MIRA INFORM REPORT
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Report No. : |
308156 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ADGUMS PRIVATE LIMITED |
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Registered
Office : |
Opposite Rustom Jahangir Vaklmills Co Limited, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.02.1958 |
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Com. Reg. No.: |
04-000885 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
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CIN No.: [Company Identification
No.] |
U24299GJ1958PTC000885 |
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ICE No.: |
0800001800 |
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TIN No.: |
24070100193 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
AHMA04606A |
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PAN No.: [Permanent Account No.] |
AAACA9835E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Textile Printing Thickeners. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 148600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct and as per commitments. The company can be considered normal 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term rating = BB |
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Rating Explanation |
Have moderate risk of default. |
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Date |
February 19, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating = A4+ |
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Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
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Date |
February 19, 2014 |
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 : |
Opposite Rustom Jahangir Vaklmills Co Limited, Dudheshwar Road,
Ahmedabad – 380009, Gujarat |
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Tel. No.: |
91-79-25622632/ 25625922 |
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Fax No.: |
91-79-25622876 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2014
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Name : |
Mr. Naman Vidyapati Patel |
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Designation : |
Director |
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Address : |
17, Pratima Society, Near Dadasaheb na Pagla, University Road,
Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Date of Appointment : |
01.04.1995 |
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PAN No.: |
ACOPP9233C |
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DIN No.: |
01309860 |
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Other Directorship :
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Name : |
Mr. Amit Yashwantlal Doshi |
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Designation : |
Director |
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Address : |
T/16, Sunstar Complex, Ghatlodia, Ahmedabad – 380061, Gujarat, India |
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Date of Appointment : |
04.09.2013 |
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PAN No.: |
AJRPD3296P |
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DIN No.: |
06680069 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
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No. of Shares |
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Naman Vidyapati Patel |
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15858 |
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Jigisha Naman Patel |
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4000 |
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Hirabhai Patel |
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20 |
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Purushottam Bhatt |
|
10 |
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Anand Amin |
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10 |
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Pushpawatiben Amin |
|
50 |
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Jayesh Shah |
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50 |
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Mahendra N. Kothari |
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1 |
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Rita Finance |
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1 |
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Total |
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20000 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
99.30 |
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Other
top fifty shareholders |
0.70 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Textile Printing Thickeners. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
-- |
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Countries : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Union Bank of India Industrial Finance Branch, C.U. Shah Chamber, Ashram Road, Ahmedabad - 380014, Gujarat, India · Union Bank of India Karaka Building No. 1, Ellis Bridge, Ashram Road,
Ahmedabad - 380009, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mayank Shah and Associates Chartered Accountants |
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Address : |
706-708A, Mahakant, Opposite V.S. Hospital, Ellisbridge, Ahmedabad –
380006, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAMFM6146M |
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Enterprise Under
Significant Influence of Key Management Personnel: |
· Markettic Woodberry |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
2.000 |
2.000 |
2.000 |
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(b) Reserves & Surplus |
50.012 |
32.401 |
22.662 |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
52.012 |
34.401 |
24.662 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
7.238 |
8.410 |
1.366 |
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(b) Deferred tax liabilities (Net) |
0.976 |
0.992 |
0.335 |
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(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
8.214 |
9.402 |
