1. Summary Information
|
|
|
Country |
|
|
Company Name |
Entremonde
Polycoaters Limited |
Principal Name 1 |
Mr. Rajesh Sitaram Khetan |
|
Status |
Moderate |
Principal Name 2 |
Mr. Chandrakant Mohanlal Khetan |
|
|
|
Registration # |
11-013935 |
|
Street Address |
Kilfire House, 1st Floor, C-17, Dalia Industrial Area, Off |
||
|
Established Date |
20.02.1968 |
SIC Code |
-- |
|
Telephone# |
91-22-26752563/ 26732567 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-26732568 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Coated Fabrics |
|
|
# of employees |
Not Available |
Product Name 2 |
Laminated Textiles |
|
Paid up capital |
Rs.5,400,000 Millions |
Product Name 3 |
-- |
|
Shareholders |
Directors or
relatives of Directors- 100% |
Banking |
Bank of |
|
Public Limited Corp. |
No |
Business Period |
45 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
75,402,000 |
Current Liabilities |
35,676,000 |
|
Inventories |
74,730,000 |
Long-term Liabilities |
85,048,000 |
|
Fixed Assets |
67,045,000 |
Other Liabilities |
3,821,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
124,545,000 |
|
Invest& other Assets |
2,023,000 |
Retained Earnings |
89,255,000 |
|
|
|
Net Worth |
94,655,000 |
|
Total Assets |
219,200,000 |
Total Liab. & Equity |
219,200,000 |
|
Total Assets (Previous Year) |
222,278,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
370,130,000 |
Net Profit |
5,699,000 |
|
Sales(Previous yr) |
341,611,000 |
Net Profit(Prev.yr) |
4,865,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENTREMONDE POLYCOATERS LIMITED (w.e.f. 01.10.2012) |
|
|
|
|
Formerly Known
As : |
ENTREMONDE POLYECOATERS LIMITED |
|
|
|
|
Registered
Office : |
Kilfire House, 1st Floor, C-17, Dalia Industrial Area, Off Link
Road, Andheri (West), Mumbai - 400053, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.02.1968 |
|
|
|
|
Com. Reg. No.: |
11-013935 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.5.400 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25200MH1968PLC013935 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME06514E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE0944L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Coated Fabrics and Laminated Textiles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 380000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The company possesses a moderate financial profile marked by its comfortable
capital structure during 2013. The ratings also take into consideration the modest scale of
operations along with the dependence on external borrowings for funding of
working capital needs. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of subject’s extensive presence in the textile industry, 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 – 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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Rating: BB/Stable |
|
Rating Explanation |
Moderate risk of default regarding timely servicing
of financial obligations |
|
Date |
24.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
24.01.2014 |
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
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Shetty |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-26732563 |
|
Date : |
18.02.2014 |
LOCATIONS
|
Registered Office : |
Kilfire House, 1st Floor, C-17, Dalia Industrial Area, Off
Link Road, Andheri (West), Mumbai - 400053, Maharashtra, India |
|
Tel. No.: |
91-22-26752563/ 26732567 |
|
Fax No.: |
91-22-26732568 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Street No. 13, C Road, Plot No. 29, MIDC Satpur, Nashik – 422 007,
Maharashtra, India |
|
|
|
|
Factory 2: |
Gut No. 171, 175, 176, 177, Bombay Agra Road, Gonde (Dumala), Taluka
Igatpuri, Dist. Nashik, Maharashtra, India |
DIRECTORS
(AS ON 25.09.2013)
|
Name : |
Mr. Rajesh Sitaram Khetan |
|
Designation : |
Director |
|
Address : |
Silver Beach, Suryvanshi, Sabhagraha Marg, Off. Caddle Road, Dadar,
Mumbai – 400028, Maharashtra, India |
|
Date of Appointment : |
01.01.1997 |
|
PAN No.: |
AAGPK7606L |
|
DIN No.: |
00249595 |
|
|
|
|
Name : |
Mr. Chandrakant Mohanlal Khetan |
|
Designation : |
Chairman and Managing director |
|
Address : |
173, Raval Sea View, Dr. M.B. Raut Road, Shivaji Park, Dadar, Mumbai –
400 028, Maharashtra, India |
|
Date of Birth/Age : |
24.01.1946 |
|
Date of Appointment : |
20.08.2009 |
|
PAN No.: |
AAHPK5606M |
|
DIN No.: |
00234118 |
|
|
|
|
Name : |
Mrs. Rita Chandrakant Khetan |
|
Designation : |
Director |
|
Address : |
173, Raval Sea View, Dr. M.B. Raut Road, Shivaji Park, Dadar, Mumbai –
400 028, Maharashtra, India |
|
Date of Appointment : |
12.08.2011 |
|
PAN No.: |
AESPK5709A |
|
DIN No.: |
01830342 |
KEY EXECUTIVES
|
Name : |
Mr. Shetty |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.09.2013)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Rita C. Khetan |
750 |
1.39 |
|
Kamala M. Khetan |
2000 |
3.70 |
|
Pooja C. Khetan |
2000 |
3.70 |
|
Shashank C.
