MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AML EXPORTS PRIVATE LIMITED |
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Registered Office : |
52, Saknar Bhawan, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.02.1976 |
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Com. Reg. No.: |
11-18838 |
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CIN No.: [Company
Identification No.] |
U67120MH1976PTC018838 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21436C |
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PAN No.: [Permanent
Account No.] |
AAACR3494A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Yarns, Textiles and Fabrics. |
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 80000 |
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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 records. 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
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Registered Office : |
Malhotra House, 2nd Floor, Opposite GPO Fort, Mumbai –
400001, |
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Tel. No.: |
91-22-22699289 |
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Mobile No.: |
91-9820133880 |
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E-Mail : |
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Website : |
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Factory 1 : |
52, Saknar Bhawan, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-40956809 |
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Fax No.: |
91-22-40956801 |
DIRECTORS
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Name : |
Mr. Uday Kantilal Sheth |
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Designation : |
Director |
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Address : |
Malhotra House, 2nd Floor, Opposite GPO Fort, Mumbai –
400001, |
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Date of Birth/Age : |
11.08.1947 |
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Date of Appointment : |
31.01.1976 |
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Date of Ceasing : |
07.06.2005 |
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Name : |
Mr. Vishal Uday Sheth |
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Designation : |
Director |
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Address : |
131-B, Jolly Maker, Cuffe Parade, Mumbai – 400005, |
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Date of Birth/Age : |
03.08.1975 |
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Date of Appointment : |
12.03.2007 |
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Name : |
Mr. Sandeep Uday Sheth |
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Designation : |
Director |
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Address : |
142-B, Jolly Maker |
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Date of Birth/Age : |
18.02.1977 |
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Date of Appointment : |
08.06.2002 |
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Name : |
Ms. Bijal Vishal Sheth |
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Designation : |
Director |
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Address : |
131-B, Jolly Maker |
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Date of Birth/Age : |
29.07.1978 |
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Date of Appointment : |
31.10.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Equity
Shares |
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K T Exports India Private Limited |
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10 |
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Udaysons Investments Private Limited |
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10 |
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Kantilal K. Sheth |
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100 |
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Ashita K. Sheth |
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306760 |
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Hiralaxmi K Sheth |
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25100 |
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Dr. Sushila K Sheth |
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25100 |
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Uday K. Sheth |
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175490 |
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Rekha U Sheth |
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2000 |
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280810 |
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70100 |
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Urvi Sheth |
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100 |
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Uday K Sheth |
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100 |
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Sonal H Sheth |
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100 |
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Rupal J Sheth |
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100 |
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Aniruddh Sheth |
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100 |
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Jayesh Sheth |
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100 |
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Uday K Sheth Kantilal K. Sheth Hiralaxmi K Sheth |
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100 |
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Ashita K. Sheth Bharat P Shah Hiralaxmi K Sheth |
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100 |
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Harkishon Udani Ashita K. Sheth Sushila K Sheth |
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100 |
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Uday K Sheth Kantilal K. Sheth |
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100 |
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Ashita K. Sheth Kantilal K. Sheth |
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100 |
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C D Vora Kantilal K. Sheth Ashita K. Sheth |
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100 |
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Madhusudan Vora Kantilal K. Sheth Ashita K. Sheth |
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100 |
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Uday K Sheth Ashita K. Sheth Kantilal K. Sheth |
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100 |
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Madhusudan Vora Kantilal K. Sheth Ashita K. Sheth |
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100 |
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K K Pariwar Trust |
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50900 |
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Ashita Sheth Family Trust |
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50900 |
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Sheth Pariwar Trust |
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50000 |
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Ashita Kutumb Trust |
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50900 |
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Ashita Family Trust |
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900 |
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Jaiguru Trust |
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900 |
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Kasumba Family Trust |
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900 |
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Sandeep Foundation |
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900 |
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Uday Sheth Family Foundation |
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900 |
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Vishal Fioundation |
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900 |
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Name o
Shareholders |
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No. of
Preference Shares |
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Uday K. Sheth |
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20 |
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Ashita Sheth |
