MIRA
INFORM REPORT
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Report Date : |
13.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PODAR KNITEX LIMITED |
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Registered Office : |
4th Floor,
Podar Chambers, A Brelvi Road, Fort, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.10.1985 |
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Com. Reg. No.: |
11-37652 |
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CIN No.: [Company
Identification No.] |
L17120M?H1985PLC037652 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16650E |
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PAN No.: [Permanent
Account No.] |
AACP2526P |
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Legal Form : |
A public limited liability company. The company’s shares are listed on the stock exchanges. |
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Line of Business : |
Manufacture and Trading of Polyester Textile Yarn. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
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Status : |
Poor |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Financial position of the company is poor. Ways and mean position are
difficult. The company is not doing well. It is poorly traded. It can be considered for any business dealings on safe and secured
trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
4th Floor, Podar Chambers, A Brelvi Road, Fort,
Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-2266 4070 / 2266 4032 |
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Fax No.: |
91-22-2266 3845 |
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E-Mail : |
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Factory 1 : |
Plot No.B-5 & B-6, MIDC Industrial Area, Mahad,
District Raigad, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Rajiv K. Podar |
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Designation : |
Director |
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Name : |
Mr. M.D. Shanbhag |
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Designation : |
Director |
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Name : |
Mr. Ramesh C. Pandya |
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Designation : |
Director |
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Name : |
Mr. Rajendra M.Bolya |
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Designation : |
Director |
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Name : |
Mr.Rajendra M.Bolya |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Kantikumar R. Podar |
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Designation : |
Chairman |
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Date of Birth/Age : |
63 years |
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Qualification : |
Commerce Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Trading of Polyester Textile Yarn. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
Wholesalers |
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Bankers : |
Canara Bank Bank of Baroda |
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Facilities : |
Loans from Financial Institutions are secured by way of first mortgage of Immovable properties, both present and future and by hypothecation of plant and machineries,spares.tools and accessories,both present and futures in order, in transit.or otherwise situated at Company's premises, Godown, or wherever else and other 5QOQ movables,both present and future and guaranteed by two Directors of the Company in their individual capacities. 2) The loan from banks on cash credit,against bills discounted and against book debts is secured by hypothecation of inventories and book debts both present and future.Equitable/legal mortgage on Company's Fixed Assets by way of second charge and guaranteed by two Directors of the Company in their individual capacities |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
M/S. S.K. Bhageria and Associates Chartered Accountants. |
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Memberships : |
Indian Merchants’ Chamber Maharashtra Economic Development Council The All India Exporters Chamber The Cotton Textile Exports Promotion Council The East Indian Cotton Association |
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Associates/Subsidiaries : |
The Podar Holding Pvt. Ltd Nawal Finance Pvt. Ltd. Podar Twistex Pvt. Ltd. Premier Consultant &
Traders Ltd. Nawal Textiles Ltd. Podar Textiles (Daman) Pvt.
Ltd. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/-(each) |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4800000 |
Equity Share |
Rs.10/-(each) |
Rs.48.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
48.000 |
48.000 |
48.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.005 |
7.005 |
(359.700) |
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4] (Accumulated Losses) |
{411.151} |
{369.291} |
0.000 |
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NETWORTH |
{356.146} |
{314.286} |
(311.7) |
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LOAN FUNDS |
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1] Secured Loans |
280.492 |
280.493 |
280.500 |
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2] Unsecured Loans |
69.925 |
68.535 |
68.300 |
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TOTAL BORROWING |
350.417 |
349.028 |
348.8 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
5.729 |
34.742 |
37.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.394 |
19.454 |
21.600 |
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Capital work-in-progress |
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INVESTMENT |
0.005 |
0.005 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.460
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0.460 |
0.500 |
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Cash & Bank Balances |
1.890
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1.880 |
1.900 |
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Loans & Advances |
97.402
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97.357 |
97.300 |
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Total
Current Assets |
99.752
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99.697 |
99.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
122.880
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84.414 |
84.200 |
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Total
Current Liabilities |
122.880
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84.414 |
84.200 |
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Net Current Assets |
{23.128}
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15.283 |
15.500 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
5.729 |
34.742 |
37.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
0.000 |
0.000 |
0.000 |
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Other Income |
0.400 |
0.400 |
0.600 |
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Total Income |
0.400 |
0.400 |
0.600 |
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Profit/(Loss) Before Tax |
{41.900} |
