MIRA
INFORM REPORT
|
Report No. : |
308153 |
|
Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
TUSHA TEXTILES (MUMBAI) PRIVATE LIMITED |
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Formerly Known
As : |
REDIANT DEVELOPERS PRIVATE LIMITED |
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Registered
Office : |
Unit B/804, 8th Floor, Western Edge-II, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.07.1995 |
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Com. Reg. No.: |
11-090310 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U70100MH1995PTC090310 |
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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 : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of Suiting and Shirting Fabrics. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 281842 |
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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. General financial positions of the company seem to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
ICRA |
|
Rating |
BB |
|
Rating Explanation |
Inadequate-credit-quality and high credit risk. |
|
Date |
January 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 : |
Unit B/804, 8th Floor, Western Edge-II, Western
Express Highway, Magathane, Borivali (East),
Mumbai – 400066, Maharashtra, India |
|
Tel. No.: |
91-22-24325109 / 28541340 / 28541341 |
|
Mobile No.: |
91-9820289965 (Mr. Tushar Vyas) |
|
Fax No.: |
91-22-28541174 |
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E-Mail : |
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Website : |
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Factory : |
Located At Tarapur, Mumbai, Maharashtra, India |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Shashi Kant Nangalia |
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Designation : |
Director |
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Address : |
34/35, Mamta, B-Wing, Prabhadevi, Mumbai, 400025, Maharashtra, India |
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Date of Birth/Age : |
02.04.1969 |
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Date of Appointment : |
15.07.1995 |
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DIN No.: |
00249068 |
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Other Directorship:
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Name : |
Mr. Tushar Maganlal Vyas |
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Designation : |
Director |
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|
Address : |
13, Pushya Sector-5, Shrusti, Mira Road, 401107, Maharashtra, India |
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Date of Birth/Age : |
21.06.1969 |
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Date of Appointment : |
17.08.2002 |
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DIN No.: |
00287788 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Shashikant Nangalia |
129,999 |
26.00 |
|
S K Nangalia & Sons HUF |
1 |
0.00 |
|
Tushar Vyas |
200,000 |
40.00 |
|
Sneha Nangalia |
70,000 |
14.00 |
|
Kalash Metals Private Limited, India |
40,000 |
8.00 |
|
Luminous Venture Private Limited, India |
25,000 |
5.00 |
|
Trendy Knitwear Private Limited, India |
35,000 |
7.00 |
|
Total |
500,000 |
100.00 |
%20PRIVATE%20LIMITED%20-%20308153%2016-Feb-2015_files/image002.gif)
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Suiting and Shirting Fabrics. |
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Products : |
Not Available |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS - NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
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Facilities : |
Not Available |
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Banking
Relations : |
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Auditors : |
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|
Name : |
Singhvi and Sancheti Chartered Accountants |
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Address : |
19/2, Odhavji Bhuvan, 427, J.S.S.Road Chira Bazar, Mumbai - 400002
Maharashtra, India |
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Tel. No.: |
91-22-22003175/22003176 |
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Fax No.: |
91-22-22010238 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS7747R |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As On 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 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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|
|
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(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
5.000 |
2.500 |
2.500 |
|
(b) Reserves & Surplus |
93.645 |
37.945 |
29.414 |
|
(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) |
98.645 |
40.445 |
31.914 |
|
|
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.646 |
8.986 |
12.925 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.025 |
0.252 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
3.646 |
9.011 |
13.177 |
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(4) Current Liabilities |
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|
|
|
(a) Short term borrowings |
70.749 |
98.243 |
46.482 |
|
(b) Trade payables |
50.279 |
75.338 |
101.103 |
|
(c) Other current liabilities |
0.409 |
0.754 |
2.634 |
|
(d) Short-term provisions |
10.511 |
5.049 |
4.023 |
|
Total
Current Liabilities (4) |
131.948 |
179.384 |
154.242 |
|
|
|
|
|
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TOTAL |
234.239 |
228.840 |
199.333 |
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II.
