MIRA
INFORM REPORT
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Report Date : |
04.06.2012 |
IDENTIFICATION DETAILS
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Name : |
GUJARAT FLOTEX PRIVATE LIMITED |
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Registered Office : |
407, “Shashwat”, Near Kanak Hotel, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
15.12.2000 |
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Com. Reg. No.: |
04-039072 |
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Paid-up Capital : |
Rs. 12.525 Millions |
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CIN No.: [Company
Identification No.] |
U17118GJ2000PTC039072 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG01878C |
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PAN No.: [Permanent
Account No.] |
AABCG4542P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Home Furnishing. |
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No. of Employees : |
300 (approximately) (In Office + In Factory) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 490000 |
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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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. Hasmukh |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9687694206 |
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Date : |
07.05.2012 |
LOCATIONS
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Registered Office : |
407, “Shashwat”, Near Kanak Hotel, |
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Tel. No.: |
91-79-26563204/ 26425927/91-2764-233063 |
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Mobile No.: |
91-9376106373 (Mr. Anand Choudhary) 91-9687694206 (Mr. Hasmukh) |
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Fax No.: |
91-79-26424756/91-2764-232046 |
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E-Mail : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Factory : |
1039/ 2, |
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Tel. No.: |
91-2764-233063 |
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Area : |
1500 sq ft |
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Location : |
Owned |
DIRECTORS
As On 30.09.2011
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Name : |
Mr. Jay Prakash Kailash Chandra Tosniwal |
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Designation : |
Director |
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Address : |
203, Sukhdham Flats Opposite Municipal Market, |
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Date of Birth/Age : |
16.10.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.12.2000 |
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DIN No.: |
00093574 |
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Name : |
Mr. Vikas Chanchalraj Mehta |
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Designation : |
Director |
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Address : |
4, Tejal Apartments, Opposite Sankola Apartment, Near New Alkapuri
Society, Ambawadi, Ahmedabad – 380 006, |
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Date of Birth/Age : |
15.12.1975 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.12.2000 |
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DIN No.: |
00059317 |
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Name : |
Mrs. Nisha Tosniwal |
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Designation : |
Director |
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Address : |
203, Sukhdham Apartment, Opposite Municipal Market, C. G. Road,
Ahmedabad - 380 009, Gujarat, India |
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Date of Birth/Age : |
18.04.1974 |
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Date of Appointment : |
15.04.2011 |
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DIN No.: |
03517907 |
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Name : |
Mrs. Priya Vikash Mehta |
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Designation : |
Director |
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Address : |
4, Tezal Appartment, Opposite, Sankul Apartment, Gulbai Tekra,
Ahmedabad - 380015, Gujarat, India |
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Date of Birth/Age : |
27.12.1977 |
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Date of Appointment : |
15.04.2011 |
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DIN No.: |
03517943 |
KEY EXECUTIVES
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Name : |
Mr. Hasmukh |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Jay Prakash Tosniwal |
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209600 |
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Vikas Mehta |
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326000 |
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Anand Choudhary |
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285400 |
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Vikas Tosniwal |
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40000 |
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Priya Mehta |
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79500 |
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Nisha Tosniwal |
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65000 |
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Deepak Rathi |
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1500 |
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Vinita Choudhary |
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11000 |
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Sweta Mehta |
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6000 |
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Mirjamal Tosniwala HUF |
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45000 |
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Mirjamal Tosniwala |
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20000 |
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Vishal Tosniwala |
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5000 |
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Jay Prakash Tosniwal HUF |
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5000 |
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Vikas Mehta HUF |
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3500 |
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Western Flock Private Limited |
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150000 |
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Total |
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1252500 |
As on 30.09.2011
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Category |
Percentage |
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Bodies corporate |
11.97 |
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Directors or relatives of Directors |
88.03 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Home Furnishing. |
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Products : |
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Exports : |
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Products : |
Home Furnishing |
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Countries : |
·
Pakistan ·
Dubai |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
France |
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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 31.03.2009)
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Flocked Cotton Fabric and Flocked Synthetic Fabrics |
Mtrs. |
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3200000 |
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Flocked Print Fabrics |
Mtrs. |
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950000 |
