MIRA
INFORM REPORT
|
Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CONTEMPORARY TARGETT PRIVATE LIMITED |
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Registered Office : |
20-21, Gandhi Oil Mills Compound, Gorwa Road, Vadodara – 390 016,
Gujarat. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
29.07.2003 |
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Com. Reg. No.: |
21 - 42688 |
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CIN No.: [Company
Identification No.] |
U51226GJ2003PTC042688 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDC00866F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tooth Brushes. |
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 527472 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Trade relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Sanjay Patel |
|
Designation : |
Account Department |
LOCATIONS
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Registered Office : |
20-21, Gandhi Oil Mills Compound, Gorwa Road, Vadodara – 390 016,
Gujarat, India. |
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Tel. No.: |
91-265-2281021 |
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Registered Office : |
“Shanti House” G.S. Road Ulubari, Guwahati – 781 007. |
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Tel. No.: |
91-361-511052 |
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Fax No.: |
91-361-541119 |
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Head Office : |
1 and 2, Old Court House Corner, Post Box No.14, Kolkata – 700 001,
West Bengal. |
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Tel. No.: |
91-33-220-7241 / 220-4242 / 220-0099 / 220-0858 / 220-4665 |
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Fax No.: |
91-33-2203953 |
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Branches : |
XXOV/499, Marar Road, Post Box No.633, Willington Island, Kochi – 682
003. |
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Tel. No.: |
91-484-667471 / 667472 / 666057 |
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Fax No.: |
91-484-666843 |
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Telex : |
0885 – 6629 |
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Branch: |
No.3, East Lokamanya Street, R.S. Puram, Coimbatore – 641 002,
Tamilnadu |
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Tel No: |
91-422-445211 |
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Branch: |
Club Road, Coonoor – 643 101, Nilgiri District. |
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Tel No: |
91-423-21424 / 31095 |
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Fax No: |
91-423-31075 |
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Telex: |
0853 – 201 |
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Branch: |
STAC Building, Mallaguri, Pradhannagar, Siliguri – 734 403 |
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Tel No: |
91-353-23095 / 433521 |
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Branch: |
C-2/20, B.I.D.C., Gowra, Baroda. |
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Tel No: |
91-265-340921 / 335237 |
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Fax No: |
91-265-339126 |
DIRECTORS
|
Name : |
Dr. Nayana Goradia |
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Designation : |
Director |
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Address : |
145, Sunder Nagar, New Delhi – 110 003 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mrs. Brinda Garodia Shroff |
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Designation : |
Whole Time Director |
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Address : |
23A, Jungpura, Hospital Road New Delhi – 110 014 |
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Date of Appointment : |
30.09.2005 |
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Din No: |
00455131 |
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Name : |
Mr. Lal Raisinghani |
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Designation : |
Managing Director |
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Address : |
B-62, 1st Floor, Gulmohar Park, New Delhi – 110 049 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Suresh Prasad Roy |
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Designation : |
Managing Director |
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Address : |
D-11, Nand Society, Old Padra Road, Vadodara |
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Date of Appointment : |
30.09.2005 |
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Din No: |
00005131 |
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Name: |
Mrs. Madhavi Divan |
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Designation: |
Director |
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Address: |
20, Laburnum Road, Grant Road, Gamdevi, Mumbai – 400 007, Maharashtra,
India. |
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Date of Birth: |
24.08.1970 |
