MIRA INFORM REPORT
|
Report No. : |
309360 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
VARDHMAN YARNS AND THREADS LIMITED [w.e.f.10.06.2014] |
|
|
|
|
Formerly Known
As : |
VARDHMAN YARNS & THREADS LIMITED |
|
|
|
|
Registered
Office : |
Vardhman Premises, Chandigarh Road, Ludhiana – 141010, Punjab |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.02.2005 |
|
|
|
|
Com. Reg. No.: |
16-027936 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 570.064 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17230PB2005PLC027936 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AACCV2554K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Threads. |
|
|
|
|
No. of Employees
: |
4189 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a joint venture between “Vardhman Textile Limited, India”
and “American and Efird Global LLC, US”. It is an established company having fine track record. The company’s products are well received in the market. Overall
fundamentals are strong and healthy. The rating also takes into considered good networth position of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. In the view of strong parent company, the subject can be considered
good 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 |
|
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 |
CRISIL |
|
Rating |
Long term rating = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
March 12, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
March 12, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Vijay |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-161-2228943 |
|
Date : |
24.02.2015 |
LOCATIONS
|
Registered Office : |
Vardhman Premises, Chandigarh Road, Ludhiana – 141010, Punjab, India |
|
Tel. No.: |
91-161-2228943-48 |
|
Fax No.: |
91-161-2220766/ 2222447/ 6701435 |
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E-Mail : |
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|
Website : |
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Head Office/ Factory 1 : |
C-58, Focal Point, Ludhiana - 141010, Punjab, India |
|
Tel. No.: |
91-161-2670707/ 2670708/ 2670709 |
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Fax No.: |
91-161-2670503 |
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E-Mail : |
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Central Marketing Office : |
212,
Deen Dayal Upadyay Marg, 1st Floor, Urdu Ghar, New Delhi – 110002, India |
|
Tel. No.: |
91-11-49564400 |
|
Fax No.: |
91-11-23232608 |
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E-Mail : |
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Factory 2 : |
Phagwara Road, Hoshiarpur, |
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Factory 3 : |
Plot No. E-13 and H-IO, SIPCOT Industrial Growth Centre, P.V. Palayam
(P.O.), Perundurai, District Erode, |
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Factory 4 : |
Sai Road, Baddi, Tehsil Nalagarh, District Solan, |
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Warehouses : |
Located at: · Ludhiana · Baddi · Faridabad · Bhiwadi · Pune · Chennai · Kolkata |
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Sales and Services : |
Located at: ·
Ahmedabad · Bangalore · Chennai · New Delhi ·
Ernakulam · Gurgaon · Faridabad · Hyderabad · Indore · Jaipur · Kanpur · Kolkata · Ludhiana · Mumbai · Noida · Patna · Ranchi · Pune · Tirupur |
|
|
|
|
Branch Office : |
P-22,
CIT Road, 3rd Floor, Entally, Kolkata – 700014, West Bengal, India |
|
Tel. No.: |
91-33-22841475/
22650474 |
|
Fax No.: |
91-33-22491700 |
|
E-Mail : |
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|
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|
Marketing Offices : |
Located at: Threads ·
Ahmedabad · Bangalore · Chennai ·
Chennai SWH · New Delhi ·
Ernakulam · Gurgaon · Faridabad · Hyderabad · Indore · Raipur · Jaipur · Kanpur · Ludhiana · Jammu · Mumbai · Noida · Patna · Ranchi · Pune · Tirupur · Orissa · Baraielly · Guwathi |
DIRECTORS
AS ON 13.05.2014
|
Name : |
Mr. Darshan Lal Sharma |
|
Designation : |
Managing director |
|
Address : |
B – XX – 770/ 2, Gurdev Nagar, Pakhowal Road, Ludhiana – 141001,
Punjab, India |
|
Date of Birth/Age : |
10.11.1948 |
|
Qualification : |
B. Tech and MBA |
|
Date of Appointment : |
01.04.2013 |
|
PAN No.: |
AIPPS7078H |
|
DIN No.: |
00727581 |
|
|
|
|
Name : |
Mr. Shri Paul Oswal |
|
Designation : |
Director |
|
Address : |
Auro Mirra Bhawan, 2722, Gurdev Nagar, Pakhowal Road, Ludhiana –
141001, Punjab, India |
|
Date of Birth/Age : |
08.04.1942 |
|
Qualification : |
M. Com |
|
Date of Appointment : |
04.02.2005 |
|
DIN No.: |
00121737 |
|
|
|
|
Name : |
Mr. Sachit Jain |
|
Designation : |
Director |
|
Address : |
Auro Mirra Bhawan, 2722, Gurdev Nagar, Pakhowal Road, Ludhiana –
141001, Punjab, India |
|
Date of Birth/Age : |
08.07.1966 |
|
Qualification : |
B. Tech and M.B.A. |
|
Date of Appointment : |
04.02.2005 |
|
DIN No.: |
00746409 |
|
|
|
|
Name : |
John Leslie Miller |
|
Designation : |
Director |
|
Address : |
