MIRA
INFORM REPORT
|
Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
TEXTRADE INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
10/11, Shivai Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
23.06.2004 |
|
|
|
|
Com. Reg. No.: |
11-147108 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U5149MH2004PTC147108 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT10681G |
|
|
|
|
Legal Form : |
Private Limited liability Company |
|
|
|
|
Line of Business : |
Manufacturers and exporters of table linen, kitchen towels, beddings, drapes, floor coverings, lounge textiles 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 440000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
10/11, Shivai Industrial Estate, |
|
Tel. No.: |
91-22-28514430 |
|
Fax No.: |
91-22-28514435 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Amish Bipin Doshi |
|
Designation : |
Managing Director |
|
Address : |
81/82, The Nest, 8th Floor, Near Millenniums Club, 7, Gulmohar, 4th Cross Road, JVPD Scheme, Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1966 |
|
Date of Appointment : |
23.06.2004 |
|
|
|
|
Name : |
Mr. Deven Madhusudan |
|
Designation : |
Director |
|
Address : |
1201, Kukrejon Falocs, vallabhbavg lame ext, Goradia
Nagar, Ghatkopar (East), Mumbai-400077, |
|
Date of Birth/Age : |
10.01.1965 |
|
Date of Appointment : |
23.06.2004 |
|
|
|
|
Name : |
Mr. Nikhil Bhupendra Vaidya |
|
Designation : |
Director |
|
Address : |
8, Nayandeep Society, B/H |
|
Date of Birth/Age : |
06.10.1967 |
|
Date of Appointment : |
08.08.2006 |
|
Other Directorship : |
Worldtex Manufacturing Private Limited |
|
|
|
|
Name : |
Mr. Tarun Natverlal Sheth |
|
Designation : |
Director |
|
Address : |
505 B, |
|
Date of Birth/Age : |
23.05.1937 |
|
Date of Appointment : |
08.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Amish B. Doshi |
|
970000 |
|
Bipln J. Doshi |
|
370000 |
|
Jyotsna B. Doshi |
|
370000 |
|
Monika A. Doshi |
|
370000 |
|
B.J. Doshi (HUF) |
|
80000 |
|
Total |
|
2160000 |
|
|
|
|
|
Equity Share
Break Up |
|
|
|
Category |
|
Percentage of
Holding |
|
Director or relatives of directors |
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and exporters of table linen, kitchen towels, beddings, drapes, floor coverings, lounge textiles etc. |
|
|
|
|
Products : |
Table linen, kitchen towels, beddings, drapes, floor coverings, lounge textiles etc. |
GENERAL INFORMATION
|
Bankers : |
Indian Overseas
Bank Mahim Branch ‘Sadhana’, 378, CITI Bank N. A. Citi Business Citi Group Centre, 2nd Floor, Bandra Kurla
Complex, Bandra [East], Mumbai –
400051, State Bank of Overseas Branch, World Trade Centre, Cuffe Parade, Mumbai – 400005, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Kamdar Desai and Patel Chartered Accountants |
|
Address : |
Vasaikar House, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3200000 |
Equity Shares |
Rs. 10/- each |
Rs. 32.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
2160000 |
Equity Shares |
Rs. 10/- each |
Rs. 21.600
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 |
|
21.600 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
90.070 |
9.954 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
111.670 |
19.954 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
246.170 |
77.168 |
|
|
2] Unsecured Loans |
|
49.875 |
52.357 |
|
|
TOTAL BORROWING |
|
296.045 |
129.525 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.598 |
|
|
|
|
|
|
|
|
TOTAL |
|
407.715 |
150.077 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
57.194 |
15.884 |
|
|
Capital work-in-progress |
|
76.123 |
21.605 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.025 |
0.010 |
|
|
DEFERREX TAX ASSETS |
|
0.234 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
126.704 |
59.517 |
|
|
Sundry Debtors |
|
78.084 |
30.394 |
|
|
Cash & Bank Balances |
|
34.870 |
14.042 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
124.451 |
54.976 |
|
Total
Current Assets |
|
364.109 |
158.929 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
40.370 |
28.251 |
|
|
Provisions |
|
49.600 |
18.100 |
|
Total
Current Liabilities |
|
89.970 |
46.351 |
|
|
Net Current Assets |
|
274.139 |
112.578 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
407.715 |
150.077 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
836.660 |
347.485 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
836.660 |
347.485 |
|
|
|
|
|
|
|
|
