MIRA INFORM REPORT
|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
COLOURTEX INDUSTRIES LIMITED (w.e.f. 20.03.2007) |
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Formerly Known
As : |
COLOURTEX INDUSTRIES PRIVATE LIMITED PANDESARA DYES AND INTERMEDIARIES PRIVATE LIMITED |
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Registered
Office : |
S. No.80, Bhestan, G.I.D.C., Pandesar, Surat – 394221, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
23.10.1989 |
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Com. Reg. No.: |
04-012922 |
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Capital
Investment / Paid-up Capital : |
Rs.38.306 Millions |
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CIN No.: [Company Identification
No.] |
U24231GJ1989PLC012922 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTP00070A |
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PAN No.: [Permanent Account No.] |
AABCP6359B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Dyes and Intermediates. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record.
Management has failed to file the latest financials of 2013 with the
government department. As per available, there appears drastic fall in the
profitability during 2012. However, general financial position of the company seems to be good.
Trade relations are reported to be fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered for normal 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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
|
Name : |
Mr. Vinod Patel |
|
Designation : |
Account Manager |
|
Contact No.: |
91-9825041931 |
|
Date : |
13.12.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
S. No.80, Bhestan, G.I.D.C., Pandesar, |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-9825041931 (Mr. Vinod Patel) |
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Fax No.: |
Not Available |
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E-Mail : |
mitulnaik30@gmail.com |
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Website : |
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Location : |
Owned |
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Head Quarter : |
Survey No.91, Opposite Navin Fluorine Industries, Bhestan,
Surat – 395023, Gujarat, India |
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Tel. No.: |
91-261-2897800/ 801/ 802 |
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Fax No.: |
91-261-2892364/ 2890080 |
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E-Mail : |
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Factory 2 : |
Survey No.74/79/80, Plot No.158/15 to 19, 19, 438-1, 2, 3, 4, Bhestan
G.I.D.C., Pandesara, |
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Tel. No.: |
91-261-2891428/ 2891429/ 2897800/ 801/ 802 |
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Fax No.: |
91-261-2890080/ 2892364 |
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E-Mail : |
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Website : |
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Area : |
69000 Sq. mtrs. (Land area – 80000 Sq. mtrs.) |
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Location : |
Owned |
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Factory 3 : |
Kim, Karanj, Bhestan, District |
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Factory 4 : |
Survey No.75/50/80, Plot No.158, Bhestan, GIDC, Pandesara, |
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Factory 5 : |
Plot No. 8108/2, 288/1-2, 289/2 G.I.D.C., Sachin, Surat –
394230, Gujarat, India |
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Overseas Office 1 : |
Colourtex Inc. 8000 Corporate Lane Drive, |
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Tel. No.: |
+ 1 704 540 1528 |
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Fax No.: |
+ 1 704 540 1529 |
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E-Mail : |
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Overseas Office 2 : |
Colourtex (Asia
Pacific) Limited |
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Tel. No.: |
+852 35273633 |
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Fax No.: |
+852 35273661 |
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E-Mail : |
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Branch Office : |
Located at: v Ahmedabad v Bhilwara v
v Chennai v
v Ichhalkaranji v
Mumbai v
