MIRA
INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
NANDAN TEXTILES PRIVATE LIMITED |
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Registered
Office : |
Building No. 573, Girgaum Road, Next to Sharda Hotel, Chira Bazar,
Kalbadevi, Mumbai – 400002, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.12.1970 |
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Com. Reg. No.: |
11-014918 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U17100MH1970PTC014918 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10195D |
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PAN No.: [Permanent Account No.] |
AAACN4434G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Job work done for Textile Fabrics, Cotton cloth etc. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1100 |
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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 an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Surender K. |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-40907600 |
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Date : |
18.08.2011 |
LOCATIONS
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Registered Office : |
Building No. 573, Girgaum Road, Next to Sharda Hotel, Chira Bazar, Kalbadevi, Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-40907600/ 22013002 |
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Fax No.: |
91-22-40907650/ 22087284 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Ramprakash Jugilal Podar |
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Designation : |
Director |
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Address : |
Radha Niwas, 2nd Dadiseth Road, Babulnath, Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
30.10.1932 |
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Date of Appointment : |
21.12.1970 |
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Name : |
Mr. Narendra Ramprakash Podar |
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Designation : |
Director |
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Address : |
Radha Niwas, 2nd Dadiseth Road, Babulnath, Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
31.03.1957 |
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Date of Appointment : |
29.07.2006 |
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Name : |
Mrs. Gitadevi Ramprakash Podar |
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Designation : |
Director |
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Address : |
Radha Niwas, 2nd Dadiseth Road, Babulnath, Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
06.05.1936 |
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Date of Appointment : |
10.04.1971 |
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Name : |
Mr. Laxman Shenafad Gavali |
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Designation : |
Director |
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Address : |
Flat No.5, First Floor, Mangal Chhaya Appt., Shiv Mandir Section, Near
Paranjpe Chawal, Ambarnath East, Ambernath – 421501, Maharashtra, India |
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Date of Birth/Age : |
01.01.1956 |
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Date of Appointment : |
03.10.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Surender K. |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Narendra Ramprakash Podar |
|
10948 |
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Ashish Thanawala |
|
5 |
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Suresh Sahny |
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2 |
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Biren Parekh |
|
755 |
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Ketan Shriniwas |
|
5 |
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Jyotsna Parekh |
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1755 |
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Biyani Shyamsunder |
|
500 |
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Kamlesh Podar |
|
1000 |
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Dinesh Vaidya |
|
1500 |
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Pawan Mundra |
|
1250 |
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Gaur Narayanchand |
|
1250 |
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Anjula Podar |
|
5000 |
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Rashi Podar |
|
10 |
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Baldev Shorewala |
|
500 |
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Dinesh Vaidya HUF |
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2 |
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Ramprakash Podar HUF |
|
2 |
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Purshottam Jatia |
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2 |
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Mohanlal Mittal |
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2 |
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Dassani Hulaschand |
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2 |
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K J Setty |
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505 |
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Surendran Kalikkott |
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5 |
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Total |
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25000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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63.84 |
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Other top fifty shareholders |
|
36.16 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Job work done for Textile Fabrics, Cotton cloth etc. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· Bank of India 70/80, M G Road, Bombay – 400023, Maharashtra, India · Bank of Baroda Sir. P. M. Road, Laxmi Building, Fort, Mumbai - 400001,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. L. Bhuwania and Company Chartered Accountant |
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Address : |
F-11, 3rd Floor, Manek Mahal, 90 Veer Nariman Road,
Churchgate, Mumbai – 400020, Maharashtra, India |
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Tel No.: |
91-22-61174949 |
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Fax No.: |
91-22-61174950 |
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Email : |
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Website : |
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Associates/Subsidiaries : |
· Nandan Dying (Private) Limited Dombivali, Maharashtra, India |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
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|
25000 |
Equity Share |
Rs.100/- each |
Rs.2.500 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 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.235 |
17.235 |
17.235 |
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4] (Accumulated Losses) |
