MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PANNA TEXTILE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
176 Jamunalal Bazaz Street, Kolkata – 700 007, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.11.1982 |
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Com. Reg. No.: |
21-35434 |
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CIN No.: [Company
Identification No.] |
U17297WB1982PTC035434 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALP00283D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Trader and Exporter of Textiles. |
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 370000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Dharampal Poddar, One of the Director of the company parted general
details but declined to part financials and other details. Subject is an established company having satisfactory track. Payments
are slow but correct. Trade relations are fair. Financial position is
satisfactory. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY (GENERAL DETAILS)
|
Name : |
Mr. Dharampal Poddar |
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Designation : |
Director |
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Date : |
07.11.2008 |
LOCATIONS
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Registered Office : |
176 Jamunalal Bazaz Street, Kolkata – 700 007, West Bengal, India |
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Tel. No.: |
91-33-22381081 / 22386945 / 22341111 |
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Fax No.: |
91-33-22687106 |
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E-Mail : |
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Website : |
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Corporate Office : |
Sethna Building, 3rd Floor, 55-A Queens Road, Marine Lines,
Mumbai – 400 002, Maharashtra, India |
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Tel. No.: |
91-22-32446477 / 68 / 32452897 / 32452898 / 65845500 |
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Fax No.: |
91-22-22069293 |
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E-Mail : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Factory : |
U K Industrial Estate, 1st Floor, Talwar Compound, Pokhran
Road No.2, Thane – 400 601, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Rajkumar Poddar |
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Designation : |
Director |
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Address : |
110, Southern Avenue, 6th Floor, Kolkata – 700 029, West
Bengal, India |
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Date of Birth/Age : |
19.01.1958 |
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Date of Appointment : |
12.11.1982 |
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Name : |
Mr. Dharam Pal Poddar |
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Designation : |
Director |
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Address : |
Gokul, 7th Floor, Block No. 28, 66/A, Dr. Atmaram Merchant
Road, Bhuleshwar, Mumbai – 400 002, Maharashtra, India |
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Date of Birth/Age : |
17.09.1960 |
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Qualification : |
B.Com. |
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Date of Appointment : |
12.11.1982 |
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Name : |
Mr. Anilkumar Poddar |
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Designation : |
Director |
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Address : |
66 A, Gokul Niwas, 3rd Floor, R/12, Atmaram Merchant Road,
Mumbai – 400 002, Maharashtra, India |
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Date of Birth/Age : |
11.08.1964 |
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Date of Appointment : |
12.11.1982 |
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Name : |
Mr. Pannalal Poddar |
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Designation : |
Director |
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Address : |
Vaibhav Building, R No. 20, 20th Floor, B D Road, Mumbai –
400 026, Maharashtra, India |
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Date of Birth/Age : |
02.03.1933 |
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Date of Appointment : |
12.11.1982 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Pannalal Poddar |
396400 |
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Rajkumar Poddar |
30000 |
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Dharam Pal Poddar |
33600 |
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Anilkumar Poddar |
27200 |
|
Ramdulari Devi Poddar |
50000 |
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Anju Poddar |
20000 |
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Sahil Poddar |
40400 |
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Neha Poddar |
20000 |
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Rajkumar Poddar |
10000 |
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Pannalal Poddar |
240000 |
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Pannalal Poddar |
132400 |
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Total |
1000000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Textiles. |
