1. Summary Information
|
Country |
|
||
|
Company Name |
PRATIBHA SYNTEX
LIMITED |
Principal Name 1 |
Mr. Shiv Kumar Chaudhary |
|
Status |
Moderate |
Principal Name 2 |
Mr. Shreyaskar Chaudhary |
|
Registration # |
11-118017 |
||
|
Street Address |
301, Acme Plaza, Andheri-Kurla Road, Opposite Sangam Cinema, Andheri
(East), Mumbai - 400059, Maharashtra, India |
||
|
Established Date |
08.10.1982 |
SIC Code |
-- |
|
Telephone# |
91-22-28361464 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28361464 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Organic Cotton Products |
|
|
# of employees |
Not Divulged |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 235,177,420/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate - 46.24% Directors or
relatives of Directors - 53.76% |
Banking |
Dena
Bank |
|
Public Limited Corp. |
No |
Business Period |
32 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary |
South Africa |
Pratibha International Sa (Pty) Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,658,128,000 |
Current Liabilities |
534,848,000 |
|
Inventories |
2,241,965,000 |
Long-term Liabilities |
6,951,992,000
|
|
Fixed Assets |
4,657,251,000 |
Other Liabilities |
390,507,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
7,877,347,000 |
|
Invest& other Assets |
50,661,000 |
Retained Earnings |
495,481,000 |
|
|
|
Net Worth |
730,658,000 |
|
Total Assets |
8,608,005,000 |
Total Liab. & Equity |
8,608,005,000 |
|
Total Assets (Previous Year) |
8,606,343,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
7,586,830,000 |
Net Profit |
(893,949,000) |
|
Sales(Previous yr) |
8,380,802,000 |
Net Profit(Prev.yr) |
(935,407,000) |
MIRA INFORM REPORT
|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRATIBHA SYNTEX LIMITED (w.e.f. 05.05.2011) |
|
|
|
|
Formerly Known
As : |
PRATIBHA SYNTEX PRIVATE LIMITED (w,e.f. 19.06.2007) PRATIBHA SYNTEX LIMITED |
|
|
|
|
Registered
Office : |
301, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.10.1982 |
|
|
|
|
Com. Reg. No.: |
11-118017 (New) 04-005565 (Old) |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.235.177
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111MH1982PLC118017 (New) U17119GJ1982PLC005565 (Old) |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP4207C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Organic Cotton Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2920000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having moderate track record. The company possesses a weak financial profile, due to continuous losses
reported during F.Y. 2012 and F.Y. 2013, on account of the unfavourable
industry scenario and loss of business from one of the main buyers. There are huge and increasing borrowing as well as payables reported
which may act as a threat to the liquidity position during the year under
review. The ratings also take into consideration the increasing competition,
slow down in the key export markets, volatility in cotton prices and exposure
to foreign exchange fluctuation risk. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of extensive experience of the promoters, the subject can be
considered for business dealings with 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US initial
public offering. Alibaba, which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “B” |
|
Rating Explanation |
High risk of default regarding timely payments. |
|
Date |
24.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
24.12.2013 |
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
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. N.K. Joshi |
|
Designation : |
Branch Head |
|
Contact No.: |
91-22-28361464 |
|
Date : |
14.06.2014 |
LOCATIONS
|
Registered Office : |
301, |
|
Tel. No.: |
91-22-28361464 / 28314850 / 28314853 / 66921428/ 28314850 |
|
Fax No.: |