ASSETS |
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|
|
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(1) Non-current assets |
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|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
34.454 |
38.925 |
32.085 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
8.249 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.140 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
34.594 |
38.925 |
40.334 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
62.703 |
64.998 |
78.827 |
|
(c) Trade receivables |
119.553 |
103.838 |
68.713 |
|
(d) Cash and cash equivalents |
0.427 |
0.253 |
0.245 |
|
(e) Short-term loans and
advances |
10.228 |
12.852 |
6.908 |
|
(f) Other current assets |
6.734 |
7.974 |
4.306 |
|
Total
Current Assets |
199.645 |
189.915 |
158.999 |
|
|
|
|
|
|
TOTAL |
234.239 |
228.840 |
199.333 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
660.400 (Gross
Income) |
570.077 (Gross
Income) |
500.809 |
|
|
Other Income |
NA |
NA |
32.764 |
|
|
TOTAL
(A) |
NA |
NA |
533.573 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
364.433 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
10.148 |
|
|
Employees benefits expense |
|
|
6.971 |
|
|
Other expenditure |
|
|
116.779 |
|
|
TOTAL
(B) |
NA |
NA |
498.331 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
NA |
NA |
35.242 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
23.093 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.469 |
18.933 |
12.149 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5.621 |
6.258 |
4.333 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
27.848 |
12.675 |
7.816 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
9.620 |
4.129 |
2.424 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
18.228 |
8.546 |
5.392 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
28.445 |
19.914 |
14.708 |
|
|
|
|
|
|
|
Add |
Earlier
year excess proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
0.316 |
0.015 |
0.186 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
46.357 |
28.445 |
19.914 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
36.46 |
17.09 |
10.78 |
%20PRIVATE%20LIMITED%20-%20308153%2016-Feb-2015_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20308153%2016-Feb-2015_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
Net Profit Margin |
(%) |
NA |
NA |
1.08 |
|
|
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
NA |
NA |
7.04 |
|
|
|
|
|
|
|
|
|
Return on Total Assets |
(%) |
11.90 |
5.54 |
4.09 |
|
|
|
|
|
|
|
|
|
Return on Investment (ROI) |
|
0.28 |
0.31 |
0.24 |
|
|
|
|
|
|
|
|
|
Debt Equity Ratio |
|
0.75 |
2.65 |
1.86 |
|
|
|
|
|
|
|
|
|
Current Ratio |
|
1.51 |
1.06 |
1.03 |
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
2.500 |
2.500 |
5.000 |
|
Reserves & Surplus |
29.414 |
37.945 |
93.645 |
|
Net
worth |
31.914 |
40.445 |
98.645 |
|
|
|
|
|
|
long-term borrowings |
12.925 |
8.986 |
3.646 |
|
Short term borrowings |
46.482 |
98.243 |
70.749 |
|
Total
borrowings |
59.407 |
107.229 |
74.395 |
|
Debt/Equity
ratio |
1.861 |
2.651 |
0.754 |
%20PRIVATE%20LIMITED%20-%20308153%2016-Feb-2015_files/image006.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
|
|
(INR
in Mlns) |
|
Sales |
500.809 |
|
|
|
%20PRIVATE%20LIMITED%20-%20308153%2016-Feb-2015_files/image009.gif)
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
NOTE
The registered office of the company has been shifted from Pushya 13,
Sector 5, Shrishti Mira Road, Thane – 421107, Maharashtra, India to the present
address.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10198897 |
10/10/2014 * |
258,900,000.00 |
ALLAHABAD BANK |
KALBADEVI BRANCH,, 635, MISTRY
BUILDING,DHOBI TALAO, MUMBAI, Maharashtra - 400002, INDIA |
C32052532 |
|
2 |
10121548 |
04/12/2008 * |
22,500,000.00 |
ALLAHABAD BANK |
KALBADEVI BRANCH,635, MISTRY BUILDING,, DHOBI
TALAO, J S S ROAD,, MUMBAI, MAHARASHTRA - 400002, INDIA |
A53609715 |
|
3 |
90148485 |
03/12/2003 |
2,000,000.00 |
ALLAHABAD BANK |
KALBADEVI BRANCH, 232/234CHAMBER BHAVAN,
MUMBAI, MAHARASHTRA - 400002, INDIA |
- |
|
* Date of charge modification |
||||||
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 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.62.13 |
|
|
1 |
Rs.95.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.