MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
FIDELITY TEXTILES PRIVATE LIMITED |
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Registered Office : |
No. 18, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.11.1991 |
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Com. Reg. No.: |
18-21623 |
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CIN No.: [Company
Identification No.] |
U52321TN1991PTC021623 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEF0334B |
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PAN No.: [Permanent
Account No.] |
AAACF3892Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, exporter, importer and dealers of Polyster, Cotton, Pure
Silk and other varieties of woven and processed Fabrics, Garments and made –
ups. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 117724 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Profit margin is under severe pressure. It has some accumulated losses. Payments
are reported as slow and delayed. The company can be considered for small business dealings with slight
caution, initially. |
LOCATIONS
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Registered Office : |
No. 18, |
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Tel. No.: |
91-044-25822168 / 24332803 |
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E-Mail : |
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Website : |
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Head Office : |
132 (18), |
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Tel. No.: |
91-44-24330115 / 24332803 / 24322419 |
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Fax No.: |
91-44-24346313 |
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E-Mail : |
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Factory 1 : |
Plot No. 71/3, |
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Tel. No.: |
91 427 2240090 / 2243704 / 2336472 / 2445170 |
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Mobile No.: |
094 4332 7929 /098 427 44517 |
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Fax No.: |
91 427 2240708 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. H. Ramachandra Rao |
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Designation : |
Director |
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Address : |
No. 18, |
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Date of Appointment : |
11.01.1991 |
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Name : |
Mr. R. Ragunandhan |
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Designation : |
Director |
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Address : |
No. 18, |
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Date of Appointment : |
11.01.1991 |
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Name : |
Mr. D. A. Butler |
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Designation : |
Director |
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Name : |
M. R. Balakrishnan |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names Of Shareholders |
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No. of Shares |
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Mr. H. Ramachandra Rao |
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11,992 |
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Mr. R. Raghunandhan |
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17,503 |
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Mr. R. Balakrishnan |
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17,503 |
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Total |
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46,998 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter, importer and dealers of Polyster, Cotton, Pure
Silk and other varieties of woven and processed Fabrics, Garments and made –
ups. |
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Products : |
Fabrics |
GENERAL INFORMATION
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Bankers : |
Bank of ICICI Bank Limited |
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Auditors : |
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Name : |
Venkatram and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-44-24992155 to 24992157, 24992602 |
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Fax No.: |
91-44-24670343 |
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E-Mail : |
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Associates/Subsidiaries : |
Harinis Textiles |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity shares |
Rs. 100/- each |
Rs. 6.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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46998 |
Equity shares |
Rs. 100/-
each |
Rs, 4.700
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.700 |
4.700 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.507 |
29.507 |
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4] (Accumulated Losses) |
(4.776) |
(4.248) |
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NETWORTH |
29.431 |
29.959 |
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LOAN FUNDS |
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1] Secured Loans |
10.651 |
1.793 |
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2] Unsecured Loans |
0.000 |
0.000 |
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TOTAL BORROWING |
10.651 |
1.793 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.133 |
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TOTAL |
40.082 |
31.885 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.009 |
9.529 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.108 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.609
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12.899 |
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Sundry Debtors |
6.808
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5.595 |
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Cash & Bank Balances |
9.256
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13.215 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
17.999
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4.383 |
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Total
Current Assets |
44.672
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36.092 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.485
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0.583 |
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Provisions |
13.223
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13.153 |
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Total
Current Liabilities |
13.708
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13.736 |
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Net Current Assets |
30.965
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22.356 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
40.082 |
31.885 |
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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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23.212 |
15.885 |
