MIRA
INFORM REPORT
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Report Date : |
04.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
TRACON
EXPORT SERVICES PRIVATE LIMITED |
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Registered Office : |
31,
Jaydeep, 240 Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
02.07.1991 |
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Com. Reg. No.: |
11-62317 |
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CIN No.: [Company
Identification No.] |
U51900MH1991PTC062317 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Exporters
of Home Furnishing Textiles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
375000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are fair. Business is
active. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
31,
Jaydeep, 240 Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra |
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Tel. No.: |
91-22-22846151 |
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Fax No.: |
91-22-22846154 |
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E-Mail : |
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Branches
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S. G.
Building, Sun Mill Compound, Lower Parel, Mumbai – 400013, Maharashtra, India Tel. No.: 91-22-24971619 / 24971620 Fax No.: 91-22-24971970 E-Mail : tespl@bom3.vsnl.net.in Lansdowne
House, 18, Mahakavi Bhushan Marg, Mumbai – 400021, Maharashtra, India Tel.
No. : 91-22-22846151 / 2 /3 Fax
No. : 91-22-22846154 |
DIRECTORS
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Name : |
Mr.
Nitin Kitchlu |
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Designation : |
Chairman
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Address : |
81,
Sainara 17 Cuffe Parade, Coloba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
21.08.1950 |
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Date of Appointment : |
03.07.1991 |
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Name : |
Mr.
Dheera Kitchlu |
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Designation : |
Director
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Address : |
81,
Sainara 17 Cuffe Parade, Coloba, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
13.12.1950 |
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Date of Appointment : |
03.07.1991 |
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Name : |
Mr.
Paresh Amritlal Vasa |
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Designation : |
Director
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Address : |
203
Dun Apartments, 225/7 J. D. Road, Tardeo, Mumbai – 400007, Maharashtra, India |
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Date of Birth/Age : |
14.02.1961 |
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Date of Appointment : |
01.07.2000 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Nitin Kitchlu |
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25000 |
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Mr.
Dheera Kitchlu |
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25000 |
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TOTAL |
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50000 |
BUSINESS DETAILS
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Line of Business : |
Exporters
of Home Furnishing Textiles. |
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Products : |
100%
Cotton Handloom Yarn Dyed Fabrics 100%
Cotton Handloom Yarn Dyed Cushion
Cover 100%
Cotton Handloom Yarn Dyed Dishtowel |
GENERAL
INFORMATION
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Bankers : |
State
Bank of India Bank
of India Indian
Bank Standard
Chartered Grindlays Bank |
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Banking Relations : |
Satisfactory
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Auditors : |
Shah
& Nair Associates Chartered
Accountants, Mumbai,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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37500 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.375 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.375 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
98.005 |
88.048 |
75.667 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
98.380 |
88.548 |
76.167 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.530 |
0.400 |
0.000 |
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TOTAL |
98.910 |
88.948 |
76.167 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.600 |
6.378 |
7.399 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
66.989 |
70.130 |
54.581 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.938 |
1.252 |
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Sundry Debtors |
10.882 |
4.175 |
28.943 |
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Cash & Bank Balances |
3.463 |
2.025 |
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Other Current Assets |
7.700 |
7.301 |
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Loans & Advances |
25.432 |
15.134 |
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Total Current Assets |
51.415 |
29.887 |
28.943 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
27.094 |
17.447 |
14.756 |
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Total Current Liabilities |
27.094 |
17.447 |
14.756 |
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Net Current Assets |
24.321 |
12.440 |
14.187 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
98.910 |
88.948 |
76.167 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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159.254 |
92.467 |
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Profit/(Loss)
Before Tax |
|
34.399 |
15.381 |
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Provision
for Taxation |
|
5.389 |
2.559 |
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Profit/(Loss)
After Tax |
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29.010 |
12.822 |
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Export
Value |
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125.326 |
70.153 |
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Total
Expenditure |
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124.854 |
77.085 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
18.21
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13.86 |
N.A. |
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Net
Profit Margin (PBT/Sales) |
(%) |
21.60
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16.63 |
N.A. |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
58.28
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42.41 |
N.A. |
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Return
on Investment (ROI) (PBT/Networth) |
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0.34
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0.17 |
N.A. |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.27
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0.19 |
0.19 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.89
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1.71 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
The
significant drop in 2003-04 was corrected in the year 2004-05, with a sales
increase of 76% and profit increase of more than double, accounted largely due
to investments, countering a sizeable increase in tax.
Greater
investment is planned in marketing during 2005 – 06, to sustain the new level
of activity and build upon it.
Fixed
Assets
Computer
Systems, Motor Car, Furniture & Fixtures, Office Equipments, Plant &
Machinery and Office Premises.
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Name of the company |
TRACON EXPORT SERVICES PRIVATE LIMITED |
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Presented By |
Grindlays Bank, M. G. Road, Mumbai – 400023 |
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1) Date and description of instrument creating the change |
Hypo. of goods to secure advances and other Indebtedness dt. 09.03.1994 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All stocks of raw materials, work in progress, finished goods & stores & spares of any kind situated at factory / godown / premises of Tracon Export Services Private Limited or at any other place, including cotton handloom fabrics and make-ups. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : 20.5% p.a. Margin : 25% |
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5) Name and Address and description of the person entitled to the charge. |
Grindlasy Bank M. G. Road, Mumbai – 400023, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Suppl. Letter of hypo. of goods, book debts Dt. 23.12.1996 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge was created on 09.03.1994 for Rs. 5.000 millions new by the present modification dt. 23.12.1996 the limit increased by Rs. 3.000 millions making total to Rs. 8.000 millions |
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 records 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.44.45 |
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UK
Pound |
1 |
Rs.84.83 |
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Euro |
1 |
Rs.57.12 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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