91-22-28361464 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No.4, Industrial Growth Centre Kheda, Pitampur, District Dhar - 454774, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-404362-64 / 404363 / 404357/ 413231 |
|
Fax No.: |
91-7292-256340-1 |
|
E-Mail : |
|
|
Area : |
70 acres approx |
|
Location : |
Leased |
|
|
|
|
Factory 2 (SEZ Works) : |
A-15 and 16, Apparel Park, Indore Special Economic Zone, Mhow-Neemuch Road,
Pithampur, District Dhar, Madhya Pradesh, India |
|
|
|
|
Factory 3 (NCR Works): |
Plot No.16, DLF Industrial Area, Phase II, Near NHPC Chowk, Faridabad – 121003, Haryana, India |
|
Tel. No.: |
91-129-4105728/ 4107318 |
|
Fax No.: |
91-129-4107318 |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
D-10/3, Okhla Industrial Area, Phase-I, |
|
Tel. No.: |
91-11-41616465, 26816790, 32449714 |
|
Fax No.: |
91-11-41616480 |
|
E-Mail : |
|
|
Location : |
Rented |
|
|
|
|
Branch Office 2 : |
Indore Office 301, Apollo Avenue, 30-B, Old Palasia, Indore – 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2562228-29/ 4065454/ 2560584 91-7292-404362-63 |
|
Fax No.: |
91-731-2562227 |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 25.06.2013
|
Name : |
Mr. Shiv Kumar Chaudhary |
|
Designation : |
Whole Time Director |
|
Address: |
80-A, Manishpuri, Indore - 452018, Madhya Pradesh, India |
|
Date of Birth/ Age : |
28.08.1962 |
|
Qualification : |
B. Com |
|
Date of Appointment: |
11.08.1992 |
|
PAN No.: |
ACMPC5347G |
|
DIN No.: |
00071955 |
|
|
|
|
Name : |
Mr. Shreyaskar Chaudhary |
|
Designation : |
Managing Director |
|
Address: |
80-A, Manishpuri, Indore - 452018, Madhya Pradesh, India |
|
Date of Birth/ Age : |
05.04.1976 |
|
Qualification : |
B.Tech |
|
Date of Appointment: |
26.02.2003 |
|
PAN No.: |
ACQPC6860Q |
|
DIN No.: |
00059059 |
|
|
|
|
Name : |
Mr. Snehakar Nirmalesh Bansal |
|
Designation : |
Whole Time Director |
|
Address: |
58, Classic Purnima Raw House, Main Khajrana Road, Indore - 452018, Madhya Pradesh, India |
|
Date of Birth/ Age : |
06.10.1949 |
|
Qualification : |
B.Com |
|
Date of Appointment: |
27.01.2004 |
|
DIN No.: |
00058660 |
|
|
|
|
Name : |
Mr. Vinod Kumar Jain |
|
Designation : |
Whole Time Director |
|
Address: |
Sujata Sarees, Hazoori Bazar, Faridkot – 151203, Punjab, India |
|
Date of Birth/ Age : |
10.10.1949 |
|
Qualification : |
BE (MECH) |
|
Date of Appointment: |
29.12.2009 |
|
DIN No.: |
02944575 |
|
|
|
|
Name : |
Mr. Krishna Kant Gangwar |
|
Designation : |
Additional Director |
|
Address: |
402, Shekhar Avenue, 15, Sanghi Colony, Indore – 452018, Madhya Pradesh, India |
|
Date of Birth/ Age : |
27.07.1974 |
|
Date of Appointment: |
28.05.2012 |
|
DIN No.: |
05305709 |
|
|
|
|
Name : |
Mr. Ram Kishan Sharma |
|
Designation : |
Director |
|
Address: |
306, Suryalok Apartment, Near Dhadra Hospital, Kim Kudead Road, Kim, Surat – 396001, Gujarat, India. |
|
Date of Birth/ Age : |
07.07.1941 |
|
Qualification : |
M.Com/ M.B.A. |
|
Date of Appointment: |
10.06.1996 |
|
DIN No.: |
00084971 |
|
|
|
|
Name : |
Mr. Asit Kumar Basu |
|
Designation : |
Additional Director |
|
Address: |
Plot No.61, Row House, Sector – 8, Kopar Khairane, Navi Mumbai – 400709, Maharashtra, India |
|
Date of Birth/ Age : |
24.08.1949 |
|
Qualification : |
M.E. (Mech.) |
|
Date of Appointment: |
16.07.2010 |
|
DIN No.: |
01382260 |
|
|
|
|
Name : |
Mr. Ashutosh Singla |
|
Designation : |
Nominee Director |
|
Address : |
5, Shree CHS Ganesh Gavde Road, Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1975 |
|
Date of Appointment : |
05.07.2013 |
|
DIN No. : |
06646775 |
|
|
|
|
Name : |
Mr. Nirmal Kumar Biswas |
|
Designation : |
Nominee Director |
|
Address: |
Flat No.301, Le Monde Exim Building, Doongersey Road, Walkeshwar, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/ Age : |
09.10.1960 |
|
Date of Appointment: |
01.06.2011 |
|
DIN No.: |
03568647 |
KEY EXECUTIVES
|
Name : |
Mr. N.K. Joshi |
|
Designation : |
Branch Head |
|
|
|
|
Name : |
Mr. Narendra Kumar Joshi |
|
Designation : |
Secretary |
