MIRA
INFORM REPORT
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Report Date : |
04.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
G TEX PRINTS PRIVATE LIMITED |
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Registered Office : |
Plot No. 254/ 255 GID C Pandesara, Surat – 394 220, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.06.1988 |
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Com. Reg. No.: |
010883 |
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CIN No.: [Company
Identification No.] |
U17119GJ1988PTC010883 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of High Fashion Designer Sarees. |
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 153000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 254/ 255 GID C Pandesara, Surat – 394 220, Gujarat, India |
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Mobile No.: |
91-9426153221 (Mr. Mohan Bajaj) |
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E-Mail : |
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Area : |
5488 sq mt. |
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Factory 1 : |
D-3009-20, II nd Floor, Surat Textile Marketing Ring Road, Surat – 395
002, Gujarat, India. |
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Tel. No.: |
91-261-2322812/ 2320709 |
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Fax No.: |
91-261-2320709 |
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Factory 2 : |
Survey No. 90/ 229/ I , Pandesara, Choryasi Taluka, District: Surat –
395 002, Gujarat, India. |
DIRECTORS
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Name : |
Mr. Harish Hariram Bajaj |
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Designation : |
Director |
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Address : |
23, Ram Krishna Nagar, Ghod – Dod Road, Surat – 395 007, Gujarat,
India. |
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Date of Appointment : |
25.03.1991 |
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Name : |
Mr. Gulshan Hariram Bajaj |
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Designation : |
Director |
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Address : |
17, Ram Krishna Nagar, Ghod – Dod Road, Surat– 395 007, Gujarat,
India. |
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Date of Appointment : |
25.03.1991 |
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Name : |
Mr. Yashpal Hariram Bajaj |
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Designation : |
Director |
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Address : |
202, Gwalior House, Ghod – Dod Road, Surat– 395 007, Gujarat, India. |
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Date of Appointment : |
15.05.1992 |
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Name : |
Mr. Pankaj Bajaj |
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Designation : |
Director |
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Address : |
23, Ram Krishna Nagar, Ghod – Dod Road, Surat– 395 007, Gujarat,
India. |
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Date of Appointment : |
15.05.1992 |
KEY EXECUTIVES
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Name : |
M/s Dhiren R Dave and Company |
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Designation : |
Company Secretary |
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Address : |
410, Lalbhai Contractor Complex, Nampura, Surat – 395 001, Gujarat,
India. |
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Tel. No.: |
91-261-2460903 |
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Mobile No.: |
91-9824115061 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Harish Hariram Bajaj HUF |
500 |
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Mr. Gulshan Hariram Bajaj HUF |
500 |
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Mr. Yashpal Hariram Bajaj HUF |
500 |
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Mr. Mohan Bajaj HUF |
500 |
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Mr. Harish Hariram Bajaj |
1800 |
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Mr. Gulshan Hariram Bajaj |
1700 |
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Mr. Mohan Bajaj |
2050 |
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Mr. Yashpal Hariram Bajaj |
1700 |
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Mr. Pankaj Bajaj |
350 |
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Total |
9600 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
79.00 |
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Other top 50 shareholders |
21.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of High Fashion Designer Sarees. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 400 |
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Bankers : |
Textile Market Branch, Ring Road, Surat. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B.K. Rathi and Associates Chartered Accountants |
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Address : |
403, 21st Century Business Centre, Ring Road, Surat – 395
002, Gujarat, India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.1000/- 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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9600 |
Equity Shares |
Rs.1000/-
Each |
Rs.9.600
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
9.600 |
9.600 |
9.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.007 |
21.303 |
20.526 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.607 |
30.903 |
30.126 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.025 |
0.000 |
6.431 |
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TOTAL BORROWING |
0.025 |
0.000 |
6.431 |
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DEFERRED TAX LIABILITIES |
1.691 |
2.075 |
2.486 |
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TOTAL |
32.323 |
32.978 |
39.043 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.822 |
21.267 |
23.076 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
6.150
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2.476 |
4.716 |
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Sundry Debtors |
17.296
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19.268 |
27.323 |
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Cash & Bank Balances |
0.943
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2.807 |
1.696 |
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Other Current Assets |
1.942
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1.477 |
1.157 |
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Loans & Advances |
3.322
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1.806 |
2.208 |
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Total
Current Assets |
29.653
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27.834 |
37.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.092
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15.206 |
20.989 |
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Provisions |
1.060
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0.917 |
0.144 |
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Total
Current Liabilities |
18.152
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16.123 |
21.133 |
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Net Current Assets |
11.501
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11.711 |
15.967 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
32.323 |
32.978 |
39.043 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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129.282 |
150.365 |
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Other Income |
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0.391 |
0.141 |
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Total Income |
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129.673 |
150.506 |
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Profit/(Loss) Before Tax |
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(0.537) |
1.282 |
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Provision for Taxation |
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(0.240) |
0.505 |
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Profit/(Loss) After Tax |
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(0.297) |
0.777 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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(3.813) |
2.146 |
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Financial Charges |
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0.016 |
0.013 |
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Depreciation & Amortization |
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3.372 |
3.388 |
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Other Expenditure |
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130.635 |
143.677 |
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Total Expenditure |
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130.210 |
149.224 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(0.23)
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0.52 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.42)
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0.85 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.06)
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2.61 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02)
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0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.59
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0.52 |
0.91 |
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Current Ratio (Current Asset/Current Liability) |
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1.63
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1.73 |
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
G TEX PRINTS PRIVATE LIMITED |
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Presented By |
Mr. Harish Hariram Bajaj |
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1) Date and description of instrument creating the change |
01.07.1996
Extension of Equitable mortgage by way of 2nd charges. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.378 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 |
Plot No. 254/ 255 GID C Pandesara, Surat Land Area – 5488 sq mt. Survey No. 90/ 229/ I at Pandesara of Choryasi Taluka, District:
Surat. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Agreement |
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5) Name and Address and description of the person entitled to the charge. |
Manager, Bank of India Textile Market Branch, Ring Road, Surat. |
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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 |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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50 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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