MIRA
INFORM REPORT
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Report Date : |
28.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
THAKORLAL HIRALAL EXPORTS PRIVATE LIMITED |
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Registered Office : |
1412-14, Prasad Chambers, Opera house, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.05.1999 |
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Com. Reg. No.: |
11-119684 |
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CIN No.: [Company
Identification No.] |
U51900MH1999PTC119684 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALT00223G |
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PAN No.: [Permanent
Account No.] |
AABCT1521H |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Exporters of Diamonds |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 458976 |
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Status : |
Good |
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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 fine track
records. Management is experienced and resourceful. Trade relations are fair.
Fundamentals are strong and healthy. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1412-14, Prasad Chambers, opera house, Mumbai – 400 004, Maharashtra,
India |
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Tel. No.: |
91-22-23673246 |
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Fax No.: |
91-22-23637030 |
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E-Mail : |
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Corporate Office : |
101, Elgin Chambers, 1A, Ashutosh Mukherjee Roa, Kolkata- 700 005,
West Bengal |
DIRECTORS
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Name : |
Mr, Jayantilal Mehta |
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Designation : |
Director |
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Address : |
13, Loudon Street, Kolkata – 700 017, West Bengal |
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Date of Birth/Age : |
19.02.1917 |
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Date of Appointment : |
01.05.1981 |
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Name : |
Mrs. Manjula Mehta |
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Designation : |
Director |
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Name : |
Mrs. Neera Mehta |
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Designation : |
Director |
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Address : |
12-B, IL – Plazzo, little Gibbs Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
24.04.1947 |
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Date of Appointment : |
10.03.1975 |
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Name : |
Mr. Pranay Mehta |
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Designation : |
Director |
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Address : |
12-B, IL – Plazzo, little Gibbs Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
31.10.1975 |
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Date of Appointment : |
25.01.1997 |
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Name : |
Mrs. Neha Mehta |
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Designation : |
Director |
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Address : |
12-B, IL – Plazzo, little Gibbs Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
05.01.1978 |
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Date of Appointment : |
25.12.2006 |
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Name : |
Mr. Satish Mehta |
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Designation : |
Managing director |
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Address : |
12-B, IL – Plazzo Little Gibbs Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
14.11.1945 |
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Date of Appointment : |
07.04.1976 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Thakorlal Jayantilal |
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337 |
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Mr. Mehta Jayantilal Satish |
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8025 |
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Mr. Mehta Satish Neera |
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10313 |
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Mr. Mehta Jayantilal Satish |
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1030 |
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Mr. Mehta Thakorlal Jayantilal |
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1218 |
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Thakorlal Hiralal Estate And Agencies Private Limited |
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387 |
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Apex Holdings Limited |
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2538 |
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Susma Traders Limited |
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2493 |
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Mr. Mehta Satish Kajal |
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2783 |
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Mr. Mehta Satish Komal |
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2497 |
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Mr. Mehta Jatantilal Satish |
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3125 |
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Mr. Mehta Satish Neera |
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2300 |
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Mr. Mehrta Thakorlal Jayantilal |
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225 |
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Mr. Mehta Jayantilal Satish |
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262 |
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Mr. Mehta Satish Pranay |
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3717 |
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Mr. Deepak K Jogani |
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7500 |
Equity share breakup (percentage of total equity):
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Sr.No. |
Category |
Percentage |
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1 |
Foreign Holdings (Foreign Institutional
Investor(S), Foreign Companie(S), Foreign Financial Institution(S), Non –
Resident Indian(S) Or Overseas Corporate Bodies Or Others. |
15.00 |
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2 |
Bodies Corporate |
11.00 |
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3 |
Directors or relative of directors |
74.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters of Diamonds. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Union Bank of India Address: Mumbai Samchar Marg Branch,
66/80, Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S Jain Bohra and Company Chartered Accountants |
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Address : |
195/5 100, Trishul, B wing, Panthnagar, Ghatkopar, Mumbai – 400 075,
Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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49000 |
Equity shares |
Rs.100/- each |
Rs.4.900 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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48750 |
Equity shares |
Rs. 100/-
each |
Rs. 4.875
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.875 |
4.875 |