Profit for the year |
|
840.875 |
16.152 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
777.073 |
286.630 |
|
Total Earnings |
|
777.073 |
286.630 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
10.329 |
4.139 |
|
|
Depreciation & Amortization |
|
19.559 |
7.211 |
|
|
Other Expenditure |
|
722.685 |
319.983 |
|
Total Expenditure |
|
752.573 |
331.333 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
100.50 |
4.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
100.50 |
4.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
168.96 |
8.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
7.52 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.46 |
8.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.05 |
3.43 |
LOCAL AGENCY FURTHER INFORMATION
Business
Subject is to carry on the business of processing, dealing, purchasing, selling, trading , Importing , exporting, Distributing, and or otherwise to act as printing agents, dealers and commission agents, indenting agents, and dealing in all types of textile goods, dress materials, saris, fabrics, cloths, yarn, made on fowerloon, handloom or mill by man made or natural materials like silk, art silk nylon, cotton, velvets, ramie, polyester etc
Bankers Charges
Report as per Registry
|
Name of the company |
TEXTRADE
INTERANATIONAL PRIVATE LIMITED |
|
Presented By |
TEXTRADE
INTERANATIONAL PRIVATE LIMITED AND INDIAN
OVERSEAS BANK, MAHIM BRANCH, MAHIM, MUMBAI – 400016 |
|
1) Date and description of instrument creating the change |
17.11.2005 Agreement for advances
against goods awaiting shipment dated 17.11.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 30.000
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
the entire raw materials, work in progress, finished goods meant for export
and all other goods which are in the power of possession of the company
including documents of title to such
goods. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above charge
operate as security for the packing credit facility of Rs. 30.000 Millions
together with interests, costs, charges, expenses and all other moneys
payable by the company to the bank in terms of sanction. Interest, Margin,
Commission etc, as per the terms of sanction and subject to revision by the Bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Mahim Branch ‘Sadhana’, 378, |
|
6) Date and brief description of instrument modifying the charge |
Nil |
|
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. |
Nil |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
80018166 |
|
Corporate
identity number of the company |
U5149MH2004PTC147108 |
|
Name of the
company |
TEXTRADE INTERANATIONAL PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
10/11, Shivai Industrial Estate, |
|
Type of charge |
Book Debts Movable Property Floating charge |
|
Particular of charge
holder |
CITI Bank N. A. Citi Business Citi Group Centre, 2nd Floor, Bandra Kurla
Complex, Bandra [East], Mumbai –
400051, |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Modification |
|
Date of
instrument Creating the charge |
25.01.2007 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest As may be
stipulated by bank from time to time. Terms of
repayment On Demand Margin : as may
stipulated by Bank from time to time Extent and
operation of the charge The stock and
book debts hypothecated to the Bank as and by way of first pari passy charge
forming part of current assets both present and future. The charge
created to be created in favour of Citibank N A for its credit facilities of Rs.
200.000 Millions shall rank pari passu with the charge created to be created
in favour of State Bank of |
|
Short particulars
of the property charged |
The whole of the
movable assets, including stocks of raw materials, goods in process of
manufacture, semi finished goods and all finished and manufactured goods and
articles together with all stores, components and spares which now belong to
the pertains to. |
|
Date of latest
modification prior to the present modification |
18.11.2005 |
|
Particulars of
the present modification |
The Bank has now
increased the credit facilities from Rs. 150.000 Millions to Rs. 200.000
Millions All other terms
and conditions shall remain the same as per original goods security
agreement. |
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.40.91 |
|
|
1 |
Rs.80.46 |
|
Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|