MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUIFT DEALERS PRIVATE LIMITED |
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Registered Office : |
2nd Floor, Corporation Building, Bombay Market, Umarwada,
Surat-395010, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.03.1994 |
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Com. Reg. No.: |
52399 |
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CIN No.: [Company
Identification No.] |
U51109GJ1994PTC052399 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Grey Fabrics |
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 190000 |
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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 having satisfactory
track. The company has some accumulated losses but it does not seem to have an
effect on its operations. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Manish |
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Designation : |
Director in Sister Concern Company. |
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Date : |
04.09.2008 |
LOCATIONS
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Registered Office : |
2nd Floor, Corporation Building, Bombay Market, Umarwada,
Surat-395010, Gujarat, India |
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Tel. No.: |
91-261-2355003 |
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Fax No.: |
91-261-2310772 |
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E-Mail : |
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Area : |
100000 sq.ft ( Owned) |
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Factory : |
Block No. 107, Village Palat, Kim, Taluka Mangrol, India |
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Tel. No.: |
91-261-309304 |
DIRECTORS
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Name : |
Mr. Mukesh Naglia |
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Designation : |
Director |
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Name : |
Mr. Vimal Nagalia |
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Designation : |
Director |
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Name : |
Mrs. Anita Nagalia |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Grey Fabrics |
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Imports : |
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Products : |
Machinery |
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Countries : |
Korea and European Countries |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
125 (Office 45, Factory 80) |
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Bankers : |
Bank of Baroda, Surat Textile Market Branch, Surat Textile Market,
Ring Road, Surat-395002, Gujarat, India |
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Facilities : |
CC Rs. 40.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Junjunwala Rajesh and Company Chartered Accountant |
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Associates/Subsidiaries : |
·
Nagalia Fab Private Limited ·
Uttam Fine Tex Private Limited ·
Mavin Text risers Private Limited, Block No. 106, Kim |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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653000 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.530
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.530 |
6.530 |
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2] Share Application Money |
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3.400 |
2.400 |
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3] Reserves & Surplus |
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29.140 |
29.141 |
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4] (Accumulated Losses) |
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[0.048] |
[0.003] |
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NETWORTH |
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39.022 |
38.068 |
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LOAN FUNDS |
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1] Secured Loans |
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86.895 |
82.396 |
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2] Unsecured Loans |
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12.479 |
3.563 |
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TOTAL BORROWING |
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99.374 |
85.959 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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138.396 |
120.027 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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61.116 |
68.982 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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65.838 |
60.815 |
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Sundry Debtors |
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24.951 |
11.271 |
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Cash & Bank Balances |
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1.096 |
0.356 |
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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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5.481 |
3.847 |
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Total
Current Assets |
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97.366 |
76.289 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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18.616 |
18.585 |
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Provisions |
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1.482 |
2.683 |
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Total
Current Liabilities |
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20.098 |
21.268 |
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Net Current Assets |
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77.268 |
55.021 |
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MISCELLANEOUS EXPENSES |
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0.012 |
0.024 |
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TOTAL |
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138.396 |
124.027 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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228.026 |
150.324 |
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Other Income |
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0.000 |
0.001 |
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Finished Goods and Process Stock |
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5.023 |
18.724 |
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Total Income |
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233.049 |
169.049 |
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Profit/(Loss) Before Tax |
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0.015 |
0.113 |
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Provision for Taxation |
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[0.033] |
[3.512] |
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Profit/(Loss) After Tax |
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[0.048] |
3.525 |
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Expenditures : |
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Administrative Expenses |
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8.529 |
10.299 |
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Purchases of Process |
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153.315 |
76.929 |
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Yarn Purchase |
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40.185 |
41.700 |
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Grey Purchase |
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2.412 |
0.000 |
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Other Direct Expenses |
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18.804 |
28.356 |
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Financial Charges |
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12.689 |
11.534 |
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Increase/(Decrease) in Finished Goods |
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[12.466] |
[10.671] |
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Depreciation & Amortization |
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9.566 |
10.789 |
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Total Expenditure |
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233.034 |
168.936 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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[0.02] |
2.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[0.01] |
0.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.01] |
0.08 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.06 |
2.81 |
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Current Ratio (Current Asset/Current Liability) |
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4.84 |
3.59 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from 48, J L Bajaj Street, P S Burra Bazar, Kolkata-700007,
West Bengal, India to present address w.e.f 28.11.2007
Trade References:
·
Uttam Fine Tex Private Limited
·
Mavin Texturisers Private Limited
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U51109GJ1994PTC052399 |
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Name of the
company |
SUIFT DEALERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
48, J L Bajaj
Street, P S Burra Bazar, Kolkata-700007, West Bengal, India |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
Bank of Baroda, Surat Textile Market Branch, Surat Textile Market,
Ring Road, Surat-395002, Gujarat, India |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book Debts, Movable Machinery
and Vehicals and Supplemental Memorandum of Entry |
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Date of
instrument Creating the charge |
16.10.2007 |
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Amount secured by
the charge |
Rs. 92.781
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit –
0.25% over PLR With monthly rests Terms of
Repayment Cash Credit – 12
Months and payable on Demand Margin Socks – 30% Book Debts – 50% Movable
Machineries – 20% Letter of Credit
– Cash Margin – 25% Extent and
Operation of the charge Extension of Hypothecation
on the charge on stocks of Raw Materials, stock in process, finished goods,
consumables, spares and packing materials, all the book debts, supply bills,
Receipts challans, invoices, all stores, spares parts, both present and
future, machineries, vehicals for securing the various credit facilities as
per the documentation attached for agreement amount of Rs. 92.781 Millions |
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Short particulars
of the property charged |
Extension of
Hypothecation on the charge on stocks of Raw Materials, stock in process,
finished goods, consumables, spares and packing materials, all the book
debts, supply bills, Receipts challans, invoices, all stores, spares parts,
both present and future, machineries, vehicals for securing the various
credit facilities as per the documentation attached for agreement amount of
Rs. 92.781 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
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
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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 |
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 |
YES |
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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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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
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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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