MIRA
INFORM REPORT
|
Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
NANDAN DENIM LIMITED |
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Formerly Known
As : |
NANDAN EXIM LIMITED |
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Registered
Office : |
Survey No. 198/1, 203/2, Saijpur-Gopalpur, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.08.1994 |
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Com. Reg. No.: |
04-022719 |
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Capital
Investment / Paid-up Capital : |
Rs.455.491 Millions |
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CIN No.: [Company Identification
No.] |
L51909GJ1994PLC022719 |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Textile Industry. |
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No. of Employees
: |
20000 Group (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Not Available (Gujarat Case site not working) |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is good. The ratings also reflect the company’s established business profile,
marked by healthy revenue growth, consistent capacity addition, established
distribution channel, and extensive experience of the promoters in the
domestic denim industry. Trade relations are reported as 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 30, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A2 (Short Term Rating) |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
September 30, 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
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-79-26734660)
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 198/1, 203/2, Saijpur-Gopalpur, Pirana Road,
Piplej, Ahmedabad – 382405, Gujarat, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
“Chiripal House”, Shivranjani Cross Roads, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-26734660-2-3 |
|
Fax No.: |
91-79-26768656 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Vedprakash D. Chiripal |
|
Designation : |
Chairman |
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|
Name : |
Mr. Brijmohan D. Chiripal |
|
Designation : |
Managing Director |
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|
Name : |
Mr. T.S. Bhattacharya |
|
Designation : |
Director |
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Name : |
Mr. Gautam C. Gandhi |
|
Designation : |
Director |
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|
Name : |
Mr. Ambalal C. Patel |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepak J. Chiripal |
|
Designation : |
Chief Executive Officer |
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|
Name : |
Ms. Purvee D. Roy |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE : |
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|
Name : |
Mr. Ambalal C. Patel |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Vedprakash D. Chiripal |
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Designation : |
Member |
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|
Name : |
Mr. Gautam C. Gandhi |
|
Designation : |
Member |
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REMUNERATION
COMMITTEE : |
|
|
|
|
|
Name : |
Mr. Ambalal C. Patel |
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Designation : |
Chairman |
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|
Name : |
Mr. Vedprakash D. Chiripal |
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Designation : |
Member |
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SHAREHOLDERS
GRIEVANCE COMMITTEE : |
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|
|
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|
Name : |
Mr. Ambalal C. Patel |
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Designation : |
Member |
|
|
|
|
Name : |
Mr. Vedprakash D. Chiripal |
|
Designation : |
Member |
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|
|
|
Name : |
Mr. Gautam C. Gandhi |
|
Designation : |
Chairman |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
5534302 |
12.15 |
|
|
20875067 |
45.83 |
|
|
26409369 |
57.98 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
26409369 |
57.98 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5500 |
0.01 |
|
|
831814 |
1.83 |
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|
837314 |
1.84 |
|
|
|
|
|
|
6920075 |
15.19 |
|
|
|
|
|
|
7619506 |
16.73 |
|
|
2234883 |
4.91 |
|
|
1527909 |
3.35 |
|
|
1527909 |
3.35 |
|
|
18302373 |
40.18 |
|
Total Public
shareholding (B) |
19139687 |
42.02 |
|
Total (A)+(B) |
45549056 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
45549056 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Textile Industry. |
GENERAL INFORMATION
|
No. of Employees : |
20000 Group (Approximately) |
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Bankers : |
· State Bank of India · State Bank of Hyderabad · Syndicate Bank · Oriental Bank of Commerce · State Bank of Travancore · United Bank of India · Karur Vysya Bank · Bank of Maharashtra · UCO Bank · Dena Bank · Laxmi Vilas Bank · Central Bank of India ·
The Saraswat Co-Operative Bank Limited |
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Facilities : |
(Rs.
