MIRA INFORM REPORT
|
Report No. : |
328571 |
|
Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
GIMATEX INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
VIBHA SYNTHETICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202, Second Floor, A-Wing Ramji
House, 30, Jambulwadi Kalbadevi Road, Mumbai – 400002, Maharashtra |
|
Tel. No.: |
91-22-22079331 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
26.07.1994 |
|
|
|
|
Com. Reg. No.: |
079863 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.112.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH1994PTC079863 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMB19506E/ NGPV02645G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV5657K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engage in the business of manufacturing of cotton and textile industries. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Gimatex (Formerly, Vibha Synthetics Private Limited [VSPL]) was set up
in 1994. Gimatex Industries Private Limited. Gimatex manufactures cotton and
synthetics blended yarn. Subject is an established company having
satisfactory track. The rating reflects continue to derive strength from the long track
record of the company and experienced promoters, integrated operations
covering the value chain of the textile industry and established marketing
channels. The ability of GIPL to sustain revenue growth without any
deterioration in the capital structure and improvement in profitability
margins over the years. The rating continue to be constrained by the seasonal availability bod
raw material and susceptibility of margins to the fluctuating raw material
prices and intense competition in the textile industry. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of established track record backed by decent financials, the
company can be considered 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CARE |
|
Rating |
Suspended |
|
Rating Explanation |
Non furnished information for monitoring |
|
Date |
26.03.2015 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. D P Salian |
|
Designation : |
D G M |
|
Contact No.: |
91-22-22079331 |
|
Date : |
22.06.2015 |
LOCATIONS
|
Registered Office : |
202, Second Floor, A-Wing Ramji
House, 30, Jambulwadi Kalbadevi Road, Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22079331 / 4/ 22019541 |
|
Fax No.: |
91-22-22079332 / 22081556 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
505, Sai Heritage CHS, 5th Floor, Tilak Road, Bhaveshwar Lane,
Ghatkopar (East), Mumbai - 400077, Maharashtra, India |
|
|
|
|
Factory 1: |
Hinganghat |
|
Tel No.: |
91-7153-320969 |
|
Fax No.: |
91-7153-245158 |
|
E-Mail Id : |
|
|
|
|
|
Factory 2: |
Wani |
|
Tel No.: |
91-7153-320799 |
|
Fax No.: |
91-7153-256341 |
|
E-Mail Id : |
|
|
|
|
|
Dholka Office : |
Dholka Near Microwave
Tower, Transad Road, Dholka, District Ahmedabad – 387810, Gujarat, India |
|
Tel No.: |
91-2714-220075 /
220076 |
|
Fax No.: |
91-2714-223001 |
|
E-Mail Id : |
|
|
|
|
|
Nagpur Office |
Nagpur 12, Popular Cloth Market, Gandhibagh,
Nagpur, Maharashtra, India |
|
Tel No.: |
91-712-2768410 |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Vineetkumar Basantkumar Mohota |
|
Designation : |
Director |
|
Address : |
Ram Mandir Ward, Hinganghat - 442301, Maharashtra, India |
|
Date of Birth/Age : |
30.05.1981 |
|
Date of Appointment : |
14.08.2000 |
|
PAN No.: |
AFZPM7609B |
|
DIN No.: |
00257059 |
|
|
|
|
Name : |
Mr. Prashantkumar Basantkumar Mohota |
|
Designation : |
Managing Director |
|
Address : |
Ram Mandir Ward, Hinganghat - 442301, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1980 |
|
Date of Appointment : |
06.02.2006 |
|
PAN No.: |
ACDPM2561P |
|
DIN No.: |
00268922 |
|
|
|
|
Name : |
Mr. Basantkumar Girdhardas Mohota |
|
Designation : |
Chairman |
|
Address : |
Ram Mandir Ward, Hinganghat - 442301, Maharashtra, India |
|
Date of Birth/Age : |
07.04.1957 |
|
Date of Appointment : |
22.07.2005 |
|
PAN No.: |
ACDPM2558G |
|
DIN No.: |
00269026 |
|
|
|
|
Name : |
Mr. Rameshchand Hansrajji Gandhi |
|
Designation : |
Director |
|
Address : |
Gandhi Ward, Hinganghat, Wardha- 442301, Maharashtra, India |
|
Date of Birth/Age : |
09.06.1951 |
|
Date of Appointment : |
06.02.2006 |
