MIRA
INFORM REPORT
|
Report Date : |
27.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GRENTEX
AND COMPANY PRIVATE LIMITED |
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Registered Office : |
G R Woollen Mills
Compound, L.B.S. Marg, Post Box No. 9274, Ghatkopar (West), Mumbai – 400 086,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.09.1992 |
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Com. Reg. No.: |
11-68755 |
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CIN No.: [Company
Identification No.] |
U17110MH1992PTC068755 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08345B |
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PAN No.: [Permanent
Account No.] |
AAACG2810P |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing and Selling of Woollen
Products |
RATING & COMMENTS
|
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 : |
USD575000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track. Financial position is satisfactory. Trade relations are fair. Payments are usually correct and as per commitments. |
LOCATIONS
|
Registered Office : |
G R Woollen Mills
Compound, L.B.S. Marg, Post Box No. 9274, Ghatkopar (West), Mumbai – 400 086,
Maharashtra, India |
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Tel. No.: |
91-22-25116885
/ 6 |
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Fax No.: |
91-22-25114842 |
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E-Mail : |
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Factory : |
Plot No. 1623/24, GIDC, Sarigam, District
Vapi, Gujarat |
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Sales
Depot : |
Amritsar, Punjab |
DIRECTORS
|
Name : |
Mr. Ravikant Kapur |
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Designation : |
Director |
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Address : |
G. R. Woolen Mills Private Limited Compound, L.B.S. Marg, Ghatkopar (West), Mumbai – 400 086 |
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Date of Birth/Age : |
21.04.1952 |
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Qualification : |
B. Com. (Mumbai University) |
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Experience : |
28.09.1992 |
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Other Directorships : |
1. President of Wool Research Association, attached to the Ministry of Textiles 2. Member of Managing Committee of Indian Woollen Mills Federation 3. Currently, Chairman of Wooltexpro (Wool Industry Export Promotion Organisation) |
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Name : |
Mr. Rajeev Rajan Kapur |
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Designation : |
Director |
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Address : |
G. R. Woolen Mills Private Limited Compound, L.B.S. Marg, Ghatkopar, Mumbai – 400 086, INDIA |
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Date of Birth/Age : |
15.07.1953 |
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Date of Appointment : |
28.09.1992 |
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Name : |
Mr. Jayaprakash Shetty |
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Designation : |
Director |
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Address : |
B-101, Kusum Bharati, Dattapada Road, Borivli (East), Mumbai – 400 066 |
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Date of Birth/Age : |
16.08.1948 |
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Date of Appointment : |
18.02.1997 |
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Name : |
Mr. Shyamsunder Kapur |
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Designation : |
Director |
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Address : |
224, Queens Road, Amritsar – 143 001, Punjab |
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Date of Birth/Age : |
19.05.1925 |
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Date of Appointment : |
28.09.1992 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mrs. Sharda S. Kapur |
168000 |
4.50 |
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|
140000 |
3.75 |
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Mr. Rajeev R. Kapur |
||
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Mr. Shashikant S. Kapur |
||
|
Mr. Ravikant S. Kapur |
980000 |
26.27 |
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Mr. Rajeev Rajan Kapur |
980000 |
26.27 |
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Mr. Benu S. Kapur |
308000 |
8.25 |
|
Grentex Yarns Private Limited |
112000 |
3.00 |
|
Grentex Wools Private Limited |
112000 |
3.00 |
|
Radisson International Limited |
371153 |
9.95 |
|
Gokalchand Ratanchand Woollen Mills Private Limited |
558847 |
14.98 |
|
Total |
3730000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Woollen
Products |
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Products : |
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Exports to : |
The subject exports its’ products to Benelux,
North France, Germany, Switzerland, UK, Turkey and Iran. |
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Imports from : |
Subject imports from New Zealand and West
Europe. |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Wool Tops |
MTPA |
|
4200 |
2178125.25 |
|
Noil/Waste |
MTPA |
|
60 |
NA |
|
Worsted Yarn |
MTPA |
|
1000 |
NA |
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Non-Worsted Yarn |
MTPA |
|
2000 |
NA |
|
Dyed Wool |
MTPA |
|
600 |
NA |
GENERAL
INFORMATION
|
No. of Employees : |
About
400 |
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Bankers : |
State
Bank of India, Overseas Branch World
Trade Centre, Cuffe Parade, Mumbai – 400005 |
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Banking Relations : |
Good |
