MIRA
INFORM REPORT
|
Report Date : |
26.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
COTTSTOWN FASHIONS LIMITED |
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Formerly Known
As : |
COTTSTOWN FASHIONS PRIVATE LIMITED |
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Registered
Office : |
126, Damji Shamji Industrial Estate, L.B.S. Marg, Vikhroli
(West), Mumbai – 400083, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.02.2004 |
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Com. Reg. No.: |
11-144653 |
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Capital
Investment / Paid-up Capital : |
Rs. 95.414 Millions |
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CIN No.: [Company Identification
No.] |
U18101MH2004PLC144653 |
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PAN No.: [Permanente
Account No.] |
AACCC5895J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Garments. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5850000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company possesses a moderate financial profile marked by adequate networth
base along with slow debtor realization, high inventory, leading to working
capital requirements and accrued payables, which are further, slightly
mitigated but sufficient cash balance as well as infusion of funds as capital
from the part of promoters. Management has witnessed a
better increase in its sales volume as well as net profitability during FY13. The ratings also take into consideration, the established brand name
“BOMBAY HIGH” under which it sells its products. Trade relations seems to be fair. Business is active. Payment terms
are reported as slow but correct. In view of experienced promoters, the company can be considered for
business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
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 |
Long term rating = BB- [Suspended] |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of debt
obligations. |
|
Date |
March 14, 2014 |
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 PARTED BY
|
Name : |
Mr. Srinivas |
|
Contact No.: |
91-7666995736 |
|
Date : |
25.08.2014 |
LOCATIONS
|
Registered Office / Factory: |
126, Damji Shamji Industrial Estate, L.B.S. Marg, Vikhroli
(West), Mumbai – 400083, Maharashtra, India |
|
Tel. No.: |
91-22-2577 5512 / 61327101 |
|
Mobile No.: |
91-7666995736 (Mr. Srinivas) |
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Fax No.: |
91-22-2577 5552 |
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E-Mail : |
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Website : |
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Subsidiary Office : |
Located At ·
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DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Saurabh Dilip Pradhan |
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Designation : |
Managing director |
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Address : |
12, Mysore Colony, Mahul Road, Opposite RCF Factory, Chembur, Mumbai –
400074, Maharashtra, India |
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Date of Birth/Age : |
04.02.1981 |
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Date of Appointment : |
01.04.2012 |
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PAN No.: |
AMJPP6295P |
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DIN No. : |
01796582 |
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Other Directorship :
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Name : |
Mr. Dilip Vasant Pradhan |
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Designation : |
Whole-time director |
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Address : |
12, Mysore Colony, Mahul Road, Opposite RCF Factory, Chembur, Mumbai –
400074, Maharashtra, India |
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Date of Birth/Age : |
27.12.1945 |
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Date of Appointment : |
01.11.2012 |
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DIN No. : |
05116812 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Ainesh Bhupendra Jethwa |
|
Designation : |
Company Secretary |
|
Address : |
D-46, Shree Vigneshvar CHS Limited, Plot-257, Sector – 2, Charcop,
Kandivali (West), Mumbai – 400067, Maharashtra, India |
|
Date of Birth/Age : |
06.02.2012 |
|
Date of Appointment : |
06.02.2012 |
|
PAN NO.: |
AIVPJ1733G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Saurabh Dilip Pradhan |
|
6523549 |
|
Dilip Vasant Pradhan |
|
1294510 |
|
Lucky Agencies Private Limited, India |
|
1723305 |
|
Prashant Bhaskar Khale |
|
10 |
|
Jitendra Bhaskar Khale |
|
10 |
|
Jhelum Shwentank Chitre |
|
10 |
|
Bharat Bhushan Gupta |
|
10 |
|
|
|
|
|
Total |
|
9541404 |
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
25.55 |
|
Directors or relatives of Directors |
74.44 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Garments. |
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Brand Name : |
“BOMBAY HIGH” |
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Exports : |