4585198 |
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Raised Knitted Fabrics |
Mtrs. |
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800000 |
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GENERAL INFORMATION
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Suppliers : |
·
N N Textile |
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Customers : |
Retailers and Dealers |
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No. of Employees : |
300 (approximately) (In Office + In Factory) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surana Maloo and Company Chartered Accountants |
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Address : |
404, 4th Floor, Shival Plaza, Gujarat College Road,
Ellisbridge, Ahmedabad – 380 006, Gujarat, India |
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Tel. No.: |
91-79-26420336-9 |
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Fax No.: |
91-79-26420339 |
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E-Mail : |
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Pan No.: |
AAHFS7809J |
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Associates/Subsidiaries
: |
Western Flotex Private Limited |
CAPITAL STRUCTURE
As On 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1252500 |
Equity Shares |
Rs.10/- each |
Rs.12.525
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.525 |
12.525 |
11.025 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
109.736 |
96.625 |
71.004 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
122.261 |
109.150 |
82.029 |
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LOAN FUNDS |
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1] Secured Loans |
141.790 |
115.352 |
57.890 |
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2] Unsecured Loans |
23.500 |
29.500 |
14.800 |
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TOTAL BORROWING |
165.290 |
144.852 |
72.690 |
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DEFERRED TAX LIABILITIES |
14.916 |
9.071 |
6.818 |
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TOTAL |
302.467 |
263.073 |
161.537 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
143.916 |
105.386 |
67.035 |
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Capital work-in-progress |
0.000 |
34.572 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
93.146
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70.168
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50.858
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Sundry Debtors |
85.842
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63.011
|
63.084
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Cash & Bank Balances |
11.435
|
10.838
|
3.883
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Other Current Assets |
2.970
|
3.367
|
0.000
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Loans & Advances |
7.652
|
4.473
|
3.383
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Total
Current Assets |
201.045
|
151.857
|
121.208
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
40.084
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27.284
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23.889
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Other Current Liabilities |
0.239
|
0.000
|
0.000
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Provisions |
2.181
|
1.473
|
2.847
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Total
Current Liabilities |
42.504
|
28.757
|
26.736
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Net Current Assets |
158.541
|
123.100
|
94.472
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MISCELLANEOUS EXPENSES |
0.010 |
0.015 |
0.020 |
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TOTAL |
302.467 |
263.073 |
161.537 |
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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 |
499.789 |
381.161 |
306.949 |
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Other Income |
0.866 |
0.712 |
0.466 |
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TOTAL (A) |
500.655 |
381.873 |
307.415 |
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Less |
EXPENSES |
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Raw Material Consumed |
350.442 |
246.633 |
185.167 |
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Manufacturing Expenses |
104.376 |
95.959 |
73.355 |
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Payment to and Provision for Employees |
10.720 |
6.391 |
4.339 |
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Operational and Other Expenses |
13.382 |
14.026 |
6.117 |
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Loss on Vehicle Sales |
0.000 |
0.032 |
0.000 |
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Preliminary Expenses |
0.005 |
0.005 |
0.005 |
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Increase/(Decrease) in Stock |
(25.045) |
(13.398) |
11.183 |
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TOTAL (B) |
453.880 |
349.648 |
280.166 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
46.775 |
32.225 |
27.249 |
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Less |
FINANCIAL
EXPENSES (D) |
11.933 |
7.604 |
9.628 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34.842 |
24.621 |
17.621 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.647 |
7.169 |
6.337 |
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PROFIT BEFORE
TAX (E-F) (G) |
21.195 |
17.452 |
11.284 |
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Less |
TAX (I) |
8.084 |
5.331 |
3.923 |
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PROFIT AFTER TAX
(G-I) (J) |
13.111 |
12.121 |
7.361 |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
1.852 |
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IMPORTS |
NA |
NA |
46.554 |
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Earnings Per
Share (Rs.) |
10.47 |
9.68 |
6.68 |
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Particulars |
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31.03.2012 |
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Sales Turnover (Approximately) |
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720.000 |
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The above information has been parted by Mr. Hasmukh
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
2.62
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3.17
|
2.39
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Net Profit Margin (PBT/Sales) |
(%) |
4.24
|
4.58
|
3.68
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.14
|
6.78
|
5.99
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.16
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0.14
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Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
1.59
|
1.21
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Current Ratio (Current Asset/Current Liability) |
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4.73
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5.28
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4.53
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LOCAL AGENCY FURTHER INFORMATION
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Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
Yes |
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18) Major customers |
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19) Payments terms |
Yes |
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20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
No |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
No |
NOTE:
The registered office of the company has been shifted from 1039/ 2, Kadi Chhatral Road Chhatral Taluka – Kalol, District: Gandhi Naga, Gujarat to the present address w.e.f. 31.03.2008.
