MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEESAN TEX FAB PRIVATE LIMITED |
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Registered Office : |
4A, Vikas Centre 104, S V Road, Santacruz (West), Mumbai-400054, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15.03.2004 |
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Com. Reg. No.: |
11-145055 |
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CIN No.: [Company
Identification No.] |
U17120MH2004PTC145055 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKD01837D |
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PAN No.: [Permanent
Account No.] |
AABCD9596L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of cotton 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 6900 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 4 years old company and has not filed any financials with
the Government departments after 2005. The management parted general details
but declined to part with financials. As per last available financials the
company’s position was satisfactory. However in view of non-availability of
latest financials it would be difficult to access the current position of the
company. No complaints have been heard. The company can be considered for small to mediocre business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Ganesh Apte |
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Designation : |
Finance Manager |
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Contact No.: |
91-9766605809 |
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Date : |
05.12.2008 |
LOCATIONS
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Registered Office : |
4A, Vikas Centre 104, S V Road, Santacruz (West), Mumbai-400054, Maharashtra,
India |
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Tel. No.: |
91-22-66965949/ 26600149/ 26600366 |
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Mobile No.: |
91-9766605809 |
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Fax No.: |
91-22-26616246/ 26614196 |
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E-Mail : |
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Website : |
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Area : |
Rented |
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Factory : |
Post Box No. 8, G N No. 239, Tande, chopda, Taluka, Shirpur, Distritct
Dhule-425405, Maharashtra, India |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Chintan Amrish Patel |
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Designation : |
Director |
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Address : |
“Kushal” Bungalow No. 1, Pallavi Beach Angel, Ruia Park,
Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
13.05.1978 |
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Date of Appointment : |
30.06.2004 |
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Name : |
Mr. Amrish Jayshree Patel |
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Designation : |
Director |
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Address : |
“Kushal” Bungalow No. 1, Pallavi Beach Angel, Ruia Park,
Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
01.09.1955 |
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Date of Appointment : |
16.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Ganesh Apte |
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Designation : |
Finance Manager |
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Mobile No. : |
91-9766605809 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 08.09.2005
|
Name of the Shareholders |
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No. of Shares |
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Chintan A Patel |
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9000 |
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Hiral Chintan Patel |
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1000 |
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Total |
|
10000 |
As on 08.09.2005
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of cotton fabrics. |
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Exports : |
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Products : |
Cotton Fabrics |
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Countries : |
USA |
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Imports : |
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Products : |
Machinery |
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Countries : |
USA and China |
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Terms : |
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Selling : |
L/C, Cash and Credit (depends) |
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Purchasing : |
L/C, Cash and Credit (depends) |
GENERAL
INFORMATION
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No. of Employees : |
115 (Office 15, Factory 100) |
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Bankers : |
Bank of Rajasthan Limited,
11/12, Raghuvanshi Mill Compound, S.B. Marg, Lower Parel, Mumbai-400013,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Vijay M Rathi Chartered Accountant |
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Address : |
H.No. 1698, Saraf Bazar at Shirpur, District Dhule-425405,
Maharashtra, India |
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Group companies: |
·
Priyadarshani Sahakari Soot Girani Limited Line of Business: Manufacturer of Cotton Yarn ·
Deesan Tex Fab Limited Line of Business: Manufacturer and Woven Fabrics ·
Param Tex Fab Limited Line of Business: Manufacture of Woven TFO Fabrics ·
Dweta Garments Private Limited Line of Business: Manufacturer of Knitted Garments ·
Deesan Cotex Private Limited ·
Krusnna Cotex Private Limited ·
Prath Exports Private Limited ·
Deesan Textile Private Limited |
CAPITAL STRUCTURE
As on08.09.2005
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2300000 |
Equity Shares |
Rs. 10/- each |
Rs. 23.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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1.295 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1.395 |
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LOAN FUNDS |
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1] Secured Loans |
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60.146 |
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2] Unsecured Loans |
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99.607 |
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TOTAL BORROWING |
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159.753 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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161.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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128.650 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.090 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19.713 |
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Sundry Debtors |
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6.758 |
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Cash & Bank Balances |
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1.913 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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19.904 |
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Total
Current Assets |
