MIRA
INFORM REPORT
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Report Date : |
07.09.2007 |
IDENTIFICATION DETAILS
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Name : |
UTSAV EXIM LIMITED |
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Registered Office : |
E – 1/12, Vasant Vihar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.09.1988 |
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Com. Reg. No.: |
033388 |
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CIN No.: [Company
Identification No.] |
U74899DL1988PLC033388 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Importers and Exporters of Garments. |
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 390000 |
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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. 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
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Registered Office : |
E – 1/12, Vasant Vihar, |
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E-Mail: |
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Head Office : |
1/95, W H S (Timber Block), Kirti Nagar, |
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Tel. No.: |
91-11-25151018, 64692588, 64692599 |
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Fax No.: |
91-11-25431277, 26154721 |
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E-Mail : |
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Factory 1 : |
79, Udyog Nagar, Near Road No. 10, Basni Phase – II, |
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Tel. No.: |
91-291-2741239 |
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Fax No.: |
91-291-2722535 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ravi Somani |
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Designation : |
Whole Time Director |
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Address : |
E – 1/12, Vasant Vihar, |
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E-Mail: |
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Date of Birth/Age : |
15.05.1957 |
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Date of Appointment : |
29.09.1988 |
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Name : |
Mrs. Priya Somani |
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Designation : |
Whole Time Director |
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Address : |
E – 1/12, Vasant Vihar, |
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Date of Birth/Age : |
05.03.1961 |
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Date of Appointment : |
29.09.1988 |
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Name : |
Mr. Shree Kishan Somani |
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Designation : |
Executive Director |
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Address : |
6 / 7, |
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Date of Birth/Age : |
21.08.1930 |
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Date of Appointment : |
01.03.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Priya Somani |
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247030 |
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Mr. Ravi Somani |
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243270 |
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Mr. Akshat Somani |
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1070 |
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Mr. Utsav Somani |
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2140 |
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Mrs. Susheela Somani |
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10 |
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Mr. Shree Kishan Somani |
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10 |
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S K |
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10 |
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Mr. Jagdish Prasad Dhoot |
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10 |
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Mrs. Veena Dhoot |
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10 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers and Exporters of Garments. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
v
The Karnataka Bank Limited Overseas Branch, k -2, v
Deutsche Bank ECE House Branch, 28 Kasturba Gandhi Marg,
E-Mail: meenu.dhingra@db.com |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
A R Bajaj and Company Chartered Accountants |
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Address : |
6 / 7, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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493560 |
Equity Shares |
Rs. 10.00 each |
Rs. 4.936
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.936 |
4.936 |
4.936 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
95.063 |
92.654 |
72.279 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
99.999 |
97.590 |
77.215 |
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LOAN FUNDS |
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1] Secured Loans |
0.282 |
4.820 |
5.290 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.282 |
4.820 |
5.290 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
100.280 |
102.410 |
82.505 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.347 |
12.575 |
11.805 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
63.269 |
63.164 |
43.740 |
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DEFERREX TAX ASSETS |
0.097 |
0.061 |
0.036 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.019
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0.000 |
0.580 |
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Cash & Bank Balances |
3.561
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7.604 |
6.741 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
24.509
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20.056 |
19.978 |
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Total
Current Assets |
28.089
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27.660 |
27.299 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.416
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1.017 |
0.375 |
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Provisions |
0.106
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0.033 |
0.000 |
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Total
Current Liabilities |
1.522
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1.050 |
0.375 |
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Net Current Assets |
26.568
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26.609 |
26.924 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
100.280 |
102.410 |
82.505 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
4.279 |
2.806 |
2.155 |
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Other Income |
5.512 |
24.742 |
5.719 |
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Total Income |
9.791 |
27.548 |
7.874 |
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Profit/(Loss) Before Tax |
2.636 |
22.035 |
(6.546) |
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Provision for Taxation |
0.221 |
0.290 |
(0.041) |
