MIRA
INFORM REPORT
|
Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ATLANTIC PROJECTIONS LIMITED |
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Formerly known as : |
ATLANTIC GLOBAL LIMITED |
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Registered Office : |
48 B, Mukta Ram Babu street, Kolkata - 700007, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.10.1999 |
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Com. Reg. No.: |
21-90499 |
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CIN No.: [Company
Identification No.] |
U90499WB1999PLC090499 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA06756B |
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PAN No.: [Permanent
Account No.] |
AACCA4233J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Trader of Yarn and Fabrics |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 34860 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established trading company having moderate track
records. Trade relations are
fair. Financial position is
average. The Company can be
considered for small to mediocre business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
48 B, Mukta Ram Babu street, Kolkata - 700007, West Bengal, India |
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Tel. No.: |
91-33-22451329 |
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Fax No.: |
91-33-22452863 |
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E-Mail : |
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Corporate Office : |
P – 22, CIT Road scheme 55, Kolkata - 700014, West Bengal, India |
DIRECTORS
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Name : |
Mr. Yashpal Mehra |
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Designation : |
Director |
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Address : |
139/D/4, Anandpalit Road, Entally, Kolkata 700014, West Bengal, India |
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Date of Birth/Age : |
23.10.1955 |
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Date of Appointment : |
17.07.2001 |
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Name : |
Mr. Kapil Ashok Mehra |
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Designation : |
Director |
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Address : |
P-22, C.I.T. Road, Scheme 55, Entally, Kolkata 700014, West Bengal,
India |
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Date of Birth/Age : |
17.11.1978 |
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Date of Appointment : |
17.07.2001 |
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Name : |
Mr. Siddharth Mehra |
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Designation : |
Director |
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Address : |
P-22, C.I.T. Road, Scheme 55, Entally, Kolkata 700014, West Bengal,
India |
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Date of Birth/Age : |
23.10.1976 |
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Date of Appointment : |
17.07.2001 |
KEY EXECUTIVES
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Name : |
V. Jain and Associates |
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Designation : |
Company Secretary |
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Address : |
49, Nalini Sheth Road, Ground Floor, Kolkata 700007, West Bengal,
India |
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Date of Birth/Age : |
91-30904145 / 22581073 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2004)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Anil Kumar Saha |
|
100 |
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Tapas Kar |
|
100 |
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Tapan Paul |
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100 |
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Ashok Agrawal |
|
100 |
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Varghese Daniel |
|
100 |
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Basudeo Agrawal |
|
100 |
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Premnath Tewari |
|
100 |
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Yashpal Mehra |
|
430000 |
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Tilakraj Mehra |
|
44700 |
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Anita Mehra |
|
47200 |
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Ashok Kumar Mehra |
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4000 |
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Sarda Mehra |
|
4200 |
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Premlata Mehra |
|
12600 |
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Ashok Mehra |
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16400 |
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Chandra Mehra |
|
9300 |
|
Cross Finance Private Limited |
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117000 |
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City Desk Finance Private Limited |
|
101500 |
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Kusum Mehra |
|
3900 |
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Ashok Kumar Mehra |
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2500 |
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Shweta Mehra |
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2000 |
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Total
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796000 |
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Category (As on
31.03.2004) |
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Percentage |
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Bodies corporate |
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28.00 |
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Directors or relatives of Directors |
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64.00 |
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Other top fifty shareholders |
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8.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Yarn and Fabrics |
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Product : |
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GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
Park Circus Branch, P-22, CIT Road, Scheme 55,
Kolkata 700014. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Dhar and Company Chartered Accountant |
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Address : |
32, Ananda Mohan Bose Road, Dum Dum, Kolkata – 700074, West Bengal,
India |
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Related
Companies : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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796000 |
Equity Shares |
Rs.10/- each |
Rs.7.960
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.960 |
7.960 |
7.960 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.755 |
0.302 |
