MIRA INFORM REPORT
|
Report No. : |
344039 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARVIND OG NONWOVENS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Final Plot No.10, Arvind Limited Premises, Naroda Road, Ahmedabad – 380025,
Gujarat |
|
Tel. No.: |
91-79-30138108 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
01.03.2013 |
|
|
|
|
Com. Reg. No.: |
04-073807 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 20.549 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120GJ2013PTC073807 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA12347G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AALCA3870A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of non-woven products. |
|
|
|
|
No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in February 2013 and it is 74:26 JV between
Ahmedabad-based textile major Arvind Limited and Japan based OG Corporation. As per the financial record of 2014, company has not undertaken
business operations and it has incurred pre operating expenses during the
year under a review. We ascertained from our investigation that the subject company has
started its business operations from 1st July 2014, which was
later confirmed by the company management as well. Rating derive strength from well experience management team and the
strong financial as well as managerial support that company receives from its
joint venture entity. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealing 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
04.07.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
04.07.2014 |
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 : |
Ms. Aarti Raichura |
|
Designation : |
Senior Manager Account and Finance |
|
Contact No.: |
91-2764-395676 |
|
Date : |
05.10.2015 |
LOCATIONS
|
Registered Office : |
Final Plot No.10, Arvind Limited Premises, Naroda Road, Ahmedabad –
380025, Gujarat, India |
|
Tel. No.: |
91-79-30138108 |
|
Fax No.: |
91-79-30138668 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Po. Khatrej, Taluka Kalol, District Gandhinagar-382721, Gujarat, India |
|
Tel. No.: |
91-2764-395000 |
|
Fax No.: |
91-2764-395040 |
DIRECTORS
As on 16.09.2013
|
Name : |
Mr. Punit Sanjay Lalbhai |
|
Designation : |
Director |
|
Address : |
Lalbaug Shahibaug Ahmedabad – 380004, Gujarat, India |
|
Date of Birth/Age : |
12.03.1982 |
|
Date of Appointment : |
01.03.2013 |
|
DIN No.: |
05125502 |
|
|
|
|
Name : |
Mr. Hemen Hirenkumar Joshi |
|
Designation : |
Director |
|
Address : |
H-7, Birju Appt., Azad Society, Ambawadi Azad Society, Satellite,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
27.09.1978 |
|
Date of Appointment : |
01.03.2013 |
|
DIN No.: |
02706938 |
|
|
|
|
Name : |
Mr. Hiroaki Machino |
|
Designation : |
Director |
|
Address : |
2-5-1-701, Nishi Midorigaoka, Toyonaka, Osaka, 5600005, Japan |
|
Date of Appointment : |
20.12.2013 |
|
DIN No.: |
02759387 |
|
|
|
|
Name : |
Mr. Junichi Iyogi |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 304, 3rd Floor, Casa Grande, Matulya Mill Compound, S B Marg, Lower Parel, Mumbai, 400013, Maharashtra, India |
|
Date of Appointment : |
13.03.2015 |
|
DIN No.: |
06579325 |
KEY EXECUTIVES
|
Name : |
Ms. Aarti |
|
Designation : |
Senior Manager Account and Finance
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Limited, India |
|
700939 |
|
Hemen Jodhi |
|
1 |
|
OG Corporation, Japan |
|
246276 |
|
Total |
|
947216 |
As on 10.12.2013
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Arvind Limited, India |
|
819693 |
|
OG Corporation, Japan |
|
288000 |
|
Total |
|
1107693 |
As on 30.05.2014
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Arvind Limited, India |
|
128077 |
|
OG Corporation, Japan |
|
45000 |
|
Total |
|
173077 |
As on 16.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
74.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of non-woven products. |
|
|
|
|
Products : |
Non-Woven Products |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished goods |
|
Countries : |
·
European Countries ·
Kenya |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Turkey ·
Japan |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30/60 Days) |
|
|
|
|
Purchasing : |
L/C and Credit (30/60/90 Days) |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users, OEM’s
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
|
|
|
|
|
Auditors : |
|
|
Name : |
Sorab S. Engineer and Company Chartered Accountants |
|
Address : |
Ismail Building, 381 Dr. D. Naoroji Road, Fort,
Mumbai-400001, Maharashtra, India |
|
PAN No.: |
AAAFS5191E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Arvind Limited |
|
|
|
|
Associate : |
OG Corporation |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2054909 |
Equity Shares |
Rs.10/- each |
Rs.20.549 Million |
|
|
|
|
|
As on 27.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2227986 |
Equity Shares |
Rs.10/- each |
Rs.22.280 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
20.549 |
0.100 |
|
(b) Reserves & Surplus |
|
180.207 |
(1.969) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
19.081 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
219.837 |
(1.869) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
100.032 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
100.032 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
4.208 |
0.011 |
|
(c) Other
current liabilities |
|
0.983 |
2.000 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
5.191 |
2.011 |
|
|
|
|
|
|
TOTAL |
|
325.060 |
0.142 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
0.000 |
0.000 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
38.998 |
0.000 |
|
(iv)
Intangible assets under development |
|
5.075 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
148.892 |
0.000 |
|
(e) Other
Non-current assets |
|
8.214 |
0.000 |
|
Total Non-Current
Assets |
|
201.179 |
0.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c) Trade
receivables |
|
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
|
123.048 |
0.142 |
|
(e)
Short-term loans and advances |
|
0.345 |
0.000 |
|
(f) Other
current assets |
|
0.488 |
0.000 |
|
Total
Current Assets |
|
123.881 |
0.142 |
|
|
|
|
|
|
TOTAL |
|
325.060 |
0.142 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
(1.506) |
(1.969) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
(0.73) |
-- |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
135.000 |
|
|
|
|
|
Expected Sales (2015-16) : Rs. 500.000 million
The above information has been parted by Ms. Aarti Raichura (Senior Manager
Account and Finance)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
|
Net cash flows from (used in) operation |
|
(131.539) |
0.042 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.46 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
23.86 |
0.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
|
0.100 |
20.549 |
|
Reserves & Surplus |
|
(1.969) |
180.207 |
|
Share Application money
pending allotment |
|
0.000 |
19.081 |
|
Net worth |
|
(1.869) |
219.837 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
100.032 |
|
Short term borrowings |
|
0.000 |
0.000 |
|
Total borrowings |
|
0.000 |
100.032 |
|
Debt/Equity ratio |
|
0.000 |
0.455 |
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 |
No |
|
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 one year |
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 |
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 |
10489089 |
18/06/2015 * |
361,000,000.00 |
State Bank of India |
Mid Corporate Group,
Commercial Branch,, Nr. Maha
kant Building, Ellisbridge,, Ahmedabad, Gujarat - 380006, INDIA |
C58560335 |
* 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 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.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
28 |
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.