3628, Raintree Drive, Gastonia NC 28058 United State of America |
|
Date of Birth/Age : |
17.04.1954 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
02133277 |
|
|
|
|
Name : |
Craig George Stover |
|
Designation : |
Director |
|
Address : |
1261, Lochshire Lane, Gastonia NC 28054 United State of America |
|
Date of Birth/Age : |
26.10.1957 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
02133405 |
|
|
|
|
Name : |
Freddy Alfred Jackson |
|
Designation : |
Director |
|
Address : |
3671, Sherwood Circle, Gastonia NC 28056 United State of America |
|
Date of Birth/Age : |
07.12.1949 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
07.04.2008 |
|
DIN No.: |
02133432 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Shashi Ranjan Kumar |
|
Designation : |
Secretary |
|
Address : |
B-189, Pandav Nagar, Opposite Mother Dairy, Delhi – 110092, India |
|
Date of Birth/Age : |
13.12.1975 |
|
Date of Appointment : |
11.06.2012 |
|
PAN No.: |
AMRPK4563F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.05.2014
|
Names of Shareholders |
|
No. of Shares |
|
Vardhman Textiles Limited, |
|
29072180 |
|
Shri Paul Oswal |
|
10 |
|
Darshan Lal Sharma |
|
10 |
|
Sachit Jain |
|
10 |
|
Neeraj Jain |
|
10 |
|
Rajeev Thapar |
|
10 |
|
Mahesh Arora |
|
10 |
|
Adinath Investment and Trading Company Limited, |
|
1000 |
|
American and Efird Global LLC, USA |
|
27933114 |
|
|
|
|
|
Total |
|
57006354 |
AS ON 13.05.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
49.00 |
|
Bodies
corporate |
51.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Threads. |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Threads |
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Countries : |
· Hong Kong · Sri Lanka · Slovenia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
4189 (Approximately) |
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Bankers : |
· State Bank of Patiala Commercial Branch, Miller Ganj, Ludhiana - 141003, Punjab, India · Corporation Bank SCO-34, Feroze Gandhi Market, Ludhiana - 141001, Punjab, India · ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · State Bank of India SCO-7, Feroze Gandhi Market, Ludhiana - 141001, Punjab, India ·
Allahabad Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
L - 41, Connaught Circus, New Delhi – 110001, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFW4298E |
|
|
|
|
Holding company : |
Vardhman Textiles Limited [L17111PB1973PLC003345] |
|
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
American and Efird Global, LLC (A&E) |
|
|
|
|
Fellow Subsidiary
company : |
· VMT Spinning Company Limited [U17117PB1990PLC014070] · Vardhman Nisshinbo Garments Company Limited [U18100PB2009PLC032764] ·
Vardhman Special Steels Limited
[L27100PB2010PLC033930 ] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57,006,354 |
Equity Shares |
Rs. 10/- each |
Rs. 570.064 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 |
570.064 |
570.064 |
570.064 |
|
(b) Reserves & Surplus |
3968.626 |
3502.178 |
3270.792 |
|
(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) |
4538.690 |
4072.242 |
3840.856 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
720.774 |
672.428 |
707.276 |
|
(b) Deferred tax liabilities (Net) |
77.347 |
67.721 |
68.278 |
|
(c)
Other long term liabilities |
1.227 |
2.334 |
1.308 |
|
(d)
long-term provisions |
12.197 |
17.221 |
10.176 |
|
Total
Non-current Liabilities (3) |
811.545 |
759.704 |
787.038 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
36.208 |
49.336 |
0.872 |
|
(b)
Trade payables |
308.822 |
251.217 |
249.056 |
|
(c)
Other current liabilities |
356.489 |
297.678 |
240.434 |
|
(d)
Short-term provisions |
245.022 |
232.541 |
183.524 |
|
Total
Current Liabilities (4) |
946.541 |
830.772 |
673.886 |
|
|
|
|
|
|
TOTAL |
6296.776 |
5662.718 |
5301.780 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2063.529 |
1923.735 |
1925.038 |
|
(ii)
Intangible Assets |
112.989 |
141.236 |
169.483 |
|
(iii)
Capital work-in-progress |
8.484 |
5.331 |
28.466 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
262.750 |
12.750 |
512.760 |
|
(c) Deferred tax assets
(net) |
0.059 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
50.074 |
58.731 |
40.919 |
|
(e)
Other Non-current assets |
2.412 |
0.038 |
1.890 |
|
Total
Non-Current Assets |
2500.297 |
2141.821 |
2678.556 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
578.318 |
646.637 |
500.223 |
|
(b)
Inventories |
1762.518 |
1554.817 |
1040.233 |
|
(c)
Trade receivables |
1073.358 |
1012.395 |
797.161 |
|
(d)
Cash and cash equivalents |
202.800 |
211.419 |
136.106 |
|
(e)
Short-term loans and advances |
179.485 |
95.629 |
149.501 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3796.479 |
3520.897 |
2623.224 |
|
|
|
|
|
|
TOTAL |
6296.776 |
5662.718 |
5301.780 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
6431.917 [Gross] |
5405.392 |
4646.887 |
|
|
|
Other Income |
NA |
58.202 |
89.835 |
|
|
|
TOTAL (A) |
NA |
5463.594 |
4736.722 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
