MIRA INFORM REPORT
|
Report Date : |
21.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TEXSPIN BEARINGS LIMITED |
|
|
|
|
Registered
Office : |
B-804, Shapath IV, Opposite Karnavati Club, S.G. Highway,
Ahmedabad-380051, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.11.1995 |
|
|
|
|
Com. Reg. No.: |
04-028061 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.14.700
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120GJ1995PLC028061 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMT00116E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5735G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Specialized Automotive Bearings. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1726490 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be sound. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal business dealing 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA [Suspended] |
|
Rating |
BBB+ [Long Term Bank Facilities] |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA [Suspended] |
|
Rating |
A2 [Short Term Bank Facilities] |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
February 2014 |
Reason for Suspension: The suspension follows lack of cooperation from
company.
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 DECLINED BY
|
Name : |
Mr. Lalit Solanki |
|
Designation : |
Factory Incarge |
|
Contact No.: |
91-9879545251 91-2711-238190/91 |
|
|
|
|
Name : |
Mr. Vishal Dave |
|
Designation : |
Accounts and Finance Manager |
|
Contact No.: |
91-9979887725 |
|
Date : |
19.04.2014 |
LOCATIONS
|
Registered / Corporate Office : |
B-804, Shapath IV, Opposite Karnavati Club, S.G. Highway,
Ahmedabad-380051, Gujarat, India |
|
Tel. No.: |
91-79-29096631 |
|
Mobile No.: |
91-9879545251 [Mr. Lalit Solanki] 91-9979887725 [Mr. Vishal Dave] |
|
Fax No.: |
91-79-29096634 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Station Road, Ranpur, Ahmedabad – 363610, |
|
Tel. No.: |
91-2711-238234/238190/238191 |
|
Fax No.: |
91-2711-238345 |
|
Email: |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
Pune (West) Address - D3/302, Empire
Estate, 3rd Floor, (Adj. to M/s. Premire Ltd.) Tel. No. -
91-20-46704357 Fax No. –
91-20-46704357 Chennai (South) Address - Tel. No. :-
91-44-45544636 Fax No. –
91-44-24327440 Mumbai Address – Shri
Krishna Pant Nivas, 1st Floor, 13-A, D. D. Sathey Marg, Tel. No. :-
91-22-23881647 Fax No. :-
91-22-23892635 Kolkata (East) Address – 122, Tel. No. :-
91-33-24228279 Fax No. :-
91-33-24228279 Address – Am
Steinbrink 2, Bielefiels, D-33617, Tel. No. :-
49-521-91513303 Fax No. :-
49-521-91513304 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Bhupendra Chunilal Makwana |
|
Designation : |
Managing Director |
|
Address : |
A.D. Sheth Road, Ranpur, Ahmedabad-382245, Gujarat, India |
|
Date of Appointment : |
08.11.1995 |
|
Din No.: |
00280714 |
|
|
|
|
Name : |
Mr. Chunilal Muljibhai Makwana |
|
Designation : |
Director |
|
Address : |
GIB Road, Near Balmandir, Ranpur, Ahmedabad-363610, Gujarat, India |
|
Date of Appointment : |
08.11.1995 |
|
Din No.: |
00280717 |
|
|
|
|
Name : |
Mr. Dipen Bhupendra Makwana |
|
Designation : |
Whole Time Director |
|
Address : |
GIB Road, Near Balmandir, Ranpur, Ahmedabad-363610, Gujarat, India |
|
Date of Appointment : |
01.11.2004 |
|
Din No.: |
00502539 |
|
|
|
|
Name : |
Mr. Vishal Bhupendra Makwana |
|
Designation : |
Whole Time Director |
|
Address : |
GIB Road, Near Balmandir, Ranpur, Ahmedabad-363610, Gujarat, India |
|
Date of Birth/Age : |
29.03.1982 |
|
Date of Appointment : |
01.07.2009 |
|
Din No.: |
02700425 |
|
|
|
|
Name : |
Mr. Harish Chunilal Makwana |
|
Designation : |
Whole Time Director |
|
Address : |
GIB Road, Near Balmandir, Ranpur, Ahmedabad-363610, Gujarat, India |
|
Date of Appointment : |
08.11.1995 |
|
Din No.: |
00280710 |
KEY EXECUTIVES
|
Name : |
Mr. Lalit Solanki |
|
Designation : |
Factory Incarge |
|
|
|
|
Name : |
Mr. Vishal Dave |
|
Designation : |
Accounts and Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Bhupendra Chunilal Makwana |
