MIRA
INFORM REPORT
|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUSHITEX INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
1st
Floor, Roop Industries, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
08.07.2010 |
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Com. Reg. No.: |
11-205365 |
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Capital
Investment / Paid-up Capital : |
Rs.49.851
millions |
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CIN No.: [Company Identification
No.] |
U17291MH2010PTC205365 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS72223E |
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PAN No.: [Permanent Account No.] |
AAOCS5628P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Fabrics. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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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 233000 |
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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. The
company has successfully wiped out its losses. The reserve of the company is
improving. 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.
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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) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
B (Cash Credit) |
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Rating Explanation |
Having high risk of default regarding timely servicing of financial
obligation. |
|
Date |
December, 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
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Registered Office/ Administration Office : |
1st
Floor, Roop Industries, |
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Tel. No.: |
91-22-66022828 (10 Lines)/ 28880555/ 28511969 |
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Fax No.: |
91-22-66022810 |
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E-Mail : |
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Website : |
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Factory 1 : |
G-28, MIDC, Tarapur, Boisar, District Thane – 401 506, |
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Factory 2 : |
D-23/2, MIDC, Tarapur, Boisar, District Thane – 401 506, |
DIRECTORS
As on 11.07.2012
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Name : |
Mr. Harishchander Ramchander Arya |
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Designation : |
Director |
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Address : |
306, Sky |
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Date of Birth/Age : |
15.05.1954 |
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Date of Appointment : |
08.07.2010 |
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PAN No.: |
AGRPA9494K |
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DIN No.: |
02507618 |
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Other Directorship :
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Name : |
Mr. Dineshchander Ramchander Arya |
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Designation : |
Director |
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Address : |
A-102, Carnation Co-Operative Society, Seven Bunglows, Andheri (West),
Mumbai – 400 058, |
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Date of Birth/Age : |
06.07.1959 |
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Date of Appointment : |
08.07.2010 |
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PAN No.: |
ADFPA3314D |
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DIN No.: |
01738612 |
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Other Directorship :
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Name : |
Urmil Dineshchander Arya |
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Designation : |
Director |
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Address : |
A-102, Carnation Co-Operative Society, Seven Bunglows, Andheri (West),
Mumbai – 400 058, |
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Date of Birth/Age : |
28.02.1958 |
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Date of Appointment : |
08.07.2010 |
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PAN No.: |
AAIPA1746R |
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DIN No.: |
02507642 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Subhash Chander Arya |
|
3000 |
|
Luv Arya |
|
39880 |
|
Harish Arya |
|
115860 |
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10500 |
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Dinesh Arya |
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27410 |
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Urmil Arya |
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7900 |
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Smriti Silk and Synth. Private Limited, |
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29000 |
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Jyotshna Thakkar |
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12000 |
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Vineet Arya |
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11500 |
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Vivek Arya |
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7950 |
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Yash Kumari |
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20050 |
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Nilam Sibal |
|
6000 |
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Sushila Babrics Private Limited, |
|
177910 |
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Sushama Arya |
|
29500 |
|
Vishal Miglani |
|
50 |
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Total |
|
498510 |
As on 11.07.2012
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Fabrics. |
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Products : |
v
Fabric v
Apparel v
Home Furnishing |
GENERAL INFORMATION
|
Suppliers : |
v
A.V. Enterprises v
Ashish Trading v
Bagla Poly Yarn Private Limited v
Balaji Textiles Traders v
Disha Syntex v
Dimple Corporation v
Kalp Corporation v
Saji Enterprises v
Saroj Enterprises v
Sushila Fabrics Private Limited v
Sumita Tex Spin Private Limited v
Shree Sai Suppliers v
V.M. Yarns Private Limited v
Warrior Enterprises v
Mahima Enterprises |
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Customers : |
v
ACE Clothing Company Private Limited v
Aditya Birla Nuvo Limited (P.E.) v
Ekta Enterprises v
Mahaveer Silk Centre v
Raj Rajender Textiles v
Sushila International v
v
V. Shailesh Textiles v
Venus Apparels v
Vinita Enterprises v
Dream House v
ITC Limited v
NSL Textiles Limited v
Shree Bhairav Synthetics v
Sushila Fabrics v
Topman Exports Limited |
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No. of Employees : |
Not Available |
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Bankers : |
v Bank of India, Sakinaka
Mid Corporate Branch, Sagar Tech Plaza, "B", Andheri Kurla Road,
Andheri (East), Sakinaka, Mumbai – 400 072, Maharashtra, India v Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
O.P. Gupta and Associates Chartered Accountants |
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Address : |
B-005, Ground Floor, Meena Apartments, 71, |
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Tel. No.: |
91-22-28880777/ 28880555 |
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Mobile No.: |
91-9322226490 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAFPG5795H |
CAPITAL STRUCTURE
As on 11.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
Equity Shares |
Rs.100/- each |
Rs.49.851 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
49.851 |
25.361 |
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2] Share Application Money |
|
0.000 |
7.245 |
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3] Reserves & Surplus |
|
8.434 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
