MIRA
INFORM REPORT
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Report Date : |
25.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
RADHESHAYAM FIBRES PRIVATE LIMITED |
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Registered Office : |
134, Sardar Patel Marketing, Yard National Highway, 8 B Gondal,
Rajkot, Gujarat- 360311. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.07.2004 |
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Com. Reg. No.: |
044535 |
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CIN No.: [Company
Identification No.] |
U1711GJ2004PTC044535 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To Carry on the business of ginning, Pressing, Spinning, Processing,
Balers, Job workers or undertake dyeing, bleaching, sanforrising,
Mercerising, printiong or otherwise processing of cotton, cotton fibres,
man-made fibres, fabrics of cotton, silk, nylon, art silk, Polyster, chillon,
acrylic, rayon, wool, shoddy, jute, hamp and other fibres and fabrics or
textile products whether on handlooms or power looms or in textile mills. |
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 60000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported as usually correct and as per commitments. The Company can be considered normal for Business dealings at usual
trade terms and conditions. |
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LOCATIONS
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Registered Office : |
134, Sardar Patel Marketing, Yard National Highway, 8 B Gondal,
Rajkot, Gujarat- 360311. |
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E-mail : |
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Head Office : |
NH 8-B, Gondal Road, At Hadamtala Tai Kotda Sangani, Dist. Rajkot, 360
001, Gujarat, India. |
DIRECTORS
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Name : |
Mr. Govindbhai Sureshbhai Lungaria |
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Designation : |
Director |
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Date of Birth/Age : |
15/01/1970 |
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Date of Appointment : |
30.07.2004 |
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Name : |
Mr. Ramjibhai Popatlal Bhalara |
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Designation : |
Director |
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Date of Birth/Age : |
14/07/1954 |
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Date of Appointment : |
08.08.2005 |
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Name : |
Mr. Chakubhai Ramnikbhai Bhalara |
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Designation : |
Director |
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Date of Birth/Age : |
02/11/1967 |
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Date of Appointment : |
08.08.2005 |
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Name : |
Mr. Kanjibhai Bipinbhai Gondalia |
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Designation : |
Director |
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Date of Birth/Age : |
19/03/1959 |
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Date of Appointment : |
22.07.2004 |
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Date of Resignation : |
08.08.2005 |
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Name : |
Mr. Ravatbhai Bharatbhai Wala |
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Designation : |
Director |
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Date of Birth/Age : |
13/05/1967 |
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Date of Appointment : |
22.07.2004 |
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Date of Resignation : |
08.08.2005 |
KEY EXECUTIVES
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Name : |
Mr. Piyush Jethva |
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Designation : |
Company Secretary |
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Address : |
603, Star Plaza, Phulchhab Chowk, Rajkot, 360 001., India. |
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Tel No : |
91-281-3045288 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Mr. Sureshbhai Govindbhai Lungaria |
57000 |
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Mr. Chakubhai Ramjibhai Bhalara |
39000 |
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Mr. Devrajbhai Ramjibhai Balara |
22500 |
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Mr. Govindbhai Nanjibhai Lungariya |
31000 |
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Mr. Jentibhai Gordhanbhai Sakaria |
10000 |
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Mr. Rajeshbhai batukbhai Sorathia |
45000 |
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Mr. Shayam Ginning and Pressing Private Limited |
300000 |
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Mr. Vittalbhai Popatbhai Bhalara |
20000 |
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Mr. Vittalbhai Thobanbhai Rajyani |
30000 |
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Mr. Popatbhai Ramjibhai Balara |
104000 |
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Mr. Rasilaben Ramnikbhai Mandanka |
10000 |
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Mr. Sanjaybhai Gangdabhai Bhalara |
12000 |
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Mrs. Hansaben S Lungaria |
10000 |
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Mr. Dineshbhai C Bhalara |
10000 |
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Mr. Narotambhai P Viradia |
10000 |
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Mr. Ghelabhai A Sakhiya |
10000 |
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Mr. Kishorbhai M Abhangi |
10000 |
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Mr. Jitubhai V Gajera |
10000 |
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Mr. K P Bhalara |
10000 |
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Mr. A B Viradia |
10000 |
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Mr. S G Viradia |
10000 |
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Mr. D B Bhalara |
20000 |
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Mr. Ramnikbhai Chakubhai Bhalara |
30000 |
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Others/Relatives of Directors |
177000 |
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Total |
997500 |
Equity Share Breakup (Percentage of Total Equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or
relatives of directors. |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To Carry on the business of ginning, Pressing, Spinning, Processing,
Balers, Job workers or undertake dyeing, bleaching, sanforrising,
Mercerising, printiong or otherwise processing of cotton, cotton fibres,
man-made fibres, fabrics of cotton, silk, nylon, art silk, Polyster, chillon,
acrylic, rayon, wool, shoddy, jute, hamp and other fibres and fabrics or
textile products whether on handlooms or power looms or in textile mills. |
GENERAL
INFORMATION
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Bankers : |
v Bank of India,
Para Bazar, Rajkot v Bank of Baroda v Corporation Bank v State Bank of
Saurashtra v The Co-operative
Bank of Rajkot Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kotak and Associates, Chartered Accountants Tejas Kotak, Proprietor |
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Address : |
705, Aalap-B, Limda Chowk, Opposite Shashtri Maiden, Rajkot, 360 001,
Gujarat, India. |
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Mobile No.: |
91-9879333686 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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997,500 |
Equity Shares |
Rs. 10/- Each |
Rs.
