MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GUJARAT FLOTEX PRIVATE LIMITED |
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Registered Office : |
1039/2, Kadi Chhatral Road Chhatral Ta – Kalol, Dist: Gandhi Naga,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.12.2000 |
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Com. Reg. No.: |
04-039072 |
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CIN No.: [Company
Identification No.] |
U17118GJ2000PTC039072 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG01878C |
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PAN No.: [Permanent
Account No.] |
AABCG4542P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Flocked Fabrics, Raising Fabrics for
home furnishing, Up hoist automotive interiors (Importers / buyers of nylon
tow, viscose tow, base fabrics for flocking, auxiliary chemicals.) |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 151972 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow by 30/40 days |
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Litigation : |
Clear |
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Comments : |
Subject is a Company having Moderate track records. Trade relations
are fair. Payments are reported as Slow but Correct. The Company can be considered for Small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1039/2, Kadi Chhatral Road Chhatral Ta – Kalol, Dist: Gandhi Nagar,
Gujarat, India. |
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Tel No.: |
91-2764-233063 |
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E-Mail : |
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Factory : |
407, “Sashwat”, Opp. Gujarat College, Near Kanak Hotel, Ellis Bridge,
Ahmedabad – 380006, Gujarat, India. |
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Tel. No.: |
91-79-26563204 / 26425927 |
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Fax No.: |
91-79-26424756 |
DIRECTORS
|
Name : |
Mr. Jay Prakash Tosniwal |
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Designation : |
Director |
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Address : |
203, Sukh Dham Flats, Opp. Municipal Market, C G Road, Ahmedabad –
380009, Gujarat, India. |
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Date of Birth/Age : |
16.10.1974 |
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Date of Appointment : |
15.12.2000 |
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Name : |
Mr. Anand Choudhary |
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Designation : |
Director |
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Address : |
204, Kalash Apartments, 18/19, Devang Park, Near Poly Technic Cross
Road, Ambawadi, Panjrapole, Ahmedabad – 380000, Gujarat, India. |
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Date of Birth/Age : |
07.07.1977 |
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Date of Appointment : |
15.12.2000 |
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Name : |
Mr. Vikash Mehta |
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Designation : |
Director |
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Address : |
4, Tejal Apartments, Opp. Sankola Apartment, Near New Alkapuri
Society, Ambawadi, Ahmedabad – 380015, Gujarat, India. |
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Date of Birth/Age : |
15.12.1975 |
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Date of Appointment : |
15.12.2000 |
KEY EXECUTIVES
|
Name : |
Kapoor and Ved |
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Designation : |
Company Secretary |
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Mobile No.: |
91-9825035998/ 9825063147 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
No. of Shares |
|
Mr. Jay Prakash Tosniwal |
25000 |
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Mr. Vikas Mehta |
26000 |
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Mr. Anand Choudhary |
25000 |
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Mr. Vikas Tosniwal |
20000 |
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Mrs. Priya Mehta |
20000 |
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Mrs. Nisha Tosniwal |
20000 |
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Mr. Prem Maloo |
10000 |
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Mr. Vijay Jain |
5000 |
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Mrs. Sita Devi Rathi |
5000 |
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Mrs. Kamla Devi Maloo |
5000 |
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Mr. Prakash Surana |
5000 |
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Mr. Manoj Maloo |
10000 |
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Mr. Subhash Jajoo |
10000 |
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Mrs. Sushila Devi Jajoo |
5000 |
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Mr. Santosh Malpani |
10000 |
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Mrs. Chetna Devi Jajoo |
10000 |
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Mr. Kailash Chand Jajoo HUF |
10000 |
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Mr. Ramavtar Malpani |
10000 |
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Mr. Shayam Sunder Malpani |
10000 |
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Mr. Sandeep Tosniwal |
20000 |
