MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEST TEXTILES LIMITED (w.e.f. 29.03.2007) |
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|
Formerly Known As
: |
SPANK MARKETING AND SERVICES PRIVATE LIMITED |
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Registered
Office : |
B-85, Okhla Industrial Area, Phase - II, New Delhi – 110 020 |
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Country : |
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Financials (as
on) : |
31.03.2012 (Profit & Loss A/c) |
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Date of
Incorporation : |
05.08.1996 |
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Com. Reg. No.: |
55-157651 |
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Capital
Investment / Paid-up Capital : |
Rs.44.860
millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U51390DL1996PLC157651 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELS13634F |
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|
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PAN No.: [Permanent Account No.] |
AABCS5770R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of textiles and value
added home fashion products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 342000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The balance sheet for the year 2012 is not made available. The
financial strength of the company is moderate. The profitability of the company appears low. However, trade relations are reported as fair. Business is active.
Payment terms are slow. The company can be considered for business dealings with great
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based Bank Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
June 7, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based Bank Facilities: C+ |
|
Rating Explanation |
Very high risk of default. |
|
Date |
June 7, 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 : |
B-85, Okhla Industrial Area, Phase - II, New Delhi – 110 020,
India |
|
Tel. No.: |
91-11-26387421-28 |
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Fax No.: |
91-11-26387429 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Factory 1 : |
C-13, Sector-58, Noida, |
|
|
|
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Factory : |
Also located at: · Panipat · Madurai · Solapur ·
Bewar |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sanjeev Dhawan |
|
Designation : |
Managing Director |
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Address : |
111, Bakhtawar Singh Block, Asiad Village, Khelgaon, New Delhi – 110
049, India |
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Date of Birth/ Age : |
13.01.1967 |
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Qualification : |
MBA |
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Date of Appointment : |
17.01.2008 |
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DIN No.: |
00808354 |
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PAN No.: |
AFQPD0726H |
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Name : |
Mr. Rakesh Mahajan |
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Designation : |
Director |
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Address : |
EG-24 , Inderpuri New Delhi, India |
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Date of Birth/ Age : |
11.09.1966 |
|
Qualification : |
CA |
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Date of Appointment : |
25.11.2008 |
|
DIN No.: |
00804251 |
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PAN No.: |
AAIPM9835H |
|
|
|
|
Name : |
Mr. Seboti Protibha Lugun |
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Designation : |
Director |
|
Address : |
House No.31, Ground Floor, Gautam Nagar, New Delhi, India |
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Date of Appointment : |
26.01.2008 |
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DIN No.: |
01768816 |
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PAN No.: |
ACWPL2386A |
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|
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Name : |
Mr. Ashok Rawat |
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Designation : |
Director |
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Address : |
A-37, Raj Nagar-II, Palam Colony, New Delhi – 110 045, India |
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Date of Birth/ Age : |
28.04.1971 |
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Qualification : |
Graduate |
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Date of Appointment : |
17.01.2008 |
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DIN No.: |
01783108 |
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PAN No.: |
ADSPR7822E |
KEY EXECUTIVES
|
Name : |
Mr. Vivek Choudhary |
|
Designation : |
Company Secretary |
|
Address : |
RZ-101, Street No.4, East Sagar Pur, Delhi – 110 046, India |
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Date of Appointment : |
25.08.2012 |
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PAN No.: |
ALKPC4425A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
Note:
Shareholding details file attached.
As on 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies Corporate |
|
11.29 |
|
Directors
or relatives of directors |
|
88.71 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of textiles and value
added home fashion products. |
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Products : |
Blankets/Home Furnishing Items |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Oriental Bank of Commerce, Overseas Branch, M-33
Greater Kailash Part II, New Delhi – 110 048, India ·
HDFC
Bank Limited ·
Indian Bank, Hyderabad ·
Indian Overseas Bank ·
Punjab National Bank ·
State Bank of India – Mumbai ·
State Bank of Saurashtra |
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Facilities : |
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Banking
Relations : |
----- |
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Auditors : |
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Name : |
Ajay R. Agarwal and Associates Chartered Accountants |
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Address : |
97, Vidhi Apartment, Plot No.116, IP Extension, Pataparganj, New Delhi
– 110 092, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACBPA0068K |
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Subsidiaries (As on 31.03.2011) : |
·
Best Retail Limited (CIN No.:
U52190DL2008PLC172820) ·
Best Natural Resources Limited (CIN No.:
U15144DL2008PLC181626) |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7524247 |
Equity Shares |
Rs.10/- each |
Rs.75.242
millions |
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|
|
|
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4486027 |
Equity Shares |
Rs.10/- each |
Rs.44.860
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
44.860 |
42.017 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
40.716 |
14.011 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
85.576 |
56.028 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
|
168.671 |
157.756 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
168.671 |
157.756 |
|
|
DEFERRED TAX LIABILITIES |
|
0.260 |
0.362 |
