MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SUZUKI TEXTILES LIMITED |
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Registered Office : |
Village Gudda,
Post Mandal, Bhilwara 311403, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.11.1986 |
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Com. Reg. No.: |
17-3784 |
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CIN No.: [Company
Identification No.] |
U17124RJ1986PLC003784 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHS.02502D |
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PAN No.: [Permanent
Account No.] |
AABCS9142F |
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Legal Form : |
Close held Public
Limited Liability Company |
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Line of Business : |
Manufacturer, Trader,
Dealer and Distributor of Suiting, Shirting and Readymade Garments. |
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 1600000 |
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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. 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 : |
Village Gudda,
Post Mandal, Bhilwara 311403, |
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Tel. No.: |
91-1486-266694 / 95,
266746-47 |
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Fax No.: |
91-1486-266748 / 1482 - 329450 |
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E-Mail: |
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Website: |
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Factory 1 : |
Paiyra, The. Banera – 311401, District Bhilwara (Rajasthan) |
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Tel. No.: |
91-1486-266267 |
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Fax No.: |
91-1482-329452 |
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Factory 2 : |
Paiyra, The. Banera – 311401, District Bhilwara (Rajasthan) |
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Tel. No.: |
91-1486-266266 |
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Fax No.: |
91-1482-322202 |
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Factory 3 : |
N.H. No. 12, |
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Tel. No.: |
91-1432- 45136 |
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Fax No.: |
91-9352148203 |
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Factory 4 : |
Khari Ka Lamba, Gulabpura, District Bhilwara (Rajasthan) |
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Tel. No.: |
91-1483-223157 |
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Fax No.: |
91- 9352148210 |
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Sales Office: |
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Tel No.: |
91-1482-242196,
241831 |
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Fax: |
91-1482-242032 |
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Branch Office: |
Located at :
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DIRECTORS
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Name : |
Mr. Rajendra Prasad Maheshwari |
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Designation : |
Chairman |
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Address : |
4TH Floor, Central Building No. 2, |
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Date of Birth/Age : |
18.10.1955 |
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Date of Appointment : |
07.11.1986 |
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Name : |
Mr. Ratneshwar Maheshwari |
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Designation : |
Managing Director |
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Address : |
23/531, Solanki |
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Date of Birth/Age : |
01.06.1959 |
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Date of Appointment : |
30.08.1994 |
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Name : |
Mr. Vipin Kumar Jethlia |
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Designation : |
Director |
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Address : |
C – 81, Shastri Nagar, Jaipur – 302001, |
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Date of Birth/Age : |
22.06.1969 |
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Date of Appointment : |
30.08.1994 |
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Name : |
Mr. Radhey Shyam Rathi |
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Designation : |
Director |
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Address : |
A – 9, Radhey Krishna Apartment, Shahi Bag, Ahmedabad – 380004, |
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Date of Birth/Age : |
30.03.1945 |
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Date of Appointment : |
30.03.1999 |
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Name : |
Mr. Shyam Sunder Dakhera |
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Designation : |
Director |
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Address : |
8A, Brij Colony Behind Chambal Power House, hawa Sadak, Jaipur –
302001, |
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Date of Birth/Age : |
18.08.1955 |
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Date of Appointment : |
16.12.2000 |
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Name : |
Mr. Prem Chand Barjatiya |
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Designation : |
Director |
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Address : |
115, Main Sector, Shastri Nagar, Bhilwara – 311001, |
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Date of Birth/Age : |
11.12.1934 |
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Date of Appointment : |
16.12.2000 |
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Name : |
Mr. Piyush Inani |
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Designation : |
Director |
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Address : |
23/531, |
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Date of Birth/Age : |
24.10.1984 |
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Date of Appointment : |