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48.288 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.888 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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15.888 |
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Net Current Assets |
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32.400 |
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MISCELLANEOUS EXPENSES |
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0.008 |
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TOTAL |
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161.148 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover |
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27.838 |
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Other Income |
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4.990 |
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Total Income |
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32.828 |
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Profit/(Loss) Before Tax |
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1.406 |
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Provision for Taxation |
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0.111 |
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Profit/(Loss) After Tax |
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1.295 |
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Expenditures : |
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Raw Material Consumed |
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28.251 |
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Salaries, Wages, Bonus, etc. |
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0.794 |
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Payment to Auditors |
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0.010 |
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Interest |
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1.971 |
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Insurance Expenses |
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0.080 |
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Power & Fuel |
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0.316 |
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Total Expenditure |
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31.422 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
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PAT / Total Income |
(%) |
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3.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.79 |
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Return on Investment (ROI) (PBT/Networth) |
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1.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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125.91 |
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Current Ratio (Current Asset/Current Liability) |
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3.04 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Welspan Limited, Vapi
·
Bombay Times, Mumbai
Bankers Charges
Report as per Registry
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Name of the company |
DEESAN TEX FAB PRIVATE LIMITED |
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Presented By |
Jointly By
Company and Chargeholder |
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1) Date and description of instrument creating the change |
15.06.2004 Agreement for
Hypothecation of goods secure a demand cash credit Agreement for
Hypothecation of book debts (South the
Agreement Constitue a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.000
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 |
First charge
(Present and future) in Favour of the bank as security for the due repayment
by the company to the bank on demand, All monies at any time payable by the
company to the bank in respect of the Aforesaid credit facility Hypothecation of
goods described in general terms which expressed shall include all products
goods and movable property of any and belonging to the borrowers which now or
hereinafter form time to time during this security shall be brought in stored
or be in about the borrower’s premises or godown or wherever else. Hypothecation of
all the book debts, outstanding moneys, Receivable claims and bills which are
now due and owing to the borrower in the course of its business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest BPLR i.e. 11.75% pa. subject to change other terms
and conditions same as per the Agreement Attached and AS per banks sanction
letter. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Rajasthan Limited,
11/12, Raghuvanshi Mill Compound, S.B. Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90145234 |
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Corporate
identity number of the company |
U17120MH2004PTC145055 |
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Name of the
company |
DEESAN TEX FAB PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
4A, Vikas Centre 104, S V Road, Santacruz (West), Mumbai-400054,
Maharashtra, India |
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Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
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Particular of
charge holder |
Bank of Rajasthan Limited,
11/12, Raghuvanshi Mill Compound, S.B. Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Sanction letter
agreement including terms and conditions enclosed herewith as annexure. Agreement for
Hypothecation of Stocks Agreement for
Hypothecation of book-debts Agreement for BP/
Bill discounting Agreement for
Hypothecation of Plant and Machinery and other assets Extension of
Equitable mortgage over Factory land building situated at G. Shed no. 239,
Village tande, tal. Shirpur, district, Dhule, Maharashtra |
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Date of
instrument Creating the charge |
30.05.2007 |
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Amount secured by
the charge |
Rs. 95.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @ BPLR presently
14.5% p.a. at monthly rest. Terms of
Repayment Cash Credit and
LCBD on demand and Term Loan Repayment as per Original Agreement filed with
ROC Margin Stock – 30% Book Debts: 50% LCBD – 20% Letter of Credit
– 20% Extent and
Operation of the charge First and sole
charge and operative till full and final repayment of entire Bank dues/
charges etc |
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Short particulars
of the property charged |
a)
Hypothecation/
First charge over entire Raw materials, stock in process and Finished goods
of grey cloth situated at factory/ godown and place of third party b)
Hypothecation
of entire book debts – present and future c)
Equitable
Mortgage of Land and Factory Building at G. No. 239, tande, tal. Shirpur,
dist. Dhule d)
Hypothecation
of Plant and Machinery, Capital work in progress and other Fixed Assets at
factory premises. |
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Date of latest
modification prior to the present modification |
15.06.2004 |
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 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.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
SCORE & RATING
EXPLANATIONS
|
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 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|