MIRA
INFORM REPORT
|
Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
CALISON
FIBRES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
X-1147,
Ground Floor, Surat Textile Market, Ring Road, Surat, Gujarat, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2004 |
|
|
|
|
Date of Incorporation : |
17.09.1991 |
|
|
|
|
Com. Reg. No.: |
04-16269 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17119GJ1991PTC016269 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTC00022B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC9401C |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
To
carry on the business of weaving, twisting, texturising, crimping, sizing,
printing, processing, dyeing, knitting and to carry on all activities
connected with converting any kind of yarn into final products. Subject
is manufacturer of art-silk, cloth and other fabrics, man-made fabric,
synthetic fibres, cotton from yarn.
|
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 : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Slow
but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is an old established company having moderate track. Directors are reported
as experienced and respectable businessmen. Company’s profitability is under
severe pressure. It has some accumulated losses. Payments are reported as
slow but correct. The company can be considered for small business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
X-1147,
Ground Floor, Surat Textile Market, Ring Road, Surat, Gujarat, India |
|
|
|
|
Factory : |
Laxmi
Industrial Estate, Plot No. 12 to 15, S N 226/ 227 and 284, Udhna Surat,
Gujarat, India |
|
Tel. No.: |
91-261-3666110 |
DIRECTORS
|
Name : |
Mr.
Harish T Patel |
|
Designation : |
Director
|
|
Address : |
31,
Patel Nagar Society, Athwalines, Surat, Gujarat, India |
|
Date of Appointment : |
02.03.1992 |
|
|
|
|
Name : |
Ms.
Sushila H Patel |
|
Designation : |
Director
|
|
Address : |
31,
Patel Nagar Society, Athwalines, Surat, Gujarat, India |
|
Date of Appointment : |
29.11.2002 |
|
|
|
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr.
Ankur H Patel |
|
500 |
|
Mr.
Bharat T Patel |
|
332710 |
|
Bharatkumar
T Patel (HUF) |
|
32500 |
|
Calison
Exports Private Limited |
|
100 |
|
Mr.
Harishkumar T Patel |
|
187000 |
|
Harishkumar
T Patel (HUF) |
|
78600 |
|
Ms.
Keyuri H Patel |
|
8500 |
|
Mr. Maharshi
B Patel |
|
500 |
|
Ms.
Ruchita B Patel |
|
500 |
|
Ms.
Sushila H Patel |
|
123600 |
|
Mr.
Tribhovandas Motiram Patel |
|
85710 |
|
Tribhovandas
Motiram Patel (HUF) |
|
3500 |
|
Ms.
Vaishali Bharatkumar Patel |
|
31000 |
|
Mr.
Vasant L Patel |
|
15300 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on the business of weaving, twisting, texturising, crimping, sizing,
printing, processing, dyeing, knitting and to carry on all activities
connected with converting any kind of yarn into final products. Subject
is manufacturer of art-silk, cloth and other fabrics, man-made fabric,
synthetic fibres, cotton from yarn.
|
|
|
|
|
Products : |
|
|
|
|
GENERAL
INFORMATION
|
No. of Employees : |
About
125 |
|
|
|
|
Bankers : |
Syndicate
Bank Salabatpura
Branch, Surat – 395 003, Gujarat, India |
|
|
|
|
Facilities : |
Subject
enjoys mortgage facility of Rs. 10.000 millions from banker dated 30.03.2006.
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
S N K
and Company Chartered
Accountants |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity
Shares |
Rs. 10/- |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
900020 |
Equity
Shares |
Rs. 10/- |
Rs. 9.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.000 |
9.000 |
|
|
2] Share Application Money |
|
5.593 |
0.593 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(29.882) |
(36.959) |
|
|
NETWORTH |
|
(15.289) |
(27.366) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
15.612 |
1.186 |
|
|
2] Unsecured Loans |
|
48.487 |
52.401 |
|
|
TOTAL BORROWING |
|
64.099 |
53.587 |
|
|
|
|
|
|
|
|
TOTAL |
|
48.810 |
26.221 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.782 |
1.862 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
5.275 |
4.829 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
30.233 |
53.107 |
|
|
Sundry Debtors |
|
24.124 |
0.999 |
|
|
Cash & Bank Balances |
|
1.596 |
2.928 |
|
|
Loans & Advances |
|
28.185 |
11.825 |
|
Total Current Assets |
|
84.138 |
68.859 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
43.385 |
49.352 |
|
|
|
Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total Current Liabilities |
|
43.385 |
49.352 |
|
|
Net Current Assets |
|
40.753 |
19.506 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.023 |
|
|
|
|
|
|
|
|
TOTAL |
|
48.810 |
26.221 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
|
176.716 |
3.722 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
6.631 |
(0.484) |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
6.631 |
(0.484) |
|
|
|
|
|
|
Total
Expenditure |
|
170.084 |
4.207 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
3.75 |
(13.00) |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
3.75 |
(13.00) |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
7.19 |
(0.64) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
(0.43) |
(0.01) |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
(6.03) |
(2.76) |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.93 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers
Charges Report as per Registry
Name of the Company : Calison Fibres Private
Limited
Presented by : -- Mr. Harish Patel, Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Comprehensive
pre and post shipment agreement dated 22.12.2005 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
5.000 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Raw
Material - Art Silk, Gray Cloth,
Finished Goods of Dress Materials, Sarees and Polyester Fabrics
(hypothecational). |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Pre
shipment limit of Rs. 5.000 millions Rate
of Interest : 7.5% |
|
5.
Names, address and description of the
persons entitled to charge |
Syndicate
Bank Salbatpura
Branch, Surat, Gujarat, India |
|
6.
Date and brief description of instrument modifying the charge |
N A |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
N A |
Name of the Company : Calison Fibres Private
Limited
Presented by : -- Mr. Harish Patel, Director
|
1.
Date and description of the instrument creating or evidencing the charge
|
Comprehensive
pre and post shipment agreement dated 07.07.2004 |
|
2.
Amount secured by the charge /amount
owing on security of the charge |
Rs.
15.000 millions |
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Export
receivables, hypothecation of stock meant for exports etc. |
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
Post
shipment FDAP / FUBP @ PLR 3.5% Pre
shipment POL/POPC @ PLR 3.5% |
|
5.
Names, address and description of the
persons entitled to charge |
Syndicate
Bank Salbatpura
Branch, Surat, Gujarat, India |
|
6.
Date and brief description of instrument modifying the charge |
Supplementary
hypothecation agreement dated 24.01.2006 |
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
The
original charge by way of hypothecation extended to secure the limits of Rs.
30.000 millions is now further extended to Rs. 40.000 millions.
POL/PCFC/FDRP/FUAP limit of Rs. 40.000 millions on additional security of
stock in trade at Plot No. 16, Riddhi Siddhi Industrial Co-Operative Society,
9 HB Road, Pandisara, Surat, Gujarat, India Interest
: 7.5% being 3.5% below Syndicate Bank PLR Each
PCI/PCFC shall be closed with within 90 days foreign usance bills tenor not
to extend 90 days. |
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.44.27 |
|
UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|