MIRA INFORM REPORT
|
Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
FILAMENTS INDIA LIMITED |
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Registered
Office : |
F – 453, Riico Industrial Area, Bhiwadi, Alwar-301019, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.06.1990 |
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Com. Reg. No.: |
17-005446 |
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CIN No.: [Company Identification
No.] |
L18108RJ1990PLC005446 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of various kinds of 'FILALON' Polypropylene Multi
Filament (PPMF) Yarns such as Textured, Fully drawn yarn |
RATING & COMMENTS
|
MIRA’s Rating : |
C (7) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Company |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
-- |
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Comments : |
Subject has been declared as a sick company by the board for
Industrial and Financial Reconstruction (BIFR) under the sick Industrial
Companies (Special Provisions) Act, 1985. the net worth of the company had erorded
by the substantial accumulated losses recorded by the company. Payments are
reported to be slow and delayed. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
F – 453, Riico Industrial Area, Bhiwadi, Alwar-301019, |
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Tel. No.: |
91-1493-220796/ 220187 |
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E-Mail : |
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Website : |
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Head Office/Factory : |
SP-1192 (F), RIICO Industrial Area, Bhiwadi – 301019, |
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Tel. No.: |
91-1493-222103/ 220668/ 224349/ 224350 |
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Fax No.: |
91-1493-221603 |
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E-Mail : |
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Correspondence Address: |
House No. H-44/1, Lane No. W-10, |
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Tel No. : |
91-11-26566340 / 26566341 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Krishna Gopal Bajoria |
|
Designation : |
Managing Director |
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Address : |
H-44, |
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Date of Birth/Age : |
27.08.1956 |
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DIN No.: |
00043746 |
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Date of Appointment : |
05.06.1990 |
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Name : |
Mr. Ashwani Mundra |
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Designation : |
Director |
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Address : |
142, Mahaveer Nagar, |
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Date of Birth/Age : |
08.10.1982 |
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DIN No.: |
00101711 |
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Date of Appointment : |
30.08.2005 |
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Name : |
Mr. Sudhir Gupta |
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Designation : |
Director |
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Address : |
W 66, Greater Kailash Part II, |
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Date of Birth/Age : |
03.08.1959 |
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DIN No.: |
00114228 |
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Date of Appointment : |
30.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Category |
Percentage |
|
Public financial
companies |
0.97 |
|
Nationalised or
other banks |
2.64 |
|
Mutual funds |
4.14 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
50.03 |
|
Bodies corporate |
12.42 |
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Directors or relatives of Directors |
45.15 |
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Other top fifty shareholders |
29.65 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of various kinds of 'FILALON' Polypropylene Multi
Filament (PPMF) Yarns such as Textured, Fully drawn yarn |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
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Licensed
Capacity |
Installed
Capacity |
|
Synthetic Yarn |
Kgs. |
|
1850000 |
1850000 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
NA |
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Auditors : |
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Name : |
Neeraj Vinod and Associates Chartered Accountants |
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Address : |
34, 2nd Floor, Navyug Market, |
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PAN No: |
AAEFN8046M |
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Tel. No.: |
91-120-2792216 |
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Mobile No. : |
91-9891123370 |
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E-Mail : |
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Group Company.: |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
8000000 |
Equity Shares |
Rs. 10/- each |
80.000 Millions |
As on 30.09.2010
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5163200 |
Equity Shares |
Rs. 10/- each |
51.632
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
51.632 |
51.632 |
51.632 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.434 |
36.434 |
36.434 |
|
|
4] (Accumulated Losses) |
(120.242) |
(115.471) |
(102.578) |
|
|
NETWORTH |
(32.176) |
(27.405) |
(14.512) |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
75.552 |
73.099 |
69.307 |
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2] Unsecured Loans |
20.586 |
20.331 |
17.645 |
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TOTAL BORROWING |
96.138 |
93.430 |
86.952 |
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DEFERRED TAX LIABILITIES |
0.000 |
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|
|
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TOTAL |
63.962 |
66.025 |
72.440 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
65.137 |
65.790 |
70.719 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
0.815 |
0.815 |
0.815 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.000
|
4.048 |
4.682 |
|
|
Sundry Debtors |
0.869
|
0.724 |
2.323 |
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Cash & Bank Balances |
0.147
|
0.178 |
0.439 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.554
|
15.316 |
16.147 |
|
Total
Current Assets |
18.570
|
20.266 |
23.591 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
12.004
|
12.077 |
13.345 |
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Other Current Liabilities |
7.865
|
8.078 |
8.731 |
|
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Provisions |
0.691
|
0.691 |
0.609 |
|
Total
Current Liabilities |
20.560
|
20.846 |
22.685 |
|
|
Net Current Assets |
(1.99)
|
(0.580) |
0.906 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
63.962 |
66.025 |
72.440 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
5.967 |
3.554 |
48.718 |
|
|
|
Other Income |
1.061 |
0.094 |
0.110 |
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TOTAL (A) |
7.028 |
3.648 |
48.828 |
