MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
G M FABRICS PRIVATE LIMITED [w.e.f. 10.12.2009] |
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Formerly Known
As : |
HARTEX SILK MILLS PRIVATE LIMITED |
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Registered Office : |
382, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.01.1985 |
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Com. Reg. No.: |
11-34978 |
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CIN No.: [Company
Identification No.] |
U17116MH1985PTC034978 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH06864E |
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PAN No.: [Permanent
Account No.] |
AAACH2821F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of home furnishing. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 610000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company
having satisfactory track records. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered normal for business dealings at usual
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 |
|
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 : |
382, |
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Tel. No.: |
91-22-56926931 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No.F-2/3, MIDC Tarapur Industrial Area, Boisar, |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Gurcharan Singh Sardar |
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Designation : |
Director |
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Address : |
91, Kshitij Apartments, 99, |
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Date of Birth/Age : |
13.04.1936 |
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Date of Appointment : |
06.11.2006 |
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DIN : |
01808540 |
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Name : |
Mr. Harbanskaur Gurcharan Singh Chugha |
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Designation : |
Additional Director |
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Address : |
Flat No. 91, 9th Floor, Kshitij Apartment, Plot NO.99, |
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Date of Birth/Age : |
07.12.1937 |
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Date of Appointment : |
20.11.2009 |
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DIN : |
00780083 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Smt. Gurrpreet Kaur |
|
880 |
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S. Harjinder Singh |
|
1180 |
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Smt. Harbans Kaur |
|
1582 |
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S. Gurcharan Singh |
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1612 |
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Gurcharan Singh (HUF) |
|
1602 |
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Harjinder Singh (HUF) |
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1602 |
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1647 |
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Partners of PSK Industries |
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2 |
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Partners of GSK Industries |
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2 |
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Partners of Harman Silk Factory |
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2 |
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Smt. Ramanjit Kaur |
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1647 |
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1602 |
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G M MIlls Private Limited |
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1610 |
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G M Knittign Industries Private Limited, Mumbai, |
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1610 |
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Total |
|
16580 |
As on 29.09.2010
|
Category |
|
Percentage of Holding |
|
Bodies Corporate
(not mentioned above) |
|
20.00 |
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Directors
or relatives of directors |
|
80.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of home furnishing. |
GENERAL INFORMATION
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Bankers : |
˛
Common Wealth Bank of ˛
Citi Bank, Trent House, 2nd Floor, G
Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shahand Bhosale Chartered Accountants |
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Address : |
7/8, 1st Floor, 102 A Madhavwadi, Naigaum Crossroad, Dadra
Central, Mumbai – 400014, |
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Tel. NO.: |
91-22-54156791 / 24156792 |
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Fax No. : |
91-22-24124824 |
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PAN No.: |
ABOFS4846H |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000 |
Equity Shares |
Rs.100/- each |
Rs. 7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
16,580 |
Equity Shares |
Rs.100/- each |
Rs. 1.658 Millions |
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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 |
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|
|
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1] Share Capital |
1.658 |
1.658 |
1.647 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
150.843 |
126.572 |
25.633 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
152.501 |
128.230 |
27.280 |
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|
LOAN FUNDS |
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|
|
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1] Secured Loans |
98.166 |
101.501 |
87.466 |
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2] Unsecured Loans |
103.369 |
111.828 |
209.678 |
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TOTAL BORROWING |
201.535 |
213.329 |
297.144 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
354.036 |
341.559 |
324.424 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
567.248 |
474.408 |
314.457 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.450 |
3.450 |
3.450 |
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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 |
93.185
|
39.428
|
26.636 |
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Sundry Debtors |
58.643
|
59.527
|
44.355 |
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Cash & Bank Balances |
1.880
|
80.702
|
1.171 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
90.349
|
53.444
|
35.818 |
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Total
Current Assets |
244.057
|
233.101
|
107.980 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
363.796
|
304.266
|
74.328 |
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Other Current Liabilities |
24.400
|
4.878
|
0.532 |
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Provisions |
74.296
|
62.250
|
26.755 |
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Total
Current Liabilities |
462.492
|
371.394
|
101.615 |
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Net Current Assets |
(218.435)
|
[138.293]
|
6.365 |
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MISCELLANEOUS EXPENSES |
1.607 |
1.806 |
0.152 |
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Others |
0.166 |
0.188 |
0.000 |
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TOTAL |
354.036 |
341.559 |
324.424 |
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PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
658.479 |
577.494 |
456.897 |
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PROFIT BEFORE
TAX |
36.315 |
80.890 |
4.292 |
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Less |
TAX |
12.044 |
28.093 |
1.850 |
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PROFIT AFTER TAX
|
24.271 |
52.305 |
2.457 |
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BALANCE CARRIED
TO THE B/S |
24.271 |
52.305 |
25.633 |
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Earnings Per
Share (Rs.) |
1463.87 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.69 |
9.06 |
0.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.48
|
11.43
|
1.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.63
|
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.35
|
4.56
|
14.62 |
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Current Ratio (Current Asset/Current Liability) |
|
0.52
|
0.63
|
1.06 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from Dhana Singh
Compound, J.B. Nagar, Andheri- Kurla Road, Andheri (East), Mumbai-400059,
Maharashtra, India to present address w.e.f. 20.10.2010
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U17116MH2001PTC131468 |
|
Name of the
company |
G M FABRICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
382, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10261286 |
|
Type of charge |
Ř Book Debts Ř Movable Property Ř Floating Charge |
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Particular of
charge holder |
Common Wealth Bank of Email : vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Letter dated 27th
December, 2010, issued by Citibank N.A. |
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Date of
instrument Creating the charge |
27.12.2010 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest: 6
months LIBOR plus 200 Bps Terms of
Repayment On Demand Margin 10% against LC
Backed Orders pre-shipment and post-shipment credit in Foreign Currency 10% against Open
Orders Pre-shipment and Post-shipment Credit in Foreign Currency. 30% against
Stocks, Raw materials, Finished Goods etc. existing and to be purchased from
time to time, Existing and future Book
Debts etc. Extent and
Operation of the charge The charge
created in favor of Commonwealth Bank of |
|
Short particulars
of the property charged |
All tangible movable
properties, goods, documents of title to goods, vehicles and assets of
whatsoever nature of the Borrower (both present and future)-- All the present
and future book-debts, outstanding,
money receivables, claims, bills |
|
Particulars of
the present modification |
Citibank NA has
agreed and confirmed that the charge created in its favor for Rs. 160.000
millions shall rank pari passu with the charge created in favor of
Commonwealth Bank of |
Fixed Assets:
·
Land
·
Building
·
·
Residential Building
·
Plant and Machinery
·
Electric Installation
·
Fire Extinguisher
·
Motor Car
·
Motor Vehicles
·
Trolly
·
Computer
·
Air-conditioner and Refrigerator
·
Furniture and Fixtures
·
Generator
·
Mobile Pager
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 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] 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.44.52 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.