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Products : |
·
Mens Shirts ·
Ladies Tops ·
Denim Wears ·
Yarns ·
Embroidered Fabrics ·
Denim Fabrics ·
Specialized Wax Prints |
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Exports : |
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Products : |
Textiles |
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Countries : |
·
Europe ·
America ·
Bangladesh ·
Belgium ·
Mauritius ·
Germany ·
Italy ·
Portugal ·
Spain ·
UK ·
China ·
South Africa and Far East ·
Morocco ·
Turkey ·
Poland |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
China ·
Pakistan |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Suppliers : |
·
Century Denim ·
DCT Limited (Phagwara) ·
Prakash Cotton Mills Private Limited ·
R R Exports ·
Rasi Fabrics ·
Salem Handloom Textiles ·
Balaji Enterprises ·
BPL Mobile ·
Bright Cleaning Service ·
Indus Fila Limited ·
Mahadev Cotex ·
Mahalaxmi Label ·
Monic Glass ·
Orange ·
Priti Walke ·
Hussain Traders |
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
Adolfo Dominguez ·
Bari Apparels Limited ·
Commitment Appareals ·
Islam Garments Limited ·
S A R L Loucine ·
Sanghai Pharmaceutical ·
Karina International Limited ·
Regency Garments Limited ·
Sousa Novais+Freitas LDA ·
Ankit Fabrics ·
Patel Brothers ·
Gala Textiles ·
R R Textiles ·
Rikin Textiles |
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No. of Employees : |
125 (In Office 25 and In Factory 100) |
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Bankers : |
Central Bank of India Mumbai Main Office, Documentation Cell, Central Bank Building, 2nd
Floor, Fort, Mumbai – 400 001, Maharashtra, India Citi Bank Indian Bank State Bank of India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ratan Moodra Chartered Accountant |
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Address : |
2/D2, Green Fields Complex, Opp. Fantasy Land, J V Link Road, Andheri
(East), Mumbai – 400 093, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
64.778 |
64.852 |
67.111 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
74.778 |
74.852 |
77.111 |
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LOAN FUNDS |
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1] Secured Loans |
17.542 |
0.150 |
1.159 |
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2] Unsecured Loans |
7.784 |
7.249 |
5.299 |
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TOTAL BORROWING |
25.326 |
7.399 |
6.458 |
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DEFERRED TAX LIABILITIES |
0.156 |
0.164 |
0.000 |
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TOTAL |
100.260 |
82.415 |
83.569 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.591 |
16.611 |
5.339 |
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Capital work-in-progress |
0.000 |
0.000 |
0000 |
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INVESTMENT |
3.260 |
3.160 |
3.110 |
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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 |
11.691
|
16.691 |
29.186 |
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Sundry Debtors |
26.094
|
5.802 |
32.407 |
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Cash & Bank Balances |
7.234
|
8.168 |
20.969 |
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Other Current Assets |
38.962
|
37.707 |
16.407 |
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Loans & Advances |
8.614
|
6.101 |
8.293 |
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Total
Current Assets |
92.595
|
74.469 |
107.262 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.800
|
8.816 |
28.491 |
|
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Provisions |
4.386
|
3.009 |
4.008 |
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Total
Current Liabilities |
13.186
|
11.825 |
32.499 |
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Net Current Assets |
79.409
|
62.644 |
74.763 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.357 |
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TOTAL |
100.260 |
82.415 |
83.569 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
NA |
NA |
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Other Income |
|
NA |
NA |
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Total Income |
|
NA |
NA |
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Profit/(Loss) Before Tax |
|
2.433 |
NA |
|
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Provision for Taxation |
|
1.346 |
NA |
|
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Profit/(Loss) After Tax |
|
1.087 |
NA |
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Earnings in Foreign Currency : |
|
Rs.64.931
millions USD 1320575 Euro 1112439 |
Rs.74.006
millions |
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|
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Imports : |
|
USD 23905 |
0.000 |
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|
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Depreciation & Amortization |
|
1.292 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.26 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
|
7.02
|
6.30 |
3.30 |
LOCAL AGENCY
FURTHER INFORMATION
Additional Requirement of Indiamart for Trust-Seal :-
Mr. Dharampal Poddar declined to part these details.
