MIRA
INFORM REPORT
|
Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
|
Correct Name : |
AMBICA JUTE MILLS LIMITED |
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Formerly Known As : |
SNEHA PLANNERS PRIVATE LIMITED |
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Registered Office : |
3, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.08.1996 |
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Com. Reg. No.: |
81000 |
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CIN No.: [Company
Identification No.] |
U70101WB1996PLC081000 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA06608A |
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PAN No.: [Permanent
Account No.] |
AAGCS5288R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Seller of Jute Products |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4120000 |
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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
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 : |
3, |
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E-Mail : |
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Factory : |
5, |
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Tel. No.: |
91-33-22472286/ 22835028 |
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Fax No.: |
91-33-22832516 |
DIRECTORS
|
Name : |
Mr. Jitendra Kumar Kapila |
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Designation : |
Director |
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Address : |
Phuleshwar, Uluberia, |
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Date of Birth/Age : |
28.04.1930 |
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Date of Appointment : |
17.11.2003 |
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Date of Ceasing : |
26.07.2005 |
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Name : |
Mr. Samir Kumar De |
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Designation : |
Director |
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Address : |
Ganapati Apartment, Flat – 4B, Block – B, 21, Khetra Mohan Mitra Road,
PO Salkia, Howrah – 711 106, West Bengal, India |
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Date of Birth/Age : |
01.11.1941 |
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Date of Appointment : |
26.07.2004 |
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Name : |
Ms. Jyoti Bhusan Chatterjee |
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Designation : |
Director |
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Address : |
357/1/2, |
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Date of Birth/Age : |
06.10.1924 |
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Date of Appointment : |
17.11.2003 |
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Name : |
Mr. Gajanand Pareek |
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Designation : |
Director |
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Address : |
Indraprastha Apartment, Flat No. D1-202, |
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Date of Birth/Age : |
01.11.1942 |
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Date of Appointment : |
26.07.2005 |
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Name : |
Mr. Bhanwar Lall Mahatma |
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Designation : |
Additional Director |
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Address : |
Bally Tower, Flat No. B1/ 105, 5, Sree Charan Sarani, Bally, |
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Date of Birth/Age : |
14.12.1934 |
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Date of Appointment : |
31.03.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Abhishek Kumar Kankaria |
|
92000 |
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Mr. Yogesh Kumar Kankaria |
|
88540 |
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Mr. Ashish Kumar Kankaria |
|
84660 |
|
Awanti Kumar Kankaria (HUF) |
|
870920 |
|
Winsher Commercial Private Limited |
|
48000 |
|
Ambica Capital Markets Limited |
|
768000 |
|
|
|
972780 |
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Bally International Limited |
|
234240 |
|
Goldview Financial Services Limited |
|
3487200 |
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Kanak Textiles Limited |
|
190080 |
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Labrinth Common Trade Private Limited
|
|
1535040 |
|
Nizard Marketing Private Limited |
|
591360 |
|
Shineup Aibbes Limited |
|
774000 |
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Ms. Sweeta Kankaria |
|
1920 |
|
Gladiator Commodities Private Limited |
|
310720 |
|
Purotech Merchants Private Limited |
|
310720 |
|
Polosetco Tieup Private Limited |
|
310720 |
|
MFL Corporation Limited |
|
80000 |
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Mr. Basu Deo Chomal |
|
100 |
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Mr. Gautam Jatia |
|
100 |
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Names of Shareholders |
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% of Holding |
|
Bodies Corporate |
|
93.30 |
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Other Top Fifty (50) Shareholders |
|
6.70 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Jute Products |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Syndicate Bank Canara Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Chartered Accountants |
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Address : |
21, |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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16800000 |
Equity Shares |
Rs. 10/- each |
Rs. 168.000 millions |
|
20000 |
Preference Shares |
Rs. 100/- each |
Rs. 2.000 millions |
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Total |
|
Rs. 170.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16779800 |
Equity Shares |
Rs. 10/- each |
Rs. 167.798 millions |
|
20000 |
Preference
Shares |
Rs. 100/- each |
Rs. 2.000 millions |
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Total |
|
Rs. 169.798 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
169.798 |
109.309 |
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2] Reserves & Surplus |
|
859.076 |
546.560 |
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NETWORTH |
|
1028.874 |
655.869 |
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LOAN FUNDS |
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1] Secured Loans |
|
476.190 |
185.954 |
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2] Unsecured Loans |
|
1.164 |
23.488 |
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TOTAL BORROWING |
|
477.354 |
209.442 |
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DEFERRED TAX LIABILITIES |
|
47.915 |
31.383 |
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TOTAL |
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1554.143 |
896.694 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1194.356 |
729.276 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
7.928 |
9.595 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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256.032 |
207.544 |
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Sundry Debtors |
|
97.833 |
121.988 |
