MIRA
INFORM REPORT
|
Report Date : |
23.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
LIMTEX INDIA LIMITED |
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Registered Office : |
25A, Shakespeare Sarani, 2nd floor, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.02.1992 |
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Com. Reg. No.: |
21-054383 |
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CIN No.: [Company
Identification No.] |
U01132WB1992PLC054383 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALL01016B |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers
& Exporters Tea, Coffee, Oil-Seeds, Tea, Spices etc. |
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 445000 |
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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 company having satisfactory track. Trade relations are fair. General Financial position is
satisfactory. Payments are usually correct
and as per commitments. The concern can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
The Legacy, 25-A,
Shakespeare Sarani, 2nd Floor, Kolkata – 700017, West |
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Tel. No.: |
91-33-22894310 (9 Lines) |
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Fax No.: |
91-33-22809975 |
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E-Mail : |
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Website : |
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Factory 1 : |
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Tel. No.: |
91-341-531128/531181 |
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Mobile No.: |
91-98321-80458 |
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Factory 2 : |
Post Bidhan Nagar, |
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Factory 3 : |
Robroy Tea Factory, Post Aravenu, Kotagiri, Nilgiris, Tamilnadu |
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Branches : |
Tel. 91-422-2845525/526/527 Fax. 91-422-2845528
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DIRECTORS
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Name : |
Mr. Gunjan Poddar |
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Designation : |
Director |
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Address : |
25A, Shakespeare Sarani, Kolkata 700017, West |
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Date of Birth/Age : |
18.06.1981 |
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Date of Appointment : |
24.05.2004 |
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Name : |
Mr. Niraj Poddar |
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Designation : |
Director |
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Address : |
14, |
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Name : |
Mr. Gaurav Poddar |
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Designation : |
Director |
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Address : |
25A, Shakespeare Sarani, Kolkata 700017, West |
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Date of Birth/Age : |
26.03.1980 |
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Date of Appointment : |
24.05.2004 |
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Name : |
Mr. Gopal Prasad Poddar |
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Designation : |
Director |
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Address : |
25A, Shakespeare Sarani, Kolkata 700017, West |
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Date of Birth/Age : |
06.04.1951 |
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Date of Appointment : |
10.02.1992 |
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Name : |
Mr. Shankar Poddar |
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Designation : |
Director |
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Address : |
25A, Shakespeare Sarani, Kolkata 700017, West |
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Date of Birth/Age : |
18.02.1953 |
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Date of Appointment : |
10.02.1992 |
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Name : |
Mr. Subhash Kumar Poddar |
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Designation : |
Director |
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Address : |
12A, |
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Date of Birth/Age : |
18.02.1953 |
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Date of Appointment : |
10.02.1992 |
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Name : |
Mr. Vijay Kumar Kedia |
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Designation : |
Director |
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Address : |
Robroy Tea Factory, Aravanu Vill, Kotagiri, Tamilnadu 643 217 |
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Date of Birth/Age : |
03.06.1950 |
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Date of Appointment : |
03.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Vipesh Agarwal |
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Designation : |
Manager – International Trade |
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Date of Birth/Age : |
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Qualification : |
B. Com. |
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Profile : |
As Manager - International Trade of company, Mr. Vipesh Agarwal is a
man who appreciates the value of time. After all, "reputations are built
over time," he contends - an assertion boldly illustrated by the great
success his company has enjoyed since its inception. And such success, he
maintains, is the "result of several years of hard work" - coupled
with an unwavering focus " on what we do well: total customer
satisfaction." |
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Name : |
Mr. Sandeep Khaitan |
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Designation : |
General Manager – International Trade |
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Profile : |
He is a General Manager of International Trade, has seen through the Company
growing to the turnover of USD 40 Million. A Chartered Accountant by
profession, he is a strong advocator of quality and customer satisfaction. He
believes that quality is the backbone of any business and it is the key for
anybody to survive in the long run. A diehard workaholic, he sticks to
deadlines without any compromise. To quote him, "We are a team of result
oriented people, endeavoring to deliver the best through constant
innovations." |
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Name : |
Mr. Vikas Maheshwari |
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Designation : |
Chief Executive (Finance and Accounts) |
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Profile : |
He is a young and dynamic team member of Limtex ( |
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Name : |
