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|
MIRA INFORM REPORT
|
Report No. : |
484778 |
|
Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASHUTOSH FIBRE PRIVATE LIMITED |
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Registered
Office : |
11-B, New Cloth Markets, O/S Raipur Gate, Ahmedabad – 380002, Gujarat |
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Tel. No.: |
91-22-22166307 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
21.05.1985 |
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Com. Reg. No.: |
04-007831 |
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Capital
Investment / Paid-up Capital : |
INR 17.500 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
U24299GJ1985PTC007831 |
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IEC No.: |
0807011720 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCA8054E |
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GSTIN : |
Not Divulged |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Processing of Yarn. (Registered activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985. It is a manufacturer and
processor of yarn. For the financial year ended 2017, the company has observed
satisfactory growth of 28.30% in its revenue as compared to the previous
year’s revenue and has achieved an average net profit margin of 4.09%. The fair financial position of the company is reflected by adequate
net worth base along with moderate debt balance sheet profile and acceptable
liquidity position. Rating takes into consideration the company’s long established track
record. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
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 |
CRISIL |
|
Rating |
Long Term Loans = B+ |
|
Rating Explanation |
Risk-prone-credit-quality and carries very
high credit risk. |
|
Date |
08.11.2016 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Loans = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit
risk. |
|
Date |
08.11.2016 |
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
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is not
listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 08.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-79-22131749)
LOCATIONS
|
Registered Office : |
11-B, New Cloth Markets, O/S Raipur Gate, Ahmedabad – 380002, Gujarat,
India |
|
Tel. No.: |
91-79-22170909 / 22131749 / 22166307 |
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Fax No.: |
91-79-22138647 |
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E-Mail : |
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Website : |
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Factory : |
SSMI Compound, Station Road, Petlad, Anand – 388450, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Vinodkumar Shankarlal Agarwal |
|
Designation : |
Director |
|
Address : |
1-Radhanpur Co-Operative Housing Society, B/H Swaminarayan Temple, Rambaug, Maninagar, Ahmedabad – 380008, Gujarat, India |
|
Date of Birth/Age : |
25.11.1962 |
|
Date of Appointment : |
05.06.2010 |
|
DIN No.: |
00614402 |
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|
|
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Name : |
Mr. Siddharth Prakashbhai Patel |
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Designation : |
Director |
|
Address : |
6-Bunglows, Mithakhali, Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
09.11.1978 |
|
Date of Appointment : |
01.08.2007 |
|
DIN No.: |
01477471 |
|
|
|
|
Name : |
Mr. Abhishek Rajendra Agarwal |
|
Designation : |
Director |
|
Address : |
16, Shri Gruh Nagar Society, Bhairavnath Road, Rambag, Maninagar, Ahmedabad – 380008, Gujarat, India |
|
Date of Birth/Age : |
13.12.1984 |
|
Date of Appointment : |
05.06.2010 |
|
DIN No.: |
01567158 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Pravinchandra Purushottamdas Patel |
|
1212 |
|
Hasmukhbhai Purshottamdas Patel |
|
73 |
|
Prakashbhai Purshottamdas Patel |
|
100 |
|
Shyamsunderbhai Purshottamdas Patel |
|
641 |
|
Chitali Malavbhai Patel |
|
201 |
|
Meghnaben Swapnilbhai Patel |
|
439 |
|
Siddharth Prakashbhai Patel |
|
1000 |
|
Rajbhai shyamsunder Patel |
|
772 |
|
Sanjay Thakorlal Patel |
|
48 |
|
Abhishek Rajendra Agarwal |
|
2600 |
|
Vinod Shankarlal Agarwal |
|
1750 |
|
Rameshwaram Metals (Private) Limited, India |
|
1000 |
|
Shree Bajrangbali Intermediate and Dyechem (Private) Limited, India |
|
1700 |
|
R. K. Agarwal Trading Company (Private) Limited, India |
|
1700 |
|
Binaben Prakashbhai Patel |
|
313 |
|
Prahash Fin Stock Private Limited |
|
3051 |
|
Swapnilbhai H Patel |
|
900 |
|
|
|
|
|
Total |
|
17500 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
63.14 |
|
Public – (Individual/ Hindu Undivided
Family – Indian) |
36.86 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Processing of Yarn. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Shah and Patel Chartered Accountants |
|
Address : |