|
PAN No.: |
ABHPG5216A |
|
DIN No.: |
00427698 |
|
|
|
|
Name : |
Mr. Brajratan Harikisan Bhattad |
|
Designation : |
Director |
|
Address : |
Ram Mandir Ward, Hinganghat - 442301, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1956 |
|
Date of Appointment : |
06.02.2006 |
|
PAN No.: |
ABEPB6388D |
|
DIN No.: |
00440064 |
|
|
|
|
Name : |
Mr. Anuragkumar Basantkumar Mohota |
|
Designation : |
Director |
|
Address : |
Ram Mandir Ward, Hinganghat - 442301, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1987 |
|
Date of Appointment : |
29.09.2012 |
|
Pan No.: |
ALXPM9364K |
|
DIN No.: |
00470393 |
KEY EXECUTIVES
|
Name : |
Mr. D P Salian |
|
Designation : |
D G M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
SHAREHOLDERS FILE DETAILS ARE ATTACHED
AS ON 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
75.41 |
|
Directors or relatives of Directors |
17.19 |
|
Other top fifty shareholders |
07.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engage in the business of manufacturing of cotton and textile industries. |
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Products : |
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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 : |
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Selling : |
Cash, L/C, Cheque and Credit |
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Purchasing : |
Cash, L/C, Cheque and Credit |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Tapadiya Chandna and Company Chartered Accountants |
|
Address : |
Bharat Housing Colony, Wardha- 442001, Maharashtra, India |
|
PAN No.: |
AAAFT7405J |
|
|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key Management
personnel and their relatives : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,125,000 |
Equity Shares |
Rs.100/- each |
Rs.112.500 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
112.500 |
106.800 |
106.800 |
|
(b) Reserves &
Surplus |
1163.624 |
921.288 |
712.427 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
55.005 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1276.124 |
1083.093 |
819.227 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1143.547 |
846.431 |
1080.069 |
|
(b) Deferred tax
liabilities (Net) |
138.163 |
105.712 |
117.224 |
|
(c) Other long term
liabilities |
6.768 |
4.025 |
3.125 |
|
(d) long-term provisions |
5.643 |
3.313 |
0.000 |
|
Total Non-current
Liabilities (3) |
1294.121 |
959.481 |
1200.418 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
958.156 |
1029.292 |
734.443 |
|
(b) Trade payables |
952.848 |
675.782 |
766.482 |
|
(c) Other current
liabilities |
214.207 |
228.907 |
202.971 |
|
(d) Short-term provisions |
47.851 |
39.420 |
36.191 |
|
Total Current Liabilities
(4) |
2173.062 |
1973.401 |
1740.087 |
|
|
|
|
|
|
TOTAL |
4743.307 |
4015.975 |
3759.732 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1994.128 |
1502.046 |
1656.995 |
|
(ii) Intangible Assets |
0.485 |
0.600 |
0.751 |
|
(iii) Capital
work-in-progress |
14.332 |
4.400 |
3.141 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
11.883 |
11.883 |
11.883 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29.101 |
51.187 |
8.871 |
|
(e) Other Non-current
assets |
3.111 |
3.168 |
0.000 |
|
Total Non-Current Assets |
2053.040 |
1573.284 |
1681.641 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1409.109 |
1005.951 |
884.149 |
|
(c) Trade receivables |
844.336 |
819.315 |
767.716 |
|
(d) Cash and cash
equivalents |
76.634 |
236.899 |
75.657 |
|
(e) Short-term loans and
advances |
123.748 |
158.402 |
119.612 |
|
(f) Other current assets |
236.440 |
222.124 |
230.957 |
|
Total Current Assets |
2690.267 |
2442.691 |
2078.091 |
|
|
|
|
|
|
TOTAL |
4743.307 |
4015.975 |
3759.732 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Gross Revenue |
6094.900 |
5981.500 |
4934.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
5446.000 |
5371.000 |
4558.100 |
|
|
|
|
|
|
|
|
GROSS PROFIT/ (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
648.900 |
610.500 |
376.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
188.900 |
187.700 |
206.200 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
460.000 |
422.800 |
170.400 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
