MIRA
INFORM REPORT
|
Report Date : |
12.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OXEMBERG FASHIONS LIMITED |
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Formerly Known As : |
HANUMAN FABRICS LIMITED |
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Registered Office : |
Plot No. J-191 MIDC Tarapur, Boisar District, Thane – 401506,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.05.1999 |
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Com. Reg. No.: |
11-32256 |
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CIN No.: [Company
Identification No.] |
L17120MH1999PLC032256 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO03285C / MUMO02918G / MUMO03009G |
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PAN No.: [Permanent
Account No.] |
AAACH1446E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Mending and Weaving of Fabrics |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject has been promoted by Siyaram Silk Mills Limited, a well
reputed name in Indian Textile Industry. Subject undertakes job work for its
parent company. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions in view of Strong Promoters. |
LOCATIONS
|
Registered Office : |
Plot No. J-191 MIDC Tarapur, Boisar District, Thane – 401506,
Maharashtra, India |
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Tel. No.: |
91-2526-272790 / 91-22-30400771 |
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Fax No.: |
91-2525-273153 / 91-22-30400737 |
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E-Mail : |
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Head Office : |
101, Shiv Shakti Industrial Complex, J. R. Boricha Marg, Lower Parel,
Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-3093892 |
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Corporate Office : |
307, 3rd Floor, Trade World, B Wing, Kamala City, Senapati
Bapat Marg, Lower Parel, Mumbai – 400011, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Madhusudan Lohia |
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Designation : |
Director |
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Address : |
9, Pratap Bhawan, Pawan Baug, Malad [West], Mumbai – 400064 |
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Date of Birth/Age : |
04.12.1967 |
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Date of Appointment : |
01.03.2000 |
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Name : |
Mr. Sajjan Kumar Jhunjhunwala |
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Designation : |
Director |
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Address : |
Krishna Lila Co-Housing Society Limited, B – Wing, Flat No. 12, Bangur
Narag, Goregaon [West], Mumbai – 400090 |
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Date of Birth/Age : |
02.12.1945 |
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Date of Appointment : |
01.03.2000 |
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Name : |
Mr. Sandip Kumar Jhunjhunwala |
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Designation : |
Director |
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Address : |
Krishna Lila Co-Housing Society Limited, B – Wing, Flat No. 12, Bangur
Narag, Goregaon [West], Mumbai – 400090 |
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Date of Birth/Age : |
05.07.1968 |
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Date of Appointment : |
01.03.2000 |
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|
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Name : |
Ms. Vithika Poddar |
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Designation : |
Director |
|
Address : |
1501, Napean House, Nepean Sea Road, Mumbai – 400026, Maharashtra,
India |
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PAN No.: |
ADDEA8477D |
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Date of Birth/Age : |
22.03.1981 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Ms. Vijayalaxmi A. Poddar |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 20.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Balgopal Holding and Traders Limited |
|
55800 |
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Poddar Brothers and Investment Limited |
|
100100 |
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Sanchana Trading and Finance Limited |
|
100000 |
|
S. P. Investrade [India] Limited |
|
99000 |
|
S. P. Finance and Trading Limited |
|
59493 |
|
Cosmo Synthetics India Limited |
|
75000 |
|
Shrikishan Poddar |
|
501 |
|
Sangeeta P. Poddar |
|
1851 |
|
Pawan Kumar Poddar |
|
1 |
|
Shrikishan Poddar H. U. F. |
|
100 |
|
Ashadevi Poddar Joint with Pawan Kumar Poddar |
|
1000 |
|
Shyamlata S. Poddar |
|
7154 |
|
Total |
|
500000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
97.87 |
|
Directors or relatives of directors |
|
2.13 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Mending and Weaving of Fabrics |
PRODUCTION STATUS
|
Particulars |
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Actual
Production |
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Fabrics |
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|
1.000 million
mtrs. |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
10 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. L. Sarda and Associates Chartered Accountants |
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Address : |
61, Rajgir Chambers, 7th Floor, Opp. Old Custom House, 12/14,
Shahid Bhagat Singh Road, Mumbai – 400023, Maharashtra, India |
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Tel. No.: |
91-22-22664618 / 22662752 |
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Fax No.: |
91-22-22665136 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.112 |
