MIRA
INFORM REPORT1
|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GIMATEX INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202, 2nd Floor, A Wing, Ramji
House, 30, Jambulwadi Kalbadevi
Road, Mumbai 400002, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
26.07.1994 |
|
|
|
|
Com. Reg. No.: |
11-079863 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.106.800
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH1994PTC079863 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19506E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV5657K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Yarn and Cloth |
|
|
|
|
No. of Employees
: |
5200 (Approximately) (Office – 200 and Factory – 5000) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track record.
There appears sharp fall in the profitability during the 2012 year. 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 usually correct 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit or CAD in April-June widened to 4.9 % of gross domestic product. High
imports of gold and oil led to a worsening of the trade deficit, resulting in
CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the
corresponding quarter of the previous financial year. The government aims to
bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the core
sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $
24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the spending
capacity in India. Over 72 % respondents from middle and lower middle income
families would be forced to slash their Diwali
expenditure by 40 % and on average spend nearly 25 % of their monthly salary on
Diwali, according to a survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
LONG TERM BANK FACILITIES : CARE BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
January, 2013 |
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/ Mumbai Office : |
202, 2nd Floor, A Wing, Ramji
House, 30, |
|
Tel No.: |
91-22-22079331/ 4 |
|
Mobile No.: |
91-9326800006 (Mr. Basantkumar Girdhardas Mohota) |
|
Fax No.: |
91-22-22079332 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
505, Sai Heritage Chs,
5th Floor, Tilak Road, Bhaveshwar
Lane, Ghatkopar (East), Mumbai - 400077, Maharashtra, India |
|
|
|
|
Factory 1: |
Hinganghat |
|
Tel No.: |
91-7153-320969 |
|
Fax No.: |
91-7153-245158 |
|
E-Mail Id : |
|
|
|
|
|
Factory 2: |
Wani |
|
Tel No.: |
91-7153-320799 |
|
Fax No.: |
91-7153-256341 |
|
E-Mail Id : |
|
|
|
|
|
Dholka Office : |
Dholka Near Microwave
Tower, Transad Road, Dholka,
District Ahmedabad – 387810, Gujarat, India |
|
Tel No.: |
91-2714-220075 /
220076 |
|
Fax No.: |
91-2714-223001 |
|
E-Mail Id : |
|
|
|
|
|
Nagpur Office |
Nagpur 12, Popular Cloth Market, Gandhibagh, Nagpur 02, Maharashtra, India |
|
Tel No.: |
91-712-2768410 |
DIRECTORS
(AS ON 29.09.2012)
|
Name : |
Mr. Vineetkumar Basantkumar
Mohota |
|
Designation : |
Director |
|
Address : |
Ram Mandir, Wardha-
442301, |
|
Date of Birth/Age : |
30.05.1981 |
|
Date of Appointment : |
14.08.2000 |
|
DIN No.: |
00257059 |
|
|
|
|
Name : |
Mr. Prashantkumar Basantkumar
Mohota |
|
Designation : |
Managing Director |
|
Address : |
Ram Mandir, Wardha-
442301, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1980 |
|
Date of Appointment : |
06.02.2006 |
|
DIN No.: |
00268922 |
|
|
|
|
Name : |
Mr. Basantkumar Girdhardas
Mohota |
|
Designation : |
Chairman |
|
Address : |
Ram Mandir, Wardha-
442301, Maharashtra, India |
|
Date of Birth/Age : |
07.04.1957 |
|
Date of Appointment : |
22.07.2005 |
|
DIN No.: |
00269026 |
|
|
|
|
Name : |
Mr. Rameshchand Hansrajji
Gandhi |
|
Designation : |
Director |
|
Address : |
Gandhi Ward, Hinganghat, Wardha-
442301, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1951 |
|
Date of Appointment : |
06.02.2006 |
|
DIN No.: |
00427698 |
|
|
|
|
Name : |
Mr. Brajratan Harikisan
Bhattad |
|
Designation : |
Director |
|
Address : |
Ram Mandir, Wardha-
442301, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1956 |
|
Date of Appointment : |
06.02.2006 |
|
DIN No.: |
00440064 |
|
|
|
|
Name : |
Mr. Anuragkumar Basantkumar
Mohota |
|
Designation : |
Director |
|
Address : |
Ram Mandir, Wardha-
442301, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1987 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
00470393 |
KEY EXECUTIVES
|
Name : |
Mr. Nimish Parekh |
|
Designation : |
Vice President – Export Marketing |
|
|
|
|
Name : |
Mr. C L Parikh |
|
Designation : |
AVP - Yarn Sales |
|
|
|
|
Name : |
Mr. Girish Kochar |
|
Designation : |
AVP - Yarn Sales |
|
|
|
|
Name : |
Mr. Dwarkadas Daga |
|
Designation : |
General Manager – Fabric Sales |
|
|
|
|
Name : |
Mr. G K Rajpuria |
|
Designation : |
DGM – Cotton Sales |
|
|
|
|
Name : |
Mr. Rajiv Sharma |
