MIRA
INFORM REPORT
|
Report Date : |
07.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
V N DYERS AND PROCESSORS PRIVATE LIMITED |
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Registered Office : |
Bargadwa, Gorakhpur – 273015, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.06.1989 |
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Com. Reg. No.: |
20 – 10898 |
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CIN No.: [Company
Identification No.] |
U18101UP1989PTC010898 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Yarn, Mill Made Rayon Shirting and Suiting. |
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 485248 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Payments are reported as slow but correct. Further financials may follow, if available. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Bargadwa, Gorakhpur – 273015, Uttar Pradesh, India |
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Tel. No.: |
91-551-2260214/2260489/2260663 |
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Fax No.: |
91-551-2260663 |
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E-Mail : |
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Website : |
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Marketing Division : |
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Address : |
Vineet Industries, Sahebaganj, Gorakhpur – 273001, Uttar Pradesh,
India |
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Tel. No.: |
91-551-2293713 |
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Fax No.: |
91-551-2290663 |
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Address : |
Vinod Fabrics, Golghar, Gorakhpur – 273001, Uttar Pradesh, India |
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Tel. No.: |
91-551-3293151 |
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Fax No.: |
91-551-2346144 |
DIRECTORS
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Name : |
Mr. Narain Prasad Ajitsaria |
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Designation : |
Director |
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Address : |
Saket Nagar, Nepal Road, Gorakhpur – 273015, Uttar Pradesh, India |
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Date of Birth/Age : |
20.07.1955 |
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Date of Appointment : |
20.06.1989 |
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Name : |
Mr. Parmeshwar Prasad Ajitsaria |
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Designation : |
Director |
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Address : |
Sahebganj, Khoonipur, Gorakhpur – 273001, Uttar Pradesh, India |
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Date of Birth/Age : |
04.09.1950 |
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Date of Appointment : |
21.07.1992 |
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Name : |
Mr. Vishnu Prasad Ajitsaria |
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Designation : |
Director |
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Address : |
Bargadwa, Industrial Area, Gorakhpur – 273007, Uttar Pradesh, India |
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Date of Birth/Age : |
10.07.1946 |
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Date of Appointment : |
29.06.1989 |
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Name : |
Mr. Ankit Kumar Ajitsaria |
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Designation : |
Director |
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Address : |
Sahebganj, Gorakhpur – 273001, Uttar Pradesh, India |
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Date of Birth/Age : |
23.03.1977 |
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Date of Appointment : |
30.06.2006 |
KEY EXECUTIVES
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Name : |
S K S and Company |
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Designation : |
Company Secretary |
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Address : |
15/258 A, 3rd Floor, Doodh Wala Bunglow, Civil Lines,
Kanpur – 208001, India |
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Tel No.: |
91-512 3914615 |
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Mobile : |
91-9336105772 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Category |
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Percentage |
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Bodies Corporate (Not Mentioned above) |
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67.64 |
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Directors or relatives of directors |
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22.00 |
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Other top fifty shareholders (other than listed above) |
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10.36 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Yarn, Mill Made Rayon Shirting and Suiting. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
180 |
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Bankers : |
Union Bank of India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Manish Khandelwal Chartered Accountant |
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Address : |
Anoop Agarwal and Company, 14 - Saket Nagar, Lachhipur, Gorakhpur –
273015, Uttar Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4847900 |
Equity Share |
Rs.10/- each |
Rs.48.479
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
48.479 |
44.565 |
35.285 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
72.833 |
56.474 |
17.494 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
121.312 |
101.039 |
52.779 |
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LOAN FUNDS |
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1] Secured Loans |
195.322 |
55.046 |
16.698 |
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2] Unsecured Loans |
46.361 |
43.348 |
50.100 |
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TOTAL BORROWING |
241.683 |
98.394 |
66.798 |
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DEFERRED TAX LIABILITIES |
23.551 |
5.579 |
6.572 |
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TOTAL |
386.546 |
205.012 |
126.149 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
283.509 |
51.049 |
57.691 |
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Capital work-in-progress |
0.000 |
26.032 |
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 |
80.098
