MIRA INFORM REPORT
|
Report No. : |
353819 |
|
Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1988, having satisfactory track. For the FY 2015, the company has achieved decent sales turnover,
however reported very low profitability margin. Operational performance has slightly declined as compared to previous
year. However rating takes into consideration adequate net worth base and
favourable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but
correct. In view of long business track, the company can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Hiral Navsariwala |
|
Designation : |
Head in Account and Finance |
|
Contact No.: |
91-261-2339493 |
|
Date : |
07.12.2015 |
LOCATIONS
|
Registered Office : |
2028-29, Jash Textile Market, Ring Road, Surat - 395002, Gujarat, India |
|
Tel. No.: |
91-261-2334135/ 2339493/ 2363774 |
|
Fax No.: |
91-261-2334135 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
Block No.203, Plot No.1/2/7/8, Near Neelam Fibres, Mota Borasara, Kim,
Mangrol, Surat, India |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2015
|
Name : |
Mr. Satishbhai Balubhai Koradia |
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|
Designation : |
Director |
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|
Address : |
C/8, Yogi Darshan, Makwana Nager, Carter Road No.3, Borivali (East), Mumbai - 400066, Maharashtra, India |
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|
Date of Birth/Age : |
20.04.1976 |
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Date of Appointment : |
16.08.1999 |
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DIN No.: |
01791693 |
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Other Directorship :
|
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|
Name : |
Mr. Bharatbhai Balubhai Koradia |
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|
Designation : |
Director |
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|
Address : |
29, Alkapuri Society, Sumul Dairy Road, Surat - 395004, Gujarat, India |
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Date of Birth/Age : |
16.02.1980 |
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Date of Appointment : |
16.08.1999 |
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DIN No.: |
01791732 |
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Other Directorship :
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Virendrakumar Babulal Shah |
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|
Designation : |
Director |
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|
Address : |
B/502, Shankershwar Complex, Opposite Suryapur Society, Adajan Patiya, Rander Road, Surat - 395009, Gujarat, India |
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|
Date of Birth/Age : |
01.12.1963 |
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Date of Appointment : |
16.08.1999 |
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DIN No.: |
01791809 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Hiral Navsariwala |
|
Designation : |
Head in Account and Finance |
MAJOR SHAREHOLDERS
AS ON 30.09.2015
SHAREHOLDERS DETAILS FILE ATTACHED.
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
98.40 |
|
Other top fifty shareholders |
01.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing Texturiser Yarn and Fibre Yarn. (Confirmed by Management) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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|
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Terms : |
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|
Selling : |
Credit (30 Days) |
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Purchasing : |
Credit (30 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Shalini and Sandip Chartered Accountants |
|
Address : |
33, Jolly Bungalows, Behind S.D. Jain School, Vesu Road, Piplod -
394201, Surat, India |
|
E-Mail : |
|
|
PAN No. of
Auditors Firm: |
ACCFS0543E |
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|
|
|
Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
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|
|
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Sister Concern : |
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CAPITAL STRUCTURE
AS ON 30.09.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92,200 |
Equity Shares |
Rs.100/- each |
Rs. 9.220 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.220 |
9.220 |
9.220 |
|
(b) Reserves & Surplus |
8.605 |
7.977 |
7.186 |
|
(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) |
17.825 |
17.197 |
16.406 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.882 |
0.000 |
4.000 |
|
(b) Deferred tax liabilities (Net) |
0.009 |
0.024 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3.891 |
0.024 |
4.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
28.799 |
26.901 |
1.327 |
|
(b) Trade
payables |
34.194 |