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Other Income |
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0.701 |
0.856 |
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Total Income |
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23.913 |
16.741 |
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Profit/(Loss) Before Tax |
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(0.699) |
(3.955) |
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Provision for Taxation |
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0.170 |
1.296 |
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Profit/(Loss) After Tax |
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(0.529) |
(2.659) |
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Total Earnings |
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US
$ 240.872 |
US
$ 234.908 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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(2.290) |
1.183 |
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Interest |
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0.483 |
0.393 |
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Depreciation & Amortization |
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1.194 |
6.065 |
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Other Expenditure |
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21.258 |
(7.780) |
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Total Expenditure |
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20.645 |
15.421 |
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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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(2.21) |
(15.88) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(2.92) |
(23.62) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(1.30) |
(8.67) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02) |
(0.13) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.82
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0.51 |
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Current Ratio (Current Asset/Current Liability) |
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3.25
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2.62 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
FIDELITY TEXTILES PRIVATE LIMITED |
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Presented By |
Fidelity Textiles Private Limited And Bank Of |
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1) Date and description of instrument creating the change |
06.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.750 millions as under
Together with interest, costs, charges and other expenses which may be debited to the account from time to time. |
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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 |
Hypothecation of whole of the tangible movable assts of the company including and covering in particular all stocks of Synthetic, Cotton fabrics, raw materials, stocks in process, Semi – finished goods. Finished goods including therein the stocks thereof for the ti9me being whether raw or manufactured or in process of manufacture and also all producers goods and any and every tangible moveable property of the Borrower whether now lying or at any time hereafter during the continuance e of this security lying or being in or about the borrower’s premises and godowns at Chennai / Adhikaripati or wherever else the same may be or be held by any party anywhere to the order and disposition of the Borrower or in course of transit to the borrower (both present and future) Equitable Mortgage of building and super structures together with all the machineries at S. No. 71/3, Patta No. 97, Adhikari Ptti Village and 10/4, Patta No. 363, Udayapati Village, Falling with in the sub- Region District of Ayodhyapattinam, Region District of salem District |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate of @ 6.75% p. a. upto 180 days, 11.255 beyond 180 days upto 270 days, 14.75% beyond 270 days upto 360 days, 14.75% abinitio beyond 360 days or at such other rates as may be advised to the company form time to time Commission on LCs and Bills and
other charges as per the rules of the bank and the other terms and conditions
are as per the above agreements equitable mortgage of landed property at S.
No. 71/3, Patta No. 97, |
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5) Name and Address and description of the person entitled to the charge. |
Bank Of |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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As per Website Details:
About Them
Subject is registered with the Madras Export
Processing Zone (MEPZ). The company
specializes in manufacturing a variety of WEST AFRICAN Oriented Textile items.
They have their own Manufacturing unit
situated at
The company was established in the year 1991, in Foreign Collaboration
with HAYES TEXTILES LTD,
They have made excellent arrangements for
processing their fabrics with very reputable processors in
Management:
The top management of the company
comprises of
Mr. H. Ramachandra Rao
Mr. R. Raghunandhan
Mr. R. Balakrishnan
Mr.Ramachandra Rao is a Textile Graduate with 40 years of Experience in
the manufacture and marketing of a variety of West African oriented Textiles.
Mr.Raghunandhan and Mr.Balakrishnan have about 15 years of experience in
the manufacture of high quality Textile Fabrics and have undergone intensive
training at LINDAU DORNIER,
Sister Concern
Their sister concern, HARINIS TEXTILES deals in the following West
African textile items:
1. GEORGES
Made on both Handlooms and Powerlooms
Woven and Embroidered.
2. LACE EMBROIDERED FABRICS
Cotton – Cambric and Voiles - Plain
dyed, Single tone,
Two tone and Three tone types.
3. COTTON PRINTS
4. POLYESTER /
COTTON FABRICS
Dyed, Printed including foil prints Embossed, Carded,
Embroidered.
5. EMBROIDERED
Wrapper sets and Blouses.
6. DOBBY DESIGNED
COLOUR WOVEN FABRICS IN
VARIOUS WIDTHS
Gallery
Fidelity Textiles manufactures and trades in a wide range of fabrics.
The company offers Fabrics in an exciting range of designs and colours to meet
the requirements of the West African Market.
A few of the recent designs are as below:
- Damask
- Brocade
- Voile
- Embroidered
- Harinis
Butta Georges
- BB-Hayes
Headties
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.58 |
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1 |
Rs.81.89 |
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Euro |
1 |
Rs.55.29 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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--LITIGATION |
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 |
YES |
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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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36 |
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
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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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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