In Millions)
Notes: Security: *-** Term Loans and Buyers Credit arrangements under Consortium finance are secured by first charge on the entire Fixed Assets of the company both present and future, second charge on Book Debts, Stock and other Current Assets of the Company and also further guaranted by personal guarantee of promoter directors. *** Corporate Loan is secured by subservient charge on fixed and current assets of the company and also by way of pledge of equity shares of the company belonging to directors and personal guarantee of promoter directors. **** Vehicle Loans are secured by Hypothication of Vehicles. Interest: * Term Loans carry an interest rate which shall be State Bank of India rate or the base rate of the respective rupee lender plus the spread,which ever is higher, payable on monthly basis. ** Buyers Credit arrangements for a period upto 180 days carry an interest rate ranging between in case of 6ML Libor+80 basis points to 6ML Libor+350 basis points and for a period more than 180 days carry an interest rate of 12ML Libor+95 basis points. *** Corporate Loan carry an interest rate 13.50 % p. a. payable on monthly basis. **** Vehicle Loans carry an interest rate ranging between 10.38% to 12.96% p.a. Repayment: * Term Loan (including Buyer’s Credit arrangements) are repayable in Quarterly installments as follows:- (Rs. In Millions)
** Buyers Credit arrangement are available for 180 days/360 Days with roll over option upto 3 years from date of sanction and on the completion of the same it will be converted into Term Loans. *** Corporate Loan is repayable in Monthly installments as follows:- (Rs. In Millions)
**** Vehicle Loans are repayable in following schedule in monthly installments as follows:- (Rs. In Millions)
Security : @ Working Capital loans under consortium finance are secured by first charge on Book Debts, Stocks and other Current Assets and second charge on all the Fixed Assets both present and future of the Company and also further guaranted by some of the Directors. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
J.T. Shah and Company Chartered Accountants |
|
Address : |
201/202, Lalita Complex, Nr. Mithakhali Cross Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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|
List of Other
Related Parties with whom transactions have taken place during the year : |
· Shanti Exports Private Limited · Chiripal Poly Film Limited · Chiripal Industries Limited · Chiripal Charitable Trust · Shanti Educational Initiatives Limited · Chiripal Lifestyle Limited · Nandan Chiripal Energy Corporation LLP · Vishal Fabrics Private Limited · Chiripal Infrastructure Limited · Nandan Industries Private Limited · CIL Nova Petrochemicals Limited · Chiripal Textile Mills Private Limited ·
Chiripal Exim LLP |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.455.491
Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45549056 |
Equity Shares |
Rs.10/- each |
Rs.455.491 Millions |
|
|
|
|
|
Refer Note Number 41
for details of basic and diluted shares
The company has only One class of shares referred to as Equity shares having face value of Rs.10/-. Each Holder of One share is entitled to One vote per share.
During the year ended on 31st March 2013, the amount per share dividend recognised as distributions to Equity Share holders was Rs.1.20/- (P.Y. Rs. 1/-)
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.
The details of
shareholders holding more than 5% shares as at 31.03.2013 and 31.0302012 is set
out below.
|
Name of Shareholder |
As at 31.03.2013 |
|
|
|
No. of Shares |
% held |
|
Chiripal Industries Limited |
11844270 |
26.00% |
|
Chiripal Exim LLP |
7008979 |
15.39% |
|
Brijmohan D. Chiripal |
2780000 |
6.10% |
The Reconcilliation
of the number of shares outstanding and the amount of share capital as at
31.03.2013 and 31.0302012 is set out below
|
Name of Shareholder |
As at 31.03.2013 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Shares at the beginning of Face Value of Rs. 10 (P.Y. Rs. 1) |
45549056 |
455.491 |
|
Cancellation of Share of Face Value of Rs. 1 on Consolidation of Shares |
Nil |
Nil |
|
Reduction in Number of Shares upon Consolidation of Equity Shares of Rs.1 in to Equity Shares of Rs.10 each |
Nil |
Nil |
|
Shares at the end of Face Value of Rs. 10 |
45549056 |
455.491 |
