MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEL TEXTILES LIMITED (w.e.f. 15.10.2009) |
|
|
|
|
Formerly Known
As : |
SEL TEXTILES PRIVATE LIMITED (w.e.f. 03.04.2009) JUPITER DRAPES AND CUTS APPARELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
274, Dhandari Khurd, G.T. Road, Ludhiana - 141014, Punjab |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.07.2008 |
|
|
|
|
Com. Reg. No.: |
16-032050 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1270.572
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17299PB2008PLC032050 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDS07468G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AANCS0401M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of Yarn and also Processing of Fabric and Terry Towel. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22950000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is decent. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BBB- (SO)
(Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk |
|
Date |
23 August 2013 |
REASON FOR SUSPENSION:
The rating has been suspended as the company
failed to furnish the information required by CARE for monitoring of the
rating.
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. Dheeraj |
|
Designation : |
Export Department |
|
Contact No.: |
91-161-6611111 |
|
Date : |
01.04.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
274, Dhandari Khurd, G.T. Road, Ludhiana - 141014, Punjab, India |
|
Tel. No.: |
91-161-6611111 |
|
Fax No.: |
91-161-6611112 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory 1 : |
23Km. Stone, |
|
Tel. No.: |
91-1663-256527 / 28 / 29 |
|
|
|
|
Factory 2 : |
15-B, Rig of Industrial Area, Alwar – 301705 |
DIRECTORS
AS ON 23.09.2013
|
Name : |
Mr. Ram Saran Saluja |
|
Designation : |
Managing director |
|
Address : |
9-C, Sarabha Nagar, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
06.02.1943 |
|
Qualification: |
Bachelor of Arts |
|
Date of Appointment : |
08.10.2012 |
|
PAN No. |
ADNPS1484N |
|
DIN No.: |
01145051 |
|
|
|
|
Name : |
Mr. Neeraj Saluja |
|
Designation : |
Director |
|
Address : |
9-C, Sarabha Nagar, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
06.03.1967 |
|
Qualification: |
Diploma in Business Administration |
|
Date of Appointment : |
02.09.2011 |
|
PAN No. |
AEHPS4478K |
|
DIN No.: |
00871939 |
|
|
|
|
Name : |
Mr. Dhiraj Saluja |
|
Designation : |
Director |
|
Address : |
9-C, Sarabha Nagar, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
03.08.1972 |
|
Qualification: |
Degree in Mechanical Engineering |
|
Date of Appointment : |
01.07.2008 |
|
PAN No. |
ANVPS4752R |
|
DIN No.: |
01144870 |
|
|
|
|
Name : |
Mr. Navneet Gupta |
|
Designation : |
Director |
|
Address : |
193-D, U/E PH-I, Focal Point, Ludhiana – 141010, Punjab, India |
|
Date of Birth/Age : |
11.11.1969 |
|
Date of Appointment : |
02.09.2011 |
|
PAN No. |
AGKPG5197J |
|
DIN No.: |
02122420 |
|
|
|
|
Name : |
Mr. Ashwani Kumar |
|
Designation : |
Director |
|
Address : |
19-A, Udham Singh Nagar, Civil Lines, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
14.07.1955 |
|
Date of Appointment : |
16.06.2010 |
|
DIN No.: |
00030307 |
|
|
|
|
Name : |
Mr. Sandeep Gupta |
|
Designation : |
Director |
|
Address : |
H No 590, Sector B, Agar Nagar, Ludhiana – 141001, Punjab, India |
|
Date of Birth/Age : |
19.06.1967 |
|
Date of Appointment : |
16.06.2010 |
|
DIN No.: |
00844408 |
|
|
|
|
Name : |
Mr. Gulshan Kumar |
|
Designation : |
Director |
|
Address : |
H. No. B-l/803/1, Brindaban Road, Civil Lines, Ludhiana – 141001,
Punjab, India |
|
Date of Birth/Age : |
16.07.1963 |
|
Date of Appointment : |
16.06.2010 |
|
DIN No.: |
01952150 |
KEY EXECUTIVES
|
Name : |
Mr. Rajneesh Thakur |
|
Designation : |
Secretary |
|
Address : |
House No. 212/27/949, Street No. 24, Ambedkar Nagar, Giaspura, Ludhiana – 141014, Punjab, India |
|
Date of Birth/Age : |
25.02.1985 |
|
Date of Appointment : |
01.05.2013 |
|
PAN No. |
ARBPT7449Q |
|
|
|
|
Name : |
Mr. Dheeraj |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ram Saran Saluja (Nominee of SEL Manufacturing Company Limited, India) |
|
1 |
|
Dhiraj Saluja (Nominee of SEL Manufacturing Company Limited, India) |
|
1 |
|
Sneh Lata Saluja (Nominee of SEL Manufacturing Company Limited, India) |
|
1 |
|
SEL Manufacturing Company Limited, India |
|
127057194 |
|
Neeraj Saluja (Nominee of SEL Manufacturing Company Limited, India) |
|
1 |
|
Ritu Saluja (Nominee of SEL Manufacturing Company Limited, India) |
|
1 |
|
Reema Saluja (Nominee of SEL Manufacturing Company Limited, India) |
|
1 |
|
|
|
|
|
Total |
|
127057200 |
AS ON 23.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn and also Processing of Fabric and Terry Towel. |
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Products/ Services : |
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Exports : |
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||||
