MIRA INFORM REPORT
|
Report No. : |
348719 |
|
Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DODHIA SYNTHETICS LIMITED |
|
|
|
|
Registered
Office : |
982, Narpolinew Mavji Comound, Narpoli, Bhiwandi, Thane - 412302,
Maharashtra |
|
Tel. No. : |
91-2522-239452 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
07.01.1987 |
|
|
|
|
Com. Reg. No.: |
042131 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 46.250 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH1987PLC042131 |
|
|
|
|
IEC No.: |
0301040036 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD9892J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Dyeing and Processing of Yarn. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the Dodhia group. It was incorporated on 7th
January, 1987. It manufactures polyester dyed yarn and dyed textured yarns. The
company has three manufacturing facilities in Maharashtra. It has
satisfactory track record. The company possesses a decent profile marked by adequate networth
base along with fair liquidity and profitability. The rating also takes into consideration extensive experience of the
Dodhia group’s promoters in the textile industry and their established
relationships with customers and suppliers. Trade relations are fair. Business is active. Payment are reported as
usually correct. 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 |
CRISIL |
|
Rating |
Long term rating: “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
27.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
27.11.2014 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Gaurav |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-25945555 |
|
Date : |
06.11.2015 |
LOCATIONS
|
Registered Office/ Factory : |
982, Narpolinew Mavji Comound, Narpoli, Bhiwandi, Thane - 412302, Maharashtra,
India |
|
Tel. No. : |
91-2522-239452 |
|
Fax No. : |
91-2522-236595 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
10th Floor, Filix Tower, Opposite Asian Point, Bhandup
(West) Mumbai– 400078, Maharashtra, India |
|
Tel. No.: |
91-2522-230201/ 230202/ 239453/ 54 |
|
Fax No.: |
91-2522-236595 |
|
|
|
|
Mumbai Office : |
Mittal Estate, Building No. 5/B, Gala No. 128, 1st Floor,
Sakinaka, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra,
India |
|
Tel. No.: |
91-22-32208625 |
|
|
|
|
Collection office : |
Room No.44, 2nd Floor, Chandra Bhuwan 46, Old Hanuman Lane, Kalbadevi, Mumbai-400002, Maharashtra, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Pradeep Meghji Dodhia |
|
Designation : |
Managing Director |
|
Address : |
Flat No.1601, Rajyog Residency, Opposite Vardhman Nagar, R. P. Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
05.12.1966 |
|
Date of Appointment : |
07.01.1987 |
|
DIN No. : |
00394285 |
|
|
|
|
Name : |
Mr. Harakchand Meghji Dodhia |
|
Designation : |
Director |
|
Address : |
S No. 110, H. No. 8, Charni Pad, At Rahnal, Bhiwandi, Thane - 421302, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1952 |
|
Date of Appointment : |
07.01.1987 |
|
DIN No. : |
00394403 |
|
|
|
|
Name : |
Mr. Ritesh Mansukhlal Dodhia |
|
Designation : |
Whole-time Director |
|
Address : |
12/A-3, Gopal Nagar, Flat No. 601/602, 6th Floor, Kalyan Road, At Po Bhiwandi, Thane - 421302, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1979 |
|
Date of Appointment : |
13.06.2008 |
|
DIN No. : |
00394504 |
|
|
|
|
Name : |
Mr. Mansukhlal Meghji Dodhia |
|
Designation : |
Director |
|
Address : |
Flat No 2401/2402, 24th Floor,, Takshshila, Nirmal Nagar, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
04.11.1950 |
|
Date of Appointment : |
07.01.1987 |
|
DIN No. : |
00394655 |
|
|
|
|
Name : |
Mr. Bhadresh Mansukhlal Dodhia |
|
Designation : |
Whole-time Director |
|
Address : |
2401/2402, Takshashila Apartment, Nirmal Nagar, Link Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1982 |
|
Date of Appointment : |
13.06.2008 |
|
DIN No. : |
02181921 |
|
|
|
|
Name : |
Mr. Suchit Pradeep Dodhia |
|
Designation : |
Director |
|
Address : |
Flat No 1601, 16th Floor, Rajyog Residency, Dr. R P Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
01.12.1992 |
|
Date of Appointment : |
14.03.2014 |
|
DIN No. : |
06840006 |
|
|
|
|
Name : |
Kunjal Viral Dhanani |
|
Designation : |
Independent Director |
|
Address : |
H. No. 1346, A 204 Akshay, Anjurphata, Kamatghar Road, Bhiwandi, Thane - 421302, Maharashtra, India |
|
Date of Birth/Age : |
05.07.1986 |
|
Date of Appointment : |
14.03.2014 |
|
DIN No. : |
06840016 |
|
|
|
|
Name : |
Mr. Dinesh Meghji Khimasia |
|
Designation : |
Independent Director |
|
Address : |
H NO 898 Charni Pada, Near Jainm Mandir, Anjur Pha, Rehnal, Bhiwandi, Thane - 421302, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1965 |
|
Date of Appointment : |
14.03.2014 |
|
DIN No. : |
06841206 |
|
|
|
|
Name : |
Mr. Jinesh Mansukhlal Dodhia |
|
Designation : |
Additional director |
|
Address : |
2401, Takhashia Apt, Nirmal Nagar, Link Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
03.10.1984 |
|
Date of Appointment : |
20.11.2014 |
|
DIN No. : |
07018791 |
KEY EXECUTIVES
|
Name : |
Mr. Bhadresh Mansukhlal Dodhia |
|
Designation : |
CFO |
|
Address : |
2401/2402, Takshashila Apartment, Nirmal Nagar,, Link Road, Mulund (West), Mumbai - 400080, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1982 |
|
Date of Appointment : |
30.09.2014 |
|
PAN No.: |
AFHPD2871E |
|
|
|
|
Name : |
Mr. Mithun Shivlekar |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
NOTE: SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED.