|
Address : |
302, Rakhee, E-Wing, Vasant Utsav, Thakur Village, Kandivali (East),
Mumbai - 400101, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1962 |
|
Date of Appointment : |
01.12.1994 |
|
PAN No.: |
ABXPJ0038P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shiv Kumar Chaudhary |
1892067 |
8.05 |
|
Shreyaskar
Chaudhary |
1874529 |
7.97 |
|
S.K. Chaudhary and Sons (HUF) |
615282 |
2.62 |
|
Sushma Chaudhary |
4058237 |
17.26 |
|
Prerna Chaudhary |
4202748 |
17.87 |
|
BRCM Holdings Private Limited, India |
7501252 |
31.90 |
|
Darkin Commodeal Private Limited, |
3373627 |
14.35 |
|
Total |
23517742 |
100.00 |
As on 25.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
46.24 |
|
Directors or relatives of Directors |
53.76 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Organic Cotton Products. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Dena Bank, Navlakha Branch, A.B. Road, Indore - 452001, Madhya Pradesh, India · Central Bank of India Limited, Corporate Finance Branch, Siyaganj, Indore - 452007, Madhya Pradesh, India · Canara Bank, Siyaganj Branch, 11, Rnt Marg, Indore - 452001, Madhya Pradesh, India · Axis Bank Limited, Nariman Point Branch, Atlanta Building, Ground Floor, Nariman Point, Mumbai - 400021, Madhya Pradesh, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kanji Agrawal and Company Chartered Accountants |
|
Address : |
F-H. 42, Scheme No. 54, Pithampur, Dhar, Madhya Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ADKPA7481J |
|
|
|
|
Subsidiary : |
Pratibha International Sa (Pty) Limited, South Africa |
|
|
|
|
Associates : |
· Konkan Roadways Private Limited CIN No.: U63011WB1995PTC070921 · Chhogmal Chaudhary Charitable Trust |
CAPITAL STRUCTUR
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25510000 |
Equity Shares |
Rs.10/- each |
Rs.255.100
Millions |
|
7300000 |
Preference Shares |
Rs.113/- each |
Rs.824.900
Millions |
|
|
|
|
|
|
|
Total
|
|
Rs. 1080.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23517742 |
Equity Shares |
Rs.10/- each
|
Rs.235.177
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
235.177 |
206.647 |
|
(b) Reserves & Surplus |
|
495.481 |
1,147.736 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
150.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
730.658 |
1,504.383 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4,567.952 |
3,325.866 |
|
(b) Deferred tax liabilities (Net) |
|
246.997 |
229.113 |
|
(c) Other long term
liabilities |
|
1.355 |
2.136 |
|
(d) long-term
provisions |
|
3.013 |
8.062 |
|
Total Non-current
Liabilities (3) |
|
4,819.317 |
3,565.177 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
2,384.040 |
2,992.278 |
|
(b) Trade
payables |
|
322.510 |
312.121 |
|
(c) Other
current liabilities |
|
210.983 |
114.394 |
|
(d) Short-term
provisions |
|
140.497 |
117.990 |
|
Total Current
Liabilities (4) |
|
3,058.030 |
3,536.783 |
|
|
|
|
|
|
TOTAL |
|
8,608.005 |
8,606.343 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
4,649.180 |
5,011.635 |
|
(ii)
Intangible Assets |
|
8.071 |
0.871 |
|
(iii) Capital
work-in-progress |
|
34.115 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
16.546 |
16.549 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
53.572 |
49.540 |
|
(e) Other
Non-current assets |
|
18.142 |
0.000 |
|
Total Non-Current
Assets |
|
4,779.626 |
5,078.595 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
2,241.965 |
2,119.481 |
|
(c) Trade
receivables |
|
840.431 |
693.323 |
|
(d) Cash
and cash equivalents |
|
167.925 |
194.477 |
|
(e)
Short-term loans and advances |
|
486.162 |
369.451 |
|
(f) Other
current assets |
|
91.896 |
151.016 |
|
Total
Current Assets |
|
3,828.379 |
3,527.748 |
|
|
|
|
|
|
TOTAL |
|
8,608.005 |
8,606.343 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
582.199 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1707.591 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2289.790 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5600.535 |
