|
Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
LUTHRA CHEM-TEX INDUSTRIES LIMITED (w.e.f. 26.03.2008) LUTHRA DYEING AND PRINTING MILL (A DIVISION OF LUTHRA CHEM-TEX INDUSTRIES LIMITED) |
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Formerly Known
As : |
LUTHRA CHEM-TEX INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
252/2, G. I. D. C., Pandesara, Surat – 394221, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.12.1984 |
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Com. Reg. No.: |
04-007536 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
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CIN No.: [Company Identification
No.] |
U17119GJ1984PLC007536 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTL00004E |
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PAN No.: [Permanent Account No.] |
AAACL4038Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of dyeing,
bleaching, and printing on grey fabrics. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150000 |
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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 a moderate track record. Profitability of the company appears to be low. However, reserves of
the company appears to be decent. Trade relations are fair. Business is active. Payment are reported to
be slow but correct. The company can be considered for business dealing with some caution. Note: As claimed by
Mr. Ritesh Undela (G.M) that the subject was established in the year of 1982
as a proprietorship firm is a division of Luthra Chemtex Limited which is
established in the year 1984. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ritesh Undela |
|
Designation : |
Legal General Manager |
|
Contact No.: |
91-9377907001 |
|
Date : |
09.12.2013 |
LOCATIONS
|
Registered/ Corporate Office : |
252/2, G. I. D. C., Pandesara, Surat – 394221, Gujarat, India |
|
Tel. No. : |
91-261-2890606/ 7 / 8 |
|
Mobile No. : |
91-9377907001 (Mr. Keshav Arora) |
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Fax No. : |
91-261-2890600 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Rameshchandra Maherchandra Luthra |
|
Designation : |
Director |
|
Address : |
Luthra Niwas, A/1, Janta Nagar Society, New Civil Road, Surat - 395002, Gujarat, India |
|
Date of Birth/Age : |
14.05.1935 |
|
Date of Appointment : |
27.12.1984 |
|
DIN No. : |
00190253 |
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|
|
|
Name : |
Mr. Mannu Girishchandra Luthra |
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Designation : |
Director |
|
Address : |
Luthra Niwas, A/1, Janta Nagar Society, New Civil Road, Surat - 395002, Gujarat, India |
|
Date of Birth/Age : |
12.08.1964 |
|
Date of Appointment : |
01.03.2008 |
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DIN No. : |
00190367 |
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|
|
|
Name : |
Mr. Keshav Gyanchand Arora |
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Designation : |
Director |
|
Address : |
A/301, Opera House, City Light Road, Surat - 395007, Gujarat, India |
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Date of Birth/Age : |
05.06.1946 |
|
Date of Appointment : |
30.03.2007 |
|
DIN No. : |
01346151 |
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|
|
|
Name : |
Mr. Dhruv Girishchandra Luthra |
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Designation : |
Director |
|
Address : |
Luthra Niwas, A/1, Janta Nagar Society, New Civil Road, Surat - 395002, Gujarat, India |
|
Date of Birth/Age : |
12.06.1987 |
|
Date of Appointment : |
30.03.2007 |
|
DIN No. : |
01594011 |
KEY EXECUTIVES
|
Name : |
Mr. Dhiren R. Dave |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders (Equity
Shares with Voting) |
|
No. of Shares |
|
Rameshchandra Maherchandra Luthra |
|
9660 |
|
Sharda Rameshchandra Luthra |
|
3800 |
|
Girish Rameshchandra Luthra |
|
9755 |
|
Rameshchandra Luthra (HUF) |
|
6300 |
|
Mannu Girishchandra Luthra |
|
6135 |
|
Girish Luthra (HUF) |
|
600 |
|
Drishti G. Luthra |
|
9900 |
|
Dhruv G. Luthra |
|
3850 |
|
Total |
|
50000 |
|
Names of Shareholders (Equity
Shares without Voting) |
|
No. of Shares |
|
Alka Diamond Industries Limited, India |
|
2500 |
|
Javda India Impex Limited, India |
|
2500 |
|
Vanguard Jewels Limited, India |
|
2500 |
|
Girish Rameshchandra Luthra |
|
20750 |
|
Mannu Girishchandra Luthra |
|
16745 |
|
Anchal Properties Private Limited, India |
|
2500 |
|
Hema Trading Company Private Limited, India |
|
2500 |
|
Total |
|
49995 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
13 |
|
Directors or relatives of Directors |
80 |
|
Other top fifty shareholders |