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
38.55 |
|
Directors or relatives of Directors |
60.85 |
|
Other top fifty shareholders |
0.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Dyeing and Processing of Yarn. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
-- |
||||||||
|
|
|
||||||||
|
Agencies Held : |
-- |
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
European Countries |
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and end Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
400 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
HDFC Bank Limited |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
A.B. Jain and Company Chartered Accountants |
|
Address : |
House No. 2, Kasar Aali, Ground Floor, Bhiwandi, Thane - 421302, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFR2711F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are
partners with Key management
personnel and their relatives (As on 31.03.2014): |
· Dodhia Filaments Private Limited · CIN No.: U17120MH1990PTC059025 · Arun Amber Silk Mills Private Limited · CIN No.: U17110MH1987PTC042226 |
|
|
|
|
Partnership Firm
where Company is a partner holding 70% share in profit/Loss (As on
31.03.2014) : |
· Vasupujya Filaments |
|
|
|
|
Other Related
Parties (As on 31.03.2014): |
· Hi-Tech Yarns · Kemox Corporation · Jayant Warping Works · A-One Sizing Works · Jinesh Enterprises |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.46.250
Million
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Million |
|
700,000 |
Preference Shares |
Rs.100/- each |
Rs. 70.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,525,000 |
Equity Shares |
Rs.10/- each |
Rs. 15.250 Million |
|
160,000 |
Preference Shares |
Rs.100/- each |
Rs. 16.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 31.250
Million |
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
46.250 |
15.250 |
10.000 |
|
(b) Reserves & Surplus |
367.844 |
289.775 |
142.634 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
50.000 |
|
Total
Shareholders’ Funds (1) + (2) |
414.094 |
305.025 |
202.634 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
278.191 |
125.119 |
117.500 |
|
(b) Deferred tax liabilities (Net) |
19.833 |
16.276 |
15.373 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
4.032 |
4.062 |
4.274 |
|
Total Non-current
Liabilities (3) |
302.056 |
145.457 |
137.147 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
792.185 |
556.961 |
372.921 |
|
(b) Trade
payables |
218.149 |
321.906 |
153.857 |
|
(c) Other
current liabilities |
51.608 |
83.080 |
42.131 |
|
(d) Short-term
provisions |
1.603 |
7.769 |
2.176 |
|
Total Current
Liabilities (4) |
1063.545 |
969.716 |
571.085 |
|
|
|
|
|
|
TOTAL |
1779.695 |
1420.198 |
910.866 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
335.404 |
222.401 |
208.343 |
|
(ii)
Intangible Assets |
0.815 |
0.760 |
0.958 |
|
(iii)
Capital work-in-progress |
138.247 |
3.445 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
33.874 |
35.539 |
0.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20.009 |
26.254 |
7.424 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
528.349 |
288.399 |
216.750 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
478.935 |
419.630 |
256.103 |
|
(c) Trade
receivables |
608.659 |
538.796 |
316.716 |
|
(d) Cash
and cash equivalents |
9.776 |
15.807 |
7.080 |
|
(e)
Short-term loans and advances |
153.976 |
157.566 |
114.217 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1251.346 |
1131.799 |
694.116 |
|
|
|
|
|
|
TOTAL |
1779.695 |
1420.198 |
910.866 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3964.395 |
4167.201 |
2244.263 |
|
|
|
Other Income |
50.062 |
57.042 |
26.356 |
|
|
|
TOTAL (A) |
4014.457 |
4224.243 |
2270.619 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2175.232 |
2454.486 |
1535.086 |
|
|
|
Purchases of Stock-in-Trade |
523.830 |
882.125 |
15.578 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
157.217 |
(234.512) |
12.892 |
|
|
|
Employees benefits expense |
62.419 |
50.305 |
48.061 |
|
|
|
Other expenses |
853.041 |
844.849 |
522.329 |
|
|
|
TOTAL (B) |
3771.739 |
3997.253 |
2133.946 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
242.718 |
226.990 |
136.673 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
100.401 |
98.972 |
61.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
142.317 |
128.018 |
75.277 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.789 |
21.795 |
21.537 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
111.528 |
106.223 |
53.740 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
34.510 |
33.831 |
17.954 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
77.018 |
72.392 |