5-B, Vardan Exclusive, Near Vimal House, Station Road, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-30222277 / 30222288 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAXFS2204B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Concern in which
key managerial personnel are interested : |
· Prakash Fin Stock Private Limited · Shree Prakash Textiles (Gujarat) Private Limited · Shyam Prakash Spinning Mills Limited · Protective Textiles Private Limited · R. K, Agrawal Trading Co. Private Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17500 |
Equity Shares |
INR 1000/- each |
INR 17.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17500 |
Equity Shares |
INR 1000/- each |
INR 17.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
17.500 |
17.500 |
17.500 |
|
(b) Reserves &
Surplus |
36.677 |
22.537 |
15.877 |
|
(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) |
54.177 |
40.037 |
33.377 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
178.782 |
148.709 |
119.535 |
|
(b) Deferred tax
liabilities (Net) |
20.670 |
13.645 |
9.478 |
|
(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) |
199.452 |
162.354 |
129.013 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
36.266 |
48.410 |
34.276 |
|
(b) Trade payables |
25.471 |
11.054 |
8.610 |
|
(c) Other current
liabilities |
27.460 |
34.042 |
25.597 |
|
(d) Short-term provisions |
1.233 |
3.408 |
2.597 |
|
Total Current Liabilities
(4) |
90.430 |
96.914 |
71.080 |
|
|
|
|
|
|
TOTAL |
344.059 |
299.305 |
233.470 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
244.501 |
211.613 |
170.889 |
|
(ii) Intangible Assets |
0.035 |
0.071 |
0.000 |
|
(iii) Capital
work-in-progress |
0.163 |
17.072 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.480 |
0.480 |
0.480 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.207 |
1.207 |
1.207 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
246.386 |
230.443 |
172.576 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
29.898 |
26.243 |
18.270 |
|
(c) Trade receivables |
31.827 |
24.954 |
29.051 |
|
(d) Cash and cash
equivalents |
15.592 |
5.177 |
5.100 |
|
(e) Short-term loans and
advances |
20.356 |
12.488 |
8.473 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
97.673 |
68.862 |
60.894 |
|
|
|
|
|
|
TOTAL |
344.059 |
299.305 |
233.470 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
346.161 |
269.817 |
261.714 |
|
|
Other Income |
15.575 |
8.942 |
7.250 |
|
|
TOTAL |
361.736 |
278.759 |
268.964 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
182.862 |
138.084 |
140.537 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.824 |
(5.063) |
(3.082) |
|
|
Employees benefits
expense |
8.714 |
6.446 |
4.82 |
|
|
Prior period income/
expense |
0.017 |
0.000 |
0.000 |
|
|
Other expenses |
101.587 |
88.911 |
78.483 |
|
|
TOTAL |
295.004 |
228.378 |
220.758 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
66.732 |
50.381 |
48.206 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
27.516 |
23.476 |
23.607 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
39.216 |
26.905 |
24.599 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.915 |
13.551 |
11.555 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
21.301 |
13.354 |
13.044 |
|
|
|
|
|
|
|
Less |
TAX |
7.160 |
4.167 |
4.111 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
14.141 |
9.187 |
8.933 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
22.282 |
15.622 |
8.736 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
|
|
|
|
|
Proposed Dividend |
0.000 |
2.100 |
1.750 |
|
|
Tax on Dividend |
0.000 |
0.427 |
0.297 |
|
|
Total (M) |
0.000 |
2.527 |
2.047 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
36.423 |
22.282 |
15.622 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
12.577 |
19.718 |
57.287 |
|
|
TOTAL EARNINGS |
12.577 |
19.718 |
57.287 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2.554 |
0.179 |
NA |
|
|
Components and Stores
parts |
0.291 |
3.522 |
NA |
|
|
Capital Goods |
2.357 |
0.181 |
NA |
|
|
TOTAL IMPORTS |
5.202 |
3.882 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
808.01 |
524.99 |
510.47 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Current maturities of Long Term Debts-OBC-TL-923 |
0.000 |
7.334 |
7.200 |
|
Current maturities of Long Term Debts-OBC-TL-1271 |
10.000 |
10.000 |
4.390 |
|
Current maturities of Long Term Debts-OBC-TL-234 |
2.200 |
2.200 |
10.000 |
|
Current maturities of Long Term Debts-OBC-TL-241 |
12.000 |
12.000 |
2.200 |
|
Current maturities of Long Term Debts-ICICI Bank Car Loan |
0.348 |
0.317 |
0.000 |
|
Current maturities of Long Term Debts-Kotak Mahindra Prime Limited |
0.000 |
0.000 |
0.277 |
|
|
|
|
|
|
Total |
24.548 |
31.851 |
24.067 |
|
|
|
|
|
|
Cash generated from operations |
62.715 |
44.508 |
34.276 |
|
Net cash flow from operating activity |
59.879 |
42.044 |
32.982 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
33.56 |
33.76 |
40.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
10.88 |
10.81 |
