MIRA INFORM
REPORT
|
Report
Date : |
16.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
AMRIT
EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1, |
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|
Country
: |
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|
Financials
(as on) : |
31.03.2006 |
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|
Date
of Incorporation : |
14.03.1996 |
|
|
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|
Com.
Reg. No.: |
21-78005 |
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|
CIN
No.: [Company
Identification No.] |
U51109WB1996PTC078005 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
CALA03987E |
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|
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|
Legal
Form : |
A private limited liability company |
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|
|
|
Line
of Business : |
Manufacturers and exporter of Laminated Jute Bags, Industrial
Garments, Industrial Leather Gloves, etc |
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
280000 |
|
|
|
|
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. 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
|
Registered
Office/ Head Office : |
1, |
|
Tel.
No.: |
91-33-2485640 / 22107098 / 22427601 |
|
Fax
No.: |
91-33-2101373 |
|
E-Mail
: |
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|
Website
: |
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|
Area : |
Rented -- 700
sq.ft. |
|
Location : |
Commercial area |
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|
|
|
Factory
/ Wearhouse : |
˜
Tel No. 91-33-25382989 / 2234 ˜
˜
Tel No. 91-33-25382239 ˜
Tel No. 91-33-25834460-63 |
|
Area : |
Owned |
|
Location : |
Industrial area |
|
|
|
|
Branches
: |
B-2/2, Okhla Industrial Area, Phase II, |
|
Tel.
No.: |
91-11-26386357 / 60 |
|
Fax
No.: |
91-11-26386362 |
DIRECTORS
|
Name : |
Mr. Anand
Buchasia |
|
Designation
: |
Director |
|
Address: |
1, |
|
Tel
No. : |
91-33-23214846 |
|
Date
of Birth: |
16.01.1963 |
|
Qualification: |
B. Com., ACA |
|
Date
of Appointment : |
14.03.1996 |
|
|
|
|
Name : |
Mr. Anil
Buchasia |
|
Designation
: |
Director |
|
Address: |
1, |
|
Qualification
: |
B.Com, ACA |
|
Date
of Birth : |
12/09/1964 |
|
Date
of Ceasing : |
11.05.1998 |
|
|
|
|
Name : |
Mr. Dilip
Kumar Madhogaria |
|
Designation
: |
Director |
|
Address: |
1, |
|
Date of Birth : |
12.01.1963 |
|
Qualification
: |
CA, ICWAI, PGDM FROM XLRI, M.COM |
|
Date
of Appointment : |
14.03.1996 |
|
|
|
|
Name : |
Mrs.
Prabha Buchasia |
|
Designation
: |
Director |
|
Address: |
1, |
|
Date of
Birth : |
16.06.1964 |
|
Qualification
: |
B.Com |
|
Date
of Appointment : |
15.03.2002 |
|
Date
of Ceasing : |
14.03.2005 |
|
|
|
|
Name : |
Mr. Ajay Buchasia |
|
Designation
: |
Director |
|
Address: |
1, |
|
Date
of Birth : |
12.07.1961 |
|
Date
of Appointment : |
15.03.2004 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Amrit
Kunj Capital Markets Limited |
5508100 |
|
Mr. Ajay
Buchasia |
6500 |
|
Mr. Anand
Buchasia |
10100 |
|
Mr. Anil
Buchasia |
1400 |
|
Mr. Anil
Madhogaria |
4100 |
|
Mr. Dilip
Madhogaria |
4600 |
|
Ms. Sunita
Madhogaria |
3300 |
|
Mrs.
Bimla Devi Buchasia |
9300 |
|
Mrs.
Mamta Devi Buchasia |
1800 |
|
Mrs.
Neeta Buchasia |
13100 |
|
Mrs.
Prabha Buchasia |
1800 |
|
Mrs. |
1800 |
|
Mrs.
Seema Devi Madhogaria |
1700 |
|
Ajay
Bhuchasia HUF |
4000 |
|
Dhanpat
Khemka HUF |
100 |
|
Mr. Anil
Bhuchasia |
1400 |
|
Mr.
Prahlad Khemka |
100 |
|
Ms. Simmi
Khemka |
100 |
|
Mr. Pawan
Madhogaria |
100 |
|
Ms.
