MIRA INFORM REPORT

 

 

Report No. :

357540

Report Date :

31.12.2015

 

IDENTIFICATION DETAILS

 

Name :

NEOTEX YARNS PRIVATE LIMITED (w.e.f. 26.05.2011)

 

 

Formerly Known As :

NEXUSNEO SYSTEM AND EXIM PRIVATE LIMITED

 

 

Registered Office :

413, 4th Floor, Megh Malhar, Sector 11, Gandhinagar – 382011, Gujarat

Tel. No.:

91-79-23244557

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

22.08.2005

 

 

Com. Reg. No.:

04-046635

 

 

Capital Investment / Paid-up Capital :

Rs.6.600 Million

 

 

CIN No.:

[Company Identification No.]

U51100GJ2005PTC046635

 

 

IEC No.:

0805010513

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCN1550H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Trader of Textile and Yarn Fabrics. (Confirmed by management)

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 52000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 2005 and it is the manufacturer, exporter and trader of textile and yarn fabrics. It has moderate track.

 

The company possesses below average operational performance with low profit margin of 0.30% recorded during the year 2015.

 

The rating is constrained on account of modest scale of operations and average balance sheet profile of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of aforesaid, 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 – 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 DENIED BY DECLINED

 

Management non-cooperative (91-79-23244557)

 

LOCATIONS

 

Registered Office / Factory :

413, 4th Floor, Megh Malhar, Sector 11, Gandhinagar – 382011, Gujarat, India

Tel. No.:

91-79-23244557

Fax No.:

91-79-23246531

E-Mail :

info@nexusneo.com

Website :

www.nexusneo.com

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Vijaykumar Mafatlal Patel

Designation :

Director

Address :

Plot No : 538, Sector - 8, Gandhinagar - 382008, Gujarat, India

Date of Birth/Age :

28.10.1977

Date of Appointment :

22.08.2005

DIN No.:

00007444

 

 

Name :

Mr. Palakkumar Harshadbhai Thakkar

Designation :

Director

Address :

Plot No. 774/1, Jagruti Park Society, Sector 30, Gandhinagar - 382030, Gujarat, India

Date of Birth/Age :

16.06.1978

Date of Appointment :

22.08.2005

DIN No.:

00007461

 

 

Name :

Mrs. Sejal Vijaykumar Patel

Designation :

Director

Address :

Plot No. 538, Sector 8 - B, Gandhinagar - 382007, Gujarat, India

Date of Birth/Age :

26.10.1986

Date of Appointment :

03.01.2012

DIN No.:

03080642

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2015

 

Names of Shareholders

No. of Shares

%age holding

Vijaykumar Mafatlal Patel

396000

60.00

Palakkumar Harshadbhai Thakkar

165000

25.00

Sejal Vijaykumar Patel

99000

15.00

Total

660000

100.00

 

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Trader of Textile and Yarn Fabrics. (Confirmed by management)

 

 

Products :

Textile and Yarn Fabrics

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Banker Name

Oriental Bank of Commerce

Branch Address

C. G. Road, Ahmedabad - 380006, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Bank of Maharastra, 00213 Ahmedabad Bhadra, Mawalankar Haveli, Vasant Chowk Bhadra, Ahmedabad - 380001, Gujarat, India
  • ICICI Bank Limited, Ashram Road Branch, Ahmedabad, Gujarat, India
  • Bank of Maharashtra, Bhadra Branch, Ahmedabad, Gujarat, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWING

 

 

Bank overdraft from bank

 

 

CC Account Bank of Maharashtra

24.906

0.000

Packing Credit – HSBC

0.000

19.557

Packing Credit – ICICI

7.208

0.000

Packing Credit Loan BOM

0.000

69.437

Total

32.114

88.994

 

Note:

 

The packing credit loan from ICICI Bank limited, Ashram Road Branch, Ahmedabad is secured against

 

The above mentioned loan from Bank of Maharashtra, Bhadra Branch, Ahmedabad is secured hypothecation of immovable property and personal guarantee of three directors named Mr. Vijaykumar M. Patel, Mr. Palakkumar Thakkar, Mrs. Sejal V. Patel and property Co-owner Mrs. Dipika P. Thakkar.

