MIRA
INFORM REPORT
|
Report Date : |
07.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ELITE
INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1/9, Fatima
Building, 66-Dr. Raikar Marg, Mahim West, Mumbai-400016, Maharashtra |
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2006 |
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|
|
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Date of
Incorporation : |
30.06.2004 |
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|
|
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Com. Reg. No.: |
11-147227 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17120MH2004PTC147227 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05451F |
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|
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|
Legal Form : |
Private Limited
Liability Company |
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|
|
|
Line of
Business : |
Involved in
exporters of textile made-ups i.e. Bed lines products and home furnishings |
RATING &
COMMENTS
|
MIRA’s Rating
: |
Ba |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
|
Maximum Credit
Limit : |
USD 450000 |
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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
|
Registered
Office : |
1/9, Fatima
Building, 66-Dr. Raikar Marg, Mahim West, Mumbai-400016, Maharashtra, India |
|
Tel. No.: |
91-22-24446401 |
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Mobile No.: |
91-9326337015 |
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Fax No.: |
91-22-24463503 |
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Email : |
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|
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Corporate
Office : |
Shree Arihant
Compound, Building No. 13, Thane – Bhiwandi Road, Koper, Bhiwandi – 421302,
Maharashtra, India |
|
Tel. No.: |
91-2522-275206 /
9 / 272301 / 2 |
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Mobile No.: |
91-9323486850 |
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Fax No.: |
91-2522-275303 |
DIRECTORS
|
Name : |
Mr. Ravinder
Bhagwandas Devidasani |
|
Designation : |
Director |
|
Address : |
ARCADE Apartment
A/36, 6th Floor, Plot No-60, Sector-17, Navi Mumbai |
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Date of
Birth/Age : |
06.10.1967 |
|
Date of
Appointment : |
30.06.2004 |
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|
|
|
Name : |
Mrs. Pooja
Ravinder Devidasani |
|
Designation : |
Director |
|
Address : |
ARCADE Apartment
A/36, 6th Floor, Plot No-60, Sector-17, Navi Mumbai |
|
Date of Birth/Age
: |
15.07.1975 |
|
Date of
Appointment : |
30.06.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders |
|
No. of Shares |
|
Mr. Ravinder
Bhagwandas Devidasani |
|
999900 |
|
Mrs. Pooja
Ravinder Devidasani |
|
100 |
|
Total |
|
1000000 |
BUSINESS DETAILS
|
Line of
Business : |
Involved in
exporters of textile made-ups i.e. Bed lines products and home furnishings |
GENERAL
INFORMATION
|
Bankers : |
The Saraswat
Co-operative Bank Limited Fort Branch, Fort Mumbai – 400001,
Maharashtra, India Standard
Chartered Bank 90, M G Road,
Fort, Mumbai – 400001,
Maharashtra, India UTI Bank Limited Fort Branch, Universal Insu.
Building, P. M. Road, Fort, Mumbai – 400001,
Maharashtra, India State Bank of
India Overseas Branch, World Trade
Centre, Cuffe Parade, Mumbai – 400005,
Maharashtra, India Citi Bank N A, Citigroup Centre,
Bandra Kurla Complex, Bandra [East], Mumbai – 400051 L65191GA1994PLC001620 Centurion Bank of
Punjab Limited Bandukwala
Building Off. B S Marg,
Fort, Mumbai – 400023, Maharashtra, India |
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|
|
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Banking Relations : |
Satisfactory |
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|
|
|
Auditors : |
Shrishail S Mhetri
and Company Chartered
Accountants 204, Ostwal
Ornate, Buidling No. 2, Jesal Park, Bhayander [West], Thane – 401105,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share
Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
|
107.619 |
69.855 |
|
|
4] (Accumulated
Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
117.619 |
79.855 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
312.829 |
253.543 |
|
|
2] Unsecured
Loans |
|
0.000 |
0.340 |
|
|
TOTAL BORROWING |
|
312.829 |
253.883 |
|
|
DEFERRED TAX
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
430.448 |
333.738 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
|
63.090 |
38.733 |
|
|
Capital
work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.025 |
0.000 |
|
|
DEFERREX TAX
ASSETS |
|
0.860 |
0.226 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
510.736 |
330.397 |
|
|
Sundry Debtors |
|
39.797 |
47.383 |
|
|
Cash & Bank
Balances |
|
18.168 |
0.000 |
|
|
Other Current
Assets |
|
167.454 |
56.993 |
|
|
Loans &
Advances |
|
9.509 |
5.720 |
|
Total Current Assets |
|
745.664 |
440.493 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
|
335.125 |
128.580 |
|
|
Provisions |
|
44.183 |
17.290 |
|
Total Current Liabilities |
|
379.308 |
145.870 |
|
|
Net
Current Assets |
|
366.356 |
294.623 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
0.117 |
0.156 |
|
|
|
|
|
|
|
|
TOTAL |
|
430.448 |
333.738 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Total Income |
|
1718.747 |
976.688 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
61.333 |
20.760 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
61.333 |
20.760 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
2.578 |
2.457 |
|
|
Depreciation & Amortization |
|
9.973 |
6.364 |
|
|
Other Expenditure |
|
1644.863 |
947.107 |
|
Total
Expenditure |
|
1657.414 |
955.928 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
|
3.57 |
2.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.57 |
2.12 |
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|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.58 |
4.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.52 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
5.88 |
5.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.97 |
3.02 |
LOCAL AGENCY
FURTHER INFORMATION
Business
To carry on in India
the business manufacturing, processing, producing, washing, dyeing, ginning,
pressing, spinning, weaving, crimping, carding, bleaching, testing, combing,
doubling, finishing in any form, calendaring, sizing colouring, printing,
mercerizing, missing, reeling, winding, throwing, embroidering, blending,
sorting, stretching, drying, drawing, cutting, improving, buying, selling,
reselling, importing, exporting, transporting, storing, fabricating,
developing, marketing or supplying and to act as export house or otherwise
de4al in all types of textiles goods, dress materials, fabrics, cloth, yarns,
such as nets, matting, hosiety, plastic cloths, tents, durries, carpets, carpet
backing, cloves, denim stone wash, suittings, shirting, sarees, shawls,
overcoats, khaddar, and other similar items made on power loom, handloom or
mill by man made or natural materials like cotton, flax, hemp, lines, wool,
nylon, viscose, ramie, acrylics, dropping, spun etc.
