MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MINAXI TEXTILES LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3311, Unit 2, GIDC, Industrial Estate, Chhatral,
Ahmedabad – 382729, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.03.1995 |
|
|
|
|
Com. Reg. No.: |
04-025007 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.55.603 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17119GJ1995PLC025007 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM4825C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer, Supplier and Trader of Cotton Fabric. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
company has recorded modest scale of operation, The financial position of the
company is weak. The rating also take in consideration the vulnerability of
profitability to adverse fluctuation in raw material prices. However, trade
relations are reported to be fair. Business is active. Payments are reported
to be slow but correct. The company can be considered for business dealings with some
caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
CASH CREDIT : ICRA B+ |
|
Rating Explanation |
Having high risk of default regarding timely servicing of financial
obligation. |
|
Date |
July, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factory : |
Plot No. 3311, Unit 2, GIDC, Industrial Estate, Chhatral,
Ahmedabad – 382729, Gujarat, India |
|
Tel. No.: |
91-2764-234008 |
|
Fax No.: |
91-2764-234142 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Bharatbhai Prabhudas Patel |
|
Designation : |
Managing Director |
|
Address : |
At-Ambavpura, Taluka : Kadi, Mehsana-382715, Gujarat, India |
|
Date of Birth/Age : |
16.12.1963 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
25.07.2001 |
|
DIN No.: |
00161825 |
|
|
|
|
Name : |
Mr. Kanubhai Somabhai Patel |
|
Designation : |
Director |
|
Address : |
4.1, Sanyojan Society, Behind Manekbag Octroi, Manekbag Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
03.06.1943 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
14.03.1995 |
|
DIN No.: |
00274788 |
|
|
|
|
Name : |
Mr. Kiritkumar Shambhuprasad Patel |
|
Designation : |
Whole-Time Director |
|
Address : |
B-45, Ambica Nagar Society, Highway, Kalol - 382 721, Gujarat, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Qualification : |
Diploma in Civil Engineering |
|
Date of Appointment : |
31.01.2009 |
|
DIN No.: |
00372855 |
|
|
|
|
Name : |
Mr. Dinesh Purushottambhai Patel |
|
Designation : |
Whole-Time Director |
|
Address : |
1/A, Motinagar Society, NearVakharia High School, Kalol, Mehsana-382721, Gujarat, India |
|
Date of Birth/Age : |
01.08.1966 |
|
Qualification : |
Diploma in Civil Engineering |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
02268757 |
|
|
|
|
Name : |
Mr. Jashwantkumar Kantilal Patel |
|
Designation : |
Director |
|
Address : |
101, Moto Madh, Chhatra, Kalol, Gandhinagar – 382729, Gujarat, India |
|
Date of Birth/Age : |
19.12.1961 |
|
Qualification : |
B. E. Civil |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
02268796 |
|
|
|
|
Name : |
Mr. Vasudevbhai Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
At-Kadi, 19, Shaktinagar Society, Mehsana - 382715, Gujarat, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Qualification : |
B. E. Civil |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
02268821 |
|
|
|
|
Name : |
Mr. Ghanshyam Chinubhai Patel |
|
Designation : |
Director |
|
Address : |
23, Vivekanand Society, Kalol, Mehsana-382721, Gujarat, India |
|
Date of Birth/Age : |
24.09.1978 |
|
Qualification : |
B. E. Civil |
|
Date of Appointment : |
31.07.2008 |
|
DIN No.: |
02268850 |
|
|
|
|
Name : |
Mr. Dharmendra Narayanbhai Patel |
|
Designation : |
Director |
|
Address : |
11, Snehkunj Society, Kalol, Gandhinagar- 382721, Gujarat, India |
|
Date of Birth/Age : |
02.03.1968 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
26.03.2009 |
|
DIN No.: |
02609546 |
|
|
|
|
Name : |
Mr. Nirmal Bharatbhai Patel |
|
Designation : |
Director |
|
Address : |
Ambavpura, Kadi, Pansar, Mehsana – 382740, Gujarat, India |
|
Date of Birth/Age : |
01.12.1986 |
|
Qualification : |
B. Pharm |
|
Date of Appointment : |
29.07.2011 |
|
DIN No.: |
03584745 |
|
|
|
|
Name : |
Mr. Sandipkumar Jayantibhai Patel |
|
Designation : |
Director |
|
Address : |
Patel D.1, IFFCO Nagar Society, Panchvati Area, At Kalol, Gandhinagar – 382721, Gujarat, India |
|
Date of Birth/Age : |
29.11.1984 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
29.07.2011 |
|
DIN No.: |
03584779 |
KEY EXECUTIVES
|
AUDIT COMMITTEE |
|
|
Name : |
Mr. Jashwantkumar K. Patel |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Vasudevbhai L. Patel |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Ghanshyam C. Patel |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Dharmendra N. Patel |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Sandipkumar J. Patel |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of
Shareholder |
Total
No. of Shares |
%
of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17766330 |
35.95 |
|
|
17766330 |
35.95 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
17766330 |
35.95 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
2742613 |
5.55 |
|
|
|
|
|
|
20381802 |
41.25 |
|
|
8390334 |
16.98 |
|
|
134921 |
0.27 |
|
|
117593 |
0.24 |
|
|
17328 |
0.04 |
|
|
31649670 |
64.05 |
|
Total Public
shareholding (B) |
31649670 |
64.05 |
|
Total (A)+(B) |
49416000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
49416000 |