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TOTAL |
|
254.507 |
214.146 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
45.908 |
48.285 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
10.130 |
2.793 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
170.174
|
121.544 |
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Sundry Debtors |
|
111.184
|
149.286 |
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Cash & Bank Balances |
|
3.880
|
7.289 |
|
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Other Current Assets |
|
0.000
|
0.000 |
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|
Loans & Advances |
|
20.082
|
13.841 |
|
Total
Current Assets |
|
305.320
|
291.960 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
36.308 |
115.023 |
|
|
Other Current Liabilities |
|
67.156
|
11.069 |
|
|
Provisions |
|
3.686
|
2.891 |
|
Total
Current Liabilities |
|
107.150
|
128.983 |
|
|
Net Current Assets |
|
198.170
|
162.977 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
|
0.299 |
0.091 |
|
|
|
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TOTAL |
|
254.507 |
214.146 |
|
Note: Balance Sheet for the year 2012 is not available only Profit & Loss
A/c is available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
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|
SALES |
|
|
|
|
|
|
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Revenue from operations |
1537.982 |
939.516 |
755.586 |
|
|
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Other Income |
3.677 |
0.163 |
22.545 |
|
|
|
TOTAL (A) |
1541.659 |
939.679 |
778.131 |
|
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
1368.400 |
863.282 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(12.473) |
(48.630) |
|
|
|
|
Employee benefit expense |
61.604 |
32.527 |
|
|
|
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Other expenses |
69.376 |
57.302 |
|
|
|
|
TOTAL (B) |
1486.907 |
904.481 |
749.676 |
|
|
|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.752 |
35.198 |
28.455 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.932 |
21.470 |
15.535 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.820 |
13.728 |
12.920 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.802 |
2.930 |
3.243 |
|
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
18.018 |
10.798 |
9.677 |
|
|
|
|
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|
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|
Less |
TAX (H) |
6.592 |
3.993 |
3.318 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
11.426 |
6.805 |
6.359 |
|
|
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|
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|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
496.526 |
NA |
|
|
TOTAL EARNINGS |
NA |
496.526 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.55 |
1.61 |
2.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.74
|
0.72 |
0.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.17
|
1.15 |
1.28 |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
3.07 |
2.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.13 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
1.97 |
2.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
2.85 |
2.26 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
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 |
No |
|
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 |
Note:
The registered office of the company has been shifted from 15, First Floor, National Park, Behind Vikram Hotel, Lajpat Nagar IV, New Delhi – 110 024 to the present address w.e.f. 10.12.2008.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U51390DL1996PLC157651 |
|
Name of the company |
BEST TEXTILES
LIMITED |
|
Address of the registered office or of the
principal place of business in |
B-85, Okhla Industrial Area, Phase - II, New Delhi – 110 020, India E-Mail: agrawalajayca@gmail.com |
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10058975 |
|
Type of charge |
Immovable Property Book Debts Movable Property (not being pledge) Floating Charge |
|
Particular of charge holder |
Oriental Bank of
Commerce, Overseas Branch, M-33 Greater Kailash Part II, New Delhi – 110 048,
India E-Mail: sehgalsc@yahoo.co.in |
|
Nature of description of the instrument
creating or modifying the charge |
Supplemental Agreement to secure
credit/loan facilities and letter for continuity of mortgage of property |
|
Date of instrument Creating the charge |
10.04.2012 |
|
Amount secured by the charge |
Rs.244.800 millions |
|
Brief particulars of the principal terms an
conditions and extent and operation of the charge |
Rate of Interest: As stipulated by the Bank Terms of Repayment: As stipulated by the Bank Margin: As stipulated by the Bank Extent and Operation of the charge: 100% Others: To secure CC (H) Limit of Rs.40.000
millions, PC Limit of Rs.120.000 millions, FDBP/FUDBP Limit of Rs.50.000
millions besides existing term loan facility for Rs.34.800 millions
sanctioned to the Company |
|
Short particulars of the property charged |
Hypothecation of stock of raw materials,
stock in process, finished goods, stores and spares, receivables and
hypothecation of paid stock meant for export under PC Limit and documents of title to goods Hypothecation of entire fixed assets both
present and future except those specifically charged to other banks / FIs Equitable Mortgage of industrial property
situated at B-85 Okhla Phase II, New Delhi |
|
Date of latest modification prior to the
present modification |
18.10.2010 |
|
Particulars of the present modification |
Bank's charge by way of hypothecation of
stock of raw materials, stock in process, finished goods, stores and spares,
receivables and hypothecation of paid stock meant for export under PC Limit,
documents of title to goods, hypothecation of entire fixed assets both
present and future except these specifically charged to other banks / FIS and
equitable mortgage of industrial property situated at B-85 Okhla Phase II,
New Delhi, stands enhanced from Rs.184.800 millions to Rs.244.800 millions. |
FIXED ASSETS:
·
Air Conditioner
·
Building
·
Carpets
·
Computer
·
Cooler
·
Vaccum
Cleaner
·
Vending
Machine
·
Weighing Scale
·
Plant and Machinery
·
Dryer Machine
WEBSITE DETAILS:
PROFILE:
Subject started as a unique Home Furnishing and Blanket business which strives to grow beyond unmapped boundaries and later diversified its operation in Terry Towels, Greige Fabrics, Raw Cotton, Comber Cotton, Cotton Yarn and Polyester Yarn business.
Today it has become one of India's premier organizations in Fabric, Cotton and
Yarn business.]
Subject is a professional dedicated driven organization with complete in house
state-of-art manufacturing production facility for manufacturing Bed linen,
Blankets as well as Terry Towels . The company is also engaged in production
and export of Greige Fabric, Cotton and Yarn and has carved a niche for itself
in various international markets.
The company began its operations in Delhi and has now set up various
State-of-the-Art production facilities in Panipat (Haryana), Noida (U.P.),
Madurai (Tamilnadu), Solapur (Maharashtra), Bewar (Rajasthan).
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.54.70 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.