MIRA
INFORM REPORT
|
Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ADARSH SYNTHETICS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Radhey Market, 1st
Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
|
Date of
Incorporation : |
06.10.1987 |
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|
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Com. Reg. No.: |
17-004120 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.464
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24304RJ1987PTC004120 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHA02594E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Fabrics for Suiting, Shirting and Casual Wear. |
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|
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|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 52000 |
|
|
|
|
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. Profitability of the company
appears to be low. However, networth is good. 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Adarsh |
|
Designation : |
Manager |
|
Contact No.: |
91-9829045985 |
|
Date : |
13.04.2012 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Radhey Market, 1st
Floor, |
|
Tel. No.: |
91-1482-247521/ 247557 |
|
Mobile No.: |
91-9829045985 (Mr. Adarsh) |
|
Fax No.: |
91-1482-247198 |
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E-Mail : |
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|
Website : |
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|
Factory 2 : |
52-53, DDU Industrial Area, |
DIRECTORS
As on 26.09.2011
|
Name : |
Mr. Gopal Krishan Jhanwar |
|
Designation : |
Director |
|
Address : |
2-R-9, R.C. Vyas Colony Bhilwara – 311 001, |
|
Date of Appointment : |
06.10.1987 |
|
DIN No.: |
00842520 |
|
|
|
|
Name : |
Mr. Madhusudan Jhanwar |
|
Designation : |
Director |
|
Address : |
A-349, VPS Nagar Bhilwara - 311 001, |
|
Date of Appointment : |
30.09.1997 |
|
DIN No.: |
00226125 |
|
|
|
|
Name : |
Mr. Arun Kumar Jhanwar |
|
Designation : |
Director |
|
Address : |
Pratap Nagar Beawar , |
|
Date of Appointment : |
30.09.1999 |
|
DIN No.: |
00225971 |
KEY EXECUTIVES
|
Name : |
Mr. Adarsh |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
|
No. of Shares |
|
Gopal Krishnan Jhanwar |
|
11065 |
|
Arun Kumar Jhanwar |
|
3500 |
|
Griraj Jhanwar |
|
1100 |
|
Madhu |
|
2800 |
|
Vimla Jhanwar |
|
700 |
|
|
|
400 |
|
Praveen Agarwal |
|
150 |
|
Ashok Inani |
|
100 |
|
S.P. Gupta |
|
300 |
|
Sitaram Mundra |
|
100 |
|
Rajkumar Agarwal |
|
150 |
|
Paras Jain |
|
200 |
|
Kusam Jain |
|
200 |
|
Ramesh Chandra Sharma |
|
200 |
|
Subhash Agarwal |
|
1100 |
|
Amit Agarwal |
|
300 |
|
Premlata Jhanwar |
|
250 |
|
Kamlesh Jhanwar |
|
500 |
|
Sarla Jhanwar |
|
1500 |
As on 29.09.2011
|
Names of Allottees |
|
No. of Shares |
|
Gopal Krishnan Jhanwar |
|
9400 |
|
Madhu |
|
2400 |
|
Arun Kumar Jhanwar |
|
1000 |
|
Sarla Jhanwar |
|
1200 |
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Total |
|
14000 |
As on 26.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fabrics for Suiting, Shirting and Casual Wear. |
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Products : |
v
Polyester-Viscose
Suiting Fabric v
Polyester
Suiting Fabric
v
Polyester-Cotton
Suiting Fabric
v
Premium
Polyester-Viscose Suiting Fabric v
Polyester-Viscose
Shirting Fabric v
PC and
100% Cotton Shirting Fabric v
Uniform
Fabric
v
Industrial/Work
Wear Uniform Fabric |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed Capacity
– N.A
Installed Capacity
(Looms) – 33
|
Particulars |
Actual
Production * |
|
Cloth (mts.) |
2077539 |
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|
|
* Including Job weaving of 291846.80 Mtrs done from others.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
Bank of |
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Facilities : |
Security: (1) Bank Borrowing is secured by second charge on present future immovable assets and is also secured by way of hypothecation of raw material, work in process, finished good, store and spares parts, book debts and in also secured by personal guarantee of directors of the company. (2) Other Borrowings are secured by the assets financed by them.
