MIRA
INFORM REPORT
|
Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHARDA SPUNTEX PRIVATE LIMITED |
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Registered Office : |
Station Road, Bhupalganj, Bhilwara – 311 001, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1994 |
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Com. Reg. No.: |
17-008857 |
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CIN No.: [Company
Identification No.] |
U17117RJ1994PTC08857 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHS02310A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
The company is
engaged in the business of Manufacture of Polyester Viscose Blended Yarn and
Polyester Viscose Blended Fabrics. |
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 499000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having fine track. Trade relations are fair. Financial position
is satisfactory. 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 : |
Station Road, Bhupalganj, Bhilwara – 311 001, Rajasthan, India |
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Tel. No.: |
91-1482-231957/
58/ 59/ 60 |
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Mobile No.: |
91-919352115101 |
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Fax No.: |
91-1482-239246 |
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Email: |
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Corporate Office: |
Old RTO Road, Leyland
Choraha, Opposite Harsh Palace, Bhilwara – 311 001, Rajasthan, India |
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Tel. No.: |
91-1482-233800/
329451 |
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Fax No. : |
91-1482-233811 |
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E-mail : |
DIRECTORS
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Name : |
Mr. Anil Kumar
Mansinghka |
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Designation : |
Director |
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Address : |
Station
Road, Bhilwara |
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Date of Birth/Age : |
29.08.1964 |
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Date of Appointment : |
29.09.1994 |
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Name : |
Mr. Arun Kumar
Mansinghka |
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Designation : |
Director |
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Address : |
Station
Road, Bhilwara |
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Date of Birth/Age : |
26.04.1969 |
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Date of Appointment : |
29.09.1994 |
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Name : |
Mr. Manoj Kumar
Mansinghka |
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Designation : |
Director |
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Address : |
Station
Road, Bhilwara |
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Date of Birth/Age : |
07.09.1975 |
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Date of Appointment : |
12.08.1997 |
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Name : |
Mr. Suresh
Agarwal |
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Designation : |
Director |
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Address : |
1/326, Vidyadhar
Nagar, Jaipur |
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Date of Appointment : |
20.12.1999 |
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Name : |
Manisha
Mansinghka |
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Designation : |
Director |
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Address : |
Rampal Sitaram,
Bazar No. 3, Bhopalganj, Bhilwara 311001, Rajasthan, India |
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Date of Birth : |
24.07.1966 |
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Date of Appointment : |
27.03.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Anil Kumar
Mansinghka |
51280 |
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Arun Mansinghka |
42205 |
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Kailash Chandra
Mansinghka |
16005 |
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Sharda bai
Mansinghka |
7005 |
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Anil Kumar
Mansinghka P/O M/s. Sharda Syntex |
19000 |
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Anil Kumar Mansinghka
P/O M/s. Subham Syntex |
15000 |
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Manisha
Mansinghka |
19000 |
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Manoj Mansinghka |
44700 |
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Anil Kumar
Mansinghka (HUF) |
3000 |
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Arun Kumar Mansinghka (HUF) |
3000 |
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Preeti Mansinghka |
2000 |
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Sita Ram Kailash
Chand |
2000 |
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Sunita Mansinghka |
1700 |
|
Viren Diamonds
Exports Limited |
5750 |
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Jautla India
Impex Limited |
3000 |
|
Kush Hindustan
Entertainment Limited |
3750 |
|
Yash & Jwelt
Limited |
2500 |
|
Akshya
Corporation |
4000 |
|
Vanu Guard Jwells
Limited |
1750 |
|
Real Gold Trading
Company Private Limited |
3750 |
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Equity Share Break-up |
Percentage of Holding |
|
Bodies corporate |
39.00 |
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Directors or
relatives of Directors |
61.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is
engaged in the business of Manufacturer of Polyester Viscose Blended Yarn and
Polyester Viscose Blended Fabrics. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
State Bank
of India, Speacialised Commercial
Branch, B-23, Industrial Estate, Pur Road, Bhilwara – 311 001, Rajasthan,
India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kalani and Company Chartered Accountant |
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Address : |
B-98, Shastri Nagar, Bhilwara 311001, Rajasthan, India |
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Associates/Subsidiaries : |
Ř Sharda London
Limited, London Ř Sharda Europe Sp
Zoo Lodz, Poland Ř Sharda Tekstil
Sanayi Ticaret Limited, Turkey |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs. 100/- each |