|
Name of the
company |
ELITE INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
THE SARASWAT
CO-OPERATIVE BANK LIMITED, FORT BRANCH, MUMBAI |
|
1) Date and
description of instrument creating the change |
Agreement of hypothecation
of movable property for L/C on D/A basis dated 19.05.2005 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 80.000
Millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
all the goods under L/c tangible movable property including the stock for the
time begin whether new or manufactured or in process of manufacturing and
every tangible movable property / machinery / plant imported or procured by
the borrower or otherwise belonging to the borrower and place of business. Further
hypothecation of outstanding book debts, moneys receivable, claims, bills
and approved bookdebts. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
This is L/C limit
The Saraswat
Co-operative Bank Limited will be having pari passu charge on property
mentioned in column no 3 along with ICICI Bank Limited, Citi Bank, HDFC Bank,
HSBC Bank Limited |
|
5) Name and
Address and description of the person entitled to the charge. |
The Saraswat
Co-operative Bank Limited Fort Branch, Fort Mumbai – 400001,
Maharashtra, India |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
|
Name of the
company |
ELITE INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
MR. RAVINDER BHAGWANDAS DEVIDASANI |
|
1) Date and
description of instrument creating the change |
Goods security
agreement dated 29.11.2004 executed by Elite International Private Limited in
favour of Citibank N A |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Total working
capita facilities of Rs. 59 Millions |
|
3) Short
particular of the property charged. If the property acquired is subject to charge,
date of the acquired of the property should be given |
First pari passu
charge on current assets including stocks and book debts, both present and
future. Second pari passu
charge on fixed assets including plant and machinery both present and future.
|
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
In consideration
of the lender having agreed to lend advance to the company said credit
facilities under agreement and declaration by the company, inter alia as
follows : Covenant by the
company to repay the facility at above and pay interest and all other monies
in the manner set out in the said agreement between the company and the
lender and to comply with the terms and conditions of the said agreement. The charge on the
current assets will rank first pari passu with charges created to be created
in favour of ICICI Bank, HSBC and HDFC Bank and the charge on fixed assets
with rank second pari passu with the charge created to be created in favour
of HDFC Bank this security shall be charged towards the repayment of the loan
with all interest, liquidated, damages, premia on prepayment on redemption,
costs, charges and other expenses payable by the company to the lender in
respect thereof. The company to
keep the said assets in marketable and good conditions and also insured as
provided therein Power of entry,
power to take charge and or possession of, seize, recover, receive, appoint
and sell, contract or deal with all or any part of the said goods etc, as
provided therein. |
|
5) Name and
Address and description of the person entitled to the charge. |
Citi Bank N A, Citigroup Centre,
Bandra Kurla Complex, Bandra [East], Mumbai – 400051 |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
|
Corporate
identity number of the company |
U17120MH2004PTC147227 |
|
Name of the
company |
ELITE
INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1/9, Fatima
Building, 66-Dr. Raikar Marg, Mahim West, Mumbai-400016, Maharashtra |
|
This form is for |
Modification of
charges |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
L65191GA1994PLC001620 Centurion Bank of
Punjab Limited Bandukwala
Building Off. B S Marg, Fort,
Mumbai – 400023, Maharashtra, India |
|
Amount secured by
the charge |
Rs. 50.000
millions |
|
Description of the
property charged indicating whether it is a charged on |
Plant and
Machinery Book debts Stock in trade |
|
Date of
instrument modifying the charge |
08.03.2006 |
|
Charge
identification number of the charge to be modified |
90145310 |
As per website :
Elite International Private Limited - company profile elite int. Private
Limited Company is involved in exports of textile made-ups i. e. Bed linen
products and home furnishings to USA & European markets. LED by a team of technically
qualified professionals striving to fulfill the customers' needs of being
exclusive and innovative, elite inc. Has carved a niche for itself in the field
of bed linen products and home furnishings by offering the best quality
products at competitive prices. Product range/markets: The firm has two textile
operations - fine count bedding business and coarse count handloom business.
The fine count products offered range from luxury duvet covers, pillow shams,
sheet sets, pillow cases, comforter covers, bed skirts and many more from 170
TC (thread count) upwards to 1000 tc in plain, satin, dobby and jacquard
weaves. The fabrics range from 100% cotton, polycot, cotton-silk and its other
blends to the latest developed fiber micro modal, lyocell etc. for the niche
market. The bed linen products have been widely accepted in the u. S. Markets
and are finding place in the shelves of the topmost USA retail stores like j.
C. Penney, federated merchandising group, linen n things, bed bath and beyond
etc. The coarse count handloom products include kitchen linen, table cloth,
kitchen towels, aprons, placemats, potholders, gloves, etc. And different types
of floor rugs - ribbed rugs, loop pile rugs, chenille rugs with embroidery,
paddle rugs, cut shuttle rugs etc. And other products as bathmats, throws,
cushion covers in a number of specialty fabrics. We have a traditional hold on
the silk carpets manufacturing and other items made in the valley of kashmir
like paper mache and hand made embroidery etc.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The
Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market
trend (10%) Operational
size (10%)
RATING
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 |
|