MIRA
INFORM REPORT
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Report Date : |
02.07.2011 |
IDENTIFICATION DETAILS
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Name : |
FULL CIRCLE TEXTILE PRIVATE LIMITED |
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Registered Office : |
418, Manish Chamber, 4th Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.10.2003 |
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Com. Reg. No.: |
11-142457 |
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Capital Investment / Paid-up Capital : |
Rs.1.000 million |
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CIN No.: [Company
Identification No.] |
U17120MH2003PTC142457 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF04328C |
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PAN No.: [Permanent
Account No.] |
AAACF7497H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Supplier of Cotton Yarn. |
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No. of Employees : |
The information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (41) |
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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 19000 |
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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
b usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. The 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.
INFORMATION DECLINED BY
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Name : |
Mr. Madhusudan |
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Designation : |
Director |
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Contact No.: |
91-9821144831 |
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Date : |
30.06.2011 |
LOCATIONS
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Registered Office : |
418, Manish Chamber, 4th Floor, |
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Tel. No.: |
91-22-26853050 / 42667770 |
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Fax No.: |
91-22-26853060 |
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E-Mail : |
DIRECTORS
As on 20.09.2010
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Name : |
Mr. Rahul Madhusudan Singrodia |
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Designation : |
Director |
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Address : |
B/604, |
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Date of Birth/Age : |
19.09.1986 |
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Date of Appointment : |
05.04.2010 |
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DIN No. : |
03033104 |
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Name : |
Mr. Madhusudan Singrodia |
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Designation : |
Director |
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Date of Appointment : |
01.10.2003 |
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DIN No. : |
00282860 |
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Name : |
Mr. Ghasiram Singordia |
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Designation : |
Director |
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Date of Appointment : |
01.10.2003 |
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DIN No. : |
00648327 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2010
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Names of Shareholders |
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No. of Shares |
|
Madusudan Singrodia |
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5000 |
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Ghasiram Siungrodia |
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90000 |
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Rahul Madhusudan Singrodia |
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5000 |
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Total |
|
100000 |
As on 20.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Cotton Yarn. |
GENERAL INFORMATION
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No. of Employees : |
The information declined by the management. |
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Bankers : |
·
Punjab National Bank Plot No. 237, ·
Punjab National Bank 7, ·
Union Bank of Goregaon (East) Branch, Shri Sadan,
Shantaben Estate, Goregaon (East), Mumbai - 400063, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singrodia Goyal and Company Chartered Accountant |
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Address : |
A-201, Rajeshri Accord, Telly Galli, Andheri (East), Mumbai – 400 069,
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CAPITAL STRUCTURE
As on 20.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.845 |
1.522 |
0.921 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.845 |
2.522 |
1.921 |
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LOAN FUNDS |
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1] Secured Loans |
30.438 |
30.658 |
29.041 |
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2] Unsecured Loans |
6.100 |
0.450 |
0.000 |
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TOTAL BORROWING |
36.538 |
31.108 |
29.041 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.066 |
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TOTAL |
41.383 |
33.630 |
31.028 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.382 |
1.824 |
2.039 |
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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 |
0.069 |
0.014 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.593
|
9.973
|
9.830 |
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Sundry Debtors |
41.282
|
40.912
|
19.858 |
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Cash & Bank Balances |
0.078
|
0.137
|
0.080 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
2.093
|
2.003
|
5.073 |
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Total
Current Assets |
51.046
|
53.025
|
34.841 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
11.114
|
21.233
|
5.852 |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
11.114
|
21.233
|
5.852 |
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Net Current Assets |
39.932
|
31.792
|
28.989 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
41.383 |
33.630 |
31.028 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2008 |
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SALES |
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Income and Other Income |
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135.220 |
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TOTAL (A) |
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135.220 |
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Less |
EXPENSES |
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Cost of Goods Sold |
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124.521 |
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Personnel Cost |
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1.831 |
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Sales Tax Expenses (Vat) |
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0.871 |
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Administrative Expenses |
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3.981 |
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TOTAL (B) |
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131.204 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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4.016 |
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Less |
INTEREST (D) |
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2.813 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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1.203 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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|
0.313 |
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PROFIT BEFORE
TAX (E-F) (G) |
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0.890 |
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Less |
TAX (H) |
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0.502 |
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PROFIT AFTER TAX
(G-H) (I) |
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0.388 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
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|
0.523 |
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BALANCE CARRIED
TO THE B/S |
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0.911 |
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Earnings Per
Share (Rs.) |
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3.88 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
NA
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NA |
0.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
2.41 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.84
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20.75 |
18.16 |
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Current Ratio (Current Asset/Current Liability) |
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4.59
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2.50 |
5.95 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
details are not available.
Bankers Charges Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10086002 |
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Corporate
identity number of the company |
U17120MH2003PTC142457 |
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Name of the
company |
FULL CIRCLE TEXTILE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
418, Manish Chamber, 4th Floor, |
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Type of charge |
·
Book
Debts ·
Others
o
Hypothecation
of Goods and Book Debts |
|
Particular of
charge holder |
Punjab National Bank Plot No. 237, |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
Goods and book debts to secure cash credit facility dated 29.04.2009 |
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Date of
instrument Creating the charge |
29.04.2009 |
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Amount secured by
the charge |
Rs.35.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50% p.a. Terms of
Repayment Cash Credit
facility, hence terms of repayment not specified Margin 25% against stock
and 40% against book debts Extent and
Operation of the charge Hypothecation of
goods and book debts |
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Short particulars
of the property charged |
Hypothecation of
goods and book debts Extension of EM
of Properties situated at Flat No. 604, Upvan Tower, upper govind nagar,
Malad (East), Mumbai-400097, Maharashtra, India. The name of Mr. Madhusudan
Singrodia and Mrs. Amita Singrodia, Flat No. 504, Upvan Tower , Upper Govind
Naarl, Malad (East), Mumbai-400097 in the Name of Mr. Madhusudan Singrodia,
Office No. 418ll, Manish Chambers, Sonawala Road, Goregaon (East),
Mumbai-400063, In the Name of Mrs. Amita Singrodia |
|
Particulars of
the present modification |
By this
modification additional cash credit facility of Rs.5.000 millions have been
sanctioned and total charge increased from Rs.30.000 millions to Rs.35.000
millions and extension of EM of properties situated at Flat No. 604, 504
Upvan Tower, Upper Govind Nagar, Malad (E), Mumbai – 400 097 in the name of
Mr. Madhusudan Singrodia and Mrs. Amita Singrodia, and Office No. 418, Manish Chamber,
Sonawala Road, Goregaon (East), Mumbai-400063 in the name of Mrs. Amita
Singrodia have been created. |
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.44.59 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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.