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Products : |
Garments |
|
Countries : |
·
USA ·
UK |
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Terms : |
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Selling : |
Cash, Advance Payment, Cheque and Credit (30 days / 60 days) |
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Purchasing : |
Cash, Advance Payment, Cheque and Credit (30 days / 60 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
·
India Overseas Bank, Garodia Nagar Branch, Plot No.167, 90 Feet Road, Ghatkopar
(East), Mumbai - 400077, Maharashtra, India ·
Union Bank of India, Corporate and SME Branch, Technology
Centre, Powai, Adi Sankarcharya Marg,
Opposite Powai Lake, Powai, Mumbai - 400072,
Maharashtra, India ·
Bank of Maharashtra, Corporate Finance Branch,
“Yashomangal”, Gandhinagar, Bandra (East), Mumbai - 400051, Maharashtra, India ·
Union Bank of India (Lead Bank) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
DBK and Company Chartered Accountants |
|
Address : |
5/46A, Thadani Wadi, Sindhi Society, Chembur, Mumbai – 400071, Maharashtra,
India |
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PAN No.: |
ALKPK1351M |
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|
|
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Subsidiary
company : |
·
Cottstown Textiles Private Limited
[U18204MH2011PTC213028] ·
Cottstown Fashions (UK) Limited ·
Cottstown Fashions Inc. |
|
|
·
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : |
·
Cottstown Properties ·
Summer Fashions (Sole Proprietorship) ·
Lucky Agencies Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,41,404 |
Equity Shares |
Rs.10/- each |
Rs. 95.414 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 |
95.414 |
67.414 |
55.000 |
|
(b) Reserves & Surplus |
1,366.554 |
634.229 |
263.193 |
|
(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) |
1,461.968 |
701.643 |
318.193 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
419.817 |
577.217 |
207.334 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
334.716 |
133.954 |
68.599 |
|
Total
Non-current Liabilities (3) |
754.533 |
711.171 |
275.933 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,840.932 |
1,478.171 |
537.263 |
|
(b) Trade payables |
1,347.006 |
708.817 |
475.096 |
|
(c) Other current liabilities |
54.711 |
28.359 |
1.198 |
|
(d) Short-term provisions |
8.936 |
3.915 |
2.012 |
|
Total
Current Liabilities (4) |
3,251.585 |
2,219.262 |
1,015.569 |
|
|
|
|
|
|
TOTAL |
5,468.086 |
3,632.076 |
1,609.695 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
164.742 |
171.344 |
42.841 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
256.193 |
234.513 |
17.816 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
28.197 |
14.871 |
7.887 |
|
(c) Deferred tax assets (net) |
6.894 |
0.800 |
0.221 |
|
(d) Long-term Loan and Advances |
38.713 |
92.646 |
62.250 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
494.739 |
514.174 |
131.015 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.500 |
2.500 |
0.000 |
|
(b) Inventories |
2,984.677 |
1,741.667 |
659.823 |
|
(c) Trade receivables |
1,345.116 |
1,049.547 |
731.035 |
|
(d) Cash and cash equivalents |
474.632 |
300.981 |
66.335 |
|
(e) Short-term loans and
advances |
39.840 |
5.865 |
0.025 |
|
(f) Other current assets |
128.582 |
17.342 |
21.462 |
|
Total
Current Assets |
4,973.347 |
3,117.902 |
1,478.680 |
|
|
|
|
|
|
TOTAL |
5,468.086 |
3,632.076 |
1,609.695 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
5,961.630 |
4,231.909 |
2,135.576 |
|
|
Other Income |
33.192 |
11.489 |
2.214 |
|
|
TOTAL
(A) |
5,994.822 |
4,243.398 |
2,137.790 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5,589.720 |
4,064.210 |
2,211.544 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(884.559) |
(688.265) |
(403.246) |
|
|
Employees benefits expense |
62.324 |
29.989 |
8.058 |
|
|
Exceptional Items |
9.236 |
0.127 |
0.000 |
|
|
Other expenses |
304.600 |
286.238 |
122.731 |
|
|
TOTAL
(B) |
5,081.321 |
3,692.299 |
1,939.087 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
913.501 |
551.099 |
198.703 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
287.471 |
144.661 |
23.771 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
626.030 |
406.438 |
174.932 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
21.786 |
11.937 |
3.319 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
604.244 |
394.501 |
171.613 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
193.906 |
137.055 |
59.758 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
410.338 |
257.446 |
111.855 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
386.280 |
128.193 |
16.979 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend |
0.000 |
(0.550) |
0.550 |
|
|
Tax on Dividend |
0.000 |
(0.091) |
0.091 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
796.618 |
386.280 |
128.193 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
29.284 |
9.771 |
14.533 |
|
|
TOTAL
EARNINGS |
29.284 |
9.771 |
14.533 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
