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MIRA
INFORM REPORT
|
Report Date : |
28.05.2011 |
Note:
Correct name of the company is Glamour Dyeing And Printing Mills (Surat)
Private Limited
IDENTIFICATION DETAILS
|
Name : |
GLAMOUR DYEING AND PRINTING MILLS (SURAT) PRIVATE LIMITED |
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Registered
Office : |
Udhna Magdala Road, Opposite Khato Dara Water Tank, Surat 395002,
Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.03.1974 |
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Com. Reg. No.: |
002481 |
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Capital
Investment / Paid-up Capital : |
Rs.9.000 millions |
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CIN No.: [Company Identification
No.] |
U17119GJ1974PTC002481 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Dyeing and Printing of Gray Cloth |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 81656 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments.
The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Nathubhai |
|
Designation : |
Manager |
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Contact No.: |
91-261-2632351 |
|
Date : |
27.05.2011 |
LOCATIONS
|
Registered Office : |
Udhna Magdala Road, Opposite Khato Dara Water Tank, Surat 395002,
Gujarat, India |
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Tel. No.: |
91-261-2632350 - 51 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Nikul J Patel |
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Designation : |
Director |
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Date of Birth/Age : |
14.01.1972 |
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Date of Appointment : |
20.10.1988 |
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Name : |
Mr. Harshad J Patel |
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Designation : |
Director |
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Date of Birth/Age : |
18.03.1970 |
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Date of Appointment : |
29.02.1988 |
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Name : |
Mr. Jivabhai A Patel |
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Designation : |
Director |
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Date of Birth/Age : |
30.04.1938 |
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Date of Appointment : |
31.01.1982 |
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|
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Name : |
Mr. Ritesh J Patel |
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Designation : |
Director |
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Date of Birth/Age : |
26.10.1973 |
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Date of Appointment : |
01.06.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Nathubhai |
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Designation : |
Manager |
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|
Name : |
Mr. Dharmesh |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Ritesh J Patel |
30000 |
|
Mr. Jivabhai A Patel |
25500 |
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Mr. Harshad J Patel |
30000 |
|
Mr. Nikul J Patel |
4500 |
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Total |
90000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dyeing and Printing of Gray Cloth |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
·
The Surat Peoples Co Op Bank Limited ·
ICICI Bank Limited ·
State Bank of Saurashtra |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B Bhupendra and Company Chartered Accountant |
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Address : |
241-242 Shankheshwar Complex, Opposite Raymonds Shop, Kailashnagar,
Majura Gate, Surat 395002, Gujrat, India |
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|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
Rs. 100 each |
Rs.9.000 millions |
|
2000 |
Redeemable Preference Shares |
Rs. 500 each |
Rs. 1.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
90000 |
Equity Shares |
Rs. 100 each |
Rs.9.000 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
9.000 |
7.601 |
7.601 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.414 |
8.499 |
6.975 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.414 |
16.100 |
14.576 |
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LOAN FUNDS |
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|
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1] Secured Loans |
1.497 |
0.841 |
1.182 |
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2] Unsecured Loans |
14.932 |
16.535 |
7.153 |
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TOTAL BORROWING |
16.429 |
17.376 |
8.335 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
36.843 |
33.476 |
22.911 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.075 |
9.429 |
9.844 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.131 |
3.132 |
3.130 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.891
|
1.836 |
2.150 |
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|
Sundry Debtors |
16.778
|
18.199 |
14.016 |
|
|
Cash & Bank Balances |
7.620
|
6.617 |
10.338 |
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Other Current Assets |
5.310
|
3.761 |
2.444 |
|
|
Loans & Advances |
5.220
|
5.676 |
5.762 |
|
Total
Current Assets |
36.819
|
36.089 |
34.710 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12.795
|
12.056 |
19.081 |
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Other Current Liabilities |
0.000
|
0.000 |
3.528 |
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Provisions |
2.387
|
3.118 |
2.164 |
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Total
Current Liabilities |
15.182
|
15.174 |
24.773 |
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Net Current Assets |
21.637
|
20.915 |
9.937 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
36.843 |
33.476 |
22.911 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
|
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|
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Printing and Processing Charges
|
118.456 |
108.828 |
90.857 |
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Other Income |
1.849 |
1.604 |
9.581 |
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TOTAL (A) |
120.305 |
110.432 |
100.438 |
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Less |
EXPENSES |
|
|
|
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|
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Cost of Materials |
64.347 |
59.486 |
57.808 |
|
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Manufacturing Expenses |
44.452 |
40.471 |
32.604 |
|
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|
Administrative Expenses |
5.837 |
5.373 |
4.618 |
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TOTAL (B) |
114.636 |
105.330 |
95.030 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.669 |
5.102 |
5.408 |
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|
Less |
FINANCIAL EXPENSES (D) |
0.976 |
1.256 |
0.278 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.693 |
3.846 |
5.130 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.543 |
1.483 |
1.368 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.150 |
2.363 |
3.762 |
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Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
3.150 |
2.363 |
3.762 |
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|
Earnings Per Share
(Rs.) |
35.00 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.61
|
2.13 |
3.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.65
|
2.17 |
4.14 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.44
|
5.19 |
8.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14 |
0.25 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
2.02 |
2.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
2.37 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
12.795
|
12.056 |
19.081 |
FINANCIAL RESULTS :
During the
year under consideration, the company has attained a total turnover of Rs.
118.457 millions as against turnover of Rs. 108.829 millions during the
previous year. Further more, the Other
Misc. income of the company is increased by about Rs. 0.245 millions which
shows a minor increased in income due to discount offer by the supplier of the
company. The increase in turnover is by about Rs. 9.628 millions which is due
to removel of Excise Modvat on Textile goods by Government of India. The
Government introduces the concept of modvat during the earlier year, for the
Textile Industry as a whole. This has resulted in the obstacle for the progress
of Textile Industry. This ultimately forced Government to remove Excise on
Textile Industry.
The
increase in turnover of the Company by about Rs. 9.628 millions has resulted in
an overall Profit to the company to the tune of Rs. 3.151 millions as against a
previous year profit of Rs. 2.363 millions. The profits are due o the strigent
cost control by management of the company. The Profit and Loss account of the
company is debited with interest and depreciation to the tune of Rs. 2.519
millions.
FUTURE PLANNING :
Looking to
the prevailing market condition and present export market and positive approach
of the Government. The directors are
quite hopeful about the future prospects and progress of the Company.
FIXED ASSETS:
·
Factory Land and Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Jeep
·
Cycle
·
Air Conditioner
·
Dead Stock
·
Office Equipment
·
Computers
·
Printing Frames
·
Generators
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.45.21 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.