Aggregate No. of 151830188 Shares of Face Value of Rs.1 were (Now reduced to 15183019 Shares of Rs.10) issued in the year 2006-07 as Bonus.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
455.491 |
455.491 |
455.491 |
|
(b) Reserves & Surplus |
1709.571 |
1380.421 |
1133.837 |
|
(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) |
2165.062 |
1835.912 |
1589.328 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2828.730 |
2650.862 |
1869.067 |
|
(b) Deferred tax liabilities
(Net) |
215.707 |
175.167 |
202.713 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.242 |
0.000 |
|
Total
Non-current Liabilities (3) |
3044.437 |
2826.271 |
2071.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1078.315 |
1003.890 |
672.687 |
|
(b) Trade payables |
576.354 |
458.042 |
344.735 |
|
(c) Other current liabilities |
987.339 |
585.898 |
518.340 |
|
(d) Short-term provisions |
65.523 |
64.368 |
62.828 |
|
Total
Current Liabilities (4) |
2707.531 |
2112.198 |
1598.590 |
|
|
|
|
|
|
TOTAL |
7917.030 |
6774.381 |
5259.698 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
4523.484 |
3408.172 |
3007.205 |
|
(ii) Intangible Assets |
|
3.772 |
6.561 |
|
(iii) Capital work-in-progress |
|
540.615 |
46.678 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
41.636 |
3.675 |
2.778 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.830 |
144.123 |
149.073 |
|
(e) Other Non-current assets |
117.453 |
30.150 |
46.286 |
|
Total
Non-Current Assets |
4688.403 |
4130.507 |
3258.581 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1385.042 |
1197.609 |
984.155 |
|
(c) Trade receivables |
1214.164 |
911.750 |
694.740 |
|
(d) Cash and cash equivalents |
260.727 |
199.281 |
155.015 |
|
(e) Short-term loans and
advances |
368.694 |
335.234 |
167.207 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3228.627 |
2643.874 |
2001.117 |
|
|
|
|
|
|
TOTAL |
7917.030 |
6774.381 |
5259.698 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8937.520 |
7031.208 |
5738.387 |
|
|
|
Other Income |
39.893 |
15.265 |
5.424 |
|
|
|
TOTAL (A) |
8977.413 |
7046.473 |
5743.811 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4776.442 |
4634.349 |
3440.978 |
|
|
|
Purchase of Stock in Trade |
1593.852 |
620.370 |
578.739 |
|
|
|
Change in Inventories of Finished Goods, Work in Progress and Stock in Trade |
(121.746) |
(375.856) |
70.566 |
|
|
|
Employee Benefits Expense |
310.400 |
254.425 |
192.261 |
|
|
|
Other Expenses |
1051.793 |
828.789 |
629.976 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(42.751) |
|
|
|
TOTAL (B) |
7610.741 |
5962.077 |
4869.769 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1366.672 |
1084.396 |
874.042 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
320.305 |
317.626 |
278.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1046.367 |
766.770 |
595.623 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
497.271 |
409.174 |
332.589 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
549.096 |
357.596 |
263.034 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
155.997 |
47.064 |
75.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
393.099 |
310.532 |
187.933 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
54.700 |
45.500 |
|
|
|
Corporate Dividend Tax (including cess and surcharge) |
|
9.300 |
7.400 |
|
|
|
General Reserves |
|
7.800 |
4.700 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
310.500 |
187.900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Export Earnings |
|
773.109 |
552.108 |
|
|
TOTAL EARNINGS |
NA |
773.109 |
552.108 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
144.455 |
98.588 |
|
|
|
Trading Goods |
|
0.000 |
39.001 |
|
|
|
Stores & Spares |
|
1.326 |
18.248 |
|
|
|
Capital Goods |
|
604.749 |
244.046 |
|
|
TOTAL IMPORTS |
NA |
750.530 |
399.883 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.63 |
6.82 |
4.13 |
|
1. The above Unaudited Financial Results were reviewed by the Audit Committee at its Meeting held on May 30, 2014 and taken on record and approved by the Board of Directors at their meeting held on the same date.
2. Previous quarter’s / year's figures have been regrouped / rearranged / recasted wherever necessary to make it comparable with the current quarter's / year's figures.
3. The Company operates in only one segment viz. Textile. As such it does not have any other reportable business segment.
