MIRA
INFORM REPORT
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Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SANATHAN TEXTILES PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.10.2005 |
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Com. Reg. No.: |
21-105863 |
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CIN No.: [Company
Identification No.] |
u17299wb2005ptc105863 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
cals17128g |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Textile Yarn |
RATING & COMMENTS
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MIRA’s Rating : |
Ba ( 45 ) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2610000 |
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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 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
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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 |
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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
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Registered Office : |
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Tel. No.: |
91-33-22686462 |
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E-Mail : |
pawancs.das@rediffmail.com |
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Website : |
www.fibre2fashion.com/sanathan |
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Factory : |
Survey Plot No. 187/4/1/2, Village Surangi, Dapada, Silvassa – 396
230, Dadra and Nagar Haveli, |
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Corporate Office : |
B-6, Trade World, 1st Floor, Kamla Mills Comp, senapati
Bapat Marh, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-66343312/14/15/16/30420121/22/66343313 |
DIRECTORS
As on : 23.09.2010
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Name : |
Mr. Paresh Kumar V Dattani |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
10.10.2005 |
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Name : |
Mr. Ajay Kumar V Dattani |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
10.10.2005 |
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Name : |
Mr. Dinesh Kumar V Dattani |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
10.10.2005 |
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Name : |
Mr. Anil Kumar V dattani
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Designation : |
Director |
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Address : |
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Date of Appointment : |
10.10.2005 |
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Name : |
Mr. Vallabhdas V Dattani |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.08.1942 |
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Date of Appointment : |
17.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders (As on : 23.09.2010) |
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No. of Shares |
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Mr. Ajay Kumar V Dattani |
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3274650 |
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Mr. Anil Kumar V Dattani |
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1321950 |
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Mr. Dinesh Kumar V Dattani |
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3313800 |
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Mr. Paresh Kumar V Dattani |
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3752100 |
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Vajubhai Investment Private Limited, |
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3000 |
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Texco Fibres Private Limited, |
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3000 |
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Mr. Vallabhdas Dattani (HUF) |
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3000 |
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Ms. Sonaali Dattani |
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3000 |
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Mr. Dinesh Kumar V Dattani (HUF) |
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3000 |
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Ms. Geeta Dattani |
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1500 |
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Mr. Samir Dattani |
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1500 |
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Ms .Sweta Dattani |
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1500 |
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Ms. Jayshree Dattani |
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1500 |
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Ms. Jyotsna Dattani |
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3000 |
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Mr. Vallabhdas Dattani |
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3000 |
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Mr. Anil Kumar Dattani |
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3000 |
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Mr. Paresh Kumar Dattani HUF |
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3000 |
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Mr. Beena Dattani |
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45000 |
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Total
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11740500 |
As on : 23.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate
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0.05 |
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Directors or relatives of directors |
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99.95 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Textile Yarn |
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PRODUCTION STATUS (As on :
31.03.2010 )
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Particulars |
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Unit |
Licensed
Capacity |
Installed
Capacity |
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MT |
50000 |
22000 |
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Polyester Oriented Yarn |
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MT |
40000 |
28000 |
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F.D.Y |
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MT |
15000 |
8000 |