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Date of Appointment: |
30.09.2005 |
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Din No: |
00226074 |
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Name : |
Mr. Anirban Bose |
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Designation : |
Whole Time Director |
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Address : |
11-A, Vrajwadi, Jetalpur Road, Vadodara – 390 007 |
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Date of Appointment : |
30.09.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Prasad Roy |
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Designation : |
Company Secretary |
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Date of Appointment: |
19.01.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON (08.07.2008)
|
Names of Shareholders |
No. of Shares |
|
Mr. Prafull Goradia |
202965 |
|
Mrs. Nayana Goradia |
166146 |
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Ms. Brinda Goradia Shroff |
39690 |
|
Ms. Madhavi Divan |
3253 |
|
Mr. Lal Raisinghani |
126 |
|
Mrs. C.L. Raisinghani |
3 |
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Mr. Vijay Dudeja |
179 |
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Mr. Dinbandhu Mandal |
329 |
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Mrs. Pramila Majumdar |
15 |
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Mr. Somnath Sen |
1 |
|
Mr. A.S. Officer |
425 |
|
Mr. F.S. Mitchel |
151 |
|
The Budge Budge Investment Private Limited |
252 |
|
Avanti Bristlers Private Limited |
6250 |
|
Mr. Suresh Prasad Roy |
240 |
|
Mr. Anirban Bose |
5 |
|
Mr. Shabda Sharan Thakkar |
4 |
|
Mr. Sanjay Kumar Jain |
160 |
|
Mr. Aswini Kant Ray |
12 |
|
Mr. Ashutosh Mathur |
7 |
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Total |
420213 |
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category
(31.03.2008) |
|
|
|
Bodies corporate |
|
1.55 |
|
Directors or relatives of directors |
|
98.15 |
|
Other top fifty shareholders |
|
0.30 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tooth Brushes |
GENERAL
INFORMATION
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Bankers : |
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Facilities: |
-- |
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Banking
Relations : |
-- |
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Auditors : |
C.R. Shah and Company |
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Chartered Accountant |
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Address : |
605, Yashkamal Station Road, Baroda – 390 005, Gujarat, India. |
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Pan No.: |
AACFC1026E |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs. 100/- Each |
Rs.45.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
420213 |
Equity Shares |
Rs. 100/- Each |
Rs.42.021 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
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|
|
|
1] Share Capital |
34.387 |
34.387 |
34.387 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
63.475 |
36.174 |
26.994 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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5] Shareholders Suspense Account |
7.633 |
0.000 |
0.000 |
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NETWORTH |
105.495 |
70.561 |
61.381 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
56.676 |
29.598 |
21.696 |
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2] Unsecured Loans |
63.281 |
100.974 |
93.700 |
|
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TOTAL BORROWING |
119.957 |
130.572 |
115.396 |
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DEFERRED TAX LIABILITIES |
3.753 |
5.370 |
7.888 |
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TOTAL |
229.205 |
206.513 |
184.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
93.080 |
59.209 |
46.628 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.176 |
3.848 |
3.968 |
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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 |
44.557
|
28.042 |
22.334 |
|
|
Sundry Debtors |
39.535
|
28.353 |
20.186 |
|
|
Cash & Bank Balances |
4.896
|
14.608 |
2.659 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
127.601
|
164.760 |
149.539 |
|
Total
Current Assets |
216.589
|
235.763 |
194.718 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
56.572
|
64.842 |
40.068 |
|
|
Provisions |
28.111
|
27.514 |
20.638 |
|
Total
Current Liabilities |
84.683
|
92.356 |
60.706 |
|
|
Net Current Assets |
131.906
|
143.407 |
134.012 |
|
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MISCELLANEOUS EXPENSES |
0.043 |
0.049 |
0.057 |
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|
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|
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TOTAL |
229.205 |
206.511 |
184.665 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
352.801 |
267.773 |
218.713 |
|
Other Income |
29.929 |
15.354 |
11.094 |
|
