MIRA
INFORM REPORT
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Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TEXACO SYNTHETICS PRIVATE LIMITED |
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Registered Office : |
A/903, Bagheshree Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.12.1988 |
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Com. Reg. No.: |
04-11613 |
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Paid Up Capital : |
Rs. 10.500 Millions |
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CIN No.: [Company
Identification No.] |
U17119GJ1988PTC011613 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMT00157D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter Printed Fabrics, Sheeting Fabrics and Suiting
Fabrics |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 42072 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subjects is an established company having moderate track. The company
has been successful in wiping off the accumulated losses of previous years.
Trade relations are reported as fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealings with some caution. |
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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
A/903, Bagheshree Complex, Opposite Fun Republic, Satellite Road,
Ahmedabad-380005, Gujarat, India |
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Tel. No.: |
91-79-32928098 |
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Fax No.: |
91-79-26862404 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Pradipkumar Agrwal |
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Designation : |
Director |
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Address : |
A-903, |
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Date of Appointment : |
09.12.1988 |
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Name : |
Mrs. Rukmani Pradipkumar Agrwal |
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Designation : |
Director |
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Address : |
Citrakoot 7, New Rita Park, |
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Date of Appointment : |
10.07.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Pradeepkumar S Agrwal |
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533696 |
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Rukmani P Agrwal |
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194684 |
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Chandrakala S Agrwal |
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138740 |
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Pradeepkumar S Agrwal HUF |
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26180 |
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Satishbhai Sukhwani |
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100 |
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Ashok Kumar Gupta |
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100000 |
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Krishna Agarwal HUF |
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56600 |
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Total |
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1050000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter Printed Fabrics, Sheeting Fabrics and
Suiting Fabrics |
PRODUCTION STATUS as on 31.03.2010
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Installed Capacity |
730000 (Qty. In Meter) |
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Actual Production |
612717 (Qty. In Meter) |
GENERAL INFORMATION
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Bankers : |
·
State
Bank of Indore, S.G. Highway Road, Camps Corner, Near Auda Garden,
Prahladnagar, Ahmedabad-380051, Gujarat, India · State Bank of India, Auda Garden,Prahladnagar Branch, Satellite, Ahmedabad - 380015, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gattani and Associates Chartered Accountant |
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Address : |
1003-04, Samudra Annexe, Near Hotel, Klassic Gold, Ellishbridge,
Ahmedabad-380006, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1050000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1050000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.500 |
10.406 |
8.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.800 |
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3] Reserves & Surplus |
0.018 |
(2.948) |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[6.527] |
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NETWORTH |
10.518 |
7.458 |
2.873 |
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LOAN FUNDS |
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1] Secured Loans |
25.041 |
14.960 |
11.372 |
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2] Unsecured Loans |
3.477 |
5.386 |
2.621 |
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TOTAL BORROWING |
28.518 |
20.346 |
13.993 |
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DEFERRED TAX LIABILITIES |
0.890 |
1.095 |
1.375 |
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TOTAL |
39.926 |
28.899 |
18.241 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.471 |
6.016 |
6.666 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.933
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29.975
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12.462 |
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Sundry Debtors |
24.302
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18.982
|
6.990 |
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Cash & Bank Balances |
0.464
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0.288
|
1.428 |
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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 |
4.309
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7.233
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3.026 |
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Total
Current Assets |
62.008
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56.478 |
23.906
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
28.154
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31.102
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10.950 |
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Current Liabilities |
1.293
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1.508
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1.001 |
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Provisions |
2.122
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0.985
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0.400 |
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Total
Current Liabilities |
31.569
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33.595 |
12.351
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Net Current Assets |
30.439
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22.883 |
11.555
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MISCELLANEOUS EXPENSES |
0.016 |
0.000 |
0.020 |
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TOTAL |
39.926 |
28.899 |
18.241 |
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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 Turnover & Other Income |
153.719 |
160.694 |
65.575 |
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Profit/(Loss) Before Tax |
4.012 |
3.739 |
1.387 |
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Provision for Taxation |
1.045 |
0.161 |
[0.049] |
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Profit/(Loss) After Tax |
2.967 |
3.578 |
1.436 |
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.61
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5.98 |
4.54
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Return on Investment (ROI) (PBT/Networth) |
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0.38
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0.50 |
0.48
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Debt Equity Ratio (Total Liability/Networth) |
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5.71
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7.23 |
9.17
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Current Ratio (Current Asset/Current Liability) |
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1.96
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1.68 |
1.94
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LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U17119GJ1988PTC011613 |
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Name of the
company |
TEXACO SYNTHETICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
A/903, Bagheshree Complex, Opposite Fun Republic, Satellite Road,
Ahmedabad-380005, Gujarat, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
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Nature of instrument
creating charge |
Memorandum
relating to deposit of title deeds for creation of further charge for term
loan overall limit where the initial charge is created by way of mortgage by
deposit of title deeds (Form C.10A),dated 11.03.2011 |
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Date of
instrument Creating the charge |
11.03.2011 |
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Amount secured by
the charge |
Rs. 60.434
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest (a) CC-@ 6.75%
above base rate (b) TL-@ 7.50% above base rate (c) EPC -@ 0.25% below base
rate (Presently BR=8.25%) subject to change from time to time as decided by
the Bank. Terms of
Repayment (a) WC-Repayable
on demand (b) TL (existing)-As per existing repayment schedule(c) TL (New)-Rs
216.00 Lacs will be repayable in 72 monthly installment of Rs.3.00
Lacs,starting after nine months of moratorium from date of first
disbursement. Interest will be payable as and when applied. Margin Raw materials
(Imported) : 30% Semi finished
goods : 30% Finished
goods : 30% Domestic
receivables : 50% (cover
90 days) EPC :
10% Term loan (Land
& Building) : 30% Term loan (Plant
& Machinery) : 40.55% Term loan (Misc.
