MIRA
INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHRI DAMODAR YARN MANUFACTURING PRIVATE LIMITED |
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Registered Office : |
161, Mittal Estate, Building No. 6, 1st Floor, Sir M. V.
Road, Andheri (E), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.10.1983 |
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Com. Reg. No.: |
11-31222 |
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CIN No.: [Company
Identification No.] |
U17118MH1983PTC031222 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS36011D |
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PAN No.: [Permanent
Account No.] |
AAACD2621F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Fancy Yarn. |
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 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Arnar Synthetics Private Limited has been amalgamed with the subject
during the year 2006-07. Subject is a well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajesh Bhatia |
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Designation : |
Manager |
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Contact No.: |
91-9377000728 |
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Date : |
02.07.2008 |
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Name : |
Mr. Swapnil Patil |
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Designation : |
Accountant |
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Date : |
02.07.2008 |
LOCATIONS
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Registered Office : |
161, Mittal Estate, Building No. 6, 1st Floor, Sir M. V.
Road, Andheri (E), Mumbai – 400 059, Maharashtra, India |
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Tel. No.: |
91-22-28502048 / 28505236 / 28503119 |
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Fax No.: |
91-22-28500185 / 28500189 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Unit No. 2, Plot No. 748/1, 40, Vapi – 396195, India |
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Tel. No.: |
91-260-2432930 |
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Fax No.: |
91-260-2427489 |
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Branch Office : |
Located at ·
Dilwada, Rajasthan ·
Delhi - Rented ·
Sarigam |
DIRECTORS
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Name : |
Mr. Arvind Damodarlal Biyani |
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Designation : |
Director |
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Address : |
601, Atlanta Apartment, C-Plot 38, Evershine Nagar, Malad (West), Mumbai
– 400 064, Maharashtra, India |
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Date of Birth/Age : |
01.12.1959 |
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Date of Appointment : |
15.02.1984 |
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Name : |
Mrs. Manjushree Arvind Biyani |
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Designation : |
Director |
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Address : |
601, Atlanta Apartment, C-Plot 38, Evershine Nagar, Malad (West),
Mumbai – 400 064, Maharashtra, India |
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Date of Birth/Age : |
29.10.1960 |
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Date of Appointment : |
01.05.1999 |
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Name : |
Mr. Abhijit Arvind Biyani |
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Designation : |
Director |
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Address : |
601, Atlanta Apartment, C-Plot 38, Evershine Nagar, Malad (West),
Mumbai – 400 064, Maharashtra, India |
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Date of Birth/Age : |
18.03.1987 |
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Date of Appointment : |
01.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2003)
|
Names of Shareholders |
No. of Shares |
|
Arvind D Biyani |
257600 |
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Arvind Biyani HUF |
11900 |
|
Manjushree A Biyani |
87500 |
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Abhijit Biyani |
21500 |
|
Anuj Biyani |
21500 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Fancy Yarn. |
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Exports : |
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Countries : |
·
Dubai ·
Pakistan ·
Egypt ·
Turkey ·
Brazil ·
France |
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Imports : |
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Products : |
Yarn Linen |
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Countries : |
·
Egypt ·
China |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
80 |
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Bankers : |
Punjab National Bank S V Road Branch, Andheri (West), Mumbai – 400 058, Maharashtra, India |
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Facilities : |
OD – Rs.30.000 millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
S G Kabra and Company Chartered Accountants |
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Address : |
Navell House, 1st Floor, 1st Dhobi Talab Lane,
Mumbai – 400 002, Maharashtra, India |
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Sister Concern : |
Damodar Thread Daman and Silvasa Line of Business
:
Spinning Unit |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
266500 |
Equity Shares |
Rs.10/- each |
Rs.2.665
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.665 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.006 |
6.096 |
6.134 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.671 |
10.096 |
10.134 |
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LOAN FUNDS |
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1] Secured Loans |
14.514 |
0.000 |
0.000 |
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2] Unsecured Loans |
23.051 |
7.745 |
2.985 |
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TOTAL BORROWING |
