MIRA
INFORM REPORT
|
Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ADINATH TEX CHEM LIMITED |
|
|
|
|
Registered Office : |
104, Jalaram Terrace Near Kadiwala School Ring Road, Surat-395002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
19.10.2000 |
|
|
|
|
Com. Reg. No.: |
04-38817 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110GJ2000PLC038817 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA00244G |
|
|
|
|
Legal Form : |
A Closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer of Cotton, Nylon and Polyester Fabrics |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 2200 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject has moderate track to performance and financial status. Its payments
are reported as slow. Financial position is moderate. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Gulambhai |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9377331489 |
|
Date : |
02.12.2008 |
LOCATIONS
|
Registered Office : |
104, Jalaram Terrace Near Kadiwala School Ring Road, Surat-395002,
Gujarat, India |
|
E-Mail : |
|
|
|
|
|
Factory / Branch Office : |
247/29-30, GIDC, Pandesara, Surat-394221, Gujarat, India |
|
Tel. No.: |
91-261-2890593/ 289325/ 2470473/ 2470580 |
|
Fax No.: |
91-261-2473711/ 2891080 |
|
Mobile No.: |
91-9377331489 |
|
E-Mail : |
|
|
Area : |
1300 sq.mtr. (Owned) |
DIRECTORS
|
Name : |
Mr. Gyanendra Rajendra Jain |
|
Designation : |
Director |
|
Address : |
104, Jalaram Terrace Near Kadiwala School Ring Road, Surat-395002,
Gujarat, India |
|
Date of Birth/Age : |
05.09.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
19.10.2000 |
|
|
|
|
Name : |
Mr. Neeraj Rajendra Jain |
|
Designation : |
Director |
|
Address : |
103, Jalaram Teresh Co-operative Society, Near Kadiwala School, Ring
Road, Surat-395002, Gujarat, India |
|
Date of Birth/Age : |
04.04.1976 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
31.08.2003 |
|
|
|
|
Name : |
Mr. Tarunkumar Padamkumar Jain |
|
Designation : |
Director |
|
Address : |
A-27, Gokul Row House, Somnath Mahadev Road, Parle Point,
Surat-395007, Gujarat, India |
|
Date of Birth/Age : |
17.08.1972 |
|
Date of Appointment : |
17.08.2001 |
|
|
|
|
Name : |
Mr. Navin Manikchand Jain |
|
Designation : |
Director |
|
Address : |
703, City Park Appartment, Bharatar Road, Surajt-395017, Gujarat,
India |
|
Date of Birth/Age : |
09.10.1980 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
02.06.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Gulambhai |
|
Designation : |
Account Manager |
|
Mobile No. : |
91-9377331489 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Gyanendra Kumar Jain |
|
10400 |
|
Mahendra Patni |
|
100 |
|
Sanjay Kumar Jain |
|
5100 |
|
Munni Devi Jain |
|
13500 |
|
Simpal Jain |
|
5000 |
|
Neeraj Kumar Jain |
|
5000 |
|
Monika Jain |
|
5000 |
|
Madhu Jain |
|
5000 |
|
Rajendra Kumar Jain (HUF) |
|
200 |
|
Minaxi Jain |
|
100 |
|
Gyanendra R Jain (HUF) |
|
200 |
|
Mukesh P Jain |
|
100 |
|
Sanjay Kumar Jain (HUF) |
|
200 |
|
Sumitra Jain |
|
100 |
|
Total |
|
50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton, Nylon and Polyester Fabrics |
|
|
|
|
Products : |
·
Bed Linens ·
Bath Linens ·
Restaurant and Conference Linens ·
Hospital Linen ·
Made Up Articles ·
General Fabrics |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit ( 30 Days) |
|
|
|
|
Purchasing : |
Cash and Credit ( 30 Days) |
GENERAL
INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
|
|
|
|
No. of Employees : |
18 ( Office 6, Factory 12) |
|
|
|
|
Bankers : |
·
Punjab National Bank, Sangrampura ·
ICICI Bank, Ring Road |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J. Somani and Company Chartered Accountant |