7 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of dyeing,
bleaching, and printing on grey fabrics. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
· The Sutex Co-Operative Bank Limited, 2nd Floor, "Surajram Bachkaniwala Bhavan", Near Navjivan Circle, Udhna Magdalla Road, Surat - 395017, Gujarat, India Surat People'sco-Op-Bank Limited, Vasudhara, Nanpura,
Surat - 395004, Gujarat, India |
|||||||||||||||||||||
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Facilities : |
NOTE: LONG TERM
BORROWINGS (i) Term Loan of Rs.29.038 Millions (inciuding current maturities thereon) from Sutex Co-operative Bank Limited and secured (i) by way of extension of mortgage charge on Factory land and building situated at GiDC Pandesara, Surat, (ii) first charge by way of hypothecation on plant and machineries located at GIDC, Pandesara, Surat (iii) first charge by way of mortgage on Shop No. 14 and 15, Rushabh Textile Market. Ring Road Surat (iv) Stock and Book Debts, (v) Lien on Fixed Deposit Receipt of Rs. 1.775 Millions.The loan is repayable in 72 monthly installments of Rs. 0.890 Millions each (including interest @14% P.A. (ii) Term Loan of Rs. 1.147 Millions (inciuding current maturities thereon) from The Sutex Co-operative Bank Limited and Secured by (i) first charge by way of hypothecation on ail plant and machineries located at GIDC, Pandesara, Surat. (ii) by way of extension of mortgage charge on Factory land and building situated at GIDC. Pandesara, Surat, (iii) by way of extension of mortgage on Shop No. 14 and 15, Rushabh Textile Market, Ring Road, Surat.he loan is repayable in 72 monthly installments of Rs. 0.046 Million each (inciuding interest @12.75% P.A. (iii) The above Loans are also personally guaranteed by Directors of the company and also guaranted by relative of directors. SHORT TERM BORROWINGS (i) Cash Credit facility of Rs. 40.000 Millions taken from Sutex Co-Op Bank Limited is secured by way of (i) first charge by way of hypothecation on plant and machineries located at GIDC, Pandesara, Surat (ii) hypothecation of Stock and Book Debts, (iii) first charge by way of simple mortgage on Factory land and building situated at GIDC Pandesara, Surat (iv) Guarantee of all directors. (ii) Company has taken the adhoc Credit Facility of Rs. 8.333 Millions (including current maturities thereon) from The Sutex Co-Op Bank Limited No specific security is given to the bank. |
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Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
Niranjan Desai and Company Chartered Accountants |
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Address : |
33-Maher Park-A, Athwagate, Ring Road, Surat – 395002, Gujarat, India |
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Tel. No. : |
91-261-2476659/ 2461579 |
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Income-tax
PAN of auditor or auditor's firm : |
AAZPD2642J |
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|
|
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Associates : |
· Gujarat Enviro Protection and Infrastructure Limited Gujarat Enviro Protection and lnfrastructure (D& NH)
Private Limited Gujarat Enviro Protection and lnfrastructure (Haryana)
Private Gepil Aqua Recycling (Vadadla) Private Limited Water Factory Balotra Private Limited Fairdeal Textile Park Private Limited Gujarat Eco Textile Park Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares with Voting Rights |
Rs.100/- each |
Rs. 5.000 Millions |
|
50000 |
Equity Share without Voting Rights |
Rs.100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares with Voting Rights |
Rs.100/- each |
Rs. 5.000 Millions |
|
49995 |
Equity Share without Voting Rights |
Rs.100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 10.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
27.417 |
26.524 |
27.862 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
37.417 |
36.524 |
37.862 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
22.849 |
29.583 |
3.728 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
22.849 |
29.583 |
3.728 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
105.520 |
88.151 |
52.177 |
|
(b) Trade payables |
34.280 |
26.805 |
32.784 |
|
(c) Other current
liabilities |
12.324 |
9.355 |
7.314 |
|
(d) Short-term provisions |
6.435 |
4.555 |
6.067 |
|
Total Current Liabilities (4) |
158.559 |
128.866 |
98.342 |
|
|
|
|
|
|
TOTAL |
218.825 |
194.973 |
139.932 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
21.915 |
21.317 |
22.907 |
|
(ii) Intangible Assets |
0.511 |
0.518 |
0.531 |
|
(iii) Capital
work-in-progress |
0.000 |
0.034 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
18.568 |
18.568 |
17.895 |
|
(c) Deferred tax assets (net) |