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Mr. Mahaveer Prasad Malpani |
5000 |
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Mr. Shayam Sunder Rathi |
20000 |
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Mrs. Ichraj Devi Agarwal |
10000 |
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Mr. Uday Chand Bothra |
30000 |
|
Samata Malco |
10000 |
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Mr. Deepak Rathi |
5000 |
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Mr. Gautam Bhansali |
2500 |
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Mr. S R Bhansali |
2500 |
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Mr. Babulal Surana |
10000 |
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Mrs. Vandana Chitlangia |
5500 |
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Mrs. Vinita Choudhary |
12000 |
|
Century Commo Trade Private Limited |
50000 |
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Ganpati Vincom Private Limited |
30000 |
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Lohia Textile Private Limited |
30000 |
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Mr. Anand Choudhary HUF |
13000 |
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Seema Travel Agencies Private Limited |
20000 |
|
H G Investment and Finance Private Limited |
20000 |
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Fedder Tie up Private Limited |
20000 |
|
Remo Engg Works Private Limited |
10000 |
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Star Track Commodities |
10000 |
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Mrs. Sweta Mehta |
6000 |
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Total |
582500 |
(As On 31.03.2007)
|
Category |
Percentage |
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Bodies corporate (not mentioned above) |
25.39 |
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Directors or relatives of directors |
74.61 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Flocked Fabrics, Raising Fabrics for home
furnishing, Up hoist automotive interiors (Importers / buyers of nylon tow,
viscose tow, base fabrics for flocking, auxiliary chemicals.) |
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Products : |
· Flocked Fabrics · Raising Fabrics For Home Furnishing · Upholstery · Home Linen · Automotive Interiors ·
Home Furnishing Fabrics Flocked Velvet ·
Fabrics ·
Furnishings ·
Home Furnishings ·
Automotive Fabrics ·
Garments ·
Packaging ·
Nylon Tow For Flocking ·
Viscose Tow ·
Base Fabrics ·
Auxiliary Chemicals ·
Crush Fab Raising ·
Flock Discharge Print ·
Raising Jacquard Look ·
Flock Wet Print ·
Flock Print ·
Polar Fleec ·
Raising Fab Body Decor (Bindis) ·
Crush Fab Raising For Automotive Sea
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GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
· Andhra bank 41, Parimal Society, C G Road, Ahmedabad – 380006, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Surana Maloo and Company, Chartered Accountants |
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Address : |
4th Floor, Shaival Plaza, Gujarat College Road, Ellis
Bridge, Ahmedabad – 380006, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- 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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|
807500 |
Equity Shares |
Rs. 10/- Each |
Rs. 8.075
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.075 |
6.825 |
5.825 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.918 |
16.628 |
6.215 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.993 |
23.453 |
12.040 |
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LOAN FUNDS |
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1] Secured Loans |
39.451 |
31.702 |
10.067 |
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2] Unsecured Loans |
28.632 |
24.076 |
23.310 |
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TOTAL BORROWING |
68.884 |
55.778 |
33.377 |
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DEFERRED TAX LIABILITIES |
4.803 |
3.140 |
2.000 |
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TOTAL |
110.880 |
82.371 |
47.417 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.082 |
30.603 |
18.202 |
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Capital work-in-progress |
1.071 |
0.827 |
0.782 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
33.327
|
27.869 |
24.524 |
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Sundry Debtors |
45.971
|
33.481 |
13.301 |
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Cash & Bank Balances |
1.742
|
1.978 |
0.409 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.701
|
0.838 |
1.749 |
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Total
Current Assets |
83.741
|
64.166 |
39.983 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.047
|
13.289 |
11.197 |
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Provisions |
0.000
|
0.000 |
0.406 |
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Total
Current Liabilities |
21.047
|
13.289 |
11.603 |
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Net Current Assets |
62.694
|
50.877 |
28.380 |
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MISCELLANEOUS EXPENSES |
0.024 |
0.054 |
0.043 |
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TOTAL |
110.880 |
82.371 |
47.417 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
203.618 |
149.451 |