|
Designation : |
HR Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2012)
SHAREHOLDER DETAILS FILE ATTACHED
(AS ON 29.09.2012)
|
Category |
|
Percentage |
|
Bodies corporate |
|
76.39 |
|
Directors or relatives of directors |
|
15.79 |
|
Others |
|
7.82 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarn and Cloth |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
5200 (Approximately) (Office – 200 and Factory – 5000) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Bank of India,
Nagpur Corporate Banking Branch, S V Patel Marg, Kingsway, Nagpur-440001, Maharashtra,
India · Bank of Baroda, Hinganghat Branch, Ram Mandir Ward, Hinganghat – 442301, Maharashtra, India · Bank of Baroda, Dharampeth Branch, West High Court Road, Nagpur – 440001, Maharashtra, India · State Bank of India · Axis Bank Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Tapdiya Chandna and
Company Chartered Accountant |
|
Address : |
Bharat Housing Colony, Wardha-
442301, |
|
Pan No.: |
AAAFT7405J |
|
|
|
|
Related Parties
: |
· Gima Manufacturing Private Limited · Gima Investment and Securities Private Limited · Prashant Commercial · Prashant Board Mills · Mahalaxmi Enterprises · Anurag Industries · Nidhi Industries · Pranav Enterprises · Balaji Eterprises · Vineet Eterprises · Shrinath Enterprises · Yash Textile Inudustries · Naman Textile Industries · Shriraman Textile Industries · Shrirang Textile Industries · Navshakti Textile Industries · Shripati Textile Industries |
CAPITAL STRUCTURE
(AS ON :
29.09.2012)
Authorised Capital : Rs.150.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.112.500 Millions
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Share |
Rs.100/- Each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1068000 |
Equity Share |
Rs.100/- Each |
Rs.106.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
106.800 |
106.800 |
|
(b) Reserves & Surplus |
|
712.427 |
708.528 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
819.227 |
815.328 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1080.070 |
1124.366 |
|
(b) Deferred tax liabilities (Net) |
|
117.223 |
103.048 |
|
(c) Other long term liabilities |
|
3.125 |
2.775 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
1200.418 |
1230.189 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
734.442 |
819.227 |
|
(b) Trade payables |
|
766.483 |
627.514 |
|
(c) Other current
liabilities |
|
202.971 |
185.282 |
|
(d) Short-term provisions |
|
36.191 |
59.135 |
|
Total Current Liabilities (4) |
|
1740.087 |
1691.158 |
|
|
|
|
|
|
TOTAL |
|
3759.732 |
3736.675 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1656.994 |
1680.696 |
|
(ii) Intangible Assets |
|
0.751 |
5.655 |
|
(iii) Capital
work-in-progress |
|
3.142 |
19.279 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
11.883 |
11.883 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
8.764 |
23.172 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
1681.534 |
1740.685 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
884.149 |
916.090 |
|
(c) Trade receivables |
|
767.716 |
593.354 |
|
(d) Cash and cash
equivalents |
|
75.657 |
108.066 |
|
(e) Short-term loans and
advances |
|
119.612 |
203.793 |
|
(f) Other current assets |
|
231.064 |
174.687 |
|
Total Current Assets |
|
2078.198 |
1995.990 |
|
|
|
|
|
|
TOTAL |
|
3759.732 |
3736.675 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
98.450 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
522.282 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
620.732 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1285.353 |
|
|
2] Unsecured Loans |
|
|
150.515 |
|
|
TOTAL BORROWING |
|
|
1435.868 |
|
|
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
|
|
0.00 |
|
|
OTHER LIABILITY |
|
|
134.403 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2191.003 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1214.775 |
|
|
Capital work-in-progress |
|
|
108.904 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
12.883 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
570.876
|
|
|
Sundry Debtors |
|
|
423.422
|
|
|
Cash & Bank Balances |
|
|
41.384
|
|
|
Other Current Assets |
|
|
5.549
|
|
|
Loans & Advances |
|
|
253.556
|
|
Total
Current Assets |
|
|
1294.787
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
368.584
|
|
|
Other Current Liabilities |
|
|
73.457
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
442.041
|
|
|
Net Current Assets |
|
|
852.746
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.695 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2191.003 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Gross Revenue |
4934.700 |
4095.200 |
2834.800 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
376.600 |
545.400 |