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Cash & Bank Balances |
|
3.237 |
2.038 |
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Loans & Advances |
|
112.783 |
75.953 |
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Total
Current Assets |
|
469.885 |
407.523 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
87.145 |
230.823 |
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Provisions |
|
31.121 |
18.877 |
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Total
Current Liabilities |
|
118.266 |
249.700 |
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Net Current Assets |
|
351.619 |
157.823 |
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MISCELLANEOUS EXPENSES |
|
0.240 |
0.000 |
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TOTAL |
|
1554.143 |
896.694 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
1331.829 |
927.543 |
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Other Income |
|
3.409 |
0.810 |
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Total Income |
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1335.238 |
928.353 |
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Profit/(Loss) Before Tax |
|
41.425 |
46.225 |
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Provision for Taxation |
|
10.511 |
19.227 |
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Profit/(Loss) After Tax |
|
30.914 |
26.998 |
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Expenditures : |
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Raw Material Consumed |
|
633.721 |
362.243 |
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Purchases made for re-sale |
|
151.379 |
94.569 |
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Consumption of stores and spares parts |
|
81.680 |
68.367 |
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Increase/(Decrease) in Finished Goods |
|
(7.727) |
(1.111) |
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Salaries, Wages, Bonus, etc. |
|
229.842 |
206.846 |
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Managerial Remuneration |
|
0.000 |
0.000 |
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Payment to Auditors |
|
0.095 |
0.072 |
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Interest |
|
14.362 |
10.903 |
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Insurance Expenses |
|
16.025 |
10.009 |
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Power & Fuel |
|
58.342 |
56.358 |
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Depreciation & Amortization |
|
32.403 |
19.358 |
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Other Expenditure |
|
83.691 |
54.634 |
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Total Expenditure |
|
434.760 |
358.180 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
2.31 |
2.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
3.10 |
4.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.47 |
4.03 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.04 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.62 |
1.74 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.97 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Name of the company |
AMBICA JUTE
MILLS LIMITED |
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Presented
By |
Syndicate
Bank |
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1) Date and description of instrument creating the change |
Composite hypothecation agreement dated 05.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 243.200 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 |
Hypothecation by way of first charge on pari passu basis with Canara Bank: 1. all stock of raw jute, stock in process, finished goods, stores and consumables and other current assets stored / lying at the company’s premises / godowns/ factory/ jute mill at 3, Haren Mukherjee Road, Belurmath, Howrah 711 202 or wherever else the same may be or in course of transit. 2. machinery acquirewd / to be acquired, both indigeneous and imported for use in jute mill, out of finance from Canara Bank and Syndicate Bank. 3. all machinery assets of the company 4. all fixed assets of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest / commission as may be fixed by the bank from time to time |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank |
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6) Date and brief description of instrument modifying the charge |
N A |
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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. |
N A |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U70101WB1996PLC081000 |
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Name of the company |
AMBICA JUTE MILLS LIMITED |
|
Address |
3, |
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This Form is for |
Modification of charge |
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Type of Charges |
Book debts, movable property (not being pledge), floating charge, plant and machinery and other fixed assets |
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Particular of the charge holder |
Syndicate Bank |
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Nature or description of the instrument creating charge |
Composite hypothecation agreement executed on 17.02.2007 |
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Date of the instrument creating charge |
17.02.2007 |
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Amount Secure by the charge |
275.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: 11.50% p.a. being 0.25% below the Syndicate Bank’s PLR Terms of Repayment: as per the agreement made between the borrower and the lender Margin: as per the agreement mode between the borrower and the lender Extent and operation of the charge: the charge operates as pari passu first charge basis on the whole of the hypothecated current assets including machinery acquired both indigenous ad imported and other fixed assets. Others: all terms and conditions continue to remain as before in full force and effect. |
|
Modification charge Charge identification number of the charge to be modified |
80024317 |
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Date of instrument modifying the charge |
17.02.2007 |
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Particulars of the Property charged |
Stock of raw jute, stock in process, finished goods, stores and consumable, receivables and other current assets, machinery acquired / by the company, both indigenous and imported for use in the jute mill, out of finance from Canara Bank and Syndicate Bank, other fixed assets and all machinery used in the Jute Mill situated at 3, Haren Mukherjee Road, Belurmath, Howrah 711 202. |
|
Particulars of the present modification |
By this modification, the overall limit has been enhanced from Rs. 243.200 millions to Rs. 275.000 millions as stated in the composite hypothecation agreement and all other terms and conditions continue to remain as before in full force and effect. |
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.40.84 |
|
|
1 |
Rs.81.81 |
|
Euro |
1 |
Rs.55.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--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 |
|
55 |
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 |
|