MIRA
INFORM REPORT
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Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
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Name : |
AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24-01-2005 |
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Com. Reg. No.: |
16-27880 |
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CIN No.: [Company
Identification No.] |
U17110PB2005PTC027880 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AMRA10966E |
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PAN No.: [Permanent
Account No.] |
AAFCA0627F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Blankets |
RATING & COMMENTS
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MIRA’s Rating : |
B(29) |
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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 2100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 but correct. The company can be considered for small business dealing with 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Sachin Khanna |
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Designation : |
Director |
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Contact No.: |
91-9356014406 |
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Date : |
02.03.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-183-2225618/2220782/5094716/3090796 |
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Fax No.: |
91-183-5094717 |
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E-Mail : |
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Website : |
http://www.aswm.com |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
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Tel. No.: |
91-183-2263889, 2263903 |
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Factory 2 : |
Village Vallah Verka, |
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Tel. No.: |
91-183-3092600, 5092693 |
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Factory 3 : |
Bahalgarh, Sonipat |
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Tel. No.: |
91-130-2381209 |
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Factory 4: |
(Garments Division), |
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Tel. No.: |
91-180-23370293, 23370326 |
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DIRECTORS
AS ON 29.09.2010
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Name : |
Mr. S. K. Khanna |
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Designation : |
Managing Director and Chairman |
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Address : |
79, The Mall, |
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Date of Birth/Age : |
15.8.1923 |
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Date of Appointment : |
26.02.2005 |
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Name : |
Mr. Raj Krishna Khanna |
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Designation : |
Director |
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Address : |
72, |
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Date of Birth/Age : |
10.08.1933 |
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Date of Appointment : |
24-01-2005 |
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Name : |
Mr. Lalit Krishna Khanna |
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Designation : |
Director |
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Address : |
219, |
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Date of Birth/Age : |
11.04.1944 |
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Date of Appointment : |
24-01-2005 |
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Name : |
Mr. Rajiv Krishan Khanna |
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Designation : |
Director |
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Address : |
79, The Mall, |
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Date of Birth/Age : |
28.04.1946 |
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Date of Appointment : |
24-01-2005 |
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Name : |
Mr. Akhil Khanna |
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Designation : |
Director |
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Address : |
F-101, Nishant Prime 5, Prime Street, |
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Date of Birth/Age : |
24.06.1966 |
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Date of Appointment : |
26.02.2005 |
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Date of Cessation: |
25/12/2007 |
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Name : |
Mr. Sachin Khanna |
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Designation : |
Director |
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Address : |
79, The Mall, |
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Date of Birth/Age : |
27.09.1974 |
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Date of Appointment : |
26.02.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Mr. S. K. Khanna |
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3000000 |
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Mr. Raj Krishna Khanna |
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3000000 |
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Mr. Lalit Krishna Khanna |
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3000000 |
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Mr. Vinod Khanna |
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1400000 |
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Mr. Vimal Khanna |
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1400000 |
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Mr. Vijay Khanna |
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1400000 |
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Mr. Rajiv Khanna |
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1600000 |
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Mr. Akhil Khanna |
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600000 |
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Mr. Sachin Khanna |
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600000 |
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Mr. Amritsar Swadeshi Woollen Mills Private Limited |
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4000000 |
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TOTAL |
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20000000 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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20 |
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Directors
or relatives of directors |
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80 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Blankets |
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Products : |
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Exports : |
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Products : |
Blankets |
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Countries : |
US, |
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Imports: |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 to 60 to 90 days) |
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Purchasing : |
L/C, Cash and Credit (30 to 60 to 90 days) |
PRODUCTION STATUS AS ON (31.03.2010)
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Particulars |
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Installed Capacity |
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Spindles |
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2584 |
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Power Looms |
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83 |
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Particulars |
Units |
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Actual Production |
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Yarn |
Kgs |
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1610422 |
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Cloth |
Mts |
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434823 |
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Blankets, shawls, Garments, etc |
Pcs |
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474235 |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, end Users, OEM’s
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Bankers : |
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No. of Employees : |
500 (Approximately) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R L Mehra And Company Chartered Accountant |
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Address : |
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Tel No.: |
91-183-229114 / 503603 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- Each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- Each |
Rs.200.000 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 |
200.000 |
200.000 |
200.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
319.755 |
15.633 |
14.411 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
519.755 |
215.633 |
214.411 |
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LOAN FUNDS |
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1] Secured Loans |
141.127 |
117.943 |
194.789 |
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2] Unsecured Loans |
99.946 |
140.653 |
64.450 |
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TOTAL BORROWING |
241.073 |
258.596 |
259.239 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
760.828 |
474.229 |
473.650 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
525.836 |
227.097 |
233.135 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.110 |
0.111 |
0.111 |
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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 |
171.637
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185.954
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164.500 |
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Sundry Debtors |
90.388
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99.818
|
99.531 |
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Cash & Bank Balances |
5.187
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4.138
|
5.630 |
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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 |
36.047
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32.807
|
39.183 |
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Total
Current Assets |
303.259
|
322.717 |
308.844 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
54.102
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71.196
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65.463 |
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Other Liabilities |
0.000
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0.000
|
0.000 |
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Provisions |
14.775
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4.500
|
3.200 |
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Total
Current Liabilities |
68.877
|
75.696
|
68.663 |
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Net Current Assets |
234.382
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247.021
|
240.181 |
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MISCELLANEOUS EXPENSES |
0.500 |
0.000 |
0.223 |
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TOTAL |
760.828 |
474.229 |
473.650 |
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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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Income |
341.900 |
316.500 |
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Other Income |
17.424 |
22.600 |
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TOTAL |
359.324 |
339.100 |
452.900 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
348.927 |
336.577 |
449.287 |
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Advertising Expenses |
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TOTAL |
348.927 |
336.577 |
449.287 |
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PROFIT BEFORE
TAX |
10.397 |
2.522 |
3.613 |
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Less |
TAX |
3.375 |
1.300 |
NA |
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PROFIT AFTER TAX |
7.022 |
1.223 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
135.294 |
94.309 |
211.982 |
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TOTAL EARNINGS |
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IMPORTS |
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Purchase |
21.475 |
43.158 |
10.097 |
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Stores and Accessories |
2.065 |
0.530 |
1.034 |
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TOTAL IMPORTS |
23.540 |
43.688 |
11.131 |
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Earnings Per
Share (Rs.) |
0.36 |
0.06 |
-- |
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Expected Sales (2010-2011) : Rs.400.000 Millions
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.95
|
0.36
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.04
|
0.79 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.25
|
0.46
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NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.01
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.59
|
1.55
|
1.53 |
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Current Ratio (Current Asset/Current Liability) |
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4.40
|
4.26
|
4.50 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
AND AFFAIRS OF THE COMPANY:
The total turnover of the company during the year is Rs.341.900 millions
as compared to Rs.316.500 millions during the previous year. Net Profit during
he year under consideration is Rs.10.400 millions as compared to profit of Rs.