Tirupur |
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Sales Office : |
Located at: v
v
v
v
v
v
Kolkata |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Vishadkumar Jayantilal Jariwala |
|
Designation : |
Director |
|
Address : |
4, Etka, Opposite Trinidhi Apartment, Ghaddod Road, Surat – 395007,
Gujarat, India |
|
Date of Birth/Age : |
26.09.1975 |
|
Qualification : |
B Com |
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Date of Appointment : |
29.12.1994 |
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DIN No.: |
00076314 |
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|
|
Name : |
Mr. Jayantilal Thakordas Jariwala |
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Designation : |
Managing Director |
|
Address : |
3, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395001,
Gujarat, India |
|
Date of Birth/Age : |
04.11.1943 |
|
Qualification : |
B Com |
|
Date of Appointment : |
02.03.2011 |
|
DIN No.: |
00110103 |
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|
|
|
Name : |
Mr. Kanakkumar Jayantilal Jariwala |
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Designation : |
Director |
|
Address : |
3, Etka, Opposite Trinidhi Apartment, |
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Date of Birth/Age : |
17.11.1973 |
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Qualification : |
BSC |
|
Date of Appointment : |
18.01.1994 |
|
DIN No.: |
00110182 |
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|
|
|
Name : |
Mr. Maheshchandra Dhansukhlal Kabutarwala |
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Designation : |
Director |
|
Address : |
4, Etka Society, Opposite Mamta Apartment, |
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Date of Birth/Age : |
16.11.1965 |
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Qualification : |
B Com |
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Date of Appointment : |
22.09.1993 |
|
DIN No.: |
00110317 |
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|
|
|
Name : |
Mr. Pravinchandra Dhansukhlal Kabutarwala |
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Designation : |
Director (Operating and HRD) |
|
Address : |
4, Etka Society, Opposite Mamta Apartment, |
|
Date of Birth/Age : |
03.10.1956 |
|
Qualification : |
BSC |
|
Date of Appointment : |
23.10.1989 |
|
DIN No.: |
00110351 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Patel |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 28.09.2012
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Jayantilal Jariwala |
|
1019044 |
|
Kanakkumar Jariwala |
|
397786 |
|
Vishadkumar Jariwala |
|
393479 |
|
Rameshchandra Kabutarwala |
|
367974 |
|
Pravinchandra Kabutarwala |
|
339687 |
|
Bipinchandra Kabutarwala |
|
365170 |
|
Maheshchandra Kabutarwala |
|
335885 |
|
Bhavesh Kabutarwala |
|
2381 |
|
Jenish Kabutarwala |
|
2807 |
|
Ketan Kabutarwala |
|
2313 |
|
Shyam Kabutarwala |
|
125 |
|
Shilpa Jariwala |
|
3200 |
|
Jay Kabutarwala |
|
125 |
|
Krunal Kabutarwala |
|
323 |
|
Urmila Asumati Trust (Proprietor of Shree Corporation
Trustee-Jayantilal Thakordas), |
|
281 |
|
Thakor Private Trust Trustee- Vishadkumar Jariwala |
|
1 |
|
|
|
|
|
Total |
|
3230581 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Jayantilal Jariwala |
|
48000 |
|
Kanakkumar Jariwala |
|
36000 |
|
Vishadkumar Jariwala |
|
36000 |
|
Rameshchandra Kabutarwala |
|
60000 |
|
Pravinchandra Kabutarwala |
|
60000 |
|
Bipinchandra Kabutarwala |
|
48000 |
|
Maheshchandra Kabutarwala |
|
48000 |
|
Bhavesh Kabutarwala |
|
12000 |
|
Jenish Kabutarwala |
|
24000 |
|
Ketan Kabutarwala |
|
24000 |
|
Jagrutiben Kabutarwala |
|
24000 |
|
Urmilaben Jariwala |
|
24000 |
|
Hemlataben Kabutarwala |
|
24000 |
|
Ishwariben Kabutarwala |
|
24000 |
|
Ushaben Kabutarwala |
|
12000 |
|
Shyam Kabutarwala |
|
24000 |
|
Shilpa Jariwala |
|
12000 |
|
Jyotiben Jariwala |
|
24000 |
|
Jay Kabutarwala |
|
24000 |
|
Krunal Kabutarwala |
|
12000 |
|
|
|
|
|
Total |
|
600000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Dyes and Intermediates. |
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Products : |
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Exports : |
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Products : |
·
Dyes ·
Intermediates |
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Countries : |
·
USA ·
Dubai ·
Turkey |
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Imports : |
