MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
WORLDTEX MANUFACTURING PRIVATE LIMITED |
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Registered
Office : |
10/11, Shivai Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.08.1999 |
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Com. Reg. No.: |
11-121510 |
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Capital
Investment / Paid-up Capital : |
Rs.28.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
U17110MH1999PTC121510 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW01598C |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Home Furnishings. |
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No. of Employees
: |
15 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appear
huge accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vivian Dsouza |
|
Designation : |
General Manager |
|
Date : |
02.06.2011 |
LOCATIONS
|
Registered Office : |
10/11, Shivai Industrial Estate, |
|
Tel. No.: |
91-22-28514430/ 66764384 |
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Fax No.: |
91-22-28514435 |
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E-Mail : |
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Website : |
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Factory 1 : |
C-230, T.T.C. Industrial Area, |
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Tel. No.: |
91-22-7683230/ 7683016 |
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Factory 2 : |
A-585, T.T.C. Industrial Area, Thane Belapur Road, Mahape, MIDC,
Turbhe, Navi Mumbai-400705, Maharashtra, India |
|
Tel. No.: |
91-22-7601610/ 7699274 |
DIRECTORS
As on 09.09.2010
|
Name : |
Mr. Anish Bipin Doshi |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
81/82, The Nest, |
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Date of Birth/Age : |
02.10.1966 |
|
Date of Appointment : |
30.08.1999 |
|
DIN : |
00307008 |
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|
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|
Name : |
Mr. Deven Madhusudan Doshi |
|
Designation : |
Director |
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Address : |
504, Commerce House, |
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Date of Birth/Age : |
10.01.1965 |
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Date of Appointment : |
01.12.2001 |
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DIN : |
00375320 |
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Name : |
Mr. Bipin Jethalal Doshi |
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Designation : |
Director |
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Address : |
71/72 The Nest, |
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Date of Birth/Age : |
08.09.1936 |
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Date of Appointment : |
30.08.1999 |
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DIN : |
01550249 |
KEY EXECUTIVES
|
Name : |
Mr. Vivian Dsouza |
|
Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.09.2010
|
Names of Shareholders |
No. of Preference
Shares |
No. of Equity Shares |
|
Anish Doshi |
132000 |
540000 |
|
Bipin Doshi |
137500 |
562500 |
|
Jyotsna Doshi |
137500 |
562500 |
|
Monika Doshi |
132000 |
540000 |
|
Sidhant Doshi |
5500 |
22500 |
|
Namrata Doshi |
5500 |
22500 |
|
Total |
550000 |
2250000 |
As on 09.09.2010
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Home Furnishings. |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
15 [Approximately] |
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Bankers : |
Citibank N.A., Bandra
Kurla Complex, G-Block, Bandra (East), Mumbai-400051, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kamdar Desai and Patel Chartered Accountant |
|
Address : |
Vasaikar House, |
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Tel. No.: |
91-22-24475000 |
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Fax No.: |
91-22-24475001 |
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E-Mail : |
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|
Website: |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550,000 |
Preference Shares |
Rs.10/- each |
Rs. 5.500 Millions |
|
2,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
|
|
Total |
|
Rs.
