MIRA INFORM REPORT
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Report No. : |
346049 |
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Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAVNITLAL PRIVATE LIMITED |
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Registered
Office : |
Office No. 807, |
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Tel. No.: |
91-22-27804200 / 67804299 / 22833954 / 22834027 / 22833743 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.09.1994 |
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Com. Reg. No.: |
11-080906 |
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Capital
Investment / Paid-up Capital : |
Rs. 212.000 Million |
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CIN No.: [Company Identification
No.] |
U17120MH1994PTC080906 |
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TIN No.: |
Not Available |
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IEC No.: |
0394050924 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN1829P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Grey Fabrics. |
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No. of Employees
: |
100 (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 |
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Maximum Credit Limit : |
USD 1010000 |
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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 incorporated in the year 1995 having
a moderate track record. Turnover of the company has declined which has resulted into heavy
loss incurred by the company during FY 2014. The rating is further constrained by deterioration in reserves level
of the company. However, trade relations are reported as fair. Business is active.
Payments terms 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long Term Loans = B |
|
Rating Explanation |
High risk of default |
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. Hemant |
|
Designation : |
Accountant |
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Contact No.: |
91-22-67804299 |
|
Date : |
19.10.2015 |
LOCATIONS
|
Registered Office : |
Office No. 807, |
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Tel. No.: |
91-22-27804200 / 67804299 / 22833954 / 22834027 / 22833743 |
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Fax No.: |
91-22-22026215 |
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E-Mail : |
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Website : |
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Locality : |
Owned |
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Location : |
Commercial |
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Factory : |
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DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Lalit P. Desai |
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Designation : |
Director |
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Address : |
Fortune, 2nd Floor, 568 Lady Jahangir Road, Mumbai - 400019,
Maharashtra, India |
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Date of Birth/Age : |
25.02.1947 |
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Date of Appointment : |
07.09.1994 |
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PAN No.: |
AACPD2600F |
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DIN No.: |
00202901 |
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Other Directorship:
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Name : |
Mr. Rishit L. Desai |
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Designation : |
Whole Time Director |
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Address : |
Fortune, 2nd Floor, |
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Date of Birth/Age : |
21.02.1976 |
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Date of Appointment : |
24.04.2004 |
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PAN No.: |
AACPD2601E |
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DIN No.: |
00223648 |
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Other Directorship:
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Name : |
Mr. Mihir L. Desai |
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Designation : |
Whole Time Director |
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Address : |
Fortune, 2nd Floor, 568 Lady Jahangir Road, Mumbai - 400019, Maharashtra, India |
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Date of Birth/Age : |
11.10.1972 |
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Date of Appointment : |
15.10.2003 |
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PAN No.: |
AACPD2602H |
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DIN No.: |
00223672 |
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Other Directorship:
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Name : |
Mr. Arun D. Desai |
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Designation : |
Director |
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Address : |
71, B Road, Oak Lane, Machester, M-205 QB, United Kingdom |
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Date of Birth/Age : |
11.12.1940 |
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Date of Appointment : |
10.03.2003 |
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DIN No.: |
02468023 |
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KEY EXECUTIVES
|
Name : |
Mr. Hemant |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Itochu Corporation, |
|
3154000 |
|
Navneetlal Holding India Private Limited, India |
|
13680000 |
|
Lalit P. Desai |
|
1163000 |
|
Pushpa L. Desai |
|
1000 |
|
Mihir L. Desai |
|
1000 |
|
Rishit L. Desai |
|
1000 |
|
Wrengate Limited, Manchester |
|
1556800 |
|
Botraco Limited, Manchester |
|
1643200 |
|
Total |
|
21200000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
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 |
30.00 |
|
Bodies corporate |
64.50 |
|
Directors or relatives of Directors |
5.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Grey Fabrics. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Spare Parts |
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Countries : |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
D.S. Gala and Company Chartered Accountant |
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Address : |
14-D, Roy Villa, Kalina, Santacruz (East), Mumbai-400029, Maharashtra,
India |
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Tel. No.: |
91-22-26660961 |
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Fax No.: |
91-22-26654880 |