8.640 |
30.510 |
|
(c) Other
current liabilities |
1.047 |
1.400 |
0.264 |
|
(d) Short-term
provisions |
0.297 |
0.419 |
0.275 |
|
Total Current
Liabilities (4) |
64.337 |
37.360 |
32.376 |
|
|
|
|
|
|
TOTAL |
86.053 |
54.581 |
52.782 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
0.550 |
0.691 |
0.892 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.005 |
|
(d) Long-term Loan and Advances |
0.014 |
0.014 |
0.014 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
0.564 |
0.705 |
0.911 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
13.387 |
12.103 |
16.921 |
|
(c) Trade
receivables |
69.704 |
39.631 |
31.384 |
|
(d) Cash
and cash equivalents |
0.152 |
0.064 |
1.497 |
|
(e) Short-term
loans and advances |
0.032 |
0.032 |
0.032 |
|
(f) Other
current assets |
2.214 |
2.046 |
2.037 |
|
Total
Current Assets |
85.489 |
53.876 |
51.871 |
|
|
|
|
|
|
TOTAL |
86.053 |
54.581 |
52.782 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
321.205 |
432.876 |
303.102 |
|
|
Other Income |
0.197 |
0.048 |
0.044 |
|
|
TOTAL SALES |
321.402 |
432.924 |
303.146 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
309.875 |
403.037 |
275.796 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1.064 |
5.340 |
0.184 |
|
|
manufacturing Expenses |
2.862 |
7.119 |
17.957 |
|
|
Employees benefits expense |
1.624 |
3.503 |
2.627 |
|
|
Other expenses |
1.383 |
10.822 |
5.271 |
|
|
TOTAL EXPENSES |
316.808 |
429.821 |
301.835 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
4.594 |
3.103 |
1.311 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3.543 |
1.662 |
0.354 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1.051 |
1.441 |
0.957 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION
|
0.141 |
0.201 |
0.095 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
0.910 |
1.240 |
0.862 |
|
|
|
|
|
|
|
Less |
TAX |
0.282 |
0.449 |
0.270 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
0.628 |
0.791 |
0.592 |
|
|
|
|
|
|
|
|
EARNINGS / (LOSS) PER
SHARE (RS.) |
6.81 |
8.58 |
6.42 |
Expected Sales (2015-2016) : Rs.350.000 Million
The above information has been parted by Mr. Hiral Navsariwala (Head in
Account and Finance).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
(0.027) |
4.456 |
NA |
|
Cash generated from (Used) operations |
(0.446) |
4.181 |
NA |
|
Cash generated from Operating Activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.20 |
0.18 |
0.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.43 |
0.72 |
0.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.06 |
2.27 |
1.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.07 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.83 |
1.56 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.44 |
1.60 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
9.220 |
9.220 |
9.220 |
|
Reserves & Surplus |
7.186 |
7.977 |
8.605 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
16.406 |
17.197 |
17.825 |
|
|
|
|
|
|
long-term borrowings |
4.000 |
0.000 |
3.882 |
|
Short term borrowings |
1.327 |
26.901 |
28.799 |
|
Total
borrowings |
5.327 |
26.901 |
32.681 |
|
Debt/Equity
ratio |
0.325 |
1.564 |
1.833 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
303.102 |
432.876 |
321.205 |
|
|
|
42.815 |
(25.797) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
303.102 |
432.876 |
321.205 |
|
Profit |
0.592 |
0.791 |
0.628 |
|
|
0.20% |
0.18% |
0.20% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
Yes |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL PERFORMANCE:
During the year, compared to previous financial year, the revenue from operations decreased from Rs. 432.800 Million to Rs. 321.200 Million. Likewise, there are decreases in profit before tax to Rs 0.909 million compared to Rs. 1.238 Million of profit before tax of previous financial year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loan from others |
|
|
|
Kotak Mahindra Prime Limited |
3.882 |
0.000 |
|
Total |
3.882 |
0.000 |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10397310 |
27/12/2012 |
30,000,000.00 |
THE
SOUTH INDIAN BANK LIMITED |
SHOP
NO. 1A TO 5A, SNS HOUSE,, UDHNA NAVSARI MAIN ROAD, UDHNA TEEN RASTA,
UDHNA, GUJARAT - 394210, INDIA |
B66000753 |
|
2 |
10028228 |
16/01/2014
* |
27,225,000.00 |
AXIS
BANK LIMITED |
MCMC DEPT
DIG VIJAY TOWER,, OPP-ST.XAVIER'S
SCHOOL, GHOD
DOD ROAD, SURAT, GUJARAT
- 395001, INDIA |
B95069142 |
FIXED ASSETS
- Land and Building
- Furniture’s and Fixtures
- Office Equipment
- Computer and Software
- Air Conditioner
- Electric fitting and Installation
- Plant and machinery
- Vehicles
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 records 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. 66.80 |
|
|
1 |
Rs. 100.49 |
|
Euro |
1 |
Rs. 72.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
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 |
|
46 |
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.