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50.826 |
45.485 |
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Sundry Debtors |
10.568
|
8.558 |
9.262 |
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Cash & Bank Balances |
7.362
|
9.628 |
2.628 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
17.518
|
79.312 |
14.530 |
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Total
Current Assets |
115.546
|
148.324 |
71.905 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.240
|
20.065 |
3.447 |
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Provisions |
2.382
|
0.466 |
0.000 |
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Total
Current Liabilities |
12.622
|
20.531 |
3.447 |
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Net Current Assets |
102.924
|
127.793 |
68.458 |
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MISCELLANEOUS EXPENSES |
0.113 |
0.000 |
0.000 |
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Pre-operative Expenses |
0.000 |
0.138 |
0.000 |
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TOTAL |
386.546 |
205.012 |
126.149 |
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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 |
605.006 |
442.697 |
424.036 |
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Other Income |
1.874 |
0.000 |
0.000 |
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Total Income |
606.880 |
442.697 |
424.036 |
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Profit/(Loss) Before Tax |
21.232 |
3.007 |
5.958 |
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Provision for Taxation |
2.382 |
1.996 |
0.506 |
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Profit/(Loss) After Tax |
18.850 |
1.011 |
5.452 |
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Export Value |
N.A. |
N.A. |
N.A. |
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Import Value |
N.A. |
N.A. |
N.A. |
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Expenditures : |
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Financial Charges |
12.404 |
6.715 |
6.132 |
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Depreciation & Amortization |
20.495 |
7.693 |
7.265 |
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Other Expenditure |
552.749 |
425.282 |
404.681 |
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Total Expenditure |
585.648 |
439.690 |
418.078 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.11
|
0.23 |
1.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.51
|
0.68 |
1.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.32
|
1.51 |
4.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.03 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.10
|
1.18 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
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9.15
|
7.22 |
20.86 |
LOCAL AGENCY FURTHER
INFORMATION
Website details:
- History :
Subject is a government recognized unit, was established in
the year 1993 as a textile unit in the city of Gorakhpur. The unit is
extensively engaged into manufacturing of suiting fabrics and spun yarns. It is primarily into Polyester Viscose blended yarn and Polyester Viscose and Polyester cotton
blended suiting fabrics.
'Fibre to fabric' is a term commonly used in the textile industry and the term
also outlines the operational domains of the company. The unit is involved in
the complete production process of cloth, namely, Yarn manufacturing, Weaving,
Dyeing and Finishing, using State-of-the-Art machinery, imported from Germany
and Switzerland.
The company in the last few years took a strategic decision to go for backward
integration. The company ventured into weaving-capacity expansion earlier, and
now has an 18000 spindles spinning plant for manufacturing PV yarn. The company
shall be greatly benefited on all the fronts by this venture, it shall now be able
to achieve consistency in quality and increased margins, which shall enable it
to embark on a path of rapid and self-sustaining growth. Stringent quality
check at every stage and process has resulted in getting the company, the
prestigious ISO 9001 Certification.
Subject has two operating areas; one is strictly for manufacturing of yarns and
the other one, sprawling over an area of 10 Acres for all other divisions
involved in the production process of fabric.
The company has recently completed a massive expansion of
all its facilities. The plant now has a capacity to manufacture 15 Million
meters of fabrics per year in its weaving department. New Projects are being
considered for further capacity expansion. The unit is one of its kinds in the
region; it is equipped with ultra modern production equipments in all the
production sub divisions. The whole unit is based on the latest technologies
available in the world, to get international standards in the products. And
constant up gradation in the technologies is done to keep abreast with the
world. The company has also strictly followed the ultimate philosophy, best
quality, competitive price, and time bound delivery.
Even in the era of tough competition from all over the country, the company is
still moving forward by leaps and bounce with strong support from its
customers, devoted experienced staff and most valuable sharp business acumen
possessed by its members of management. The company is all geared up to compete
in the global marketplace and well prepared for future trends and requirement.
- Management :
The Management of subject lies in the very efficient hands
of highly experienced board of Directors. Mr. Vishnu Prasad Ajitsaria
spearheads the organization as the managing director and the visionary. The
management team has a vision of getting international acclaim and is to be
recognized as a name in the business of textiles in the world.
All the members in the mission are competent respected individuals who have
been in the industry for a decade now and have gained required experience to
take their unit at greater height.
New men on the mission are individuals with inherited business acumen and
professional education, they have with them the information on technology updates
and the tact to reach closer to vision and achieve it.
The overall workforce of the unit is a pool of talented people from the
industry. The officials in various sections at production levels and shop floor
management areas selected from the best available talent in the industry from
all across the country and a professional work culture is provided to them for
efficient working and results.
