MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
G M FABRICS PRIVATE LIMITED |
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Registered Office : |
382, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.04.2001 |
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Com. Reg. No.: |
131468 |
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CIN No.: [Company
Identification No.] |
U17116MH2001PTC131468 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Upholstery and
Furnishing Fabrics |
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. |
Small |
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Maximum Credit Limit : |
USD 3500 |
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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 relatively small company having moderate track records.
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 : |
382, |
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Tel. No.: |
91-22-56926931 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Tarapore (4 units) |
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Area : |
160000sq.mtrs |
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Location : |
Owned |
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Factory 2 : |
Sarigaon |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Gurvindercharan Singh |
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Designation : |
Director |
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Address : |
41, Silverrene, 321, |
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Date of Birth/Age : |
18.12.1962 |
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Date of Appointment : |
01.03.2002 |
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Name : |
Mrs. Manpreet Kaur Chaga |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
07.09.1972 |
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Date of Appointment : |
01.03.2002 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Gurvindercharan Singh |
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5000 |
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Mr. Harjinder Singh |
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5000 |
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Category |
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Percentage of
Holding |
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Directors of Relatives of Directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Upholstery and Furnishing
Fabrics |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (7 – 15 days Maximum) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
460 (60 office, 400 factory) |
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Bankers : |
˛
Citi Bank Mumbai Branch ˛
Kalbadevi Branch |
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Facilities : |
PCFC Limit |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sirsalewala and Associates Chartered Accountants |
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Address : |
309 / 311, Pandya Mansion, 3rd Floor, 625, Jagannath
Shankar Seth Road, Dhobi Talao, Mumbai – 400059, Maharashtra |
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Associates/Subsidiaries : |
˛
Gee Vee Exports Private Limited Address:382, Line of Business: Manufacturer of Upholstery and Furnishing Fabrics ˛
Dhanasingh Synthetics Private Limited Address : 382, Line of Business : Furnishing (Export) ˛
G. M. Kuitting Industries private Limited Address : 382, Line of Business : Manufacturer of Upholstery and Furnishing Fabrics (Local Markets) ˛
Harnam Syntex Private Limited Address : 382, Line of Business : Manufacturer of Upholstery and Furnishing Fabrics (Local Markets) ˛
Hartex Silk Mills Private Limited Address : 382, Line of Business : Manufacturer of Upholstery and Furnishing Fabrics (Locla Markets) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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90000 |
Equity Shares |
Rs.10/- each |
Rs.0.900 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90000 |
Equity Shares |
Rs.10/- each |
Rs.0.900 million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.900 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(0.025) |
(0.016) |
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NETWORTH |
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0.875 |
0.084 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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64.430 |
10.856 |
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TOTAL BORROWING |
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64.430 |
10.856 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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65.305 |
10.940 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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64.934 |
10.129 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.038 |
0.026 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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11.536 |
0.409 |
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Total
Current Assets |
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11.574 |
0.435 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.155 |
0.000 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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12.155 |
0.000 |
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Net Current Assets |
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(0.581) |
0.435 |
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MISCELLANEOUS EXPENSES |
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0.952 |
0.376 |
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TOTAL |
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65.305 |
10.940 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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0.223 |
0.000 |
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Total Income |
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0.223 |
0.000 |
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Profit/(Loss) Before Tax |
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(0.009) |
(0.000) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(0.009) |
(0.000) |
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Expenditures : |
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Interest |
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0.001 |
0.000 |
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Other Expenditure |
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0.231 |
0.000 |
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Total Expenditure |
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0.232 |
0.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(4.03) |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(4.03) |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.01) |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.01) |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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13.89 |
0.000 |
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Current Ratio (Current Asset/Current Liability) |
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0.95 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
Form8:
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Corporate
identity number (CIN) Foreign company registration number |
U17116MH2001PTC131468 |
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Name of the Company
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G M FABRICS
PRIVATE LIMITED |
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Address |
382, Kalbadevi
Raod, Dhabolkar Wadi, Mumbai – 400002, |
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This form is for |
Creation of
Charges |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Citibank N.A. Citi Group
Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, E-Mail: vlaxman@vsnl.com |
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Amount secured by
the charge |
Rs.65.000
millions |
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Brief of the
principal terms and conditions |
i) The facilities
described in column no. 10 granted to Hartek Silk Mills Pvt Ltd (“the
Borrower”) shall be secured against the assets described in column no. 13 ii) Interest
Rate: 11% p.a. and additional interest @4%p.a. iii) Repayment:
Tenor of 3 years, repayable in quarterly installments. |
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Description of
the property charged indicating |
Plant and
Machinery and Furniture and Fixture Particulars if
the property charged (including location of the property) : Hypothecation of
all present and future fixed assets including plant and machinery, office
equipments, computers, furniture and fixture, air conditions etc and all
movable assets belonging to the borrower and guarantors located at the
factory, godown, office or any other premises of the borrower and guarantors |
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Date of
Instrument creating charge |
31.08.2006 |
Trade References:
♠
Kantilal and Company, Mumbai
♠
Batson Fabrics,
♠
Al. Sahara Trading,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.71 |
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1 |
Rs.82.26 |
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Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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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. |
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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