Nirmala Devi Agarwal |
100 |
|
Bimal
Kumar Agarwal HUF |
100 |
|
Ms. Bimal
Panda |
100 |
|
Ms. Nisha
Agarwal |
100 |
|
Mr. Vinay
Kumar Agarwal |
100 |
|
Shahpuris
Private Limited |
50000 |
As on 31.03.2006
|
Names of Shareholders |
Percentage of holding |
|
Bodies
Corporate |
98.85 |
|
Directors
or their relatives |
1.11 |
|
Other top
50 shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers and exporter of Laminated Jute Bags, Industrial
Garments, Industrial Leather Gloves, etc |
|
|
|
|
Exports
to : |
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|
|
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|
Imports
from : |
|
|
|
|
|
Terms
: |
|
|
Selling : |
Cash, L/c, Credit and Cash against Documents terms |
|
|
|
|
Purchasing : |
Cash, L/C or Credit terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Woven
Garments |
PCS |
0.600 million |
0.500 million |
GENERAL INFORMATION
|
Customers
: |
Manufacturer and Wholesalers |
|
|
|
|
Suppliers
: |
v JCT Limited v Vardhmann Spinning and Weaving
Mills Limited, etc |
|
|
|
|
No. of
Employees : |
Total 1070 persons -- 30 persons in office, 5 persons in
sales, 1000 persons in factory and 35 others |
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|
|
|
Bankers
: |
Indian Bank, |
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|
|
|
Facilities : |
Facility – Rs. 61.500 millions in the year 2003-04 |
|
|
|
|
Banking Relations : |
Satisfactory |
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|
|
|
Auditors
: |
T Chartered
Accountants |
|
Address
: |
87/B, |
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|
|
|
Associates: |
˜
Amrit Impex Private Limited Activity – Manufacturing of Jute and Cotton Bags Turnover as on 31st March, 2003 – Rs. 31.000
millions Profit After Tax as on 31st March, 2003 – Rs.
1.213 millions Bankers – Punjab National Bank, 1, 700001, Credit
Limits – Rs. 18.000 millions |
|
|
|
|
Parents
Company : |
˜
Amrit Kunj Capital Markets Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
6000000 |
Equity
Shares |
Rs.10/- each |
Rs. 60.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
5622500 |
Equity
Shares |
Rs.10/- each |
Rs. 56.225 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 |
56.225 |
56.225 |
36.180 |
|
2] Reserves & Surplus |
15.098 |
12.786 |
10.385 |
|
NET WORTH |
71.323 |
69.011 |
46.565 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
99.916 |
70.444 |
48.836 |
|
2] Unsecured Loans |
0.000 |
0.767 |
2.585 |
|
TOTAL BORROWING |
99.916 |
71.211 |
51.421 |
|
DEFERRED
TAX LIABILITIES |
1.834 |
3.503 |
1.342 |
|
|
|
|
|
TOTAL
|
173.073 |
143.725 |
99.328 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.083 |
31.127 |
19.408 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENTS |
5.244 |
5.324 |
4.577 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
90.050 |
85.905 |
51.051 |
|
Sundry Debtors |
41.350 |
29.474 |
23.997 |
|
Cash & Bank Balances |
0.518 |
1.102 |
(1.266) |
|
Other Current Assets |
21.204 |
19.795 |
25.663 |
|
Loans & Advances |
1.093 |
2.560 |
2.990 |
|
Total Current Assets |
154.215 |
138.836 |
102.435 |
|
Less : |
|
|
|
|
Current Liabilities |
10.994 |
29.459 |
23.383 |
Provisions
|
3.601 |
2.216 |
3.860 |
Total Current Liabilities
|
14.595 |
31.675 |
27.243 |
|
Net Current Assets |
139.620 |
107.161 |
75.192 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.126 |
0.113 |
0.151 |
|
|
|
|
|
TOTAL
|
173.073 |
143.725 |
99.328 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Total
Income |
203.380 |
236.669 |
189.034 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2.028 |
5.774 |
5.615 |
|
|
Provision for Taxation |
1.385 |
3.373 |
2.424 |
|
|
Profit/(Loss) After Tax |
0.643 |
2.401 |
3.191 |
|
|
|
|
|
|
|
|
Total
Earnings |
197.884 |
NA |
NA |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Raw Materials |
3.885 |
NA |
NA |
|
|
Capital Goods |
1.419 |
NA |
NA |
|
Total
Imports |
5.301 |
NA |
NA |
|
|
|
|
|
|
|
|
Total
Expenditure |
201.352 |
230.895 |
NA |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
0.32
|
1.01 |
1.68
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
0.99
|
2.44 |
3.32 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
1.11
|
3.40 |
4.44
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.03
|
0.08 |
0.12
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.60
|
1.49 |
1.68
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
10.57
|
4.38 |
3.76
|
LOCAL AGENCY FURTHER
INFORMATION
Subject is
a subsidiary of Amrit Kunj Capital Markets Limited.
The
company’s product range includes laminated jute bags, industrial garments,
industrial leather gloves, etc.
Subject is
an ISO 9001 Certified Company.
It is a
Government of India Recognized Export House.
The
company’s production depends upon orders in hand.
It is in
trade terms with:
·
JCT
Limited
·
Vardhaman
Spinning and General Mills Private Limited
·
Vineet
Industries
·
Nahar
Industrial Enterprise Limited
·
Shanti
Processors Limited
During the
year 2003-04, the company had crossed the turnover of Rs. 190 millions.
