MIRA
INFORM REPORT
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Report Date : |
30.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VITTHAL TEXTILES PRIVATE LIMITED |
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Registered Office : |
Gujarati Galli, Chopda, Jalgaon – 425 107, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.04.2005 |
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Com. Reg. No.: |
152768 |
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CIN No.: [Company
Identification No.] |
U17120MH2005PTC152768 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKV01427G |
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PAN No.: [Permanent
Account No.] |
AACCV0315Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Readymade Garments. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 12500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track. It has good amount
of accumulated losses. Trade relations are fair. Payments are reported as
slow and delayed at times. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
Gujarati Galli, Chopda, Jalgaon – 425 107, Maharashtra, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashish Arunlal Gujarathi |
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Designation : |
Director |
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Address : |
Gujarathji Lane, Chopda – 425 107, Maharashtra, India |
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Date of Birth/Age : |
25.05.1973 |
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Date of Appointment : |
21.04.2005 |
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Name : |
Mr. Prasanna Vasantlal Gujarathi |
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Designation : |
Director |
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Address : |
Gujarathji Lane, Chopda – 425 107, Maharashtra, India |
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Date of Birth/Age : |
20.01.1968 |
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Date of Appointment : |
21.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotee
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Names of Shareholders |
No. of Shares |
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Shah Govardhandas Bhikaridas |
400000 |
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Total |
400000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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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 of Readymade Garments. |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda Jalgaon Main Branch, Visanji Nagar, Jalgaon – 425 001, Maharashtra,
India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
P Mayor and Company Chartered Accountants |
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Address : |
Mohite Building, Swatantrya Chowk, Jilha Peth, Jalgaon – 425 001,
Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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410000 |
Equity Shares |
Rs.10/- each |
Rs.4.100
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(1.594) |
0.000 |
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NETWORTH |
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2.506 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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24.467 |
21.527 |
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2] Unsecured Loans |
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3.106 |
20.566 |
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TOTAL BORROWING |
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27.573 |
42.093 |
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DEFERRED TAX LIABILITIES |
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1.613 |
0.000 |
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TOTAL |
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31.692 |
42.193 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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38.147 |
36.656 |
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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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13.243 |
2.745 |
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Sundry Debtors |
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107.412 |
3.100 |
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Cash & Bank Balances |
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0.040 |
1.290 |
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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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1.590 |
0.873 |
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Total
Current Assets |
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122.285 |
8.008 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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129.387 |
3.354 |
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Provisions |
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0.139 |
0.000 |
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Total
Current Liabilities |
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129.526 |
3.354 |
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Net Current Assets |
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(7.241) |
4.654 |
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MISCELLANEOUS EXPENSES |
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0.786 |
0.883 |
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TOTAL |
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31.692 |
42.193 |
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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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166.010 |
6.236 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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166.010 |
6.236 |
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Profit/(Loss) Before Tax |
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0.025 |
0.000 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.025 |
0.000 |
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Expenditures : |
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Interest |
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1.541 |
0.000 |
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Depreciation & Amortization |
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1.436 |
0.127 |
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Other Expenditure |
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163.008 |
6.109 |
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Total Expenditure |
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165.985 |
6.236 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.02 |
0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.02 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.02 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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62.69 |
454.47 |
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Current Ratio (Current Asset/Current Liability) |
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0.94 |
2.39 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
VITTHAL TEXTILES PRIVATE LIMITED |
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Presented By |
Bank of Baroda,
Main Branch, Visanji Nagar, Jalgaon – 425 001 |
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1) Date and description of instrument creating the change |
Date 21st
November, 2005 Composite
Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 millions
Cash Credit |
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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 |
·
All stocks
of raw materials, work in process, semi finished goods and finished goods
such as cotton, cotton bales, yarn, cloths etc. movable machinery, looms and
all current asset, packing material and stores etc. ·
All the
present and future book debts, outstanding monies, receivables, claims,
bills, contracts, engagements and securities. ·
All the
tangible movable machinery and plant, crafts and the vehicles of the borrower
together with spares, tools and accessories and other movables both present
and future and the furniture, fixtures and fitting and office equipments
whether installed or not and whether lying loose or in cases which are now
lying or stored in or about or shall be brought into or be stored or be in or
upon or about the borrowers premises and godowns or wherever else, the same
may be or be held by any party to the order or disposition of the borrower
relating or pertaining to the borrowers work at Tande, Ta. Shirpur, Dist.
Dhule. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at 0.5%
below BPLR i.e. 10% p.a. Margin – 25% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Visanji Nagar,
Jalgaon |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U17120MH2005PTC152768 |
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Name of the
company |
VITTHAL TEXTILES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Gujarati Galli, Chopda, Jalgaon – 425 107, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Bank of Baroda Jalgaon Main Branch, Visanji Nagar, Jalgaon – 425 001, Maharashtra,
India |
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Nature of
instrument creating charge |
Composite
Hypothecation Agreement |
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Date of
instrument Creating the charge |
28.03.2008 |
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Amount secured by
the charge |
Rs.31.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 0.5% below BPLR ·
Terms of
repayment NA ·
Margin 25% Stock and Book Debts ·
Extent and operation
of the charge The Charge against stock and book debts is subject to maximum limit of
Rs.31.000 millions |
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Particulars of
the property charged |
Hypothecation of 1.
All Stock of
raw materials, Work in process, Semi finished goods and finished goods such
as Cotton, Cotton bales, Yarn, Cloth etc. movable machinery tools, packing
materials and stores etc. 2.
All the
present and future book debts, outstanding, moneys receivables, claims,
bills, contract, engagements and securities 3.
All the
tangible movable machinery and plants together with spares, tools,
accessories, furniture, fixture and fittings, office equipments |
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.43.79 |
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UK Pound |
1 |
Rs.80.05 |
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Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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26 |
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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