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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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109.869 |
90.962 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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114.744 |
95.837 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
4.686 |
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2] Unsecured Loans |
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3.889 |
0.056 |
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TOTAL BORROWING |
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3.889 |
4.742 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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118.633 |
100.579 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.882 |
3.206 |
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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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82.045 |
67.745 |
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DEFERREX TAX ASSETS |
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0.021 |
0.015 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.917 |
7.378 |
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Sundry Debtors |
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18.465 |
20.137 |
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Cash & Bank Balances |
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5.088 |
9.198 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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18.632 |
11.849 |
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Total
Current Assets |
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50.102 |
48.562 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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13.767 |
13.804 |
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Provisions |
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3.650 |
5.145 |
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Total
Current Liabilities |
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17.417 |
18.949 |
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Net Current Assets |
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32.685 |
29.613 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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118.633 |
100.579 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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59.775 |
67.881 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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59.775 |
67.881 |
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Profit/(Loss) Before Tax |
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19.817 |
20.900 |
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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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19.817 |
20.900 |
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Earnings in Foreign Currency : |
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Export Earnings |
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39.809 |
48.104 |
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Total Earnings |
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39.809 |
48.104 |
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Expenditures : |
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Depreciation & Amortization |
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0.622 |
0.511 |
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Other Expenditure |
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39.336 |
46.469 |
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Total Expenditure |
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39.958 |
46.980 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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33.15 |
30.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
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33.15 |
30.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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36.70 |
39.20 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.15 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
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2.87 |
2.56 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the
company |
Thakorlal Industrial Exports Private
Limited |
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Presented
By |
Union Bank of
India, Mumbai Samachar Marg Branch, Mumbai |
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1) Date and description
of instrument creating the change |
Letter of
hypothecation Dated: 04.11.1999 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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 |
Purchase from or
negotiate a bill or bills of exchange drawn or accepted or endorsed against
goods and / or merchandise or shipping or others documents and / or hold such
or any other bills or bills of exchange and / or documents fro collection on
the borrowers account under lien to the bank. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest as per RBI guidelines fro the
FDBP/ FUDBP/ ABC limit of Rs. 4.000
millions granted by the bank to the company |
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5) Name and
Address and description of the person entitled to the charge. |
Union Bank of India Address: Mumbai Samachar Marg Branch, 66/80,
Mumbai Samachar Marg, Fort, Mumbai – 400 023, Maharashtra |
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6) Date and brief description of instrument
modifying the charge |
Letter of
hypothecation Dated 28.06.2005 |
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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. |
The original
charge dated 047.11.1999 for Rs. 4.000 millions has been modified from time
to time as under:-] a)
On
14.08.2003 an additional sum of Rs. 10.000 millions was granted by the bank,
thereby enhancing the FDBP/FYDBP/AFDBC limit from Rs. 4.000 millions to Rs.
14.000 millions against the same security as stated in column No.3 above. b)
B) On 14.08.2003
a sub limit of packing Credit facility of Rs. 5.000 millions was granted by
the bank to the Company within the FUDBP/ FUDBP/ AFDBC limit of Rs. 14.000
millions against hypothecation by way of first charge in favour of the bank
all those movable properties of the borrower meant o intended fro export of
goods/ silver jewellery including raw materials, semi finished goods, and
finished goods and /or any other goods meant, intended or being manufactured
for export lying in the factory or stored at the borrowers factory or in shed
or godowns at Mumbai or any where in India. c)
Vide this
modification an additional sum of Rs. 3.500 millions has been granted by the
bank, thereby enhancing the FDBP/ FUDBP limit from Rs.14.000 millions to Rs.
17.500 millions against the same security as stated in column No. 3 above. |
FIXED ASSETS:
v Goodwill
v Furniture and fixture
v Office equipments
v Computer
v Cooking oven
v Office premises
v Electrical Installation
v Rolling Shutter
v Motor car
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. 39.85 |
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UK Pound |
1 |
Rs. 82.61 |
|
Euro |
1 |
Rs. 59.21 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
68 |
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/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 |
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