9.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
50.84 |
29.22 |
22.36 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
2.23 |
1.92 |
2.64 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.27 |
0.22 |
0.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.85 |
0.93 |
0.92 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
4.42 |
5.72 |
5.33 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
1.67 |
2.42 |
2.13 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
4.52 |
5.71 |
5.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.43 |
2.15 |
2.04 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
4.09 |
3.40 |
3.41 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
4.11 |
3.07 |
3.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
26.10 |
22.95 |
26.76 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.08 |
0.71 |
0.86 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.75 |
0.44 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.16 |
0.13 |
0.14 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
13.69 |
13.08 |
10.16 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.08 |
0.71 |
0.86 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are INR
Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
17.500 |
17.500 |
17.500 |
|
Reserves & Surplus |
15.877 |
22.537 |
36.677 |
|
Net
worth |
33.377 |
40.037 |
54.177 |
|
|
|
|
|
|
Long Term borrowings |
119.535 |
148.709 |
178.782 |
|
Short Term borrowings |
34.276 |
48.410 |
36.266 |
|
Current Maturities of Long term debt |
24.067 |
31.851 |
24.548 |
|
Total
borrowings |
177.878 |
228.970 |
239.596 |
|
Debt/Equity
ratio |
5.329 |
5.719 |
4.422 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
261.714 |
269.817 |
346.161 |
|
|
|
3.096 |
28.295 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
261.714 |
269.817 |
346.161 |
|
Profit |
8.933 |
9.187 |
14.141 |
|
|
3.41% |
3.40% |
4.09% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
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 |
No |
|
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 |
BUSINESS OPERATION
AND REVIEW OF OPERATIONS
During the year, the company’s own sales were to the tune of INR 346.161 Million (previous year INR 269.817 Million). The job activities to the tune of INR 54.327 Million (previous year INR 57.028 Million) were carried out by the Company. The Company incurred Net profit of INR 14.141 Million after providing Depreciation to the tune of INR 17.915 Million. The Company carried out the production of spun yarn and Dref Spun Yarn. It also undertook the job work of the said products more particularly 2/15 Ring Spun Yarn, 2/24 Ring Spun Yarn and 0.8 Dref Yarn. The Company exported to the tune of INR 52.787 Million 46 Tex Core Yarn comprising of Technical fibres and 6/24 Ring Spun yarn. In view of the superior and competitive quality, there was high level of acceptance of the products with the customers in domestic and international market too.
During the year, the machineries worth INR 51.510 Million were purchased. The Management is highly buoyant, optimist, cheerful for the performance in current year due to favourable policies and growing demand.
The technical textile industry is broad and diverse with new and innovative applications developed regularly. The technical textile industry is also increasing proportionally relative to the whole textile industry;
Technical Textiles are textile materials and products used for their technical performance and functional properties. The market for Technical Textiles is expanding as the products are being put to use by an ever increasing number of end users in various industries such as agriculture, clothing, construction, health care, transportation, packaging, sports, environmental protection, protective wear, and more. The global market for Technical Textiles is expected to grow, driven by the increasing use of these products particularly non woven in emerging markets like Asia, because of increased levels of consumption and production, availability of skilled labour, and developing infrastructure facilities. The global Technical Textile industry is currently dominated by products from China and the European Union. Developing countries in Asia have the advantage of becoming production centres for Technical Textiles due to their factor cost advantages. The given cost advantage like cheap labour and abundance of natural fibres as well as manmade fibres, India has a high potential to become a significant global player in Technical Textile.
TUF Scheme OF the central Government aims to Upgrade andmodernise the Indian Textile Industry by encouraging it to undertake and adopt modern technological process and undertake capacity expansion. Vide TUFS the Government aims at making available funds to the domestic textile industry including technical textile industry by way of interest subsidy and capital subsidy for their technology up gradation and enhancement in capacity.
