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MIRA
INFORM REPORT
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Report Date : |
18.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
A-TEX INDIA (A DIVISION OF ARAKAL TEXTILES TRADE PRIVATE LIMITED) |
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Registered Office : |
229, Sakhar Peth, Solapur- 413005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.03.1996 |
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Com. Reg. No.: |
11-98078 |
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CIN No.: [Company
Identification No.] |
U17299PN1996PTC098078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA04454C |
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PAN No.: [Permanent
Account No.] |
3105020527 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Textiles and Towels like Plain towels,
Jacquard Towels, Terry Towels and Beach towels |
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 62000 |
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Status : |
Good |
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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. Trade relations are fair. Financial position is satisfactory. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Anand |
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Designation : |
Accountant |
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Contact No.: |
91-9422458927 |
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Date : |
16.10.2008 |
LOCATIONS
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Registered Office : |
229, Sakhar Peth, Solapur- 413005, Maharashtra, India |
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Tel. No.: |
91-217-2745820/ 2745821 |
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Fax No.: |
91-217-2374385 |
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E-Mail : |
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Corporate Office/Factory : |
155/2A, Gandhinagar, Akkalkot Road, Solapur-413006, Maharashtra, India |
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Tel. No.: |
91-217-2745820/ 2745821 |
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Mobile No.: |
91-9422644569/ 9422458927 |
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Fax No.: |
91-217-2374385 |
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E-Mail : |
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Website: |
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Area : |
1200 sq ft (Owned) |
DIRECTORS
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Name : |
Mr. Arakal Murlidhar Ashaya |
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Designation : |
Director |
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Address : |
229, Sakhar Peth, Solapur-413005, Maharashtra, India |
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Date of Birth/Age : |
13.07.1958 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Akral Malikarjun Ahayya |
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Designation : |
Director |
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Address : |
266/4, Raviwar Peth, Solapur-413005, Maharashtra, India |
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Date of Birth/Age : |
03.04.1965 |
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Qualification : |
B Sc. |
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Date of Appointment : |
13.032.1999 |
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Name : |
Mr. Arakal Balaji Murlidhar |
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Designation : |
Director |
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Address : |
229, Sakhar Peth, Solapur-413005, Maharashtra, India |
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Date of Birth/Age : |
02.05.1981 |
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Date of Appointment : |
16.06.2000 |
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Name : |
Mr. Arakal Geetabai Murlidhar |
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Designation : |
Director |
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Date of Birth/Age : |
03.05.1963 |
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Qualification : |
Under Graduate |
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Date of Appointment : |
01.01.2007 |
KEY EXECUTIVES
|
Name : |
Ms. Manasi Paradkar |
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Designation : |
Company Secretary |
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Address : |
9B, Ananktkrupa Housing Society, 119/1, Paud Road, Kothrud,
Pune-411038, Maharashtra, India |
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Tel No. : |
91-20-25455264/ 56204167 |
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Mobile No. : |
91-9890567274/ 9423531223 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Arakal Mallikarjun Ahaayya |
|
13510 |
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Arakal Murlidhar Ahayya |
|
13510 |
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Arakal Rajmogali Ahayya |
|
13510 |
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Arakl Rajnikant Ahayya |
|
13510 |
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Arakal Shrinivas Ahayya |
|
13510 |
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Arakal Ravindra Rajmogali |
|
10000 |
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Arakal Venkatesh Rajmogli |
|
10000 |
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Arakal Bharati Ramogli |
|
10000 |
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Arakal Geeta Murlidhar |
|
10000 |
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ARakal Mamta Shrinivas |
|
10000 |
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Gajul Nagalxmi Vijaya |
|
10000 |
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Arakal Renuka Rajnikant |
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10000 |
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Arakal Suharani Mallikarjun |
|
10000 |
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Total |
|
147550 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Textiles and Towels like Plain towels, Jacquard
Towels, Terry Towels and Beach towels |
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Products : |
·
Plain Towels ·
Jacquard Towel ·
Terry Towels ·
Beach Towels ·
Pool Towels ·
Baby Towels ·
Kitchen Towels ·
Yarn Dyed Towels ·
Plain Dyed Towels ·
Printed Towels ·
Promotional Towels ·
Hospital Towels |
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Exports : |
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Products : |
·
Plain Towels ·
Jacquard Towels ·
Beach Towels |
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Countries : |
·
Europe ·
African Country ·
American Countries |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
·
Wholesales ·
Retailers ·
End Users ·
OEM’s ·
Pharma ·
Hotels |
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No. of Employees : |
47 ( Office 7, Factory 40) |
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Bankers : |
·
ICICI Bank, ·
The Laxmi Co-operative Bank Limited, 319, South Kasba Solapur-413007, Maharashtra,
India |
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Facilities : |
OD Rs. 2.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S M Hiremath and Company Chartered Accountant |
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Address : |
257 A, Sakhar Peth, Solapur-413005, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
147550 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.476
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.476 |
1.476 |
1.476 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.037 |
9.424 |
7.579 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.513 |
10.900 |
9.055 |
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|
LOAN FUNDS |
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1] Secured Loans |
