MIRA INFORM REPORT
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Report No. : |
305183 |
|
Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASHNOOR TEXTILE MILLS LIMITED |
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Registered
Office : |
Behrampur Road, Village Khandsa, District Gurgaon - 122
001, Haryana |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.01.1984 |
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Com. Reg. No.: |
05-033384 |
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Capital
Investment / Paid-up Capital : |
Rs.107.395 Millions |
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CIN No.: [Company Identification
No.] |
L17226HR1984PLC033384 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in production of Towels. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 480000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established public limited company having moderate track
record. According to financials of 2013-2014 the company has seen a drastic fall
in its revenue probably due to market slowdown. Although the profits have gone up the profit margin is quite low. Trade relations seems to be fair. Business is active. Payment terms
are reported to be unknown. The concern 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2014.
LOCATIONS
|
Registered Office / Factory: |
Behrampur Road, Village Khandsa, District Gurgaon - 122
001, Haryana, India |
|
Tel. No.: |
91-124-4940550/2215828 |
|
Fax No.: |
91-124-2371038/2215830/4940555 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Suneel Gupta |
|
Designation : |
Managing Director |
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|
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|
Name : |
Dr. (Mrs.) Sangeeta Gupta |
|
Designation : |
Whole-time Director |
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|
Name : |
Mr. Abhinav Gupta |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Inder Mohan Agarwala |
|
Designation : |
Director |
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|
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|
Name : |
Ms. Pallavi Agarwal |
|
Designation : |
Director |
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|
Name : |
Mr. Piyush Gupta |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6791290 |
63.20 |
|
|
6791290 |
63.20 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6791290 |
63.20 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3080 |
0.03 |
|
|
1505 |
0.01 |
|
|
4585 |
0.04 |
|
|
|
|
|
|
61298 |
0.57 |
|
|
|
|
|
|
3292014 |
30.64 |
|
|
573808 |
5.34 |
|
|
22854 |
0.21 |
|
|
14770 |
0.14 |
|
|
1120 |
0.01 |
|
|
6964 |
0.06 |
|
|
3949974 |
36.76 |
|
Total Public shareholding (B) |
3954559 |
36.80 |
|
Total (A)+(B) |
10745849 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10745849 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in production of Towels. |
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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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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, International Business Branch, Bank of
Baroda Building,1, Sansad Marg, New Delhi - 110 001, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Messrs KSA and Company Chartered Accountants |
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Address : |
New Delhi - 110 014, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10750000 |
Equity Shares |
Rs.10/- each |
Rs. 107.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10745849 |
Equity Shares |
Rs.10/- each |
Rs. 107.458 Millions |
|
|
Calls in Arrears |
|
Rs. 0.063 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 107.395
Millions |
NOTE:
Re-issued of 45,849 forfeited equity shareon preferential allotment basis to the non-promoters (45,849 equity shares) on September 13, 2013 at Rs. 10/- per share pursuant to the provision of Chapter VII of the SEBI (ICDR) Regulations, 2009, in principal approval of Bombay Stock Exchange under Clause 24(a) of the listing agreement and special resolution passed in the Extra Ordinary General Meeting on March 19, 2013. These shares were listed on November 11, 2013 in in BSE.
The reconciliation of shares outstanding is set out below:
|
Particulars |
As at 31 March, 2014 |
|
|
|
Number |
Rs. In Millions |
|
Equity Shares outstanding at the beginning of the year |
10,700,000 |
107.000 |
|
Shares Issued during the year |
45,849 |
0.458 |
|
Shares outstanding at the end of the year |
10,745,849 |
107.458 |
45,849 equity shares issued to non promoters on September 13, 2013 are under lock-in period upto September 12, 2014
Rights, preferences and restrictions attached to equity shares
The company has only one class of Equity Shares having a par value of Rs. 10 per shares. Each holder of equity shares is entitled to one vote per share. Any shareholder whose name is entered in the Register of Members of the company shall enjoy the same rights and be subject to the same liabilities as all other shareholders of the same class.
Dividend proposed by the Board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The company in general meeting can’t declare dividend in excess of the amount recommended by the Board. Dividend as declare in the ensuing Annual General Meeting shall be distributed within the period prescribed under the companies Act, 1956.
In the event of winding up of the company, Equity Shareholders will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. For the said purpose, the liquidator may set such value as he deems fair upon any property to be divided and may determine how such division shall be carried out between the members.
The details of Share Holders holding more than 5% shares:
|
Particulars |
As at 31 March, 2014 |
|
|
|
Number of Shares held |
% of Holding |
|
Mrs. Sangeeta Gupta |
2,586,172 |
24.07 |
|
Mr. Suneel Gupta |
3,205,118 |
29.83 |
|
Mr. Abhinav Gupta |
1,000,000 |
9.30 |
The issue of additional equity shares has not resulted in any change in management or control of the company and holding of the promoters increased from 63.47% to 63.20%.