35.786 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
NA |
2191.629 |
1330.115 |
|
|
TOTAL EARNINGS |
NA |
2191.629 |
1330.115 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
NA |
14.132 |
4.843 |
|
|
|
Components and Spare parts |
NA |
1.192 |
0.377 |
|
|
TOTAL IMPORTS |
NA |
15.324 |
5.220 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
50.50 |
47.47 |
35.79 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
36.044 |
23.784 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operation |
NA |
149.026 |
95.702 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.94 |
1.74 |
1.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.12 |
5.45 |
6.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.94 |
7.69 |
5.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.35 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.58 |
2.35 |
2.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.17 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.000 |
15.250 |
46.250 |
|
Reserves & Surplus |
142.634 |
289.775 |
367.844 |
|
Share Application money pending allotment |
50.000 |
0.000 |
0.000 |
|
Net
worth |
202.634 |
305.025 |
414.094 |
|
|
|
|
|
|
long-term borrowings |
117.500 |
125.119 |
278.191 |
|
Short term borrowings |
372.921 |
556.961 |
792.185 |
|
Total
borrowings |
490.421 |
682.080 |
1070.376 |
|
Debt/Equity
ratio |
2.420 |
2.236 |
2.585 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2244.263 |
4167.201 |
3964.395 |
|
|
|
85.682 |
(4.867) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2244.263 |
4167.201 |
3964.395 |
|
Profit |
35.786 |
72.392 |
77.018 |
|
|
1.59% |
1.74% |
1.94% |
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 three 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 |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10564945 |
20/03/2015 |
21,173,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
Prabhat Bhavan, BLOCK B, 1st Floor, 96, L B S Marg |
C51481018 |
|
2 |
10564521 |
18/03/2015 |
25,500,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
Prabhat Bhavan, BLOCK B, 1st Floor, 96, L B S Marg |
C51214245 |
|
3 |
10564303 |
18/03/2015 |
164,514,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
Prabhat Bhavan, BLOCK B, 1st Floor, 96, L B S Marg |
C51214450 |
|
4 |
10558807 |
18/02/2015 |
851,500,000.00 |
The Saraswat Co-operative Bank Limited |
SME Vikhroli Branch, 1st floor, Prabhat Bhavan, 9 |
C48901847 |
|
5 |
10548740 |
31/12/2014 |
170,000,000.00 |
Standard Chartered Bank |
SME Credit, Crescenzo, 3A/F, Plot no. C-38 & 39, G Block,
Bandra Kurla Complex, Bandra East, Mumbai |
C43382472 |
|
6 |
10552509 |
29/12/2014 |
103,505,000.00 |
The Saraswat Co-op Bank Ltd |
SME Vikhroli (W) Branch, Prabhar Bhavan, Block 'B' |
C45276714 |
|
7 |
10538962 |
12/12/2014 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C38261897 |
|
8 |
10523271 |
16/09/2014 |
300,000,000.00 |
The Saraswat Co-op. Bank Limited |
SME Vikhroli(W) Branch, Prabhat Bhavan, Block 'B', |
C24779860 |
|
9 |
10523274 |
10/09/2014 |
66,700,000.00 |
The Saraswat Co-op. Bank Limited |
SME Vikhroli(W) Branch, Prabhat Bhavan, Block 'B', |
C24783268 |
|
10 |
10510242 |
02/07/2014 |
30,000,000.00 |
The Saraswat Co-Operative Bank Limited |
SME Branch, Prabhat Bhavan, Block 'B', 1st Floor, 96, L.B.S.
Marg, Opp. Cipla, Vikhroli (West),, Mumbai, Maharashtra - 400083, INDIA |
C12236444 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
|
4.597 |
|
Rupee term loans from others |
|
7.374 |
|
Intercorporate borrowings |
|
26.528 |
|
Loans and advances from directors |
|
33.703 |
|
Loans and advances from others |
|
25.250 |
|
Total |
NA |
97.452 |
COMPANY OVERVIEW (As
on 31.03.2014)
Subject is a Public Limited Company (non listed) domiciled and head quartered in India. It is incorporated under Companies Act, 1956. The Company is primarily engaged in dyeing and processing of Yarn. The company caters to both domestic and international markets.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
|
|
|
|
i) Bank Guarantees |
|
39.781 |
|
ii) Other money for which the company is contingently liable |
|
|
|
i) Income Tax demands AY 2010-11 & 2011-12 |
|
0.000 |
|
ii) Disputed Sales Tax demand for F.Y. 2008-09 Contested in Appeal (Part Payment made Rs. 1.000 Million) |
|
7.024 |
|
iii) Disputed Sales Tax demand for F.Y. 2009-10 Contested in Appeal |
NA |
1.974 |
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
Intangible Assets
· Computer Software
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.62.59 |
|
UK Pound |
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
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 |
|
50 |
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.