2.522 millions of the previous year. The profitability has increased by 400%
approximately.
Future Prospects
of the Company
The Board of Directors strongly believe that the Mega Project will bring
better efficiency and cost effectiveness and will result in economies of scale,
The production capacities will increase three times and the production lines
will be well synchronised and systematic, This project will have a gestation
period of about 24 months.
FORM 8
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This form is for |
Modification of charge |
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Charge
identification number of the modified |
90171476 |
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Corporate
identity number of the company |
U17110PB2005PTC027880 |
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Name of the
company |
AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
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Particular of
charge holder |
Union Bank of |
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Nature of description
of the instrument creating or modifying the charge |
1. Working
Capital Consortium Agreement 2. Joint Deed of
Hypothecation |
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Date of
instrument Creating the charge |
28.08.2010 |
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Amount secured by
the charge |
Rs.280.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement. Terms of
Repayment As per Agreement. Margin As per Bank
Norms. Extent and
Operation of the charge 100% |
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Short particulars
of the property charged |
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Particulars of
the present modification |
Details Of
Revised Limits Are As Under:- Ubi- Rs.205.000
Millions , Psb:-75.500 Millions Total=
Rs.280.500 Millions. For Details Of
Limits, See First Schedule Enclosed
Herewith. |
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Name of the company |
AMRITSAR SWADESHI TEXTILE CORPORATION PRIVATE LIMITED |
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Presented By |
Sh. S. K. Khanna,
Director |
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1) Date and description of instrument creating the change |
Hypothecation
(Goods) Agreements dated 15.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.14.700
Millions |
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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 |
All Plant and Machinery purchased or to be purchased including milling
I scouring Machines, Automatic, Simmet / Dornier Sulzer Locms,
Combined Raising and Sheering Line, Stenter Machine, Rotary Press, Dyeing
Machines, Mangle Machine, open width Rope, Hydro Extractor Machine with
accessories and any other machinery purchased Dr to be purchased with the
abovesaid Term Loan. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 10.75Y. p. a. with Monthly rests or at such other rate as
may be prescribed by the Bank from time to time. Operation:100 %.. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Chowk Fuwara, |
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6) Date and brief description of instrument modifying the charge |
Memorandum dated 23.11.2005 |
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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. |
The above limit is further secured by way of Factory Building and Land
measuring 65K-15M (8.21B Acres) situated at Verka, Vallah Bye Pass Road,
comprising of Khasra Nos.153/18(8-0),153/9(7-8),
153/12(8-0),153/13(8-0), 153/8(7-16),153/19(8-0), 153/17(8-0),153/25(1-5),
154/20/3(2-4),21/1(1-2), 153/611(6-0) Total Area 65 Kanals and 15
MarIas. |
Trade Reference:
· LA Maison Simons
· Columbia Sportswear Company
FIXED ASSETS:
- Land
- Plant And
Machinery
- Furniture And
Fittings
- Motor
Vehicles
- Computers
- Transportation
Vehicles
- Motor Bikes
and Scooters
WEBSITE DETAILS
PROFILE
Subject. was started in 1957 as a blanket manufacturing unit
in
In 1998
The Woollen plant is one of its kind in
With complete in house weaving capacity of 405,000 Meters or 165,000 Blankets / month Amritsar Swadeshi Textile Corporation Private Limited. has one of the largest woollen blanket and heavy woollen fabric production base in the country. It also has to its strength a Garment manufacturing unit with 194 Juki stitching machines, 223 Singer/Union Special and other special application stitching machines and 27 Overlock and buttoning machines and has a capacity of 40,000 Garments to 50,000 Garments / Month.
The Blanket division is a Woolmark Licensee and has a ISO
9001:2000 Certification for Spinning , Weaving and Finishing of Woollen
Blankets , Shawls and Fabrics and is one of the first heavy woollen
manufacturer in
With a global list of satisfied customers like Yemen Army, Saudi Army, Unicef, International Red Cross, Old Navy, Columbia Sportswear, Carrefour, Timberland, Marlboro, Avirex, Wallaby, La Maison Simons, Amritsar Swadeshi Textile Corporation Private Limited. is the largest exporter of blankets and heavy woollen material and ready made garments for the past decade from India.
The Acrylic Mink Blanket plant - "Swadeshi Koreatex"
a unit of Amritsar Swadeshi Textile Corporation Private Limited. was setup in
the year 1998 keeping in view the changing requirements of customers in India
as well as abroad. This unit is one of the most modern mink blanket
manufacturing plant in
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 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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
27 |
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.