MIRA
INFORM REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
YELLOWS SPUN AND LINENS PRIVATE LIMITED |
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Registered
Office : |
12/C, Andheri Industrial Estate, Veera Desai Road, Near Janki Centre,
Andheri (West), Mumbai-400053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.11.2003 |
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Com. Reg. No.: |
11-143031 |
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Capital
Investment / Paid-up Capital : |
Rs. 7.000 millions |
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CIN No.: [Company Identification
No.] |
U18100MH2003PTC143031 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMY01554A |
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PAN No.: [Permanent Account No.] |
AAACY2076M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter of Towels, Bed Sheets |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 63000 |
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Status : |
Moderate |
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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. Profitability
of the company appears to be low. However, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Joshi |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-26730825 |
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Date : |
28.06.2011 |
LOCATIONS
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Registered Office : |
12/C, Andheri Industrial Estate, Veera Desai Road, Near Janki Centre,
Andheri (West), Mumbai-400053, Maharashtra, India |
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Tel. No.: |
91-22-26730825 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Kothari Industrial Estate, MIDC, Aloknath, Solapur, Maharashtra, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Ms. Dipti Arun Dalmia |
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Designation : |
Director |
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Address : |
502 A, Pancharatna Yari Road, Versova, Andheri, Mumbai-400061,
Maharashtra, India |
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Date of Birth/Age : |
20.11.1980 |
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Date of Appointment : |
07.11.2003 |
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DIN No : |
01826171 |
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Name : |
Dungershidas Madanlal Jhunjhunwala |
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Designation : |
Director |
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Address : |
72, Akshay Girikunj, Paliram Road, Mumbai-400058, Maharashtra, India |
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Date of Birth/Age : |
07.10.1931 |
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Date of Appointment : |
25.11.2003 |
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DIN No : |
01810851 |
KEY EXECUTIVES
|
Name : |
Mr. Joshi |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Dipti Arun Dalmia |
285000 |
|
Sharan Kishan Mehta |
25000 |
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Praveena Omprakash Jhunjhunwala |
50000 |
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Dungershidas Madanlal Jhunjhunwala |
240000 |
|
Ross Impex Private Limited, India |
50000 |
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Devsha Impex Private Limited, India |
50000 |
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|
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Total |
700000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
14.29 |
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Directors or relatives of Directors |
85.71 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Towels, Bed Sheets |
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Exports : |
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Products : |
·
Towels ·
Bed Sheets |
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Countries : |
·
Denmark ·
Germany ·
United Kingdom |
GENERAL INFORMATION
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No. of Employees : |
25 (Approximately) |
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Bankers : |
·
Indian Overseas Bank, Sadhana 378, L J Road,
Mahim, Mumbai-400016, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shankarlal Jain and Associates Chartered Accountant |
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Address : |
12, Engineer Building, 265, Princess Street, Mumbai-400002,
Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
700000 |
Equity Shares |
Rs.10/- each |
Rs. 7.000
Millions |
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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 |
7.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.805 |
4.717 |
4.654 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.805 |
10.717 |
10.654 |
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LOAN FUNDS |
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1] Secured Loans |
47.732 |
31.269 |
38.012 |
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2] Unsecured Loans |
0.809 |
2.192 |
0.424 |
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TOTAL BORROWING |
48.541 |
33.461 |
38.436 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64.346 |
44.178 |
49.090 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.229 |
5.884 |
5.572 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.574 |
0.574 |
0.574 |
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DEFERREX TAX ASSETS |
0.034 |
0.061 |
0.032 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
49.362
|
32.735 |
31.306 |
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Sundry Debtors |
19.127
|
13.899 |
18.504 |
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Cash & Bank Balances |
1.627
|