0.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.23 |
|
Bodies corporate |
|
5.66 |
|
Directors or relatives of directors |
|
35.53 |
|
Other top fifty shareholders |
|
19.73 |
|
Others |
|
38.85 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Supplier and Trader of Cotton Fabric. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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|
Bankers : |
Bank of India, Ahmedabad Main Branch, Mezzanine Floor,
Bank of India Building, Bhadra,, Ahmedabad - 380001, Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R R S and Associates Chartered Accountants |
|
Address : |
221 Kama l Complex, Opposite State Bank of Saurashtra,
Near Stadium Circle, Navrangpura, Ahmedabad – 380009, Gujarat,
India |
|
PAN No.: |
AAFFR0472A |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.1/- each |
Rs.70.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61800000 |
Equity Shares |
Rs.1/- each |
Rs.61.800
Millions |
|
|
|
|
|
Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55603160 |
Equity Shares |
Rs.1/- each |
Rs.55.603
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49416000 |
Equity Shares |
Rs.1/- each |
Rs.49.416
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.1/- each |
Rs.70.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55603160 |
Equity Shares |
Rs.1/- each |
Rs.55.603
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
55.603 |
55.603 |
55.603 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
20.905 |
14.030 |
7.031 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
76.508 |
69.633 |
62.634 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
112.625 |
99.997 |
75.282 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.000 |
|
|
TOTAL BORROWING |
112.625 |
99.997 |
76.282 |
|
|
DEFERRED TAX LIABILITIES |
4.259 |
3.393 |
2.913 |
|
|
|
|
|
|
|
|
TOTAL |
193.392 |
173.023 |
141.829 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
93.125 |
97.230 |
65.316 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.647 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.874
|
41.689 |
23.408 |
|
|
Sundry Debtors |
67.938
|
71.119 |
34.701 |
|
|
Cash & Bank Balances |
7.046
|
24.431 |
17.366 |
|
|
Other Current Assets |
1.880
|
2.030 |
0.000 |
|
|
Loans & Advances |
3.289
|
13.266 |
23.399 |
|
Total
Current Assets |
143.027
|
152.535 |
98.874 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.824
|
38.970 |
18.635 |
|
|
Other Current Liabilities |
24.467
|
34.227 |
4.646 |
|
|
Provisions |
3.469
|
3.545 |
0.727 |
|
Total
Current Liabilities |
42.760
|
76.742 |
24.008 |
|
|
Net Current Assets |
100.267
|
75.793 |
74.866 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
193.392 |
173.023 |
141.829 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
264.358 |
156.214 |
128.993 |
|
|
|
Other Income |
0.581 |
4.555 |
8.130 |
|
|
|
TOTAL (A) |
264.939 |
160.769 |
137.123 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
176.470 |
87.536 |
|
|
|
|
Purchases of stock-in-trade |
35.630 |
25.449 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(18.520) |
(11.342) |
|
|
|
|
Employee benefit expense |
7.176 |
6.361 |
|
|
|
|
Other expenses |
29.555 |
26.305 |
|
|
|
|
TOTAL (B) |
230.311 |
134.309 |
120.734 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.628 |
26.460 |
16.389 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
15.509 |
10.246 |
5.426 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.119 |
16.214 |
10.963 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.192 |
7.036 |
3.856 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.927 |
9.178 |
7.107 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.052 |
2.179 |
1.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.875 |
6.999 |
5.505 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.030 |
7.031 |
1.526 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
20.905 |
14.030 |
7.031 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.14 |
0.14 |
0.10 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
83.000 |
91.400 |
94.700 |
|
Total Expenditure |
72.500 |
82.900 |
83.300 |
|
PBIDT (Excl OI) |
10.500 |
8.600 |
11.400 |
|
Other Income |
0.100 |
0.000 |
0.000 |
|
Operating Profit |
10.600 |
8.600 |
11.400 |
|
Interest |
4.000 |
4.400 |
4.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
6.600 |
4.200 |
6.600 |
|
Depreciation |
2.100 |
2.100 |
2.100 |
|
Profit Before Tax |
4.500 |
2.100 |
4.500 |
|
Tax |
0.800 |
0.400 |
0.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
3.700 |
1.700 |
3.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3.700 |
1.700 |
3.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.59 |
4.35 |
4.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.13 |
5.88 |
5.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.63 |
3.67 |
4.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47 |
1.44 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.34 |
1.99 |
4.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BUSINESS PERFORMANCE
AND PROSPECTS:
During the year, the company has achieved a gross turnover of Rs.264.358 Millions as compared to Rs.156.214 Millions during the previous year and the operations for the year has resulted into Net Profit of Rs.6.875 Millions. The company could achieve sustained growth in business due to continued pursuit of their strategy to work with innovation ideas, developing new areas of its activities and reducing cost of products through process innovation. Directors are hoping even better performance during the current year.