|
Products : |
Finished Goods |
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|
Countries : |
v USA v Dubai v Russia |
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|
||||
|
Terms : |
|
||||
|
Selling : |
L/C and Credit |
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|
|
|
||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Cotton Yarn |
Kgs |
32176 |
10506837 |
v (Installed Capacities have been certified by the management and not verified by the Auditors being Technical matter)
v (Installed capacities per annum on the basis of 360 working days. Installed Capacities are in terms of spindles capacities)
GENERAL INFORMATION
|
Customer : |
End Users |
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No. of Employees : |
800 (Approximately) |
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|
Bankers : |
v Central Bank of India Focal Point, Ludhiana - 141010, Punjab, India v Allahabad Bank 165, Industrial Area 'A', Near Cheema Chowk, Ludhiana - 141003, Punjab, India Contact No.:
91-161-5028065 (Ringing) |
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|
Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dass Khanna and Company Chartered Accountants |
|
Address : |
B-XXX-2815, Gurden Nagar, Pakhowal Road, Ludhiana -
141001, Punjab, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFD5151G |
|
|
|
|
Holding Company : |
SEL Manufacturing Company Limited [L51909PB2000PLC023679] |
|
|
|
|
Subsidiary Company
: |
v Silverline
Corporation Limited [U17200PB2008PLC032259] v SEL Textiles
Overseas Limited |
|
|
|
|
Enterprises over which
key management personnel and relatives of such personnel are able to exercise
significant influence : |
v Shiv Narayan
Investments Private Limited [U17115PB2002PTC025227] v Saluja
International* v Saluja Fabrics* v SEL Aviation
Private Limited* [U93000PB2008PTC031580] v SEL Developers
Private Limited* [U45201PB2008PTC031579] v Rhythm Textiles
and Apparels Park Limited [U45208PB2008PLC031841] v SE Exports* v Kudu Industries v Omega Hotel
Limited [U55101PB1987PLC037859] |
* No transactions have taken place during the year.
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
127,057,200 |
Equity Shares |
Rs. 10/- each |
Rs. 1270.572
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
1270.572 |
364.300 |
|
(b) Reserves & Surplus |
|
4467.497 |
1208.614 |
|
(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) |
|
5738.069 |
1572.914 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
7569.178 |
5222.006 |
|
(b) Deferred tax liabilities (Net) |
|
138.134 |
43.275 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
2.274 |
1.581 |
|
Total
Non-current Liabilities (3) |
|
7709.586 |
5266.862 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
3063.754 |
1824.656 |
|
(b)
Trade payables |
|
639.336 |
169.200 |
|
(c)
Other current liabilities |
|
1029.700 |
163.671 |
|
(d)
Short-term provisions |
|
91.886 |
49.558 |
|
Total
Current Liabilities (4) |
|
4824.676 |
2207.085 |
|
|
|
|
|
|
TOTAL |
|
18272.331 |
9046.861 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
5410.417 |
1230.944 |
|
(ii)
Intangible Assets |
|
5.476 |
6.629 |
|
(iii)
Capital work-in-progress |
|
1891.026 |
2047.315 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1087.992 |
1080.530 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
1891.819 |
1850.916 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
10286.730 |
6216.334 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1141.189 |
1512.594 |
|
(c)
Trade receivables |
|
4810.897 |
867.295 |
|
(d)
Cash and cash equivalents |
|
1082.603 |
115.832 |
|
(e)
Short-term loans and advances |
|
950.912 |
334.806 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
7985.601 |
2830.527 |
|
|
|
|
|
|
TOTAL |
|
18272.331 |
9046.861 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
286.300 |
|
|
2] Share Application Money |
|
|
790.339 |
|
|
3] Reserves & Surplus |
|
|
303.160 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1379.799 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1670.152 |
|
|
2] Unsecured Loans |
|
|
14.281 |
|
|
TOTAL BORROWING |
|
|
1684.433 |
|
|
DEFERRED TAX LIABILITIES |
|
|
27.333 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3091.565 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
839.585 |
|
|
Capital work-in-progress |
|
|
820.013 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
72.350 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1005.468
|
|
|
Sundry Debtors |
|
|
84.835
|
|
|
Cash & Bank Balances |
|
|
116.200
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
431.102
|
|
Total
Current Assets |
|
|
1637.605
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
227.521
|
|
|
Other Current Liabilities |
|
|
27.087
|
|
|
Provisions |
|
|
32.700
|
|
Total
Current Liabilities |
|
|
287.308
|
|
|
Net Current Assets |
|
|
1350.297
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