Form 8 Particular for creation or
modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U51109WB1996PTC078005 |
|
Name of
the company |
AMRIT
EXPORTS PRIVATE LIMITED |
|
Address |
1, |
|
This Form
is for |
Modification of charge |
|
Type of
Charges |
Immovable property |
|
Particular
of the charge holder |
Indian Bank, Strand Roiad Branch, 3A, |
|
Nature or
description of the instrument creating charge |
Letter from party confirming extension of
equitable mortgage dated 11.06.2007 |
|
Date of
the instrument creating charge |
11.06.2007 |
|
Amount
Secure by the charge |
Rs.215.400 millions |
|
Brief of
the principal terms and conditions and extent and operation of the charge |
Rate of interest EM has been created for advances made or to be made to the
company by way of PC/FBP/FBN/OD against export incentives receivables
together with interest costs and other charges payable by Amrit Exports
Private Limited to the Bank. Terms of repayment Charge on the property till the existence of the advance
made or to be made. Margin As per sanction letter to Amrit Exports Private Limited Extent and Operation of the charge Charge on the property being property at 1, British India
Street, Room Nos.605 and 612, Kolkata-700069 as security for advance already
made and to be granted or advances to Amrit Exports Private Limited and also
as additional security for further advances made or facilities granted or toi
be granted by the bank to Amrit Exports Private Limited upto maximum of
Rs0.002 millions as contained in the letter dated 11.06.2007 |
|
Modification
charge Charge
identification number of the charge to be modified |
10056224 |
|
Particulars
of the Property charged |
Property
at 1, |
|
Date of
latest modification prior to the present modification |
09.06.2007 |
|
Particulars
of present modification |
By way of
this modification the company submits letter to bank confirming extension of
equitable mortgage. |
Website Details :
About Company
Subject specializes in the manufacture &
export of all kinds of work-wear including casual wear. Their company is
accredited with ISO 9001: 2000 certificate from DNV Netherlands for
“Manufacture and export of ready made garments made of woven & knitted
fabrics”. With the given fundamental strength of their country &
professionalism of their company they are making garments which are acceptable
to the most discerning of European buyers.
(A) Management: - They
are a company consisting of highly qualified professionals who have had
valuable work experience in Multi National Companies.
(B) Infrastructure & Capacity: - They
have about 1500 workers spread over 6 manufacturing unit in
(C) Machines
& Gerber Auto- CAD Syetems: - They have with them all the
latest machines which are required for manufacturing of garments including
Gerber Auto-CAD systems. With the help of these machines and with the effective
quality control systems which they have, they are able to satisfy even the most
quality conscious buyers in
(D)Printing & Embroidery :- They have in-house
printing & embroidery facilities. They can do all types of embroidery,
screen printing, transfer printing & heat embossing.
(E) Raw Materials:- They have arrangements
with reputed textile manufacturing companies in
They use accessories which are free from Nickel, lead & other harmful
chemicals. They are also importing many accessories like YKK Zippers, Prym
metal buttons etc. from Europe & South East Asia as per the requirements of
their clients.
(F) Product & Services: - This is the area where they
put a lot of effort. They have been able to distinguish themselves with a
product quality, which has met even the most stringent quality specifications
given by their clients in the European Markets. Most of their clients are
themselves manufacturing garments in Europe and they have been increasingly
shifting more and more of their product ranges from their own units in Europe
to their units in
They believe in providing prompt & efficient
services whether it relates to their commitment for timely dispatches or proper
& timely responses to the queries of their customers. They keep their
customers updated about the status of their shipments.
(G) Quality Control System:- They have a very
detailed and elaborate system for controlling the quality of their garments.
This has been the most significant factor, which has contributed to the
stupendous growth of their company.
They have an efficient coding system by which they
can track down each garment to the level of worker who has made the garment and
to the level of QC Supervisor who has checked the garment. By a well-defined
system of accountability, they have been able to achieve a quality standard,
which matches the garments manufactured in Europe and this has ensured a steady
increase in the number of their committed customers in
The various steps, which they follow for
controlling the quality of their garments have been shown elsewhere in this
catalogue.
(H) Product development: - It is a continuous
process in their company to make their garments more comfortable, safe &
convenient to wear. They keep doing product development with respect to:
The quality of fabric, accessories & trimmings
The stitching quality by training their workers
& by using better machines
The patterns by using better technology (Gerber
Auto- CAD systems) with a view to economise on fabric consumption
They have developed Image Garments for many of their clients, for which they
have been able to reduce the lead time considerably.
(I) Growth: - Within a small span of
six years their company has acquired an enviable reputation in the European
market for quality work-wear. Their sales growth has been phenomenal during
each of the last six years which has been much higher than the industry
average.
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 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.40.36 |
|
|
1 |
Rs.82.23 |
|
Euro |
1 |
Rs.55.65 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
-- |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
9 |
|
--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 |
|
|
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 |
|