Mr. Arun Majumdar |
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Designation : |
General Manager (Exports) |
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Profile : |
He is a Tea Veteran, serving for the last 50 years in the Industry. He
is one of the senior most Tea Taster in |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Gopal Prasad Poddar |
|
10 |
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Mr. Shankar Poddar |
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10 |
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Mr. Subhash Kumar Poddar |
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10 |
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Mr. Sawalram Poddar |
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10 |
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Mrs. Leena Poddar |
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10 |
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Mrs. Sarita Poddar |
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10 |
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Mrs. Rita Kanoria |
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10 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Bodies Corporate |
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11.21% |
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Directors or relatives of Directors |
|
86.37% |
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Other top fifty (50) shareholders |
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2.42% |
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Total |
|
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
& Exporters Tea, Coffee, Oil-Seeds, Tea, Spices etc. |
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Products : |
· Silk · Detergent Powders · Spices · Basmati Rice · Roasted Magic · Salt ·
·
·
·
· STGOF Tips · SFTGBOP Tips · SFTGFOP Tips |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C at Sight, D/A (upto 30 days |
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Purchasing : |
Credit (30 to 60 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300 |
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Bankers : |
Canara Bank, 2, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. L. Mundhra & Company Chartered Accountant |
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Address : |
745, Marshall House, 33/1, Netaji Subhas Road, Kolkata 700001, |
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Associates/Subsidiaries : |
· Limtex Industries Limited · Limtex Infotech Limited · Limtex Steels Limited · Limtex Tea and Industries Limited · Poddar Exports · River View Tea Estate · Satyanarayan Tea Company Private Limited · Sujali Tea and Industries Limited · Lamitex International |
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Parent company |
· Limtex Group Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1311060 |
Equity Shares |
Rs. 10/-
each |
Rs. 13.110
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
13.111 |
13.111 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
98.174 |
97.594 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
111.285 |
110.705 |
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LOAN FUNDS |
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1] Secured Loans |
|
99.995 |
67.410 |
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2] Unsecured Loans |
|
11.385 |
1.002 |
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TOTAL BORROWING |
|
111.380 |
68.412 |
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DEFERRED TAX LIABILITIES |
|
1.115 |
1.157 |
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TOTAL |
|
223.780 |
180.274 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
36.504 |
32.552 |
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Capital work-in-progress |
|
0.000 |
0.191 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
76.237 |
70.420 |
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Sundry Debtors |
|
79.174 |
37.914 |
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Cash & Bank Balances |
|
11.697 |
8.173 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
36.634 |
54.292 |
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Total
Current Assets |
|
203.742 |
170.799 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
15.440 |
21.571 |
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Provisions |
|
1.026 |
1.697 |
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Total
Current Liabilities |
|
16.466 |
23.268 |
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Net Current Assets |
|
187.276 |
147.531 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
223.780 |
180.274 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
390.410 |
615.240 |
|
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Other Income |
|
2.019 |
0.000 |
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Total Income |
|
392.429 |
615.240 |
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Profit/(Loss) Before Tax |
|
1.661 |
2.115 |
|
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Provision for Taxation |
|
0.563 |
1.365 |
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Profit/(Loss) After Tax |
|
1.098 |
0.75 |
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Expenditures : |
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Raw Material Consumed |
|
7.647 |
22.277 |
|
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Purchases made for re-sale |
|
301.853 |
434.531 |
|
|
Consumption of stores and spares parts |
|
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
|
0.000 |
41.913 |
|
|
Salaries, Wages, Bonus, etc. |
|
3.932 |
5.125 |
|
|
Managerial Remuneration |
|
0.642 |
0.309 |
|
|
Payment to Auditors |
|
0.138 |
0.158 |
|
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Interest |
|
5.248 |
5.245 |
|
|
Insurance Expenses |
|
0.820 |
0.784 |
|
|
Power & Fuel |
|
3.468 |
5.125 |
|
|
Depreciation & Amortization |
|
4.247 |
4.909 |
|
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Other Expenditure |
|
65.478 |
92.749 |
|
Total Expenditure |
|
390.768 |
613.125 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
--
|
0.27 |
0.12 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
-
|
0.42 |
0.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
-
|
0.008 |
- |
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|
Return on Investment (ROI) (PBT/Networth) |
|
-
|
0.01 |
- |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
0.82 |
- |
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
12.37
|
7.34 |
- |
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
Subject
is a group of companies having sister concerns to handle its various activities
in Tea Trading, manufacturing and exports, under the control of subject. The
entire Export activity is controlled exclusively by Subject. The domestic
trading and other industrial activities are handled by its sister concerns.