22.756 |
20.192 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
28.112 |
27.756 |
25.192 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.188 |
1.728 |
1.217 |
|
|
|
|
|
|
|
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TOTAL |
29.300 |
29.484 |
26.409 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.681 |
12.578 |
8.387 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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INVESTMENT |
18.667 |
7.153 |
7.153 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.125
|
1.599 |
1.294 |
|
|
Sundry Debtors |
1.709
|
4.788 |
4.239 |
|
|
Cash & Bank Balances |
2.147
|
7.427 |
0.554 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.683
|
2.762 |
14.150 |
|
Total
Current Assets |
8.664
|
16.576 |
20.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.685
|
4.342 |
2.868 |
|
|
Provisions |
3.027
|
2.481 |
6.500 |
|
Total
Current Liabilities |
6.712
|
6.823 |
9.368 |
|
|
Net Current Assets |
1.952
|
9.753 |
10.869 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29.300 |
29.484 |
26.409 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
14.682 |
18.425 |
18.249 |
|
|
Other Income |
1.090 |
5.453 |
4.689 |
|
|
Total Income |
15.772 |
23.878 |
22.938 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.363 |
4.129 |
4.500 |
|
|
Provision for Taxation |
0.006 |
1.392 |
1.393 |
|
|
Profit/(Loss) After Tax |
0.357 |
2.737 |
3.107 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
5.501 |
7.067 |
5.580 |
|
|
Increase/(Decrease) in Finished Goods |
0.332 |
[1.368] |
0.053 |
|
|
Salaries, Wages, Bonus, etc. |
0.826 |
0.954 |
0.508 |
|
|
Payment to Auditors |
0.087 |
0.079 |
0.097 |
|
|
Interest |
0.003 |
0.009 |
0.000 |
|
|
Insurance Expenses |
0.076 |
0.117 |
0.078 |
|
|
Power & Fuel |
1.495 |
3.285 |
0.540 |
|
|
Depreciation & Amortization |
2.135 |
1.910 |
1.586 |
|
|
Other Expenditure |
4.955 |
7.696 |
9.996 |
|
Total Expenditure |
15.410 |
19.749 |
18.438 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.26
|
11.46 |
13.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
22.41 |
24.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.09
|
14.16 |
15.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.15 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.24
|
0.25 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
2.43 |
2.16 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
Hanuman Fabrics Limited |
|
Presented By |
Corporation Bank, Industrial Finance
Branch, Fort, Mumbai – 400001 |
|
1) Date and description of instrument creating the change |
Unattested deed
of Hypothecation of Movables dated 27.03.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
Millions |
|
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
whole of the movable properties of the borrower including he movable plant
and machinery, machinery spares, tools and accessories and other movables
other present and future, whether in cases or which are now lying or stored
in or about or shall hereafter from time to time during the continuance of
the security of these present be brought into or be in or about all the
borrowers factories, premises and godowns situated at Mumbai or whever else
the same may be or be held by any party to the order or disposition of the
borrower or in the course of transit or on high seas or on order of delivery
howsoever and wheresoever in the possession of the borrower and either by way
of substitution or addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 16 %
p.a. being 2 % over and above the Bank’s PRL [PLR], which falling with the
Bank’s Prime Landing rate or at such lending rate that the Bank may determine
to charge from time to time. Overdue Interest
@ 2 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Industrial
Finance Branch, Bharat House,
Ground Floor, 104, Mumbai
Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
Insurance Details
|
Policy No. / Cover Note |
Validity |
Sum Assured |
|
1001/53898967/00/000 |
31.03.2009 |
Rs. 42.600 Millions |
Financial Analysis
|
Last available financial statement |
31.03.2008 |
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|
Debtors Position |
Rs. 0.812 million |
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Creditors Position |
Rs. 1.200 millions |
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Whether the critical ratios conforms to the
bench mark stipulation |
|
Manufacturing Entities / Factory Site [S]
|
Location of Plot, accessibility, proximity
to other units |
J-191 MIDC Tarapur, Boisar District, Thane – 401506, Maharashtra,
India |
|
Principal raw material [s] and sources |
Yarn However, work is carried out on Job
work basis |
|
Manufacturing Process |
Concession of yarn into the Fabrics,
cutting, folding of finished fabrics |
|
Major branded and imported machines,
installed |
Dornier and Sulzev Looms |
|
Pollution Control : Any pollutants being
generated and their disposal |
No pollution in the Air or effect to
water |
|
Power : Connected loan and back up
availability |
Unit deviated at MIDC connected load. |
|
Inventory / WIP / Finished Goods at Site |
The company is engaged in the activities of
doing Job work. Therefore, no inventory of the principals are at site. |
|
Workers / Split of temporary and permanent /
any unions |
Contractor works – 30 |
Strengths
The company is group company of Siyaram Silk
Mills Limited [SSML], who supplies semi – finished goods [grey fabrics]
manufactured from the yarn supplied by them. SSML is one of the manufactures of
suiting and shirting in the country. They are number 1 in Polyester Viscose
fabrics. They sell around 35 lacs mtrs. Per month. Therefore, there would be
continuous orders for them.
