MIRA INFORM REPORT
|
Report Date : |
30.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
A V THOMAS LEATHER AND
ALLIED PRODUCTS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
A V THOMAS LEATHER AND
ALLIED PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
22, Marshalls Road, Egmore,
Chennai - 600 008, Tamilnadu, India |
|
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Date of Incorporation : |
21.09.1977 |
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Com. Reg. No.: |
18-17377 |
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CIN No.: [Company Identification No.] |
U18209TN1977PTC007377 |
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|
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TAN No.: [Tax Deduction & Collection Account No.] |
CHEA00398G |
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|
|
|
Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturers and Exporters
of leather wallets, purses, ladies handbags, passport holders, credit card
holders and other leather goods. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
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|
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|
Status : |
Good |
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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, respectable and resourceful industrialists. Their trade
relations are reported as fair. General financial position is good. Payments are usually correct and as per
commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
22, Marshalls Road, Egmore,
Chennai - 600 008, Tamilnadu, India |
|
Tel. No.: |
91 - 44 – 28553249 |
|
Fax No.: |
91 - 44 – 28553247 |
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E-Mail : |
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|
Website : |
http://www.avtleather.com (under construction) |
|
Area : |
1850
sq. ft. |
|
Location : |
Owned
|
|
|
|
|
Factory 1 : |
118A, Velacherry Road,
Guindy, Chennai - 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22201954 |
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Fax No.: |
91-44-22201959 |
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E-Mail : |
|
|
Area : |
7500
sq. ft. |
|
Location : |
Owned
|
|
|
|
|
Factory 2 : |
22, Marshalls Road, Egmore,
Chennai - 600 008, Tamilnadu, India |
|
Tel. No.: |
91 - 44 – 28553249 |
|
Fax No.: |
91 - 44 – 28553247 |
|
E-Mail : |
|
|
Area : |
1850
sq. ft. |
|
Location : |
Owned
|
|
|
|
|
Branches : |
12, Race Course Road,
Guindy, Chennai - 600 032, Tamil Nadu, India |
|
Tel. No.: |
91-44-22454427
/ 22455510 |
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Fax No.: |
91-44-2201959 |
|
E-Mail : |
DIRECTORS
|
Name |
Mr. J. Thomas |
|
Designation |
Chairman |
|
|
|
|
Name |
Mr. Ajit Thomas |
|
Designation |
Director |
|
Address |
24, Vijayaraghava Road, T.
Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth |
07.06.1954 |
|
Date of Appointment : |
18.06.2001 |
|
|
|
|
Name |
Mr. Dilip Thomas |
|
Designation |
Director |
|
Address |
9, Lodikhan Street, T.
Nagar, Chennai – 600017, Tamil Nadu, India |
|
Date of Birth |
07.08.1958 |
|
Date of Appointment : |
18.06.2001 |
|
|
|
|
Name |
Mr. Ramaswami |
|
Designation |
Director |
|
Address |
43, Venkatrathnam Nagar,
Adyar, Chennai - 600020, Tamil Nadu, India |
|
Date of Birth |
01/07/1921 |
|
|
|
|
Name |
Mrs. Shanthi Thomas |
|
Designation |
Director |
|
Address |
24, Vijayaraghava Road, T.
Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth |
28.07.1954 |
|
Date of Appointment : |
29.07.2002 |
|
|
|
|
Name |
Ms. Priyalatha Thomas |
|
Designation |
Director |
|
Address |
24, Vijayaraghava Road, T.