Hence Subject is a 100% export oriented organization.
Their offices are situated at
They are leading Producers, Manufacturers and Exporters of Indian Tea
both in the Domestic and International market with a traditional reputation.
They are registered buyers at all the Major Auction centers in
TRADITIONAL BUSINESS
Their is a growing organization, running successfully from the last 22
years and is mainly looked after by Mr. Gopal Poddar and his brothers Mr.
Shankar Poddar and Mr. Shubash Poddar. Mr. Gopal Poddar, Chairman cum Managing
Director, is well known in the Tea Industry having more than 25 years of
experience.
TURNOVER
The Group has turnover of $ 17 million in Export and another $ 5 million
in the domestic market, totaling to $ 21 million, only in Tea. They have been
granted Trading House Status by the Government of India. They are exporting to
COMPANY GROWTH :
The company has
shown a overall growth rate of 60%. They feel proud to mention that they have
been awarded the prestigious "National Export Award" by the Present
Indian Prime Minister Shri A. B. Vajpayee, having been nominated by Federation
of Indian Export Organization, in association with Ministry of Commerce,
Government of India. Besides this, they have own other Export related awards
from the Ministry of Commerce, Banks, Associations, etc.
When Mr. Gopal
Poddar, born:
After
graduating from
This was the time the entrepreneur in him realized that he need to break
away and do something of his own which lead him start off independently in
1977. The small tea trading business he started in 1977 has grown to Limtex
Group of Industries that he heads as Chairman & MD. Limtex is today one of
the major players in the tea industry and made a name for itself in the world
market.
It has diversified
in biscuits and detergents. Under his stewardship Limtex is a popular name in
the household. It has emerged as a diversified FMCG house.
As Mr. Poddar puts
it, “I started off in 1977 with a miniscule turnover of Rs.10.200 Millions and
the now, for the fiscal ended March 2002 the group turnover pegged at 2000
Millions.” And ask him mantra of success, he sighs off “its all team work and
people out here are business focused. They are a professional team and I
believe in my people and they in turn believe in me.”
The big day came
in 1999 when Limtex was awarded the National Export Award by the Indian Prime
Minister for outstanding performance in Exports. This was apart from the
“Niryaat Shree Award” Ministry of Commerce and the Federation of Indian Export
Organisation
Form 8
Bankers Charges
Report as per Registry
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90250367 |
|
Corporate
identity number of the company |
U01132WB1992PLC054383 |
|
Name of the
company |
LIMTEX INDIA
LIMITED |
|
Address of the
registered office or of the principal place of business in |
25A, Shakespeare Sarani, 2nd floor, P. S. Park Street,
Kolkata 700017, West Bengal, India |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Small Industries
Development Bank of 11, |
|
Nature of description
of the instrument creating or modifying the charge |
Declaration and
undertaking dated 21.02.2007 |
|
Date of
instrument Creating the charge |
21.02.2007 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest – 9.5% [b] Terms of
payment – Repayment time – 3 Years [c] Extent and
operation of the charge First charge on
immovable assets |
|
Short particulars
of the property charged |
Village :
Pannimadai, Taluka and District – |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
Extension of charge
on new marketing loan of Rs. 5.000 Millions |
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
LIMTEX INDIA
LIMITED |
|
Presented By |
Canara Bank, 2, |
|
1) Date and description of instrument creating the charge |
Agreement to be obtained for CDB/SDB/BE/ advance 11.12.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 22.300
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 |
The Borrower
hereby hypothecates in favour of the Bank to goods covered under the bills as acceptable to the bank
as security and such other documents and title to the goods as security for
the due repayment of the credit facilities as sanctioned by the bank by way
of bills of exchange/local bills discounted facility. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The borrower
shall pay interest @ 2% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, 2, |
|
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 |
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. 39.79 |
|
|
1 |
Rs. 81.62 |
|
Euro |
1 |
Rs. 56.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|