MIRA
INFORM REPORT
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Report Date : |
02.07.2011 |
IDENTIFICATION DETAILS
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Name : |
PEE VEE TEXTILES PRIVATE LIMITED |
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Registered Office : |
AT-Jambtahsil-Samudrapur, Jamb - 442305, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.03.1986 |
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Com. Reg. No.: |
11-039177 |
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Capital Investment / Paid-up Capital : |
Rs. 750.000 millions |
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CIN No.: [Company
Identification No.] |
U17110MH1986PTC039177 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPP01646B |
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PAN No.: [Permanent
Account No.] |
AABCP0024F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Carded and Combed, Open- end
and ring Spun Greige yarns for knitting and weaving applications. |
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No. of Employees : |
1500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 2000000 |
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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.
INFORMATION DECLINED BY
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Name : |
Mr. Paras Munat |
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Designation : |
V P Commercial |
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Contact No.: |
91-9850334099 |
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Date : |
01.07.2011 |
LOCATIONS
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Registered Office/ Factory : |
AT-Jamtahsil-Samudrapur, Jamb-442305, |
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Tel. No.: |
91-7151-270145 / 225549 / 225548 |
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Mobile No.: |
91-9821344733 (Mr. B. R. Jain) 91-9850334099 (Mr. Paras Munat) |
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Fax No.: |
91-7151-225498 / 225448 |
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E-Mail : |
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Website : |
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Area : |
1500 Sq. ft. |
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Location : |
Owned |
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Head Office / Corporate Office: |
202, Niranjan, 99, |
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Tel. No.: |
91-22-2882169 / 22-22045823/24 |
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Fax No.: |
91-22-22045813 |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Arunkumar G. Mohota |
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Designation : |
Director |
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Date of Birth/Age : |
51 Years |
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Name : |
Mr. Gwaldas Mohota |
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Designation : |
Whole Time Director |
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Address: |
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Date of Birth/Age : |
17.04.1930 |
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Date of Appointment: |
01.09.2010 |
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Name : |
Mr. Rajaram P. Vaidya |
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Designation : |
Director |
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Name : |
Mr. Subhash C. Kothari |
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Designation : |
Director |
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Name : |
Mr. Jatinder Kasturia |
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Designation : |
Director |
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Name : |
Mr. Sohanlal B. Pandia |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Bhavankar |
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Designation : |
Accounts Manager |
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Name : |
Mr. B R Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Bodies corporate |
50.03 |
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Directors or relatives of Directors |
49.97 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Carded and Combed, Open- end
and ring Spun Greige yarns for knitting and weaving applications. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Machinery and Spare Parts |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Yarn- Spindless |
125000 |
73536 |
17122164 |
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Rotors |
2160 |
720 |
1355962 |
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Looms |
300 |
138 |
16337694 |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Facilities : |
State Bank Of India, Cash Credit Limit : Rs.400.000 millions (Approximately)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Tapdiya Chandra and Company Chartered Accountant |
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Address : |
Bharat Housing Society, |
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Group Company : |
·
Mohata Group |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Share |
Rs.10/- Each |
Rs. 75.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Share |
Rs.10/- Each |
Rs. 75.000
Millions |
NOTE
Of the above shares, 5500000 shares are allotted as fully paid up shares
by way of capitalization of reserves)
AS ON 29.09.2010
Authorised Capital : Rs. 150.000
millions
Issued, Subscribed & Paid-up Capital : Rs. 150.000 millions
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 |
75.000 |
75.000 |
75.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
427.596 |
351.643 |
345.574 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
502.596 |
426.643 |
420.574 |
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LOAN FUNDS |
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1] Secured Loans |
1303.515 |
1209.746 |
1203.911 |
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2] Unsecured Loans |
119.484 |
123.813 |
98.979 |
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TOTAL BORROWING |
1422.999 |
1333.559 |
1302.890 |
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DEFERRED TAX LIABILITIES |
93.804 |
92.199 |
86.856 |
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TOTAL |
2019.399 |
1852.401 |
1810.320 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1373.910 |
1240.451 |
1202.628 |
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Capital work-in-progress |
1.661 |
35.803 |
7.406 |
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INVESTMENT |
0.008 |
0.008 |
0.008 |