Details of Calls in Arrears
|
Unpaid Calls |
2013-2014 |
|
By Others |
63,454.00 |
|
Total |
63,454.00 |
The Company has not issued any equity shares for consideration other than cash in last 5 years immediately preceding the reporting date.
The Company has not issued any bonus shares nor has there been any buy back of shares during five years immediately preceding March, 2014.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
107.395 |
106.937 |
83.581 |
|
(b) Reserves & Surplus |
59.354 |
58.174 |
57.472 |
|
(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) |
166.749 |
165.111 |
141.053 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
9.718 |
10.966 |
11.599 |
|
(c) Other long term
liabilities |
4.324 |
4.324 |
11.932 |
|
(d) long-term provisions |
2.455 |
2.294 |
1.819 |
|
Total
Non-current Liabilities (3) |
16.497 |
17.584 |
25.350 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
225.438 |
195.131 |
151.064 |
|
(b) Trade payables |
84.532 |
163.692 |
108.666 |
|
(c) Other current liabilities |
10.384 |
7.549 |
5.301 |
|
(d) Short-term provisions |
4.182 |
4.854 |
3.392 |
|
Total
Current Liabilities (4) |
324.536 |
371.226 |
268.423 |
|
|
|
|
|
|
TOTAL |
507.782 |
553.921 |
434.826 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
114.910 |
123.357 |
123.644 |
|
(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 |
1.500 |
1.500 |
1.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.787 |
16.679 |
29.882 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
133.197 |
141.536 |
155.026 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
179.277 |
166.541 |
125.939 |
|
(c) Trade receivables |
137.326 |
162.843 |
85.256 |
|
(d) Cash and cash equivalents |
21.548 |
24.805 |
18.538 |
|
(e) Short-term loans and
advances |
36.434 |
58.196 |
50.067 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
374.585 |
412.385 |
279.800 |
|
|
|
|
|
|
TOTAL |
507.782 |
553.921 |
434.826 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
671.302 |
922.079 |
497.900 |
|
|
Other Income |
(0.775) |
(4.726) |
(3.565) |
|
|
TOTAL
(A) |
670.527 |
917.353 |
494.335 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
545.179 |
793.035 |
453.789 |
|
|
Purchases of Stock-in-Trade |
3.471 |
6.433 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(20.708) |
(26.881) |
(28.772) |
|
|
Employees benefits expense |
9.500 |
9.402 |
9.034 |
|
|
Other expenses |
61.812 |
89.486 |
43.416 |
|
|
Extra Ordinary Items |
0.042 |
0.093 |
-1.473 |
|
|
TOTAL
(B) |
599.296 |
871.568 |
475.994 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
71.231 |
45.785 |
18.341 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.533 |
26.153 |
1.335 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.698 |
19.632 |
17.006 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
16.773 |
15.628 |
14.452 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2.925 |
4.004 |
2.554 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
1.745 |
3.302 |
2.336 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1.180 |
0.702 |
0.218 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
FOB value of Export of Terry
Towels |
450.325 |
778.968 |
400.121 |
|
|
TOTAL
EARNINGS |
450.325 |
778.968 |
400.121 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
2.368 |
4.666 |
1.681 |
|
|
TOTAL
IMPORTS |
2.368 |
4.666 |
1.681 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.11 |
0.07 |
0.03 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.18 |
0.08 |
0.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.61 |
4.97 |
3.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.58 |
0.72 |
0.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.35 |
1.18 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.11 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
83.581 |
106.937 |
107.395 |
|
Reserves & Surplus |
57.472 |
58.174 |
59.354 |
|
Net
worth |
141.053 |
165.111 |
166.749 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
151.064 |
195.131 |
225.438 |
|
Total
borrowings |
151.064 |
195.131 |
225.438 |
|
Debt/Equity
ratio |
1.071 |
1.182 |
1.352 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
497.900 |
922.079 |
671.302 |
|
|
|
85.194 |
(27.197) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
497.900 |
922.079 |
671.302 |
|
Profit |
0.218 |
0.702 |
1.180 |
|
|
0.04% |
0.08% |
0.18% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
No |
CHARGES
Suit-filed accounts
of Rs.10.000 Millions and above as on 2801.2015
Borrowers details
|
Borrower name |
ASHNOOR TEXTILE MILLS LIMITED |
|
D&B D-U-N-S® Numbers |
|
|
Address |
BEHRAMPUR ROAD VILLAGE KHANDSA DIST.GURGOAN HARYANA-122001 MAHARASHTRA |
Name Of Directors Reported by Credit Grantors Filing the Suit:
|
Sr.No. |
Directors Reported by Credit Grantors |
|
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
|
|
1 |
GUPTA SAGAR VIDYA |
|
2 |
GUPTA SANGEETA |
|
3 |
GUPTA SUNEEL |
List Of Credit Grantors to which ASHNOOR TEXTILE MILLS LIMITED is a defaulter:
|
Names of Credit Grantors |
Branch |
Amount |
|
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
HEAD OFFICE |
0.775.00 |
|
|
Total |
0.775.00 |
FINANCIAL PERFORMANCE
During the year, revenue from operations decreased by 27.20% from Rs.922.080 Millions in previous year to Rs.671.302 Millions. However, profit after tax increased by 68.09% from Rs.7.02 lakhs in previous year to Rs.1.180 Millions in the current year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Structure
The Textile Industry occupies a vital place in the Indian economy and contributes substantially to its exports earnings. The sector contributes about 14 per cent to total industrial production, 3 per cent to the gross domestic product (GDP), and 27 percent to the country's export earnings. It provides direct employment to over 35 million people. The textiles sector is the second largest provider of employment after agriculture. Thus, the growth and all round development of this industry has a direct bearing on the improvement of the economy of the nation. India has the potential to increase its textile and apparel share in the world trade from the current level of 4.5 per cent to 8 per cent and reach US$ 80 billion by 2020.