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Auditors : |
P D
Kunte and Company Chartered
Accountants Mumbai
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Subsidiaries : |
Grentex
Spinners Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3,730,000 |
Equity Shares |
Rs.10/- each |
Rs.37.300
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
37.300 |
37.300 |
|
2] Share Application Money |
|
0.000 |
0.000 |
|
3] Reserves & Surplus |
|
109.190 |
103.245 |
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
NETWORTH |
|
146.490 |
140.545 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
5.418 |
17.152 |
|
2] Unsecured Loans |
|
36.214 |
16.240 |
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TOTAL BORROWING |
|
41.632 |
33.392 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
188.122 |
173.937 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
92.783 |
85.072 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
6.428 |
5.191 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
104.316 |
30.990 |
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Sundry Debtors |
|
8.418 |
24.217 |
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Cash & Bank Balances |
|
28.049 |
23.798 |
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Interest Accured but not Due |
|
0.013
|
0.161 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
19.949 |
26.662 |
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Total Current Assets |
|
160.745 |
105.828 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
79.443 |
27.459 |
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Provisions |
|
0.617 |
1.385 |
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Total Current Liabilities |
|
80.060 |
28.844 |
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Net Current Assets |
|
80.685 |
76.984 |
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Provisions for Deferred Tax |
|
8.226 |
6.690 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
188.122 |
173.937 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other
income] |
|
394.005 |
231.049 |
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Profit/(Loss)
Before Tax |
|
26.293 |
23.727 |
|
Provision
for Taxation |
|
11.913 |
6.551 |
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Profit/(Loss)
After Tax |
|
14.380 |
17.176 |
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Export
Value |
|
237.243 |
195.891 |
|
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Import
Value |
|
260.127 |
117.561 |
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Total Expenditure |
|
367.712 |
207.317 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
|
|
3.64 |
7.43 |
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Net
Profit Margin(PBT/Sales) |
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|
6.67 |
10.26 |
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Return on
Total Assets(PBT/Total Assets} |
|
|
10.37 |
12.42 |
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Return
on Investment (ROI)(PBT/Networth) |
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|
0.17 |
0.16 |
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Debt
Equity Ratio(Total Liability/Networth) |
|
|
0.83 |
0.44 |
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Current
Ratio(Current Asset/Current Liability) |
|
|
2.00 |
3.66 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on 28.09.1992 at Mumbai in Maharashtra having Company Registration Number 68755.
Subject was originally formed as a partnership concern in the year 1980 and subsequently registered as a private limited liability company for expansion of its capacity with a view to concentrate on exports.
Grentex is
privately owned family managed company incorporated in 1982, manufacturing is
located near Mumbai, India.
The parent company
Gokalchand Rattanchand Woollen Mills celebrated 50 years in 2003/04 and engaged
in manufacture of high quality worsted/knitting/hosiery yarns. During the
1970's the mill was awarded trophies for highest exports performance.
Plants are located
in Mumbai, Maharashtra & Gujarat.
Subject is the
leading wool yarn exporter from India for soft furnishings & upholstery,
with virtually all the production being exported worldwide.
Grentex &
Co.Pvt.Ltd was the first 'Fernmark' Licensee in India and a brand partner
spinner of high quality wool yarn out of New Zealand Wool for first few years.
Products
Grentex is a fully
equipped yarn-spinning mill that offers a wide range of products. Subject is centrally
located geographically to the best wools of the world and we offer all three
types of spinning systems.
Product Range-
- Wool Tops
a. Ecru
b. Bleached
c. Blended
- Semi-worsted/Worsted Yarns
d. Ecru
e. Heathers/Berbers
f.
Solid Shades
g. Marls
h. Blends-with synthetic
fibers
i.
Hard Twist/Frieze
·
Woollen Carded yarns
o
Ecru
o
Heathers/Berbers
o
Solid Shades
o
Marls
o
Blends-with synthetic fibers
o
Hard Twist/Frieze
Infrastructure
Head Office along with the semi-worsted/worsted
plant is in a suburb of Mumbai; the financial capital of India and the
scouring/dyeing/top making/woolen spinning is in Gujarat, which is about 100
miles north of Mumbai. Subject is few kilometers distance from the
port/airport.
·
All the raw material is imported from around the globe
·
All the machinery is imported mainly from West Europe
·
All the spare parts/consumables are imported
·
Subject has decades of technical expertise for maintaining a high
standard of the products.
Capacities per annum-:
Scouring &
Topmaking-3.0-3.5 million kilograms
Dyeing-1.0-1.5 million kilograms
Semi-worsted/Worsted
Yarns-1.5-2 million kilograms
Woolen Yarns-1.5-2
million kilograms
Subject is confident of meeting yarn
requirements in terms of quality, service and price and please feel free to
contact us.
