MIRA INFORM REPORT
|
Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PARVATI FABRICS PRIVATE LIMITED |
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Registered Office : |
C – 4201-4206, Second Floor, Lift No.21, Raghukul Textile Market, Ring
Road, Surat–395002, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
13.06.1994 |
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Com. Reg. No.: |
04-022243 |
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CIN No.: [Company
Identification No.] |
U17119GJ1994PTC022243 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTP00783G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, and Supplier of Embroidered Sarees, Hand Embroidered Sarees, Designer Sarees, Printed Sarees, Sequin Work Sarees, Salwar Kameez / Ladies Suit and Dupattas, Designer Lehnga Cholis, Fashion Jewellery, Beach Accessories and more. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments terms are
reported to be usually correct and as 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 |
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Insignificant |
A1 |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Vishal |
|
Designation : |
Director |
|
Date : |
12.04.2011 |
LOCATIONS
|
Registered Office / Factory : |
C – 4201-4206, Second Floor, Lift No.21, Raghukul Textile Market, Ring
Road, Surat–395002, Gujarat, India |
|
Tel. No.: |
91-261-2351244 |
|
Fax No.: |
91-261-2351244 |
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E-Mail : |
DIRECTORS
As On : 31.08.2010
|
Name : |
Mr. Vishal Dinesh Pacheriwal |
|
Designation : |
Director |
|
Address : |
1001, Padamkruti Apartment, Near Navpad Apartment, City Light Area, |
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Date of Birth/Age : |
27.08.1978 |
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Date of Appointment : |
01.02.1998 |
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DIN No : |
00648232 |
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Name : |
Mr. Dinesh Kedarnath Pacheriwal |
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Designation : |
Director |
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Address : |
1001, Padamkruti Apartment, Near Navpad Apartment, City Light Area, |
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Date of Birth/Age : |
02.07.1951 |
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Date of Appointment : |
13.06.1994 |
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DIN No : |
00664783 |
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Name : |
Ms. Shardadevi Dineshkumar Pacheriwal |
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Designation : |
Director |
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Address : |
1001, Padamkruti Apartment, Near Navpad Apartment, City Light Area, |
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Date of Birth/Age : |
15.10.1952 |
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Date of Appointment : |
15.02.2005 |
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DIN No : |
01013115 |
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Name : |
Mr. Vikash Dineshkumar Pacheriwal |
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Designation : |
Director |
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Address : |
C – 4201, 1st Floor, Raghukul Textile Market, |
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Date of Birth/Age : |
07.02.1974 |
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Date of Appointment : |
13.06.1994 |
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DIN No : |
01299868 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh Kumar
Pacheriwal |
|
38410 |
|
Vikash Pacheriwal |
|
56710 |
|
Suresh Agarwal |
|
2000 |
|
Simple Pacheriwal |
|
3000 |
|
Dinesh Kr.Pacheriwal-Huf |
|
37050 |
|
Vishal Pacheriwal |
|
36200 |
|
Shardadevi
Pacheriwal |
|
46000 |
|
Veena Pacheriwal |
|
28400 |
|
Rakesh Agarwal |
|
30900 |
|
Shalini Pacheriwal
|
|
10700 |
|
Kanaiyalal Rewar |
|
2533 |
|
Pushpa Goenka |
|
3750 |
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Urmila Agarwal |
|
8500 |
|
Suresh Agarwal |
|
17500 |
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Vinodkumar Goenka |
|
5000 |
|
Ratanlal Agarwal |
|
15000 |
|
Manojkumar Budhia |
|
100 |
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Satyanarayan Pawankumar Re: Satyanarayan Pawankumar HUF |
|
100 |
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Pawan Kumar Agarwal |
|
100 |
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Ratanlal
Agarwal (Huf) |
|
100 |
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Manish Hetanpuria |
|
200 |
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Pramod Agarwal |
|
100 |
|
Vikash Choudhary |
|
100 |
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Vishal Pacheriwal RE : Vishal Pacheriwal HUF |
|
10000 |
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Vikashl Pacheriwal RE : Vikash Pacheriwal HUF |
|
25300 |
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Sapna Singhania |
|
12500 |
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Vishnu Singhania |
|
6250 |
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Narendra Singhania |
|
6250 |
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Pabu S. Rathor |
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5000 |
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Veena Pacheriwal JH : Shalini Pacheriwal JH : Rakesh Agarwal JH :
Rinky Agarwal |
|
360000 |
|
Parvati Organizers Private Limited, India |
|
200000 |
|
Total |
|
967753 |
AS ON 30.08.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
20.67 |
|
Directors or relatives of directors |
|
70.75 |
|
Other top fifty shareholders |
|
8.58 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, and Supplier of Embroidered Sarees, Hand Embroidered Sarees, Designer Sarees, Printed Sarees, Sequin Work Sarees, Salwar Kameez / Ladies Suit and Dupattas, Designer Lehnga Cholis, Fashion Jewellery, Beach Accessories and more. |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
PKMG and Compnay Chartered Accountant |
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Address : |
4021, World Trade Centre, |
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Tel. No.: |
91-261-2302334/3912334 |
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Fax No.: |
91-261-3912333 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
967753 |
Equity Shares |
Rs. 10/- each |
Rs. 9.678