Rs. 45.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
417500 |
Equity Shares |
Rs. 100/- each |
Rs. 41.750
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
38.017 |
28.014 |
25.464 |
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2] Share Application Money |
0.484 |
2.101 |
0.001 |
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3] Reserves & Surplus |
86.447 |
48.485 |
37.853 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
124.948 |
78.600 |
63.318 |
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LOAN FUNDS |
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1] Secured Loans |
285.246 |
93.693 |
80.367 |
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2] Unsecured Loans |
12.341 |
13.370 |
9.700 |
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TOTAL BORROWING |
297.587 |
107.063 |
90.067 |
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DEFERRED TAX LIABILITIES |
5.601 |
6.678 |
5.577 |
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TOTAL |
428.136 |
192.341 |
158.962 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.759 |
58.754 |
61.033 |
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Capital work-in-progress |
22.257 |
5.060 |
0.000 |
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INVESTMENT |
22.746 |
21.740 |
6.648 |
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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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|
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Inventories |
53.985
|
22.666 |
29.949 |
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Sundry Debtors |
470.540
|
170.833 |
98.696 |
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Cash & Bank Balances |
53.291
|
20.039 |
15.240 |
|
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Other Current Assets |
13.944
|
2.820 |
0.000 |
|
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Loans & Advances |
56.318
|
12.091 |
10.491 |
|
Total
Current Assets |
648.078
|
228.449 |
154.376 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
317.513
|
118.937 |
61.335 |
|
|
Provisions |
4.191
|
2.725 |
1.760 |
|
Total
Current Liabilities |
321.704
|
121.662 |
63.095 |
|
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Net Current Assets |
326.374
|
106.787 |
91.281 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
428.136 |
192.341 |
158.962 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1702.085 |
931.629 |
506.570 |
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Other Income |
34.547 |
12.326 |
16.774 |
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Total Income |
1736.632 |
943.955 |
523.344 |
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Profit/(Loss) Before Tax |
13.707 |
8.443 |
4.593 |
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Provision for Taxation |
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Profit/(Loss) After Tax |
8.468 |
5.363 |
5.154 |
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Earnings in Foreign Currency : |
755.257 |
323.692 |
41.946 |
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Total Imports |
218.633 |
16.280 |
18.820 |
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Expenditures : |
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Financial Charges |
30.005 |
10.818 |
6.944 |
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Depreciation & Amortization |
9.711 |
9.019 |
8.745 |
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Other Expenditure |
1643.493 |
895.838 |
487.373 |
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Total Expenditure |
1683.209 |
915.675 |
503.062 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.48
|
0.56 |
1.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.80
|
0.90 |
0.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.94
|
2.93 |
2.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.95
|
2.90 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
|
2.01
|
1.87 |
2.45 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90070857 |
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Corporate
identity number of the company |
U17117RJ1994PTC08857 |
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Name of the
company |
SHARDA SPUNTEX
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Station Road, Bhupalganj, Bhilwara – 311 001, Rajasthan, India |
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Type of charge |
Immovable
property Book debts Any interest in
immovable property Movable property |
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Particular of
charge holder |
State Bank Of India Specialized Commercial Branch, B-23 Industrial Estate Pur Road Bhilwara – Rajasthan |
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Nature of description
of the instrument creating or modifying the charge |
Form C – 5 Letter
regarding the grant of individual limits within the overall limit form C-2-A
supplementary agreement of Hypothecation of Goods and assets memorandum if
deposit for creation of further
charge for term loan overall limit. |
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Date of
instrument Creating the charge |
05.10.2006 |
|
Amount secured by
the charge |
Rs. 461.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Ř
Cash credit
at SBAR minimum 11.00% p.a. Ř
EPC/PCFC and
FBD/FBP at the rate as applicable under SBI exporters Gold card scheme Ř
Existing
term loan at the rate of 0.75% SBAR, minimum 10.25%. Ř
SLC at the rate
of 1.00% above rate applicable to cash credit [b] Terms of
Payment On demand for
working capital limits Term loan is
repayable in 69 EMIs of Rs. 0.336 Million each w.e.f. April, 2004 [c] Margin Raw materials –
25% Stock in process
– 40% Finished goods –
25% Book
debts/receivables – 50% Letter of credit
– 15% [d] extend and
operation of the charge ADGOC limit
granted for Rs. 65.000 Millions under over all limit. |
|
Short particulars
of the property charged |
The first charge
by way of hypothecation of the whole of stocks of raw material S VIZ Yarn,
semi finished goods/Fabric and consumable stores, goods in transit. First charge by
way of hypothecation of all company’s present and future book debts outstanding
moneys, receivable, bills, claims, contracts, engagements, securities
investment rights and assets. |
|
Date of latest
modification prior to the present modification |
07.01.2006 |