Khetan |
2000 |
3.70 |
|
Vijay S. Khetan |
2500 |
4.63 |
|
Shantidevi S.
Khetan |
2700 |
5.00 |
|
Chitralekha S.
Khetan |
3500 |
6.48 |
|
Umakant M.
Khetan |
2800 |
5.19 |
|
Sheela A.
Bharatiya |
750 |
1.39 |
|
Vibha U. Khetan |
3260 |
6.04 |
|
Shashi V. Khetan |
2200 |
4.07 |
|
Rajesh S. Khetan |
3800 |
7.04 |
|
Vijay and
Company (H.U.F.) |
3400 |
6.30 |
|
Ruchi and
Company (H.U.F.) |
1500 |
2.78 |
|
Rajesh and
Company (H.U.F.) |
4000 |
7.41 |
|
C.U.Kant and
Company (H.U..F.) |
4000 |
7.41 |
|
Pooja and
Company (H.U.F.) |
2000 |
3.70 |
|
Rima and Company
(H.U.F.) |
2000 |
3.70 |
|
Pramoda A. Mody
and Mrs. S J. Parekh |
8010 |
14.83 |
|
Entremonde Exim
Private Limited |
30 |
0.06 |
|
Sonal R. Khetan |
800 |
1.48 |
|
|
|
|
|
Total |
54000 |
100 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of Directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coated Fabrics and Laminated Textiles |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Bankers : |
· Bank of India Overseas Branch,
70/80 MG Road, Mumbai – 400 023, Maharashtra, India |
||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Doshi and Company Chartered Accountants |
|
Address : |
Plot No. 12, Parvati Apartment, Flat No.3, Road No. 5 , Sion (West),
Mumbai-400022, Maharashtra |
|
Tel. No.: |
91-22-24031066/ 24011069 |
|
Pan No.: |
AAHFD8284G |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92500 |
Equity Shares |
Rs.100/- each |
Rs.9.250 Millions |
|
7500 |
13.5% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.0.750 Million |
|
|
|
|
|
|
|
Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54000 |
Equity Shares |
Rs.100/- each |
Rs.5.400 Millions |
|
|
(Out of the above 27,000 Equity Shares are allotted as fully paid up
bonus shares by way of capitalisation of reserves) |
|
|
(a) Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period.
There is no change
in shares outstanding at the beginning and at the end of reporting date and
immediately preceeding reporting date.
(b) Terms /
Rights attached to equity shares
The Company has
only one class of equity shares having a par value of Rs.10 per share. Each
holder of equity share is entitle to one vote per share. The company has not
proposed any dividend during the year.
In the event of
liquidation of the Company, the holder of the equity share will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the numbers of equity shares
held by the shareholders.