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Profit/(Loss) After Tax |
2.415 |
21.745 |
(6.505) |
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Export Value |
NA |
2.494 |
2.155 |
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Expenditures : |
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Raw Material Consumed |
2.850 |
1.099 |
0.872 |
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Consumption of stores and spare parts |
0.037 |
0.061 |
0.098 |
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Salaries, Wages and bonus |
0.663 |
0.874 |
0.044 |
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Managerial Remuneration |
0.192 |
0.192 |
0.188 |
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Payment of Auditors |
0.028 |
0.000 |
0.000 |
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Interest |
0.042 |
0.006 |
0.105 |
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Insurance Expenses |
0.029 |
0.000 |
0.000 |
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Power and Fuel |
0.233 |
0.000 |
0.000 |
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Depreciation and amortization |
0.745 |
0.519 |
0.436 |
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Other Expenditure |
2.336 |
2.761 |
12.676 |
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Total Expenditure |
7.156 |
5.512 |
14.419 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
24.67
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78.93 |
(82.61) |
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Net Profit Margin (PBT/Sales) |
(%) |
61.60
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785.28 |
(303.76) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.86
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54.77 |
(16.74) |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.23 |
(0.08) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.02
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0.32 |
0.42 |
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Current Ratio (Current Asset/Current Liability) |
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1.06
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1.04 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
v
v Land
v Vehicles
v Computers
v Furniture and Fixtures
v Telephone Instruments
v Silver Utensils
v Voltage Stabilizers
v Refrigerator Tubewell and Jet Pump
v Machines
v Generators
v Air Conditioners
v Television
v Room Cooler
v Water Filter
v Steam Press
v Electric Heater
v Fax Machine
v Gold Medallion
v Farm House
v Flat
v UPS
v Water Softner
v Photo Copier
v Fan
v Vaccum Cleaner
v Washing Machine
v CCTV
v Music System
FORM 8
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Name of the company |
UTSAV EXIM LIMITED |
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Presented By |
Director, Utsav
Exim Limited |
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1) Date and description of instrument creating the change |
Agreement
alongwith Guarantee letter dated 27.12.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.500
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 |
Equitable mortgage
by way of deposits of Title Deeds of property at Plot No. 42, Road No. M – 1,
DLF Qutab Enclave, Gurgaon |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above
mentioned charge is to secure Preshipment Loan of Rs. 3.500 millions and Post
shipment Loan of Rs. 5.000 millions granted to Vignesh Texports Private
Limited |
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5) Name and Address and description of the person entitled to the charge. |
The Karnataka
Bank Limited Overseas Branch,
K – 2, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1988PLC033388 |
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Name of the
Company |
UTSAV EXIM LIMITED |
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Address |
E – 1/12, Vasant Vihar, |
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This form is for |
Creation of
charge |
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Type of Charge |
A charge on: v
Book
Debts v
Movable
Property (not being pledge) |
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Particulars of
the charge holder |
Deutsche Bank ECE House Branch, 28 Kasturba Gandhi Marg,
E-Mail: meenu.dhingra@db.com |
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Nature or
description of the instrument(s) creating or modifying the charge |
v
Hypothecation
of stock in trade and Receivables v
Guarantee
and Memorandum of Pledge by Utsav Exim Limited dated 09.07.2007 v
Deed
of Hypothecation of Stock and Book Debts by Utsav Exim Limited dated
09.07.2007 v
Agreement
of Indemnity by Utsav Exim Limited dated 09.07.2007 v
Letter
of Continuity by Utsav Exim Limited dated 07.07.2007 v
Sanction
Letter by Deutsche Bank dated 06.07.2007 |
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Date of the
instrument creating or modifying the charge |
09.07.2007 |
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Amount secured by
the charge |
Rs. 30.000
millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: OD/STL – Minimum
spread of 3.00% above monthly average cost of funds of DB, applied on daily
outstanding and charged monthly. Cost of Funds shall be the rate of overnight
Indian rupee borrowing of DB as decided in bank’s sole discretion. (b) Terms of
Repayment: OD-Running
account repayable on demand STL – Maximum 12
months available for roll-over PEA / EBP – Max.
180/180 days (c) Margin: For Stock 25% For Mutual Funds
– Margin shall be applicable at the discretion of the Bank on pledge of
approved Mutual Funds (d) Extent and
operation of the charge: The facilities
are valid until further notice, but the bank will be entitled at any time by
a notice in writing and without assigning any reason to demand repayment of
and/or cancel the facilities. |
Website details attached:
Subject, in India, literally means ‘festival' and as the name suggests, subject provides all its attributes – rich culture, tradition, myriad colors, warmth and the jest of the celebration
The story of subject is as diverse &
fascinating as the creative art and traditions of
This festivity begun in the year 1988 since then there is no
looking back. Right from the day of incorporation, the unceasing desire to
innovate and do things differently helped the company newer heights of
excellence.
In the span of over a decade, under the dynamic leadership of Mr. Ravi Somani, subject has created a
landmark in the field of export of Hi fashion garments, home furnishings,
handicrafts, home decoration items, fashion accessories and textiles.
Subject is at its best wherever the fine work of hands are involved, be it a hand embroidery on garments, the intricate designs on fashion accessories, mesmerizing range of handicrafts or weaving of fabrics on hand looms.
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.71 |
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|
1 |
Rs. 82.26 |
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Euro |
1 |
Rs. 55.66 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
|
48 |
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 |
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|
>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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