|
665000 |
|
Dipen Bhupendra Makwana |
|
331555 |
|
Vishal Bhupendra Makwana |
|
331500 |
|
Maltiben Bhupendra Makwana |
|
1550 |
|
Bargosesia Rings Private Limited, India |
|
140000 |
|
Chunilal Muljibhai Makwana |
|
63 |
|
Harish Chunilal Makwana |
|
75 |
|
Lalitbhai M Solanki |
|
194 |
|
Miten R. Makwana |
|
63 |
|
|
|
|
|
TOTAL
|
|
1470000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
9.52 |
|
Directors
or relatives of directors |
|
90.48 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Specialized Automotive Bearings. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Parikh And Majmudar Chartered Accountant |
|
Address : |
303, GCP Business Center, Opposite Memnagar Fire Station, Near Vijay
Cross Roads, Navrangpura, Ahmedabad-380009, Gujarat, India |
|
PAN No: |
AAAFB8921B |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
3000000 |
Preferences Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
TOTAL
|
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1470000 |
Equity Shares |
Rs.10/- each
|
Rs.14.700
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
14.700 |
14.700 |
14.700 |
|
(b) Reserves &
Surplus |
416.923 |
316.305 |
229.251 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
431.623 |
331.005 |
243.951 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
142.508 |
97.800 |
21.031 |
|
(b) Deferred tax liabilities
(Net) |
36.852 |
25.754 |
20.778 |
|
(c) Other long term
liabilities |
18.172 |
30.173 |
0.000 |
|
(d) long-term provisions |
1.129 |
1.026 |
0.000 |
|
Total Non-current
Liabilities (3) |
198.661 |
154.753 |
41.809 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
199.285 |
108.928 |
107.309 |
|
(b) Trade payables |
189.786 |
144.043 |
146.045 |
|
(c) Other current
liabilities |
57.183 |
26.996 |
19.595 |
|
(d) Short-term provisions |
13.979 |
16.547 |
27.179 |
|
Total Current Liabilities
(4) |
460.233 |
296.514 |
300.128 |
|
|
|
|
|
|
TOTAL |
1090.517 |
782.272 |
585.888 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
458.241 |
325.643 |
201.890 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
10.502 |
29.365 |
11.484 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.255 |
0.255 |
0.255 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.577 |
11.503 |
15.969 |
|
(e) Other Non-current
assets |
0.397 |
0.397 |
0.459 |
|
Total Non-Current Assets |
475.972 |
367.163 |
230.057 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
344.625 |
179.755 |
104.048 |
|
(c) Trade receivables |
227.885 |
211.620 |
198.768 |
|
(d) Cash and cash
equivalents |
26.447 |
12.052 |
24.925 |
|
(e) Short-term loans and
advances |
15.588 |
11.682 |
28.090 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
614.545 |
415.109 |
355.831 |
|
|
|
|
|
|
TOTAL |
1090.517 |
782.272 |
585.888 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
Income |
1299.482 |
1171.198 |
937.423 |
|
|
Other Income |
2.173 |
2.430 |
0.393 |
|
|
TOTAL (A) |
1301.655 |
1173.628 |
937.816 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
655.923 |
535.506 |
433.044 |
|
|
Purchases of
Stock-in-Trade |
2.089 |
33.054 |
21.135 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(117.430) |
(53.646) |
(8.187) |
|
|
Employees benefits
expense |
151.839 |
119.407 |
93.640 |
|
|
Other expenses |
409.318 |
369.146 |
277.763 |
|
|
Extraordinary items |
1.469 |
0.081 |
0.514 |
|
|
TOTAL (B) |
1103.208 |
1003.548 |
817.909 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
198.447 |
170.080 |
119.907 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
29.541 |
23.547 |
16.257 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
168.906 |
146.533 |
103.650 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.646 |
17.223 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
145.260 |
129.310 |
103.650 |
|
|
|
|
|
|
|
Less |
TAX (H) |
44.642 |
42.255 |
33.102 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
100.618 |
87.055 |
70.548 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
19.290 |
10.114 |
8.716 |
|
|
TOTAL EARNINGS |
