MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NANGALIA FABRICS PRIVATE LIMITED |
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Registered Office : |
2nd Floor, Corporate Building, Bombay Market, Umarwada, Surat
– 395 010, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.12.1988 |
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Com. Reg. No.: |
04-11667 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTN00383F |
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PAN No.: [Permanent
Account No.] |
AACFN0533F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Grey Fabrics |
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 350000 |
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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 and reputed company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory track records. Their trade relations are reported as fair. Payments are usually correct and as per commitments. |
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INFORMATION PARTED
BY
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Name : |
Mr. Vimal Nangalia |
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Designation : |
Director |
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Contact No.: |
91-9825113734 |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office : |
2nd Floor, Corporate Building, Bombay Market, Umarwada,
Surat – 395 010, Gujarat, India |
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Tel. No.: |
91-261-2355003 / 28355002 (5 Lines) |
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Fax No.: |
91-261-28310772 |
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E-Mail : |
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Area : |
12000 Sq.fts |
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Location : |
Owned |
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Factory : |
Sr. No. 150, Plot
No. 113-A/3, Mota Borsara, Taluka - Mangrol, Dist. Surat, Gujarat, India |
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Tel. No.: |
91-261-234443 |
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Marketing Office / Showroom
: |
551-552, Adarsh
Market, Ring Road, Surat - 395002, Gujarat, India |
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Tel. No.: |
91-261-28308620 /
28323965 / 28355002 |
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Fax No.: |
91-261-28310772 |
DIRECTORS
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Name : |
Mr. Ravi Vimalkumar
Nangalia |
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Designation : |
Director |
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Address : |
4-C, Ratan Jyot Apartments, Ravidham Complex, Old Ghod, Dod Road,
Surat - 395007, Gujarat |
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Name : |
Mr. Mahesh Kumar Nangalia |
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Designation : |
Director |
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Address : |
Flat No. 9th Floor, Ratnakunj Apartment, Ghod Dod Road,
Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
20.05.1951 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.11.2002 |
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E-mail: |
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Name : |
Mr. Vimal Nangalia |
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Designation : |
Director |
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Address : |
C -4, Ratna Jyoti Aprtment, Ravidham Complex, Ghod Dod Road, Surat –
395 007, Gujarat, India |
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Date of Birth/Age : |
14.03.1956 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.1995 |
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Name : |
Mr. Uttam Kumar Nangalia |
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Designation : |
Director |
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Address : |
Flat No. 304, 3rd Floor, Shanti Niketan, Sumul Dairy Road,
Surat – 395 010, Gujarat, India |
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Date of Birth/Age : |
21.12.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.11.2002 |
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E-mail: |
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Name : |
Mrs. Sushiladevi Maheshkumar Nagalia |
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Designation : |
Director |
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Address : |
B -29, Shivam Aprtment Sumul Dairy Road, Surat – 365 008, Gujarat,
India |
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Date of Appointment : |
02.11.2002 |
KEY EXECUTIVES
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Name : |
Anil Kumar Jain and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2006) :- |
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No. of Shares |
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Mr. Vimal Kumar Nangalia |
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6736 |
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Mrs. Sushiladevi Nangalia |
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1474 |
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Mr. Maheshkumar Nangalia |
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7718 |
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Mr. Uttamkumar Nangalia |
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4900 |
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Mr. Ravi Nangalia |
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2000 |
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Renutrol Dealcomm Private Limited |
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5000 |
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Frontek Sales Private Limited |
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10000 |
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Bhutnath Vanjya Vyappar Private Limited |
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10000 |
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Ready Dealers Private Limited |
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5000 |
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Teac Consultants Private
Limited |
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10000 |
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Mrs. Ritika M Nanaglaia |
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5500 |
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Others |
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15982 |
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Total |
84310 |
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Names of
Allottee (As on 10.04.2006) :- |
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No. of Shares |
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Alka Diamond Industries Private Limited |
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1000 |
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Hema Trading Company Private Limited |
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6400 |
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Javda India Impex Limited |
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1400 |
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Kush Hindustan Entertainment Limited |
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1000 |
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Lexus Infotech Limited |
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800 |
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Realgold Trading Company Private Limited |
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1200 |
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Yash V Jewels Limited |
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1000 |
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Total
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12800 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
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Category |
Percentage |
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Bodies Corporate |
6.97 |
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Directors or relative of directors |
93.03 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Grey Fabrics |
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Exports : |
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Countries : |
UK, Dubai, Srilanka, Indonesia, Singapore, Canada |
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Imports : |
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Products : |
Yarn and Machinery |
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Countries : |
Korea |
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Terms : |
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Selling : |
L/C, D/P |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Suppliers : |
·
Marigold
Textiles Limited ·
Evergreen
Synthetics Private Limited ·
John T.