assets) : 40% Extent and
Operation of the charge The existing
credit facilities enhanced to Rs.60.434 millions secured first charge byway
of extension of mortgage over immovable properties described in schedule-B
hereunder written as continuing security for due repayment & discharge
liquidation of all monies including interest,costs,charges,expenses due/or
payable by borrower to the Bank Others The credit
facilities secured as under : (a) Cash
credit - Rs.33.000
Millions (b) EPC/FBD - Rs.(13.000) Millions (c) Term loan
-(Old) - Rs. 5.034 Millions (d) Term loan
(New) - Rs.21.600 Millions (e) CCF
limit - Rs. 0.800
Millions (for forward contract-Rs.40.000 Millions) Making overall
aggregate credit facilities of Rs.60.434 Millions |
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Particulars of
the property charged |
All those pieces
or parcels of NA land bearing plot no.403,S.no.119,GIDC Chhatral together
with superstructure being factory building/shed
standing thereon admn.2000 sq.mtrs.or thereabout situated at mouje
Chhatral,Taluka Kalol in the registration district of Gandhinagar together
with all present and future immovable nature of plant & machineries
attached to the earth or permanently |
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Date of
instrument modifying the charge |
12.03.2010 |
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Particulars of
the present modification |
The earlier
charge (ID No.90107951) modified by way of mortgage is now being further
modified on 11.03.2011 by way extension of mortgage over immovable properties
described in schedule-B hereunder written as continuing security for due
repayment,discharge,liquidation of all monies including
interest,costs,charges,expenses due/or payable by borrower to the Bank. Now
the amount of charge extend over immovable properties aggregate to Rs.60.434
Millions |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90107951 |
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Corporate
identity number of the company |
U17119GJ1988PTC011613 |
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Name of the
company |
TEXACO SYNTHETICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
A/903, Bagheshree Complex, Opposite Fun Republic, Satellite Road,
Ahmedabad-380005, Gujarat, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of
Indore, S.G. Highway Road, Camps Corner, Near Auda Garden, Prahladnagar,
Ahmedabad-380051, Gujarat, India |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods And Assets for Increase in the overall
limit |
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Date of
instrument Creating the charge |
17.04.2009 |
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Amount secured by
the charge |
Rs. 52.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit Loan
(Hypothecation) – 0.75% above BPLR EPC/FBP/FUBD
(Fully Convertible ) – As applicable to export finance Term Loan – 2.00%
above BPLR More details as
per Agreement attached Terms of
Repayment FBP : On Demand FUBD : In case of
DA bill (Foreign), usage not exceeding 180 days Term Loan: 53
monthly installments of Rs. 0.039 Million and last installments of Rs. 0.033
Million Margin Cash Credit -30%
on Inventory and 50% on Book Debts (Cover period 90 days) EPC/ FBP/ FUBD –
10% of FOB Value Term Loan –
33.00% Extent and
Operation of the charge Hypothecation of stock
of raw materials, consumable stores and spares, packing materials, Goods in
process and Finished goods. Hypothecation of
Plant and Machineries and Accessories More derails as
per agreement attached |
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Short particulars
of the property charged |
Hypothecation of
stock of raw materials, consumable stores and spares, packing materials,
Goods in process and Finished goods. Hypothecation of
Plant and Machineries and Accessories |
Fixed Assets:
·
Land
·
Flat
·
·
Plant and Machinery
·
Humidification Plant
·
Electrical Installation
·
Loom Accessories
·
D G Set
·
Air Conditioner
·
Furniture and Fixture
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Office Equipments
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Air Cooler
·
Motor Car
·
Kinetic Honda
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Scooter
·
Maruti Car
·
Computer
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.72.92 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
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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 |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.