MIRA INFORM REPORT
|
Report
Date : |
29.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ELITE INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1/9,
Fatima Building, 66-Dr. Raikar Marg, Mahim West, Mumbai-400016, Maharashtra |
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|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2006 |
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|
|
|
Date
of Incorporation : |
30.06.2004 |
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|
|
|
Com.
Reg. No.: |
11-147227 |
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|
|
|
CIN
No.: [Company
Identification No.] |
U17120MH2004PTC147227 |
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|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
MUME05451F |
|
|
|
|
Legal
Form : |
Private Limited Liability Company |
|
|
|
|
Line
of Business : |
Involved in exporters of textile made-ups i.e. Bed lines
products and home furnishings |
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
450000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Regular |
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|
|
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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 reported as 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
|
Registered
Office : |
1/9,
Fatima Building, 66-Dr. Raikar Marg, Mahim West, Mumbai-400016, Maharashtra,
India |
|
Tel.
No.: |
91-22-24446401 |
|
Mobile
No.: |
91-9326337015 |
|
Fax
No.: |
91-22-24463503 |
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Email
: |
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|
|
|
|
Corporate
Office : |
Shree Arihant Compound, Building No. 13, Thane – Bhiwandi
Road, Koper, Bhiwandi – 421302, Maharashtra, India |
|
Tel.
No.: |
91-2522-275206 / 9 / 272301 / 2 |
|
Mobile
No.: |
91-9323486850 |
|
Fax
No.: |
91-2522-275303 |
DIRECTORS
|
Name : |
Mr. Ravinder Bhagwandas Devidasani |
|
Designation
: |
Director |
|
Address
: |
ARCADE Apartment A/36, 6th Floor, Plot No-60,
Sector-17, Navi Mumbai |
|
Date
of Birth/Age : |
06.10.1967 |
|
Date
of Appointment : |
30.06.2004 |
|
|
|
|
Name : |
Mrs.
Pooja Ravinder Devidasani |
|
Designation
: |
Director |
|
Address
: |
ARCADE Apartment A/36, 6th Floor, Plot No-60,
Sector-17, Navi Mumbai |
|
Date
of Birth/Age : |
15.07.1975 |
|
Date
of Appointment : |
30.06.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Ravinder Bhagwandas Devidasani |
|
999900 |
|
Mrs.
Pooja Ravinder Devidasani |
|
100 |
|
Total |
|
1000000 |
BUSINESS DETAILS
|
Line
of Business : |
Involved in exporters of textile made-ups i.e. Bed lines
products and home furnishings |
GENERAL INFORMATION
|
Bankers
: |
The
Saraswat Co-operative Bank Limited Fort
Branch, Fort Mumbai –
400001, Maharashtra, India Standard
Chartered Bank 90, M G
Road, Fort, Mumbai –
400001, Maharashtra, India UTI Bank
Limited Fort
Branch, Universal
Insu. Building, P. M. Road, Fort, Mumbai –
400001, Maharashtra, India State
Bank of India Overseas
Branch, World
Trade Centre, Cuffe Parade, Mumbai –
400005, Maharashtra, India Citi Bank
N A, Citigroup
Centre, Bandra Kurla Complex, Bandra [East], Mumbai – 400051 L65191GA1994PLC001620 Centurion
Bank of Punjab Limited Bandukwala
Building Off. B S
Marg, Fort, Mumbai – 400023, Maharashtra, India |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Shrishail S Mhetri and Company Chartered Accountants 204, Ostwal Ornate, Buidling No. 2, Jesal Park, Bhayander
[West], Thane – 401105, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
10.000 |
10.000 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
|
107.619 |
69.855 |
|
|
4]
(Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
117.619 |
79.855 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
312.829 |
253.543 |
|
|
2]
Unsecured Loans |
|
0.000 |
0.340 |
|
|
TOTAL BORROWING |
|
312.829 |
253.883 |
|
|
DEFERRED
TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
430.448 |
333.738 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
|
63.090 |
38.733 |
|
|
Capital
work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.025 |
0.000 |
|
|
DEFERREX
TAX ASSETS |
|
0.860 |
0.226 |
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
510.736 |
330.397 |
|
|
Sundry Debtors |
|
39.797 |
47.383 |
|
|
Cash
& Bank Balances |
|
18.168 |
0.000 |
|
|
Other
Current Assets |
|
167.454 |
56.993 |
|
|
Loans
& Advances |
|
9.509 |
5.720 |
|
Total Current Assets |
|
745.664 |
440.493 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
335.125 |
128.580 |
|
|
Provisions |
|
44.183 |
17.290 |
|
Total Current
Liabilities |
|
379.308 |
145.870 |
|
|
Net Current Assets |
|
366.356 |
294.623 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.117 |
0.156 |
|
|
|
|
|
|
|
|
TOTAL |
|
430.448 |
333.738 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.88 |
5.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.97 |
3.02 |
LOCAL AGENCY FURTHER INFORMATION
Business
To carry on in India the business manufacturing, processing,
producing, washing, dyeing, ginning, pressing, spinning, weaving, crimping,
carding, bleaching, testing, combing, doubling, finishing in any form,
calendaring, sizing colouring, printing, mercerizing, missing, reeling,
winding, throwing, embroidering, blending, sorting, stretching, drying,
drawing, cutting, improving, buying, selling, reselling, importing, exporting,
transporting, storing, fabricating, developing, marketing or supplying and to
act as export house or otherwise de4al in all types of textiles goods, dress
materials, fabrics, cloth, yarns, such as nets, matting, hosiety, plastic
cloths, tents, durries, carpets, carpet backing, cloves, denim stone wash,
suittings, shirting, sarees, shawls, overcoats, khaddar, and other similar items
made on power loom, handloom or mill by man made or natural materials like
cotton, flax, hemp, lines, wool, nylon, viscose, ramie, acrylics, dropping,
spun etc.
|
Name
of the company |
ELITE INTERNATIONAL PRIVATE
LIMITED |
|
Presented By |
THE
SARASWAT CO-OPERATIVE BANK LIMITED, FORT BRANCH, MUMBAI |
|
1) Date
and description of instrument creating the change |
Agreement
of hypothecation of movable property for L/C on D/A basis dated 19.05.2005 |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Rs.