Opportunities
2/3 years back Polyester Viscose fabrics
market was demonstrated by organized sectors due to loophole in excise.
However, with the changes in application level playing field for all the people
are same and with the increase in the pocket size of the consumers are getting
increased demand for branded and quality products is expected to go up. They,
being manufacturers of branded and quality products and they will have
tremendous scope in local as well as in international market.
Fixed Assets
- Leasehold Land
- Factory Building
- Building
- Plant and Machinery
- Electrical Installation
- Factory office and other Equipment
- Furniture and Fixture
- Vehicles
- Computers
STATEMENT OF
PROJECTED PROFIT & LOSS A/C
[Rs. In Millions]
|
PARTICULARS |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
2014-15 |
2015-16 |
|
|
Projected |
|||||||
|
Gross Job work charges |
5.396 |
14.111 |
14.111 |
14.111 |
14.111 |
14.111 |
14.111 |
14.111 |
|
Efficiency % |
65 % |
85 % |
85 % |
85 % |
85 % |
85 % |
85 % |
85 % |
|
|
|
|
|
|
|
|
|
|
|
Cost of Manufacturing |
|
|
|
|
|
|
|
|
|
Stores & Spares Consumption |
0.540 |
1.080 |
1.080 |
1.080 |
1.080 |
1.080 |
1.080 |
1.080 |
|
Direct Labour and other Charges |
0.480 |
0.960 |
0.960 |
0.960 |
0.960 |
0.960 |
0.960 |
0.960 |
|
Salary |
0.300 |
0.300 |
0.300 |
0.300 |
0.300 |
0.300 |
0.300 |
0.300 |
|
Power |
0.518 |
1.037 |
1.037 |
1.037 |
1.037 |
1.037 |
1.037 |
1.037 |
|
Other Misc. Expenses |
0.018 |
0.035 |
0.035 |
0.035 |
0.035 |
0.035 |
0.035 |
0.035 |
|
Rent, Rates and Taxes |
0.065 |
0.130 |
0.130 |
0.130 |
0.130 |
0.130 |
0.130 |
0.130 |
|
Water Charges |
0.003 |
0.006 |
0.006 |
0.006 |
0.006 |
0.006 |
0.006 |
0.006 |
|
Legal and Procession |
0.050 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
|
Insurance Charges |
0.013 |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
|
Auditors Remuneration |
0.050 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
|
Printing and Stationary |
0.013 |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
0.025 |
|
Total Operating Cost |
2.049 |
3.798 |
3.798 |
3.798 |
3.798 |
3.798 |
3.798 |
3.798 |
|
Profit Before Depreciation and Interest |
3.347 |
10.314 |
10.314 |
10.300 |
10.314 |
10.314 |
10.314 |
10.314 |
|
Interest |
1.434 |
1.853 |
1.558 |
1.243 |
0.929 |
0.613 |
0.289 |
0.021 |
|
Profit Before Depreciation |
1.913 |
8.461 |
8.756 |
9.071 |
9.385 |
9.701 |
10.025 |
10.293 |
|
Depreciation |
5.472 |
9.421 |
6.800 |
4.908 |
3.543 |
2.557 |
1.846 |
1.332 |
|
Profit Before Tax |
[3.559] |
[0.960] |
1.956 |
4.162 |
5.842 |
7.143 |
8.179 |
8.960 |
|
Provision for Taxation |
0.000 |
0.000 |
1.343 |
1.851 |
2.143 |
2.407 |
2.651 |
0.000 |
|
Net Profit after Taxation |
[3.559] |
[0.960] |
0.613 |
2.311 |
3.699 |
4.736 |
5.528 |
8.960 |
DSCR
[Rs. In Millions]
|
PARTICULARS |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
2014-15 |
2015-16 |
|
|
Projected |
|||||||
|
Net Profit after Taxation |
[3.559] |
[0.960] |
0.613 |
2.311 |
3.699 |
4.736 |
5.528 |
8.960 |
|
Depreciation |
5.472 |
9.421 |
6.800 |
4.908 |
3.543 |
2.557 |
1.846 |