37.565 |
7.745 |
2.985 |
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DEFERRED TAX LIABILITIES |
5.237 |
0.000 |
0.000 |
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TOTAL |
72.473 |
17.841 |
13.119 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.146 |
0.863 |
0.651 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.121 |
14.994 |
6.641 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.796 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.492
|
1.678 |
0.216 |
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Sundry Debtors |
36.325
|
3.271 |
1.341 |
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Cash & Bank Balances |
1.824
|
0.465 |
0.685 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.713
|
0.160 |
4.805 |
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Total
Current Assets |
70.354
|
5.574 |
7.047 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
38.231
|
3.746 |
2.016 |
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Provisions |
0.917
|
0.000 |
0.000 |
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Total
Current Liabilities |
39.148
|
3.746 |
2.016 |
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Net Current Assets |
31.206
|
1.828 |
5.031 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Others |
|
0.156 |
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TOTAL |
72.473 |
17.841 |
13.119 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
297.965 |
21.276 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
297.965 |
21.276 |
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Profit/(Loss) Before Tax |
|
3.907 |
0.667 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.907 |
0.667 |
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Expenditures : |
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Interest |
|
5.980 |
0.000 |
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Depreciation & Amortization |
|
6.476 |
0.027 |
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Other Expenditure |
|
281.602 |
20.582 |
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Total Expenditure |
|
294.058 |
20.609 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.31
|
3.13 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.31
|
3.13 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.50
|
3.11 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.59
|
1.14 |
0.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.49 |
3.50 |
LOCAL AGENCY
FURTHER INFORMATION
About Arnar
Synthetics Private Limited
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Date of Incorporation : |
28.08.1986 |
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Com. Reg. No.: |
11-40764 |
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CIN No.: [Company
Identification No.] |
U24300MH1986PTC040764 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19914G |
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PAN No.: [Permanent
Account No.] |
AABCA9953A |
Trade References :
·
Reliance - Baroda, Ahmedabad
·
Raymond – Thane
·
Grasim – Haryana
·
Digjam – Kolkata
·
S Kumar – Mysore
·
Raid and Tailor
·
R. S. Waving Mill - Rajasthan
Form No. 8
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Name of the company |
Shri Damodar Yarn Manufacturing Private Limited |
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Presented By |
Mr. Arvind Biyani |
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1) Date and description of instrument creating the change |
Memorandum of
Equitable Mortgage dated 5th October, 2000. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.500 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 |
Equitable
mortgage created by deposit of Title Deeds in respect of Companies immovable
property situate at; Unit No.K/1, Ground Floor, In Tex-Centre, K-wing,
Chandivali Farm Road, Off Saki Vihar Road, Kurla (W), Mumbai – 70, CTS No.14,
14(A), Village – Saki |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company has provided
additional security to the Bank as the CC facility (Hyp.) for Rs.2.500
millions and CC facility (Book Debts) for Rs.1.000 million has been provided
by the Bank to M/s. Arnar Synthetics Private Limited |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank S V Road Branch, Andheri (West), Mumbai – 400 058, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Agreement of
guarantee dated 24th February,
2003 for increasing the limit to Rs.8.000 millions |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Original charge
created for Rs.3.500 millions vide the Memorandum of equitable mortgage dated
5th October, 2000 registered as document no. 63 on 03.11.2000 is
modified vide agreement of guarantee dated 24.02.2003 for increasing the
limit to Rs.8.000 millions. |
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Corporate
identity number of the company |
U17118MH1983PTC031222 |
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Name of the
company |
SHRI DAMODAR YARN MANUFACTURING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
161, Mittal Estate, Building No. 6, 1st Floor, Sir M. V.
Road, Andheri (E), Mumbai – 400 059, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
Punjab National Bank S V Road Branch, Andheri (West), Mumbai – 400 058, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation |
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Date of
instrument Creating the charge |
17.03.2007 |
|
Amount secured by
the charge |
Rs.0.835 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 10.25% under fixed option. ·
Terms of
repayment 84 Equated monthly installment of Rs.0.013 million ·
Margin 20.23% ·
Extent and operation
of the charge Hypothecation of Car costing Rs.1.047 millions |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
Hypothecation of
Car costing Rs.1.047 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.42.54 |
|
UK Pound |
1 |
Rs.84.86 |
|
Euro |
1 |
Rs.66.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|