Nagar, Chennai - 600017, Tamil Nadu, India |
|
Date of Birth |
15.07.1960 |
|
Date of Appointment : |
29.02.2002 |
|
|
|
|
Name |
Mr. K. D. Madan |
|
Designation |
Director |
|
Address |
18, Cenotaph Road, Second
Lane, Chennai - 600018, Tamil Nadu, India |
|
Date of Birth |
11/09/1948 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Ajit Thomas |
|
493900 |
|
Mr. Dilip Thomas |
|
492750 |
|
Mrs. Priyalatha Thomas |
|
1150 |
|
Total |
|
987800 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters
of leather wallets, purses, ladies handbags, passport holders, credit card
holders and other leather goods. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
|
|
Unit |
Actual Production |
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|
|
|
|
|
|
Leather Goods |
|
|
Nos. |
4502888 |
GENERAL INFORMATION
|
Suppliers : |
Ř
Chandru Printers Ř
Industrial Connections Ř
I.C. Industries Ř
Jai Plastics Ř
Jayaram Enterprises Ř
Sri Sathyanarayana
Plastics Ř
Kalika Poly Packaging
Industry Ř
Kanna Process Ř
M.N. Polymers Ř
Meenakshi &
Company Agency Division Ř
Nitya Enterprises Ř
Pavitraa Graphics
Limited Ř
Plastix Ř
Preciision Engineering
Plastics Ř
RD Polymers Ř
Sai Packaging Company Ř
Sajawat Industries Ř
Salanix Private
Limited Ř
Sasudina Packaging
Private Limited Ř
Seliam Chemicals Ř
Success Chemicals
Company Ř
Sun Enterprises Ř
Syntyokem Industries Ř
Vadapalani Press Ř
A.K. Prints Ř
Annai Polymer India
Private Limited Ř
Angel Labels Ř
D-Pack Ř
Trim Pack |
|
|
|
|
Customers : |
Ř
Wholesalers Ř
Retailers Ř
End Users |
|
|
|
|
No. of Employees : |
Around
160 |
|
|
|
|
Bankers : |
Ř
Indian Bank, Parktown
Branch, Sydenhams Road, Leather Centre, Chennai - 600 003, Tamil Nadu, India Ř
State Bank of India,
Commercial Branch, 232 NSC Bose Road, Second Line Beach, Chennai - 600001,
Tamil Nadu, India Ř
Citibank N.A., No.2,
Club House Road, Anna Salai, Chennai-600002, Tamilnadu, India |
|
|
|
|
Facilities : |
Secured Loans (31.03.2005) : From Bank: Packing Credit – Rs.176.303
millions (Secured by hypothecation
of Inventories and Plant and Machinery) Unsecured Loans (31.03.2005) : Employees Housing Loan –
Rs.1.128 millions |
|
|
|
|
Banking Relations : |
Good
|
|
|
|
|
Auditors : |
Suri & Company Chartered Accountants, No.70
(Old No.139A), Kodambakkam High Road, Nungambakkam, Chennai - 600 034,
Tamilnadu, India |
|
Tel. No.: |
91-44-28275876/28277082 |
|
|
|
|
Associates : |
Ř
A V Thomas &
Company Limited, 174, Thambu Cheety Street, Chennai - 600001, Tamil Nadu,
India Tel. No. 91-44-25231892 -
Air and Sea Department
- Travel agents and clearing and
forwarding agents Ř
A V Thomas International Limited Ř
The Rajagiri Rubber
and Produce Company Limited Ř
A V Thomas Exports
Limited, A-8, Dhandeeswarar Nagar, 3rd Cross Street, Velacherry,
Chennai - 600042, Tamil Nadu, India Tel. No. 91-44-22430082 Ř
A V Thomas Industrial
Products Limited Ř
AVT Mccornic
Ingredients Limited Ř
AVT Rubber Products
Limited Ř
Midland Latex Products
Limited Ř
The Highland Produce
Company Limited (Cardamom, Allied Products) Ř
The Kalpetta Estates
Limited Ř
The Midland Rubber And
Produce Company Limited, Ř
Neelamalai Agro
Industries Limited, 27 Mc Nichols Road, Chennai - 600031, Tamil Nadu, India Tel. No. 91-44-29216332 Ř
The Neliampathy Tea
& Produce Limited (Plantations, Agrochemical, Oil Extractions, Medical
Rubber Products, Hospital Supplies, Plant Bio-Technology etc) Ř
AVT Natural Products
Limited, 72/B,
Chesney Estates, Ethiraj Salai, Chennai - 600010, Tamil Nadu, India Ř
Teleflex Medical
Private Limited 59,
Rems Street, Kilpauk, Chennai - 600010, Tamil Nadu, India Tel. No. 91-44-26448588 Ř
Daip Tradepool
Limited, 2984 Taramani Link Road, Chennai - 600042, Tamil Nadu, India Tel.
