MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TCI EXIM PRIVATE LIMITED |
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Registered Office : |
10 Ram Bagh , 1st
Floor , Old Rohtak Road, New Delhi - 100 007 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.07.1999 |
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Com. Reg. No.: |
55-100658 |
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CIN No.: [Company
Identification No.] |
U51494dl1999ptc100658 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Children and Ladies
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 105485 |
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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 meetings its
normal commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Subhashish |
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Designation : |
Accounts Manager |
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Date : |
05.08.2008 |
LOCATIONS
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Registered Office : |
10 Ram Bagh , 1st
Floor , Old Rohtak Road, New Delhi - 100 007, India |
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E-Mail : |
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Website : |
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Corporate Office : |
TCI House, 69
Institutional Area, Sector 32, Gurgaon, Haryana |
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Factory 1 : |
106, Udyog Vihar, Phase – IV, Gurgaon , Haryana, India |
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Tel. No.: |
91-124-4004256 |
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Fax No.: |
91-124-2347484 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2 : |
559, Phase V, Udyog
Vihar, Gurgaon – 122 016, Haryana (Situated in a commercial area) |
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Tel. No.: |
91-124-22347484/22348435/22340919 |
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Fax No.: |
91-124-22345035 |
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Factory 3 : |
A-255, Okhla Industrial
Are, Phase I, New Delhi – 110 020 (Situated in a industrial area) |
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Tel. No.: |
91-11-26810263/26814157/26810889 |
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Fax No.: |
91-11-26810764 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Urmila Aggarwal |
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Designation : |
Director |
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Address : |
H No. 19 OLOF Palm Marg, Vasant Vihar, New Delhi – 110 057, India |
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Date of Birth/Age : |
28.09.1952 |
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Date of Resignation : |
07.05.2008 |
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E-mail: |
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Name : |
Mr. K. Prabhakar |
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Designation : |
Director |
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Address : |
Flat No. 133 Hope Apartments Sectors-15-II, Gurgaon – 122 001,
Haryana, India |
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Date of Birth/Age : |
18.08.1952 |
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Date of Appointment : |
13.07.1999 |
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Name : |
Captain Karanjit Singh |
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Designation : |
Director |
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Address : |
A -64/3, SFS Flat , Saket, New Delhi – 110 017, India |
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Date of Birth/Age : |
29.11.1947 |
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Date of Appointment : |
13.07.1999 |
KEY EXECUTIVES
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Name : |
Mr. Anupam Mathur |
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Designation : |
Company Secretary |
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Address : |
25-C, Pocket J & K, Dilshad Garden, Delhi – 110 095 |
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Tel. No. : |
91-11-22126058 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 13.11.2006) |
No. of Shares |
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Mr. Chander Agarwal |
58500 |
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Mr. Dharampal Agarwal |
80000 |
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Bhoruka Finance Corporation of
India Limited |
30000 |
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TCI Airways Private
Limited |
20000 |
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Mr. Vineet Agarwal |
80000 |
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Mrs. Priyanka Agarwal |
80000 |
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Mrs. Urmila Agarwal |
120000 |
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Mr. Ramesh Chand Pahuja |
10 |
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Dharampal and Sons (HUF) |
31500 |
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Mr. S K Agarwal |
10 |
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500020 |
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Names of Allottee (As on 13.11.2006) |
No. of Shares |
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Mr. D P Agarwal |
20000 |
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Mr. Vineet Agarwal |
20000 |
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Mr. Chander Agarwal |
41500 |
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Mrs. Chandrima Agarwal |
125000 |
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Mrs. Urmila Agarwal |
257500 |
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Mrs. Priyanka Agarwal |
45000 |
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M/s Dharampal and Sons (HUF) |
8500 |
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M/s Vineet and Sons (HUF) |
7500 |
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XPS Cargo Services Limited |
50000 |
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Bhoruka Finance Corporation of
India Limited |
20000 |
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Bhoruka International Private Limited |
5000 |
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Total
|
600000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
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Bodies Corporate |
11.37 |
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Other top fifty (50) shareholders |
88.63 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Children and Ladies
Garments. |
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Products : |
Cloth ·
Dresses ·
Blouses ·
Skirts ·
Quilted Jackets ·
Overalls ·
Shirts and Trousers of
Cotton, Viscose and Poly Cotton |
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Exports : |
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Products : |
Readymade Garments,
Dresses, Blouses, Skirts, Quilted Jackets, Overalls, Shirts and Trousers |
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Countries : |
European
Countries, Germany, France and USA. |
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Terms : |
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Selling : |
Payment through document |
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Purchasing : |
Credit 30 or 60
days |
GENERAL
INFORMATION
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Suppliers : |
Sundardas and Sons |
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Customers : |
Hucke AG, Germany |
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No. of Employees : |
32 |
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Bankers : |
·
Canara
Bank, Okhla Industrial Estate, New Delhi – 110 020, India · State Bank of India, 6th Floor, Palm Court, Gurgaon – 122 207, Haryana, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. Lugani and Associates Chartered Accountants |
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Address : |
105, Rakesh Deep, 11, Commercial
Complex, Gulmohar Enclave, New Delhi – 110 049, India |
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Tel. No.: |
91-11-26861584 |
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Associates/Subsidiaries : |
Transport
Corporation of India Limited Turnover – Rs.