Gujarat State government has a specific financial assistance scheme for promotion of Technical Textile industry in Gujarat. The scheme provides credit linked interest subsidy at 6% over and above any incentive available from Government of India. All industries of Technical Textiles spread across the 12 segments are eligible for the scheme. Both new and existing enterprises can avail this scheme for expansion and upgradation in the Technical Textile sector. The scheme is also be valid for purchase of machinery specified under the TUF scheme. The benefit can also be availed while acquiring second hand machinery on up to 60% of the purchase value of the second hand machinery. However, the second hand machinery must have a 10 years vintage and 10 years of residual life at time of acquisition with the total cost of acquisition less than 50% of the cost of new machinery. For export promotion, the Central government has the duty drawback scheme run by Department of revenues, for reimbursement of import duties paid for manufacturing of export products.
Ministry of Textiles has set up six Focus Incubation Centers. These centers would help budding entrepreneurs build innovative Technical Textile products in a "plug and play" model, and would help promote Make in India in textile etc.
Ashutosh Fibre Private Limited is one of the biggest manufacturers of Technical Textile yarns in India and spins yarns for the Indutech, Protech, Clothtech and Hometech sectors of Technical Textiles. Ashutosh Fibre has a monopoly in spinning 100% Polypropylene spun yarn in India and also exports Polypropylene spun yarn to Australia, Israel, Poland and Taiwan. The total production and sales has increased by 60% in the last five years. Effective marketing and strict quality control measures taken by the company are the main factors behind the better performance of the Company during the year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Inter Corporate Deposits |
41.289 |
37.122 |
|
Loans and advances from related parties |
97.057 |
51.480 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Inter
Corporate Deposits |
0.000 |
15.987 |
|
Loans
and advances from related parties |
1.824 |
0.563 |
|
|
|
|
|
Total |
140.170 |
105.152 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G33765520 |
100073027 |
ORIENTAL BANK OF COMMERCE |
05/01/2017 |
- |
- |
18000000.0 |
Neel Kamal, Opp. Sales IndiaAshram RoadAhmedabadGJ380009IN |
|
2 |
C67406108 |
10597310 |
ORIENTAL BANK OF COMMERCE |
27/08/2015 |
- |
- |
60000000.0 |
HOTEL MEGHDOOT BUILDINGSTATION ROADAHMEDABADGJ380002IN |
|
3 |
C20507620 |
10519796 |
ORIENTAL BANK OF COMMERCE |
06/08/2014 |
- |
- |
11000000.0 |
HOTEL MEGHDOOT BUILDINGSTATION ROADAHMEDABADGJ380002IN |
|
4 |
B85994457 |
10451645 |
ORIENTAL BANK OF COMMERCE |
08/08/2013 |
- |
- |
50000000.0 |
HOTEL MEGHDOOT BUILDINGSTATION ROAD BUILDINGAHMEDABADGJ380002IN |
|
5 |
C67406439 |
10365657 |
ORIENTAL BANK OF COMMERCE |
16/06/2012 |
27/08/2015 |
- |
45600000.0 |
HOTEL MEGHDOOT BUILDINGSTATION ROADAHMEDABADGJ380002IN |
|
6 |
B43714260 |
10246632 |
ORIENTAL BANK OF COMMERCE |
14/10/2010 |
10/07/2012 |
- |
10000000.0 |
HOTEL MEGHDOOT BUILDINGSTATION ROADAHMEDABADGJ380002IN |
|
7 |
G05073713 |
10246629 |
ORIENTAL BANK OF COMMERCE |
14/10/2010 |
- |
08/06/2016 |
36000000.0 |
HOTEL MEGHDOOT BUILDINGSTATION ROADAHMEDABADGJ380001IN |
|
8 |
G05034970 |
10365656 |
ORIENTAL BANK OF COMMERCE |
16/06/2012 |
- |
07/06/2016 |
17000000.0 |
HOTEL MEGHDOOT BUILDINGSTATION ROADAHMEDABADGJ380002IN |
|
9 |
A96569348 |
80055108 |
COLOUR MERCHANT CO-OPERATIVE LIMITED |
03/02/2006 |
- |
20/10/2010 |
3700000.0 |
RAIPUR BRANCHAHMEDABADGJ380002IN |
|
10 |
A95041760 |
10070646 |
PUNJAB NATIONAL BANK |
04/10/2007 |
- |
24/09/2010 |
11000000.0 |
ASHRAM ROAD,AHMEDABADAHMEDABADGJ380009IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Bank Guarantee |
6.290 |
6.290 |
FIXED ASSETS
· Plant and Machinery
· Electric Installations
· Computers
· Furniture and Dead Stock
· Factory Building
·
Motor Vehicles
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
|
INR |
|
US Dollar |
1 |
INR 63.39 |
|
|
1 |
INR 85.74 |
|
Euro |
1 |
INR 76.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.