60.80 |
44.60 |
56.75 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.84 |
6.07 |
5.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.14 |
9.32 |
8.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.67 |
11.67 |
10.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.56 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.55 |
2.93 |
2.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.40 |
1.46 |
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 |
55.000 |
67.414 |
95.414 |
|
Reserves & Surplus |
263.193 |
634.229 |
1,366.554 |
|
Net
worth |
318.193 |
701.643 |
1,461.968 |
|
|
|
|
|
|
long-term borrowings |
207.334 |
577.217 |
419.817 |
|
Short term borrowings |
537.263 |
1,478.171 |
1,840.932 |
|
Total
borrowings |
744.597 |
2,055.388 |
2,260.749 |
|
Debt/Equity
ratio |
2.340 |
2.929 |
1.546 |
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) |
|
Revenue from operations |
2,135.576 |
4,231.909 |
5,961.630 |
|
|
|
98.162 |
40.873 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
2,135.576 |
4,231.909 |
5,961.630 |
|
Profit/(Loss) After Tax |
111.855 |
257.446 |
410.338 |
|
|
5.24% |
6.08% |
6.88% |
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 |
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 |
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 |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10495602 |
25/04/2014 |
2,507,400,000.00 |
UNION BANK OF
INDIA (LEAD BANK) |
IFB BRANCH, 1ST
FLOOR, UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
C04740130 |
|
2 |
10453781 |
25/09/2013 |
100,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
B87015780 |
|
3 |
10446433 |
19/08/2013 |
60,000,000.00 |
BANK OF
MAHARASHTRA |
CORPORATE FINANCE
BRANCH, SHOP NO. 6B, AJAY MITTAL, INDL. ESTATE, ANDHERI KURLA RD. MAROL NAKA,
MUMBAI, MAHARASHTRA - 400059, INDIA |
B83728113 |
|
4 |
10393830 |
12/12/2012 |
200,000,000.00 |
LAKSHMI VILAS
BANK LIMITED |
ANDHERI EAST BRANCH,
GROUND FLOOR, SWAPNA SADAN, AZAD ROAD, ANDHERI (EAST), MUMBAI, MAHARASHTRA
- |
B64821788 |
|
5 |
10347075 |
15/10/2012 * |
160,000,000.00 |
DENA BANK |
MAHESHWARI UDYAN
BRANCH, 487-A, VORA BHUVAN, MATUNGA (C.R.), MUMBAI, MAHARASHTRA - 400019,
INDIA |
B61737094 |
|
6 |
10337680 |
15/05/2012 * |
180,000,000.00 |
THE THANE JANATA
SAHAKARI BANK LIMITED |
SHOP NO. 1, 2
& 3 SHAKTI SHOPPING ARCADE CHS,, LBS MARG, BHANDUP (W), MUMBAI,
MAHARASHTRA - 400078, |
B40663221 |
|
7 |
10336011 |
23/12/2011 |
250,000,000.00 |
BANK OF INDIA |
ANDHERI MID
CORPORATE BRANCH, M.D.I BUILDING,, 1ST FLOOR, 28, S.V.ROAD, ANDHERI (WEST), MUMBAI,
MAHARASHTRA - 400058, INDIA |
B32304404 |
|
8 |
10322505 |
05/04/2013 * |
50,000,000.00 |
INDIAN OVERSEAS
BANK |
GARODIA NAGAR
BRANCH, PLOT NO.167,, 90 FEET ROAD, GARODIA NAGAR, GHATKOPAR (EAST),
MUMBAI, MAHARASHTRA - 400077, INDIA |
B75136044 |
|
9 |
10312638 |
30/08/2011 |
1,520,000.00 |
VIJAYA BANK
CHEMBUR |
KUMKUM BUILDING,
17TH ROAD, R.C.MARG, MUMBAI, MAHARASHTRA - 400071, INDIA |
B23368384 |
|
10 |
10299309 |
28/07/2011 |
147,000,000.00 |
RELIANCE CAPITAL
LTD |
"H" BLOCK
1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B17716051 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from Bank |
17.580 |
18.000 |
|
Rupee term loans from others |
2.422 |
15.345 |
|
Loans and Advances from Directors |
181.846 |
343.830 |
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
11.717 |
22.664 |
|
|
|
|
|
Total |
213.565 |
399.839 |
SEGMENTAL REPORTING
The
Company is mainly engaged in business of Textile and Textile Products, Considering
the nature of business and financial reporting of the company, the Company has
only one segment i.e Textile Products as reportable segment’
The
Company operates in Local and Export Segment geographically of which export
sale have amounted to Rs.29.284 Millions and local sales have amounted
to Rs. 5932.345 Millions However due to the integrated nature of the business the
assets/liabilities and expenses for these activities cannot be bifurcated
separately
OPERATION AND FINANCIAL REVIEWS
The Company has
witnessed very high growth during the past few years. This trend continues
during the current year also.
During the current
year 2012-13, sales has been increased to Rs.5961.630 Millions from Rs.4231.909
Millions of 2011-12 resulted in growth of 40.87 % in sales and the net profit
after taxation is up by 59.39 % to Rs.410.338 Millions from Rs.257.446 Millions
of 2011-12.
Likewise during
the year 2011-12 sales has been increased to Rs.4231.909 Millions from
Rs.2135.339 Millions of 2010-11 resulted in growth of 98.18 % in sales and the
net profit after taxation is up by 130.20 % to Rs.257.446 Millions from
Rs.111.855 Millions of 2010-11.
The Directors are expecting this trend to continue in Coming years.
FIXED ASSETS
·
Buildings
·
Residential building
·
Plant and equipment
·
Office equipment
·
Furniture and fixtures
·
Vehicles
·
Computer equipments
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] 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.60.43 |
|
|
1 |
Rs.100.12 |
|
Euro |
1 |
Rs.79.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.