9.068 |
7.794 |
1.585 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.068 |
7.794 |
1.585 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
21.581 |
18.694 |
10.640 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.230 |
1.356 |
1.492 |
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Capital work-in-progress |
0.000 |
0.00 |
0.000 |
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INVESTMENT |
0.020 |
0.020 |
0.020 |
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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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|
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Inventories |
14.979
|
10.297 |
7.885 |
|
|
Sundry Debtors |
41.435
|
39.488 |
33.438 |
|
|
Cash & Bank Balances |
1.165
|
0.942 |
1.974 |
|
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Other Current Assets |
0.033
|
0.025 |
0.019 |
|
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Loans & Advances |
5.095
|
4.722 |
4.133 |
|
Total
Current Assets |
62.707
|
55.474 |
47.449 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
39.692
|
35.608 |
38.323 |
|
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Provisions |
2.684
|
2.548 |
0.000 |
|
Total
Current Liabilities |
42.376
|
38.156 |
38.323 |
|
|
Net Current Assets |
20.331
|
17.318 |
9.126 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
21.581 |
18.694 |
10.640 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
97.169 |
133.784 |
|
|
Other Income |
|
0.581 |
0.575 |
|
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Total Income |
|
97.750 |
134.359 |
|
|
|
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|
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|
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Profit/(Loss) Before Tax |
|
2.512 |
2.816 |
|
|
Provision for Taxation |
|
0.899 |
0.971 |
|
|
Profit/(Loss) After Tax |
|
1.613 |
1.845 |
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Expenditures : |
|
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Cost of Goods Sold |
|
|
|
|
|
Financial Charges |
|
0.987 |
0.559 |
|
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Depreciation & Amortization |
|
0.232 |
0.220 |
|
|
Other Expenditure |
|
94.019 |
130.764 |
|
Total Expenditure |
|
95.238 |
131.543 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.65
|
1.37 |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
2.59
|
2.10 |
NA |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.93
|
4.96 |
NA |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.26 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.11
|
4.22 |
4.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.45 |
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional Requirement of Indiamart
for Trust-Seal |
|
VAT / TIN : 27360357680 |
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IEC Code : 3105020527 (Personal Name Sou Jaya Shri for Arakal) |
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PAN / TAN : AABCA5930D |
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Bank Name : The Laxmi Co-operative Bank Limited |
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Bank Address : South Kasba, Solapur |
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Bank A/c. No.: CC Rs. 1.000 Million |
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Account Since : 4 Years |
Trade References:
·
Indian Railways
·
Mafat Lal
·
Bombay Dieing
·
Nicholes Piramal
·
Pharma Company
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U17299PN1996PTC098078 |
|
Name of the
company |
ARAKAL TEXTILE
TRADE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Solapur-413005,
Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Laxmi Co-operative Bank Limited, 319, South Kasba Solapur-413007,
Maharashtra, India |
|
Nature of description
of the instrument creating or modifying the charge |
Mortgage Deed
Dated 04.10.2007 for Rs. 5.000 Millions |
|
Date of
instrument Creating the charge |
04.10.2007 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interst @ 15%p.a.
with monthly rests. Penal interest @
2% p.a. if the terms and conditions of sanction letters are not satisfied. Terms of
Repayment Cash Credit other
security limit for one year renewable every year Margin Margin of 30% Extent and
Operation of the charge Charge to be
operated till the repayment of loan in full alongwith interest and charges
thereon |
|
Short particulars
of the property charged |
Land and Building
situated at survey no, 153/2A Gandhi Nagar Taluka North solapur Comprised off
1930.81 sq.ft mtrs |
AS PER WEBSITE
Profile:
Subjet has made successful inroads by adhering to corporate business ethics; they
excel as a prestigious manufacturer & exporter of a wide range of towels
for men, women, kids and also for various industrial applications. Being a
preeminent manufacturer and wholesale supplier, they offer a luring variety of
Terry Towel, Jacquard Towel, Hotel Towel, Beach Towel, Hospital Towel, Pool
Towel, Kitchen Towel, Printed Towel, Haj Towel, White Towel and many more. The
enchanting range towels can be customized in terms of quality, color, size and
in logo also.
The company has accelerated and made a mark by adapting to the technological
changes as well as changing trends of towels. The company has earned an
excellent reputation amongst the customers owing to the
premium quality products.
Infrastructure
The production unit is fully equipped with all modernized
state-of-the-art machinery and tools, which helps them to offer different types
of towel that has an overwhelming demand in various domestic &
international market. They carry a team of skilled &experienced managers,
designers, professionals, sophisticated design studio, modernized cabinet, arm
dying, cone dying plant, shuttleless & shuttle weaving machine and work
force, which enables them to manufacture superior quality towels as per
customer's requirement. They have the capacities of manufacturing 2500 kg per
day & around 70 tones per month. They also make use of best quality yarns
to manufacture the enchanting range of towels. This is clubbed with the latest
manufacturing facilities, storage house, packaging & delivery facilities
enables them to make timely delivery of bulk orders.
Customized Product Development
They tailor the range of towels as per the buyer’s desire and
specifications. They manufacture the exclusive range of towels in a wide array
of options with respect to colors, fabrications and designs. They can also
custom manufacture the product range as per buyer’s specifications to provide
complete satisfaction to the esteemed clients.
Customer Satisfaction
Subject has a strong & huge clientele base in various domestic as
well as overseas markets. The exquisite range of designer towels has been
widely accepted all over the world. They also assure that the craftsmen work
under the supervision of experienced designers, who guide them in selection of
accurate material as well as color scheme.
Packaging & Delivery
They understand that packaging is crucial aspect for proper shipment,
which helps to avoid any damage during transportation. The company packs the
towels using best quality packing materials. They also ensure prompt delivery
of orders, to avoid any inconvenience to the valued buyers. Moreover, they are
associated with leading C&F agents, which ensures prompt delivery of every
consignment at desired location.
With the vast experience in the field of manufacturing and exporting
superior quality of towels. They - 'A-TEX (INDIA)', are capable of handling
bulk orders in short span of time. Some of the features that make them ideal
business partners are:
• International standards of quality
• Quality yarn is used
• Customized product range.
• Wider range of choices.
• Modernized and systematic work.
• Skilled craftsmen
• Competitive price
• On time and fast delivery
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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|