MIRA
INFORM REPORT
|
Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SALTEC INTERNATIONAL |
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Registered Office : |
215, Old China Bazar Street, 2nd Floor, Room No. 1, Kolkata
– 700 001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1996 |
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IEC No.: |
0296007617 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Jute bags, Cotton bags and canvas bags. |
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 2000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established concern having satisfactory track
records. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Head Office : |
215, Old China Bazar Street, 2nd Floor, Room No. 1, Kolkata
– 700 001, West Bengal, India |
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Tel. No.: |
91-33-22307695 / 22372146 |
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Mobile No.: |
91-9831354572 |
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Fax No. : |
91-33-22346127 |
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E-Mail : |
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Website : |
http://www.saltecinternational.tradeindia.com
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Area : |
700 sq. fts. |
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Location : |
Owned – Commercial |
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Corporate Office : |
CG -98, Sector – II, Salt Lake City, Kolkata – 700 091, West Bengal,
India |
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Tel. No.: |
91-33-23372146 |
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Fax No.: |
91-33-23346127 |
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Area : |
1500 sq. fts. |
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Location : |
Owned |
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Factory : |
6, Dilarjang Road, Cossipore, Kolkata – 700 002, West Bengal, India |
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Tel. No.: |
91-33-25579230 |
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Area : |
10000 sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Rajiv Killa |
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Designation : |
Proprietor |
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Address : |
CG - 98, Sector – II, Salt Lake City, Kolkata – 700091, West Bengal,
India |
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Date of Birth/Age : |
39 Years |
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Qualification : |
B.Com. (Hons) |
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Experience : |
19 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Jute bags, Cotton bags and canvas bags. |
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Products : |
·
Jute Shopping Bags ·
Jute Wine Bags ·
Jute Promotional Bags ·
Cotton Bags ·
Canvas Bags ·
Jute Designer Bags ·
Jute Beach Bags ·
Jute Christmas Bags ·
Jute Gift Bags ·
Non Woven Bags ·
Trays – Jute and Canvas
·
Hessian Bags |
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Exports : |
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Countries : |
Singapore, Italy, UK, USA, Middle East |
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Terms : |
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Selling : |
L/C, Cash, T/T and Advance |
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Purchasing : |
Cash or Credit (60 days) |
PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Jute Bags |
Pieces |
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100000 |
70000 |
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Cotton Bags |
Pieces |
|
70000 |
30000 |
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Canvas Bags |
Pieces |
|
50000 |
20000 |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
60 [In Office :10 and In Factory :50] |
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Bankers : |
State bank of Bikaner and Jaipur 14, Netaji Subhash Road, Kolkata – 700 001, West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjiv Dutta and Associates Chartered Accountants |
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Address : |
24, Netaji Subhas Road, Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-9433066919 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions |
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Borrowed : |
Rs. 0.500 million |
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Total : |
Rs. 2.500 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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PROPRIETORS FUNDS |
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1] Proprietor’s Capital |
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0.515 |
1.022 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.515 |
1.022 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.049 |
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2] Unsecured Loans |
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0.830 |
0.715 |
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TOTAL BORROWING |
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0.830 |
0.764 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.345 |
1.786 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.154 |
0.154 |
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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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0.019 |
0.017 |
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Sundry Debtors |
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0.402 |
0.834 |
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Cash & Bank Balances |
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0.388 |
0.452 |
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Other Current Assets |
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0.262 |
0.197 |
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Loans & Advances |
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0.432 |
0.386 |
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Total
Current Assets |
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1.503 |
1.886 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.292 |
0.174 |
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Provisions |
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0.022 |
0.080 |
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Total
Current Liabilities |
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0.314 |
0.254 |
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Net Current Assets |
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1.189 |
1.632 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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1.343 |
1.786 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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6.275 |
3.146 |
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Other Income |
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1.531 |
1.407 |
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Total Income |
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7.806 |
4.553 |
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Profit/(Loss) Before Tax |
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0.227 |
0.151 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.227 |
0.151 |
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Export Value |
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2.300 |
0.700 |
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Expenditures : |
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Raw Material Purchased |
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2.728 |
0.576 |
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Salary and Bonus |
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0.187 |
0.159 |
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Trade Fair and Exhibition |
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0.120 |
0.277 |
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Interest |
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0.016 |
0.000 |
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General Expenses |
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0.014 |
0.011 |
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Depreciation |
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0.025 |
0.047 |
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Other Expenditure |
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4.489 |
3.332 |
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Total Expenditure |
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7.579 |
4.402 |
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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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2.91 |
3.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.62 |
4.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.70 |
7.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.44 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.22 |
1.00 |
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Current Ratio (Current Asset/Current Liability) |
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4.79 |
7.43 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Banteck Hin Private Limited, Singapore
v
Creative Source, UK
Website details
attached:
Subject was established in the year 1992 and ever since made rapid strides to register itself as a preferred name for making jute bags, cotton bags and canvas bags. Today, they can proudly boast of having one of the most organized factories for manufacturing jute bags in Kolkata. They are one of the renowned manufacturers and exporters dealing in jute shopping bags, jute wine bags, jute promotional bags, cotton bags, canvas bags, jute designer bags, jute beach bags, jute Christmas bags and jute gift bags. Their products are purely eco-friendly, biodegradable and durable in nature. They offer extensive collection of beautifully crafted jute and cotton bags for versatile purposes
In-House Facilities
They have a well-equipped manufacturing unit, capable of
handling orders of any size and specifications. For artwork, screen
printing, cutting and stitching, complete in-house arrangements are available.
They provide special packaging to their products as per client's requirements
for safe transit of products across the globe.
Specialty
Their products are popular in the market due to high quality
standards. Every bag is entirely eco-friendly and recyclable. Besides,
they are handcrafted and play a very important role in the exports of the
handicraft sector of India.
They are aiming high to achieve maximum customer
satisfaction.
They believe in high quality, timely delivery and
pocket friendly bags.
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 exist on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence does 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. 39.29 |
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UK Pound |
1 |
Rs. 81.91 |
|
Euro |
1 |
Rs. 56.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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. |
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 |
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