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Cotton Yarn |
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MT |
9600 |
2000 |
Note :
Licensed Capacity (Capacity under the
industrial Entrepreneurs memorandum filed with the Government of India and duly
acknowledged under the scheme of de-licensing notified by the Government)
GENERAL INFORMATION
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Bankers : |
·
Bank of · Tamilnad Mercantile Bank Limited · ICICI Bank Limited ·
Bank of · HDFc Bank limited |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
K Dattani and Company Chartered Accountants |
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Address : |
37A, |
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Sister Concern : |
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CAPITAL STRUCTURE
As on: 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs.120.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11740500 |
Equity Shares |
Rs. 10/- each |
Rs.117.405 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
117.405 |
117.405 |
122.905 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
536.623 |
406.471 |
301.653 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
654.028 |
523.876 |
424.558 |
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LOAN FUNDS |
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1] Secured Loans |
1414.597 |
1074.005 |
705.703 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1414.597 |
1074.005 |
705.703 |
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DEFERRED TAX LIABILITIES |
30.514 |
3.825 |
(2.046) |
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TOTAL |
2099.139 |
1601.706 |
1128.215 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1471.510 |
1203.376 |
729.488 |
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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 |
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Inventories |
401.809
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175.600
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236.592 |
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Sundry Debtors |
110.189
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157.062
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93.051 |
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Cash & Bank Balances |
72.850
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33.202
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65.601 |
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Other Current Assets |
85.310
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70.508
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83.894 |
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Loans & Advances |
101.922
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57.884
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70.987 |
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Total
Current Assets |
772.080
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494.256
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550.125 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
87.577
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60.781
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130.922 |
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Provisions |
57.018
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35.431
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20.904 |
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Total
Current Liabilities |
144.595
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96.212
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151.826 |
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Net Current Assets |
627.485
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398.044
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398.299 |
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MISCELLANEOUS EXPENSES |
0.144 |
0.286 |
0.428 |
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TOTAL |
2099.139 |
1601.706 |
1128.215 |
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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 |
3123.141 |
2602.268 |
1786.220 |
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Other Income |
4.663 |
1.206 |
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TOTAL (A) |
3127.804 |
2603.474 |
1786.220 |
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Less |
EXPENSES |
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Raw Materials Consumed |
2362.188 |
2065.241 |
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Manufacturing And Operating Costs |
245.463 |
204.253 |
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Increase/Decrease in stock |
(3.681) |
(22.226) |
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Employment Costs |
41.690 |
31.268 |
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Administrative, Selling and other Expenses |
66.446 |
49.044 |
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Directors Remuneration |
7.200 |
3.150 |
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Auditors Remuneration |
0.225 |
0.188 |
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Loss on sale of Fixed Assets |
0.027 |
-- |
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Preliminary Expenses W/off |
0.142 |
0.142 |
1703.203 |
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TOTAL (B) |
2653.010 |
2331.060 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
474.794 |
272.414 |
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Less |
FINANCIAL
EXPENSES (D) |
53.090 |
49.893 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
421.704 |
222.521 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
164.549 |
97.150 |
83.017 |
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PROFIT BEFORE
TAX (E-F) (G) |
190.464 |
125.371 |
85.039 |
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Less |
TAX (I) |
60.312 |
20.554 |
3.858 |
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PROFIT AFTER TAX
(G-I) (J) |
130.152 |
104.817 |
81.181 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
130.152 |
104.817 |
NA |
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BALANCE CARRIED
TO THE B/S |
130.152 |
104.817 |
NA
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
60.351 |
52.248 |
7.164 |
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TOTAL EARNINGS |
60.351 |
52.248 |
7.164 |
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IMPORTS |
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Raw Materials |
35.050 |
111.720 |
152.209 |
