MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
FRONTIER TEXTILES PRIVATE LIMITED |
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Registered
Office : |
40/3, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
09.12.2004 |
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Com. Reg. No.: |
21-100651 |
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CIN No.: [Company Identification
No.] |
U17299WB2004PTC100651 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALF00888G |
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PAN No.: [Permanent Account No.] |
AAACF8544K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Manufacturer of Industrial Wear. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 69000 |
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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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office /Factory : |
40/3, |
|
Tel. No.: |
91-33-26651119 / 1121 |
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Fax No.: |
91-33-26650962 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Jaseel K Puthiyapurayil |
|
Designation : |
Director |
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Date of Birth/Age : |
08.08.1976 |
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Date of Appointment : |
06.01.2010 |
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|
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Name : |
Mr. Manu Vikraman |
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Designation : |
Director |
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Date of Birth/Age : |
17.01.1984 |
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Date of Appointment : |
06.01.2010 |
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|
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|
Name : |
Mr. Anirudh Singh |
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Designation : |
Director |
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Date of Birth/Age : |
24.03.1968 |
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Date of Appointment : |
09.12.2004 |
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|
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|
Name : |
Mr. Sandip Singh |
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Designation : |
Director |
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Date of Birth/Age : |
27.01.1957 |
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Date of Appointment : |
09.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Anirudh Singh |
356137 |
|
Mr. Sandip Singh |
8500 |
|
Mr. Mohammed Kassam |
364637 |
|
Total |
729274 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
50.00 |
|
Other |
|
50.00 |
|
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Manufacturer of Industrial Wear. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jaiswal Bhagat and Company Chartered Accountant |
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Address : |
11A, |
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Tel. No.: |
91-33-22119384/22110221 |
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Fax No.: |
91-33-28331449 |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
729274 |
Equity Shares (of the above shares 205480 shares are allotted as fully paid without payment
received in cash) |
Rs. 10 each |
Rs.7.292 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.292 |
4.309 |
4.309 |
|
|
2] Share Application Money |
0.000 |
2.983 |
0.192 |
|
|
3] Reserves & Surplus |
10.047 |
6.268 |
4.223 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17.339 |
13.560 |
8.724 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11.519 |
19.293 |
19.476 |
|
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2] Unsecured Loans |
7.981 |
13.993 |
15.816 |
|
|
TOTAL BORROWING |
19.500 |
33.286 |
35.292 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
36.839 |
46.846 |
44.016 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.946 |
24.864 |
21.585 |
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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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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
5.031
|
8.456 |
12.095 |
|
|
Sundry Debtors |
6.864
|
8.419 |
8.851 |
|
|
Cash & Bank Balances |
7.617
|
7.937 |
11.744 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
9.243
|
9.116 |
5.641 |
|
Total
Current Assets |
28.755
|
33.928 |
38.331 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.038
|
8.343 |
11.730 |
|
|
Other Current Liabilities |
2.634
|
1.377 |
2.283 |
|
|
Provisions |
4.347
|
2.475 |
2.175 |
|
Total
Current Liabilities |
11.019
|
12.195 |
16.188 |
|
|
Net Current Assets |
17.736
|
21.733 |
22.143 |
|
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|
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MISCELLANEOUS EXPENSES |
0.157 |
0.249 |
0.288 |
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|
|
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|
|
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TOTAL |
36.839 |
46.846 |
44.016 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SALES |
|
|
|
|
|
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|
Sales and Other Income |
86.341 |
78.667 |
81.447 |
|
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TOTAL (A) |
86.341 |
78.667 |
81.447 |
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Less |
EXPENSES |
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|
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|
Office Expenses |
|
|
|
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|
|
Administrative Expenses |
75.916 |
70.965 |
74.871 |
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Advertising Expenses |
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TOTAL (B) |
75.916 |
70.965 |
74.871 |
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.425 |
7.702 |
6.576 |
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.074 |
2.531 |
1.906 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.351 |
5.171 |
4.670 |
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.572 |
2.161 |
1.289 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.779 |
3.010 |
3.381 |
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Less |
TAX (H) |
1.872 |
0.948 |
1.160 |
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PROFIT AFTER TAX
(G-H) (I) |
3.907 |
2.062 |
2.221 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.268 |
4.223 |
2.002 |
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|
|
|
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|
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|
Earnings Per
Share (Rs.) |
5.18 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
4.52
|
2.62 |
2.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.69
|
3.82 |
4.15 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.11
|
5.11 |
5.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.22 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
3.35 |
5.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
2.78 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
Due to global slowdown the company export was declined in the later half of the year, and therefore very modest growth in Turnover. During the year under review the company recorded a sale of Rs.76.032 millions. As it is pertinent that the foreign export is declining day by day hence the company is trying to concentrate in the domestic market also which is rising day by day as an alternative approach.
FIXED ASSETS:
- Goodwill
- Land
- Tube Well
- Plant and
Machinery
- Fax Machine
- Fire
Extinguisters
- Air
Conditioners
- Motor Car
- Office Equipment
and Fittings
- Electric Fan
- Dise and
Block
- Computers
FORM 8
|
Corporate
identity number of the company |
U17299WB2004PTC100651 |
|
Name of the
company |
FRONTIER TEXTILES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
40/3, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of charge
holder |
State Bank of Email: sbi.01054@vsnl.net |
|
Nature of
instrument creating charge |
Memorandum for
Recording Creation of Mortgage by Deposit of Title Deeds. |
|
Date of
instrument Creating the charge |
08.09.2009 |
|
Amount secured by
the charge |
Rs. 33.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest For Cash Credit
@1.50% above SBAR, Present effective rate 13.25% p.a. with monthly rests. For EPC/FBD
@2.75% below SBAR p.a. with monthly rests. Terms of repayment The borrowings
are repayable on demand. There is no Term
Loan in the Credit Facility and as such no terms of repayment are stated. The
loan is for Working Capital only which is repayable on demand according to
Banking norms. Margin 25% of Raw
Materials (Indigenous) 25% of Finished
Goods, and 10% of Domestic
Receivables. Extent and operation of the charge First Charge on
the whole of the mortgaged properties as a continuing security. |
|
Short particulars
of the property charged (Including location of the property) |
A piece of land
measuring 9 cottah 14 chittak alongwith 3 storied building measuring about
9413 sq.ft. at 40/3, Located at 40/3, |
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
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.