|
|
2] Unsecured Loans |
|
|
510.440 |
|
|
TOTAL BORROWING |
|
|
6110.975 |
|
|
DEFERRED TAX LIABILITIES |
|
|
198.931 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8599.696 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5250.473 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
16.549 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2573.996
|
|
|
Sundry Debtors |
|
|
721.804
|
|
|
Cash & Bank Balances |
|
|
136.987
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
542.411
|
|
Total
Current Assets |
|
|
3975.198
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
419.865 |
|
|
Other Current Liabilities |
|
|
205.046
|
|
|
Provisions |
|
|
17.613
|
|
Total
Current Liabilities |
|
|
642.524
|
|
|
Net Current Assets |
|
|
3332.674
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8599.696 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7586.830 |
8380.802 |
7883.896 |
|
|
|
Other Income |
18.708 |
16.377 |
13.221 |
|
|
|
TOTAL (A) |
7605.538 |
8397.179 |
7897.117 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4647.388 |
5207.260 |
4607.990 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(161.710) |
104.095 |
(288.784) |
|
|
|
Employee benefit expense |
844.050 |
884.595 |
822.933 |
|
|
|
Other expenses |
1952.470 |
1908.701 |
1574.486 |
|
|
|
TOTAL (B) |
7282.198 |
8104.651 |
6716.625 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
323.340 |
292.528 |
1180.492 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
823.522 |
816.147 |
549.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(500.182) |
(523.619) |
630.962 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
375.855 |
381.593 |
357.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(876.037) |
(905.212) |
273.277 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.912 |
30.195 |
72.854 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(893.949) |
(935.407) |
200.423 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3361.500 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(38.01) |
(45.27) |
8.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(11.75)
|
(11.14) |
2.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.55)
|
(10.80) |
3.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.24)
|
(10.54) |
2.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.20)
|
(0.60) |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
9.51
|
4.20 |
2.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.00 |
6.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
206.647 |
235.177 |
|
Reserves & Surplus |
1147.736 |
495.481 |
|
Share Application money pending allotment |
150.000 |
0.000 |
|
Net
worth |
1,504.383 |
730.658 |
|
|
|
|
|
Long-term borrowings |
3,325.866 |
4,567.952 |
|
Short term borrowings |
2,992.278 |
2,384.040 |
|
Total
borrowings |
6,318.144 |
6,951.992 |
|
Debt/Equity
ratio |
4.200 |
9.515 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7883.896 |
8380.802 |
7586.830 |
|
|
|
6.303 |
(9.474) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7883.896 |
8380.802 |
7586.830 |
|
Profit |
200.423 |
(935.407) |
(893.949) |
|
|
2.54% |
(11.16%) |
(11.78%) |
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 |
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10406133 |
05/04/2013 * |
8,483,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER- E, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B74220658 |
|
2 |
10119587 |
28/08/2008 |
150,000,000.00 |
STATE BANK OF INDORE |
IFB BRANCH, KHEL PRASHAL, INDORE - 452003, MADHYA PRADESH, INDIA |
A44544187 |
|
3 |
10022696 |
16/03/2012 * |
250,000,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, LOWER GROUND FLOOR, ORBIT MALL, A.B. ROAD, INDORE - 452010, MADHYA PRADESH, INDIA |
B36789782 |
|
4 |
10020402 |
16/03/2012 * |
550,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B36867109 |
|
5 |
80028462 |