Total Income |
382.730 |
283.127 |
229.807 |
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|
|
|
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Profit/(Loss) Before Tax |
47.927 |
33.539 |
22.516 |
|
Provision for Taxation |
10.077 |
9.072 |
6.127 |
|
Profit/(Loss) After Tax |
20.191 |
12.554 |
7.029 |
|
|
|
|
|
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Total Expenditure |
334.803 |
249.588 |
207.291 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
5.3
|
4.4 |
3.1 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.6
|
12.5 |
10.3 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.3
|
47.5 |
36.7 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.5
|
11.2 |
9.2 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.8
|
1.3 |
0.9 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
2.6
|
2.6 |
3.2 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Creation of
charge Modification of
charge |
|
Charge
identification number of the modified
|
80005804 |
|
Corporate
identity number of the company |
U51226GJ2003PTC042688 |
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Name of the
company |
CONTEMPORARY
TARGETT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
C-2/20,
Industrial Estate Gorwa, Baroda – 390 016, Gujarat, India. |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of
India, specialised Commercial Branch, 2nd floor, trident Complex,
Opp. Geri, Near Race Course, Vadodara – 390 023, Gujarat, India. E-Mail: agm.04086@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
(Both the document constituting a single charge) |
|
Date of
instrument Creating the charge |
Rate of Interest Cash Credit:
Correspondence to credit rating SB-2 Corporate Loan
(New) Open Term Loan: Correspondence to SB-2 Terms of
repayment
Margin
Raw Materials – 25% Indigenous –
25% Stores and Spares – 30% Stock in Process – 305 Finished Goods – 40% Letter of Credit --
25% Receivables -- 40% Corporate Loan and open term loan (New) and hypothecation of various
machineries acquired and to be acquired – overall margin 59% Extent and operations of the charge Company has created first charge in the form of equitable mortgage by
depositing title deeds of its immovable properties being Plot No.c-2/20
situate in industrial estate Gorwa, Vadodara and Plots No.20 (Paiki) and 21
situated in Gandhi oil mill compound, Gorwa, Vadodara, for the purpose of
securing credit facilities viz., DCC – Rs.3.500 millions, 2 corp. Loan (old)
– Rs.4.000 million, 3 Corp. Loan(New) Rs.1.000 millions, 4 Corp.loan(New) –
Rs.1.000 million, 5.L.C. – Rs.2.500 million, Total Rs.6.150 millions. |
|
Short particulars
of the property charged |
As per annexure
attached herewith |
|
Date of latest
modification prior to the present modification |
24.06.2006 |
NOTE:
The Registered Office of the Company has been shifted
from “ C-2/20, Industrial Estate Gorwa, Baroda – 390 016, Gujarat, India.” to
present w.e.f. 29.06.2007
OPERATIONS:
The Company registered an all round growth in
production, sales volume, turnover and capacity utilization during the year under
review. The production and sales volumes during the year are a record for the
Company. Turnover increased by thirty one percent while operating profit after
tax increased by forty nine percent over the previous year. Main contributing
factors were increase in turnover and other income. The Directors of the
Company are of the opinion that with the inbuilt strengthof accumulated
reserves and a better performance on operational front, the Company will attain
better results in the current financial year.
MERGER OF GROUP COMPANIES:
The Board of Directors in their meeting held
on 24th July, 2007 has approved a scheme of arrangement in the
nature of amalgamation of Osler Dentifrices Private Limited (ODPL), Planet
Toothbrushes Private Limited (PTPL) and Targett Dental Products Private Limited
(TDPPL), whose principal business were manufacturing of toothbrushes, keeping
in mind amplified competition in the market due to de – reservation of
Toothbrush from the list of reserved product for Small Scale Industries.
The Hon’ble High Court of Gujarat, at
Ahmedabad has passed orders dated 11th March, 2008 for sanctioning a
Scheme of arrangement under section 391 and 394 of the Companies Act, 1956 in
the nature of Amalgamation of ODPL, PTPL and TDPPL with the Company.
The Company has duly completed the process of
merger and implemented the scheme as approved by the Hon,ble High Court of
Gujarat with effect from the appointed date i.e., 1st April, 2007.
CROP ADVANCES:
The Company has made the interest bearing
advances to following entities for bridging the gap of gestation period, on the
request of one of the group Company i.e., Contemporary Brokers Private Limited,
Kolkata, who is selling the final crop in the
market received from these entities.
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.49.22 |
|
UK Pound |
1 |
Rs.73.03 |
|
Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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 |
|