MIRA
INFORM REPORT
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Report Date : |
01.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHANDNI OVERSEAS PRIVATE LIMITED |
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Registered Office : |
536, VIP Nagar, Block – C, KMC Premises No.502, Ward No.108, Ground
Floor, Kolkata – 700 100, 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 : |
31.03.1999 |
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Com. Reg. No.: |
089105 |
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CIN No.: [Company
Identification No.] |
U51109WB1999PTC089105 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALCO5437F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading Of Leather Bags, Brief Cases, Laptop Bags, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Purpite Gosami |
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Designation : |
Executive |
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Date : |
23.06.2008 |
LOCATIONS
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Registered Office : |
536, VIP Nagar, Block – C, KMC Premises No.502, Ward No.108, Ground
Floor, Kolkata – 700 100, West Bengal. |
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Tel. No.: |
91-33-23452255, 23452254 |
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Mobile No.: |
91-9830058282 |
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Fax No.: |
91-33-23452255 |
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E-Mail : |
sanjib2664@gmail.com |
DIRECTORS
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Name : |
Mr. Chandrima Sarkar |
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Designation : |
Director |
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Date of Birth/Age : |
27.04.1954 |
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Date of Appointment : |
31.03.1999 |
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Name : |
Mr. Shrish Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
14.10.1956 |
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Date of Appointment : |
31.03.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Shrish Mehta |
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5000 |
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Chandrima Sarkar |
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5000 |
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TOTAL |
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10000 |
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Equity Share Break-up
(as on 29.09.2007) |
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Percentage of
Holding |
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Directors or Relatives Of Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Trading Of Leather Bags, Brief cases, Laptop Bags |
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Products : |
Ø Ladies Hand Bags Ø Ladies and Gents
Wallets Ø Brief Cases Ø Laptop Bags Ø Other Small
Leather Goods |
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Exports : |
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Countries : |
UK, USA, Germany, Denmark |
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Imports : |
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Countries : |
China |
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Terms : |
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Selling : |
Credit (30days - 60 days) |
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Purchasing : |
L/C / Cash / Credit (30 Days) |
GENERAL
INFORMATION
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No. of Employees : |
55 (Office – 15, Factory – 40) |
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Bankers : |
Ø Axis Bank,
Kolkata Main Branch, 7 Shakespeare Sarani, Kolkata - 700071 Ø United Bank of
India Ø State Bank of
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D Sarkar and Associates Chartered Accountants 208,NSC Bose Road, Kolkata-700 040. Arun Laxmi and Associates Chartered Accountants 13A, Raja Raj Kishen Street, Kolkata-700 026. |
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Associates/Subsidiaries : |
Nil. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10 Each |
0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10 Each |
0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.409 |
0.255 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.509 |
0.355 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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5.712 |
3.365 |
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TOTAL BORROWING |
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5.712 |
3.365 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.221 |
3.720 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.419 |
0.070 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.320 |
0.616 |
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Sundry Debtors |
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5.568 |
1.711 |
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Cash & Bank Balances |
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0.837 |
1.072 |
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Other Current Assets |
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1.013 |
0.131 |
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Loans & Advances |
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0.413 |
1.334 |
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Total
Current Assets |
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9.151 |
4.864 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.173 |
1.115 |
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Provisions |
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0.181 |
0.104 |
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Total
Current Liabilities |
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4.354 |
1.219 |
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Net Current Assets |
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4.797 |
3.645 |
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MISCELLANEOUS EXPENSES |
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0.005 |
0.005 |
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TOTAL |
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6.221 |
3.720 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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18.844 |
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Total Income |
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18.844 |
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Profit/(Loss) Before Tax |
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0.163 |
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Provision for Taxation |
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0.011 |
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Profit/(Loss) After Tax |
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0.152 |
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Expenditures : |
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Depreciation & Amortization |
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0.078 |
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Other Expenditure |
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18.603 |
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Total Expenditure |
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18.681 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.81 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.86 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.54 |
- |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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19.77 |
12.91 |
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Current Ratio (Current Asset/Current Liability) |
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2.10 |
3.99 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U51109WB1999PTC089105 |
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Name of the
company |
CHANDNI OVERSEAS PRIVATE
LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
536, VIP Nagar, Block – C, KMC Premises No.502, Ward No.108, Ground
Floor, Kolkata – 700 100, West Bengal. |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
Axis Bank Of
India, Kolkata Main Branch, 7,
Shakespear Sarani, Kolkata-700071, West Bengal. |
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Nature of
description of the instrument creating or modifying the charge |
Deed for
hypothecation of current assets (stock & book debts). Deed for
hypothecation of machinery and other movable fixed assets. |
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Date of
instrument Creating the charge |
28.09.2007 |
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Amount secured by
the charge |
7.000 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest-
Interest will be charged 1) EPC: BPLR –
2.50% i.e.12.50% p.a. at present payable at monthly rest 2) On FBN: BPLR
-2.50% i.e.12.50% at present payable at monthly rests or at the rates
specified by the bank from time to time. Terms of
Repayment EPC will be
allowed up to 180 days or expiry of contract/ export letters of credit for
shipment whichever is earlier. FBN: On due
dates. In case of non payment, the bills will be crystallized as per RBI
Regulations. Margin EPC: Drawings
will be permitted only against letters of credit lodged with the bank. Actual
drawing will be permitted up to 75.00% of the FOB value of the confirmed
export orders/ letter of credit or 75.00% of the value of raw materials/
stock in process, finished goods, whichever is lower. BG: 15% to be
collected upfront & kept in TDR with Banks lien noted thereon. 100% Cash margin Extent and
Operation of the charge Security :- Primary :- First
hypo charge on the entire current assets of the company both present and
future, mainly comprising of stock and receivables. Collateral:- First hypo charge on entire
movable fixed assets of the firm, both present and future. Others |
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Short particulars
of the property charged |
1)
All the
stock in trade, both present & future consisting stock including RMs,
stock in process, finished goods, cash and other current & outstanding,
monies receivable, claims & bills etc 2)
All the
movable plant & machinery, furniture, fixtures etc. both present &
future consisting of Skinving machine, Cliking machine, Sweing machine, embossing machine etc or situated at 77,
Matheswartala road, Kolkata-46. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.95 |
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UK Pound |
1 |
Rs.85.62 |
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Euro |
1 |
Rs.67.81 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
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46 |
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
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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