4. The Board of Directors have recommended a final dividend of Rs. 1.20 per Equity Share of Rs. 10/- each, including the Interim Dividend of Rs. 0.60 per share paid during the year.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.38 |
4.41 |
3.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.14 |
5.09 |
4.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.97 |
5.74 |
5.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.19 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.80 |
1.99 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.25 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
455.491 |
455.491 |
455.491 |
|
Reserves & Surplus |
1133.837 |
1380.421 |
1709.571 |
|
Net
worth |
1589.328 |
1835.912 |
2165.062 |
|
|
|
|
|
|
long-term borrowings |
1869.067 |
2650.862 |
2828.730 |
|
Short term borrowings |
672.687 |
1003.890 |
1078.315 |
|
Total
borrowings |
2541.754 |
3654.752 |
3907.045 |
|
Debt/Equity
ratio |
1.599 |
1.991 |
1.805 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5738.387 |
7031.208 |
8937.520 |
|
|
|
22.529 |
27.112 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5738.387 |
7031.208 |
8937.520 |
|
Profit |
187.933 |
310.532 |
393.099 |
|
|
3.28% |
4.42% |
4.40% |
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 |
No |
|
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 |
No |
|
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 |
CONTINGENT LIABILITIES NOT PROVIDED FOR :
(Rs. In Millions)
|
Particular |
|
31.03.2013 |
|
Income Tax demands disputed in appeal by the Company/ Income Tax Authorities [Against which the Company has paid amount of Rs.2.392 Millions (Previous Year Nil)] |
|
10.116 |
|
Excise Demand disputed in appeal by the company /Excise Department |
|
0.515 |
|
Professional Tax |
|
0.193 |
|
Estimated Amount of Contracts remain to be Executed on Capital Account. Advance paid against such Contract is Rs.142.994 Millions (Previous year Rs. 145.690 Millions) which is shown under the head advances. |
|
691.998 |
|
Corporate guarantee in Favour of IDBI Bank Limited to secure Term Loan Sanctioned to M/s Vraj Integrated Textile Park Limited |
|
197.000 |
|
Corporate guarantee in Favour of State Bank of Bikaner and Jaipur. To secure Term Loan Sanctioned to M/s Vraj Integrated Textile Park Limited |
|
163.000 |
|
Bank Guarantee |
|
14.080 |
|
A letter has been received by the company from service tax Department seeking Clarification on selling Commission. |
|
Amount not Quantifiable |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10503676 |
22/05/2014 |
250,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
1ST FLOOR, BLUE
STAR COMPLEX,, OPP. RAJIV GANDHI |
C07004112 |
|
2 |
10493756 |
29/03/2014 |
200,000,000.00 |
DENA BANK |
2ND FLOOR, DENA
LAXMI BUILDING, ASHRAM ROAD, AHME |
C04370664 |
|
3 |
10382173 |
28/05/2013 * |
450,000,000.00 |
UNITED BANK OF INDIA |
AHMEDABAD BRANCH,
UNITED BANK OF INDIA BUILDING, |
B77660694 |
|
4 |
10379608 |
28/08/2012 |
798,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, NEAR GUJARAT VIDYAPEET |
B59333054 |
|
5 |
10355796 |
23/04/2012 |
250,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
103, ABHISHREE
COMPLEX, OPP. STAR BAZAR, SATELLIT |
B39636790 |
|
6 |
10356070 |
23/04/2012 |
250,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
103, ABHISHREE
COMPLEX, OPP. STAR BAZAR, SATELLIT |
B39733365 |
|
7 |
10344273 |
21/05/2013 * |
499,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
SHOP NO. 16,GROUND
FLOOR,SHANGRILA ARCADE,, PRALH |
B77487148 |
|
8 |
10327696 |
17/12/2011 |
440,000,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE
FINANCE BRANCH, LAL DARWAJA, AHMEDA |
B29262326 |
|
9 |
10076671 |
26/10/2007 |
50,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN
THIMMAYYAROAD CANTONMENT, PUNE, MAHARASHT |
A27422294 |
|
10 |
10024185 |
18/10/2006 |
40,000,000.00 |
SYNDICATE BANK |
NAVRANGPURA,, AHMEDABAD, GUJARAT - 380009, INDIA |
A06017990 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land- Lease Hold/ Free Hold
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Computers
· Vehicles
· Office Equipment
Intangible Assets
· Licence and 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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.41.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
49 |
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.