212.200 |
220.000 |
148.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
247.800 |
202.800 |
21.500 |
|
|
|
|
|
|
|
Less |
TAX |
86.400 |
34.900 |
18.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
161.400 |
167.900 |
2.600 |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
538.400 |
449.900 |
447.300 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
79.400 |
0.000 |
|
|
Total |
0.000 |
79.400 |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
699.800 |
538.400 |
449.900 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
NA |
1621.200 |
|
|
TOTAL EARNINGS |
NA |
NA |
1621.200 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.14 |
-- |
-- |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover |
|
|
6500.000 |
The above information has been parted by Mr. D P Salion
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
168.720 |
158.502 |
161.486 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.65 |
2.81 |
0.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.65 |
10.21 |
7.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.25 |
5.07 |
0.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.78 |
1.88 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.24 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
106.800 |
106.800 |
112.500 |
|
Reserves & Surplus |
712.427 |
921.288 |
1163.624 |
|
Share Application money
pending allotment |
0.000 |
55.005 |
0.000 |
|
Net worth |
819.227 |
1083.093 |
1276.124 |
|
|
|
|
|
|
long-term borrowings |
1080.069 |
846.431 |
1143.547 |
|
Short term borrowings |
734.443 |
1029.292 |
958.156 |
|
Current Maturities of
Long Term Debt |
161.486 |
158.502 |
168.720 |
|
Total borrowings |
1975.998 |
2034.225 |
2270.423 |
|
Debt/Equity ratio |
2.412 |
1.878 |
1.779 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4934.700 |
5981.500 |
6094.900 |
|
|
|
21.213 |
1.896 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4934.700 |
5981.500 |
6094.900 |
|
Profit |
2.600 |
167.900 |
161.400 |
|
|
0.05% |
2.81% |
2.65% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from others |
70.481 |
94.607 |
|
Other loans and advances |
14.543 |
21.991 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
100.035 |
0.000 |
|
Loans and advances from others |
49.175 |
47.941 |
|
Total |
234.234 |
164.539 |
PERFORMANCE
HIGHLIGHTS AND REVIEW:
1. During the year, turnover of the Company increased by 1.89 % from Rs. 5976.500 Million in the financial year 2012-13 to Rs. 6089.700 Million during the current financial year 2013-14.
2. Export turnover of the company decreased by 11.49 % from Rs. 1753.100 Million in the previous year to Rs. 1551.600 Million during the year and it constitutes 25.44 % of the total turnover during current year.
3. The Company has earned Gross Profit of Rs. 648.900 Million for the year 2013-14 which has increased by 38.400 Million as against Gross Profit of Rs. 610.500 Million in the year 2012-13.
4. Capital expenditure of Rs. 724.500 Million towards Expansion and Modernization of its Weaving & Processing Plant .It has been financed through internal accruals and Term Loan taken from banks.
OVERVIEW OF ECONOMY
In 2013, world economy continued its downward trend on growth; as world economy further decelerated growth rate to 3.0% in 2013 compared to 3.2% in 2012. India’s economy showed some signs of recovery, albeit slow, in FY 2013-14. India’s GDP growth rate moderately increased to 4.9%, as compared to 4.5% in FY 2012-13. This was accompanied by some easing in the inflation rate. However, high interest rates, a depreciated currency and uncertainty due to general elections have led to deceleration in the economic recovery. Particularly, performance of industry sector was lacklustre last year, owing to high interest cost and low investment.
Looking ahead, the outlook for FY 2014-15 appears optimistic. Though last year started on a dismal note, the improvement in economic performance in the later half is likely to continue the momentum. While a lot will depend on the measures announced after formation of new government; resurgence in exports, reduction in inflation & deficits (trade, current and fiscal), along with global economic revival are likely to add impetus to the economy.