FINANCIAL RESULTS:
During the year
the company has achieved a Sales of Rs. 499.789 Millions as compared to the
sales of Rs. 381.178 Millions for the previous year and therefore, profit of
the company increase to Rs. 13.111 Millions as compared to Profit of Rs. 12.121
Millions for the previous year. The Directors are of the view that they will
show better results in the forthcoming years.
CONTINGENT LIABILITY:
(Rs. In Millions)
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Particulars |
31.03.2011 |
31.03.2010 |
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Export Obligation under EPCG (net) |
2.714 |
1.968 |
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BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17118GJ2000PTC039072 |
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Name of the
company |
GUJARAT FLOTEX PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
407, “Shashwat”, Near Kanak Hotel, E-Mail: gujafload1@sancharnet.in |
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This form is for |
Modification of charge |
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Charge identification (ID) number of
the charge to be modified |
10177786 |
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Type of charge |
Immovable property Others (extension of mortgage over
immovable properties) |
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Particular of
charge holder |
State Bank of E-Mail: rituraj.verma@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Deed of further
charge (SME-10), dated 20.09.2011 |
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Date of
instrument Creating the charge |
20.09.2011 |
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Amount secured by
the charge |
Rs.235.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest at the
rate of 7.25% margin above the base rate which is presently 10% p.a.
presently effective rate is 17.25% p.a. calculated on daily products at
monthly rests CC and TL : existing t and c Terms of
Repayment: WC-repayable on
demand (b) TL-(existing) as per existing repayment schedule (c) TL(new) Rs.
5.000 Millions will be repayable in 50 monthly installment of Rs. 0.100
Millions, starting from April 2011. (d) TL(new) Rs.32.000 Millions will be
payable in 75 monthly installment of Rs.0.400 Millions starts from 1st july
2012. Interest will be payable as and
when applied Open term loan
will be repayable in 60 monthly installments. Margin: Raw Material
(Imported) : 25% Raw Materials (
Indigenous ) : 25% Semi Finished
Goods : 25% Finished Goods :
25% Components/Consumables/
Spares : 25% Domestic Receivables
: 40% (Cover 90 Days) Term Loan -IV:
30.34% Open Term
Loan:20% Extent and
Operation of the charge: The existing
credit facilities enhanced to Rs. 235.500 Millions secured first charge by
way of extension of mortgage over immovable properties described in
schedule-I hereunder written as continuing security for due repayment &
discharge liquidation of all monies including interest, costs, charges,
expenses due/or payable by borrower to the bank Others The credit
facility is secured as under :
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Short particulars
of the property charged |
Immovable
properties of the company viz. All that non agriculture land of consolidated
Block No. 1039(Paiki) Of Mouje Chhatral, Taluka-Kalol, District-Gandhinagar
and Sub District Kalok Being Sub Plot/ Hissa No. 2 adms. 33150 sq. mtrs. plot
area and construction made thereon situated at chhatral, Taluka Kalol,
District-Gandhinagar |
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Date of last modification prior to
the present modification |
22.10.2010 |
||||||||||||||||
|
Particulars of
the present modification |
The original charge
(Id no.10177786) created on 24.09.2009 for Rs. 167.800 Millions is now being
modified on 20.09.2011 and enhaced to Rs. 235.500 Millions as under a) cash
credit - Rs. 110.000 Millions (b)SLC -Rs. 10.000 Millions (c) term loan 1 Rs.
6.600 Millions (d) term loan 2 Rs. 46.400 Millions (e)term loan Rs.3 4.500
Millions (f)term loan 4(new) Rs.32.000
Millions (g)term loan Rs.4.000 Millions (h)letter of credit Rs.20.000 (i)forward contract Rs.0.200 Millions
aggregate to Rs. 235.500 Millions |
TRADE REFERENCES:
·
N N Textile
FIXED ASSETS:
- Computers
- Electrical Installation
- Energy Saving Equipments
- ETP Plant
- Furniture and Fixture
- Office Equipment
- Plant and Machinery
- Steam Boiler
- Thermic Heater
- Thermic Heater II
- Thermic Heater III
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.92 |
|
|
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.