(19.436) |
(21.590) |
(23.022) |
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NETWORTH |
0.299 |
(1.855) |
(3.287) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
30.990 |
33.495 |
30.637 |
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TOTAL BORROWING |
30.990 |
33.495 |
30.637 |
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DEFERRED TAX LIABILITIES |
0.147 |
0.186 |
0.075 |
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TOTAL |
31.436 |
31.826 |
27.425 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.825 |
22.306 |
19.971 |
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Capital work-in-progress |
0.000 |
0.132 |
0.927 |
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INVESTMENT |
0.177 |
0.009 |
0.012 |
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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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Inventories |
2.288
|
2.470 |
2.113 |
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Sundry Debtors |
5.726
|
6.923 |
4.678 |
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Cash & Bank Balances |
1.670
|
1.429 |
0.865 |
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Other Current Assets |
0.035
|
0.033 |
0.036 |
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Loans & Advances |
5.303
|
4.245 |
2.649 |
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Total
Current Assets |
15.022
|
15.100 |
10.341 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5.793
|
5.119 |
3.453 |
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Other Current Liabilities |
0.469
|
0.487 |
0.361 |
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Provisions |
0.326
|
0.116 |
0.012 |
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Total
Current Liabilities |
6.588
|
5.722 |
3.826 |
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Net Current Assets |
8.434
|
9.379 |
6.515 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.436 |
31.826 |
27.425 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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|
58.406 |
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Other Income |
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TOTAL |
58.406 |
49.676 |
NA |
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Less |
EXPENSES |
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|
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TOTAL |
55.501 |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.905 |
NA |
(3.861) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.790 |
NA |
0.259 |
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PROFIT BEFORE
TAX |
2.115 |
1.557 |
(4.120) |
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Less |
TAX |
(0.039) |
0.125 |
0.048 |
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PROFIT AFTER TAX
|
2.154 |
1.432 |
(4.168) |
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Less |
LOSS
INCURRED FOR THE EARLIER YEARS |
21.590 |
NA |
18.854 |
|
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|
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|
BALANCE CARRIED
TO THE B/S |
(19.436) |
NA |
(23.022) |
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|
|
|
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|
Earnings Per
Share (Rs.) |
86.17 |
57.26 |
(166.73) |
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|
Particulars |
|
|
31.03.02011 |
|
Sales Turnover (Approximately) |
|
|
65.000 |
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|
Expected Sales (2011-12): Rs.100.000 Millions
The above information has been parted by Mr. Surender K.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.69
|
3.13 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.59
|
4.16 |
(13.59) |
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Return on Investment (ROI) (PBT/Networth) |
|
7.07
|
(0.84) |
1.25 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
125.68
|
(21.14) |
(10.48) |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
2.64 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
YEAR IN RETROSPECT
The turnover of the company increased to Rs.58.400 Millions compared to
Rs.49.600 Millions for the previous year, the increase in turnover is mainly
due to increase in income from processing charge for the year. The directors
expect better results for the current year.
FORM 8:
|
Corporate
identity number of the company |
U17100MH1970PTC014918 |
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Name of the
company |
NANDAN TEXTILES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
573 Gigaum
Roadchira Bazar, Mumbai – 400002, Maharashtra, India |
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This form is for |
Creation of Charge |
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Type of charge |
Immovable Property Others: Building and Structures, Furnitures, Fi5ttings and
Fixtures |
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Particular of
charge holder |
Bank of Baroda Sir. P. M. Road,
Laxmi Building, Fort, Mumbai
– 400001, Maharashtra, India |
||||||||||||||||||||
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Nature of
instrument creating charge |
Memorandum of
entry of deposit of title deeds [equitable mortgage of property belonging to
M/s Videsh Holding Private Limited Corporate Guarantor] |
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Date of instrument
Creating the charge |
25.05.2011 |
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Amount secured by
the charge |
Rs.10.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: :BR+3.25% i. e. 13.25%
p. a. with monthly rests (cash credit and term loan) :under floating
option 4%above base rate per annum with monthly rests.(term loan under Baroda
Education Loan-Baroda Scholar) Terms of
Repayment: Term loan
(fresh): repayable in 60 monthly installments of Rs.0.100 Millions each
commencing from 3 months after first disbursement. interest to be paid
separately as and when charged Cash credit
(fresh)-(hypothecation of stocks and book debts) Term loan under
Baroda Education Loan-Baroda Schola Margin: 25% On Stocks 40% On Book Debts 25% On New
Machine 40% On Old
Machines 38.62% On Term
Loan Under Baroda Education Loan-Baroda Scholar Extent and
Operation of the charge: Bank OF Baroda
B/o Sir. P. M. Road Laxmi Building Fort Mumbai First Charge Holder Others:
|
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Particulars of
the property charged |
All that piece and
parcel of Non-Agricultural Land bearing Survey No.124 (Part) situated within
the village limits of Tungarli Taluka Maval Dist. Pune and Registration
Sub-Dist. Maval in the State of Maharashtra containing by adm.636sq. Mtrs. |
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FIXED ASSETS:
· Leasehold Land
· Factory Building
· Plant and Machinery
· Furniture and Fitting
· Air Conditioner
· Laboratory Equipments
· Office Equipments
· Computers
· Refrigerators
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.45.37 |
|
|
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.