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/Decrease in Inventory |
0.047 |
0.123 |
0.941 |
|
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Raw Material Consumed |
4.256 |
2.940 |
35.831 |
|
|
|
Payment to and provision for employees |
0.000 |
0.000 |
4.543 |
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|
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Operational and Other expenses |
4.350 |
2.552 |
13.564 |
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|
|
Prior Period Adjustment (Net) |
0.025 |
2.835 |
0.125 |
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|
Excess Provision/ Sundry credit balance w/back (Net) |
0.000 |
(0.468) |
(1.837) |
|
|
|
Loss on |
0.000 |
0.000 |
0.977 |
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|
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TOTAL (B) |
8.678 |
7.982 |
54.144 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.650) |
(4.334) |
(5.316) |
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|
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|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
3.122 |
3.547 |
1.076 |
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|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(4.772) |
(7.881) |
(6.392) |
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|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
4.929 |
5.263 |
|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(4.772) |
(12.810) |
(11.655) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.083 |
0.202 |
|
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|
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|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
(4.772) |
(12.893) |
(11.857) |
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(115.471) |
(102.578) |
(90.720) |
|
|
|
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|
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BALANCE CARRIED TO
THE B/S |
(120.243) |
(115.471) |
102.577 |
|
|
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|
IMPORT Value |
NIL |
NIL |
0.102 |
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|
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|
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|
|
|
Export Value |
NIL |
NIL |
7.037 |
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|
Earnings Per
Share (Rs.) |
(0.92) |
(2.50) |
(2.30) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(67.90)
|
(353.42) |
(24.28) |
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(79.97)
|
(360.44) |
(23.87) |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.70)
|
(14.88) |
(12.36) |
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.47 |
0.80 |
|
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(3.63)
|
(4.17) |
(7.55) |
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|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.97 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
Sickness:
The accumulated losses of the Company had already eroded the Company’s net
worth and the Company had already applied to Board for Industrial and financial
Reconstruction (BIFR) for declaring it a sick company as defined under the sick
Industrial Companies (Special Provisions) Act, 1985 for which the hon’ble BIFR
has passed the necessary order declaring the Company a sick company. IDBI being
the operative agency has also submitted its revival scheme. The implementation
of same is under review and your board shall take a decision in this context as
soon as possible.
Form 8
|
Name of the company |
FILAMENTS INDIA LIMITED |
|
Presented By |
Canara Bank |
|
1) Date and description of instrument creating the change |
Charge Created on
16.11.1990 and Registered on 6.5.9 modified on 16.11.1990 for terms and conditions
and Registered on 06.05.1991 Again modified for Rs. 2.000 Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000
Millions |
|
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 |
Hypothecation of
all goods/outstanding cover under supply bills. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @16.50% p.a.
Penal Interest @2% p.a |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,F-19,
Connaught Circus, |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
Entry, Interse Agreement and joint power of Attorney for creation of Second
Charge a Dated 13.05.1994 |
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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. |
Second charge on
all that pieces and parcel of lease hold land measuring about 2008 Sq. Mtrs.
Situated at Plot No. F-453, RIICO Industrial Area, Bhiwadi together with all
Buildings, Structures thereon and all Plant and Machinery attached to the
earth for Bills Limit of Rs. 2.000 Millions. |
Fixed Assets:
- Land
- Non –
- Plant and
machinery
- Furniture and
Fixture
- Vehicles
- Computers
- Electric
Installations
- Office
Equipments
Web Detail
Company Profile
Bajoria group of industries has been promoted by the three brothers,
Shree Gopal Bajoria, Girdhar Gopal Bajoria and Krishna Gopal Bajoria (sons of
Late Shri Rameshwar Prasad Bajoria). The group is involved in various manufacturing
activities in several units spread over the Norther and
1) FILAMENTS INDIA LIMITED
Engaged in manufacturing of various kinds of 'FILALON' Polypropylene
Multi Filament (PPMF) Yarns such as Textured, Fully drawn yarn
We are the first in the country to bring in the technology for
manufacture of Polypropylene Multi Filament Fully drawn Yarn on single stage
spin draw process.
It is one of the few units engaged in the manufacture of High Tenacity
Yarn in the country in production range from 200 denier to 3000 deniers. The
company is marketing the yarn with a guaranteed strength of minimum 6.5 gpd. .
The yarns are manufactured in a spectacular range of colours and the
shades are customised as per buyer's requirement and also in different
cross-sections such as Delta, and circular. Our products are able to meet most
stringent international standards.
EXPORT
The company is exporting minimum 30% of its production in the
international markets wherein an independent brand image has been created and
our products are very well accepted and enjyoing high reputation.
2) RAJASTHAN SYNTHETIC INDUSTRIES LIMITED, JAIPUR
Engaged in manufacture of HDPE/PP Woven Sacks with its unit located at
Vishwakarma Industrial Area, Jaipur having an installed capacity of 2500 tons
per annual. The unit is a leading supplier of Woven Sacks to the cement and
fertilizer industry commanding good brand image.
3) RAJASTHAN CYLINDERS AND CONTAINERS LIMITED, JAIPUR
Engaged in manufacture of LPG Cylinders, Self Closing Valves and
Regulators, Bottling and Supply of LPG Cylinders and Gas in its units at
Vishwakarma Industrial Area, Jaipur.
The company has capacity to manufacture annually :
I)
12,50,000 CYLINDERS
II)
17,50,000 SELF CLOSING VALVES AND
III)
10,00,000 REGULATORS
The Bottling Plant has an annual capacity to bottle 14,000 tons of gas.
4) BEEKAY NIRYAT PRIVATE LIMITED.,
Engaged in manufacturing of Leather Goods. Being an 100% EOU, its
products are exported to all over the world.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.62.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
7 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.