310.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
206.200 |
126.600 |
94.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
170.400 |
418.00 |
215.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
148.900 |
204.100 |
138.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
21.500 |
214.700 |
77.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.900 |
73.200 |
5.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.600 |
141.500 |
71.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
447.300 |
305.800 |
234.600 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
449.900 |
447.300 |
305.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1621.200 |
1321.100 |
509.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.42 |
140.44 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
5.79
|
3.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.26
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.21
|
2.38
|
2.31
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.18
|
2.93
|
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 |
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The Registered Office of the company has been shifted from 3rd
Floor, 63 Princes Street, Mumbai, Maharashtra, India,
to the present address w.e.f. 01.10.2009.
PERFORMANCE
HIGHLIGHTS AND REVIEW:
During the year, turnover of the Company increased by 18.94 % from Rs.4073.600 Millions in the financial year 2010-11 to Rs.4845.100 Millions during the current financial year 2011-12.
Export turnover of the company increased by 22.87 % from Rs.1321.000 Millions in the previous year to Rs. 1623.200 Millions during the year and it constitutes 33.47 % of the total turnover during current year.
The Company has earned Gross Profit of Rs.376.600 Millions for the year 2011-12 which is short by Rs.168.800 Millions as against Gross Profit of Rs.545.400 Millions in the year 2010-11.
Capital expenditure of Rs.110.500 Millions towards Modernization / Upgradation of its plant .It has been financed through internal accruals and term loan taken.
OVERVIEW OF ECONOMY:
The cotton spinning industry faced unprecedented challenges and global recession due to steep decline in cotton price during the year. Also due to flip flop in policy decision of government in relation to export of cotton has caused much volatility in cotton yarn prices with consequential effect on profit margin. On the basis of cotton yarn shortage from value added sector government restricted its export and due to its excess supply and less demand in domestic market cotton yarn prices experienced even steeper decline.
Cotton being a seasonal product need to be stocked for 3 to 4 months requirements. The cotton prices experienced a steep decline in first and second quarter of the financial year, the average cotton price came down to half of the previous year's price in March, 2011 and thus lead to depletion of stock and since our company generally stocks cotton for atleast six months suffered significant losses. The whole of cotton sector suffered as nobody expected such a steep decline.
High volatility in value of rupee as against other currencies resulted in further deterioration in sales realization. Due to exposure of Foreign Currency Loans our company was adversely affected by sharp fluctuation in exchange rates of Rupee against US $ . The short fall in global demand attributed by tough economic conditions in developed economies has not been compensated by surge in domestic demand leading to excess supply situations.
Rise in electricity prices and increase in finance cost due to revision in base rates by RBI and increase in working capital cycle period further reduced margin.
FUTURE OUTLOOK AND
PLANS:
Yarn Prices for financial year 2012-13 has started stabilizing and creating a space for profit margin. India has now become second largest producer of cotton. A huge cotton crop expected this year will result in better availability of cotton for textile products.
Indian currency strengthening against USD and other foreign currencies will result in stabilization in textile market and better realization in following year.
The non availability of power in Andhra Pradesh and Tamilnadu has reduced supply of textile products and this will help all manufacturers who have reliable power supply.
The company has investing into high value addition products and diversifying the product portfolio range that will strengthen our performance and customer base.
In responding to robust demand and margin for its weaved products the company is planning to almost double its weaving capacity and taking effective steps to bring down the production cost and overheads. The company is hopeful that these measures would yield good result in future.