In FY 2014-15, India is likely to accelerate GDP growth rate to 5.5%-6.0%. The increase in growth rate is expected to be contributed majorly by the industrial sector, estimated to grow at 4% next year (up from ~1% in last FY). Unclogging of domestic policy logjam as well as improvement in private consumption demand is likely to drive the growth. Particularly, merchandise exports are expected to grow by 8%-10% in the next fiscal year, driven by global growth prospects. Though addressing supply-side constraints (e.g. in mining, power, and steel sectors) will be the key to continue this momentum and achieve the increase in growth rate.
In India, textile & clothing industry contributes nearly 4% of India’s GDP, 12% of total industrial production and 11% of total exports of goods.
Textile Industry provides direct employment to 35 million and indirect employment to 45 million, which makes it the 2nd largest employment provider in the country after Agriculture.
The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export demand. The total Indian textile industry size, including readymade garments, was estimated to be 47.000 Million (nearly USD 87 Bn) in 2012, of which apparel had a share of 69% of the overall market and textiles contributed the remaining 31%. The sector is projected to grow over the next 10 years at a CAGR of 9-10%, to reach 10.000 Million (nearly USD 200 billion) by 2020.
FUTURE OUTLOOK AND
PLANS
In the mid-long term, the Indian textile industry is expected to grow very strongly with growth being balanced from both domestic consumption as well as exports demand. In the near-term, domestic demand would depend on the revival of the macro-economic factors. On exports front, there are both positive and negative factors. Positive factors include the weak currency and decreasing cost competitiveness of China that are likely to give positive impetus to the Indian exports. At the same time, factors like slowdown and uncertainty in the global markets, volatile foreign exchange rates and increase in cotton and yarn prices are likely to negatively affect growth and profitability for the textile exports.
The Directors have pleasure in informing the members, that against the expansion & modernization programme, the Company has incurred a capex of 724.500 Million during the year.
The company is looking to grow selectively within textiles, for maximum capital efficiency as well as de-risked business model. The Directors feel pleasure in informing them that the Company has planned its expansion project in Spinning & Weaving units at Wani & Hinganghat during 2014-15.The proposed Expansion will be in Cotton Spinning of 13056 Spindles with Matching Capacity of 32 Imported Airzet Looms in Composite Status with Project cost of Rs.72.05 core at Wani & Another Standalone Spinning expansion of 5616 Ring Spindles along with 2 nos.
Murata Vortex Spinning (equivalent to 3456 Spindles) totaling 9072 Spindles with Project cost of Rs.18.58 core projected at Hinganghat & Wani.
The total cost of project is estimated to Rs.90.63 core for which term loan already sanctioned under TUFS from Consortium member banks.
Again the Ginning project postponed in 2013-14 due to shortage of Power at Kholi is transferred to Yerla, Tahsil-Hinganghat which will be also completed in Nov, 2014. The cost of this project is Rs.268.500 Million for which term loan was already sanctioned by Bank of India, NMC branch, Nagpur during Feb, 2014.
FINANCE
During the year, theCompany had availed term loans to the tune of Rs.508.100 Million and repaid loans to an extent of Rs. 167.200 Million To the Banks and Financial.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10538284 |
14/11/2014 |
96,700,000.00 |
BANK OF INDIA |
NAGPUR MID CORPORATE BRANCH, S. V. P. ROAD, NAGPUR |
C37744885 |
|
2 |
10530155 |
07/11/2014 |
16,500,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
C32924748 |
|
3 |
10153813 |
09/05/2014 * |
346,800,000.00 |
BANK OF INDIA |
NAGPUR MID CORPORATE BRANCH, S. V. PATEL MARG,, K |
C09705575 |
|
4 |
10008668 |
06/12/2014 * |
3,833,871,000.00 |
BANK OF BARODA |
GANDHI WARD, HINGANGHAT, MAHARASHTRA - 442301, IND |
C36610731 |
|
5 |
10008669 |
06/12/2014 * |
3,833,871,000.00 |
BANK OF BARODA |
DHARAMPETH BRANCH, WEST HIGHT COURT ROAD, NAGPUR, |
C36611325 |
* 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,
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 records 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.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
48 |
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.