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PAN No.: |
ACBPG2289E |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Holding Company : |
Navneetlal Holdings (India) Private Limited CIN No.: U67120MH2001PTC134152 |
CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21200000 |
Equity Shares |
Rs.10/- each |
Rs. 212.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21200000 |
Equity Shares |
Rs.10/- each |
Rs. 212.000 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 |
|
|
|
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(a) Share Capital |
212.000 |
212.000 |
212.000 |
|
(b) Reserves & Surplus |
141.523 |
171.506 |
171.205 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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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) |
353.523 |
383.506 |
383.205 |
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|
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(3)
Non-Current Liabilities |
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|
|
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(a) long-term borrowings |
117.346 |
60.108 |
68.181 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.023 |
0.019 |
0.008 |
|
(d) long-term
provisions |
0.364 |
0.840 |
0.302 |
|
Total Non-current
Liabilities (3) |
117.733 |
60.967 |
68.491 |
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
153.107 |
195.077 |
218.408 |
|
(b) Trade
payables |
37.259 |
33.766 |
58.779 |
|
(c) Other
current liabilities |
20.996 |
21.074 |
32.482 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
211.362 |
249.917 |
309.669 |
|
|
|
|
|
|
TOTAL |
682.618 |
694.390 |
761.365 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
415.321 |
432.002 |
450.628 |
|
(ii) Intangible
Assets |
0.227 |
0.239 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.089 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
46.765 |
37.113 |
37.378 |
|
(d) Long-term Loan and Advances |
9.133 |
15.421 |
14.562 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
471.447 |
484.775 |
502.657 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
124.210 |
130.866 |
152.797 |
|
(c) Trade
receivables |
70.479 |
65.356 |
92.254 |
|
(d) Cash
and cash equivalents |
1.337 |
2.099 |
2.915 |
|
(e)
Short-term loans and advances |
15.145 |
11.294 |
10.742 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
211.171 |
209.615 |
258.708 |
|
|
|
|
|
|
TOTAL |
682.618 |
694.390 |
761.365 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
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|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
640.023 |
801.340 |
631.178 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
631.852 |
752.506 |
610.440 |
|
|
|
|
|
|
|
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|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.171 |
48.834 |
20.738 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
29.119 |
28.479 |
30.613 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(20.948) |
20.355 |
(9.875) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
18.687 |
19.592 |
31.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(39.635) |
0.763 |
(41.457) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(9.653) |
0.462 |
(13.701) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(29.982) |
0.301 |
(27.756) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(97.049) |
(97.350) |
(69.594) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(127.031) |
(97.049) |
(97.350) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.41) |
0.01 |
(1.31) |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
500.000 |
Expected Sales (2015-2016) : Rs. 500.000 Million
The above information has been parted by Mr. Hemant (Accountant).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
8.192 |
16.630 |
16.406 |
|
Cash generated from operations |
15.084 |
67.763 |
NA |
|
Cash generated from (Used) operations |
15.084 |
67.763 |
NA |
|
Cash generated from Operating Activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.23) |
0.12 |
(5.73) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11) |
0.00 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.77 |
0.67 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
0.84 |
0.84 |
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 |
212.000 |
212.000 |
212.000 |
|
Reserves & Surplus |
171.205 |
171.506 |
141.523 |
|
Net
worth |
383.205 |
383.506 |
353.523 |
|
|
|
|
|
|
Long Term borrowings |
68.181 |
60.108 |
117.346 |
|
Short Term borrowings |
218.408 |
195.077 |
153.107 |
|
Total
borrowings |
286.589 |
255.185 |
270.453 |
|
Debt/Equity
ratio |
0.748 |
0.665 |
0.765 |
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 |
|
Total Income |
631.178 |
801.340 |
640.023 |
|
|
|
26.959 |
(20.131) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
631.178 |
801.340 |
640.023 |
|
Profit |
(27.756) |
0.301 |
(29.982) |
|
|
(4.40%) |
0.04% |
(4.68%) |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE: Registered office of the company is shifted from 116, Maker Chambers VI220 Nariman Point, Mumbai - 400021, Maharashtra, India to present address w.e.f. 21.09.2006.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
37.156 |
28.150 |
|
Total |
37.156 |
28.150 |
CURRENT YEAR
OUTLOOK:
The Directors are taking effective steps to maintain its operations in the cyclical changes in the both domestic as well as international market of Textile Industry. Considering the Industry’s performance your directors are taking cautious view for growth in current Financial Year.
INDEX OF CHARGES:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10445979 |
26/08/2013 |
50,000,000.00 |
PNB Housing Finance Limited |
9th
Floorantriksh Bhawan, 22 K G Marg, New Delhi, |
B83526079 |
|
2 |
10036739 |
05/01/2007 |
30,000,000.00 |
Bank Of India |
Andheri Corporate Banking Branch,, 28, M.D.I Building, S. V. Road, Andheri (West), Mumbai, Maharashtra - 400058, India |
A10213049 |
|
3 |
80065124 |
20/04/2012 * |
135,000,000.00 |
Corporation Bank |
Earnest House, 1st Floor, Nariman Point, Mumbai, Maharashtra - 400021, India |
B39779863 |
|
4 |
90164161 |
31/01/2014 * |
90,000,000.00 |
Bank Of India |
Andheri
Corporate Banking Branch, M.D.I. Building, S. V. Road, Andheri (West),
Mumbai, Maharashtra |
B96431812 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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. 64.88 |
|
|
1 |
Rs. 99.89 |
|
Euro |
1 |
Rs. 72.06 |
INFORMATION DETAILS
|
Information
gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--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 |
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.