30.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550,000 |
Preference Shares |
Rs.10/- each |
Rs. 5.500 Millions |
|
2,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 22.500 Millions |
|
|
Total |
|
Rs. 28.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
28.000 |
28.000 |
28.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[58.739] |
[61.094] |
[64.319] |
|
|
NETWORTH |
[30.739] |
[33.094] |
[36.319] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
63.293 |
64.493 |
63.293 |
|
|
TOTAL BORROWING |
63.293 |
64.493 |
63.293 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32.554 |
31.399 |
26.974 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
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|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
24.648 |
26.185 |
26.567 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.250 |
0.250 |
0.250 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20.799
|
0.000
|
0.000 |
|
|
Sundry Debtors |
8.495
|
1.176
|
0.000 |
|
|
Cash & Bank Balances |
(1.293)
|
0.220
|
0.247 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
0.582
|
3.721
|
3.631 |
|
Total
Current Assets |
28.583
|
5.117
|
3.878 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
20.668
|
[0.233]
|
1.455 |
|
|
Other Current Liabilities |
0.259
|
0.255
|
2.155 |
|
|
Provisions |
0.000
|
0.150
|
0.150 |
|
Total
Current Liabilities |
20.927
|
0.172
|
3.760 |
|
|
Net Current Assets |
7.656
|
4.945
|
0.118 |
|
|
|
|
|
|
|
|
PRELIMINARY EXPENSES |
0.000 |
0.019 |
0.039 |
|
|
|
|
|
|
|
|
TOTAL |
32.554 |
31.399 |
26.974 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
107.276 |
34.214 |
12.290 |
|
|
|
Other Income |
0.664 |
0.965 |
11.082 |
|
|
|
TOTAL (A) |
107.940 |
35.179 |
23.372 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
102.284 |
28.033 |
0.013 |
|
|
|
Manufacturing Expenses |
0.549 |
0.724 |
25.748 |
|
|
|
Administrative and Selling Expenses |
0.923 |
1.695 |
4.569 |
|
|
|
Payment to and for Employees |
0.218 |
0.000 |
6.657 |
|
|
|
Preliminary and Pre- Operative Expenses written off |
0.020 |
0.020 |
0.020 |
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
103.994 |
30.472 |
37.007 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.946 |
4.707 |
[13.635] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST` (D) |
0.054 |
0.014 |
0.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.892 |
4.693 |
[13.650] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.537 |
1.467 |
2.569 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.355 |
3.226 |
[16.219] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
[0.020] |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.355 |
3.226 |
[16.239] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[61.093] |
[64.319] |
[48.080] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[58.738] |
[61.093] |
[64.319] |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
1.05 |
1.43 |
[7.22] |
|
|
Particulars |
|
|
31.03.2011 |
|
|
|
|
|
|
Sales Turnover [Approximately] |
|
|
200.000 |
|
|
|
|
|
The above information has been parted by Mr. Vivian Dsouza [General Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.18
|
9.17
|
[69.48] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.20
|
9.43
|
[131.97] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.42
|
10.31
|
[53.27] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.08]
|
[0.10]
|
[0.45][ |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[2.74]
|
[1.95]
|
[1.85] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
29.75
|
1.03 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
:
During the year profit after tax is Rs.2.355 millions . The company is
endeavoring to perform better during the current year.
Bankers Charges
Report as per Registry
|
Name of the company |
WORLDTEX MANUFACTURING PRIVATE LIMITED |
|
Presented By |
Mr. Bipin Doshi |
|
1) Date and description of instrument creating the change |
Term Loan
Agreement for Property Mortgage dated 30.01.2003 and Memorandum of Entry
Dated 30.01.2003 executed by Worldtex Manufacturing Private Limited in favour
of Citibank N.A. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total Facilities
of Rs. 24.350 Millions which is fully funded |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the borrowers fixed assets including plant and machinery, furniture and
fixtures, computer and software, electric installation, office equipments
forming part of the fixed assets both present and future and mortgage of
property bearing- Plot No. 585 in Block ‘C’ TTC Industrial Area, MIDC,
Opposite Dimpy Ice Factory, Near Mhape Depot, Shil Mhape Road, Off Thane
Belapur Road, Mhape MIDC, Navi Mumbai-400701 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend and advance to the economy said
facilities under said agreement and declaration by the company, inter alia,
as follows: 1) Covenant by
the company to repay the facility at (2) above and pay interest and all other
monies in the manner set out in the said Agreement between the company and
the Lender and to comply with the terms and conditions of the said agreement. 2) The said fixed
assets hypothecated and Property Mortgaged to the Lender as and by way of
First charge as security for and be charged with the repayment of the loan
with all interest, liquidated, damages, premia on prepayment or on
redemption, costs, charges, and other expenses payable by the company to the
lender in respect thereof. Interest Rate –
11.0% 3) The company to
keep the said in markable and good conditions and also insured as provided
therein. 4) Power and
entry, power to take charge and / or possession of, seize, recover, Receive,
appoint and sell, contract, dispatch for realization or otherwise dispose of
or with all or any part of the said assets, as provided therein. |
|
5) Name and Address and description of the person entitled to the charge. |
Citibank N.A.,
Bandra Kurla Complex, G-Block, Bandra (East), Mumbai-400051, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Fixed Assets:
·
Land
·
Building
·
Computer
·
Furniture and Fixtures
·
Office Equipments
·
Electrical Installation
·
Vehicles
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.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.