1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Ashutosh Fibre Private Limited |
Principal Name 1 |
Mr. Siddharth Prakashbhaio Patel |
|
Status |
Moderate |
Principal Name 2 |
Mr. Abhishek Rajendra Agarwal |
|
|
|
Registration # |
04-007831 |
|
Street Address |
11-B, New Cloth Markets, O/S Raipur Gate, Ahmedabad – 380002, Gujarat,
India |
||
|
Established Date |
21.05.1985 |
SIC Code |
-- |
|
Telephone# |
91-79-22170909/ 22131749 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-79-22138647 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Technical Textile Yarns |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.11,500,000/-
|
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors -22.00%, Other top
fifty shareholders-78.00% |
Banking |
Oriental Bank of Commerce |
|
Public Limited Corp. |
No |
Business Period |
26 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
22,299,000 |
Current Liabilities |
6,766,000 |
|
Inventories |
10,324,000 |
Long-term Liabilities |
53,666,000 |
|
Fixed Assets |
36,590,000 |
Other Liabilities |
2,170,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
62,602,000 |
|
Invest& other Assets |
9,395,000 |
Retained Earnings |
4,506,000 |
|
|
|
Net Worth |
16,006,000 |
|
Total Assets |
78,608,000 |
Total Liab. & Equity |
78,608,000 |
|
Total Assets (Previous Year) |
30,563,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
NA |
Net Profit |
NA |
|
Sales(Previous yr) (Gross Income) |
47,157,000 |
Net Profit(Prev.yr) |
1,184,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHUTOSH FIBRE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
11-B, New Cloth Markets, O/S Raipur Gate, Ahmedabad – 380002, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.05.1985 |
|
|
|
|
Com. Reg. No.: |
04-007831 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299GJ1985PTC007831 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
AHMA03982G AHMA00136D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA8054E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of Technical Textile Yarns. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 64000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for business dealings with some caution.
Latest Profit and Loss of the company is not available. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
11-B, New Cloth Markets, O/S Raipur Gate, Ahmedabad – 380002, Gujarat,
India |
|
Tel. No.: |
91-79-22170909/ 22131749 |
|
Fax No.: |
91-79-22138647 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 08.07.2011)
|
Name : |
Mr. Siddharth Prakashbhaio Patel |
|
Designation : |
Director |
|
Address : |
Divya Dham Bunglow, Near Textile Traders Co-Operative Bank,
Mithakalisix Roads, Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
09.11.1978 |
|
Date of Appointment : |
01.08.2007 |
|
DIN No.: |
01477471 |
|
|
|
|
Name : |
Mr. Abhishek Rajendra Agarwal |
|
Designation : |
Director |
|
Address : |
89/2, Hirabhai Market, Kankaria, Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
13.12.1984 |
|
Date of Appointment : |
05.06.2010 |
|
DIN No.: |
01567158 |
|
|
|
|
Name : |
Mr. Vinod Shankarlal Agarwal |
|
Designation : |
Director |
|
Address : |
1, Radhanpur Society, Swami-Narayan Temple, Rambug, Ahmedabad – 380008,
Gujarat, India |
|
Date of Birth/Age : |
25.11.1962 |
|
Date of Appointment : |
05.06.2010 |
|
DIN No.: |
00614402 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 08.07.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Pravinchandra Purushottamdas Patel |
|
1037 |
|
Hasmukhbhai Purshottamdas Patel |
|
798 |
|
Prakashbhai Purshottamdas Patel |
|
948 |
|
Shyamsunderbhai Purshottamdas Patel |
|
466 |
|
Malavbhai Pravinchandra Patel |
|
201 |
|
Swapnilbhai Hasmukhbhai Patel |
|
439 |
|
Siddharth Prakashbhaio Patel |
|
539 |
|
Rajbhai shyamsunder Patel |
|
271 |
|
Rahulbhai Shyamsunder Patel |
|
501 |
|
Dipakbhai Katpitia |
|
1 |
|
Dipakbhai N. Katpitia as karta of Dipakbhai Katpitia’s HUF |
|
1 |
|
Sanjay Thakorlal Patel |
|
48 |
|
Abhishek Rajendra Agarwal |
|
500 |
|
Vinod Shankarlal Agarwal |
|
500 |
|
Rameshwaram Metals (Private) Limited, India |
|
1000 |
|
Shree Bajrangbali Intermediate and Dyechem (Private) Limited, India |
|
1000 |
|
Niraj Agarwal |
|
1000 |
|
R. K. Agarwal Trading Company (Private) Limited, India |
|
1000 |
|
Binaben Prakashbhai Patel |
|
500 |
|
Pramodkumar S. Agarwal |
|
750 |
|
|
|
|
|
Total |
|
11500 |
(AS ON 10.08.2011)
Equity Shares Break Up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
22.00 |
|
Other top fifty shareholders |
|
78.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Technical Textile Yarns. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Yarn |
K.g. |
NA |
912500.00 |
192980.00 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Bankers : |
· Kotak Mahindra Bank Limited 36-38-A, Nariman Bhavan, 227 D, Nariman Point, Mumbai – 400021,
Maharashtra, India · Oriental Bank of Commerce Hotel Meghdoot Building, Stattion Road, Ahmedabad – 380001, Gujarat, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
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|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Nimeshkumar N. Shah Chartered Accountant |
|
Address : |
5-B, Vardan Exclusive, Near Vimal House, Stadium Road, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
|
PAN No.: |