Hardekar (India) Private Limited ·
Flatex India
Limited ·
Nova
Petrochemicals Limited ·
Reliance
Industries Limited ·
Rathi
Enterprises ·
Adhunik
Polytex Limited ·
Akshay
International ·
Amit
International ·
Gujarat
Embroideries Limited |
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Customers : |
·
Silk
International ·
Western
Fabrics ·
Ujwal Fashions ·
Chhabria
Silk and Saree Emborium ·
Fair Lady
Exports (India) Private Limited ·
Dicitex
Furnishing Private Limited ·
Dalmia Silk
Mills ·
Gopi
Processors Private Limited ·
Blossom Silk
Mills Private Limited ·
Evergreen
Synthetics Private Limited ·
Suntex India
Private Limited ·
Sahiba
Fashions Private Limited ·
Tawniya
International ·
Vidhya
International ·
Rathi
International ·
Soni
International |
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No. of Employees : |
400 |
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Bankers : |
v
Bank of Baroda,
Surat Textile Market Branch, Ring Road, Surat - 395002, Gujarat, India v
Bank of
Baroda, Chandan Chowk Branch, Delhi, India v
Bank of
Baroda, Greater Kailash Branch, New Delhi, India v
The Surat
People's Co-operative Bank Limited, Textile Market Branch, Surat - 395002,
Gujarat, India v
Citi Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Jhunhjhunwala
Rajesh and Company Chartered
Accountants |
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Address : |
3015, 3rd
Floor, Trade House, Opposite Fire Brigade, Ring Road, Surat - 395002,
Gujarat, India |
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Tel. No.: |
91-79-28327123 |
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Associates/Subsidiaries : |
·
Nanglia
Fabrics ·
Nangalia
Impex ·
Nangalia
Texturisers Private Limited ·
Bee Am Vee
Associates ·
Vlassic Weaves ·
Uttam Fine
Textiles Private Limited ·
Roopam
Textiles Private Limited |
CAPITAL STRUCTURE
(As on
29.09.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Share |
Rs.100/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
181152 |
Equity Shares |
Rs. 100/-
each |
Rs.18.115
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.711 |
8.431 |
8.431 |
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2] Share Application Money |
44.753 |
48.332 |
42.770 |
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3] Reserves & Surplus |
13.775 |
7.023 |
5.782 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.239 |
63.786 |
56.983 |
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LOAN FUNDS |
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1] Secured Loans |
43.148 |
84.218 |
42.950 |
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2] Unsecured Loans |
0.695 |
0.009 |
0.009 |
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TOTAL BORROWING |
43.843 |
84.227 |
42.959 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
112.082 |
148.013 |
99.942 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.165 |
62.761 |
24.176 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.111 |
0.111 |
0.111 |
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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 |
55.626
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45.301 |
25.374 |
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Sundry Debtors |
60.402
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64.779 |
38.902 |
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Cash & Bank Balances |
0.482
|
0.427 |
0.523 |
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Other Current Assets |
16.969
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17.732 |
19.413 |
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Loans & Advances |
3.392
|
2.892 |
9.043 |
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Total
Current Assets |
136.871
|
131.131 |
93.255 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.068
|
42.194 |
12.733 |
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Provisions |
11.997
|
3.796 |
4.867 |
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Total
Current Liabilities |
49.065
|
45.990 |
17.600 |
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Net Current Assets |
87.806
|
85.141 |
75.655 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
112.082 |
148.013 |
99.942 |
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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 |
200.350 |
263.989 |
149.198 |
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Other Income |
32.651 |
27.917 |
23.492 |
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Total Income |
233.001 |
291.906 |
172.690 |
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Profit/(Loss) Before Tax |
1.248 |
2.716 |
1.619 |
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Provision for Taxation |
0.450 |
1.850 |
0.726 |
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Profit/(Loss) After Tax |