9.975 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
9.975 |
9.975 |
9.975 |
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2] Share Application Money |
2.801 |
2.151 |
4.220 |
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3] Reserves & Surplus |
3.313 |
1.947 |
0.409 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.089 |
14.073 |
14.604 |
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LOAN FUNDS |
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1] Secured Loans |
157.520 |
106.963 |
58.723 |
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2] Unsecured Loans |
20.025 |
7.107 |
13.983 |
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TOTAL BORROWING |
177.545 |
114.071 |
72.706 |
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DEFERRED TAX LIABILITIES |
0.482 |
0.461 |
0.493 |
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TOTAL |
194.116 |
128.605 |
87.803 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.042 |
30.852 |
27.073 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
140.591
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66.339 |
40.309 |
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Sundry Debtors |
23.055
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82.559 |
48.277 |
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Cash & Bank Balances |
21.172
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13.457 |
8.665 |
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Other Current Assets |
0.571
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0.571 |
0.000 |
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Loans & Advances |
11.809
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1.671 |
0.233 |
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Total
Current Assets |
197.198
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164.597 |
97.484 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
36.857
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66.043 |
36.892 |
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Provisions |
2.427
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1.015 |
0.130 |
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Total
Current Liabilities |
39.284
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67.058 |
37.022 |
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Net Current Assets |
157.914
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97.539 |
60.463 |
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MISCELLANEOUS EXPENSES |
0.160 |
0.214 |
0.267 |
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TOTAL |
194.116 |
128.605 |
87.803 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
952.560 |
639.061 |
186.109 |
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Other Income |
0.894 |
0.164 |
0.000 |
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Total Income |
953.454 |
639.225 |
186.109 |
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Profit/(Loss) Before Tax |
2.217 |
1.991 |
0.979 |
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Provision for Taxation |
0.851 |
0.453 |
0.570 |
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Profit/(Loss) After Tax |
1.366 |
1.538 |
0.409 |
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Expenditures : |
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Manufacturing Expenses |
18.654 |
10.183 |
1.951 |
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Administrative Expenses |
12.109 |
4.654 |
1.845 |
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Purchases made for re-sale |
980.003 |
639.805 |
224.210 |
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Financial Charges |
9.878 |
4.942 |
0.475 |
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Depreciation & Amortization |
4.845 |
3.680 |
0.754 |
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Change in Stock |
(74.252) |
(26.030) |
(40.309) |
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Total Expenditure |
951.237 |
637.234 |
188.926 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
0.14
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0.24 |
0.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.23
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0.31 |
0.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.23
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0.31 |
0.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14
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0.14 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.44
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4.76 |
2.54 |
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Current Ratio (Current Asset/Current Liability) |
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5.02
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2.45 |
2.63 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Modification of Charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90107062 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U17111GJ2004PTC044535 |
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Name of the company |
RADHESHAYAM FIBRES PRIVATE LIMITED |
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Address |
134, Sardar Patel Marketing, Yard National Highway, 8 B Gondal,
Rajkot, Gujarat- 360311. |
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Type of Charges |
v Book Debts v Movable Property (not being pledge) |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Bank of India Address Line I : Para Bazar, Line II : MG Road City : Rajkot State : Gujarat ISO Country Code : IN Pin Code : 360001 e-mail ID : boirjtbr_ad1@sancharnet.in |
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Nature or description of the instrument creating or modifying the charge |
Supplementary Deed of hypothecation (L-481) |
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Date of the instrument creating charge |
11.04.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 104.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) *Rate of Interest 0.75% below BPLR mon 11.75% p.a. with monthly rates. (b) *Terms of repayment On Demand (c) *Margin Stock 25% Book Debts 40% (d) *Extent and operation of the charge To the full Extent |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
25.01.2006 |
Form 8 Particular for
creation or modification of charges
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Name of the company |
RADHESHAYAM FIBRES PRIVATE LIMITED |
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Presented By |
Bharatbhai R. Wala |
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1) Date and description of instrument creating the change |
10.02.2005 Hypothecation cum Loan Agreement for Plant and Machinery, Stocks and Book Debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 495.000 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 |
Total Plant and Machineries, Stock of Raw Material, Finished and Semi Finished Material, Finished Stock situated at the Factory of the Company and entire Book Debts of the Company as stated in the agreement attached. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
v Rate of Interest 10.75% P.A. v Demand Loan Repayment in 12 quarterly installments of Rs. 7.920 millions + Interest separately after 3 months from 1st disbursement. v Margin 25% against stock and 40% against Book Debts. v All other Terms and Condition as per attached Agreement. |
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5) Name and Address and description of the person entitled to the charge. |
The Manager, Bank of India, Rajkot |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 39.97 |
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UK Pound |
1 |
Rs. 79.78 |
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Euro |
1 |
Rs. 62.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
49 |
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 |
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