MIRA INFORM REPORT

 

 

Report No. :

342990

Report Date :

03.10.2015

 

IDENTIFICATION DETAILS

 

Name :

TIMES FIBREFILL PRIVATE LIMITED

 

 

Registered Office :

Ashuti Main Road, Chakchatta, P.O.- Raipur, Kolkata – 700141, West Bengal

Tel. No.:

91-33-24880118

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

16.02.2001

 

 

Com. Reg. No.:

21-092909

 

 

Capital Investment / Paid-up Capital :

Rs. 4.933 Million

 

 

CIN No.:

[Company Identification No.]

U51109WB2001PTC092909

 

 

IEC No.:

0204025923

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCT9269J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Technical textile, Home decore and furnishing products.  

 

 

No. of Employees :

150 (Approximately)

 

 

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

 

Maximum Credit Limit :

USD 65000

 

 

Status :

Small company

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a small company incorporated on February 16, 2001, by the Mall family of Kolkata, West Bengal. It has been engaged in the manufacturing of technical textile and home furnishing items. Its scale of activities are limited.

 

The rating takes into consideration company’s modest net worth and small scale of operations.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered for small business dealings with some caution.

 

 

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

Long term bank facilities BB-

Rating Explanation

Have inadequate credit quality and carry high credit risk.

Date

10.11.2014

 

Rating Agency Name

CARE

Rating

Short term bank facilities A4

Rating Explanation

Have minimal degree of safety and carry very high credit risk.

Date

10.11.2014

 

 

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. Sumit Aggarwal

Designation :

Chief Accountant

Contact No.:

91-9874626499

Date :

01.10.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Ashuti Main Road, Chakchatta, P.O.- Raipur, Kolkata – 700141, West Bengal, India

Tel. No.:

91-33-24880118

Mobile No.:

91-9874626499 (Mr. Sumit)

Fax No.:

91-33-22520111

E-Mail :

Sumit.agarwal@timesfiberfill.com

info@timesfiberfill.com

sales@timesfiberfill.com

Website :

www.timefiberfill.com

Location :

Owned

Locality :

Commercial

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Sanjay Kumar Mall

Designation :

Director

Address :

CF 228, Sector I, Salt Lake City, Bidhannagaar, North 24 Parganas, Kolkata-700064, West Bengal, India

Date of Birth/Age :

15.06.1962

Date of Appointment :

04.04.2011

DIN No.:

01515652

 

 

Name :

Ms. Sangeeta Mall

Designation :

Director

Address :

CF 228, Sector I, Salt Lake City, Bidhannagaar, North 24 Parganas, Kolkata-700064, West Bengal, India

Date of Birth/Age :

19.05.1965

Date of Appointment :

01.07.2008

DIN No.:

02234910

 

 

KEY EXECUTIVES

 

Name :

Mr. Sumit Aggarwal

Designation :

Chief Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Sangeeta Mall

 

284500

Sanjay Kumar Mall

 

136250

Giriraj Kumar Mall

 

20000

Kiran Devi Mall

 

17500

Mindi Agencies Private Limited, India 

 

82850

Total

 

541100

 

As on 12.11.2014

 

Names of Allottees

 

No. of Shares

Mindi Agencies Private Limited, India 

 

41250

 

As on 13.04.2015

 

Names of Allottees

 

No. of Shares

Sanjay Kumar Mall

 

32400

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Bodies corporate

15.31

Directors or relatives of Directors

84.69

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Technical textile, Home decore and furnishing products.  

 

 

Products :

·         Technical textile

·         Home decore and furnishing products  

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

·         Technical textile

·         Home decore and furnishing products  

Countries :

·         Turkey

·         Germany

·         Belgium

·         Austria

·         UK

·         Italy

·         Spain

·         Russia

·         Poland

 

 

Imports :

 

Products :

Raw Material

Countries :

·         Germany

·         Belgium

 

 

Terms :

 

Selling :

Cash / Cheque / Credit

 

 

Purchasing :

Cash / Cheque / Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Ganesha Ecosphere Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Yojaka India Private Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

150 (Approximately) 

 

 

Bankers :

Bank Name

State Bank of India

Branch

SME Branch, Salt Lake, Plot No. X-1, 8/1, Block -Ep, Sector-V, Salt Lake Electronics Complex, Kolkata - 700091, West Bengal, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan from Banks

3.600

3.595

 

 

 

SHORT TERM BORROWING

 

 