19.290 |
10.114 |
8.716 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
47.564 |
22.594 |
3.639 |
|
|
Capital Goods |
46.273 |
31.325 |
4.994 |
|
|
Components and Spare
Parts |
0.000 |
0.000 |
0.928 |
|
|
TOTAL IMPORTS |
93.837 |
53.919 |
8.633 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
68.45 |
59.22 |
47.99 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.73
|
7.42 |
7.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.18
|
11.04 |
11.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.45
|
17.18 |
18.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.39 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.79
|
0.62 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.40 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
14.700 |
14.700 |
14.700 |
|
Reserves & Surplus |
229.251 |
316.305 |
416.923 |
|
Net worth |
243.951 |
331.005 |
431.623 |
|
|
|
|
|
|
long-term borrowings |
21.031 |
97.800 |
142.508 |
|
Short term borrowings |
107.309 |
108.928 |
199.285 |
|
Total borrowings |
128.340 |
206.728 |
341.793 |
|
Debt/Equity ratio |
0.526 |
0.625 |
0.792 |
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 |
937.423 |
1171.198 |
1299.482 |
|
|
|
24.938 |
10.953 |
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 |
937.423 |
1171.198 |
1299.482 |
|
Profit |
70.548 |
87.055 |
100.618 |
|
|
7.53% |
7.43% |
7.74% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
42.043 |
15.477 |
14.612 |
|
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 |
No |
|
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
10447549 |
05/09/2013 |
8,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT
MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B84279439 |
|
2 |
10426764 |
10/05/2013 |
35,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
36-38A, NARIMAN BHAVAN,
227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B75501700 |
|
3 |
10403286 |
06/02/2013 |
8,285,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B68236801 |
|
4 |
10370979 |
30/06/2012 |
20,000,000.00 |
BANK OF BARODA |
FATEHPURA BRANCH, PALDI
BHATHA, AHMEDABAD - 380007, GUJARAT, INDIA |
B55816854 |
|
5 |
10129443 |
19/10/2008 |
15,000,000.00 |
BANK OF BARODA |
FATEHPURA BRANCH, PALDI
BHATHA, AHMEDABAD - 380007, GUJARAT, INDIA |
A50389451 |
|
6 |
80002875 |
17/05/2006 * |
125,000,000.00 |
BANK OF BARODA |
FATEHPURA BRANCH, PALDI
BHATHA, AHMEDABAD - 380007, GUJARAT, INDIA |
- |
|
7 |
90104339 |
10/12/2013 * |
452,500,000.00 |
BANK OF BARODA |
FATEHPURA BRANCH, PALDI
BHATHA, AHMEDABAD - 380007, GUJARAT, INDIA |
B91387449 |
|
8 |
90105286 |
16/10/2003 |
2,500,000.00 |
BANK OF BARODA |
RANPUR BRANCH, AHMEDABAD,
GUJARAT, INDIA |
- |
|
9 |
90104740 |
09/01/1998 |
2,600,000.00 |
BANK OF BARODA |
RANPUR BRANCH, RANPUR,
AHMEDABAD, GUJARAT - 363610, INDIA |
- |
|
10 |
90106195 |
29/11/1995 * |
2,250,000.00 |
BANK OF BARODA |
RANPUR BRANCH, TALUKA
DHANDHUKA, AHMEDABAD, GUJARAT, INDIA |
- |
* Date of charge modification
OPERATIONS:
The performance of the
company during the year of operation remained satisfactory. The company
registered a Sales and Other Income of Rs. 1301.656 Millions. After providing
for Depreciation, Interest and Finance Charges, provision for taxation the
company's Net profit has been registered at Rs. 100.618 Millions. The
profitability and operations of the Company has increased due to efficient
management of the Company's resources including human resources at all levels.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Inter-corporate borrowings |
1.809 |
1.694 |
|
Loans and advances from related parties |
18.332 |
18.875 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Other loans and advances |
45.000 |
0.000 |
|
TOTAL
|
65.141 |
20.569 |
FIXED ASSETS:
- Land
- Land And
Building Staff Quarters
- Furniture And
Fixtures With Dead Stock
- Plant And
Machinery
- Vehicles
- Cycle
- Office
Equipment
- Computer
- Intercom
System
- Furness
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
54 |
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.