{2.600} |
{20.400} |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
{41.900} |
{2.600} |
{20.400} |
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Expenditures : |
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Excise Duty |
38.900 |
0.000 |
15.900 |
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Miscellaneous Expenses |
0.200 |
0.300 |
0.005 |
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Selling and Administration Expenses |
1.100 |
0.600 |
1.000 |
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Depreciation & Amortization |
2.100 |
2.100 |
2.400 |
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Raw Material |
0.000 |
0.000 |
0.100 |
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Other Manufacturing Expenses |
0.000 |
0.000 |
1.000 |
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Employee Cost |
0.000 |
0.000 |
0.100 |
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Total Expenditure |
42.300 |
3.000 |
20.505 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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0.000 |
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Other Income |
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04.600 |
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Total Income |
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04.600 |
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Total Expenditure |
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00.600 |
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Operating Profit |
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04.000 |
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Interest |
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0.000 |
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Gross Profit |
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04.000 |
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Depreciation |
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00.700 |
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Tax |
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0.000 |
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Reported PAT |
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03.300 |
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Dividend (%) |
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00.000 |
KEY RATIOS
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Long Term
Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Current Ratio |
0.64 |
0.74 |
0.76 |
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TURNOVER RATIOS |
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Fixed Assets |
0.00 |
0.00 |
0.00 |
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Inventory |
0.00 |
0.00 |
0.00 |
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Debtors |
0.00 |
0.00 |
0.00 |
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Interest Cover
Ratio |
0.00 |
0.00 |
0.00 |
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Operating Profit
Margin(%) |
0.00 |
0.00 |
0.00 |
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Profit Before
Interest And Tax Margin(%) |
0.00 |
0.00 |
0.00 |
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Cash Profit
Margin(%) |
0.00 |
0.00 |
0.00 |
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Adjusted Net
Profit Margin(%) |
0.00 |
0.00 |
0.00 |
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Return On Capital
Employed(%) |
0.00 |
0.00 |
0.00 |
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Return On Net
Worth(%) |
0.00 |
0.00 |
0.00 |
STOCK PRICES
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Face Value |
Rs.10.00/- |
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High |
Rs.4.55/- |
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Low |
Rs.4.55/- |
LOCAL AGENCY
FURTHER INFORMATION
DIRECTOR'S REPORT
The Directors have great pleasure in presenting herewith the Eighteenth
Annual Report and Audited Statement of Accounts for the year ended March 31,
2005.
STATUS OF INSURANCE CLAIM & OPERATIONS :
The National Consumer Dispute Redressal Commission, New Delhi, vide its
order dated 22nd April 2004 allowed the Petition in Company's favour. The
Insurance Company preferred to appeal against the said order with the Supreme
Court and the board of the Company had decided to fight the same.
During the financial year 2004-2005 also, the Company could not resumed
any operations at the factory because of inadequate funds. The Directors are
making all efforts to resume the same and improve the performance of the
Company. It is hoped that with the settlement of the Insurance Claim and
subject to reaching an agreement on the revival package with the Institutions,
the Company will be able to start operations
DIVIDEND :
Due to losses and Shut down of the Company's Operations, the board is
unable to recommend any dividend during the year under review.
WINDING UP PROCEEDINGS BEFORE THE BOMBAY HIGH COURT :
As reported in the last Directors report the Bombay High Court taking
note of pending Insurance matter with National Consumer Disputes Redressal
Commission, New Delhi Ordered the matter adjourned for sine die, vide its Order
dated October 19, 2001.
INTEREST WAIVER FROM FINANCIAL INSTITUTIONS & BANKS :
The negotiating with Financial Institutions and Banks for
settlement of their dues is on and the board is confident of getting
concessions/ waiver of interest/principal In view of the same, no provision is
made for estimated amount of interest amounting to Rs.229.331 Millions (Incl.
of Previous Years of Rs.172.193 Millions) on the said borrowings. Please Refer
Note No. 8 of Schedule 10 Notes on Accounts.
POSSESSION OF THE FACTORY TAKEN BY CANARA BANK :
Canara Bank and Bank of Baroda had jointly filed a case against the
Company in the Debt Recovery Tribunal. In view of the Order of DIRT, Recovery
Proceedings have been initiated by Recovery Officer against the Company and by
exercising their powers Recovery Officer issued attachment order of Immovable
property situated at Plot no. B-5 and B-6 at MIDC, Mahad. So Canara Bank has
taken the possession of full factory of Mahad and has also taken inventory of
all assets, stocks & spares and sealed the factory.
Fixed Asset:
- Leasehold land
- Buildings ( including
- Road & Drains)
- Plant & machinery
- Electrical Installation
- Furniture & Fixtures
- Office Equipment
- Computers
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.17 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.67 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
- |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
YES |
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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 |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
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6 |
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 |
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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 |
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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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