1.332 |
|
Term Loan Interest |
1.434 |
1.853 |
1.558 |
1.243 |
0.929 |
0.613 |
0.289 |
0.021 |
|
Total |
3.347 |
10.314 |
8.971 |
8.462 |
8.171 |
7.906 |
7.663 |
10.314 |
|
|
|
|
|
|
|
|
|
|
|
Term Loan Interest |
1.434 |
1.853 |
1.558 |
1.243 |
0.929 |
0.613 |
0.289 |
0.021 |
|
Repayment of Instalment |
0.000 |
3.150 |
4.200 |
4.200 |
4.200 |
4.250 |
4.400 |
1.100 |
|
|
|
|
|
|
|
|
|
|
|
Total |
1.434 |
5.003 |
5.7518 |
5.443 |
5.129 |
4.863 |
4.689 |
1.121 |
|
|
|
|
|
|
|
|
|
|
|
DSCR |
0.233 |
0.206 |
0.156 |
0.155 |
0.159 |
0.163 |
0.163 |
0.920 |
|
|
|
|
|
|
|
|
|
|
|
Average DSCR |
0.195 |
|||||||
CONSOLIDATED BALANCE SHEET
[Rs in Millions]
|
PARTICULARS |
2007-08 Unaudited |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
2014-15 |
2015-16 |
|
|
|
Projected |
|||||||
|
Source of Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Capital |
5.000 |
5.000 |
5.000 |
5.000 |
5.000 |
5.000 |
5.000 |
5.000 |
5.000 |
|
Reserve and Surplus |
23.700 |
18.618 |
12.935 |
12.064 |
14.344 |
18.209 |
22.755 |
26.995 |
31.762 |
|
|
|
|
|
|
|
|
|
|
|
|
Secured Loans |
|
|
|
|
|
|
|
|
|
|
Term Loan |
|
25.500 |
22.350 |
18.150 |
13.950 |
9.750 |
5.500 |
1.100 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Loan from Promoters |
|
11.000 |
11.000 |
11.000 |
11.000 |
11.000 |
11.000 |
11.000 |
11.000 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Tax Liability |
1.184 |
1.284 |
1.384 |
1.484 |
1.548 |
1.684 |
1.784 |
1.884 |
1.984 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
29.884 |
61.402 |
52.669 |
47.698 |
45.878 |
45.643 |
46.039 |
45.979 |
49.746 |
|
|
|
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Block [at cost] |
18.151 |
58.151 |
58.151 |
58.151 |
60.151 |
60.151 |
60.151 |
60.151 |
60.151 |
|
Depreciation |
8.382 |
14.930 |
25.160 |
32.573 |
37.950 |
41.856 |
44.697 |
46.768 |
48.280 |
|
|
9.769 |
43.221 |
32.991 |
25.578 |
22.201 |
18.295 |
15.454 |
13.383 |
11.871 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment |
16.988 |
17.000 |
19.000 |
19.000 |
19.000 |
23.000 |
27.500 |
30.000 |
35.000 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets and Loan and Advances |
|
|
|
|
|
|
|
|
|
|
Inventories |
0.150 |
0.100 |
0.110 |
0.125 |
0.125 |
0.125 |
0.125 |
0.125 |
0.125 |
|
Sundry Debtors |
0.812 |
1.000 |
1.100 |
1.200 |
1.200 |
1.200 |
1.200 |
1.200 |
1.200 |
|
Cash and Bank Balance |
1.284 |
1.150 |
0.775 |
0.690 |
0.732 |
0.586 |
0.352 |
0.430 |
0.423 |
|
Loans and Advances |
2.633 |
1.631 |
1.693 |
4.105 |
5.620 |
5.637 |
5.308 |
6.141 |
6.727 |
|
|
4.879 |
3.881 |
3.678 |
6.120 |
7.677 |
7.548 |
6.985 |
7.896 |
8.475 |
|
|
|
|
|
|
|
|
|
|
|
|
Less : Current Liabilities and Provisions |
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
1.200 |
1.500 |
1.800 |
1.800 |
1.800 |
1.800 |
1.800 |
1.800 |
1.800 |
|
Provisions |
0.552 |
1.200 |
1.200 |
1.200 |
1.200 |
1.400 |
2.100 |
3.500 |
3.800 |
|
|
1.752 |
2.700 |
3.000 |
3.000 |
3.000 |
3.200 |
3.900 |
5.300 |
5.600 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Current Assets |
3.127 |
1.181 |
0.678 |
3.120 |
4.677 |
4.348 |
3.085 |
