bank of India Industrial Finance Branch, 05 Sai Complex, Amravati Road, Bharat Nagar, Nagpur |
|
|
|
|
Facilities : |
Medium Term Loan in Rs. 50.000 Millions Demand Cash Credit in Rs. 22.500 Millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
C L Nathani and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5900000 |
Equity Shares |
Rs. 10/- each |
Rs. 59.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
No subsequent financials could be available from any sources.
Management remained non-cooperative during current investigation.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
59.000 |
56.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
23.716 |
6.076 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
82.716 |
62.076 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
86.745 |
67.288 |
|
|
2] Unsecured Loans |
|
84.520 |
73.629 |
|
|
TOTAL BORROWING |
|
171.265 |
140.917 |
|
|
DEFERRED TAX LIABILITIES |
|
8.264 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
262.245 |
202.993 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
132.332 |
121.809 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.002 |
0.002 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
|
|
|
Sundry Debtors |
|
|
|
|
|
Cash & Bank Balances |
|
198.061 |
113.091 |
|
|
Other Current Assets |
|
|
|
|
|
Loans & Advances |
|
|
|
|
Total
Current Assets |
|
198.061 |
113.091 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
68.245 |
32.035 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
68.245 |
32.035 |
|
|
Net Current Assets |
|
129.816 |
81.056 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.095 |
0.126 |
|
|
|
|
|
|
|
|
TOTAL |
|
262.245 |
202.993 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
|
|
Sales Turnover |
|
581.438 |
512.682 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
581.438 |
512.682 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
15.091 |
0.389 |
|
|
Provision for Taxation |
|
6.868 |
0.031 |
|
|
Profit/(Loss) After Tax |
|
8.223 |
0.358 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries & Wages |
|
8.025 |
5.507 |
|
|
Rent and Royalty |
|
0.033 |
0.024 |
|
|
Interest |
|
9.631 |
10.223 |
|
|
Other Expenses |
|
548.659 |
496.538 |
|
Total Expenditure |
|
566.348 |
512.292 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
|
1.41 |
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.60 |
0.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.57 |
0.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.18 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.90 |
2.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.90 |
3.53 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was
incorporated on 27.02.1991 under the name of “Bhagirath Textiles Industries
Private Limited”.
Its name was
changed to “Bhagirath Textiles Industries Limited” on 28th January,
1997.
Again its name was
changed to present.
Business
To carry on anywhere in India or abroad, the
business of spinning, weaving of
manufacturing or dealing in cotton, cotton yarn, fibers, all types of synthetic
yarn or other fibrous substances and the preparation, dyeing or coloring
of any of the said substances, yarn,
fibre and the sale of yarn, fibre, cloth or other manufactured fibrous
products.
Bankers Charges
Report as per Registry
|
Name of the company |
SRI BHAGIRATH TEXTILES LIMITED |
|||||||||||||||||||||||||||
|
Presented By |
State Bank of India Industrial Finance Branch, Nagpur |
|||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Agreement for
Hypothecation of Goods and Assets dated 28.07.1997 for Rs. 72.500 Millions Letter advising
the grant of Individual Limited [Form C-5] dated 28.07.1997, For Rs. 72.500
Millions Arrangement
letter dated 28.07.1997 |
|||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 22.500 Millions
by way of Demand Cash Credit against hypothecation of stock and book dents
and Rs. 50.000 Millions by way of Medium Term Loan Total Rs. 72.500 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 |
Facility Medium Term Loan in Rs. 50.000 Millions Demand Cash Credit in Rs. 22.500 Millions Security Equitable mortgage in favour of State Bank of India, Industrial
Finance Branch, Nagpur the Company’s immovable property i.e. Factory Plot at
Survey No 36 and 39 adm. 2.79 hectors, situated at village Mohali, Taluka
Kalmeshwar, Nagpur, Factory Building, Godown adm block and other buildings,
jetc Erected on the said land |
|||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Rate : 2 % above SBAR minimum 16.5 % p.a. effective rate 17.25 % p.a.
inclusive of interest tax with quarterly rests, subject to changes from time
to time as per the RBI / Bank’s policy. Margin
Cover period for
book debts 40 days Repayment. Repayment The term loan will
be repaid in 20 quarterly installments of Rs. 2.500 Millions each. Repayment
commencing nine months after the date of the first disbursement. The demand
Cash Credit limit will be repaid on demand. |
|||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Industrial Finance Branch, 05 Sai Complex, Amravati Road, Bharat Nagar, Nagpur |
|||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Letter regarding
the grant of individual limits within the overall limit dated 05.01.2004 |
|||||||||||||||||||||||||||
|
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. |
By present
modification additional cash credit limit of Rs. 20.000 Millions and term
loan of Rs. 5.000 Millions was sanctioned and Term Loan of Rs. 50.000
Millions was repaid. The bifurcation
is as under Rs in Millions
|
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.44.17 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.58.22 |
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 |
|
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