07.01.2007 |
KEY EXECUTIVES
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Name : |
Mr. Kailash Chand Jethlia |
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Designation : |
Company Secretary |
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Address : |
Laxmi Bhawan, H. No. 92, Kashi Puri, Bhilwara – 311001, |
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Date of Birth/Age : |
13.04.1948 |
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Date of Appointment : |
08.11.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Rajendra Prasad Maheshwari |
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7323100 |
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D P Mundra |
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46000 |
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Ishwar Chand Maheshwari |
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81800 |
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R. K. Maheshwari |
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5868000 |
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Gori Shanker Maheshwari |
|
85100 |
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Manju Devi Maheshwari |
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162200 |
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Janki Devi Maheshwari |
|
391000 |
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Kanta Devi Mundra |
|
42900 |
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Pushpa Devi Maheshwari |
|
41600 |
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Kanta Devi Soni |
|
40100 |
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Rajendra Prasad Maheshwari -
HUF |
|
900000 |
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Ratneshwar Kumar Maheshwari -
HUF |
|
900000 |
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Puneet Inani |
|
453000 |
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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 |
|
97.02 |
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Other top fifty shareholders |
|
2.93 |
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Others |
|
0.05 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Trader, Dealer and Distributor of Suiting, Shirting and Readymade Garments. |
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Products : |
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Brand Names : |
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Exports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
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Gudda [No. of
Looms] |
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Looms in Production |
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141 |
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Danta Nilwari
[Nos.] |
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Looms in Production |
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500 |
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Looms in Erection |
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230 |
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Tonk |
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Garments [Nos.] |
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2000000 |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
O.P. Dad And
Company Chartered
Accountant |
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Address : |
1ST
Floor, Balaji Complex, |
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Associates/Subsidiaries : |
Suzuki Export Suzuki
Industries Limited Suzuki
Synthetics Private Limited Village Gudda,
Post Mandal, District Bhilwara (Raj) Tel No. :
91-1486-266441, 266442 Fax No : :
91-1482-329415 Suzuki
Synthetics Private Limited Survey No. 79,
Behind of Asian Tubes, Ankhol, District Mehsana ( Tel No :
91-2764-233588, 233480 Fax No. : 91-27-64329955 Inani Agro Private Limited CIN No.: U01122RJ2005PTC021624 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17,490,300 |
Equity Shares |
Rs. 10/- Each |
Rs. 174.903
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
174.903 |
144.903 |
144.903 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
225.933 |
191.079 |
150.745 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
400.836 |
335.982 |
295.648 |
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|
LOAN FUNDS |
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1] Secured Loans |
1096.881 |
787.426 |
453.432 |
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2] Unsecured Loans |
26.536 |
7.419 |
3.784 |
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TOTAL BORROWING |
1123.417 |
794.845 |
457.216 |
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DEFERRED TAX LIABILITIES |
85.476 |
80.441 |
56.266 |
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TOTAL |
1609.729 |
1211.268 |
809.130 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
776.199 |
483.880 |
349.242 |
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Capital work-in-progress |
33.048 |
231.433 |
68.837 |
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INVESTMENT |
0.414 |
0.414 |
4.140 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
814.849
|
690.830 |
376.821 |
|
|
Sundry Debtors |
183.501
|
62.713 |
41.725 |
|
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Cash & Bank Balances |
51.786
|
18.010 |
14.564 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
92.492
|
79.612 |
130.682 |
|
Total
Current Assets |
1142.628
|
851.165 |
563.792 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
340.904
|
354.611 |
174.698 |
|
|
Provisions |
1.856
|
1.263 |
2.533 |
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Total
Current Liabilities |
342.760
|
355.874 |
177.231 |
|
|
Net Current Assets |
799.868
|
495.291 |
386.561 |
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MISCELLANEOUS EXPENSES |
0.200 |
0.250 |
0.350 |
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TOTAL |
1609.729 |
1211.268 |
809.130 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
3048.162 |
2399.285 |
2298.248 |
|
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Other Income |