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Capital Goods |
107.771 |
364.018 |
49.942 |
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TOTAL IMPORTS |
142.821 |
475.738 |
202.151 |
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Earnings Per
Share (Rs.) |
11.09 |
8.93 |
7.78 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
4.16 |
3.97 |
4.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.09 |
4.81 |
4.76 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
8.48 |
7.38 |
5.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.24 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.38 |
2.23 |
2.02 |
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Current Ratio (Current Asset/Current Liability) |
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5.33 |
5.14 |
3.62 |
LOCAL AGENCY FURTHER INFORMATION
form 8:-
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Corporate
identity number of the company |
U17299WB2005PTC105863 |
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Name of the
company |
SANATHAN TEXTILES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Modification of
Charge |
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Type of charge |
· Immovable Property · Book Debts · Movable Property · Others (Equitable Mortgage By Deposit Of Title Deeds) |
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Particular of
charge holder |
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Nature of
instrument creating charge |
· Supplemental Memorandum of Entry relating to Deposit of Title Deeds dated 09.10.09. · Supplemental Composite Agreement of Hypothecation of Goods, Book Debts, movable machinery, etc dated 09.10.09. · Sanction Letter dated 01.10.09. |
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Date of
instrument Creating the charge |
09.10.2009 |
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Amount secured by
the charge |
Rs. 1594.700
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 2% below BPLR on Term
Loans and 1.50% below BPLR on Working Capital at monthly rests. Terms of Repayment: · Non-Fund based and Cash Credit-12months. · PFY Division:-Term Loan 1-15 quarterly installments, Term Loan II-27 quarterly installments, Term Loan III and IV-28 qtly installment. · POY Division:-Term Loan 1-18 quarterly installments, Term Loan II-30 quarterly installments, Term Loan III -27 qtly installment. · COTTON Division:-Term Loan 1-32 quarterly installments, Term Loan II-32 quarterly installments. Margin: Varies from 25%
to 40% as per sanctioned letter. Extent and Operation of the charge: The charge is
operative upto Rs. 1594.700 millions on current assets, movable fixed assets
(except machinery financed by Landesbank Baden-Wuerttemberg, Germany) and
immovable property of the company as detailed in the instruments of charge
dated 09.10.09 |
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Short particulars
of the property charged (Including location of the property) |
· Extension of equitable mortgage of factory land and building at plot no. 187/4/2/1 (amalgamated with 190/2 and 252/2) of Village Surangi, Dadra and Nagar Haveli. · Extension of equitable mortgage of flat no 9c, c wing, ridge apartments, ridge road, malabar hills, mumbai-400006. ·
All current and movable fixed assets both
present and future of the company except machinery financed by · Personal guarantee of directors. |
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Date of last modification prior to the present modification |
09.10.2009 |
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Particulars of the
present modification |
Enhancement of
credit limit to 1594.700 millions on the basis of further security of
personal guarantee and extension of equitable mortgage and hypothecation of
stock, book debts, movable machinery, etc.. |
|
Corporate
identity number of the company |
U17299WB2005PTC105863 |
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Name of the
company |
SANATHAN TEXTILES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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This form is for |
Modification of
Charge |
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Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
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Particular of
charge holder |
Bank of |
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Nature of
instrument creating charge |
1. Supplemental
Memorandum of entry relating to Deposit of Title Deeds dated 07.12.2010. 2.supplemental
composite Agreement of Hypothecation of Goods, Book Debts, Moveable Machinery
& Vehicles dated on 07.12.2010. |
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Date of
instrument Creating the charge |
07/12/2010 |
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Amount secured by
the charge |
Rs. 1888.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 2% above Base
Rate on existing term loans and 2.50 above base rate on Working Capital at
monthly rests. Terms of repayment : 1. Non Fund
Based, Cash Credit and Export facilities - 12 months. 2. PFY
Division:-Term Loan II - 27 Quarterly Installments, Term Loan III - 28
Quarterly Installments, Term Loan IV - 28 Quarterly Installments. 3. POY
Division:-Term Loan II - 30 Quarterly Installments, Term Loan III - 27
Quarterly Installments, Term Loan IV - 40 Quarterly Installments. 3. COTTON Division:-
Term Loan I - 32 Quarterly Installments, Term Loan II - 32 Quarterly
Installments. Margin : Varies From 25 To
30% As Per Sanctioned Letter Extent and operation of the charge : The Charge is Operative
upto 1888.500 millions on factory land, building and structures(except POY
Plant exclusively financed by Landesbank Baden-Wurttemberg, Other : Nil |
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Short particulars
of the property charged (Including location of the property) |
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Date of
instrument modifying the charge |
09/10/2009 |
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Particulars of
the present modification |
Enhancement Of Credit
Limit To 188.85 Crores On The Basis Of Further Security Of Personal Guarantee
And Extension Of Equitable Mortgage,Hypothecation Of Stock, Book Debts,
Movable Machinery Etc. |
Fixed Assets:-
· Land
· Building
· Electrical Installation
· Water Softing Plant
· Air Compressor
· Office Equipments
· Hoist lift
· Air Ventilators
· Auto Conner
· Blow Room
· Ring Frames
· Telecom Equipments
· Transformer
· Cone Testing Machine
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. 73.54 |
|
Euro |
1 |
Rs. 62.39 |
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.