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kalani and Company Chartered Accountants |
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Address : |
B-98, Shastri Nagar, Bhilwara – 311 001, |
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Tel. No.: |
91-1482-241502/ 241503 |
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Mobile No.: |
91-9414112367/ 9829888820 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AABFK0738Q |
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Associate Concerns : |
Goodman Fabrics |
CAPITAL STRUCTURE
After 26.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
38639 |
Equity Shares |
Rs.100/- each |
Rs.3.864
millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24639 |
Equity Shares |
Rs.100/- each |
Rs.2.464
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.464 |
2.264 |
2.264 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.550 |
9.358 |
9.113 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.014 |
11.622 |
11.377 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
22.935 |
14.784 |
14.302 |
|
|
2] Unsecured Loans |
19.549 |
12.994 |
11.677 |
|
|
TOTAL BORROWING |
42.484 |
27.778 |
25.979 |
|
|
DEFERRED TAX LIABILITIES |
0.864 |
0.675 |
0.444 |
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|
|
|
|
|
|
|
TOTAL |
56.362 |
40.075 |
37.800 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
18.485 |
15.451 |
14.453 |
|
|
Capital work-in-progress |
2.053 |
0.685 |
0.000 |
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|
|
|
|
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|
|
INVESTMENT |
0.000 |
0.003 |
0.003 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.441
|
12.490 |
11.625 |
|
|
Sundry Debtors |
37.054
|
24.056 |
18.513 |
|
|
Cash & Bank Balances |
1.931
|
1.912 |
1.755 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.782
|
0.760 |
0.781 |
|
Total
Current Assets |
54.208
|
39.218 |
32.674 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
16.627
|
13.851 |
8.104 |
|
|
Other Current Liabilities |
1.288
|
0.995 |
0.816 |
|
|
Provisions |
0.469
|
0.436 |
0.410 |
|
Total
Current Liabilities |
18.384
|
15.282 |
9.330 |
|
|
Net Current Assets |
35.824
|
23.936 |
23.344 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
56.362 |
40.075 |
37.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
188.591 |
123.188 |
112.988 |
|
|
|
Other Income |
0.759 |
0.002 |
0.043 |
|
|
|
TOTAL |
189.350 |
123.190 |
113.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
188.182 |
122.156 |
112.034 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
188.182 |
122.156 |
112.034 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.168 |
1.034 |
0.997 |
|
|
|
|
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|
|
|
Less |
TAX |
0.472 |
0.346 |
0.371 |
|
|
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|
|
|
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|
|
|
PROFIT AFTER TAX
|
0.696 |
0.688 |
0.626 |
|
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|
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|
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|
|
|
Earnings Per
Share (Rs.) |
32.15 |
31.80 |
28.91 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
190.000 |
|
|
|
|
|
Expected Sales (2012-2013): Rs.200.000 millions
The above information has been parted by Mr. Adarsh (Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.37
|
0.56 |
0.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
0.84 |
0.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.61
|
1.89 |
2.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.68
|
3.71 |
3.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
2.57 |
3.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
Yes |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking facility
details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major Shareholders,
if available |
Yes |
Contingent
liabilities not provided for in respect of (As on 31.03.2011)
v
Letter of credit established by Bank and Guarantee given
by Bank for which counter Guarantee given by the Company – Rs.2.993 millions
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24304RJ1987PTC004120 |
|
Name of the
company |
ADARSH SYNTHETICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Radhey Market, 1st
Floor, E-Mail: csdeeptilohiya@gmail.com |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90072409 |
|
Particular of
charge holder |
Bank of E-Mail: bhilwa@bankofbaroda.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
composite agreement of hypothecation |
|
Date of
instrument Creating the charge |
28.09.2011 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 3.50% over Base Rate
i.e. 14.25% p.a. with monthly rests. Concessional ROI
@ 2.50% over Base Rate i.e. 13.25% with monthly rests. (Present Base Rate is
10.75%) Terms of
Repayment: On demand Margin: 25% - stock 40% - book debts
(upto 60 days) Extent and Operation
of the charge: 1. First charge
over current assets of the company, e.g. raw materials, stock in process,
finished goods, semi finished goods, stores, spares and book debts and other
current assets lying in factory godown, office premises, present and future. 2. First charge
over fixed assets of the company, existing and future including equitable
mortgage of the factory land and building situated at a.) 52-53, RIICO
Industrial Area, Bhilwara (Rajasthan). b.) commercial
shop situated at Plot No. B, Near Bajaj Showroom |
|
Short particulars
of the property charged |
First charge over
current assets of the company, e.g. raw materials, stock in process, finished
goods, semi finished goods, stores, spares and book debts and other current
assets lying in factory godown, office premises, present and future. First charge over
fixed assets of the company, existing and future including equitable mortgage
of the factory land and building situated at a.) 52-53, RIICO
Industrial Area, Bhilwara (Rajasthan). b.) commercial
shop situated at Plot No. B, Near Bajaj Showroom |
|
Date of latest
modification prior to the present modification |
03.07.2010 |
|
Particulars of
the present modification |
Cash Credit Limit
(Hypothecation) is increased by Rs.28.500 millions (Rs.21.500 millions to
Rs.50.000 millions). |
FIXED ASSETS:
v
v
Building
v
Tube Well
v
Plant and Machinery
v
Office Equipment
v
Electrical Installation
v
Furniture and Fixtures
v
Vehicles
v
Computers
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.52.00 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.68.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.