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Products : |
·
Machinery ·
Raw Material |
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Countries : |
·
China ·
England |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (As on: 31.03.2012)
|
Particulars |
Actual
Production |
|
S.O. Dyes |
2131592 |
|
Dyes Intermediates |
29678 |
|
Organic Surface Active Agents |
1013 |
|
Misc. Chemical Products |
250162 |
|
Intermediates |
1324263 |
|
Mineral Fuel, Oils, etc. |
4500 |
|
Articles of Plastics |
5 |
GENERAL INFORMATION
|
Suppliers : |
Aarti Industries Limited |
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|
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Customers : |
Wholesalers, Retailer and Manufacturer ·
Pratiba Syntex Limited ·
Ashwarya Dyes and Printing |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
· IDBI Bank Limited · Bank of Baroda · Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380 006, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.N.K. and Company Chartered Accountants |
|
Address : |
45, Sai Nagar Society, Behind Bhulka Bhavan School, Adajan Road, Surat
– 395009, India |
|
Tel. No.: |
91-261-2656273-4/ 6544791-2/ 3299540-47 |
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Fax No.: |
91-261-2656868 |
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E-Mail: |
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Website : |
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PAN No.: |
AAJFS8455L |
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Related Parties : |
· Bhavin Fashions · Bhavin Textiles · Bhavin Industries · Vipan Industries · C M C Industries · Coconut Software Private Limited · CTX Lifescience Private Limited · Dhanesh Enterprise Private Limited · Thakor Private Trust · Shree Corporation (Prop.Urmila Asumati Trust) |
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Subsidiary Company
: |
Name: C T X Dyestuffs Private Limited Address: S. No.80,
Bhestan, G.I.D.C., Pandesar, Surat – 394221, Gujarat Line of Business: Manufacturer of Textile Yarn. · Colourtex (Asia Pacific) · Colourtex Inc. · Coltex. S.A |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22180000 |
Equity Shares |
Rs.10/- each |
Rs.221.800 Millions |
|
7650000 |
Preference Shares |
Rs.10/- each |
Rs.76.500 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.298.300
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3230581 |
Equity Shares |
Rs.10/- each |
Rs.32.306 Millions |
|
600000 |
Preference Shares |
Rs.10/- each |
Rs.6.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.38.306
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
38.306 |
37.500 |
|
(b) Reserves & Surplus |
|
3597.049 |
3535.833 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.806 |
|
Total Shareholders’
Funds (1) + (2) |
|
3635.355 |
3574.139 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3315.832 |
2053.413 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
3315.832 |
2053.413 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
680.112 |
923.589 |
|
(b) Trade payables |
|
2460.365 |
2353.020 |
|
(c) Other current liabilities |
|
307.583 |
189.988 |
|
(d) Short-term provisions |
|
50.501 |
161.494 |
|
Total Current
Liabilities (4) |
|
3498.561 |
3628.091 |
|
|
|
|
|
|
TOTAL |
|
10449.748 |
9255.643 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2691.219 |
2193.497 |
|
(ii) Intangible Assets |
|
5.411 |
9.018 |
|
(iii) Capital work-in-progress |
|
538.802 |
317.042 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
26.516 |
26.516 |
|
(c) Deferred tax assets (net) |
|
13.246 |
25.268 |
|
(d) Long-term Loan and Advances |
|
159.355 |
184.638 |
|
(e) Other Non-current assets |
|
19.978 |
19.713 |
|
Total Non-Current
Assets |
|
3454.527 |
2775.692 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2932.203 |
2747.821 |
|
(c) Trade receivables |
|
3222.382 |
2761.720 |
|
(d) Cash and cash equivalents |
|
339.018 |
214.129 |
|
(e) Short-term loans and advances |
|
501.618 |
756.281 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current
Assets |
|
6995.221 |
6479.951 |
|
|
|
|
|
|
TOTAL |
|
10449.748 |
9255.643 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
29.882 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2457.738 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2487.620 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
989.895 |
|
|
2] Unsecured Loans |
|
|
2081.148 |