|
Address : |
117, Shree Hari Park, Behind Center Point Building, Ring Road,
Surat-395002, Gujarat, India |
|
|
|
|
Group Companies: |
·
Adinath Chemical Industries, Surat Line of Business: Manufacturer of Dyes and Eco Friendly Textile
Chemiclas ·
Jainco Enterprises, Surat Line of Business: Manufacture
of Cotton, Polyester, Nylon fabrics ·
Adinath Tex-chem Limited, Surat Line of Business: Manufacturer of Cotton, Polyester, Nylon Fabrics |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.019 |
|
|
4] (Accumulated Losses) |
[0.045] |
[0.156] |
0.000 |
|
|
NETWORTH |
0.455 |
0.344 |
0.519 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.767 |
0.585 |
1.297 |
|
|
2] Unsecured Loans |
8.476 |
8.792 |
0.021 |
|
|
TOTAL BORROWING |
10.243 |
9.377 |
1.318 |
|
|
DEFERRED TAX LIABILITIES |
0.373 |
0.257 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11.071 |
9.978 |
1.837 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.091 |
5.412 |
0.615 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.745
|
5.100 |
0.858 |
|
|
Sundry Debtors |
3.205
|
3.807 |
2.681 |
|
|
Cash & Bank Balances |
0.386
|
0.591 |
0.382 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.618
|
0.776 |
0.040 |
|
Total
Current Assets |
10.954
|
10.274 |
3.961 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
5.922
|
5.679 |
2.742 |
|
|
Provisions |
0.052
|
0.029 |
0.000 |
|
Total
Current Liabilities |
5.974
|
5.708 |
2.742 |
|
|
Net Current Assets |
4.980
|
4.566 |
1.219 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
11.071 |
9.978 |
1.837 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
9.495 |
10.245 |
9.131 |
|
|
Other Income |
3.158 |
3.300 |
0.000 |
|
|
Total Income |
12.653 |
13.545 |
9.131 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.277 |
0.091 |
0.077 |
|
|
Provision for Taxation |
0.166 |
0.266 |
0.013 |
|
|
Profit/(Loss) After Tax |
0.111 |
[0.175] |
0.064 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
6.015 |
9.411 |
8.230 |
|
|
Increase or Decrease in Stock |
0.000 |
0.000 |
[0.448] |
|
|
Salaries, Wages, Bonus, etc. |
1.271 |
0.607 |
0.198 |
|
|
Managerial Remuneration |
0.144 |
0.030 |
0.150 |
|
|
Payment to Auditors |
0.022 |
0.022 |
0.011 |
|
|
Interest |
0.657 |
0.650 |
0.096 |
|
|
Insurance Expenses |
0.070 |
0.032 |
0.008 |
|
|
Power & Fuel |
1.433 |
0.992 |
0.051 |
|
|
Depreciation & Amortization |
0.318 |
0.227 |
0.064 |
|
|
Other Expenditure |
2.444 |
1.483 |
0.694 |
|
Total Expenditure |
12.374 |
13.454 |
9.054 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.88
|
[1.29] |
0.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.92
|
0.89 |
0.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.63
|
0.58 |
1.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.26 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
35.64
|
43.85 |
7.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.79 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
·
Air Conditioner
·
Boiler
·
Calencering Machine
·
Checking Table
·
Chimney and Ductmg
·
Car
·
Consumable Stores
·
Computer
·
D.G. Set
·
EPBX SEXT
·
E T Plant
·
Electrification
·
Embrofiary Machine
·
Fax
·
Folding Machine
·
Furniture
·
Gas Connection GGCI
·
Gas Pipe Line
·
Generator
·
Hero Honda
·
Hydro Extractor
·
Jigger Machine
·
Kinetic
·
Machinery
·
Mobile
·
Office Equipments
·
Padding Mangle Mao
·
Revo Joint Sweing
·
S S Jet Dyeing Machine
·
Steamlme
·
Syntel EPXB 521
·
Stitching Machine
·
Tempo Mindoor
·
TVS Victor
·
Trolly
·
Water Container
·
Wate Rpipleling
·
Vehicle
·
Furniture
·
Winch Machine
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.49.79 |
|
UK Pound |
1 |
Rs.73.38 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
|