16/03/2012 * |
941,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B36867364 |
|
6 |
80025713 |
16/03/2012 * |
100,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, THE ARCADE, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B36866978 |
|
7 |
80036620 |
16/03/2012 * |
114,500,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE
BRANCH, LOWER GROUND FLOOR, ORBIT MALL, A.B. ROAD, INDORE - 452010, MADHYA
PRADESH, |
B36790988 |
|
8 |
80008757 |
29/01/2014 * |
120,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 2ND FLOOR, WORLD TRADE |
B96371471 |
|
9 |
80036623 |
26/03/2009 * |
207,000,000.00 |
STATE BANK OF INDORE |
IFB BRANCH, KHEL PRASHAL, INDORE - 452003, MADHYA PRADESH, INDIA |
A60088507 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans taken for vehicles |
2.610 |
3.131 |
|
Total |
2.610 |
3.131 |
BUSINESS STRATEGY
The Company focuses on developing innovative, integrated value added solutions that improve the competitiveness and provide them with new opportunities. The objective is to build sound customer relations and to achieve a healthy growth in profitability.
The vision is to be a benchmark against International Standards and best practices in terms of product offerings, technology, service levels, risk management and audit compliance with state-of-the-art capacity providing total business solutions through quality products, systems and services.
The Company’s business strategy emphasizes to increase in market share by following a disciplined growth strategy focusing on balancing quality and volume growth while delivering high quality customer services, leverage its technology platform and open scalable system to deliver more products to more customers and to control operating cost and to build sound customer relations and to achieve a healthy growth in profitability, consistent with the Company’s risk appetite.
FIXED ASSETS
v
Tangible
Assets
· Land
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Bridges Roads Ports Culverts
v
Intangible
Assets
· Computer Software
PRESS RELEASE
CALIFORNIA AG KAMALA
HARRIS FILES LAWSUIT AGAINST PRATIBHA SYNTEX LIMITED
Washington, Jan 25
2013
California's Attorney General Kamala Harris has filed a lawsuit against two Indian and Chinese apparel companies for allegedly using pirated softwares in the production of their cloths for exports and to be sold in the state.
The lawsuits, filed in Los Angeles County Superior Court yesterday, charge Pratibha Syntex Limited of India and Ningbo Beyond Home Textile Company Limited and its sister companies, of China with violating California's Unfair Competition Law.
These companies did not pay licensing fees for software, including products manufactured by Adobe, Microsoft, Symantec and others, Harris, who is an Indian American, alleged in her lawsuit.
The complaints allege that the foreign apparel makers who have not paid software licensing fees have a significant cost advantage in the low-margin business of apparel manufacturing, shipment and sales.
"Companies across the globe should be on notice that they will be held accountable in California for stealing our intellectual property," Harris said.
"This is an anti-competitive practice which harms our state's economy and is illegal. These lawsuits go after overseas companies whose unlawful actions are eroding California's garment industry and placing California companies who legally pay for computer software at a disadvantage," she said in a statement.
A study by the Orange County Business Council said that California has lost nearly 400,000 manufacturing and technology jobs over the past decade to countries where piracy rates are as high as 80 per cent.
This activity has resulted in a loss of USD 1.6 billion in economic activity and USD 700 million in tax revenues for California, it said.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
UK Pound |
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.