80.000 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
of all the goods under L/c tangible movable property including the stock for
the time begin whether new or manufactured or in process of manufacturing and
every tangible movable property / machinery / plant imported or procured by
the borrower or otherwise belonging to the borrower and place of business. Further
hypothecation of outstanding book debts, moneys receivable, claims, bills
and approved bookdebts. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
This is
L/C limit The
Saraswat Co-operative Bank Limited will be having pari passu charge on
property mentioned in column no 3 along with ICICI Bank Limited, Citi Bank,
HDFC Bank, HSBC Bank Limited |
|
5) Name
and Address and description of the person entitled to the charge. |
The
Saraswat Co-operative Bank Limited Fort
Branch, Fort Mumbai –
400001, Maharashtra, India |
|
6)
Date and brief description of
instrument modifying the charge |
NA |
|
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. |
NA |
|
Name
of the company |
ELITE INTERNATIONAL PRIVATE
LIMITED |
|
Presented By |
MR. RAVINDER BHAGWANDAS DEVIDASANI |
|
1) Date
and description of instrument creating the change |
Goods
security agreement dated 29.11.2004 executed by Elite International Private
Limited in favour of CitiBank N A |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Total
working capita facilities of Rs. 59 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 |
First
pari passu charge on current assets including stocks and book debts, both
present and future. Second
pari passu charge on fixed assets including plant and machinery both present
and future. |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
In
consideration of the lender having agreed to lend advance to the company said
credit facilities under agreement and declaration by the company, inter alia
as follows : Covenant
by the company to repay the facility at above and pay interest and all other
monies in the manner set out in the said agreement between the company and
the lender and to comply with the terms and conditions of the said agreement.
The
charge on the current assets will rank first pari passu with charges created
to be created in favour of ICICI Bank, HSBC and HDFC Bank and the charge on
fixed assets with rank second pari passu with the charge created to be
created in favour of HDFC Bank this security shall be charged towards the
repayment of the loan with all interest, liquidated, damages, premia on
prepayment on redemption, costs, charges and other expenses payable by the
company to the lender in respect thereof. The
company to keep the said assets in marketable and good conditions and also
insured as provided therein Power of
entry, power to take charge and or possession of, seize, recover, receive,
appoint and sell, contract or deal with all or any part of the said goods
etc, as provided therein. |
|
5) Name
and Address and description of the person entitled to the charge. |
Citi Bank
N A, Citigroup
Centre, Bandra Kurla Complex, Bandra [East], Mumbai – 400051 |
|
6)
Date and brief description of
instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate
identity number of the company |
U17120MH2004PTC147227 |
|
Name of
the company |
ELITE
INTERNATIONAL PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
1/9,
Fatima Building, 66-Dr. Raikar Marg, Mahim West, Mumbai-400016, Maharashtra |
|
This form
is for |
Modification
of charges |
|
Type of
charge |
Hypothecation
|
|
Particular
of charge holder |
L65191GA1994PLC001620 Centurion
Bank of Punjab Limited Bandukwala
Building Off. B S
Marg, Fort, Mumbai – 400023, Maharashtra, India |
|
Amount
secured by the charge |
Rs.
50.000 millions |
|
Description
of the property charged indicating whether it is a charged on |
Plant and
Machinery Book
debts Stock in
trade |
|
Date of
instrument modifying the charge |
08.03.2006 |
|
Charge
identification number of the charge to be modified |
90145310 |
As per website :
Elite International Private Limited
- company profile elite int. Private Limited Company is involved in exports of
textile made-ups i. E. Bed linen products and home furnishings to USA &
european markets. LED by a team of technically qualified professionals striving
to fulfill the customers' needs of being exclusive and innovative, elite inc.
Has carved a niche for itself in the field of bed linen products and home
furnishings by offering the best quality products at competitive prices.
Product range/markets: The firm has two textile operations - fine count bedding
business and coarse count handloom business. The fine count products offered
range from luxury duvet covers, pillow shams, sheet sets, pillow cases,
comforter covers, bed skirts and many more from 170 tc (thread count) upwards
to 1000 tc in plain, satin, dobby and jacquard weaves. The fabrics range from
100% cotton, polycot, cotton-silk and its other blends to the latest developed
fiber micro modal, lyocell etc. For the niche market. The bed linen products
have been widely accepted in the u. S. Markets and are finding place in the
shelves of the topmost USA retail stores like j. C. Penney, federated
merchandising group, linen n things, bed bath and beyond etc. The coarse count
handloom products include kitchen linen, table cloth, kitchen towels, aprons,
placemats, potholders, gloves, etc. And different types of floor rugs - ribbed
rugs, loop pile rugs, chenille rugs with embroidery, paddle rugs, cut shuttle
rugs etc. And other products as bathmats, throws, cushion covers in a number of
specialty fabrics. We have a traditional hold on the silk carpets manufacturing
and other items made in the valley of kashmir like paper mache and hand made
embroidery etc
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
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
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 |