During the current year 2011-2012, the company has made addition to machinery for Rs.3.148 Millions for High Speed Sectional Warping Machine.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
L17119GJ1995PLC025007 |
|
Name of the company |
MINAXI TEXTILES LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Plot No. 3311, Unit 2, GIDC, Industrial Estate, Chhatral, Ahmedabad – 382729, Gujarat, India E-mail id : ashokppathak@yahoo.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10135006 |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
Bank of India, Ahmedabad Main Branch, Mezzanine Floor, Bank of India Building, Bhadra,, Ahmedabad - 380001, Gujarat, India E-mail id : ahmedabad.ahmedabad@bankofindia.co.in |
|
Nature of instrument creating charge |
Seventh supplemental deed of hypothecation executed by the company to secure modified and revised and increased FB and NFB aggregate max limits of Rs.148.559 Millions |
|
Date of instrument Creating the charge |
26.12.2012 |
|
Amount secured by the charge |
Rs.148.559 Millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC STK/BD - 3.25% + BR - 13.75%, EPC/FBN - P - AS APL TL II, III, IV, V, VI, VIII - 3.75% + BR - 14.25% P. A. Monthly Rest L/C - as per FEDAI rules, GUA (i) and (f) - as bank's guidelines Terms of Repayment CC STK / BD / EPC/FBP/FBN - ON DEM / ANL REVIEW TM LN II - 34 EMI of Rs.0.036 Million COM FM APR 2011 TM LN III - 50 EMI of Rs.0.437 Million COM FM APR 2011 TM LN IV - 42 EMI of Rs.0.494 Million COM FM JUL 2011 TM LN V - 38 EMI of Rs.0.196 Millions COM FM APR 2011 TM LN VI - 72 Monthly Instl RS.0.053 Million COM FM NOV 2011 TM LN VIII - 60 Monthly Instl Rs.0.056 Million COM FM 6 Month after disbursement L/C / GUA (I) and (F) - on due date. Margin CC STK - 25%, BK DTS - UP 90 Days - 35%, 91-120 Days - 40% > 120 Days - 100% EPC/FBP/FBN - 25% TM LN II and III and IV and V - 25% NEW MACH 30% OLD MACH RM LN VI and VIII - 25% L/C (F) DP/DA- 90 DAYS - 10% GUA (I) - 10% GUA (F) - 15% Extent and Operation of the charge First and exclusive hypo ch on all tangible movable property like plant and machinery, equip, stocks of material and book debts andand other movable assets of the company to secure modified, revised and increased FB and NFB AGG limits of Rs.148.559 Millions alongwith int, addl int, penal int, cost, charges, liquidated damages, penalty and commission and all other amt due to the bank of what so ever nature from time to time Others Revised limits CC STK - Rs.50.000 Millions, CC BK DTS – Rs.70.000 Millions, EPC/FBP/FBN – Rs.10.000 Millions MAX CC/EPC – Rs.115.000 Millions TL II – Rs.0.485 Millions, TL III – Rs.10.714 Millions, TL IV – Rs.10.202 Millions TL V – Rs.2.562 Millions, TL VI – Rs.1.817, TL VIII – Rs.2.279 Millions TOT TL Rs.28.059 Millions Total FB Rs.143.059 Millions LC (F) DP /DA - Rs.3.000 Millions, GUA (I) – Rs.1.000 Millions, GUA (F) – Rs.1.500 Millions TOT NFB Rs.5.500 Millions Grand TOT MAX FB + NFB Aggregate – Rs.148.559 Millions |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
All tangible movable plant and machinery, equipments of
the co whether installed or not and whether lying loose or in cases situate
at fact premises at Plot No.3311, GIDC Phase IV, Chhatral District
Gandhinagar or else All stock of raw material such as yarn, chemicals, pack mat etc, semi finished and finished goods such as grey cloth both present and future lying or stored at Plot No 3311, GIDC Phase IV, Chhatral District Gandhinagar or else All the book debts, outstandings, money receivables, claims bills both present and future |
|
Date of instrument modifying the charge |
20/08/2012 |
|
Particulars of the present modification |
BK granted ADD MAX FBWC Rs.35.000 Millions, on repayment revised TL II – Rs.0.485 Million, TL III – Rs.10.714 Millions, TL IV – Rs.10.202 Millions, TL V – Rs.2.562 Millions TL VI – Rs.1.817 Millions, TL VIII Rs.2.279 Millions and TL IX Rs.9.450 Millions canceled thus modified, revised and incised TOT FB and NFB AGG LIM FM Rs.155.195 Millions to Rs.148.559 Millions. thus first and exclusive hypothecation CH on plant and machinery, stock of material, book Debts and other movable assets is modified, Revised and increased FM Rs 155.195 Millions to Rs.148.559 Millions and will operate for Rs.148.559 Millions w.e.f. 26.12.2012 |
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 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 Declration :
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.54.88 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.