0.226 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.715 |
8.262 |
8.186 |
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LOAN FUNDS |
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1] Secured Loans |
184.095 |
78.085 |
8.785 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
184.095 |
78.085 |
8.785 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
192.810 |
86.347 |
16.971 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.015 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.350 |
9.351 |
9.351 |
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DEFERREX TAX ASSETS |
0.258 |
0.407 |
0.300 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
67.247
|
39.711 |
12.784 |
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Sundry Debtors |
154.933
|
185.448 |
90.264 |
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Cash & Bank Balances |
21.488
|
15.172 |
10.722 |
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Other Current Assets |
0.257
|
0.000 |
0.133 |
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Loans & Advances |
21.806
|
12.448 |
22.248 |
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Total
Current Assets |
265.731
|
252.779 |
136.151 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
81.948
|
175.674 |
128.346 |
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Provisions |
0.596
|
0.516 |
0.485 |
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Total
Current Liabilities |
82.544
|
176.190 |
128.831 |
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Net Current Assets |
183.187
|
76.589 |
7.320 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
192.810 |
86.347 |
16.971 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
554.452 |
331.403 |
225.882 |
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Other Income |
6.842 |
2.650 |
0.553 |
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Total Income |
561.294 |
334.053 |
226.435 |
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Profit/(Loss) Before Tax |
0.682 |
0.113 |
0.122 |
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Provision for Taxation |
0.229 |
0.037 |
0.070 |
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Profit/(Loss) After Tax |
0.453 |
0.076 |
0.052 |
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Expenditures : |
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Financial Charges |
5.512 |
2.041 |
2.368 |
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Depreciation & Amortization |
0.000 |
0.000 |
0.000 |
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Other Expenditure |
555.100 |
331.899 |
223.945 |
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Total Expenditure |
560.612 |
333.940 |
226.313 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
0.08
|
0.02 |
0.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.12
|
0.03 |
0.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.26
|
0.04 |
0.09 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.01 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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30.59
|
30.78 |
16.81 |
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Current Ratio (Current Asset/Current Liability) |
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3.22
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1.43 |
1.06 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
ATLANTIC PROJECTS LIMITED |
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Presented By |
ORIENTAL BANK OF COMMERCE |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of assets dated 10.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs.65.000 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 |
Hypothecation by way of first charge all the
Company’s stock of Cotton, Yarn, Fabrics Items etc. and other stocks stored
lying at the company’s
premises/godown/factories or wherever else the same may be or in course of
transit. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest/Commission as may be fixed by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the
charge. |
Oriental Bank of Commerce Park Circus Branch P-22, CIT Road, Scheme 55, Calcutta 700014. |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
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This Form is for |
Creation of Charge |
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Corporate
identity number of the company |
U90499WB1999PLC090499 |
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Name of the
company |
ATLANTIC PROJECTS
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
48 B, Mukta Ram Babu street, Kolkata – 700007, West Bengal, India |
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Type of charge |
Ř
Book Debts Ř
Movable
property Ř
Others |
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Particular of
charge holder |
Allahabad Bank Mission Row
Branch, 18, R. N. Mukherjee Road, Kolkata, West Bengal 700001, West Bengal,
India |
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Nature of
description of the instrument creating or modifying the charge |
General Letter of
Hypothecation |
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Date of
instrument Creating the charge |
21.06.2007 |
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Amount secured by
the charge |
Rs. 75.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Interest and
other charges will be paid as per terms and conditions of Sanction letter of
respective bank; however the same is subject to change from time to time. [b] Terms of Repayment working Capital
is repayable on demand [c] Margin The borrower
shall maintain appropriate margin as stipulated in the sanction terms. [d] Extent and
operation of the charge The Charge will
be a continuing security as and by way of pari passu first charge under
multiple banking arrangement. [e] Others Banks entitled to
charge additional/penal interest in the event of Borrower committing breach
of covenants undertaken under the agreements. The limit is
sanctioned by way of PC with sublimit of CC and LC (Foreign as well as
Indian) of Rs. 20.000 Millions Convenants to ensure and keep insured the hypothecated and charged assets with an
agreed Bank Clause. Other terms and
conditions are as per terms and conditions of above referred. Hypothecation Agreements and Sanction
Letter of the Bank. |
|
Short particulars
of the property charged |
The Company
hereby hypothecates and charges by way of first charge. [a] all stocks of
RM, WIP and FG such as cotton etc. both present and future and other current
assets including movable plant and machinery, apparatus, tools, motor
lorries, cars and furniture etc. at borrowers premises or any where
else. [b] all the present and future
book debts. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present 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, 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.39.93 |
|
UK Pound |
1 |
Rs.79.34 |
|
Euro |
1 |
Rs.62.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|