MIRA INFORM REPORT
|
Report No. : |
305850 |
|
Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ENCOT FABRICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Ruby House, Unit No.5SE, Fifth Floor, J.K Sawant Marg, Dadar Mumbai –
400028, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
09.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160406 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.804 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17210MH2006PTC160406 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCE5717C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Garments, Fabrics, Yarns and Accessories |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B(30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record The company has taken huge external borrowing, which acts as
threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
|
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.
INFORMATION DENIED BY
MANAGEMENT NON CO-OPERATIVE
LOCATIONS
|
Registered Office : |
Ruby House, Unit No.5SE,Fifth Floor, J.K Sawant Marg, Dadar Mumbai –
400028, Maharashtra, India |
|
Tel. No.: |
91-22-22055789 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mehta Niranjankumar Siddharth |
|
Designation : |
Director |
|
Address : |
5/302, Sumfr Tower Seth, Mutisha Lane, Byculla, Mumbai – 400010,
Maharashtra |
|
Date of Birth/Age : |
21.10.1980 |
|
Date of Appointment : |
09.03.2006 |
|
DIN No.: |
01863511 |
|
|
|
|
Name : |
Mr. Mehta Pukhraj Niranjankumar |
|
Designation : |
Director |
|
Address : |
108 3 Sumer Tower, C Building, Motisha Lane, Byculla, Mumbai –
400010, Maharashtra |
|
Date of Birth/Age : |
15.01.1954 |
|
Date of Appointment : |
09.03.2006 |
|
DIN No.: |
00914909 |
|
|
|
|
Name : |
Mr. Mehta Niranjankumar Khushwant |
|
Designation : |
Director |
|
Address : |
108 3 Sumer Tower, C Building, Motisha Lane, Byculla, Mumbai –
400010, Maharashtra |
|
Date of Birth/Age : |
21.10.1977 |
|
Date of Appointment : |
09.03.2006 |
|
DIN No.: |
00914933 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
SHAREHOLDER FILE ATTACTED OF 2014.
Equity Share Break up (Percentage of Total Equity)
As on 31.03.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Garments, Fabrics, Yarns and Accessories |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Divulged |
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|
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Singhvi,
Sanghvi and Sanghvi Chartered Accountants |
|
Address : |
10, La Citadelle,
2nd Floor, 99 Maharshi Karve Road, Mumbai- 400020, Maharashtra,
India |
|
Tel No.: |
91-22-66333400 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFS2693D |
|
|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
980400 |
Equity Shares |
Rs.10/- each |
Rs.9.804
Millions |
|
|
|
|
|
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 |
9.804 |
8.304 |
8.304 |
|
(b) Reserves &
Surplus |
96.009 |
75.668 |
51.079 |
|
(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) |
105.813 |
83.972 |
59.383 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
317.097 |
222.658 |
61.878 |
|
(b) Deferred tax
liabilities (Net) |
2.646 |
2.148 |
0.176 |
|
(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) |
319.743 |
224.806 |
62.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
191.524 |
144.272 |
108.778 |
|
(b) Trade payables |
156.675 |
183.655 |
108.471 |
|
(c) Other current
liabilities |
25.759 |
137.116 |
17.824 |
|
(d) Short-term provisions |
2.638 |
4.623 |
4.576 |
|
Total Current Liabilities
(4) |
376.596 |
469.666 |
239.649 |
|
|
|
|
|
|
TOTAL |
802.152 |
778.444 |
361.086 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
335.019 |
381.351 |
78.815 |
|
(ii) Intangible Assets |
0.068 |
0.113 |
0.057 |
|
(iii) Capital
work-in-progress |
0.000 |
3.772 |
20.254 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.703 |
10.578 |
4.148 |
|
(e) Other Non-current
assets |
3.071 |
2.846 |
13.406 |
|
Total Non-Current Assets |
346.961 |
398.760 |
116.780 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
210.436 |
133.763 |
63.493 |
|
(c) Trade receivables |
201.911 |
191.385 |
161.810 |
|
(d) Cash and cash
equivalents |
18.759 |
0.349 |
5.515 |
|
(e) Short-term loans and
advances |
6.822 |
18.242 |
1.579 |
|
(f) Other current assets |
17.263 |
35.945 |
11.909 |
|
Total Current Assets |
455.191 |
379.684 |
244.306 |
|
|
|
|
|
|
TOTAL |
802.152 |
778.444 |
361.086 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
TOTAL INCOME |
1139.508 |
931.545 |
766.669 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
1125.129 |
898.330 |
735.249 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
14.379 |
33.215 |
31.420 |
|
|
|
|
|
|
|
Less |
TAX |
7.538 |
8.626 |
10.690 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
6.841 |
24.589 |
20.730 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.98 |
25.08 |
28.71 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Total Income) |
(%) |
0.60 |
2.64 |
2.70 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/
Total Income) |
(%) |
1.26 |
3.57 |
4.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.79 |
4.29 |
9.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.40 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.81 |
4.37 |
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
0.81 |
1.02 |
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 |
8.304 |
8.304 |
9.804 |
|
Reserves & Surplus |
51.079 |
75.668 |
96.009 |
|
Net worth |
59.383 |
83.972 |
105.813 |
|
|
|
|
|
|
long-term borrowings |
61.878 |
222.658 |
317.097 |
|
Short term borrowings |
108.778 |
144.272 |
191.524 |
|
Total borrowings |
170.656 |
366.930 |
508.621 |
|
Debt/Equity ratio |
2.874 |
4.370 |
4.807 |
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) |
|
Total
Income |
766.669 |
931.545 |
1139.508 |
|
|
|
21.505 |
22.325 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total
Income |
766.669 |
931.545 |
1139.508 |
|
Profit |
20.730 |
24.589 |
6.841 |
|
|
2.70% |
2.64% |
0.60% |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10540969 |
11/12/2014 |
222,620,000.00 |
THE COSMOS
CO-OPERATIVE BANK LIMITED |
NAUPADA, GOKHALE
ROAD, THANE-WEST, THANE, Maharashtra - 400602, INDIA |
C39429766 |
|
2 |
10380841 |
17/09/2012 |
45,000,000.00 |
AXIS BANK |
CORPORATE BANKING
BRANCH, AXIS HOUSE, GROUND FLOOR, NEAR BOMBAY DYEING MILLS COMPOUND, MUMBAI,
Maharashtra - 400025, INDIA |
B59798694 |
|
3 |
10272008 |
11/09/2013 * |
436,400,000.00 |
The Cosmos Co-op
Bank Ltd |
Thane Branch, Dr
Mhaskar Hospt Bldg, Mouji Naupada, Gokhale Road, Near Ice Factory, Thane,
Maharashtra - 400602, INDIA |
B85199800 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
89.593 |
57.513 |
|
Loans and advances from others |
46.075 |
43.375 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable on demand |
0.070 |
0.080 |
|
Loans and advances from related parties |
0.000 |
0.010 |
|
Total |
135.738 |
100.978 |
FIXED ASSETS
Tangible
assets
- Land
- Buildings
- Office
building
- Plant and
equipment
- Factory
equipment’s
- Other plant
and equipment
- Furniture and
fixtures
- Vehicles
- Motor vehicles
Intangible
assets
- Computer
software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
RCH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.