9.320 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3091.565 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8668.979 |
4498.708 |
1921.572 |
|
|
|
Other Income |
287.610 |
148.140 |
26.248 |
|
|
|
TOTAL (A) |
8956.589 |
4646.848 |
1947.820 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6200.354 |
4132.948 |
1469.352 |
|
|
|
Purchases of Stock-in-Trade |
812.779 |
526.879 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(162.755) |
(799.012) |
(165.161) |
|
|
|
Employees benefits expense |
141.286 |
81.655 |
70.634 |
|
|
|
Other expenses |
454.522 |
315.126 |
262.498 |
|
|
|
TOTAL (B) |
7446.186 |
4257.596 |
1637.323 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1510.403 |
389.252 |
310.497 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
782.245 |
135.070 |
103.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
728.158 |
254.182 |
207.495 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
271.133 |
53.601 |
43.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
457.025 |
200.581 |
163.844 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
98.212 |
65.353 |
44.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
358.813 |
135.228 |
119.646 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2148.100 |
1218.300 |
804.800 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
11.600 |
4.500 |
2.400 |
|
|
|
Capital Goods |
881.900 |
455.600 |
40.700 |
|
|
TOTAL IMPORTS |
893.500 |
460.100 |
43.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.85 |
4.15 |
4.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.01 |
2.91 |
6.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.27 |
4.46 |
8.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.99 |
3.39 |
6.61
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.13 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.85 |
4.48 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66 |
1.28 |
5.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
364.300 |
1270.572 |
|
Reserves & Surplus |
1208.614 |
4467.497 |
|
Net
worth |
1572.914 |
5738.069 |
|
|
|
|
|
long-term borrowings |
5222.006 |
7569.178 |
|
Short term borrowings |
1824.656 |
3063.754 |
|
Total
borrowings |
7046.662 |
10632.932 |
|
Debt/Equity
ratio |
4.480 |
1.853 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1921.572 |
4498.708 |
8668.979 |
|
|
|
134.116 |
92.699 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1921.572 |
4498.708 |
8668.979 |
|
Profit |
119.646 |
135.228 |
358.813 |
|
|
6.23% |
3.01% |
4.14% |
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
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10330477 |
04/05/2012 * |
3,040,000,000.00 |
CENTRAL BANK OF INDIA |
C-14 FOCAL POINT, LUDHIANA - 141010, PUNJAB, INDIA |
B42335075 |
|
2 |
10330472 |
30/12/2011 |
490,000,000.00 |
CENTRAL BANK OF INDIA |
C-14 FOCAL POINT, LUDHIANA - 141010, PUNJAB, INDIA |
B30115299 |
|
3 |
10316480 |
30/03/2013 * |
7,000,000,000.00 |
ALLAHABAD BANK |
165, INDUSTRIAL AREA 'A', NEAR CHEEMA CHOWK, LUDHIANA - 141003, PUNJAB, INDIA |
B75545137 |
|
4 |
10295187 |
18/06/2011 |
2,300,000,000.00 |
CENTRAL BANK OF INDIA |
FOCAL POINT, LUDHIANA - 141010, PUNJAB, INDIA |
B16198103 |
|
5 |
10185875 |
15/12/2011 * |
2,671,500,000.00 |
CENTRAL BANK OF INDIA |
C-14 FOCAL POINT, LUDHIANA - 141010, PUNJAB, INDIA |
B30119614 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
11.007 |
6.735 |
|
|
|
|
|
Total |
11.007 |
6.735 |
GENERAL
INFORMATION
Subject is a public company incorporated in India under the provisions
of the Companies Act, 1956. The Company is engaged in the manufacturing of
yarn, and processing of fabric and terry towel.
EXPORTS
The Company’s exports rose to Rs. 2148.100 Millions in financial year
2012-13 as against Rs. 1218.300 Millions in previous financial year.
EXPANSIONS
The Company had laid the foundation stone for the state-of-the-art
Greenfield Mega Integrated Textile Park at Village Panjava, Tehsil Malout in
District Muktsar of Punjab at an investment of about Rs. 15000.000 Millions.
The first phase of the unit having a total targeted capacity of 188160 spindles
is partly operational. SEL is confident that the mega project will catalyse
additional investment in the region, generate substantial employment
opportunities and also create value addition in the cotton producing belt of
Punjab.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Export/Domestic Bills Discounted |
287.100 |
85.100 |
|
Estimated amount of capital contracts remaining to be executed net of advances |
1454.200 |
1831.700 |
|
|
|
|
|
Total |
1741.300 |
1916.800 |
FIXED ASSETS:
v Land
v Buildings
v Factory building
v Plant and equipment
v Factory equipments
v Furniture and fixtures
v Vehicles
v Motor vehicles
v Office equipment
v Computer equipments
v Other equipments
v Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.65 |
|
|
1 |
Rs. 99.21 |
|
Euro |
1 |
Rs. 82.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.