|
|
TOTAL BORROWING |
|
|
3071.043 |
|
|
DEFERRED TAX LIABILITIES |
|
|
14.897 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5573.560 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2011.588 |
|
|
Capital work-in-progress |
|
|
122.165 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
62.563 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2043.169
|
|
|
Sundry Debtors |
|
|
2342.173
|
|
|
Cash & Bank Balances |
|
|
101.118
|
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
708.069 |
|
Total
Current Assets |
|
|
5194.529 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1599.258
|
|
|
Other Current Liabilities |
|
|
76.844
|
|
|
Provisions |
|
|
141.193
|
|
Total
Current Liabilities |
|
|
1817.295 |
|
|
Net Current Assets |
|
|
3377.234
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5573.560 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12698.700 |
11222.632 |
8565.791 |
|
|
|
Other Income |
18.307 |
15.323 |
5.886 |
|
|
|
TOTAL (A) |
12717.007 |
11237.955 |
8571.677 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
9311.648 |
8324.311 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(225.625) |
(471.354) |
|
|
|
|
Employee benefit expense |
521.555 |
389.381 |
|
|
|
|
Other expenses |
2129.005 |
1897.285 |
|
|
|
|
TOTAL (B) |
11736.583 |
10139.623 |
7525.195 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
980.424 |
1098.332 |
1046.482 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
336.930 |
314.732 |
268.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
643.494 |
783.600 |
778.249 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
546.347 |
485.949 |
456.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
97.147 |
297.651 |
322.231 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.660 |
100.607 |
114.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
61.487 |
197.044 |
207.645 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Direct Export |
3148.936 |
2906.222 |
2116.702 |
|
|
TOTAL EARNINGS |
3148.936 |
2906.222 |
2116.702 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2875.427 |
2545.124 |
1744.387 |
|
|
|
Capital Goods |
19.413 |
17.243 |
7.689 |
|
|
|
Advance for Capital Goods |
17.518 |
45.313 |
81.813 |
|
|
TOTAL IMPORTS |
2912.358 |
2607.680 |
1833.889 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.03 |
63.87 |
69.55 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
15000.000 |
|
|
|
|
|
The above information has been parted by Mr. Vinod Patel
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.48 |
1.75 |
2.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.76 |
2.65 |
3.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.98 |
3.35 |
4.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.08 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.10 |
0.83 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00 |
1.79 |
2.86 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four 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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
OPERATIONS:
The performance of the company during the year 2011-12 was satisfactory. The company has earned net revenue of Rs.12698.700 Millions from operations and Rs. 18.307 Millions from other sources for the year. After providing an expenditure of Rs. 12655.520 Millions, the company has earned Net Profit of Rs. 61.487 Millions.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
2733.841 |
1897.928 |
|
|
|
|
|
Total |
2733.841 |
1897.928 |
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Guarantees issued by
the Company’s Bankers on behalf of the Company |
|
|
|
Bank of Baroda |
22.251 |
12.600 |
|
IDBI Bank |
37.889 |
1.000 |
|
Letter of credit
opened by banks |
|
|
|
IDBI Bank |
NIL |
22.300 |
|
Disputed Excise Duty and Other demands |
6.856 |
6.016 |
|
Income Tax demands where the cases are pending at various stages of appeal with the authorities |
14.098 |
14.098 |
TRADE REFERENCE
· Aarti Industries Limited
·
Pratiba Syntex Limited
· Ashwarya Dyes and Printing
FIXED ASSETS:
Tangible Assets
· Buildings
· Residential Building
· Factory Building
· Plant and Equipment
· Factory Equipments
· Vehicles
· Computer Equipments
· Office Equipments
· Land
· Furniture and Fixtures
Intangible Assets
· 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 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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.