1.813 |
3.153 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.054
|
5.247 |
6.041 |
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Total
Current Assets |
79.170
|
53.694 |
59.004 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
15.311 |
11.815 |
13.149 |
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Other Current Liabilities |
6.261
|
4.037 |
2.872 |
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Provisions |
0.089
|
0.183 |
0.105 |
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Total
Current Liabilities |
21.661
|
16.035 |
16.126 |
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Net Current Assets |
57.509
|
37.659 |
42.878 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.034 |
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TOTAL |
64.346 |
44.178 |
49.090 |
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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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Sales (Exports) |
73.337 |
37.193 |
82.462 |
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Sales (local) |
3.851 |
1.951 |
3.482 |
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Other Income |
5.721 |
4.926 |
7.952 |
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TOTAL (A) |
82.909 |
44.070 |
93.896 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
77.559 |
39.888 |
88.243 |
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Advertising Expenses |
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TOTAL (B) |
77.559 |
39.888 |
88.243 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.350 |
4.182 |
5.653 |
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Less |
FINANCIAL
EXPENSES (D) |
4.831 |
3.837 |
5.259 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.519 |
0.345 |
0.394 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.329 |
0.226 |
0.221 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.190 |
0.119 |
0.173 |
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Less |
TAX (I) |
0.102 |
0.056 |
0.211 |
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PROFIT AFTER TAX
(G-I) (J) |
0.088 |
0.063 |
(0.038) |
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Earnings Per
Share (Rs.) |
0.13 |
0.10 |
(0.06) |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) (Due to Production) |
|
|
52.500 |
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The above information has been parted by Mr, Joshi.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.11
|
0.14 |
(0.04) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.25
|
0.30 |
0.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.22
|
0.20 |
0.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.44
|
4.62 |
5.12 |
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Current Ratio (Current Asset/Current Liability) |
|
3.65
|
3.35 |
3.66 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
15.311 |
11.815 |
13.149 |
GENERAL
OBSERVATIONS
The Company during
the year made a net profit of Rs. 0.190 million as compared to net profit of
Rs. 0.119 million for the previous Year. After provision for Taxation, the
Company has made net profit of Rs 0.088 million as compared to the net loss of
Rs 0.063 million for the previous year.
FORM 8
|
Corporate
identity number of the company |
U18100MH2003PTC143031 |
|
Name of the
company |
YELLOWS
SPUN AND LINENS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
12/C, Andheri Industrial Estate, Veera Desai Road, Near Janki Centre,
Andheri (West), Mumbai-400053, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Indian Overseas Bank, Sadhana 378, L J Road, Mahim, Mumbai-400016,
Maharashtra, India |
|
Nature of
instrument creating charge |
a)
Supplemental Narration in the Title Deeds Register. b)
Confirmation Letter Evidencing Creation of Supplemental Mortgage. |
|
Date of
instrument Creating the charge |
30.07.2009 |
|
Amount secured by
the charge |
Rs. 67.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Miscellaneous
Cash Credit : BPLR + 2.75% p.a. Packing
Credit : As per circulars in force. FDDBP
/ FDUBD : As per circulars in force. Loan
/ OD : BPLR + 2.75% p.a. Terms of
repayment Repayable
on Demand. Margin Miscellaneous
Cash Credit : 50% on FSV of the
property. Packing
Credit : 25% on
Stocks. FDDBP
/ FDUBD : Nil Loan
/ OD : 25.00% on
Duty Drawback Receivable. Extent and
operation of the charge The
charge is to operate as security, by way of first exclusive charge, for the
due repayment of the credit facility of Rs.67.500 millions together with
interests, additional interests, costs, charges, expenses and all other
moneys payable by the Company to the Bank in terms of sanction. Other Facility Limits (Rs. in millions)
Existing Revised ------------------------ ----------- ------------ Misc.Cash
Credit ---- 5.000 Packing
Credit 22.500 27.500 FDDBP
/ FDUBD 17.500 30.000 Loan
against D. D --- 5.000 FDDBP
- NLC 15.000 ---
------------- ------------ Total 55.000 67.500 |
|
Short particulars
of the property charged (Including location of the property) |
Extension
of Mortgage of the Company's properties situated at C.S.No.162/1B, Kasbe
Solapur, Near MIDC, Akkalkot Road, Taluk North Solapur, District Solapur. |
|
Charge
identification number of the charge to be modified |
10031090 |
|
Date of
instrument modifying the charge |
22.07.2009 |
|
Particulars of
the present modification |
Mortgage
on the Company's properties situated at C.S.No.162/1B, Kasbe Solapur, Near
MIDC, Akkalkot Road, Taluk North Solapur, District Solapur is extended to
secure the enhanced limit of Rs.67.500 millions. |
FIXED ASSETS
·
Land
·
Computer
·
Weighing Machine
·
Plant and Machinery
·
Telephone Equipments
·
Furniture and Fixtures
·
Air Conditioner
·
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.45.05 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.