76.409 |
200.535 |
21.767 |
|
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Total Income |
3124.571 |
2599.820 |
2320.015 |
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Profit/(Loss) Before Tax |
44.072 |
29.742 |
41.776 |
|
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Provision for Taxation |
9.218 |
12.774 |
18.411 |
|
|
Profit/(Loss) After Tax |
34.854 |
16.968 |
23.365 |
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|
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Earnings in Foreign Currency : |
|
|
|
|
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Export Earnings |
NA |
152.328 |
141.558 |
|
Total Earnings |
NA |
152.328 |
141.558 |
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Imports : |
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|
Raw Materials |
NA |
0.661 |
0.000 |
|
|
Stores & Spares |
NA |
8.915 |
4.383 |
|
|
Capital Goods |
NA |
129.307 |
88.081 |
|
Total Imports |
NA |
138.883 |
92.464 |
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
594.611 |
|
|
Administrative Expenses |
0.000 |
0.000 |
14.811 |
|
|
Raw Material Consumed |
1928.357 |
1557.166 |
1252.295 |
|
|
Purchases made for re-sale |
1.063 |
1.686 |
0.000 |
|
|
Consumption of stores and spares parts |
31.828 |
19.752 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
94.201 |
65.443 |
63.201 |
|
|
Managerial Remuneration |
1.320 |
1.320 |
0.000 |
|
|
Payment to Auditors |
0.120 |
0.120 |
0.000 |
|
|
Interest |
86.408 |
66.893 |
67.338 |
|
|
Insurance Expenses |
3.657 |
2.857 |
0.000 |
|
|
Power & Fuel |
136.261 |
88.753 |
0.000 |
|
|
Depreciation & Amortization |
53.357 |
44.016 |
0.000 |
|
|
Other Expenditure |
743.927 |
722.072 |
240.450 |
|
Total Expenditure |
3080.499 |
2570.078 |
2232.706 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.12
|
0.65 |
1.01 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.45
|
1.24 |
1.82 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.30
|
2.23 |
4.58 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.09 |
0.14 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.66
|
3.42 |
2.15 |
|
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
3.33
|
2.39 |
3.18 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Free
- Building
- Plant and
Machinery
- Electric
Fitting and Installation
- Water supply
system
- Furniture and
Fixture
- Office
Equipments
- Vehicles
- Fire Fighting
Equipment
|
This form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90113388 |
|
Corporate
identity number of the company |
U17124RJ1986PLC003784 |
|
Name of the
company |
SUZUKI TEXTILES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Gudda,
Post Mandal, Bhilwara 311403, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Khari Gram
Branch, P.O. Gulabpura,
Bhilwara - 311021, |
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum of
deposit of title deed dated 15.09.2006 |
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Date of
instrument Creating the charge |
15.09.2006 |
|
Amount secured by
the charge |
Rs. 154.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.75 % Below BPLR
i.e. at present 8 % p.a. on monthly rests Terms of
repayment The Loan amount is
repayable in 33 Quarterly installments of Rs. 4.600 Millions each and last 34
Nos. installment of Rs. 2.200 Millions commencing from 1st
October, 2006. Margin 34% Extent operation
of the charge The charge
operates as security interalia for the due repayment by the Company to SBBJ
got its SBBJ got its Term loan of Rs. 154.000 Millions together with
interest, additional interest, liquidated damages, commitment charges, premia
on prepayment, costs, charges, expenses and all other monies payable by the
company to State Bank of Other Collateral
Security : Personal Guarantee of Shri R. P. Maheshwari and Shri R. K.
Maheshwari |
|
Short particulars
of the property charged |
Imported and Domestic
Plant and Machinery and Misc. Fixed Assets purchased / acquired out of term
Loan as per project of Rotor Spinning Plant is secured by ceding
Hypothecation by way of First Charge. The Plant is dituated at Village danta
Nilawari, Tehsil Banera, Bhilwara, Rajasthan |
|
Date of latest
modification prior to the present modification |
15.09.2006 |
|
Particulars of
the present modification |
The Term Loan is
further secured by creating equitable mortgage on first poari passu basis on
the land admeasuring 23 Bigha 12 Biswa and building constructed thereon, and
plant and machinery dated 15.09.2006 |
AS PER WEBSITE
The company is
located in textile city Bilwara (Approach between Jaipur & Udaipur airport
and on N.H 79
Subject is manufacturing & exporter, specializing in man-made fabric i.e.
suiting shirting and dress material & won the good reputation in quality of
"Suzuki Suiting-Shirting", "Isuzu suiting", "Suzuki 10207",
"Suzuki-3333", "Suzuki-1111" & "Isuzu" Brand
in fabric division & in ready made garment division - "Isuzu
garmeny", "Indopolo " & "Tomford" brand and in
yarn Division "Suzuki Spinner" brand of the company. The companies
have installed capacity of 865 nos. High speed imported Sulzer, Airjet picanol
weaving machine & 1 CAD/CAM from Wastima Germany, 850 sewing machine from
brother Japan, washing, dyeing & finishing facility in house in the garment
division & 3100 rotors for manufacturer of cotton and cotton blended yarn.
Their production volume capacity of manufacturing 90 millions meters man made
fabric, 2 million pieces of Readymade garment & 10000 mt of yarn per annum.
The company have the aim and management guideline Credit-Standing first and
customer first, Quality on competitive price available to consumer. Their
product enjoy good market inland and also selling well to many countries and
areas such as Europe, Africa, Middle East, Srilanka, Thailand. The company is
an ISO 9001-2000 certified company & one star export house, exploiting new
styles of man-made fabric, Garments and yarn to meet the international trends.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.24 |
|
|
1 |
Rs.83.04 |
|
Euro |
1 |
Rs.55.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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 |
|