1.701 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
43.069 |
59.876 |
39.074 |
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(b)
Trade payables |
17.279 |
15.383 |
11.328 |
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(c)
Other current liabilities |
4.840 |
5.044 |
1.113 |
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(d) Short-term
provisions |
2.224 |
2.247 |
2.040 |
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Total Current
Liabilities (4) |
67.412 |
82.550 |
53.555 |
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TOTAL |
127.638 |
126.353 |
79.918 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i) Tangible
assets |
23.650 |
21.319 |
6.723 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.352 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
18.607 |
16.777 |
11.143 |
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(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
42.609 |
38.096 |
17.866 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
17.632 |
24.967 |
9.218 |
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(c)
Trade receivables |
39.659 |
58.631 |
49.442 |
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(d) Cash
and cash equivalents |
23.731 |
1.113 |
2.136 |
|
(e) Short-term
loans and advances |
4.007 |
3.546 |
1.256 |
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(f)
Other current assets |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
85.029 |
88.257 |
62.052 |
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|
|
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|
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TOTAL |
127.638 |
126.353 |
79.918 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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|
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Income |
283.558 |
273.013 |
183.724 |
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Other Income |
NA |
NA |
1.263 |
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TOTAL |
NA |
NA |
184.987 |
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|
|
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|
Less |
EXPENSES |
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TOTAL |
NA |
NA |
175.198 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
30.229 |
16.747 |
9.789 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.769 |
2.068 |
1.113 |
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PROFIT BEFORE
TAX |
26.460 |
14.679 |
8.676 |
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Less |
TAX |
8.849 |
4.941 |
2.700 |
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PROFIT AFTER TAX
|
17.611 |
9.738 |
5.976 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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Export Earnings |
265.777 |
267.324 |
182.635 |
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|
Earnings Per
Share (Rs.) |
880.57 |
486.91 |
298.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.79 |
11.62 |
10.86 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.51 |
0.43 |
0.35 |
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|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.97 |
1.99 |
1.64 |
|
|
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.07 |
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.000 |
2.000 |
2.000 |
|
Reserves & Surplus |
22.662 |
32.401 |
50.012 |
|
Net
worth |
24.662 |
34.401 |
52.012 |
|
|
|
|
|
|
Long-term borrowings |
1.366 |
8.410 |
7.238 |
|
Short term borrowings |
39.074 |
59.876 |
43.069 |
|
Total
borrowings |
40.440 |
68.286 |
50.307 |
|
Debt/Equity ratio |
1.640 |
1.985 |
0.967 |
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 |
183.724 |
273.013 |
283.558 |
|
|
|
48.600 |
3.862 |
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 |
183.724 |
273.013 |
283.558 |
|
Profit |
5.976 |
9.738 |
17.611 |
|
|
3.25% |
3.57% |
6.21% |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10347535 |
13/03/2012 |
5,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, C.U.SHAH CHAMBER, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014, INDIA |
B36962306 |
|
2 |
10281624 |
18/04/2011 |
5,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, C.U.SHAH CHAMBER, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380014,
INDIA |
B11037355 |
|
3 |
90102375 |
24/06/2004 |
2,500,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
4 |
90102301 |
19/01/2013 * |
79,100,000.00 |
UNION BANK OF
INDIA |
KARAKA BUILDING
NO. 1,, ELLIS BRIDGE, ASHRAM RD, |
B67480459 |
|
5 |
90102214 |
30/10/2002 |
300,000.00 |
UNION BANK OF
INDIA |
DUDHESHWAR
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
6 |
90101793 |
24/10/2002 * |
1,570,000.00 |
UNION BANK OF
INDIA |
DUDHESHWAR BRANCH,
AHMEDABAD, GUJARAT, INDIA |
- |
* Date of charge modification
OPERATIONS REVIEW
During the year the turnover (Net) of the company has increased from Rs.
273.013 Millions to Rs. 283.558 Millions. Net Profit after tax over the same period
have increased from Rs. 9.738 Millions to Rs.17.611 Millions.
FUTURE OUTLOOK
The company is hopeful of achieving reasonable performance for the
current year. The company is in continuance search to explore other foreign countries
for export market. The quality product of the company have make a mark in
abroad market. The thrust on the competitive strength and consolidation of
customer relationship
has resulted into a brighter future for the company. Looking to overall
good response to the product of the company, the Directors are optimistic of
achieving higher turnover and profits during current financial year.
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
a) Guarantees issued by the bank on behalf of the company for Rs.0.601 Million (P.Y. Rs. 0.332 Million) in favor of Central Excise department.
FIXED ASSETS:
·
Air Cooler
Two
Wheeler
Building
Electric
Installation
Furniture
Machinery
Motor
Cars
Office
Equipment
Typewriter
Computer
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. 95.78 |
|
Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--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 |
|
43 |
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.