Form No. 8
|
Name of the company |
PANNA TEXTILE INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Central Bank of
India, Mumbai Main Office
Branch, Mumbai – 400 001 and Panna Textile Industries Private Limited |
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1) Date and description of instrument creating the change |
Dated 07th
July, 2005 Agreement of
Hypothecation of goods to secure – Letter of Credit (DA Basis) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.000 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 |
Hypothecated as first
charge in favour of the Bank goods described in general terms in the schedule
and all other tangible moveable property such as products stock in trade and
goods whether finished or raw or in process or manufactured and all articles
manufactured there from belonging to the borrowers which now are or hereafter
from time to time during this security shall be brought in, stored or be in
or about the premises, warehouses or godowns of said the borrowers at or any
where else including any such goods in course of transit or delivery
inclusive of hypothecation of goods under Import / Inland letter of
credit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest / Commission Shall be charged
at such rate as may from time to time be fixed by the Bank Repayment Repayable on
Demand |
|
5) Name and Address and description of the person entitled to the charge. |
Central Bank of India Mumbai Main Office, Documentation Cell, Central Bank Building, 2nd
Floor, Fort, Mumbai – 400 001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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Corporate
identity number of the company |
U17297WB1982PTC035434 |
|
Name of the
company |
PANNA TEXTILE INDUSTRIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
176 Jamunalal Bazaz Street, Kolkata – 700 007, West Bengal, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable property
(not being pledge) |
|
Particular of
charge holder |
Central Bank of India Mumbai Main Office, Documentation Cell, Central Bank Building, 2nd
Floor, Fort, Mumbai – 400 001, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation (Goods, Plant and Machineries, book debts and other movable
Assets) |
|
Date of
instrument Creating the charge |
28.05.2008 |
|
Amount secured by
the charge |
Rs.111.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest shall be charged at such rates as would be fixed by the Bank
from time to time calculated on the daily balance of such accounts and be
debited thereto on the last working day of the month. ·
Terms of
repayment On Demand ·
Margin As required by the Bank from time to time ·
Extent and
operation of the charge The security by way of 1st charge on hypothecated assets for
payment and discharge on demand sum of Rs.111.500 millions and all other
monies at any time payable by Borrower to Bank under or in respect of all
some or any of the aforesaid facilities granted or to be granted to Borrower
and also as security for payment and discharge of all indebtedness whatsoever
or liabilities of borrower to Bank in respect of any liabilities undertaken
by Bank under any L/C opened / guarantee, indemnity issued ·
Others Bank for Borrower or otherwise in respect of any account of any office
of Bank (whether accrued, accruing or contingent and whether solely/jointly)
and any BoE, PNs or instruments, drawn, made, accepted or endorsed by
borrower solely or jointly which the Bank may discount or become interested
in, together with all interest, discount, commission, charges, costs and
expenses. Facilities and Limits (Rs. In millions): PC 22.500, EBP/EBD 23.000,
Disc. Of bills under LC 60.000, Total 105.500, LC (Imp/Inl) DP/DA 90 days
4.000, Guarantee 2.000, Total 111.500. |
|
Particulars of
the property charged |
·
Stocks of
RM, such as consumable stores and spares, packing materials etc. and SIP and
FGs etc. both present and future ·
All present
and future book debts outstanding monies, receivables, claims, bill, rights
to or immovable properties and movables assets ·
All
tangible. Movable properties and assets of borrower of whatsoever nature
including plants, machineries, tools, accessories, stores, spares, furniture,
articles, office equipments, computer, electrical installations and things present
and future at Mumbai or other places. |
Fixed Assets
·
Air Conditioner
·
Building
·
Camera
·
Computer Machine
·
Cycle
·
Electric Motor
·
Electric Installation
·
Fax Machine
·
Flatlock Machine
·
Furniture and Fixtures
·
Gas Stove
·
Land (Leasehold)
·
Motor Car
·
Office Equipment
·
Office Premises
·
Plant and Machinery
·
Televison
Web Details
Profile
Subject is specialized in manufacturing and exporting of garments
and fabrics to the garment industry around the globe.
The guiding force behind the success of subject has all along been
provided by its Chairman and Managing Director, Mr. Pannalal Poddar, ably
assisted by his sons Mr. Rajkumar Poddar, Mr. Dharampal Poddar and Mr.
Anil Poddar. With his rare foresight, matured wisdom, and, outstanding business
acumen, combined with dedication, conviction,the company has grown to what
subject is today.
A government recognized export house established in 1982 by Mr. Pannalal
Poddar, the founder, today, is a leader in textile industry. Subject is a
reputed and well known name in the trade for the quality of its products and
services.
The ministry of commerce government of India has recognized subject as an
export house in the year 1995.
Subject is a
exporter of cotton woven and knitted fabrics, yarns, made ups, and, garments subject
is specialized in manufacturing and exporting of garments and fabrics around
the globe.
Products | Garment
Subject exports
woven and knitted garments for men's and ladies wear. Manufacturing is done at
thane factory which is equipped with all the most modern machineries .
Products are
exported to Europe and U.S.A.
The main products
are men's shirts, trousers and ladies' trousers, tops, shirts and blouses and
children's wear.
Ladies Wear
·
Skirts
·
Tops
Mens Wear
·
Shirts
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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|