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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 |
287.608
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182.314
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224.585 |
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Sundry Debtors |
355.657
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360.156
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385.758 |
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Cash & Bank Balances |
9.638
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7.277
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3.606 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
157.565
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174.744
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136.595 |
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Total
Current Assets |
810.468
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724.491
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750.544 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
80.094 |
108.372 |
90.160 |
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Other Current Liabilities |
72.968
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39.222
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55.611 |
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Provisions |
13.586
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0.758
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4.495 |
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Total
Current Liabilities |
166.648
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148.352
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150.266 |
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Net Current Assets |
643.820
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576.139
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600.278 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2019.399 |
1852.401 |
1810.320 |
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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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2968.298 |
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Other Income |
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TOTAL (A) |
2968.298 |
2478.850 |
2113.670 |
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Less |
EXPENSES |
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Administrative Expenses |
2558.165 |
2209.034 |
1830.458 |
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Advertising Expenses |
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TOTAL (B) |
2558.165 |
2209.034 |
1830.458 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
410.133 |
269.816 |
263.025 |
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Less |
FINANCIAL
EXPENSES (D) |
101.366 |
98.036 |
59.765 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
308.767 |
171.780 |
223.260 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
177.089 |
159.954 |
139.630 |
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PROFIT BEFORE
TAX (E-F) (G) |
131.678 |
11.826 |
83.817 |
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Less |
TAX (I) |
42.938 |
5.939 |
29.954 |
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PROFIT AFTER TAX
(G-I) (J) |
88.740 |
5.887 |
53.863 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
245.810 |
239.923 |
190.447 |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
11.250 |
-- |
3.750 |
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Corporate Tax on Dividend |
1.688 |
-- |
0.637 |
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BALANCE CARRIED
TO THE B/S |
321.612 |
245.810 |
239.923 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
361.470 |
480.453 |
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TOTAL EARNINGS |
NA |
361.470 |
480.453 |
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IMPORTS |
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Stores & Spares |
NA |
9.051 |
6.864 |
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Capital Goods |
NA |
143.928 |
293.105 |
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TOTAL IMPORTS |
NA |
152.979 |
299.969 |
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Earnings Per
Share (Rs.) |
11.83 |
0.78 |
7.18 |
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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4100.000 |
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The above information has been parted by Mr. Paras Munat.
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 |
(%) |
2.99
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0.24
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2.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.03
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0.60
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4.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.03
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0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.16
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3.47
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3.46 |
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Current Ratio (Current Asset/Current Liability) |
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4.86
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4.90
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4.99 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
(Rs. In
Millions)
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors (for due to micro and small enterprises) |
80.094 |
108.372 |
90.160 |
OPERATIONS
The company has registered a turnover of Rs. 2968.300 Millions as compared to Rs.
2478.800 Million in the previous year, registering an increase of 19.74%. The
company continues to have exports in its thrust area. Accordingly, Export sales
increased to Rs. 840.200 Millions as compared to Rs. 530.700 Millions in the
previous year.
Cash profit of the company stood at Rs.
265.800 Millions as against Rs. 165.800 Millions in the year 2009. The net
profit stood at Rs. 88.700 Millions as against Rs. 5.900 Millions in the year
2009.
The company’s focus continues to be ion
increasing volumes and improving operational efficiencies in every sphere of
its business operations.
OUTLOOK AND OPPORTUNITIES
The Financial Year 2009-10 began on a subdued
note with continued impact of the global economic crisis. The timely policy response
from the Indian government and the resilience of the Indian economy led to a
sharp recovery. The resurgence has been board- based with both services and
Manufacturing sector growing at high rates.
