MIRA
INFORM REPORT
|
Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
ARINTEX GLOBAL LIMITED ( w.e.f. 29.05.2000) |
|
|
|
|
Formerly Known As : |
ARINTEX KNIT LIMITED |
|
|
|
|
Registered Office : |
2 C Naryani |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
01.03.1996 |
|
|
|
|
Com. Reg. No.: |
21-77733 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17111WB1996PLC077733 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALA03660G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCA3664R |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Knitted Fabrics and Agro Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 290000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with slight
caution. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. S N Barman |
|
Designation : |
Commercial Officer |
|
Contact No.: |
91-9830153201 |
LOCATIONS
|
Registered Office : |
2 C Narayani |
|
Tel. No.: |
91-33-24753500 |
|
Fax No.: |
91-33-24746759 |
|
E-Mail : |
|
|
Area : |
6000 Sq.fts |
|
Location : |
Rented |
|
|
|
|
Factory : |
Khardah, Kolkata – 700 005, West |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Nilesh Todi |
|
Designation : |
Director |
|
Address : |
22, |
|
Date of Birth/Age : |
24.11.1975 |
|
Date of Appointment : |
16.07.2001 |
|
|
|
|
Name : |
Mr. Laxmi Kant Todi |
|
Designation : |
Director |
|
Address : |
22, |
|
Date of Birth/Age : |
25.04.1953 |
|
Date of Appointment : |
01.08.2003 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
22, |
|
Date of Birth/Age : |
09.02.1946 |
|
Date of Appointment : |
21.05.2007 |
|
|
|
|
Name : |
Mr. Ashish Todi |
|
Designation : |
Director |
|
Address : |
22, |
|
Date of Birth/Age : |
21.02.1970 |
|
Date of Ceasing : |
01.12.2008 |
KEY EXECUTIVES
|
Name : |
Mr. S N Barman |
|
Designation : |
Commercial Officer |
|
Contact No : |
91-9830153201 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Kumar Todi |
|
100 |
|
Ashish Todi |
|
100 |
|
|
|
100 |
|
Laxmikant Todi |
|
100 |
|
Nilesh Todi |
|
100 |
|
Rekha Kedia |
|
100 |
|
HP Todi and S D Todi |
|
2500 |
|
S K Tpdi and A R Chana Todi |
|
2500 |
|
L K Todi and Kusum Todi |
|
2500 |
|
K K Todi and Manjula Todi |
|
2500 |
|
Arun Kumar Kedia |
|
46100 |
|
S K Todi and Ashish Todi |
|
505000 |
|
S D Todi and O P Todi |
|
530000 |
|
K K Todi and Sarla Devi Todi |
|
100000 |
|
K K Todi and S K Todi |
|
125000 |
|
L K Todi and S K Todi |
|
1267500 |
|
S K Todi and L K Todi |
|
15000 |
|
S D Todi and K K Todi |
|
500000 |
|
Madhva Cotton Mills Limited, West |
|
15000 |
|
MMP Exim Private Limited, West |
|
923000 |
|
MMP Envirotech (Private) Limited, West |
|
750000 |
|
Ashish Todi and Bhavna Todi |
|
2500 |
|
Eros Fashion Private Limited, West |
|
925000 |
|
Total |
|
5714700 |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
|
|
|
|
Bodies
corporate |
|
45.72 |
|
Directors
or relatives of directors |
|
54.28 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Knitted Fabrics and Agro Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
|
|
Installed
Capacity |
|
Dyed yarn |
Kgs |
|
|
0.66 Lakhs |
|
Knitted Fabrics |
Kgs |
|
|
7.38 Lakhs |
|
Knitted Garments |
Kgs |
|
|
30 Lakhs |
GENERAL INFORMATION
|
Customers : |
Manufacturer and Merchant Exporter |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Approximately 15 |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Oriental Bank of Commerce, Overseas
Branch(Lors’s Building), 7/1, ·
HDFC Bank Limiteed, |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
SJMJ and Associates Chartered Accountants |
|
Address : |
13A, |
|
Tel. No.: |
91-33-40080626 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5714700 |
Equity Shares |
Rs.10/- each |
Rs.57.147 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 |
57.147 |
57.147 |
57.147 |
|
|
2] Share Application Money |
0.000 |
0.500 |
0.500 |
|
|
3] Reserves & Surplus |
15.512 |
10.560 |
5.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
72.659 |
68.207 |
63.047 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
62.007 |
0.470 |
0.641 |
|
|
2] Unsecured Loans |
18.900 |
69.380 |
49.763 |
|
|
TOTAL BORROWING |
80.907 |
69.850 |
50.404 |
|
|
DEFERRED TAX LIABILITIES |
2.749 |
2.534 |
2.340 |
|
|
|
|
|
|
|
|
TOTAL |
156.315 |
140.591 |
115.791 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
49.118 |
52.751 |
52.239 |
|
|
Capital work-in-progress |
0.940 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
122.099
|
144.884
|
189.159 |
|
|
Sundry Debtors |
74.237
|
114.620
|
120.100 |
|
|
Cash & Bank Balances |
79.934
|
9.949
|
72.871 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
562.898
|
606.390
|
434.784 |
|
Total
Current Assets |
839.168
|
875.843
|
816.914 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
662.205
|
431.685
|
307.352 |
