MIRA
INFORM REPORT
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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARISUDANA INDUSTRIES LIMITED |
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Registered
Office : |
B-XXIX /143, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.1995 |
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Com. Reg. No.: |
16-017453 |
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Capital
Investment / Paid-up Capital : |
Rs.74.000
Millions |
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CIN No.: [Company Identification
No.] |
U24123PB1995PLC017453 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDA01602G |
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PAN No.: [Permanent Account No.] |
AABCA2449K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of a comprehensive range of Polyester Yarn, Acrylic Yarn, Viscose Yarn, Air Jet Yarn, Vortex Yarn, and more. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for 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.
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 |
LOCATIONS
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Registered Office : |
B-XXIX /143, |
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Tel. No.: |
91-161-2542488/ 5028859 |
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Mobile No.: |
91-9914142044 (Mr. Gagan Khanna) |
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Fax No.: |
91-161-2530015 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Gagan Khanna |
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Designation : |
Whole – Time Director |
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Address : |
164/10, Singhpura, Barewal
Colony Abadi, |
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Date of Birth/Age : |
31.10.1962 |
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Date of Appointment : |
18.12.1995 |
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DIN No.: |
00601358 |
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Other
Directorship
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Name : |
Mr. Kewal Kumar Khanna
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Designation : |
Whole – Time Director |
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Address : |
164/10, Singhpura, Barewal
Colony Abadi, |
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Date of Appointment : |
18.12.1995 |
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DIN No.: |
00601404 |
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Name : |
Mr. Sidharth Khanna
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Designation : |
Whole – Time Director |
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Address : |
164/10, Singhpura, Barewal
Colony Abadi, |
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Date of Appointment : |
06.04.2010 |
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DIN No.: |
03081356 |
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Other
Directorship
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Name : |
Mr. Surinder Mohan Jalota
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Designation : |
Director |
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Address : |
Olympic Wollen Mills, |
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Date of Birth/Age : |
29.03.1939 |
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Date of Appointment : |
07.05.2002 |
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DIN No.: |
00871110 |
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Name : |
Mr. Hariesh Chander
Kaura |
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Designation : |
Whole – Time Director |
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Address : |
304 G, BRS Nagar, |
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Date of Birth/Age : |
25.02.1964 |
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Date of Appointment : |
08.02.1996 |
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DIN No.: |
01271528 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
MAJOR SHAREHOLDERS NOT AVAILABLE
AS ON 30.09.2011
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
99.75 |
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Other top fifty shareholders |
0.25 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of a comprehensive range of Polyester Yarn, Acrylic Yarn, Viscose Yarn, Air Jet Yarn, Vortex Yarn, and more. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Actual
Production |
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Kgs |
1813478.500 |
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Acrylic Waste |
Kgs |
24172.300* |
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Polyester yarn |
Kgs |
6409106.345 |
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Polyester/Viscoce waste |
Kgs |
142988.400 |
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Viscose Yarn |
Kgs |
500.000@ |
|
PC Yarn |
Kgs |
466.00 |
* includes 4479.700(p.y. 5180.60) kgs re-used for production of Acrylic yarns)
@ consists of reprocessing of yarn
GENERAL INFORMATION
|
Suppliers : |
· Centos Synthetics Mumbai ·
Chahal Electricals · Chemax Multikotes India Private Limited Mumbai ·
Color Crafts Private Limited ·
Compac Technologies
( ·
Dhruv International ·
Eastern Engineers · Emron Engineers ·
Essar Engineers ·
Excel Laminators · Federal Express Corporation ·
Fedex Express
Services ( ·
· Gee Tech Tubes ·
Gill Logistics ·
Goyal Electro System
· Gursewak Enterprises ·
Habasit Iak Oka Private Limited · Innovative Engitech Private Limited ·
Ishpreet Infosys ·
M Manpower and Security Private Limited |
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Customers : |
·
Polycrest Innovation
( · Pratibha Syntex Limited · Priyanka Sales Corporation Ahmedabad ·
Pyare Lal Handa and Sons ·
R.P.Singhania and
Company · Rakesh Trading Company ·
Shakun Enterprises ·
Sharman Traders · Shiva Texfab Limited ·
Vidyut Insulation
Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Commercial Branch, Miller GANJ, Ludhiana –
141003, Punjab, India ·
ICICI Bank ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dass Khanna and
Company Chartered Accountants |
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Address : |
B-XX - 2815, Gurdev Nagar,
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Tel. No.: |
91-161-2403029 / 2401230 |
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Mobile No.: |
91-161-2409672 |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital : Rs.110.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.74.000 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7400000 |
Equity Shares |
Rs.10/- each |
Rs.74.000
Millions |
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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 |
74.000 |
74.000 |
74.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
181.077 |
194.128 |
192.788 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
255.077 |
268.128 |
266.788 |
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LOAN FUNDS |
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1] Secured Loans |
235.866 |
197.311 |
188.109 |
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2] Unsecured Loans |
38.369 |
42.052 |
49.804 |