1.134 |
0.861 |
0.514 |
|
(d) Long-term Loan and Advances |
3.102 |
2.986 |
2.783 |
|
(e) Other Non-current assets |
4.072 |
3.618 |
0.160 |
|
Total Non-Current Assets |
49.302 |
47.902 |
44.790 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
6.612 |
5.276 |
5.591 |
|
(c) Trade receivables |
68.431 |
50.469 |
51.340 |
|
(d) Cash and cash
equivalents |
9.842 |
20.075 |
23.296 |
|
(e) Short-term loans and
advances |
75.572 |
59.181 |
0.535 |
|
(f) Other current assets |
9.066 |
12.070 |
14.380 |
|
Total Current Assets |
169.523 |
147.071 |
95.142 |
|
|
|
|
|
|
TOTAL |
218.825 |
194.973 |
139.932 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
251.766 |
205.211 |
231.146 |
|
|
|
Other Income |
9.936 |
4.443 |
4.850 |
|
|
|
TOTAL (A) |
261.702 |
209.654 |
235.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
60.117 |
46.062 |
60.635 |
|
|
|
Employee Benefit Expenses |
67.252 |
57.282 |
59.334 |
|
|
|
Other Expenses |
114.865 |
90.482 |
100.864 |
|
|
|
Prior Period Expenses |
0.000 |
0.023 |
0.200 |
|
|
|
Changes in inventories of WIP |
(1.202) |
(0.021) |
0.432 |
|
|
|
TOTAL (B) |
241.032 |
193.828 |
221.465 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
20.670 |
15.826 |
14.531 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.409 |
9.002 |
6.966 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.261 |
6.824 |
7.565 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.969 |
5.453 |
5.833 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1.292 |
1.371 |
1.732 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.399 |
2.709 |
1.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
0.893 |
(1.338) |
0.649 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.93 |
(13.38) |
6.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.34
|
(0.64) |
0.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
0.67 |
0.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.65
|
0.78 |
1.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.04 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.43
|
3.22 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.14 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of long term borrowings |
7.337 |
7.125 |
5.087 |
|
|
|
|
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10402003 |
06/02/2013 |
2,000,000.00 |
THE SUTEX CO-OPERATIVE BANK LIMITED |
2ND FLOOR,
"SURAJRAM BACHKANIWALA BHAVAN", NEAR N |
B67704015 |
|
2 |
10346640 |
23/03/2012 |
35,500,000.00 |
THE SUTEX CO-OPERATIVE BANK LIMITED |
2ND FLOOR,
"SURAJRAM BACHKANIWALA BHAVAN", NEAR N |
B36687077 |
|
3 |
10268376 |
31/01/2013 * |
77,500,000.00 |
THE SUTEX CO-OPERATIVE BANK LIMITED |
2ND FLOOR,
"SURAJRAM BACHKANIWALA BHAVAN", NEAR N |
B67707612 |
|
4 |
10246224 |
24/09/2010 |
40,000,000.00 |
THE SUTEX CO OPERATIVE BANK LIMITED |
2ND FLOOR,
"SURAJRAM BACHKANIWALA BHAVAN", NEAR N |
A96636154 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From Bank Cash Credit Overdraft from Bank |
8.333 |
0.000 |
|
From Related Parties |
47.678 |
48.841 |
|
Total |
56.011 |
48.841 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from Plot No.251, GIDC, Pandesara, Surat – 394221, Gujarat, India to the present address w.e.f. 14.09.2009.
CORPORATE INFORMATION
Subject is a domestic company without public interest and incorporate under the provisions of the companies Act, 1956. The company is engaged in the business of dyeing, bleaching, and printing on grey fabrics. The company caters to domestic markets.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Demand by various revenue authorities |
1.035 |
1.414 |
|
Guarantee given by the company |
390.000 |
390.000 |
|
Bank guarantee in favour of Gujarat Gas Company Limited |
0.932 |
0.000 |
|
Total |
391.967 |
391.414 |
|
Note: The Central Excise Demand of Rs. 0.670 Million and Textile
Committee demand of Rs.0.366 Million The Company is in appeal before various
appellate authorities against these demands. The company is hopeful of
favorable decisions in these appeals and hence has not made any provisions in
the books towards these demands.
However The Company has deposited Rs.0.252 Million towards the disputed
demand. Corporate guarantee given by the company Rs 390.000
Millions against Term Loan sanctioned to its associate companies, However,
outstanding loan as on balance sheet date is Rs. 221.509 Millions. |
||
FIXED ASSETS
v
Tangible
Assets
Land
Building
Plant
and Machinery
Vehicles
Furniture
and Fixtures
Office
Equipments
Computer
v
Intangible Assets
Goodwill
Computer
Software
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 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.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.