MIRA
INFORM REPORT
|
Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
CENTENNIAL FABRICS LIMITED |
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Registered Office : |
612 Veena Killedar Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1992 |
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Com. Reg. No.: |
11-67344 |
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CIN No.: [Company
Identification No.] |
L15140MH1992PLC067344 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC11555F |
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PAN No.: [Permanent
Account No.] |
AACCC1180A |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing, distributing, selling, buying and otherwise dealing in
briquettes out of natural waste generated from flora and funa, industrial
waste, rags, straw and such other heat generating residues and to refine,
blend, separate treat such waste to compose solid fuel. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 7200 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s profitability is under severe
pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office : |
612 Veena Killedar Industrial Estate, |
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Tel. No.: |
91-22-23084886 / 23075677 / 23060572 |
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Fax No.: |
91-22-23080022 |
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E-Mail : |
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Website : |
http://www.centfab.com |
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Factory 1 : |
S. No. 258 / 2/ 1, Near to Dadra Check Post, Vapi – |
DIRECTORS
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Name : |
Mrs. Smita H. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
22.12.1963 |
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Date of Appointment : |
22.06.1992 |
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Name : |
Mr. Jagdish Dokwal |
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Designation : |
Director |
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Date of Birth/Age : |
12.09.1960 |
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Date of Appointment : |
07.11.1995 |
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Name : |
Mr. Abhay V. Parajpe |
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Designation : |
Director |
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Date of Birth/Age : |
12.12.1960 |
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Date of Appointment : |
19.05.2003 |
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Name : |
Mr. Pranav J. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
23.06.1969 |
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Date of Appointment : |
19.05.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Harshad B. Patel |
|
10 |
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Mr. Pranav J. Patel |
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100010 |
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Ms. Smita Patel |
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85010 |
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Mr. Jagdish Dokwal |
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540 |
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Centennial Finance Limtied |
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115000 |
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Mr. Abhay Paranjpe |
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40000 |
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Mr. Vasant Paranjpe |
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40000 |
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Mr. Ummesh Mahajani |
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35000 |
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Ms. Anuradha Mahajani |
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5000 |
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Mr. Keshav Talwalkar |
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5000 |
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Ms. Neela Talwalkar |
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5000 |
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Lotus Polytwist Private Limited |
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50000 |
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Mr. Nitin Patel |
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30000 |
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Lotus Polytwist Private Limited |
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100000 |
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Ms. Sadhana Patel |
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70000 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Directors or relatives of director |
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39.00 |
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Other top fifty shareholders [other than listed above] |
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61.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, distributing, selling, buying and otherwise dealing in
briquettes out of natural waste generated from flora and funa, industrial
waste, rags, straw and such other heat generating residues and to refine,
blend, separate treat such waste to compose solid fuel. |
GENERAL INFORMATION
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No. of Employees : |
About 90 |
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Bankers : |
Cosmos Co-operative Bank Limited HDFC Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Alladi Krishnan & Kumar Chartered Accountant |
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Address : |
503 – 504, Vip Plaza, B – 7, Veera Industrial Estate, Off Link Road,
Andheri [West], Mumbai – 400053, Maharashtra, India |
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PAN No.: |
AAFF9641L |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
680570 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.806
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 |
6.806 |
6.806 |
7.365 |
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2] Share Application Money |