2.596 |
2.875 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
29.884 |
61.402 |
52.669 |
47.698 |
45.878 |
45.643 |
46.039 |
45.979 |
49.746 |
CONSOLIDATED PROFITABILITY STATEMENT
[Rs in Millions]
|
PARTICULARS |
2007-08 Unaudited |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
2014-15 |
2015-16 |
|
|
|
Projected |
|||||||
|
Job Charges Received |
9.017 |
16.000 |
34.000 |
27.000 |
29.200 |
29.200 |
29.200 |
29.200 |
29.200 |
|
Other Income |
0.589 |
0.600 |
1.500 |
1.600 |
1.700 |
1.700 |
1.700 |
1.700 |
1.700 |
|
|
9.606 |
16.600 |
25.500 |
28.600 |
30.900 |
30.900 |
30.900 |
30.900 |
30.900 |
|
Manufacturing and other Expenses |
|
|
|
|
|
|
|
|
|
|
Stores and Spares consumption |
2.000 |
3.500 |
5.000 |
5.300 |
5.800 |
5.800 |
5.800 |
5.800 |
5.800 |
|
Job charges paid |
2.236 |
4.000 |
5.800 |
6.200 |
6.400 |
6.400 |
6.400 |
6.400 |
6.400 |
|
Power, Fuel, Elect and Steam Charges |
1.500 |
2.700 |
3.500 |
3.600 |
3.800 |
3.800 |
3.800 |
3.800 |
3.800 |
|
Other Expenses |
0.293 |
1.100 |
1.700 |
1.900 |
2.100 |
2.100 |
2.100 |
2.100 |
2.100 |
|
Repairs and Maintenance |
0.600 |
1.000 |
1.400 |
1.500 |
1.700 |
1.700 |
1.700 |
1.700 |
1.700 |
|
Salary and Wages |
0.800 |
1.200 |
1.500 |
1.800 |
2.000 |
2.000 |
2.000 |
2.000 |
2.000 |
|
|
7.429 |
13.500 |
18.900 |
20.300 |
21.800 |
21.800 |
21.800 |
21.800 |
21.800 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit before Interest, Depreciation and Tax
|
2.177 |
1.666 |
4.747 |
6.742 |
7.857 |
8.171 |
8.487 |
8.811 |
9.079 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
0.00 |
1.434 |
1.853 |
1.558 |
1.243 |
0.929 |
0.613 |
0.289 |
0.021 |
|
|
|
|
|
|
|
|
|
|
|
|
Profit before Depreciation and Tax |
2.177 |
1.666 |
4.747 |
6.742 |
7.857 |
8.171 |
8.487 |
8.811 |
9.079 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
1.519 |
6.548 |
10.230 |
7.413 |
5.377 |
3.906 |
2.841 |
2.071 |
1.512 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit Before Tax |
0.658 |
[4.882] |
[5.483] |
[0.671] |
2.480 |
4.265 |
5.646 |
6.740 |
7.567 |
|
Tax |
|
|
|
|
|
|
|
|
|
|
Current Tax |
|
0.000 |
0.000 |
0.000 |
0.000 |
0.200 |
0.900 |
2.300 |
2.600 |
|
Deferred Tax [assets] liability |
|
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
|
FinFe benefits Tax |
0.050 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
0.100 |
|
|
0.050 |
0.200 |
0.200 |
0.200 |
0.200 |
0.400 |
1.100 |
2.500 |
2.800 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit |
0.608 |
[5.082] |
[5.683] |
[0.871] |
2.280 |
3.865 |
4.546 |
4.240 |
4.767 |
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF DSCR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit After Tax |
|
[5.082] |
[5.683] |
[0.871] |
2.280 |
3.865 |
4.546 |
4.240 |
1.192 |
|
Add : Depreciation |
|
6.548 |
10.230 |
7.413 |
5.377 |
3.906 |
2.841 |
2.071 |
0.378 |
|
[Interest –Term-Loan] |
|
1.434 |
1.853 |
1.558 |
1.243 |
0.929 |
0.613 |
0.289 |
0.021 |
|
|
|
2.900 |
6.400 |
8.100 |
8.900 |
8.700 |
8.000 |
6.600 |
1.591 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest- Term Loan |
|
1.434 |
1.853 |
1.558 |
1.243 |