OPPORTUNITIES,
THREATS AND OUTLOOK
The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export demand. The potential size of the Indian textiles industry is expected to reach US$ 220 billion by 2020. The Government of India has promoted a number of export promotion policies for the textile sector. It has allowed 100 per cent Foreign Direct Investment (FDI) in textiles under the automatic route. Along with the increasing export figures in the Indian Apparel sector in the country, Bangladesh is planning to set up two Special Economic Zones (SEZ) for attracting Indian companies, and duty free trade between the two countries. Terry towels coming from the Indian factories accounted for almost 21% of the world market. With another 19% share in the bed linen market, India stands as a quality supplier to the USA. Indian products are more focused towards innovation and quality. In turn this resulted in higher profits as compared to other regional producers. As such Government places all its trust and relies sector for its strong 'employment creation' capability, more precisely in the garments manufacturing side. Lowering tax burdens on companies will play an important part in cutting down production costs and boosting competitiveness, increasing ability to top high-volume orders from the global market.
In India, towels are manufactured mainly in decentralized handloom and power looms sectors. Terry towels are also manufactured in organized sector. But the volume of production of terry fabrics in organized sector is much lesser than that of the production in decentralized sector. Till last decade only 10-15% of total terry towels production was produced in organized sector. Most of the organised sector units are engaged in catering to market of export and high quality segment of domestic market and Ashnoor Textile Mills Limited is one of such Company. Modernization would enable companies provide quality and volume solutions which is in constant demand by international buyers. India is somewhat lagging behind technology in the garments manufacturing sector and this seriously hinders increase exportable production. Labour regulations are a major concern in India causing great harms to the industry at various levels. With no clear legislations, strikes and similar issues often bring business to complete halts. Obviously, finding solutions in such conditions is a time and effort wasting enterprise, much to the dismay of the industry or even the whole economy of the country. The geographical location of India as compared to its competitors is a rather uncomfortable but natural disadvantage. Producers like Mexico, Brazil or even China have a good proximity with Europe and US markets and this pays on the global trade market. Impacts are mainly felt on transportation cost, delivery times, etc.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10490258 |
06/05/2014 |
40,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, 16, SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
C03812203 |
|
2 |
10359609 |
11/06/2012 |
20,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS BRANCH, 16, SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
B41205774 |
|
3 |
10148845 |
24/02/2009 |
4,100,000.00 |
BANK OF BARODA |
INTERNATIONAL
BUSINESS BRANCH, PARLIAMENT STREET, |
A58633843 |
|
4 |
10066065 |
12/09/2007 * |
52,500,000.00 |
BANK OF BARODA |
INTERNATIONAL
BUSINESS BRANCH, PARLIAMENT STREET, |
A23955578 |
|
5 |
10066090 |
24/03/2014 * |
316,000,000.00 |
BANK OF BARODA |
INTERNATIONAL BUSINESS
BRANCH, 16, SANSAD MARG, N |
C03813474 |
|
6 |
10005695 |
25/05/2006 |
65,000,000.00 |
BANK OF BARODA |
INTERNATIONAL
BUSINESS BRANCH, PARLIAMENT STEET, |
A01505221 |
|
7 |
80016992 |
07/08/1999 * |
323,000,000.00 |
BANKOFBARODA |
INTERNATIONAL
BUSINESS BRANCH, PARLIAMENT STREET, |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Factory Building
- Office Equipment
- Electric Installation
- Plant and Machinery
- Generator Set
- Furniture and Fixture
- Office Equipment
- Computers
- 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 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.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.