The macro economic indicators point to
stability and sustainable recovery world wide.
The company’s business benefited from strong
demand, recovery and better realization.
The company is trying to expand its market
share by focusing on quality up-gradation, modernization, diversification,
costs reduction and new product development through increased thrust on
Research and Development and also improving customer services.
The management has been doing its bets to
achieve greater productivity, which ultimately would result in competitive
production cost. The various technologies up gradation schemes pursued by the
company and diversification into grey fabric is a complement to these efforts.
TRADE REFERENCES
·
Laxmi Card Clothing
Manufacturing Company
·
Voltas Limited, Mumbai
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U17110MH1986PTC039177 |
|
Name of the
company |
PEE VEE TEXTILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
AT-Jamtahsil-Samudrapur, Jamb, Mumbai-442305, |
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This form is for |
Creation of
Charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Industrial Development Bank of India Limited, |
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Nature of
instrument creating charge |
Deed of
Hypothecation dated 19.07.2010 executed by the company in favour of IDBI Bank
Limited (IDBI) to secure RTL of Rs. 185.000 Millions under TUFs by way of
hypothecation on whole of the movable properties of the company including all
stocks, book debts and receivables together with movable plant and machinery,
etc and other movable fixed assets |
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Date of
instrument Creating the charge |
19.07.2010 |
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Amount secured by
the charge |
Rs. 185.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the Loan
Agreement dated 19.07.2010 executed by the company in favour of IDBI as
amended from time to time Terms of
Repayment As per the
Agreement dated 19.07.2010 executed by the company in favour of IDBI as
amended from time to time Margin As per the
Agreement dated 19.07.2010 executed by the company in favour of IDBI as
amended from time to time Extent and
Operation of the charge The charge
operates as security alia as
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Short particulars
of the property charged |
Entire movable
fixed assets including plant and machinery, both present and future, more
particularly described in the deed of hypothecation dated 19.07.2010 executed
by the company in favour of IDBI. Entire current
assets of the company both present and future. |
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Corporate
identity number of the company |
U17110MH1986PTC039177 |
|
Name of the
company |
PEE VEE TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
AT-Jamtahsil-Samudrapur, Jamb, Mumbai-442305, |
|
This form is for |
Creation of
Charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
State Bank of |
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Nature of
instrument creating charge |
A) Agreement of hypothecation of goods and
assets fore the overall limit, Form C-2 Dated 24.09.2009. B) Letter Regarding the grant of individual
limits within the overall limit, form C-5 dated 24.09.2009 |
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Date of
instrument Creating the charge |
24.09.2009 |
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Amount secured by
the charge |
Rs. 186.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Fresh Term Loan
of Rs. 186.000 Millions at 0.50% above SBAR i.e. 12.25% p.a. with monthly
rests and interest reset annually. Terms of
Repayment To be paid after
a moratorium period of 24 months from September, 2009 i.e. starting form
October 01, 2011, The last installment is to be paid by 01.07.2019. The term
loan will be paid in 32 quarterly installments (Of which first 30 installments
for Rs. 5.800 Millions each and the last two installments of Rs. 6.000
Millions each.) Margin 28.46% by Way of
internal accruals Extent and
Operation of the charge 1st
charge on the entire fixed assets (including immovable properties)l present
and future of the company along with other term lenders |
|
Short particulars
of the property charged |
The whole of the
movable properties of the company including its movable plants and machinery,
spare parts, tools and accessories and other movables, both present and
future ( Save and Except book debts) Unit is located
at Jamb 442305, Samudrapur, District – Wardha, |
FIXED ASSETS
·
Land
·
·
Water Supply and
Management System
·
·
Temporary Structure
·
Plant and Machinery
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Furniture and Fixtures
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Vehicles
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Computer
·
Other Assets
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.44.58 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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.