UNSECURED LOAN
DETAILS
(Rs. In Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
LONG TERM
BORROWING |
|
|
|
LOANS AND ADVANCES |
|
|
|
From Directors |
84.900 |
0.000 |
|
From Others |
81.196 |
51.068 |
|
SHORT TERM
BORROWING |
|
|
|
LOANS AND ADVANCES |
|
|
|
From Directors |
37.099 |
93.662 |
|
From Others |
96.849 |
74.517 |
|
Total |
300.044 |
219.247 |
CONTINGENT
LIABILITY
(Rs. In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Bank guarantees given for Loans of related
parties |
174.195 |
174.195 |
|
Outstanding balance |
6.551 |
102.848 |
|
Disputed
statutory dues |
|
|
|
Service Tax |
1.207 |
1.207 |
|
Sales Tax |
0.028 |
0.028 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10153813 |
06/04/2013 * |
296,800,000.00 |
BANK OF INDIA |
NAGPUR MID CORPORATE BRANCH, S V PATEL MARG, KINGSWAY, NAGPUR, Maharashtra - 440001, INDIA |
B74241746 |
|
2 |
10121139 |
22/08/2008 |
80,000,000.00 |
BANK OF BARODA |
RAM MANDIR WARD, HINGANGHAT, Maharashtra - 442301, INDIA |
A45122124 |
|
3 |
10114060 |
16/07/2008 |
100,000,000.00 |
Axis Bank Limited |
M.G. HOUSE, RABINDRANATH TAGORE MARG, CIVIL LINES, NAGPUR, Maharashtra - 440001, INDIA |
A42006205 |
|
4 |
10058253 |
18/06/2007 |
45,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, RAM MANDIR WARD, HINGANGHAT, Maharashtra - 442301, INDIA |
A18096073 |
|
5 |
10059580 |
28/05/2007 |
150,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA |
A18910893 |
|
6 |
10058231 |
16/05/2007 |
100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, FORT, MUMBAI, Maharashtra - 400023, INDIA |
A18202143 |
|
7 |
10053622 |
09/05/2007 |
100,000,000.00 |
UTI BANK LIMITED |
SANSKRUTIC SANKUL, RANI JHANSI SQUARE, SITABULDI, NAGPUR, Maharashtra - 440012, INDIA |
A16043903 |
|
8 |
10044119 |
13/03/2007 |
50,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, RAM MANDIR WARD, HINGANGHAT, Maharashtra - 442301, INDIA |
A13130257 |
|
9 |
10027474 |
21/11/2006 |
50,000,000.00 |
BANK OF INDIA |
CORPORATE BANKING BRANCH, KINGSWAY, NAGPUR, NAGPUR, Maharashtra - 440001, INDIA |
A07345226 |
|
10 |
10008668 |
19/06/2013 * |
2,696,429,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, RAM MANDIR WARD, NAGPUR, Maharashtra - 442301, INDIA |
B79491106 |
|
11 |
10008669 |
19/06/2013 * |
2,696,429,000.00 |
BANK OF BARODA |
DHARAMPETH BRANCH, WEST HIGH COURT ROAD, NAGPUR, |
B79491247 |
|
12 |
80036145 |
06/06/2008 * |
100,000,000.00 |
BANK OF INDIA |
NAGPUR CORPORATE BANKING BRANCH, KINGSWAY, S.V. PATEL MARG, NAGPUR, Maharashtra - 440001, INDIA |
A41456724 |
|
13 |
90158315 |
16/02/2004 |
50,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, Maharashtra, INDIA |
- |
|
14 |
90160577 |
09/05/2003 |
192,300,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, Maharashtra, INDIA |
- |
|
15 |
90158091 |
09/05/2003 * |
50,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, Maharashtra, INDIA |
- |
|
16 |
90158059 |
09/05/2003 * |
30,000,000.00 |
BANK OF BARODA |
HINGANGHAT BRANCH, WARDHA, Maharashtra, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land
·
Factory Building
·
Non Factory Building
·
Plant and Machinery
·
Electrical Installation
·
General Equipments
·
Computer
·
Furniture and Fixture
·
Motor Car
·
Cycle
·
Motor Lorries and Fixture
·
Scooter
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] 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.