No. 91-44-22411958 Ř
L.J. International
Limited Ř
A.V. Thomas
Investments Company Limited Ř
Neeliampathy Tea &
Produce Company Limited Ř
AVT Infotech Private
Limited Ř
DALP Trade Pool
Private Limited Ř
S.T. Holdings Private
Limited Ř
Ajit Thomas Holdings
Private Limited Ř
Alina – Proprietory
Concern |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,00,000 |
Equity Shares |
Rs. 10/- |
Rs. 10.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
987800 |
Equity
Shares |
Rs. 10/- |
Rs. 9.878 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.878 |
9.878 |
9.878 |
|
|
2] Reserves & Surplus |
263.210 |
253.966 |
234.050 |
|
NETWORTH
|
273.088 |
263.844 |
243.928 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
287.788 |
176.303 |
87.947 |
|
|
2] Unsecured Loans |
0.899 |
1.128 |
1.245 |
|
TOTAL
BORROWING
|
288.687 |
177.431 |
89.192 |
|
|
|
|
|
|
|
TOTAL
|
561.775 |
441.275 |
333.120 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
117.163 |
79.420 |
52.737 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
77.500 |
57.790 |
70.320 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
327.928
|
210.211
|
134.753
|
|
|
Sundry Debtors
|
80.867
|
87.392
|
84.254
|
|
|
Cash & Bank Balances
|
16.010
|
35.330
|
16.070
|
|
|
Other Current Assets
|
0.076
|
0.057
|
0.102
|
|
|
Loans & Advances
|
124.481
|
114.785
|
106.297
|
Total Current Assets
|
549.362
|
447.775 |
341.476
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
102.491
|
94.867 |
84770
|
|
|
Provisions |
79.759
|
48.843 |
46.643
|
|
Total Current Liabilities
|
182.250
|
143.710 |
131.413
|
|
Net Current
Assets
|
367.112
|
304.065 |
210.063
|
|
|
|
|
|
|
|
TOTAL
|
561.775 |
441.275 |
333.120 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
1499.998 |
885.356 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
66.301 |
62.440 |
Provision for Taxation
|
|
24.000 |
13.000 |
Profit/(Loss) After Tax
|
|
42.301 |
49.440 |
|
|
|
|
|
Export Value
|
|
1289.054 |
745.344 |
|
|
|
|
|
Import Value
|
|
205.811 |
93.919 |
|
|
|
|
|
Total Expenditure
|
|
1433.697 |
822.916 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA |
2.82 |
5.58
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA |
4.42 |
7.05
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
NA |
12.58 |
13.44
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA |
0.25 |
0.26
|
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
1.72 |
1.22 |
1.90
|
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
3.01 |
3.11 |
2.60
|
LOCAL AGENCY FURTHER INFORMATION
Subject
is one of the leading Industrial Group in Kerala well-known throughout India
and Abroad. It has its own office in USA and Representatives in all countries
abroad. This is a professionally managed group noted for meeting its
commitments on due dates.
The
company’s fixed assets include Plant and Machinery, Furniture and Fixtures,
Office Equipments, Motor Vehicles, Land and Development and Electrical
Installation.