 

Auditors :

 

Name :

B. Upadhyay and Company

Chartered Accountants

Address :

409, Abhishek Complex, Opposite Hotel Fortune Haveli, Sector-11, Gandhinagar – 382011, Gujarat, India

Tel. No.:

91-79-23222798

Email :

hbupadhyay@hotmail.com

PAN No.:

AACFB1262B

Membership No.:

111166W

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates Ventures :

Neo Tax Spinning Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

660000

Equity Shares

Rs.10/- each

Rs.6.600 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

660000

Equity Shares

Rs.10/- each

Rs.6.600 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

6.600

1.600

1.600

(b) Reserves & Surplus

11.496

15.203

8.821

(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)

18.096

16.803

10.421

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.096

0.018

0.037

(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)

0.096

0.018

0.037

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

32.114

126.234

39.767

(b) Trade payables

0.479

29.557

4.347

(c) Other current liabilities

0.206

0.741

0.678

(d) Short-term provisions

0.726

1.171

0.000

Total Current Liabilities (4)

33.525

157.703

44.792

 

 

 

 

TOTAL

51.717

174.524

55.250

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1.712

2.162

2.401

(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

33.763

21.510

1.200

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.063

0.039

0.029

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

35.538

23.711

3.630

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

0.000

(c) Trade receivables

1.143

126.974

45.267

(d) Cash and cash equivalents

0.645

8.537

1.074

(e) Short-term loans and advances

4.225

0.420

0.934

(f) Other current assets

10.166

14.882

4.345

Total Current Assets

16.179

150.813

51.620

 

 

 

 

TOTAL

51.717

174.524

55.250

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

426.769

987.223

303.192

 

Other Income

0.416

0.122

1.205

 

TOTAL

427.185

987.345

304.397

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

397.940

940.994

284.964

 

Employees benefits expense

5.124

4.959

3.551

 

Other expenses

20.133

24.494

10.607

 

TOTAL

423.197

970.447

299.122

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

3.988

16.898

5.275

 

 

 

 

 

Less

FINANCIAL EXPENSES

1.361

7.087

2.455

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

2.627

9.811

2.820

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

0.530

0.321

0.370

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2.097

9.490

2.450

 

 

 

 

 

Less

TAX

0.804

3.052

0.811

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1.293

6.438

1.639

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

7.73

39.89

9.89

 

 

 

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

NA

NA

NA

Net cash flows from operating activities

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

0.30

0.65

0.54

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

0.93

1.71

1.74

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

11.68

6.20

4.53

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.12

0.56

0.24

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.77

7.51

3.82

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.48

0.96

1.15

 

 

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

1.600

1.600

6.600

Reserves & Surplus

8.821

15.203

11.496

Net worth

10.421

16.803

18.096

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

39.767

126.234

32.114

Total borrowings

39.767

126.234

32.114

Debt/Equity ratio

3.816

7.513

1.775

 

 

 

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

303.192

987.223

426.769

 

 

225.610

(56.771)

 

 

 

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

303.192

987.223

426.769

Profit

1.639

6.438

1.293

 

0.54%

0.65%

0.30%

 

 

 

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

No

5

Buyer visit details

----------------------

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

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

No

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 three years

Yes

27

Reasons for variation <> 20%

----------------------

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

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2015

As on

31.03.2014

SHORT TERM BORROWING

 

 

Loans from related parties

 

 

Mafatlal B Patel

0.000

13.973

Palak Thakkar

0.000

0.300

Sejal Patel

0.000

0.550

Vijay Patel

0.000

1.280

Harshad J Thakkar

0.000

0.300

Haribhai Patel

0.000

0.400

Deepika Thakkar

0.000

0.500

Rital Patel

0.000

0.370

Sanjay Patel

0.000

19.567

Total

0.000

37.240

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

FIXED ASSETS

 

  • Furniture and Fixtures
  • EPABX System
  • Telephone Instrument
  • Water Purifier
  • Air Conditioner
  • Vacuum Cleaner
  • Refrigerator
  • Lawn Mover Machine
  • Office Building
  • Vehicle
  • Electric Installation
  • Computer and Printer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.42

UK Pound

1

Rs.98.54

Euro

1

Rs.72.60

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

PNM

 

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

--PROFITABILITY 

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

27

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.