MIRA
INFORM REPORT
|
Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
EAGLE SYNTHETICS PRIVATE LIMITED |
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Registered Office : |
302 Trividh Chambers, Opposite Fire Brigade, Ring Road, Surat – 395002,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.08.1989 |
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Com. Reg. No.: |
04-12653 |
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CIN No.: [Company
Identification No.] |
U17119GJ1989PTC012653 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTE00029B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Texturised Yarn. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 330000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Financial
position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered good for any normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Radheshyam Jaju |
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Designation : |
Director |
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Contact No.: |
91-9374555321 |
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Date : |
28.06.2008 |
LOCATIONS
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Registered Office : |
302 Trividh Chambers, Opposite Fire Brigade, Ring Road, Surat –
395002, Gujarat, India |
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Tel. No.: |
91-261-2337668/ 2302271 |
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Mobile No.: |
91-9898591582 |
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Fax No.: |
91-261-3013000 |
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E-Mail : |
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Corporate Office : |
422 Ajanta Shopping Centrering Road, Surat, Gujarat, India |
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Email : |
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Note : |
Many factory but denied for add. |
DIRECTORS
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Name : |
Mr. Amit Ghanshyam Jaju |
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Designation : |
Director |
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Address : |
7A, Ratan Mahal Apartment, Ghod-Dod Road, Surat, Gujarat, India |
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Date of Appointment : |
13.10.1997 |
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Name : |
Mr. Radheyshyam Bhanwarlal Jaju |
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Designation : |
Director |
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Address : |
7A, Ratan Mahal Apartment, Ghod-Dod Road, Surat, Gujarat, India |
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Date of Appointment : |
25.11.1999 |
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Name : |
Mrs. Sudha Rajesh Jaju |
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Designation : |
Director |
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Address : |
7A, Ratan Mahal Apartment, Ghod-Dod Road, Surat, Gujarat, India |
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Date of Appointment : |
01.04.1999 |
KEY EXECUTIVES
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Name : |
Mr. Jitendra R. Bhagat |
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Designation : |
Company Secretary |
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Address : |
C-75 Mezzanine Floor, Elbee Apartments, Besides Rajan Cinema, Ring
Road, Surat, India |
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Tel No.: |
91-261-2347103/ 2325136 |
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Mobile No.: |
91-9825560260 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. Ghanshyam Jaju |
|
2655 |
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Mr. Sudha R. Jaju |
|
2520 |
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Mr.Pratik Jaju |
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4590 |
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Mr. Manish G. Jaju |
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4250 |
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Mr. Amit G. Jaju |
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3700 |
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Mr. A R Jaju |
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7755 |
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Mr. Anoop R. Jaju |
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1500 |
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Mr. Mangilal Bhanwarilal HUF |
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2460 |
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Mr. Saraladevi Jaju |
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5500 |
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Mr. Bhanwarilal Jaju HUF |
|
7500 |
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Mr. Radheshyam B. Jaju |
|
500 |
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Mr. S. Bhandari |
|
2000 |
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Mrs. Meena Maheshwari |
|
1000 |
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Mr. Sunil Kumar Jha |
|
610 |
|
Eagle Fashion Private Limited |
|
510 |
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Chunri Prints Private Limited |
|
5000 |
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Murli Synthetics Private Limited |
|
7000 |
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Mr. Gopaldas Shyamji Gupta |
|
5000 |
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Vibhuti Synthetics Private Limited |
|
2000 |
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Eagle Fibres Private Limited |
|
4000 |
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Surat Filatex Private Limited |
|
5000 |
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Mr. Rukhmani Industries |
|
3700 |
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Mrs. Uma R. Jaju |
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5000 |
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Mrs. Shyamlata Omer |
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3100 |
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Mrs. Shantadevi Gupta |
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1000 |
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Kutir Materials Suppliers Private Limited |
|
1000 |
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Calcutta Developers Private Limited |
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1000 |
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Sterling Mercantile Private Limited |
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1000 |
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Mrs. Meena Maheshwari |
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1000 |
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Others |
|
6750 |
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Total |