0.929 |
0.613 |
0.289 |
0.021 |
|
Repayment of Term Loan |
|
0.000 |
3.150 |
4.200 |
4.200 |
4.200 |
4.250 |
4.400 |
1.100 |
|
DSCR |
|
1.434 |
1.853 |
1.558 |
1.243 |
0.929 |
0.613 |
0.289 |
0.021 |
|
|
|
0.00 |
0.202 |
0.128 |
0.141 |
0.164 |
0.170 |
0.165 |
0.141 |
|
0.142AVG DSCR |
|
0.153 |
|
|
|
|
|
|
|
FUND FLOW STATEMENT
[Rs in Millions]
|
PARTICULARS |
2007-08 Unaudited |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
2014-15 |
2015-16 |
|
|
|
Projected |
|||||||
|
Source of Funds |
|
|
|
|
|
|
|
|
|
|
Profit Before Tax |
0.658 |
[4.882] |
[5.483] |
[0.671] |
2.480 |
4.265 |
5.646 |
6.740 |
7.567 |
|
Add : Depreciation |
1.519 |
6.548 |
10.230 |
7.413 |
5.377 |
3.906 |
2.841 |
2.071 |
1.512 |
|
Less : Depreciation Adjustment |
2.019 |
|
|
|
|
|
|
|
|
|
|
0.158 |
1.666 |
4.747 |
6.742 |
7.857 |
8.171 |
8.487 |
8.811 |
9.079 |
|
Less : Taxes Paid / Payable |
0.000 |
0.100 |
0.100 |
0.100 |
0.100 |
0.300 |
1.000 |
2.400 |
2.700 |
|
|
0.158 |
1.566 |
4.647 |
6.642 |
7.757 |
7.871 |
7.481 |
6.411 |
6.379 |
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Term Loan / Debenture |
0.000 |
25.500 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in Public and Other Deposits |
0.000 |
11.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in Fixed Assets |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in other Non current assets |
1.679 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in other current assets |
1.913 |
1.136 |
0.313 |
0.000 |
0.000 |
0.129 |
0.563 |
0.000 |
0.000 |
|
Increase in bank borrowings |
|
|
|
|
|
|
|
|
|
|
Increase in other current liabilities |
0.000 |
0.948 |
0.300 |
0.000 |
0.000 |
0.200 |
0.700 |
1.400 |
0.300 |
|
Decrease in Inventory |
0.975 |
0.050 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in receivables |
0.897 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
TOTAL FUNDS AVAILABLE |
5.622 |
40.200 |
5.260 |
6.642 |
7.757 |
8.200 |
8.750 |
7.811 |
6.679 |
|
USES |
|
|
|
|
|
|
|
|
|
|
Increase in fixed assets |
0.662 |
40.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Decrease in term loans / debentures |
0.000 |
0.000 |
3.150 |
4.200 |
4.200 |
4.200 |
4.250 |
4.400 |
1.100 |
|
Decrease in public and other deposits |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in other non current assets |
0.000 |
0.012 |
2.000 |
0.000 |
0.000 |
4.000 |
4.500 |
2.500 |
5.000 |
|
Increase in other current assets |
0.000 |
0.000 |
0.000 |
2.327 |
1.557 |
0.000 |
0.000 |
0.911 |
0.579 |
|
Decrease in Bank Borrowings |
|
|
|
|
|
|
|
|
|
|
Decrease in other current liabilities |
4.960 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in inventory |
0.000 |
0.000 |
0.010 |
0.015 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Increase in receivables |
0.000 |
0.188 |
0.100 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
TOTAL FUNDS USED |
5.622 |
40.200 |
5.260 |
6.642 |
7.757 |
8.200 |
8.750 |
7.811 |
6.679 |
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.42.72 |
|
UK Pound |
1 |
Rs.84.42 |
|
Euro |
1 |
Rs.67.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|