- Infrastructure Plant
Spinning Division
Company has recently ventured into this section primarily
for manufacturing of P.V. and PSY yarn. Installation of the State-of-the-art
machineries imported from Germany like Auto Coners and other latest machineries
makes it an ultra modern unit. They have 14 Carding machines, 8 Draw frame, 5
Speed frame, 32 Ring frames, 7 Auto Coners and 18 T.F.O. They have extremely
qualified and experienced people working for us, who, by experience understand
the technicalities involved with the machines.
Machineries
Suppliers in Spinning Division:
Ring Spinning:
- Total
Spindles from Lakshmi Machine Works.
- Blow Room
Line, Draw frames, Simplex and Ring Frames are also from LMV.
Post
Spinning:
- Autoconners from Schlafhorst; and
- T.F.O's from Meera Industries.
Their total production of yarn is auto coned to have an edge
over their competitors' product in terms of quality.
Weaving Division
In this division they have 63 latest high speed sulzer and
36 Ruti 'B'. These are used for production of wide variety of suiting between
54 and 60 inches width. The typical GSM varies from 190 to 450. A variety of
counts are used.
Knitting Division
The company has an ultra modern set up for manufacturing of
"high fashion" knitted fabric, using, in-house production of premium
quality texturised yarn. It has imported knitting machines from "Year
China", a name to reckon with, for attaining international standards in
their fabric. Texturising machine is bought from Alidhra Texspin Engineering,
leaders in textile related machines.
Process Division
Subject has the most modern and sophisticated processing and
dyeing unit with installed machines like Jet, Jigger, and Stenter etc. These
can process all kind of fabrics. They provide customized finishing to their
customers.
Expansion Programme :
The company is considering project in its weaving division;
it is planning to acquire Airjet looms for better quality and higher
productivity.
- Products Overview
Their products ranges from Polyester, Polyester Viscose
blended yarn and Suiting fabrics.
Spinning Division
They offer quality spun yarn manufactured on latest
machineries, made from fibre procured from World leaders like Reliance and
Grasim. Their yarn can be used for knitting as well as for weaving.
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Fibre Content |
Count Range |
Type |
End Use |
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Ring Spun Yarn |
100% Polyester |
Ne 10 to Ne 40 |
Single |
Knitting/Weaving |
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Ring Spun Yarn |
100% Polyester |
Ne 2/15 to 2/45 |
Double |
Knitting/Weaving |
|
Ring Spun Yarn |
Polyester/Viscose |
Ne 10 to Ne 40 |
Single |
Knitting/Weaving |
|
Ring Spun Yarn |
Polyester/Viscose |
Ne 2/15 to 2/45 |
Double |
Knitting/Weaving |
Their yarn is 100% Autoconed /T.F.O.
Weaving and Processing
Divisions
Having an in-house supply of premium quality yarn, we assure quality and
uniformity better!
They are the largest manufacturers of Polyester/Viscose (67%/33%) blended
suiting in the northeastern region of India.
Fabrics are made on SULZER (projectile) looms and processed on latest
Processing machinery. These are used for production of wide variety of suiting
between 54 and 60 inches width. The typical GSM varies from 175 to 400.Vareity
of counts are used. All their fabrics meet the specific promised standards.
Their quality includes a wide range of plain, Trovin, matty suiting for
uniforms and tussars, drills, twills (non denim) for fancy suiting. All these
are available in various reeds/picks (sett), GSM, shades, feel etc. The company
is procuring Air jet looms for faster and cost effective production.
Their knitting division has variety of Interlock and Butterscotch (FOMA)
quality. Wide range of GSM in both the qualities are available.
Their customer target group comprises of fabric manufacturers, readymade
garmenters for uniforms and fancy clothes. The company has in its customers
list prestigious institutions like Indian Military, which has certified the
strict maintenance of quality by issuance of 'Controllerate of Quality
Assurance' in its favor in addition to an ISO 9001-2000.
- Research & Development :
They have state of the art R&D department equipped with
team of qualified professionals who are continuously engaged in extensive
research to produce superior quality fabrics. All the chemicals used during
various stages of production are thoroughly tested and evaluated. They employ
latest technology and techniques in their R&D department to enhance the
quality of their products.
Subject is proud to have
laboratory which posses latest machines and testing equipments. The laboratory
equipments in all the three division of their company are procured from the
best companies in the industry.
Quality is their strength which is the outcome of continuous innovation through
persistent research and development. Their researchers and scientists are
keeping abreast with the changing trends and striving hard to evolve products
which can satisfy the requirements of their customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.60 |
|
UK Pound |
1 |
Rs.77.85 |
|
Euro |
1 |
Rs.58.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|