EPC Account

2.025

0.000

Cash Credit (Working Capital Loan)

4.570

4.782

Total

10.195

8.377

 

Auditors :

 

Name :

Dipak Pal and Company

Chartered Accountants

Address :

436, Parnasree Pally, Kolkata-700060, West Bengal, India

PAN N Income-tax PAN of auditor or auditor's firm :

AGRPP6142M

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Divulged

 

 

CAPITAL STRUCTURE

 

After 30.09.2014

 

Authorised Capital : 10.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 6.933 Million

 

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,000,000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

541,100

Equity Shares

Rs.10/- each

Rs. 5.411 Million

 

 

 

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500,000

Equity Shares

Rs.10/- each

Rs. 5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

493,250

Equity Shares

Rs.10/- each

Rs. 4.933 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

4.933

4.283

4.283

(b) Reserves & Surplus

17.767

12.446

12.256

(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)

22.700

16.729

16.539

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

18.508

16.510

13.486

(b) Deferred tax liabilities (Net)

1.539

1.738

1.663

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

20.047

18.248

15.149

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6.595

5.982

2.859

(b) Trade payables

12.756

6.656

16.889

(c) Other current liabilities

7.147

10.899

14.220

(d) Short-term provisions

2.376

2.196

1.167

Total Current Liabilities (4)

28.874

25.733

35.135

 

 

 

 

TOTAL

71.621

60.710

66.823

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

31.936

35.605

39.306

(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

0.000

0.000

0.005

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.681

0.488

1.605

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

32.617

36.093

40.916

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

14.829

14.632

5.478

(c) Trade receivables

15.680

4.065

15.431

(d) Cash and cash equivalents

4.123

0.762

1.246

(e) Short-term loans and advances

4.034

4.819

3.741

(f) Other current assets

0.338

0.339

0.011

Total Current Assets

39.004

24.617

25.907

 

 

 

 

TOTAL

71.621

60.710

66.823

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

56.280

50.540

196.399

 

 

Other Income

4.360

1.769

NA

 

 

TOTAL                                     (A)

60.640

52.309

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

53.677

45.162

NA

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

6.963

7.147

11.624

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1.515

1.761

2.760

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

5.448

5.386

8.864

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

4.504

4.946

5.030

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

0.944

0.440

3.834

 

 

 

 

 

Less

TAX                                                                  (H)

0.289

0.250

1.172

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

0.655

0.190

2.662

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.32

0.44

6.21

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

81.200

 

 

Expected Sales 2015-2016 : Rs. 150.000 Million

 

The above information has been parted by Mr. Sumit Agarwal (Chief Accountant)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.371

3.825

3.831

Cash generated from operations

NA

NA

NA

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.16

0.38

1.36

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

12.37

14.14

5.92

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.32

0.72

5.74

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.03

0.23

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.12

1.57

1.22

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.35

0.96

0.74

 

 

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

4.283

4.283

4.933

Reserves & Surplus

12.256

12.446

17.767

Net worth

16.539

16.729

22.700

 

 

 

 

long-term borrowings

13.486

16.510

18.508

Short term borrowings

2.859

5.982

6.595

Current maturities of long-term debts

3.831

3.825

0.371

Total borrowings

20.176

26.317

25.474

Debt/Equity ratio

1.220

1.573

1.122

 

 

 

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

196.399

50.540

56.280

 

 

(74.267)

11.357

 

 

 

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

196.399

50.540

56.280

Profit

2.662

0.190

0.655

 

1.36%

0.38%

1.16%

 

 

 

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

Yes

19

Major customers

Yes

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

Yes

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

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Mindi Agencies

3.300

3.300

Others

0.000

0.400

Interest free loans from directors 

11.500

9.107

Others

 

 

Security Deposit

0.108

0.108

SHORT TERM BORROWING

 

 

Unsecured Loan

0.000

1.200

Total

14.908

14.115

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10247127

29/08/2014 *

52,373,000.00

State Bank of India

SME Branch, Salt Lake, Plot No. X-1/8/1, Block -EP, Sector-V, Salt Lake Electronics Complex, Kolkata, West Bengal - 700091, INDIA

C30405716

 

*Date of charge modification

 

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Bank Guarantee

0.000

0.479

 

 

FIXED ASSETS

  • Land
  • Building
  • Plant and machinery
  • Vehicle
  • Office equipment
  • Generator
  • Computer
  • Electric Installation 

 

 

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.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RSM

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--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

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NB

                                       New Business

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.