2001.953 |
1552.850 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(329.315) |
59.072 |
|
|
|
Employees benefits expense |
|
606.694 |
535.789 |
|
|
|
Other expenses |
|
2246.615 |
1710.289 |
|
|
|
Prior Period Items |
|
(2.408) |
3.125 |
|
|
|
TOTAL (B) |
NA |
4523.539 |
3861.125 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1305.870 |
940.055 |
875.597 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
63.209 |
71.920 |
69.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1242.661 |
868.135 |
806.447 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
223.628 |
231.454 |
209.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1019.033 |
636.681 |
597.364 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
319.152 |
205.213 |
200.315 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
699.881 |
431.468 |
397.049 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
412.067 |
333.374 |
241.222 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.28 |
7.57 |
6.96 |
|
Expected Sales (2014-2015): Rs. 6290.000 Millions
The above information has been parted by Mr. Vijay [Accounts Department]
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA
|
7.98 |
8.54 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
NA
|
17.39 |
18.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.91 |
11.28 |
12.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.16 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17 |
0.18 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.01 |
4.24 |
3.89 |
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 |
570.064 |
570.064 |
570.064 |
|
Reserves & Surplus |
3270.792 |
3502.178 |
3968.626 |
|
Net
worth |
3840.856 |
4072.242 |
4538.690 |
|
|
|
|
|
|
Long-term borrowings |
707.276 |
672.428 |
720.774 |
|
Short term borrowings |
0.872 |
49.336 |
36.208 |
|
Total
borrowings |
708.148 |
721.764 |
756.982 |
|
Debt/Equity ratio |
0.184 |
0.177 |
0.167 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
LITIGATION
DETAILS
PUNJAB & HARYANA HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case Status: Pending
|
Status of CRIMINAL MISCELLANEOUS PETITION 57106 of 2012
ZUARI CEMENTS LIMITED AND ORS. Vs. VARDHMAN YARNS AND THREADS LIMITED Pet's Adv. : RK HANDA
Last Listed On : Tuesday, September 25, 2012 List Type : NO LIST TYPE MENTIONED
FIR No. : NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE
Complaint No. : NO COMPLAINT DETAILS AVAILABLE
Category : QUASHING PETITIONS I/O :NO BENCH MENTIONED
Last Hearing Detail 2 : NO BENCH MENTIONED
Case Updated on: Monday, September 24, 2012 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10528549 |
20/10/2014 |
470,000,000.00 |
STATE BANK OF
INDIA |
B 31, GOLDEN TOWER,
DHOLEWAL CHOWNK, LUDHIANA, PUNJAB - 141008, INDIA |
C31886682 |
|
2 |
10348798 |
28/02/2014 * |
123,600,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, MILLER GANJ, LUDHIANA, PUNJAB |
B97841670 |
|
3 |
10310358 |
11/10/2012 * |
450,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, MILLER GANJ, LUDHIANA, PUNJAB |
B61540464 |
|
4 |
10230075 |
30/06/2010 |
42,500,000.00 |
STATE BANK OF
INDORE |
SCO-7, FEROZE
GANDHI MARKET, LUDHIANA, PUNJAB - 141001, INDIA |
A90099185 |
|
5 |
10228708 |
30/06/2010 |
164,500,000.00 |
ALLAHABAD BANK |
IIFB BRANCH,,
NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB |
A89502991 |
|
6 |
10229673 |
30/06/2010 |
203,600,000.00 |
CORPORATION BANK |
SCO-34, FEROZE GANDHI
MARKET, LUDHIANA, PUNJAB - |
A89632954 |
|
7 |
10180416 |
30/06/2010 * |
225,000,000.00 |
ORIENTAL BANK OF
COMMERCE LIMITED |
DELHI, INDIA,
DELHI, DELHI - 110001, INDIA |
A89766208 |
|
8 |
10175377 |
18/09/2009 * |
35,500,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, G.T. ROAD, MILLERGANJ, LUDHIANA, PUNJAB - 141001, INDIA |
A70990817 |
|
9 |
10105602 |
18/09/2009 * |
602,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, LUDHIANA, PUNJAB - 141003, INDIA |
A70991229 |
* Date of charge modification
BUSINESS SCENARIO:
The National GDP growth rate continued to decline and is estimated at 4.5% for the year ending March 2014 as against 5.5% in previous year. The Manufacturing the Textile exports during the year have increased by about 10% as compared to last year, partially due to favourable exchange rate. Also, there has been increase. The overall business growth of the Company improved significantly partially due to increase in the apparel exports and partially due to vacation of market space Continued focus on achieving operational excellence and Technological upgradation resulted in reduction of headcounts with consequent effect on the wage cost. The intensity of competition continues to increase for garnering higher market share by offering price advantages to which the Management of the Company continues.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Leasehold improvements
·
Brands and trade marks
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. 62.28 |
|
|
1 |
Rs. 96.21 |
|
Euro |
1 |
Rs. 70.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.