(c) Details of shareholders holding more than 5%
share in the company
|
|
31.03.2013 |
|
|
|
Number of Share |
% Holding |
|
Mrs. Chitralekha S. Khetan |
3500 |
6.48 |
|
Mr. Umakant M. Khetan |
2800 |
5.19 |
|
Mrs. Vibha U. Khetan |
3260 |
6.04 |
|
Mr. Rajesh S. Khetan |
3800 |
7.04 |
|
Vijay and Company (H.U.F.) |
3400 |
6.30 |
|
Rajesh and Company (H.U.F.) |
4000 |
7.41 |
|
C. U. Kant and Company (H.U..F.) |
4000 |
7.41 |
|
Mrs. Pramoda A. Mody |
8010 |
14.83 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
5.400 |
|
(b) Reserves & Surplus |
|
|
89.255 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
|
94.655 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
16.681 |
|
(b) Deferred tax liabilities (Net) |
|
|
1.745 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current Liabilities (3) |
|
|
18.426 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
68.367 |
|
(b) Trade payables |
|
|
22.960 |
|
(c) Other current
liabilities |
|
|
12.716 |
|
(d) Short-term provisions |
|
|
2.076 |
|
Total Current Liabilities (4) |
|
|
106.119 |
|
|
|
|
|
|
TOTAL |
|
|
219.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
67.040 |
|
(ii) Intangible Assets |
|
|
0.005 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
2.023 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
69.068 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
74.730 |
|
(c) Trade receivables |
|
|
61.408 |
|
(d) Cash and cash
equivalents |
|
|
5.048 |
|
(e) Short-term loans and
advances |
|
|
8.946 |
|
(f) Other current assets |
|
|
0.000 |
|
Total Current Assets |
|
|
150.132 |
|
|
|
|
|
|
TOTAL |
|
|
219.200 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.400 |
5.400 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
83.557 |
78.691 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
88.957 |
84.091 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
73.469 |
81.489 |
|
|
2] Unsecured Loans |
|
13.087 |
3.706 |
|
|
TOTAL BORROWING |
|
86.556 |
85.195 |
|
|
DEFERRED TAX LIABILITIES |
|
1.772 |
1.524 |
|
|
|
|
|
|
|
|
TOTAL |
|
177.285 |
170.810 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
71.375 |
69.513 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.523 |
1.523 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
75.677
|
62.157
|
|
|
Sundry Debtors |
|
60.756
|
60.902
|
|
|
Cash & Bank Balances |
|
3.978
|
3.630
|
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
8.969
|
16.095
|
|
Total
Current Assets |
|
149.380
|
142.784
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
32.070
|
31.219
|
|
|
Other Current Liabilities |
|
6.708
|
6.540
|
|
|
Provisions |
|
6.215
|
5.251
|
|
Total
Current Liabilities |
|
44.993
|
43.010
|
|
|
Net Current Assets |
|
104.387
|
99.774
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
177.285 |
170.810 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
370.130 |
341.611 |
315.624 |
|
|
|
Other Income |
3.713 |
6.183 |
3.692 |
|
|
|
TOTAL (A) |
373.843 |
347.794 |
319.316 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
257.403 |
243.146 |
231.147 |
|
|
|
(Increase) / Decrease in
Inventories of Finished Goods, Stock in Process |
(5.592) |
0.633 |
2.805 |
|
|
|
Employees Benefits Expenses |
48.566 |
41.125 |
35.137 |
|
|
|
Other expenses |
47.696 |
40.190 |
34.693 |
|
|
|
TOTAL (B) |
348.073 |
325.094 |
303.782 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.770 |
22.700 |
15.534 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.312 |
10.870 |
8.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.458 |
11.830 |
6.894 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.581 |
5.710 |
5.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.877 |
6.120 |
1.269 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.178 |
1.255 |
(0.030) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.699 |
4.865 |
1.299 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.767 |
0.902 |
0.603 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
NA |
0.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
NA |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
NA |
5.000 |
1.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
0.767 |
0.902 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Exports on F.O.B. basis |
25.327 |
14.393 |
8.507 |
|
|
TOTAL EARNINGS |
25.327 |
14.393 |
8.507 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
57.584 |
46.902 |
39.714 |
|
|
|
Plant and Machinery |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
57.584 |
46.902 |
39.714 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
105.53 |
90.09 |
24.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.52
|
1.40
|
0.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.13
|
1.79
|
0.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.63
|
2.77
|
0.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.07
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.90
|
0.97
|
1.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
3.32
|
3.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
315.624 |
341.611 |
370.130 |
|
|
|
8.234 |
8.348 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
315.624 |
341.611 |
370.130 |
|
Profit |
1.299 |
4.865 |
5.699 |
|
|
0.41% |
1.42% |
1.54% |
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 |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs. In Millions) |
|
Long Term
Borrowings |
|
|
From Others - Sales Tax Deferment Loan |
0.032 |
|
|
|
|
Short Term
Borrowings |
|
|
Loans and Advances from Related Parties |
7.300 |
|
|
|
|
Total |
7.332 |
|
Particulars |
31.03.2012 (Rs. in Millions) |
|
From Others :
Sales Tax Deferment Loan |
0.035 |
|
Loan and Advances from Related parties |
13.052 |
|
|
|
|
Total |
13.087 |
OPERATIONS REVIEW
Sales and other income
of the Company increased by 7.49% and profit after tax 17.13% during the year.