|
|
Other Current Liabilities |
68.470
|
354.859
|
445.247 |
|
|
Provisions |
2.236
|
1.459
|
0.763 |
|
Total
Current Liabilities |
732.911
|
788.003
|
753.362 |
|
|
Net Current Assets |
106.257
|
87.840
|
63.552 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
156.315 |
140.591 |
115.791 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3761.608 |
1546.476 |
586.976 |
|
|
|
Other Income |
0.895 |
6.832 |
2.262 |
|
|
|
TOTAL (A) |
3762.503 |
1553.308 |
589.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials, Components, Stores and Spares Consumed |
0.528 |
2.350 |
0.128 |
|
|
|
Cost of Goods Sold |
3681.366 |
1475.272 |
531.560 |
|
|
|
Personnel Expenses |
0.763 |
0.999 |
1.107 |
|
|
|
Operating and Administrative Expenses |
7.164 |
27.793 |
48.090 |
|
|
|
TOTAL (B) |
3689.821 |
1506.414 |
580.885 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
72.682 |
46.894 |
8.353 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
63.329 |
37.428 |
1.937 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.353 |
9.466 |
6.416 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.225 |
3.416 |
3.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.128 |
6.050 |
3.066 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.176 |
0.890 |
1.171 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.952 |
5.160 |
1.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.834 |
4.674 |
2.779 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.786 |
9.834 |
4.674 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.87 |
0.90 |
0.033 |
|
RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total
Income |
(%) |
0.13
|
0.33
|
0.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.16
|
0.39
|
0.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.69
|
0.65
|
0.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.09
|
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.20
|
12.57
|
12.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.11
|
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Background
The company is engaged is the business of Manufacturing Knitted garments
as well as domestic and international
trading. Beside garments and textiles, the company deals in agro commodities,
minerals and metals, gems and diamonds etc. The company was incorporate as a
public limited company under the Companies Act, 1956 (“the act”) on 1st
March 1996.
Business
Performance:
The company turnover from sale of traded goods grew to Rs. 3761.608 Millions for the year ended March 31, 2010,
which represent an increase of 143.24% over the previous year’s Rs. 1546.477
Millions. Domestic revenues grew 164.43% to Rs. 3761.608 Millions. However due
to recession in world market there was no export sale during the DY 2009-10
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U17111WB1996PLC077733 |
|
Name of the
company |
ARINTEX GLOBAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
2 C, Narayani, |
|
Type of charge |
Movable Property Others |
|
Particular of
charge holder |
Oriental Bank of Commerce, Overseas Branch(Lors’s Building),
7/1, |
|
Nature of
description of the instrument creating or modifying the charge |
1. Agreement of
Hypothecation of Assets dtd. 18.03.2008 2. Agreement of
Guarantee dtd. 18.03.2008 |
|
Date of
instrument Creating the charge |
18.03.2008 |
|
Amount secured by
the charge |
Rs.70.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Letter of credit
(Inland/Import) with 180 days Usance period substituted by Buyers Credit Terms of
Repayment 1 year Margin 20% in the shape
of unencumbered duly discharged FDRs/ CDRs along with interest accrued
thereon Extent and
Operation of the charge Docts. of title
of goods in case of L/C on DP basis. Hypothecation charge over the goods in
case of L/C on DA basis. Hypothecation of
Assets. Exclusive 1st
charge on the merchandise purchased/imported under our LCs and the related
trade debtors. Collateral
security (to be provided) : EQM of Built up
996 sq. ft. office premises at 707 Sagar Tech Plaza-B, |
|
Short particulars
of the property charged |
Docts. of title
of goods in case of L/C on DP basis. Hypothecation charge over the goods in
case of L/C on DA basis. Hypothecation of
Assets. Exclusive 1st
charge on the merchandise purchased/imported under our LCs and the related
trade debtors. Collateral
security (to be provided) : EQM of Built up
996 sq. ft. office premises at 707 Sagar Tech Plaza-B, |
Fixed Assets :-
- Land
- Building
- Plant and Machinery
- Laboratory Equipment
- Computer and Software
- Office Equipment
- Mobile phones
- Vehicle
- Furniture and Fixture
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.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
|
29 |
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.