MIRA
INFORM REPORT
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Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
RAMCHANDRA DAHYABHAI NARROW FAB PRIVATE LIMITED |
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Registered Office : |
4/2437, Salabat Puramain Road, Surat- 395003, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.09.1997 |
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Com. Reg. No.: |
033068 |
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CIN No.: [Company
Identification No.] |
U17119GJ1997PTC033068 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTR00037C |
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PAN No.: [Permanent
Account No.] |
AABCR1256R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Woven Elastics, Shoulder Tape, Curtain Tape, Crochet Tape, Satin Ribbon, Finished Stratched Elastics, Velvet Ribbons, Knitted Elatics, Malai Dori, Zari lace, Gross Grains tape, Organnza ribbon, Bobine Elastic, Lace, Polyester Plain Tape, Button Hole tape |
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 19864 |
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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 is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Kunal |
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Designation : |
Manager |
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Contact No.: |
91-9426152295 |
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Date : |
16.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
4/2437, Salabat Puramain Road, Surat - 395003, Gujarat, India |
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Mobile No.: |
91-9925028295/ 9426150085/ 9228421128 |
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Fax No.: |
91-261-2356298 |
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E-Mail : |
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Website : |
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Area : |
48.31 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
21st Century Business Centre, 206/D, 2nd Floor,
Ring Road, Surat - 395002, Gujarat, India |
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Tel. No.: |
91-261-2320711/ 2344711/ 2356298 |
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Mobile : |
91-9825255749/ 9327335918 |
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Fax No.; |
91-261-2310452 |
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Email : |
info@magibaindia.co.in |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ramchandra Dahyabhai Rumalwala |
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Designation : |
Director |
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Address : |
62. Alkapuri Society, Sumul Dairy Road, Surat – 395008, Gujarat, India |
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Date of Birth/Age : |
04.12.1942 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
25.09.1997 |
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Email : |
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Name : |
Mr. Gautam Rumalwala |
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Designation : |
Director |
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Address : |
23, Pushpkunj Society, Sumul Dairy Road, Surat – 395008, Gujarat,
India |
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Date of Birth/Age : |
20.06.1962 |
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Date of Appointment : |
25.09.1997 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
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Names of Shareholders |
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No. of Shares |
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Mr. Ramchandra Dahyabhai Rumalwala |
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30100 |
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Mrs. Hansaben Ramchandra |
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20010 |
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(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Woven Elastics, Shoulder Tape, Curtain Tape, Crochet Tape, Satin Ribbon, Finished Stratched Elastics, Velvet Ribbons, Knitted Elatics, Malai Dori, Zari lace, Gross Grains tape, Organnza ribbon, Bobine Elastic, Lace, Polyester Plain Tape, Button Hole tape |
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Products : |
· Lace |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (40 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Retailers · End Users |
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No. of Employees : |
1000 |
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Bankers : |
· Bank of Baroda, Kohinoor Market, Salabatpura, Ring Road, Surat – 395002, Gujarat,
India · ICICI Bank,
Surat Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajendra Sethia Chartered Accountant |
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Address : |
501, Hira Panna Market, B/H Vankar Sangh, Ring Road, Surat – 395002,
Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
1.500 |
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2] Share Application Money |
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1.485 |
1.485 |
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3] Reserves & Surplus |
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1.981 |
1.821 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.966 |
4.806 |
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LOAN FUNDS |
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1] Secured Loans |
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8.965 |
6.513 |
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2] Unsecured Loans |
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22.341 |
18.869 |
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TOTAL BORROWING |
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31.306 |
25.382 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.129 |
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TOTAL |
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36.272 |
30.317 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.358 |
13.810 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.060 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.614 |
12.091 |
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Sundry Debtors |
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23.072 |
