MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TYCOONS OVERSEAS – DIVISION OF KHAITAN MERCANTILE LIMITED |
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Registered Office : |
159, Rabindra Sarani, 4th Floor, Kolkata – 700 007, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.01.1987 |
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Com. Reg. No.: |
109162 |
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CIN No.: [Company
Identification No.] |
U51909WB1987PLC109162 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK03162F |
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PAN No.: [Permanent
Account No.] |
AABCK3548F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Traders of Industrial yarn. |
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 150000 |
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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 concern 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
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Registered Office : |
159, Rabindra Sarani, 4th Floor, Kolkata – 700 007, West |
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Tel. No.: |
91 – 33 – 22836962 |
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Fax No.: |
91 – 33 – 22836892 |
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E-Mail : |
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Head Office : |
17 / 19, Nand Bhawan Dadi Seth, |
DIRECTORS
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Name : |
Mr. Rajiv Khaitan |
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Designation : |
Director |
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Address : |
159, Rabindra Sarani, 4th Floor, Kolkata – 700 007, West |
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Date of Birth/Age : |
05.08.1981 |
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Date of Appointment : |
04.08.2003 |
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Name : |
Mr. Ramesh Kumar Khaitan |
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Designation : |
Director |
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Address : |
159, Rabindra Sarani, 4th Floor, Kolkata – 700 007, West |
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Date of Birth/Age : |
05.08.1961 |
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Date of Appointment : |
28.01.1987 |
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Name : |
Mr. Ashok Khaitan |
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Designation : |
Director |
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Address : |
CK – 53 / 8, Raja Darwaja, |
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Date of Birth/Age : |
25.01.1960 |
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Date of Appointment : |
28.01.1987 |
KEY EXECEUTIVES
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Name : |
Mr. Gautam Tibrewal |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Shrigopal Khaitan |
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24801 |
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Mrs. Savitri Devi Khaitan |
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10001 |
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Mr. Ramesh Khaitan |
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47551 |
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Mr. Rajendra Khaitan |
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19951 |
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Mrs. Tanuja Khaitan |
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18651 |
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Mr. Ashok Khaitan |
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21451 |
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Mr. Ram Kumar Khaitan |
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44301 |
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Mrs. Reena Khaitan |
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20200 |
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Mr. Pyarelal Yadav |
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900 |
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Mr. Anil Kumar Yadav |
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900 |
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Mr. Vijay Sharma |
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600 |
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Sourav Contractors Private Limited |
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100000 |
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Bakshiram Uderam Marketing Private Limited |
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90000 |
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Classic Agencies Private Limited |
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50000 |
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Supreme Impex Limited |
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50000 |
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Ujjal Merchandise Private Limited |
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70000 |
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Gunjan Marketing Private Limited |
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60000 |
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Dilip Sultania Granites and marbles Private Limited |
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50000 |
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Adarsh Management Private Limited |
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100000 |
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Morgan Financial Services Private Limited |
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25000 |
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Nathoo Commodities Private Limited |
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100000 |
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Astrol Dealcom Private Limited |
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30000 |
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Mr. Ashish Basu |
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37000 |
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Mr. Bidyut Deb |
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37000 |
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Mr. Dipak Das |
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32000 |
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Mr. K. N. Singh |
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42000 |
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Mr. Rakesh Joshi |
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41000 |
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Mr. Raj Kumar Shaw |
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14000 |
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Mr. N. S. Dev |
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32000 |
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Mr. Siddheshwar Saw |
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40000 |
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Bhagat S Joshi ( |
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25000 |
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Finlord Marketing Private Limited |
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50000 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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16.75 |
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Directors or relatives of directors |
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72.51 |
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Other top fifty (500 shareholders |
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10.74 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders of Industrial yarn. |
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Products : |
Nylon Twine |
GENERAL INFORMATION
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No. of Employees : |
40 |
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Bankers : |
State Bank of Salt |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Saraf and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2950000 |
Equity Shares |
Rs. 10.00 each |
Rs. 29.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2582407 |
Equity Shares |
Rs. 10.00 each |
Rs. 25.824 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.824 |
21.499 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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13.041 |
0.066 |
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4] (Accumulated Losses) |
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(0.544) |
(0.515) |
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NETWORTH |
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38.321 |
21.050 |
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LOAN FUNDS |
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1] Secured Loans |
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4.355 |
4.023 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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4.355 |
4.023 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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42.720 |
25.073 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.135 |
1.436 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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14.397 |
4.099 |
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Sundry Debtors |
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22.941 |
15.265 |
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Cash & Bank Balances |
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1.449 |
0.558 |
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Other Current Assets |
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1.062 |
0.000 |
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Loans & Advances |
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4.389 |
6.177 |
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Total
Current Assets |
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44.238 |
26.099 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.483 |
2.511 |
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Provisions |
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0.298 |
0.070 |
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Total
Current Liabilities |
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3.781 |
2.581 |
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Net Current Assets |
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40.457 |
23.517 |
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MISCELLANEOUS EXPENSES |
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0.085 |
0.120 |
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TOTAL |
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42.720 |
25.073 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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83.509 |
33.294 |
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Other Income |
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0.121 |
0.182 |
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Total Income |
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83.630 |
33.476 |
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Profit/(Loss) Before Tax |
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0.198 |
0.214 |
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Provision for Taxation |
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0.029 |
0.144 |
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Profit/(Loss) After Tax |
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0.227 |
0.070 |
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Expenditures : |
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Purchases made for re-sale |
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78.034 |
29.046 |
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Salaries, wages and bonus |
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1.367 |
1.196 |
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Payment of auditors |
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0.019 |
0.015 |
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Interest |
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0.120 |
0.078 |
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Insurance Expenses |
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0.065 |
0.059 |
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Depreciation and Amortization |
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0.590 |
0.322 |
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Other Expenditure |
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3.236 |
2.546 |
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Total Expenditure |
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83.431 |
33.262 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.27 |
0.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.24 |
0.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.43 |
0.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.21 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
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11.70 |
10.11 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
Building
v
Machinery
v
Furniture
v
Electrical Installation
v
Generator
v
Scooter
v
Office Equipment
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Name of the company |
KHAITAN MERCANTILE LIMITED (Proprietor of Tycoon Overseas) (Here-in-after referred to as “the
Company” or “Borrower”) |
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Presented By |
Mr. Ramesh
Khaitan, Director |
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1) Date and description of instrument creating the change |
15.03.2005 Hypothecation of
Goods (Form No. 9) Hypothecation of
Debts and Assets (Form No. 10) Letter of
Undertaking nit to create any further charge over property and assets (Form No. 1206) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
(Hypothecation) – Rs. 4.000 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 |
The whole of the
Borrower’s stick-in-trade whether existing and all articles which now or
hereafter from time to time during this security shall be brought into stored
at borrower’s godowns at anywhere throughout the country (including any such
goods in course of transit or Delivery) by way of first charge. All the
Borrower’s present and Future Book Debts, outstanding moneys receivables,
claims, bills, contracts, engagements, securities, investments, rights and
assets by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Borrower
shall not do or allow anything which may prejudice the security. Interest @ 13.00
% per annum calculated in daily outstanding balance and on monthly basis. The
interest rate will be subject to the guidelines of RBI from time to time. Margin – For
Goods 25% - For Book Debts 40% Repayable on
demand Other terms
and conditions: As per Sanction
letter dated 15.03.2005, Agreements and undertaking executed on 15.03.2005 as
copies are enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
State bank of Salk |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.33 |
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|
1 |
Rs. 82.63 |
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Euro |
1 |
Rs. 55.65 |
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 |
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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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 |
|
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 |
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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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