MIRA
INFORM REPORT
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Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SULABH TEXTILES PRIVATE LIMITED |
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Registered Office : |
34, Nesbit Mazgaon Court, Mazgaon, Mumbai 400010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.12.1986 |
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Com. Reg. No.: |
041929 |
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CIN No.: [Company
Identification No.] |
U17110MH1986PTC041929 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM20233D |
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PAN No.: [Permanent
Account No.] |
AAACS6535R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Ready made Garments and textiles |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its profitability is under severe pressure
having huge accumulated losses.
Payments are reported as slow and delayed. The Company can be considered for business dealings on safe and
secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
34, Nesbit Mazgaon Court, Mazgaon, Mumbai 400010, Maharashtra, India |
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Tel. No.: |
91-22-23770817 |
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Fax No.: |
91-22-23738272 |
DIRECTORS
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Name : |
Mr. Natwarlal Manilal Patel |
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Designation : |
Director |
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Address : |
Himmat Niwas, 31, Dongersey Road, Neapeansey Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
28.11.1973 |
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Date of Appointment : |
11.09.1992 |
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Name : |
Mr. Pankaj Natwarlal Patel |
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Designation : |
Director |
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Address : |
Himmat Niwas, 31, Dongersey Road, Neapeansey Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
06.09.1956 |
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Date of Appointment : |
11.09.1992 |
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Name : |
Mr. Sanjay Natwarlal Patel |
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Designation : |
Director |
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Address : |
Himmat Niwas, 31, Dongersey Road, Neapeansey Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
01.01.1959 |
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Date of Appointment : |
11.09.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 28.09.2005]
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Names of Shareholders |
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No. of Shares |
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Pankaj Patel |
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2160 |
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Sanjay Patel |
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2610 |
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Natvarlal Patel |
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4250 |
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Alex Nazareth |
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550 |
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Arthur Nazareth |
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400 |
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Nandini Jain |
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750 |
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Harsh Vardhan Jain |
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750 |
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Chorosch Holding Private Limited |
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800 |
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Amla Patel |
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400 |
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Palvi Patel |
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400 |
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Sulochana Patel |
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300 |
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Mody Textiles Agencies |
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700 |
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Natwarlal Mody |
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600 |
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Uday Mody |
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400 |
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M/s. B. Chorosch |
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3200 |
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Equity Share
Break-up [As on 31.03.2006] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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72.00 |
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Others |
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28.00 |
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Total |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Ready made Garments and textiles |
GENERAL
INFORMATION
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Bankers : |
Nesbit Road Branch, Mumbai 400010 |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
K. V. Hegde and Associates Chartered Accountants |
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Address : |
110, Wadala Udyog Bhavan, N. C. Road, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
19520 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.952
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.952 |
1.952 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[5.205] |
[5.028] |
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NETWORTH |
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[3.253] |
[3.076] |
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LOAN FUNDS |
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1] Secured Loans |
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11.130 |
11.789 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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11.130 |
11.789 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.877 |
8.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.611 |
0.640 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.010 |
0.011 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.900 |
2.777 |
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Sundry Debtors |
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4.371 |
5.066 |
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Cash & Bank Balances |
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0.081 |
0.148 |
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Other Current Assets |
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0.605 |
0.581 |
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Loans & Advances |
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1.122 |
1.150 |
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Total
Current Assets |
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9.079 |
9.722 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.829 |
1.665 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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1.829 |
1.665 |
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Net Current Assets |
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7.250 |
8.057 |
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MISCELLANEOUS EXPENSES |
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0.006 |
0.005 |
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TOTAL |
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7.877 |
8.713 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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4.525 |
5.802 |
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Profit/(Loss) Before Tax |
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[0.175] |
[0.059] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.175] |
[0.059] |
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Expenditures : |
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Interest |
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0.413 |
0.489 |
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Depreciation & Amortization |
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0.028 |
0.037 |
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Other Expenditure |
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4.259 |
5.335 |
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Total Expenditure |
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4.700 |
5.861 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[3.86] |
[1.01] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[3.86] |
[1.01] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[1.80] |
[0.56] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.05] |
[0.01] |
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Debt Equity Ratio (Total Liability/Networth) |
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3.98 |
4.37 |
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Current Ratio (Current Asset/Current Liability) |
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4.96 |
5.83 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
SULABH TEXTILES
PRIVATE LIMITED |
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Presented By |
Development Credit Bank Limited Nesbit Road Branch, Mumbai |
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1) Date and description of instrument creating the change |
Hypothecation of Tangible movable property dated 01.10.1992 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.100
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
stocks of raw materials and finished goods including therein the stocks
thereof for the time being whether raw or manufactured or in process of
manufacture and also all produced goods and any and every tangible movable
property of the borrower whether now lying or at any time after during the
continuance of this security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
9% p.a. OBR with
a minimum of 21% p.a. repayment on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Nesbit Road Branch, Mumbai 400010 |
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6) Date and brief description of instrument modifying the charge |
Deed of
hypothecation [i] additional limit dated 16.06.2000 |
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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. |
The original
charge dated 01.10.1992 for Rs. 0.100 Million was modified as under : 17.01.1995 : The
limit is increased from Rs. 0.100 Million to Rs. 1.000 Million 06.10.1999 : The
limit is increased from Rs. 1.000 Millions to Rs. 2.000 Millions and
Hypothecation of Tangible movable property.
Rate of interest changed to 18.5% p.a. or at such rate as may from time to time be fixed by the Bank. Now by the
present modification the additional adhoc limit of Rs. 1.000 Million
sanctioned on 06.10.1999 increased limit to Rs. 2.000 Millions expired and
limit got reduced to Rs. 1.000 Million. On the same day i.e. 16.06.2000 the
regular limit is increased by Rs. 1.000 Million to make the regular limit
upto Rs. 2.000 Millions. Other terms and
conditions remains unchanged. |
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. 42.56 |
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UK Pound |
1 |
Rs. 84.32 |
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Euro |
1 |
Rs. 67.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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24 |
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 |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
|
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 |
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<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 |
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