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10 |
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Sonal H Sheth |
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20 |
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Hiralaxmi K Sheth |
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10 |
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Kaumba Ambavidas |
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10 |
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Sushila Sheth |
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10 |
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Uday Jointly with Rekha Sheth |
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60 |
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Rekha Sheth Jointly with Uday Sheth |
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60 |
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Jayesh Sheth |
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10 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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82.00 |
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Other top fifty shareholders |
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18.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Yarns, Textiles and Fabrics. |
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Products : |
Yarns, Textiles and Fabrics |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. D. and Company Chartered Accountants |
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Address : |
3, Abbas Manzil, 1st Floor, 1st Floor, 12,
Nadirsha Sukhia Street, Near Citi Bank, Fort, Mumbai – 400001, Maharashtra,
India |
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Associates/Subsidiaries : |
U67120MH1981PTC023798
U67120MH1981PTC023799
U65990MH1981PTC023795
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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132900 |
Preference Shares |
Rs. 10/- each |
Rs. 1.329 Millions |
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10000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 0.100 Million |
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Total |
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Rs. 21.429
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1184980 |
Equity Shares |
Rs. 10/- each |
Rs. 11.850
Millions |
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210 |
Preference Shares |
Rs. 10/- each |
Rs. 0.002
Million |
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Total |
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Rs. 11.852 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.852 |
11.852 |
5.102 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.279 |
6.627 |
4.920 |
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4] (Accumulated Losses) |
[0.092] |
[0.132] |
0.000 |
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NETWORTH |
21.039 |
18.347 |
10.022 |
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LOAN FUNDS |
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1] Secured Loans |
24.155 |
18.896 |
23.718 |
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2] Unsecured Loans |
60.379 |
65.916 |
79.178 |
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TOTAL BORROWING |
84.534 |
84.812 |
102.896 |
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DEFERRED TAX LIABILITIES |
0.096 |
0.047 |
0.000 |
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TOTAL |
105.669 |
103.206 |
112.918 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.469 |
2.342 |
0.372 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.369 |
2.369 |
2.409 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.744 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
50.323
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37.072 |
2.818 |
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Sundry Debtors |
13.793
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35.398 |
13.886 |
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Cash & Bank Balances |
22.665
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21.215 |
16.350 |
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Other Current Assets |
9.096
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4.921 |
6.555 |
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Loans & Advances |
52.794
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21.915 |
71.905 |
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Total
Current Assets |
148.671
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120.521 |
111.514 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.544
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20.145 |
1.985 |
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Provisions |
4.296
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1.881 |
0.248 |
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Total
Current Liabilities |
45.840
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22.026 |
2.233 |
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Net Current Assets |
102.831
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98.495 |
109.281 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.112 |
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TOTAL |
105.669 |
103.206 |
112.918 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
474.219 |
456.227 |
222.967 |
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Export Turnover |
407.152 |
296.582 |
0.000 |
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Total Income |
881.371 |
752.809 |
222.967 |
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Profit/(Loss) Before Tax |
5.698 |
4.132 |
2.107 |
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Provision for Taxation |
0.000 |
0.000 |
0.402 |
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Profit/(Loss) After Tax |
5.698 |
4.132 |
1.705 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
NA |
201.707 |
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Expenditures |
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Interest |
7.177 |
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Depreciation |
0.324 |
0.237 |
220.861 |
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Other Expenses |
561.020 |
444.654 |
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Total Expenditure |
568.521 |
452.095 |
220.861 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.65
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0.55 |
0.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.65
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0.55 |
0.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.77
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3.36 |
1.88 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.22 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.20
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5.82 |
10.49 |
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Current Ratio (Current Asset/Current Liability) |
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3.24
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5.47 |
49.94 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Computer
- Furniture and Fixture
- Air Conditioner
- Motor Car
Bankers Charges
Report as per Registry
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Name of the company |
AML EXPORTS
PRIVATE LIMITED |
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Presented By |
AML EXPORTS
PRIVATE LIMITED & PUNJAB NATIONAL BANK, P.N.B. HOUSE BRANCH, P. M. ROAD,
FORT, MUMBAI - 400001 |
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1) Date and description of instrument creating the change |
17.02.2004 Deed of
Hypothecation to Secure LC on DA Basis Packing Credit
Agreement – Hypothecation Both the instrument
constitute single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs in 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 |
Goods / assets
represented by documents drawn . covered Letter of Credit issued under the
above said limit.
Yarn and such
other goods which may be accepted byt eh bank from time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Packing credit
agreement Interest @ 7.5 % p.a. LC Facility :
Commission as per Bank Norms |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank, P.N.B. House Branch, |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.38 |
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|
1 |
Rs.82.04 |
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Euro |
1 |
Rs.55.56 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|