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98600 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of Texturised Yarn. |
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Products : |
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Imports : |
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Products : |
Polyester Yarn |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C and D/P |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
25 |
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Bankers : |
Parsi Sheri, Surat – 395003, Gujarat, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
RRA and Company (Rajesh Malani and Company) Chartered Accountant |
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Address : |
C-1445/46 Kohinoor Market, Ring Road, Surat – 395002, Gujarat, India |
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Tel No.: |
91-261-2352177/ 3299877 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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98600 |
Equity Shares |
Rs.100/-
each |
Rs.9.860
Millions |
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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 |
9.860 |
9.860 |
9.860 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
56.438 |
55.851 |
55.576 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
66.298 |
65.711 |
65.436 |
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LOAN FUNDS |
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1] Secured Loans |
17.885 |
20.508 |
22.725 |
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2] Unsecured Loans |
1.289 |
9.661 |
7.486 |
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TOTAL BORROWING |
19.174 |
30.169 |
30.211 |
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DEFERRED TAX LIABILITIES |
1.262 |
1.511 |
2.120 |
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TOTAL |
86.734 |
97.391 |
97.767 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.330 |
23.250 |
27.896 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.004 |
0.004 |
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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 |
19.721
|
16.020 |
16.398 |
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Sundry Debtors |
24.805
|
38.388 |
40.636 |
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Cash & Bank Balances |
2.093
|
2.376 |
2.540 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
28.177
|
26.970 |
18.310 |
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Total
Current Assets |
74.796
|
83.754 |
77.884 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.397
|
9.617 |
8.017 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
16.397
|
9.617 |
8.017 |
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Net Current Assets |
58.399
|
74.137 |
69.867 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
86.734 |
97.391 |
97.767 |
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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 |
280.047 |
323.298 |
273.185 |
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Other Income |
2.369 |
3.752 |
(4.378) |
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Total Income |
282.416 |
327.050 |
268.807 |
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Profit/(Loss) Before Tax |
0.762 |
0.213 |
1.765 |
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Provision for Taxation |
0.176 |
(0.062) |
0.309 |
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Profit/(Loss) After Tax |
0.586 |
0.275 |
1.456 |
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Import Value |
39.600 |
53.214 |
NA |
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Expenditures : |
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Depreciation & Amortization |
4.979 |
4.945 |
5.000 |
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Other Expenditure |
276.675 |
321.892 |
262.042 |
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Total Expenditure |
281.654 |
326.837 |
267.042 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.21
|
0.08 |
0.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.27
|
0.06 |
0.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
0.20 |
1.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
0.61 |
0.58 |
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Current Ratio (Current Asset/Current Liability) |
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4.56
|
8.71 |
9.71 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Reliance Industry, Mumbai
- Gender Silk Mills, Surat
- G. B. F. Polyester, Mumbai
- Gupta Synthetics Limited
Form 8:
|
Corporate
identity number of the company |
U17119GJ1989PTC012653 |
|
Name of the
company |
EAGLE SYNTHETICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
422 Ajanta Shopping Centrering Road, Surat – Gujarat, India |
|
This form is for |
Modification of Charge |
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Type of charge |
Immovable
Property |
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Particular of charge
holder |
Parsi Sheri, Surat – 395003, Gujarat, India |
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Nature of
instrument creating charge |
Memorandum of Deposit
of title deeds with constructive delivery (Supplemental) and actual delivery
of properties (New) |
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Date of
instrument Creating the charge |
10.05.2007 |
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Amount secured by
the charge |
Rs.43.456
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: 0.5% BPLR with
monthly Rates Terms of
repayment: On Demand Margin: 25% On Stock 15% On Book Debts 25% On Movable
Machinery Extent and
Operation of the Charge: Charges Credited
to secured following Credit Facilities Term Loan (TUFS)
– I Rs.2.856 Millions Term Loan (TUFS)
– II Rs.7.000 Millions Cash Credit
(Stock and BD) Rs.22.500 Millions Sub Limit (DALC)
Rs. (1.500 ) Millions Foreign LC
(DP-DA) 90 days Rs.10.000 Millions Bank Guarantee –
Rs.1.100 Millions Total Rs.43.456 Millions |
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Particulars of
the property charged |
All that Piece
and Parcel of the land bearing Survey No.221/3/1/3 Nr. Dadta Check Post
Village Dadra of Dadra and Nagar Haveli (U.T.) together with all Building
super structure constructor or to be constructor present and future in all
acceleration there to. All right title
and interests in shop no C/2021 and parking Office No.418 at surat textile market
situated on the land bearing rev. S. No.95/96 at village Umarwada at ring
road, Surat. |
|
Particulars of
the present modification |
Charge on
property already mortgage to the bank is now extended to secure the
additional limits as under. CC Hypothecation
Stock/ Book Debts Rs.6.500 Millions Term Loan Rs.7.000 Millions Total Charge
Amount Stand Modified to Rs.43.456 Millions. |
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.43.21 |
|
UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
|