MIRA INFORM REPORT
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Report No. : |
312712 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERTEX PRIVATE LIMITED |
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Registered
Office : |
384-M, Dabholkar Wadi, 4th Floor, Room No.12, Kalbadevi
Road, Mumbai – 400002, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.12.1982 |
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Com. Reg. No.: |
11-028909 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Million |
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CIN No.: [Company Identification
No.] |
U17120MH1982PTC028909 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACI7034Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in trading of Coal, Coke, Steel Scrap, Coil and
Textile. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has huge external borrowings. Further, the rating gets constrained due to company’s average financial
risk profile marked by moderate networth. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
October, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4+ |
|
Rating Explanation |
Minimal degree of safety very high credit risk. |
|
Date |
October, 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 DENIED
MANAGEMENT NON CO-OPERATIVE
CONTACT NO.: 91-22-22036311
LOCATIONS
|
Registered Office : |
384-M, Dabholkar Wadi, 4th Floor, Room No.12, Kalbadevi
Road, Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22036311 / 12 |
|
Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Ashutosh Omprakash Sanghai |
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Designation : |
Director |
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Address : |
151 – B, Jolly Maker No. 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
01.03.1968 |
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Date of Appointment : |
05.10.1993 |
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DIN No.: |
00276022 |
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Other Directorship:
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Name : |
Arvind Omprakash Sanghai |
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Designation : |
Director |
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Address : |
151 – B, Jolly Maker No. 1, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
24.07.1974 |
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Date of Appointment : |
28.02.2003 |
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DIN No.: |
00276067 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ashutosh
Sanghai |
|
4980 |
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Ashutosh
Sanghai HUF |
|
2510 |
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Naina
Sanghai |
|
2510 |
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Anju
Devi Sanghai |
|
260000 |
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Arvind
Sanghai |
|
30000 |
|
Anjali
Towers Private Limited, India |
|
350000 |
|
Bellary
Investments and Finance Private Limited, India |
|
350000 |
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|
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Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
35.00 |
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Directors or relatives of Directors |
65.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in trading of Coal, Coke, Steel Scrap, Coil and
Textile. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N K Jalan and Company Chartered Accountants |
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Address : |
2A, Mayur Apartment, Dadabhai Cross Road, No.03, Ville Parle (West), Mumbai- 400056, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAPJ4209Q |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
Bellary
Investments and Finance Private Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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|
I.
EQUITY AND LIABILITIES |
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|
(1)Shareholders' Funds |
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|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
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(b) Reserves &
Surplus |
10.342 |
5.841 |
2.650 |
|
(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) |
20.342 |
15.841 |
12.650 |
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(3) Non-Current
Liabilities |
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|
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(a) long-term borrowings |
109.550 |
85.611 |
76.418 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
109.550 |
85.611 |
76.418 |
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(4) Current Liabilities |
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(a) Short term borrowings |
5.323 |
103.842 |
0.273 |
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(b) Trade payables |
425.556 |
131.847 |
178.890 |
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(c) Other current
liabilities |
64.131 |
10.664 |
23.336 |
|
(d) Short-term provisions |
3.101 |
1.995 |
1.027 |
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Total Current Liabilities
(4) |
498.111 |
248.348 |
203.526 |
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|
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TOTAL |
628.003 |
349.800 |
292.594 |
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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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|
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(i) Tangible assets |
0.756 |
1.023 |
1.339 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.152 |
0.152 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.049 |
0.020 |
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 |
0.957 |
1.195 |
1.339 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
391.493 |
133.638 |
216.486 |
|
(d) Cash and cash
equivalents |
200.961 |
180.023 |
26.454 |
|
(e) Short-term loans and
advances |
34.592 |
34.824 |
48.177 |
|
(f) Other current assets |
0.000 |
0.120 |
0.138 |
|
Total Current Assets |
627.046 |
348.605 |
291.255 |
|
|
|
|
|
|
TOTAL |
628.003 |
349.800 |
292.594 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
NA |
761.901 |
563.931 |
|
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Other Income |
NA |
NA |
1.662 |
|
|
TOTAL (A) |
NA |
NA |
565.593 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL (B) |
NA |
NA |
558.552 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
NA |
NA |
7.041 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
NA |
NA |
3.945 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
3.096 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
0.133 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
6.619 |
4.172 |
2.963 |
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|
|
|
|
|
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Less |
TAX (H) |
2.118 |
0.981 |
0.974 |
|
|
|
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|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
4.501 |
3.191 |
1.989 |
|
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|
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|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
5.841 |
2.650 |
0.661 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
10.342 |
5.841 |
2.650 |
|
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|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.50 |
31.91 |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA |
0.42 |
0.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA |
NA |
1.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.05 |
1.19 |
1.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.26 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.65 |
11.96 |
6.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.40 |
1.43 |
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 |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
2.650 |
5.841 |
10.342 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
12.650 |
15.841 |
20.342 |
|
|
|
|
|
|
long-term borrowings |
76.418 |
85.611 |
109.550 |
|
Short term borrowings |
0.273 |
103.842 |
5.323 |
|
Total borrowings |
76.691 |
189.453 |
114.873 |
|
Debt/Equity ratio |
6.063 |
11.960 |
5.647 |
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 |
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
4.550 |
0.000 |
|
Total |
4.550 |
0.000 |
NOTE
The registered office of the company has been shifted from 402, Diamond Plaza,
391, Dr. D B Marg, Mumbai – 400004, Maharashtra, India to the present address
w.e.f. 07.07.2006.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10538957 |
04/12/2014 |
200,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE
BRANCH,MAFATLAL CENTRE, IST FL |
C38257085 |
|
2 |
10537856 |
26/11/2014 |
200,000,000.00 |
UNION BANK OF INDIA |
KALBADEVI BRANCH,
A. M. V. N. FOUNDATION BLDG.,, |
C37602455 |
|
3 |
10537846 |
26/11/2014 |
350,000,000.00 |
UNION BANK OF INDIA |
KALBADEVI BRANCH, A.
M. V. N. FOUNDATION BLDG.,, |
C37601002 |
|
4 |
10457334 |
26/09/2013 |
200,000,000.00 |
UNITED BANK OF INDIA |
OVERSEAS (MUMBAI)
BRANCH, U.B.I. BUILDING, 1ST FL. |
B88447263 |
|
5 |
10384361 |
27/09/2013 * |
290,000,000.00 |
ALLAHABAD BANK |
ANDHERI WEST
BRANCH, 188, RAJESH CENTRE,, 1ST FLO |
B87813010 |
* Date of charge modification
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.