AAXFS2204B |
CAPITAL STRUCTURE
(AS ON 10.08.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11500 |
Equity Share |
Rs.1000/- each |
Rs.11.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11500 |
Equity Share |
Rs.1000/- each |
Rs.11.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11.500 |
2.448 |
2.448 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.506 |
6.074 |
4.889 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.006 |
8.522 |
7.337 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
31.074 |
11.727 |
10.045 |
|
|
2] Unsecured Loans |
22.592 |
2.708 |
8.439 |
|
|
TOTAL BORROWING |
53.666 |
14.435 |
18.484 |
|
|
DEFERRED TAX LIABILITIES |
0.231 |
0.884 |
0.724 |
|
|
|
|
|
|
|
|
TOTAL |
69.903 |
23.841 |
26.545 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
36.590 |
16.770 |
20.265 |
|
|
Capital work-in-progress |
9.131 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.264 |
0.263 |
0.264 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.324
|
2.576 |
4.343 |
|
|
Sundry Debtors |
6.624
|
4.714 |
1.647 |
|
|
Cash & Bank Balances |
2.987
|
0.544 |
0.928 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.688
|
5.696 |
4.359 |
|
Total
Current Assets |
32.623
|
13.530 |
11.277 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
5.566
|
2.635 |
3.402 |
|
|
Other Current Liabilities |
1.200
|
2.148 |
0.420 |
|
|
Provisions |
1.939
|
1.939 |
1.439 |
|
Total
Current Liabilities |
8.705
|
6.722 |
5.261 |
|
|
Net Current Assets |
23.918
|
6.808 |
6.016 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
69.903 |
23.841 |
26.545 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
|
47.157 |
44.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
4.054 |
5.548 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
2.210 |
2.151 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
1.844 |
3.397 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.660 |
0.955 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
1.184 |
2.442 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
0.744 |
0.331 |
|
|
TOTAL EARNINGS |
|
0.744 |
0.331 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
0.367 |
1.056 |
|
|
|
Stores & Spares |
|
0.089 |
0.000 |
|
|
TOTAL IMPORTS |
|
0.456 |
1.056 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
483.81 |
997.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
6.09 |
10.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.22 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.90
|
2.48 |
3.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.75
|
2.01 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U24299GJ1985PTC007831 |
|
Name of the
company |
Ashutosh Fibre
Private Limited |
|
Address of the
registered office or of the principal place of business in |
11-B, New Cloth Market,
O/S Raipur Gate, Ahmedabad – 380002, Gujarat, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Movable Property
(Not being Pledge) |
|
Particular of charge
holder |
Oriental Bank of
Commerce Hotel Meghdoot
Building, Station Road, Ahmedabad – 380001, Gujarat, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Assets |
|
Date of
instrument Creating the charge |
14.10.2010 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rat4e of
interests: Interests: Base Rate
+ 3.50% i.e. 12% at present. Terms of
Repayments: Repayment on
Demand Margin: Stock/ Book
Debts: 25% Extent and
Operation of the charge: Bank shall have
exclusive charge over entire movable assets of the company. |
|
Particulars of the
property charged |
Hypothecation of
Raw Material, stock in Process, finished Goods, Consumables, Packing
Materials lying at Factory Premises at Station Road, Petlad. It is also
secured by Plant and Machinery Value Rs.15.124 Millions It is secured by
advance to suppliers, receivable and entire Book Debts of the company. |
FIXED ASSETS
· Plant and Machinery
· Electric Installations
· Computers
· Furniture and Dead Stock
· Factory Building
WEBSITE DETAILS:
PROFILE:
They are located at Petlad, Gujarat in the western part of India and we are a pioneer in manufacturing technical textile yarns in India. The foray into technical textiles started with the purchase of DREF II and III friction spinning machines. They started processing 100% Polypropylene fiber mainly used for manufacturing filter cartridges and filter cloths. With their loyal customer base today they are India’s biggest manufacturer of PP spun yarns.
With growing industrialization, they thought that it would become necessary to
create textiles for the safety of human beings. In 1994-95 they were among the
handful of companies in India to purchase the technical fibers like paraaramid,
melamine, novoloid and PVC and spin into multiperformance yarns. They develop
inherent Heat and flame retardant Yarns and Fabrics from such fibres as Aramid,
Preox, Melamine, Modaacrylic and Didon, Antistatic Yarns from such fibres as
Polypropylene/ Steel, Polyester/Steel, Antibacterial Yarns and Fabrics from
such fibres as SmartCel Active and Reliance FeelFresh, Cut Resistant and
Multiperformance Yarns from such fibres as Aramid and Steel.
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.52.68 |
|
|
1 |
Rs.82.53 |
|
Euro |
1 |
Rs.69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--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.