Subject has been awarded Trophies and Certificates by Wool & Woollens Export Promotion Council, Ministry of Textiles for high export performance and growth in exports, which are as under :
v Certificate of Merit for second highest export performance in Woollen Worsted Yarn during 1987-88
v Certificate of Merit for the third highest export performance in Woollen Worsted Yarn during 1988-89
v Certificate of Merit for growth in exports in the Woollen / Worsted Yarn sector during 1989-90
v Certificate of Merit for achieving more than 33% increase in export performance in woollen / worsted / flax yarn during 1993-94
v Certificate of Merit for achieving more than 33% increase in export performance in woollen / worsted / flax yarn during 1994-95
v Certificate of Merit for 100% growth in exports with a minimum of Rs. 10 millions in woollen / worsted / flax yarn during 1995-96
v Award for the third highest export performance in yarn during 1998-99
v Award for the third highest export performance in yarn during 1999-2000
v Certificate of Merit for achieving more than 25% increase in export performance of yarn during 1999-2000
v Certificate of Merit for 50% growth in exports with a minimum of Rs. 10 millions in yarn during 1999-2000
PARENT COMPANY
v Gokalchand Rattanchand Woollen Mills Private Limited
It was started as a worsted wool mill in the year 1954 in Mumbai. This mill has the capacity to produce worsted/semi worsted yarn in pure wool and wool/nylon approximately 120/150 tons per month depending on count.
Subject was awarded the following export Awards/Certificates :
Trophy for outstanding export performance (worsted yarn) during : -
o 1973-74
o 1974-75
o 1975-76
o 1976-77
o 1977-78
o
Certificate of Merit for achieving
export during 1998-99
ASSOCIATES
v Grentex Yarns Private Limited
v Grentex Wools Private Limited
v Radisson International Limited
MEMBERSHIPS
v Wool & Woollen Export Promotion Council
Property
·
Land
·
Factory Buildings
·
Vehicles
·
Furniture and Fixtures
·
Plant and Machinery
Working
Company is making all
possible efforts to improve its exports and also increase its Wool Combing job
work.
As a measure, for
increasing the production capacity, the company has substantially increased the
production capacity and should be good for the company in near future.
|
Name of the company |
GRENTEX AND COMPANY PRIVATE LIMITED |
|
Presented By |
STATE BANK OF INDIA, OVERSEAS BRANCH,
MUMBAI – 400005 |
|
1) Date and description of instrument creating the change |
1]
agreement of loan for overall limit 2] agreement
of hypothecation of goods and assets within the overall limit 3]
letter regarding grant of individual limit within the overall limit all
dated 28.08.1995 creating a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
145.200 Millions [DCC
Rs 25.000 Milliions, Guarantee Rs 10.000 Millions, T/L –II – Rs 4.700
Millions, T/L – III Rs 31.000 Millions and T/L – IV Rs 12.000 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 |
Present
and future stocks of raw-materials, stock in process and finished goods at
Mumbai, Sarigam, Amritsar and Bhdohi and present and future book-debts,
movable properties and machineries. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest
– As determined by the bank from time to time Margin
– as prescribed by the bank from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of India, Overseas Branch World
Trade Centre, Cuffer Parade, Mumbai – 400005 |
|
6) Date and brief description of instrument modifying the charge |
Letter
regarding grant of individual limits within the overall limit dated
10.03.2005 |
|
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. |
1] By modification
dated 28.08.1995 the charge further secured by equitable mortgage created on
plot no. 1623,1624,1627 and 1628 in Sarigam Industrial Area bearing survey no
457/P and 459/P in Village Gujarat, admeasuring 8400 Sq. meters 2] By
modification dated 24.11.1999 amount of charge reduced from Rs 145.200
Millions to Rs 70.000 Millions 3] By
modification dated 18.03.2004, additional credit facilities of rs 35.000
Millions grabted. Hence amount of charge increased from Rs 70.000 Millions to
Rs 105.000 millions [EPC rs 25.000 Millions export bills Rs 15.000 Millions
with inter se flexibility dcc with EPC and export bills Rs 5.000 Millions ,
L/C Rs 60.000 Millions, B/B Rs 5.000 Millions] 4]
Now, by this modification dated 10.03.2005, additional credit facilities of
rs 33.000 Millions granted. Hence amount of charge increased from 105.000
Millionhs to Rs 138.000 Millions. [EPC and export bills Rs 40.000 Millions ,
DCC [within EPC and Export Bills]Rs 5.000 Millions, stand by line of credit
Rs 23.000 Millions, L/C Rs 70.000 Millions and B/B Rs 5.000 Millions with
full inter se flexibility with L/C limits) Margin
: In case of EPC 10% on FOB, 15% on C&F and 20% on CIF, export bills nil,
in case of DCC 25% on RM/SIP/FBs, 30% on receivables. In case of L/C 5%, B/B
upto 3 years 10% and above 3 years 100% |
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.44.24 |
|
UK
Pound |
1 |
Rs.86.95 |
|
Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|