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Other Income |
|
1.412 |
0.033 |
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Total Income |
|
205.030 |
149.484 |
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Profit/(Loss) Before Tax |
|
10.816 |
7.109 |
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Provision for Taxation |
|
3.776 |
1.696 |
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Profit/(Loss) After Tax |
|
7.040 |
5.413 |
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Export Value |
|
3.967 |
1.159 |
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Import Value |
|
22.232 |
8.859 |
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Total Expenditure |
|
194.214 |
142.375 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.43
|
3.62 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.31
|
4.76 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.27
|
7.50 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.30 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.16 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
|
3.98
|
4.83 |
3.44 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This form is for |
Creation of Charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U17118GJ2000PTC039072 |
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Name of the company |
GUJARAT FLOTEX PRIVATE LIMITED |
|
Address |
1039/2, Kadi Chhatral Road Chhatral Ta – Kalol, Dist: Gandhi Nagar,
Gujarat, India. |
|
Type of Charges |
· Immovable
Property · Book Debts · Movable Property
(not being pledge) |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Andhra Bank Address : Near Parimal Garden, Ellis Bridge City : Ahmedabad State : Gujarat ISO Country Code : IN Pin Code : 380006 E-mail ID : bmahm004@andhrabank.co.in |
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Nature or description of the instrument creating or modifying the charge |
Composite Agreement and Equitable Mortgage by Deposit of Title Deed. |
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Date of the instrument creating charge |
23.08.2007 |
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Amount Secure by the charge |
Rs. 2.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest 13% (b) Terms of Repayment On Demand (c) Margin Raw Material : 25% Book Debts : 50% (d) Extent and operation of the charge To cover the entire facility. |
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Short particulars of the Property charged |
Hypothecation of Stock, Book Debts, Plant and Machineries and other Movable properties and Equitable Mortgage is created by Deposit of Title Deed in respect of Immovable properties of the company, Non Agricultural free hold property having private sub plot no. 2 adm.33450 Sq. Mtrs. With construction thereon at Block No. 1039 part Sit. And lying at Mouje Chatral in Tal. Kalol. |
Form 8
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Name of the company |
GUJARAT FLOTEX PRIVATE LIMITED |
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Presented By |
Mr. Jay Prakash Tosniwal, Director |
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1) Date and description of instrument creating the change |
Agreement for Cash Credit Dated 06.9.2002 Term Loan Agreement dated 06.09.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.500 millions Cash Credit – Rs. 1.500 millions (Sub Limit Receivable) – Rs. 0.500 million Term Loan - Rs. 5.000 millions L/C - Rs. 1.000 million Total -
Rs. 7.500 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 |
First Charge is created on all stocks of Raw Materials, Semi Finished Goods, Finished Goods and Book Debts and Receivable not to outstanding beyond 90 days. All Tangible Movable Machinery and Plant (both present and future.) whether installed or not and whether lying in loose or in case or being in or about the borrowers premises and godown at Ahmedabad or where ever else. |
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4) Gist of the terms and conditions and extent and Operation of the charge. |
First Charge on all the movable assts of the Company mentioned in Column No. 3. Interest will be charged as 15.75% p.a. being 3.75% over and above the Bank’s P. L. R. which is 12% p.a. as at present. |
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5) Name and Address and description of the Person entitled to the charge. |
Andhra Bank 41, Parimal Society, C G Road, Ahmedabad – 380 006, Gujarat, India. |
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6) Date and brief description of instrument modifying the charge |
Composite Agreement Dated 25.06.2004 |
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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. |
By this Composite Agreement Working Capital Limit stands increased from Rs. 1.500 millions to Rs. 3.500 millions and the Over all limit increased from Rs. 7.500 millions to Rs. 9.000 millions. The Details of Facilities are : Cash Credit - Rs. 3.500 millions Sub Limit Receivable) – Rs. 0.500 million Term Loan - Rs. 5.000 millions L/C - Rs. 1.000 million Total - Rs. 10.000 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 :
The 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.
The 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. 42.63 |
|
UK Pound |
1 |
Rs. 83.40 |
|
Euro |
1 |
Rs. 65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|