0.560 |
0.560 |
0.000 |
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3] Reserves & Surplus |
[5.555] |
[5.289] |
[0.078] |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.811 |
2.077 |
7.287 |
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LOAN FUNDS |
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1] Secured Loans |
28.150 |
29.108 |
24.378 |
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2] Unsecured Loans |
18.199 |
14.214 |
5.500 |
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TOTAL BORROWING |
46.349 |
43.322 |
29.878 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
48.160 |
45.399 |
37.165 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.440 |
35.406 |
35.336 |
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Capital work-in-progress |
0.000 |
0.000 |
0.388 |
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INVESTMENT |
0.000 |
0.000 |
0.100 |
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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 |
4.589
|
5.232 |
0.756 |
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Sundry Debtors |
4.705
|
2.182 |
0.385 |
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Cash & Bank Balances |
0.986
|
0.168 |
1.027 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.058
|
4.785 |
3.537 |
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Total
Current Assets |
18.338
|
12.367 |
5.705 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.824
|
2.029 |
4.383 |
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Provisions |
0.794
|
0.345 |
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Total
Current Liabilities |
4.618
|
2.374 |
4.383 |
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Net Current Assets |
13.720
|
9.993 |
1.322 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.019 |
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TOTAL |
48.160 |
45.399 |
37.165 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
23.072 |
10.881 |
0.375 |
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Other Income |
0.112 |
0.079 |
0.006 |
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Total Income |
23.184 |
10.960 |
0.381 |
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Profit/(Loss) Before Tax |
[1.950] |
[5.193] |
[0.045] |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
[1.950] |
[5.193] |
[0.045] |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
0.251 |
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Administrative Expenses |
0.000 |
0.000 |
0.032 |
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Raw Material Consumed |
16.633 |
10.040 |
0.068 |
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Increase/(Decrease) in Finished Goods |
[1.143] |
[2.117] |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.591 |
1.593 |
0.038 |
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Managerial Remuneration |
0.000 |
0.000 |
0.002 |
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Payment to Auditors |
0.001 |
0.001 |
0.000 |
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Interest |
2.740 |
3.963 |
0.001 |
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Insurance Expenses |
0.159 |
0.120 |
0.000 |
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Power & Fuel |
0.612 |
0.503 |
0.000 |
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Depreciation & Amortization |
1.548 |
1.518 |
0.032 |
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Other Expenditure |
2.993 |
0.532 |
0.000 |
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Total Expenditure |
25.134 |
16.153 |
0.424 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[8.41]
|
[47.38] |
[11.81] |
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Net Profit Margin (PBT/Sales) |
(%) |
[8.41]
|
[47.38] |
[11.81] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[3.69]
|
[10.87] |
[0.10] |
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Return on Investment (ROI) (PBT/Networth) |
|
[1.07]
|
[2.50] |
[0.001] |
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Debt Equity Ratio (Total Liability/Networth) |
|
28.14
|
22.00 |
4.70 |
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Current Ratio (Current Asset/Current Liability) |
|
3.97
|
5.20 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets :
Land, Building, Plant & Machinery, Furniture & Fixtures, Cycle,
Computer and Vehicles.
|
Name of the company |
CENTENNIAL
FABRICS LIMITED |
|
Presented By |
The Cosmos Co-operative Bank Limited 269/270, Shaniwar Peth, Pune – 411030 |
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1) Date and description of instrument creating the change |
4th November, 2003 Description : Deed of Mortgage |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 7.500 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 |
All that piece and parcel of land bearing S. No. 258 / 2/1, Village
Dadra, together with factory building, electrical installation, furniture,
fittings as prescribed in the schedule of the deed |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Repayment within
60 months Interest : 14%
p.a. Installment of
Rs. 0.174 millions p.m. |
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5) Name and Address and description of the person entitled to the
charge. |
The Cosmos Co-operative
Bank Limited 269/270, Shaniwar Peth, Pune – 411030 at its Gokhalenagar Branch |
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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. |
WEBSITE DETAILS
Subject is a new venture of Rishi Packers Limited and Rishi Laser
Cutting Limited Its manufacturing plant is located in Silvassa, about 180
km from Mumbai. It has latest state of the art German coating
facilities for high quality fabric coating.
Rishi Packers Limited is a multi-product
company operating in
Rishi Laser Cutting Limited is in the
business of laser cutting of various type of MS sheets and fabrications
of sheet metal components. It has manufacturing facilities at Pune, Vadodara
and
They are an upcoming company in the field of Custom coating of Fabrics and
PVC coated Tarpaulins. They are involved in coating process on all types
of different fabrics like Cotton, Polyester, Denim, Nylon, Canvas, Poplin,
Velvet, etc.