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 |
|
|
|
|
|
1] Share Capital |
9.678 |
7.628 |
3.778 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.090 |
|
|
3] Reserves & Surplus |
41.483 |
28.250 |
9.715 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
51.161 |
35.878 |
13.583 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
44.663 |
23.777 |
20.256 |
|
|
2] Unsecured Loans |
33.115 |
30.922 |
14.069 |
|
|
TOTAL BORROWING |
77.778 |
54.699 |
34.325 |
|
|
DEFERRED TAX LIABILITIES |
0.101 |
0.829 |
0.644 |
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|
|
|
|
|
|
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TOTAL |
129.040 |
91.406 |
48.552 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.966 |
37.178 |
24.467 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.564
|
13.532
|
7.444 |
|
|
Sundry Debtors |
63.600
|
76.872
|
42.887 |
|
|
Cash & Bank Balances |
2.195
|
0.763
|
0.523 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
15.330
|
3.005
|
2.389 |
|
Total
Current Assets |
105.689
|
94.172 |
53.243 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
40.204
|
36.247 |
27.298 |
|
|
Other Current Liabilities |
0.702
|
0.639
|
0.049 |
|
|
Provisions |
3.709
|
3.058
|
1.811 |
|
Total
Current Liabilities |
44.615
|
39.944
|
29.158 |
|
|
Net Current Assets |
61.074
|
54.228
|
24.085 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
129.040 |
91.406 |
48.552 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
290.577 |
|
106.318 |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL |
290.577 |
202.769 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
NA |
|
|
|
Administrative Expenses |
269.582 |
188.719 |
NA |
|
|
|
Advertising Expenses |
|
|
NA |
|
|
|
TOTAL |
269.582 |
188.719 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.995 |
14.050 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.730 |
7.602 |
NA |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX |
7.265 |
6.448 |
1.154 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.232 |
2.061 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.033 |
4.387 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.77
|
1.02 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
1.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.18
|
4.91 |
1.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.18 |
0.08 |
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39
|
2.66 |
4.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
2.36 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
YEAR IN RETROSPECT AND FUTURE OUTLOOK:
During the year the
company growth rate in terms of turnover has increased compared to previous
year. Also, the cash profit of the company has increased as compared to
previous year from Rs. 7.265 millions to Rs. 6.448 millions. The company has
given its main thrust to value addition work on textile fabrics. The Company
has also put hard efforts to minimize the cost of production and reduction in
wastage. All these factors have enabled the company to earn such net profit.
The directors are taking appropriate steps to further increase the overall
profitability of the company by improving the efficiency and reduction in
wastages and hopeful that the company’s result will improve during the current
year.
FORM 8
|
Corporate
identity number of the company |
U17119GJ1994PTC022243 |
|
Name of the
company |
PARVATI FABRICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C/4201-4206, Lift No 21, Raghukul Market, Ring Road, Surat - 395002,
Gujarat, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Oriental Bank of commerce, Jash Textile Market, Ring Road, Surat –
395002, Gujarat, India |
|
Nature of instrument
creating charge |
Memorandum
of Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
05.03.2011 |
|
Amount secured by
the charge |
Rs. 166.480 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest BR+3.00%,
i.e. 12.50% P.A. to be recovered on Monthly rests and subject to change from
time to time. (Present BR is 9.50%). Penal Interest @2.00% P.A. on irregular
portion Terms of
repayment Existing
Term Loans II to V : As per its sanction Enhanced
Cash Credit : On demand / Subject to renewal Fresh
Term Loan VI : 81 Equated Monthly Installment of Rs. 1.015 million
Installment shall commence 3 months after disbursement. Fresh
Term Loan VII : 78 Equated Monthly Installment of Rs. 0.592 million
Installment shall commence 6 months after disbursement Margin Existing
Term Loans II to V : As per its sanction Enhanced
Cash Credit : On demand / Subject to renewal Fresh
Term Loan VI : 25.97% on proposes showroom Fresh
Term Loan VII : 25% on proposed new plant and machineries Extent and
operation of the charge First
and Exclusive charge on the Assets stated in Point No. 15 as below for entire
dues of the Company until fully repaid together with interest and costs. |
|
Short particulars
of the property charged (Including location of the property) |
Shop
No C-4201 to 4206, 2nd floor of "C" wing of Raghukul Market, of Vill.
Anjana, Tal. Choryasi, Dist. Surat in the name of Parvati Fabrics P. L. Shop
No C-4313 to 4318, 2nd floor of "C" wing of Raghukul Market, of
Vill. Anjana, Tal. Choryasi, Dist. Surat in the name of Parvati Fabrics P. L. Proposed
Building situated at ward no.7, Nondh No.4824, Part "A",
"F" Tower, of Shree Kuberji Textile Park, Behind Belgium Tower,
Ring Road, Surat. (Additional Security) |
|
Charge
identification number of the charge to be modified |
90102511 |
|
Date of
instrument modifying the charge |
31.01.2011 |
|
Particulars of
the present modification |
Existing
Term Loans II to V is reduced to Rs. 22.080 millions Existing
Cash Credit of Rs. 35.000 millions (exclusively for woven unit) is remains
same Enhanced
Cash Credit of Rs. 20.000 millions (exclusively for non woven unit) is
sanctioned Fresh
Term Loan VI of Rs. 57.000 millions is sanctioned Fresh
Term Loan VII of Rs. 32.400 millions is sanctioned. (For Non woven Fabric
Unit) One
Shot Import LC of Rs. 19.000 millions (Sub Limit of Term Loan) So
as to make total charge of Rs. 166.480 millions |
FIXED ASSETS:
- Plant and Machinery
- A.C Plant
- Generator
- Factory Electric Installation
- Office Equipments
- Furniture and Fixtures
- Computers
- Electrical Installation
- Motor Car
- Motor Cycle
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] 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.44.27 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
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.