OUTLOOK
In the current year the company is optimistic about sales and
profitability.
CONTINGENT LIABILITIES AS ON 31.03.2013:
i) In respect of
Letter of Credit opened and guaranteed by some of the Directors of the Company
Rs.8.830 millions (Rs.14.480 Millions)
ii) In respect of
Guarantees given by the bankers of the company counter guaranteed by some of the
Directors of the company Rs.10.283 Millions (Rs.6.975 Millions)
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10237299 |
09/08/2010 |
10,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE,
70/80, M.G. ROAD,, BANK OF |
A92359199 |
|
2 |
10143363 |
16/01/2009 |
30,000,000.00 |
BANK OF INDIA |
MUMBAI CORPORATE BANKING
BRANCH, 70/80 M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A57042111 |
|
3 |
90243530 |
19/07/2007 * |
102,000,000.00 |
BANK OF INDIA |
MUMBAI CORPORATE BANKING BRANCH,
70/80 M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A19737071 |
|
4 |
90242228 |
17/01/2005 * |
41,586,000.00 |
BANK OF INDIA |
BANKING BRANCH, MUMBAI,
MAHARASHTRA, INDIA |
- |
|
5 |
90242031 |
28/09/2011 * |
137,000,000.00 |
BANK OF INDIA |
OVERSEAS BRANCH,, 70/80
MG ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
B23346760 |
* Date of charge modification
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Factory Building
·
Office and Residential premises
·
Plant and Machinery
·
Embossing Rollers
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipments
·
Factory Equipments
·
Laboratory Equipments
·
Vehicles
·
Computers
·
Air conditioners
·
Trademark
NEWS:
RESEARCH AND MARKETS:
TECHNICAL TEXTILE MARKET IN INDIA 2012-2016: EXPORTS ARE EXPECTED TO INCREASE
TO 20-25 PERCENT OF THE TOTAL PRODUCTS MANUFACTURED
25,
September 2013
The analysts forecast the Indian Technical Textile market to grow at a
CAGR of 21.36 percent over the period 2012-2016. One of the key factors
contributing to this market growth is the existence of favorable government
policies. The Indian Technical Textile market has also been witnessing an
increase in the export of technical textile products. However, the high cost of
raw materials could pose a challenge to the growth of this market.
The key vendors dominating this space include Century Enka Limited, JBF
Industries Limited, SRF Limited and Supreme Nonwovens Private Limited.
The other vendors mentioned in the report are Bhilwara Melba De Witte Private
Limited (BDM), CTM Technical Textiles Limited, Entremonde Polycoaters Limited,
Garware Wall Ropes Limited, Kusumgar Corporate Private Limited and Techfab
India Industries Limited.
Commenting on the report, an analyst from the team said: Currently, the
Technical Textile market in India exports 7-8
percent of technical textile products being manufactured in the country.
However, with the growing innovations in product line and changing technology,
the exports are expected to increase to 20-25 percent of the total products
manufactured. With the various government initiatives and subsidies being
offered to manufacturers, the Technical Textile market in India is expected to increase its exports during the
forecast period. This will place India among the
top exporters of technical textile products in the world.
According to the report, one of the main drivers in this market is the
favorable government policies being implemented in recent years. Moreover, the
Government of India has come up with various schemes
to offer financial assistance to manufacturers of technical textiles. To
further boost the growth of this market, the government is making budgetary
allocations for technical textiles.
Further, the report states that one of the main challenges in this market is
the high cost of raw materials and power. Manufacturers have to import raw
materials from foreign countries, which increases the overall production cost
of technical textiles. Apart from the raw materials, the cost of procuring
power for these industries is very high in India.
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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.