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TOTAL BORROWING |
274.235 |
239.363 |
237.913 |
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DEFERRED TAX LIABILITIES |
16.370 |
0.000 |
0.000 |
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|
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TOTAL |
545.682 |
507.491 |
504.701 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
292.891 |
302.752 |
327.924 |
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Capital work-in-progress |
0.140 |
0.000 |
0.000 |
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INVESTMENT |
4.684 |
4.684 |
4.684 |
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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 |
146.209
|
113.180 |
78.742 |
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Sundry Debtors |
57.113
|
27.692 |
21.676 |
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Cash & Bank Balances |
1.321
|
0.922 |
1.365 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
80.278
|
83.490 |
87.163 |
|
Total
Current Assets |
284.921
|
225.284 |
188.946 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.715
|
17.000 |
11.801 |
|
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Other Current Liabilities |
13.239
|
8.673 |
5.609 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
36.954
|
25.673 |
17.410 |
|
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Net Current Assets |
247.967
|
199.611 |
171.536 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.444 |
0.557 |
|
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TOTAL |
545.682 |
507.491 |
504.701 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Operating revenue, net |
1086.545 |
847.794 |
763.989 |
|
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Other Income |
5.691 |
9.371 |
32.183 |
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TOTAL (A) |
1092.236 |
857.165 |
796.172 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
846.592 |
634.720 |
|
|
|
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Manufacturing service costs |
130.864 |
134.325 |
|
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|
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Employee related expenses |
13.514 |
11.399 |
740.615 |
|
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Administrative selling other expenses |
25.045 |
14.238 |
|
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|
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TOTAL (B) |
1016.015 |
794.682 |
740.615 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
76.221 |
62.483 |
55.557 |
|
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|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
21.598 |
16.439 |
16.807 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
54.623 |
46.044 |
38.750 |
|
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
45.456 |
42.204 |
36.625 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
9.167 |
3.840 |
2.125 |
|
|
|
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Less |
TAX (H) |
5.500 |
2.500 |
1.000 |
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PROFIT AFTER TAX
(G-H) (I) |
3.667 |
1.340 |
1.125 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
68.928 |
67.588 |
66.463 |
|
|
Less |
Depreciation
Adjustment prior Periods |
(0.981) |
0.000 |
0.000 |
|
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|
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|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
17.000 |
0.000 |
0.000 |
|
|
|
Capital Redemption Reserve |
20.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
35.876 |
68.928 |
67.588 |
|
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TOTAL EARNINGS |
65.429 |
64.408 |
NA |
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TOTAL IMPORTS |
4.264 |
39.436 |
27.199 |
|
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|
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|
Earnings Per
Share (Rs.) |
0.94 |
0.21 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.34
|
0.16 |
0.14 |
|
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|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.84
|
0.45 |
0.28 |
|
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|
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.59 |
0.73 |
0.41 |
|
|
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|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
0.99 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.71
|
8.78 |
10.85 |
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
No |
FINANCIAL RESULTS
During the year under consideration the turnover of the company is Rs.1092.200 Millions against the last year Turnover of Rs.857.200 Millions. Net profit is Rs.9.168 Millions against Rs.3.841 Millions for the last year. The Export turnover of the company is Rs.0.654 Millions through direct or indirect export. Company is exploring new markets to enhance the export turnover and profitability of the company.
Company is expending its production capacity at unit at Jaspalon,
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Demand of interest u/s 220(2) of Income Tax Act, 1961 for A.Y. 1997-98 and 1998-99(net of deposit of Rs.0.618 Million). |
1.443 |
2.061 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24123PB1995PLC017453 |
|
Name of the
company |
ARISUDANA
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of |
|
Nature of
instrument creating charge |
Hypothecation cum
loan agreement ( plant and Machinery, stock and book debts) IFD/X |
|
Date of
instrument Creating the charge |
01.02.2012 |
|
Amount secured by
the charge |
Rs.711.100
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 2.25% above the
base rate (10.75% floating), presently 13% at monthly rests. Terms of Repayment TL are repayable
in monthly installments as per repayment schedule. WC Limits are
repayable on demand. Margin TL IV-34% TL V- 29% TL VI-20.88% CC Stock-25%, CC- BD 90
days--30% EPC 25% IBP/FBP/FBD-DP/DA
90--nil LC-DP/DA 90 DAYS
--10% Capex FLC--15% Extent and Operation of the charge 100% Others TLIV- Rs.30.700
Millions, TL V-- Rs.100.400 Millions and TL VI-- Rs.360.000 Millions. One Time Capex LC( Foreign) within the TL for Rs.110.000 Millions. The overall WC
Limit of Rs.220.000 Millions is divided as under: CC- Stock-
220.000 Millions, CC Stock- Rs. 100.000 Millions, EPC—Rs.80.000 Millions,
IBP/FBP/FBD-DP/DA 90days--- Rs.80.000 Millions. Max. WCFBL—Rs.220.000
Millions. NFB LC(I/F)
DP-DA- 90 days within WCFBL—Rs.20.000 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Exclusive charge on
factory land and Building, Plant and Machinery and other mics.
fixed assets. Equitable
mortgage of Land and Building at Jaspalon, Ludhiana measuring 104 Kanal 18
Merlas and Gaispura Ludhiana measuring 14 kanal 10 marlas as per detail given in schedules. Exclusive Hypothecation charge of stock
and book debts. |
FIXED ASSETS
- Land
- Building
- Machinery
- Generator
- Electric Fitting
- Water Cooler
- Water Tank
- Furniture
- Fire Extinguisher
- Weighing Scale
- Transformer
- Moped
- Air Conditioner
- Computer
- Car
- Scooter / Motorcycle
- Television
- Refrigerator
- EPBX
- Video Cameras
- Fax
- Mobile Set
- Tempo
- Water Pump
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.52.93 |
|
|
1 |
Rs.85.85 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.