MIRA INFORM REPORT

 

 

Report No. :

342142

Report Date :

25.09.2015

 

IDENTIFICATION DETAILS

 

Name :

CENTEX INTERNATIONAL PRIVATE LIMITED

 

 

Registered Office :

G-53, Saita Vihar, New Delhi - 110076

Mobile No.:

91-9988889255

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.08.2010

 

 

Com. Reg. No.:

55-206616

 

 

Capital Investment / Paid-up Capital :

Rs. 33.426 Million

 

 

CIN No.:

[Company Identification No.]

U18109DL2010PTC206616

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECC0994J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the manufacturing of stoles, scarf’s, shawls and other textile materials.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company incorporated in 2010, which is promoted by Mr. Vineet Sood. It is having satisfactory track.

 

Rating takes into consideration sound financial risk profile of the company marked by strong networth base along with comfortable gearing in FY14.

 

Management has reported rapid growth in its operations marked by significant increase in sales turnover along with decent net profit margin of 11%.

 

Trade relations are praiseworthy. Business is active. Payment terms are reported to be regular and as per the commitments.

 

In view of strong financial condition in a short span of business operations, the company can be considered for normal business dealings with 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

Loan term rating = BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

06.05.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating = A2

Rating Explanation

Strong degree of safety and low credit risk  

Date

06.05.2015

 

Reason for Withdrawal: As per CRISIL Policy on withdrawal of its ratings on bank loans

 

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 DENIED BY

 

Name :

Mr. Satish Kumar

Designation :

Assistant Manager Audit

Contact No.:

91-9988889255

Date :

23.09.2015

 

 

LOCATIONS

 

Registered Office :

G-53, Saita Vihar, New Delhi - 110076, India

Tel. No.:

Not Available

Mobile No.:

91-9988889255 (Mr. Satish Kumar)

Fax No.:

Not Available

E-Mail :

ca@centexexports.com

 

 

Corporate Office :

D-217, Focal Point, Phase-7 Ludhiana - 141010, Punjab, India

Tel No.:

91-161-3040300

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Vineet Sood

Designation :

Managing director

Address :

3-D, Sarabha Nagar, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

11.04.1963

Date of Appointment :

03.08.2010

PAN No.:

AAXPS4214P

DIN No.:

01763079

 

 

Name :

Monisha Sood

Designation :

Whole-time director

Address :

H No. 3-D, Sarabha Nagar, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

04.08.1968

Date of Appointment :

03.08.2010

PAN No.:

AWJPS7249C

DIN No.:

02664619

 

KEY EXECUTIVES

 

Name :

Mr. Satish Kumar

Designation :

Assistant Manager Audit

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Vineet Sood

2899750

86.75

Eshan Sood

6250

0.19

Monisha Sood

430350

12.87

Dhiren Sood

6250

0.19

 

 

 

Total

3342600

100.00

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

 

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the manufacturing of stoles, scarf’s, shawls and other textile materials.

 

 

Products :

Textile Materials

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

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 :

Not Divulged

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 :

Information declined by the management

 

 

Bankers :
  • Kotak Mahindra Bank Limited

Bank Name

State Bank of India

 

Branch

Commercial Branch, Kailash Nagar, Focal Point Road, Near Springdale School, Sherpur Road, Ludhiana - 141010, Punjab, 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

 

 

Rupee term loan from bank

285.305

208.890

Foreign currency term loan from bank

195.587

232.573

Rupee term loan from bank

108.802

118.436

SHORT TERM BORROWING

 

 

Working capital loan from banks

196.173

155.900

Total

785.867

715.799

 

Notes:

LONG TERM BORROWING

loan is repayable in 70 equal monthly instalments starting from December 2012 and carries interest @ 2.65 per cent above base rate, present effective rate 12.65 per annum.

 

Repayable in 24 equal quarterly installment after 12 months from commencement of commercial production

 

The loan is repayable in 60 equal monthly instalments starting from January 2013 and carries interest @ LIBOR + 400 Basis Points.