0.798 |
0.866 |
0.893 |
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Expenditures : |
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Manufacturing Expenses |
190.513 |
138.525 |
NA |
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Administrative Expenses |
13.497 |
9.422 |
NA |
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Selling and Distribution Expenses |
1.572 |
1.938 |
NA |
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Purchases made for re-sale |
21.363 |
125.257 |
NA |
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Increase/(Decrease) in Finished Goods |
[10.627] |
0.000 |
2.989 |
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Financial Charges |
8.700 |
5.569 |
8.992 |
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Depreciation & Amortization |
6.737 |
8.429 |
7.137 |
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Other Expenditure |
NA |
NA |
151.953 |
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Total Expenditure |
231.754 |
289.140 |
171.071 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.34
|
0.30 |
0.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
1.03 |
1.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.77
|
1.40 |
1.38 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.04 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.36
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2.04 |
1.06 |
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Current Ratio (Current Asset/Current Liability) |
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2.78
|
2.85 |
5.29 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
NANGALIA FABRICS PRIVATE LIMITED |
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Presented By |
Maheshkumar P Nangalia |
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1) Date and
description of instrument creating the change |
Hypothecation
Agreement dated 27.05.2004. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Cash credit
(stock + B/D) Rs. 4.500 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 |
Hypothecation of
book debts , stock in process and finished goods |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest : 2.00 % OBPLR |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of Baroda, Textile
Market Branch, Ring Road, Surat |
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Corporate
identity number of the company |
U17119GJ1988PTC011667 |
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Name of the
company |
NANGALIA FABRICS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2nd Floor, Corporate Building, Bombay Market, Umarwada,
Surat – 395 010, Gujarat, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of Baroda Address: Surat
Textile Market Branch, Ring Road, Surat – 395 002, Gujarat, India E-Mail: rm-srt@bankofbaroda.com |
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Nature of
instrument creating charge |
Supplemental
Memorandum of Entry |
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Date of
instrument Creating the charge |
16.10.2007 |
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Amount secured by
the charge |
Rs. 241.432
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Cash credit – 0.25%
over PLR with monthly rests Terms of Repayment : Cash credit – 12
month and payable on demand Margin : Stock -30% Book debts 50% Movable
machineries Letter of credit
– cash margin -10% Extent and Operation of the charge : Equitable mortgage
of the land bearing No. 150, Block No. 113, plot No. A – 3, at Village, Mota
Borasara, Tal Mangrol, Dist. Surat Ade. 2977.76 Sq.Mtrs worth Rs. 0.372
million and building thereon Adm. 36950 Sq.fts and office No. 4 on 2nd
floor, corporate building, Bombay Market, Umarwada, Surat Adm. 2200 Sq.fts at
corporate building complex situated Land No. 67274/76/77 including town
planning scheme No. 42 about 70081 Sq.Mtrs for securing the various credit of
Rs. 241.432 millions. |
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Short Particulars
of the property charged |
Equitable
mortgage of the land bearing No. 150, Block No. 113, plot No. A – 3, at
Village, Mota Borasara, Tal Mangrol, Dist. Surat Ade. 2977.76 Sq.Mtrs worth
Rs. 0.372 million and building thereon Adm. 36950 Sq.fts and office No. 4 on
2nd floor, corporate building, Bombay Market, Umarwada, Surat Adm.
2200 Sq.fts at corporate building complex situated Land No. 67274/76/77
including town planning scheme No. 42 about 70081 Sq.Mtrs for securing the
various credit of Rs. 241.432 millions. |
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Particulars of
the present modification |
Total aggregate
with modification of Rs. 241.432 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 |
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 |
|