MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PATIDAR INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
SR. No. 919, Paiki Dared |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.1999 |
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Com. Reg. No.: |
04-36264 |
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CIN No.: [Company
Identification No.] |
U17111GJ1999PTC036264 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTP00246B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of all types of yarn, fibres, fabrics, cotton, synthetics,
wool, silk, flax, hemp, jute, cellulose and non-cellulose products. |
RATING & COMMENTS
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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 : |
USD 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
SR. No. 919, Paiki Dared |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jagneshbhai R Patel |
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Designation : |
Director |
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Address : |
3 Bhvana Society, Himatnagar, Sabarkantha, |
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Date of Appointment : |
30.06.1999 |
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Date of Ceasing : |
28.11.2003 |
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Name : |
Mr. Jitendra Kumar Patel |
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Designation : |
Director |
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Address : |
AT PO Matirala Tal Lathi, Matirala, Amreli, |
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Date of Appointment : |
30.06.1999 |
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Name : |
Mr. Vinubhai M Sanandiya |
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Designation : |
Director |
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Address : |
AT PO Matirala Tal Lathi, Matirala, Amreli, |
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Date of Appointment : |
30.06.1999 |
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Name : |
Mr. Manubhai K Soliya |
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Designation : |
Director |
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Address : |
AT PO Matirala Tal Lathi, Matirala, Amreli, |
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Date of Appointment : |
30.06.1999 |
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Name : |
Mr. Arvindbhai R Patel |
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Designation : |
Director |
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Address : |
AT PO Vaktapur, Himatnagar, |
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Date of Appointment : |
30.06.1999 |
KEY EXECUTIVES
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Name : |
Dipak Rachchha & Company |
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Designation : |
Company Secretary |
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Tel. No.: |
91-79-40030884 |
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Mobile No.: |
91-9825066179 |
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E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Bhupatbhai Ramjibhai Barsaniya |
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69600 |
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Jitendrakumar Bhupatbhai Borsaniya |
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70800 |
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Jigneshkumar Rameshbhai Patel |
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21600 |
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Arvindbhai Revabhai Patel |
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30000 |
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Dhirubhai Rajabhai Khanpara |
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38000 |
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Vinubhai Maganbhai Sanandiya |
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44000 |
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Chandulal Maganbhai Kotadiya |
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20000 |
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Manubhai Karsanbhai Soliya |
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29100 |
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Hasmukhbhai Chimanbhai Patel |
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20000 |
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Rameshbhai Bhupatbhai Borsaniya |
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31000 |
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Kanubhai Tulashibhai |
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28500 |
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Bhimjibhai Borsaniya |
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25600 |
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Babitaben Rameshbhai |
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50000 |
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Meenaben Jineshbhai Borsaniya |
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30000 |
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Taraben Arvindbhai Patel |
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20000 |
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Kodarbhai Pynjabhai |
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50000 |
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Mukeshbhai Dayabhai |
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20000 |
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Shaileshbhai Mahendrabhai |
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30000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of all types of yarn, fibres, fabrics, cotton,
synthetics, wool, silk, flax, hemp, jute, cellulose and non-cellulose
products. |
GENERAL INFORMATION
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Bankers : |
State Bank of Saurashtra,
Babra Branch, Amreli – 365421, Laxmi Vilas Bank Nagrik Sahakari
Bank The South Indian
Bank Vijay Commercial
Co-operative Bank ICICI Bank State Bank of
Saurashtra AJMS Bank HDFC Bank Corporation Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. B. Kalaria and Associates Chartered Accountants |
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Address : |
203/204, ‘Aalap-A’ Limda Chowk, Near Hotel Jewel, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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998,200 |
Equity Shares |
Rs. 10/- each |
Rs. 9.982
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.982 |
9.982 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.739 |
2.043 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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12.721 |
12.025 |
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LOAN FUNDS |
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1] Secured Loans |
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40.324 |
25.166 |
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2] Unsecured Loans |
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28.382 |
27.584 |
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TOTAL BORROWING |
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68.706 |
52.750 |
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DEFERRED TAX LIABILITIES |
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0.909 |
1.168 |
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TOTAL |
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82.336 |
65.943 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.399 |
16.963 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.050 |
0.530 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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38.746 |
26.058 |
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Sundry Debtors |
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43.860 |
52.682 |
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Cash & Bank Balances |
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0.471 |
0.134 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.522 |
1.014 |
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Total
Current Assets |
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84.599 |
79.888 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.296 |
31.085 |
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Provisions |
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0.416 |
0.353 |
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Total
Current Liabilities |
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19.712 |
31.438 |
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Net Current Assets |
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64.887 |
48.450 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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82.336 |
65.943 |
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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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762.342 |
584.303 |
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Other Income |
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3.122 |
0.221 |
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Total Income |
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765.464 |
584.524 |
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Profit/(Loss) Before Tax |
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0.814 |
1.306 |
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Provision for Taxation |
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0.118 |
1.090 |
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Profit/(Loss) After Tax |
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0.696 |
0.216 |
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Expenditures : |
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Depreciation & Amortization |
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2.081 |
2.017 |
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Other Expenditure |
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760.488 |
579.184 |
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Total Expenditure |
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762.569 |
581.201 |
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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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0.09 |
0.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.11 |
0.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.80 |
1.35 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.95 |
7.00 |
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Current Ratio (Current Asset/Current Liability) |
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4.29 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PATIDAR
INDUSTRIES PRIVATE LIMITED |
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Presented By |
MANUBHAI K.
SOLIYA |
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1) Date and description of instrument creating the change |
22.02.2000
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
Millions |
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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 |
Stock of
And immovable
property situated at S. No. 717 Gujarat Paiki, adm. Area 14569 sq. mtrs. with
construction thereon of Village Babra, Amreli |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the amount
stated in No. 2 above and interest thereon, cost, charge, expenses incurred
by and / or payable to State Bank of Saurashtra Babra |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurashtra, Babra |
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6) Date and brief description of instrument modifying the charge |
08.11.2003 Supplementary
General Agreement for grant of small Industrial Advances and Hypothecation
of Movable and Other Assets |
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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. |
Cash Credit Limit
increased from 10.000 millions to 20.000 millions and therefore charge on
movable properties increased to Rs. 20.000 Millions |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90106410 |
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Corporate
identity number of the company |
U17111GJ1999PTC036264 |
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Name of the
company |
PATIDAR INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Sr. No. 919, Paiki Dared |
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Type of charge |
Movable Property |
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Particular of
charge holder |
State Bank of
Saurashtra Babra Branch Amreli – 365421, |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
general agreement for grant of small industrial advances and hypothecation of
movable, assets and book debts. |
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Date of
instrument Creating the charge |
05.02.2007 |
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Amount secured by
the charge |
Rs. 55.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 10.50 % Terms of
Repayment As per Agreement Margin Stock 25 % Bills 50 % Extent and
operation of the charge First charge till
repayment of credit facilities |
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Short particulars
of the property charged |
Whole of the
movable properties of the company including all the stock of raw material,
semi finished goods and finished goods, all book debts, receivables,
outstanding monies, receivable and other movable assets of the company. |
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Date of latest
modification prior to the present modification |
05.12.2006 |
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Particulars of
the present modification |
The amount of charge
increased from Rs. 45.000 Millions to Rs. 55.000 Millions |
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.40.40 |
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1 |
Rs.82.93 |
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Euro |
1 |
Rs.55.81 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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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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45 |
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 |
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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 |
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<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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