0.063 million (31.03.2004) Profit before Tax
– Rs. 118.800 millions Profit After Tax
– Rs. 75.300 millions Corporate office
– TCI House, 69, Institutional Area, Sector 32, Gurgaon – 122 001, Haryana E-mail. corporate@tcil.com Website.
http://www.grouptci.com |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1100020 |
Equity Shares |
Rs. 10/-
each |
Rs.11.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
11.000 |
8.425 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.097 |
8.052 |
5.872 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.097 |
16.477 |
10.872 |
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LOAN FUNDS |
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1] Secured Loans |
0.666 |
2.246 |
0.000 |
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2] Unsecured Loans |
0.000 |
2.575 |
2.675 |
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TOTAL BORROWING |
0.666 |
4.821 |
2.675 |
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DEFERRED TAX LIABILITIES |
0.022 |
0.000 |
0.000 |
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TOTAL |
21.785 |
21.298 |
13.547 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.692 |
9.871 |
7.919 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.185 |
7.185 |
2.991 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.178
|
2.595 |
2.125 |
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Sundry Debtors |
9.531
|
11.498 |
7.025 |
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Cash & Bank Balances |
5.039
|
2.446 |
2.059 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.175
|
5.051 |
3.406 |
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Total
Current Assets |
22.923
|
21.590 |
14.615 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.509
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16.289 |
11.398 |
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Provisions |
0.596
|
1.065 |
0.588 |
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Total
Current Liabilities |
18.105
|
17.354 |
11.986 |
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Net Current Assets |
4.818
|
4.236 |
2.629 |
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MISCELLANEOUS EXPENSES |
0.090 |
0.006 |
0.008 |
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TOTAL |
21.785 |
21.298 |
13.547 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.89
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1.35 |
1.35 |
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Current Ratio (Current Asset/Current Liability) |
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1.27
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1.24 |
1.22 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporate identity
number of the company |
U51494dl1999ptc100658 |
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Name of the
company |
TCI EXIM PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
10 Ram Bagh , 1st Floor
, Old Rohtak Road, New Delhi - 100 007, India |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
State Bank of
India 6th
Floor, Palm Court, Gurgaon – 122 207, Haryana, India E-Mail: charan.chahal@sbi.co.in |
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Nature of
instrument creating charge |
Recital letter by
the company to state Bank of India confirming the deposits of title deeds with
intention to create an equitable mortgage on the company’s plot of land. |
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Date of
instrument Creating the charge |
11.02.2008 |
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Amount secured by
the charge |
Rs. 46.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : 1.00% below SBAr with minimum of 11.75% p.a
(present effective rate is 11.75% p.a ) Terms of Repayment : Shall be repaid
in 26 quarterly installments commencing on 31.12.2008 as per Annexure I, of sanction
letter dated 13.11.2007. Margin : 23.33% of loan Amount Extent and Operation of the charge : Exclusive first
charge over entire fixed assets, both present and future including equitable mortgage
of plot of land No. 106, Phase IV, Udyog Vihar, Gurgaon, Haryana admeasuring
1000 Sq. Meters. |
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Short Particulars
of the property charged |
A Plot of land
No. 106, Phase IV, Udyog Vihar, Gurgaon (Haryana) admeasuring 1000 Sq.Mtrs
Bearing Sale deed vasika No. 21203 dated 24.12.2007. |
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Particulars of
the present modification |
An equitable
mortgage over the Plot of land as described above column was created by
depositing the title deeds to provide collateral security against the Term
Loan of Rs. 46.000 millions extended to the company. |
Other information:-
The company belong to the
Transport Corporation of India Limited group of companies with an annual
turnover of US$ 100 millions. The group was supported by a network of well equipped
offices all over the country.
They specialise exclusively
in children and ladies wear and meet complete AZO free and OKO TEX standards.
They are supplying to some of the Top Boutique and Upmarket Stores in Europe.
Subject was set up in 1958
with one objective to professionalise the cargo transportation industry in
India. Four decades later, the company is the foremost conventional cargo
Transportation Company in Asia and the 4th most respected service
organization in India (BT Marg, Survey 97)
The company has the largest
network of strategically located 100 company owned branches, covering almost
all the cities and towns of the country.
The company owns well
equipped and secure godown, offices and warehouses having an occupied space of
over 3 millions square feet.
The company handles over
5.5 millions tons of cargo annually. Moving a variety of cargo that includes
raw materials, industrial products, consumer durables, drugs and
pharmaceuticals, agricultural products and recently having moved on to more
sophisticated items like refrigerated cargo, time sensitive and high value
cargo.
The company operates a
month fleet of over 3000 trucks moving 15,000 consignments daily. Using state
of the art equipment to transport consignments of any size, weight and
dimensions including heavy duty equipment and provide accurate and timely
information to its customers and meet shortened response time requirements.
It opened its doors to
computerization 20 years ago and all the controlling centres had on line computerized
operations. Supported by well documented systems and procedures assuring
consistency and efficiency in its operations and customer care throughout the
country.
The company has a client
base of 1,50,000 which includes the top 500 Indian companies. A team of 4000
employees ensures that the company stays ahead, meeting all challenges,
achieving the goals while being guided by the mission as laid down by the
organization. Meeting the company’s commitments towards excellence in every
sphere of its activity.
Trade references:-
· Sundardas and Sons
· Hucke AG, Germany
Website details:-
They are an established 100% EoU Indian garments manufacturer for
children and women. They specialize exclusively in children and ladies wear and
meet complete AZO free and OKO-TEX standards. They are supplying to some of the
top Boutique and Upmarket stores in Europe.
They belong to TCI (Transport Corporation of
India Limited) group of companies which has an annual turnover of US$ 180
Million.
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 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. 42.28 |
|
UK Pound |
1 |
Rs. 82.79 |
|
Euro |
1 |
Rs. 65.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
Yes |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|