 

SHORT TERM BORROWING

Working capital loan from State Bank of India, Yes Bank, HDFC Bank

 

 

Auditors :

 

Name :

R.Verma and Associates

Chartered Accountants

Address :

G 53 Sarita Vihar New Delhi, India

Tel. No.:

91-11-26940260

Mobile No.:

91-9810088187

Fax No.:

91-

E-Mail :

rverma56@hotmaiol.com

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

AAJFR3798P

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates:

Centex International Limited, United Kingdom

 

 

Other Related Parties:

Vineet Sood and Sons (HUF)

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4000000

Equity Shares

Rs.10/- each

Rs. 40.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3342600

Equity Shares

Rs.10/- each

Rs. 33.426 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

33.426

33.426

19.692

(b) Reserves & Surplus

666.710

532.079

274.928

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

2.008

Total Shareholders’ Funds (1) + (2)

700.136

565.505

296.628

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

919.694

869.733

426.084

(b) Deferred tax liabilities (Net)

67.783

33.077

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

8.126

0.000

0.000

Total Non-current Liabilities (3)

995.603

902.810

426.084

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

196.173

155.900

0.000

(b) Trade payables

1.379

1.057

21.951

(c) Other current liabilities

280.706

245.448

108.287

(d) Short-term provisions

0.545

0.000

0.000

Total Current Liabilities (4)

478.803

402.405

130.238

 

 

 

 

TOTAL

2174.542

1870.720

852.950

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1538.304

1137.085

212.368

(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

18.107

160.093

500.426

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.710

0.200

0.000

(d)  Long-term Loan and Advances

18.525

17.891

18.893

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1575.646

1315.269

731.687

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

34.259

59.645

0.003

(b) Inventories

262.018

197.013

3.783

(c) Trade receivables

145.484

155.309

36.119

(d) Cash and cash equivalents

70.298

35.841

17.296

(e) Short-term loans and advances

86.837

107.643

64.062

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

598.896

555.451

121.263

 

 

 

 

TOTAL

2174.542

1870.720

852.950

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

TOTAL

1217.881

633.660

39.470

 

 

 

 

 

Less

TOTAL EXPENSES

1013.145

535.708

38.854

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

204.736

97.952

0.616

 

 

 

 

 

Less

TAX

70.105

33.077

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

134.631

64.875

0.616

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

40.27

19.40

0.18

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

N.A

N.A

N.A

Cash generated from operations

N.A

N.A

N.A

Net cash flows from (used in) operations

391.186

(90.026)

N.A

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

11.05

10.24

0.95

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

9.50

5.24

0.17

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.29

0.17

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.59

1.81

1.44

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.25

1.38

0.93

 

 

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

19.692

33.426

33.426

Reserves & Surplus

274.928

532.079

666.710

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

2.008

0.000

0.000

Net worth

296.628

565.505

700.136

 

 

 

 

long-term borrowings

426.084

869.733

919.694

Short term borrowings

0.000

155.900

196.173

Total borrowings

426.084

1025.633

1115.867

Debt/Equity ratio

1.436

1.814

1.594

 

 

 

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

39.47

633.66

1217.881

 

 

1,505.422

92.198

 

 

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

39.470

633.660

1217.881

Profit

0.616

64.875

134.631

 

1.56%

10.24%

11.05%

 

 

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

Yes

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)

No

16

No. of employees

No

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

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

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

 

 

Term loan from other

330.000

309.834

 

 

 

Total

330.000

309.834

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10560477

20/09/2014

285,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, KAILASH NAGAR, FOCAL POINT ROAD, NEAR SPRINGDALE SCHOOL, SHERPUR ROAD, LUDHIANA- 141010, 
Punjab, INDIA

C49576218

2

10292896

24/06/2011

315,000,000.00

EXPORT - IMPORT BANK OF INDIA

CENTER ONE BUILDING, FLOOR - 21, WORLD TRADE CENTER COMPLEX, CURRE PARADE, MUMBAI - 141010, MAHARASHTRA - INDIA

B15249360

3

10286103

12/03/2015 *

572,900,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, KAILASH NAGAR, FOCAL POINT ROAD, NEAR SPRINGDALE SCHOOL, SHERPUR ROAD, LUDHIANA - 141010, 
PUNJAB, INDIA

C49575970

 

FIXED ASSETS

  • Air conditioner
  • Building
  • Machinery
  • Mobile
  • Vehicles
  • Computer
  • Office Equipment
  • Tools and Equipment

 

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.09

UK Pound

1

Rs.100.88

Euro

1

Rs.73.95

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

RKI

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

8

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

6

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

54

 

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

 

--

 

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.