16.737 |
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Cash & Bank Balances |
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1.875 |
1.346 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.935 |
2.345 |
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Total
Current Assets |
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32.496 |
32.519 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.242 |
15.709 |
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Provisions |
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0.400 |
0.305 |
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Total
Current Liabilities |
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13.642 |
16.014 |
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Net Current Assets |
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18.854 |
16.505 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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36.272 |
30.317 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.05 |
8.61 |
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Current Ratio (Current Asset/Current Liability) |
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2.38 |
2.03 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Indorama Synthetic
· Beliance Industries Limited
· Garden Silk Mills
Trust seal Acceptance Chart:
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Parameters |
Details |
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Statutory Approvals |
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Income Tax
Registration (PAN) |
AABCR1256R |
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Central Sales
Tax Registration |
24723200905 |
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Name of Bank |
Bank of Baroda |
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Credibility Factors |
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Indiamart Client
Since |
3 years |
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Year of Establishment |
1999 |
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Trade Affiliations |
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SSI Registration |
No |
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Export Promotion
Council |
No |
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Chambers of
Commerce Membership |
No |
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Standards and Certifications |
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Quality Management Systems |
ISO
90012001BQ91/3307, 4th October, 2006 |
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Environment Management Systems |
No |
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Safety Certificates |
No |
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Products Certificates |
MEGIBA |
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Other Certificates |
No. |
Form 8:
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Name of the company |
RAMCHANDRA DAHYABHAI NARROW FAB PRIVATE LIMITED |
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Presented By |
Mr. Ramchandra Dahyabhai Rumalwala |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement Dated 12.07.2005 Equitable
Mortgage Dated 12.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.000 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
Stock and Book Debts Equitable Mortgage
of Factory Land and Building and Machinery therein |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit on
Interests @10% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
The Bank of
Baroda Kohinoor Textile
Market, Salabat, Surat, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U17119GJ1997PTC033068 |
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Name of the
Company |
RAMCHANDRA DAHYABHAI NARROW FAB PRIVATE LIMITED |
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Address |
4/2437, Salabat Puramain Road, Surat - 395003, Gujarat, India |
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This form is for |
Modification of
Charge |
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Type of Charge |
Immovable
Property Book debts Movable Property (Not
Being Pledge) |
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Particulars of
the charge holder |
Bank of Baroda, Kohinoor Market, Salabatpura, Ring Road, Surat – 395002, Gujarat,
India |
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Nature or description
of the instrument(s) creating or modifying the charge |
Hypothecation
Agreement Extension of Mortgage |
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Date of the
instrument creating or modifying the charge |
22.02.2008 |
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Amount secured by
the charge |
Rs.17.160
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Term Loan
Rs.2.160 Millions 13.25% p.a. Cash Credit
Rs.15.000 Millions 0.25% below BPLR Term of
Repayment: Term Loan Rs.2.160
Millions Repayable in 60 Months Cash Credit
Rs.15.000 Millions Repayable on Demand and Renewable Every year Margin: Term Loan
Rs.2.160 Millions 30% Cash Credit
Rs.15.000 Millions 30% Against Stock and 50% Against Book Debts Extension and
Operation of the Charge: The charge Would Extend By way of Hypothecation and Equitable Mortgage of Properties Mentioned in Point 14 below for Rs.17.160 Millions plus any interests, Charges, Penalties Etc, Thereon |
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Short particulars
of the property charged (including location of the property) |
Factory Land and
Building Plot No.414 at Pipodra, Surat in the Name of the company, Plot
No.67/68/69/84/87 Survey No.248 Block No.191, Borasara, Mangrol, Susrat in
the Name of the company. House at Nondh No.2437, Ward No.4, Salabatpura,
Surat in the Name of Mr. Ramachander Dayabhai Rumalwala Bunglow No.B/23,
Pushpakunj Co-op Housing Society Limited, Katargam, Surata in the Name Gautam
Rumalwala. |
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Particular of the
present modification |
The Existing Term
Loan of Rs.2.160 Millions and Cash
Credit of Rs.8.000 Millions have been increased by additional Cash Credit of
Rs.7.000 Millions totaling to Rs.17.160 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 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.42.85 |
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UK Pound |
1 |
Rs.84.74 |
|
Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
|