MIRA
INFORM REPORT
|
Report Date : |
14.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHUTADA WEAVING MILLS PRIVATE LIMITED |
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Registered
Office : |
907, West Mangalwar Peth, Solapur-413002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.03.1974 |
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Com. Reg. No.: |
11-017347 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company Identification
No.] |
U17115PN1974PTC017347 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of jacquard terry woven, yarn and solid dyed, printed
and embroidered velour towels for consumer and commercial markets, from cotton. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 580000 |
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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 old and established company having moderate track. There
appears some losses incurred by the company in the current year i.e.
2010-2011. 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
cautions. |
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
Management non co-operative
LOCATIONS
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Registered Office : |
907, West Mangalwar Peth, Solapur-413002, Maharashtra, India |
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Tel. No.: |
91-217-2322805/2322323/2322929 |
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Fax No.: |
91-217-2322806 |
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E-Mail : |
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Mill: |
D-14, MIDC, Akkalkot Road, Solapur-413006, Maharashtra, India |
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Tel No.: |
91-217-2651109/2653311 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Vishwanath Narayandas Bhutada |
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Designation : |
Managing Director |
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Address : |
53/2, Laxminarayan Bunglow, Budhawar Peth, Solapur-413002,
Maharashtra, India |
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Date of Birth/Age : |
22.03.1937 |
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Date of Appointment : |
10.10.2004 |
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Din No.: |
01487364 |
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Name : |
Mr. Pankaj Vishwanath Bhutada |
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Designation : |
Director |
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Address : |
53/2, Laxminarayan Bunglow, Budhawar Peth, Solapur-413002,
Maharashtra, India |
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Date of Birth/Age : |
20.04.1977 |
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Date of Appointment : |
01.10.2004 |
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Din No.: |
00003887 |
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Name : |
Mr. Prashant Shivdas Bhutada |
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Designation : |
Director |
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Address : |
42/B, Vishwas Budhawar Peth, Solapur-413002, Maharashtra, India |
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Date of Birth/Age : |
27.07.1971 |
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Date of Appointment : |
01.10.2004 |
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Din No.: |
00003892 |
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Name : |
Mr. Shivdas Narayandas Bhutada |
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Designation : |
Director |
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Address : |
42/B, Vishwas Budhawar Peth, Solapur-413002, Maharashtra, India |
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Date of Birth/Age : |
14.04.1939 |
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Date of Appointment : |
10.10.2004 |
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Din No.: |
00003895 |
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Name : |
Mr. Shantilal Narayandas Bhutada |
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Designation : |
Director |
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Address : |
53/2, Laxminarayan Bunglow, Budhawar Peth, Solapur-413002,
Maharashtra, India |
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Date of Birth/Age : |
27.07.1947 |
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Date of Appointment : |
10.10.2004 |
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Din No.: |
00003906 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of jacquard terry woven, yarn and solid dyed, printed
and embroidered velour towels for consumer and commercial markets, from
cotton. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Installed Capacity |
1200 Tonnes |
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Actual Production |
722 Tonnes |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
Bank of Baroda, Chati Galli Branch, Solapur-413002, Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H.P. Daga and Company Chartered Accountants |
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Address : |
195/20, Daga Niwas, Budhwar Peth, Solapur-413002, Maharashtra, India |
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Pan No.: |
AAQPD1064M |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
100.000 |
109.140 |
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2] Share Application Money |
9.140 |
9.140 |
0.000 |
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3] Reserves & Surplus |
38.276 |
29.388 |
28.795 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
147.416 |
138.528 |
137.935 |
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LOAN FUNDS |
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1] Secured Loans |
336.089 |
303.282 |
340.188 |
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2] Unsecured Loans |
43.472 |
58.909 |
21.787 |
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TOTAL BORROWING |
379.561 |
362.191 |
361.975 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
526.977 |
500.719 |
499.910 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
186.669 |
169.595 |
174.188 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
175.265
|
165.305 |
206.280 |
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Sundry Debtors |
199.753
|
187.587 |
113.536 |
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Cash & Bank Balances |
3.536
|
(3.912) |
(1.766) |
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Other Current Assets |
0.000
|
0.000 |
2.417 |
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Loans & Advances |
40.298
|
33.725 |
42.739 |
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Total
Current Assets |
418.852
|
382.705 |
363.206 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
52.786
|
50.749 |
53.159 |
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Other Current Liabilities |
1.650
|
3.044 |
0.691 |
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Provisions |
26.171
|
0.108 |
0.380 |
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Total
Current Liabilities |
80.607
|
53.901 |
54.230 |
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Net Current Assets |
338.245
|
328.804 |
308.976 |
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MISCELLANEOUS EXPENSES |
2.053 |
2.310 |
16.736 |
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TOTAL |
526.977 |
500.719 |
499.910 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
176.239 |
271.012 |
307.222 |
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Other Income |
NA |
0.280 |
23.990 |
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TOTAL (A) |
NA |
271.292 |
331.212 |
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Less |
EXPENSES |
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Raw Material and Stores Consumed |
|
153.153 |
182.520 |
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Manufacturing Expenses |
|
29.198 |
54.620 |
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Other Operating Expenses |
NA |
3.129 |
6.131 |
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Selling and Administrative Expenses |
|
20.707 |
38.189 |
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Increase Decrease in Stock |
|
9.427 |
(4.429) |
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TOTAL (B) |
NA |
215.614 |
277.031 |
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.818 |
55.678 |
54.181 |
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Less |
FINANCIAL
EXPENSES (D) |
40.647 |
35.607 |
39.389 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(7.829) |
20.071 |
14.792 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.281 |
19.369 |
24.153 |
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PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(27.110) |
0.702 |
(9.361) |
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Less |
TAX (H) |
0.000 |
0.108 |
0.000 |
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PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(27.110) |
0.594 |
(9.361) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1.986 |
11.347 |
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Add |
PRIOR YEAR
ADJUSTMENTS |
NA |
(2.220) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
NA |
0.360 |
1.986 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
94.719 |
NA |
NA |
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Earnings /
(Loss) Per Share (Rs.) |
(2.71) |
0.06 |
(0.94) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.22 |
(2.83) |
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Net Profit Margin (PBT/Sales) |
(%) |
(15.38)
|
0.26 |
(3.05) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.47)
|
0.13 |
(1.74) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.18)
|
0.01 |
(0.07) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
3.00 |
3.02 |
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Current Ratio (Current Asset/Current Liability) |
|
5.20
|
7.10 |
6.70 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
52.786
|
50.749 |
53.159 |
OPERATING RESULTS:
The Company has
achieved Turnover of Rs.176.239 Millions which is about 34.97 % less than the
year 2009-10.Though the company could get excellent export orders meeting of the
commitments was not possible due to acute shortage of working capital.
No doubt their
both Banks have sanctioned additional limits last but for its timely release
they could not catch up the increasing Yarn Prices which made their orders
uneconomical. However they could achieve little Gross Profit of Rs. 32.818
Millions and Net Loss after Depreciation and Interest due to adverse market
situations coupled with decrease in US Dollars value, last year. The Directors
hope to increase the turnover and earn sizable Profits in the future after
their restructuring proposal as well as additional Working Capital Limits gets
though.
FIXED ASSETS:
·
Plot
·
Factory Building
·
Office Building
·
Machinery
·
Computer
·
Printers
·
Vehicles
·
Furniture
·
Books
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.49.32 |
|
|
1 |
Rs.77.84 |
|
Euro |
1 |
Rs.65.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.