|
Particulars of
the present modification |
Overall limit
have been enhanced from Rs. 400.700 Millions to Rs. 465.700 Millions. But on account of repayment of term loan
documents have been executed for Rs. 1.600 Millions |
|
Name of the company |
SHARDA SPUNTEX
PRIVATE LIMITED |
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Presented By |
Mr. Manoj Kumar
Mansinghka, Director |
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1) Date and description of instrument creating the change |
27.02.2002 C-2; Agreement of Hypothecation of Goods
and assets for Rs. 10.000 millions And C-5; letter regarding grant of individual limit
within overall limit |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Cash Credit Hypothecation Rs. 6.500
millions C. C. Rs. 3.500 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 |
Security : the first charge by way of
hypothecation on the whole of stocks of raw material viz. yarn, semi finished
goods, finished goods / fabrics and consumable stores whether raw or in
process of manufacture and all articles manufactures There form which during the security shall
be brought into stored or be in or about the company Godown or premises at
Data Nilavery, the Banera, Bhilwara and Laxmi Bhawan, bazar No. 3 Bhilwara or
wherever else the same may be including any such goods in course of transit
of transit or delicery, first charge by way of hypothecation of all the
company’s present and future book debts, outstanding moneys, receivables,
bills, claims, contracts, engagements, securities, investments rights and
assets for security for the payments to Bank on demand of all moneys at any
time payable by the company to the Bank in respect of the payment and
discharge of all indebt ness or liability of the Bank in respect of any bills
of exchange, promissory notes or instruments at any time drawn, made,
accepted or endorsed by the company solely or jointly with other which the
bank may discount or become interested in together with all interest,
discount, commission, charges, costs and Expenses payable to or incurred by
the bank in relation thereto. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest : 2.25 % above SBAR with minimum 13.75
% p.a. with quarterly rest. Margin : As per Form C-5 Repayment on demand |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank Of India Specialized Commercial Branch, B-23 Industrial Estate Pur Road Bhilwara – Rajasthan |
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6) Date and brief description of instrument modifying the charge |
All documents dated 09/04/2005 C-2-A; Supplemental Agreement of
Hypothecation of goods and assets for increase in the overall limit C-5; Letter regarding grant of individual
limit within overall limit |
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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. |
Limits increased to
All the other terms and conditions are as
per Form no. C-5. |
|
Name of the company |
SHARDA SPUNTEX
PRIVATE LIMITED |
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|
Presented By |
Mr. Manoj Kumar
Mansinghka, Director |
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|
1) Date and description of instrument creating the change |
27.02.2002 C-2; Agreement of Hypothecation of Goods and
assets for Rs. 10.000 millions And C-5; letter regarding grant of individual
limit within overall limit |
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|
2) Amount secured by the charge/amount owing on the securities of
charge |
Cash Credit Hypothecation Rs. 6.500
millions C. C. Rs. 3.500 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 |
Security : the first charge by way of
hypothecation on the whole of stocks of raw material viz. yarn, semi finished
goods, finished goods / fabrics and consumable stores whether raw or in
process of manufacture and all articles manufactures There form which during the security shall
be brought into stored or be in or about the company Godown or premises at
Data Nilavery, the Banera, Bhilwara and Laxmi Bhawan, bazar No. 3 Bhilwara or
wherever else the same may be including any such goods in course of transit
of transit or delivery, first charge by way of hypothecation of all the
company’s present and future book debts, outstanding moneys, receivables,
bills, claims, contracts, engagements, securities, investments rights and
assets for security for the payments to Bank on demand of all moneys at any
time payable by the company to the Bank in respect of the payment and
discharge of all indebt ness or liability of the Bank in respect of any bills
of exchange, promissory notes or instruments at any time drawn, made,
accepted or endorsed by the company solely or jointly with other which the
bank may discount or become interested in together with all interest,
discount, commission, charges, costs and Expenses payable to or incurred by
the bank in relation thereto. |
||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest : 2.25 % above SBAR with minimum 13.75
% p.a. with quarterly rest. Margin : As per Form C-5 Repayment on demand |
||||||||||||||||
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank Of India Specialized Commercial Branch, B-23 Industrial Estate Pur Road Bhilwara – Rajasthan |
||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
All documents dated 07/01/2006 C-2-A; Supplemental Agreement of
Hypothecation of goods and assets for increase in the overall limit C-5; Letter regarding grant of individual
limit within overall limit C-10 : Mortgage of factory, land and
building. |
||||||||||||||||
|
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. |
Limits increased to
All the other terms and conditions are as
per Form no. C-5. The above
limits are also secured by the said mortgage created by deposit of title
deeds in respect company. Immovable property situated on Data Nilawari, The Banera,
Ajmer Road, Bhilwara together with all building and other structures, fixed
Plant and Machinery. Fixed assets fittings, constructed created or installed
to be install thereon both present and future. |
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 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. 39.39 |
|
UK Pound |
1 |
Rs. 81.31 |
|
Euro |
1 |
Rs. 57.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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. |
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 |
|