(0.465) |
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NETWORTH |
|
58.285 |
32.141 |
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LOAN FUNDS |
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1] Secured Loans |
|
247.925 |
159.820 |
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2] Unsecured Loans |
|
14.549 |
16.583 |
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TOTAL BORROWING |
|
262.474 |
176.403 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
320.759 |
208.544 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
248.711 |
178.821 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
65.232 |
14.169 |
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Sundry Debtors |
|
37.530 |
0.000 |
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Cash & Bank Balances |
|
0.630 |
12.610 |
|
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Other Current Assets |
|
0.765 |
0.957 |
|
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Loans & Advances |
|
1.376 |
19.716 |
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Total
Current Assets |
|
105.533 |
47.452 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
Sundry Creditors |
|
31.177 |
17.608 |
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Other Current Liabilities |
|
0.654 |
0.121 |
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Provisions |
|
1.654 |
0.000 |
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Total
Current Liabilities |
|
33.485 |
17.729 |
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Net Current Assets |
|
72.048 |
29.723 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
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|
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|
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TOTAL |
|
320.759 |
208.544 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
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SALES |
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Turnover |
|
225.800 |
NA |
|
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Other Income |
|
NA |
NA |
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TOTAL |
|
NA |
NA |
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|
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|
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Less |
EXPENSES |
|
|
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|
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Office Expenses |
|
|
NA |
|
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Administrative Expenses |
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|
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Advertising Expenses |
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TOTAL |
|
NA |
NA |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
22.607 |
(0.007) |
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
11.488 |
0.458 |
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|
PROFIT/ (LOSS)
BEFORE TAX |
|
11.119 |
(0.465) |
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Less |
TAX |
|
2.028 |
0.000 |
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PROFIT/ (LOSS)
AFTER TAX |
|
9.091 |
(0.465) |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
|
(0.465) |
0.000 |
|
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|
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|
|
|
|
Less |
Prior Year
Adjustments |
|
0.191 |
0.000 |
|
|
|
|
|
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|
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BALANCE CARRIED
TO THE B/S |
|
8.434 |
(0.465) |
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|
|
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|
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|
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|
Earnings/ (Loss)
Per Share (Rs.) |
|
18.24 |
(1.83) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.14 |
(0.21) |
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
(0.01) |
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
5.08 |
6.04 |
|
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|
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Current Ratio (Current Asset/Current Liability) |
|
|
3.15 |
2.68 |
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 |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last two years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
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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
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
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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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
Long Term Borrowings |
|
|
|
Loans and
Advances from Related parties |
6.615 |
0.015 |
|
Loans from
Directors |
7.934 |
0.090 |
|
Other Loans and
Advances |
0.000 |
16.478 |
|
Total |
14.549 |
16.583 |
OPERATIONAL
REVIEW:
During the Financial year ended 31.03.2012, which was IInd year for the Company,
the Company has achieved a turnover of Rs.225.800 millions.
The Company has got a very good response for their product in the
market. The Company is regularly maintaining its good quality to get better
market for its product.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U17291MH2010PTC205365 |
|
Name of the
company |
SUSHITEX INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1st
Floor, Roop Industries, E-Mail: atul.o.gupta@gmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Bank of India,
Sakinaka Mid Corporate Branch, Sagar Tech Plaza, "B", Andheri Kurla
Road, Andheri (East), Sakinaka, Mumbai – 400 072, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation Cum
Loan Agreement (Plant and Machinery, Stocks and Book Debts) |
|
Date of instrument
Creating the charge |
04.07.2012 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: CC (Adhoc limit):
4% OBR presently 14.50% p.a. with monthly rests or at such other rate/s as
may be notified by the bank from time to time. Terms of
Repayment: On demand. Margin: 25% against Raw
Material, Finished Goods, Stores, 30% against Book Debts outstanding of 2 or 3
months, 40% against Book Debts outstanding for more than 3 months to less
than 6 months. Extent and
Operation of the charge and Others: Security and
charge hereby created shall be by way of first charge on all the said
hypothecated assets for due payment as provided in the deed of all monies
including the principal sums, interest/commission costs charges and expenses
and all other monies whatsoever due owing and payable by the Borrower to the
Bank under or in respect of or in connection with or in any wise concerning
or relating to the said Adhoc CC facility agreed to be granted and/or granted
by the Bank to the borrower and also for due repayment of all present and
future indebtedness and liabilities of the borrower to the Bank of any kind
in any manner whether solely or jointly primary or collateral accrued or
accruing with all relative interest/commission, charges , costs (between
advocate and client) and expenses. Facility and
Limit: Cash Credit (Adhoc Limit for 90 days) Rs.10.000 millions |
|
Short particulars
of the property charged |
a) All tangible
movable machineries and plant (present and future) situated at MIDC Tarapur,
Maharashtra or wherever else, b) All tangible movable properties and assets
and stocks of whatsoever nature of the borrower (both present and future)
wheresoever situated at MIDC Tarapur, Maharashtra or elsewhere, c) All
present and future book debts, outstanding, money receivables, claims, bills
which are now due and owing or which may any time hereafter during the
continuance of this security become due and owing to the Borrower. |
FIXED ASSETS:
v
Land
v
Building
v
Furniture and Fixtures
v
Plant and Machinery
v
Office Equipment
v
Air Conditioner
v
Computer
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.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.