They have complete integrated state of art German Coating facilities for
high quality coating for various applications and different coating methods.
They have well equipped laboratory and testing facilities to support
their sophisticated technological innovations.
They can do single side
as well as double side coating. They have facilities to coat upto 2400 mm
width of finish size of fabric with different design of embossing patterns.
Tarpaulins
Tarpaulins are coated with PVC on both sides with Polyester as base
fabric. It is available in fabric form and also fabricated as per the customer
requirement. Their PVC coated fabric is available in width up to 90 inch (228
cm approx). Tarpaulins are available in weight of 700 GSM (Grams / sq meter),
630 GSM, 550 GSM and 450 GSM. Their Blackout speciality tarpaulin are available
in 800 GSM and 900 GSM. They have Swiss machineries to heat seal the PVC coated
fabric and make into tarpaulins of various size as per requirements and any
particular desired shape. They also undertake job of stitching velcro and rope
SALIENT FEATURES
Water Proof
Tough but light in weight
Easy to handle and store
UV stabilized
Low elongation under stress
No cracking
Attractive and Fast colour
Fungus and Termite resistant
Antistatic
High tear and tensile strength
Fire retardant
APPLICATIONS
Truck and Other
Vehicle cover
Domes for exhibition hall/events
Tents & Shelters
Bus and Railway Upholstery
Pallet Wrapping
Blackout fabrics and Awnings
Special application tarpaulin for sago and antirodent tarpaulins
Industrial bags for storing large quantity liquid
Canopy and Automotive hoods
Tarpaulins are available in various colors like Black, Blue,
Green, Beige, Yellow, Grey and Maroon.
Custom Coating
Custom coatings are carried out for various purposes like water
repellency, fire retardant, waterproof, stain free, etc. They have complete
integrated state of art German Coating facilities for high quality coating for
various applications and different coating methods. They have well equipped
laboratory and testing facilities to support their sophisticated technological
innovations.
They can do coating on all types of different fabrics like Cotton,
Polyester, Denim, Velvet, Canvas, Poplin, Sheeting, Nylon, Non-woven, etc.
Their facilities can apply coating from very thin to very thick i.e. from 5 GSM
to 1000 GSM. They can do single as well as double side coating. They can
process upto width of 90’’ on their machines. In case of bulk order, they can
provide fabric along with coating. They also have dip coating facility
available for various coating applications.
Various types of coating offer by them:
Acrylic coating, PU coating, PVC coating, Water Repellence coating,
Wrinkle Free coating, Fire Retardant coating, Gold coating, Glitter coating,
Pearl coating, Leather Finish coating, Bright, Smooth and glossy coating,
Anti-odor coating, Anti-Microbial coating, Insulation coating, Ozone Resistant
coating, Paper Finish coating, Insect Repellence coating, Stiff coating and so
on…
APPLICATIONS :
Apparel
Medical
Industrial Use
Rain Wear & Umbrella
Home Furnishing
Fabric To Fabric Bonding
Black Out For Curtains
Bags & Soft Luggages
Various Finishes :
Wrinkle Free
Stain Free
Glitter Coating
WR only
PU + WR
PU + Acrylic + WR
Acrylic + WR
Various Finishes :
Colour Coating
Flame Retardant
Blackout for Curtains
Pique Coating
Paper Finish
Anti-Bacterial
Stiff coating
Lamination
They have latest lamination facilities to laminate knitted, woven or
non-woven fabric to PVC film. They have facility to laminate upto width of 57’’
i.e. 144 cm with different embossing patterns. The fabric is available in roll
of 40 meters length.
APPLICATIONS
Jeep Hood & Rickshaw Covers
Bags And Luggage
JEEP HOOD & RICKSHAW COVERS
Single side PVC laminated fabrics are used for Jeep hood and
Rickshaw covers.
BAGS & SOFT LAGGUAGE
Single side PVC laminated on Polyester or other fabrics are used in bags
and soft luggage as a separator, portfolio, etc.
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.40.90 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.55.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
|