Form 8 Particular for creation or modification of
charges
|
Name of the company |
A V THOMAS LEATHER AND ALLIED PRODUCTS PRIVATE
LIMITED |
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|
Presented By |
STATE BANK OF INDIA Commercial Branch, 232, N.S.C. Bose Road, Chennai-600001 |
|||||||||||||||
|
1) Date and description of
instrument creating the change |
All
agreements dated 24.03.2003 Agreement
of Loan for overall limit in Form C-1 Agreement
of Hypothecation of Goods and Assets in Form C-2 Letter
regarding the grant of individual limits within the overall limit in Form C-5 Agreement
of pledge of goods and assets in Form C-3 |
|||||||||||||||
|
2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.70.000
millions
|
|||||||||||||||
|
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 |
Hypothecation
in favour of Bank on all entire present and future goods book debts and all
other movable assets of the Borrower including documents of title to the
goods, receivables including receivables by way of cash assistance and / or
cash incentives under the cash incentives scheme or any other scheme claims
including claims by way of round of customs/ excise duties under the Duty
drawback schemes or any other scheme, bills, invoices, documents, contracts,
insurance policies, guarantees, engagements, securities, investments and
rights and the present machinery and all future machinery belonging to or in
the possession or under the control of the borrower or of the Bank or of any
third party whether in India or elsewhere |
|||||||||||||||
|
4) Gist of the terms and
conditions and extent and operation of the charge. |
For EPC and FBD the rate of interest at the rate of
3.15% below SBAR min.7.60%. Margin : Raw Materials 25% Stock in trade 25% Finished Goods 25% Book Debts/ Receivables 40% |
|||||||||||||||
|
5) Name and Address and
description of the person entitled to the charge. |
STATE BANK OF INDIA Commercial Branch, 232, N.S.C. Bose Road, Chennai-600001 |
|||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Agreement
ceding pari passu charge dated 13.05.2005 |
|||||||||||||||
|
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
present modification is for offering company’s fixed assets, current assets
viz- raw materials, stock in process, semi finished goods, bills receivables
etc. on pari pasu basis without any preference or priority of one over the
others to secure both fund based and non fund based limits aggregating to
Rs.4.550 millions together with interest and all other monies payable by the
company to the following Banks :
|
|
Corporation
identity number or foreign company registrations number of the company |
U18209TN1977PTC007377 |
|
Name
of the company |
A.
V. THOMAS LEATHER AND ALLIED PRODUCTS LIMITED |
|
Address |
22,
Marshalls Road, Egmore, Chennai-600008, Tamilnadu, India |
|
This
Form is for |
Modification
of charge |
|
Type
of Charges |
Hypothecation |
|
Particular
of the charge holder |
Citibank N.A. No.2, Club House Road, Anna Salai, Chennai-600002, Tamilnadu, India E-Mail : raghu.chejaria@citigroup.com |
|
Amount
Secure by the charge |
Rs.80.000 millions |
|
Brief
of the principal terms and conditions and extent and operation of the charge |
Pari passu first charge on present and future
current assets and movable fixed assets. Above charge of Citibank NA shall
rank pari pasu with Indian Bank and State Bank of India for their working
capital facilities. |
|
Description
of the property charge whether it is a charge on |
Plant and Machinery Furniture and Fixtures Stock in trade Book debts |
|
Modification
charge Charge
identification number of the charge to be modified |
90297234 |
|
Date
of instrument modifying the charge |
28.08.2006 |
|
Particulars
of the Property charged |
Present and future current assets and movable fixed
assets of the company |
The
company has achieved an operating income of Rs.1500 millions during the year
compared to Rs.885.4 millions in the previous year. The company has earned a
profit of Rs.66.301 millions after providing Rs.9.643 millions for
depreciation.
Foreign Exchange Earnings and Outgo :
During
the period under review, the company’s foreign exchange earnings amounted to
Rs.1289.054 millions as compared to Rs.745.344 millions in the previous year.
The outgo of foreign exchange amounted to Rs.234.165 millions against
Rs.113.786 millions in the previous year. Details are set out in item 3(e) and
3(f) of the notes on accounts.
Subsidiary Companies :
Accounts
and Director’s report of the subsidiary company A.V. Thomas Exports Limited,
for the year ended 31.03..2005 are attached to the Balance Sheet. The company
has reported a net loss of Rs.0.158 millions for the year 2004-2005.
Accounts
and Director’s report of the subsidiary company A.V. Thomas Leather (UK)
Limited for the period ended 31.12.2004 are attached to the Balance Sheet. The
company has reported a net profit before tax of GBP 0.033 millions fort the
year 2004 and after providing for taxation of GBP Rs.0.006 millions and
dividend @ 20% of GBP Rs.0.020 millions, the accumulated profits stand at GBP
Rs.0.007 millions as on 31.12.2004.
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.44.27 |
|
UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE & 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 |
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 |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |