MIRA
INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BALAJI IMPEX PRIVATE LIMITED |
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Registered Office : |
2 B, Raja Janmenjoy Road, Kolkata - 700 010, 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 : |
03.10.1989 |
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Com. Reg. No.: |
21-047660 |
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CIN No.: [Company
Identification No.] |
U51909WB1989PTC047660 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB03427E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Leather Gloves and Goods |
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 70500 |
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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 : |
R. K Nath |
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Designation : |
Receptionist |
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Date : |
27.06.2008 |
LOCATIONS
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Registered Office : |
2 B, Raja Janmenjoy Road, Kolkata - 700 010, West Bengal, India |
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Tel. No.: |
91-33-24420350 / 24425571 |
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Fax No.: |
91-33-24420352 |
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E-Mail : |
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Website : |
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Area : |
898 sq.ft. |
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Location : |
Owned |
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Corporate Office : |
187, Raja Danga Navapally Suvarnarekha Building, 1st Floor |
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Tel. No.: |
91-33-24278172 |
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E-Mail : |
pkm_mukh@yahoo.comTop of FormBottom of Form |
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Factory : |
4 D ,Dhamla Road, Kolkata - 700 010, West Bengal, India |
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Area : |
10000 sq.ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Chinmoy Roy |
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Designation : |
Director |
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Address : |
Mitra Para, 2nd Lane, P.O.-Harinavi, Dist.24 Parganas
(South), Kolkata-743 438, West Bengal, India. |
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Date of Birth/Age : |
15.06.1956 |
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Qualification : |
B.S.C |
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Date of Appointment : |
03.10.1989 |
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Name : |
Mr. Mrityunjoy Ghosh |
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Designation : |
Director |
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Address : |
2 B, Raja Janmenjoy Road, P.O. Beleghata, Kolkata-700 010, West Bengal
India |
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Date of Birth/Age : |
18.12.1951 |
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Qualification : |
H.S.C |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. Siddhartha Chowdhury |
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Designation : |
Director |
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Address : |
130 A, Sarat Ghosh Garden Road, Kolkata-700 031, West Bengal, India |
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Date of Birth/Age : |
05.06.1955 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
01.04.1994 |
KEY EXECUTIVES
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Name : |
R. K Nath |
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Designation : |
Receptionist |
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Name : |
P R Mukhopadhway and Associates |
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Designation : |
Company Secretary |
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Address : |
45, Stephen House, 3rd Floor,
4 B.B.D. Bagh (E), Kolkata 700 001, West Bengal, India. |
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Tel No: |
91-33-22420497 |
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Mobile No: |
91- 9830033461 |
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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Mr. Chinmoy Roy |
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47000 |
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Mr. Mrityunjoy Ghosh |
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47400 |
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Mr. Siddhartha Chowdhury |
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23700 |
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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 : |
Manufacturer of Leather Gloves and Goods |
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Products : |
Leather Products, Gloves, Belts etc. |
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Exports : |
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Products : |
All types of Leather Products |
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Countries : |
USA, Germany, Spain |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
42 (In Office-7, In Factory-35) |
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Bankers : |
· Syndicate Bank, Circus Avenue, Kolkata-700
017, West Bengal, India · American Express
Bank |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. S. Vanzara and Associates Chartered Accountants |
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Address : |
3A, Oriental House, 6 C, Elgin Road, 3rd Floor, Kolkata-700
020, West Bengal. India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2007:
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
2.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
118500 |
Equity Shares |
Rs.10/- each |
1.185
Million |
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 |
1.185 |
1.185 |
1.185 |
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2] Share Application Money |
0.090 |
0.090 |
0.000 |
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3] Reserves & Surplus |
12.833 |
12.012 |
10.970 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.108 |
13.287 |
12.155 |
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LOAN FUNDS |
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1] Secured Loans |
13.736 |
12.094 |
12.662 |
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2] Unsecured Loans |
1.189 |
0.067 |
0.178 |
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TOTAL BORROWING |
14.925 |
12.161 |
12.840 |
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DEFERRED TAX LIABILITIES |
0.025 |
0.032 |
0.000 |
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TOTAL |
29.058 |
25.480 |
24.995 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.625 |
1.660 |
1.867 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.086 |
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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 |
21.065
|
13.345 |
7.355 |
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Sundry Debtors |
14.523
|
2.684 |
7.986 |
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Cash & Bank Balances |
0.123
|
0.405 |
2.439 |
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Other Current Assets |
10.621
|
8.273 |
6.493 |
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Loans & Advances |
2.787
|
2.238 |
1.800 |
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Total
Current Assets |
49.119
|
26.945 |
26.073 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.420
|
2.252 |
2.441 |
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Provisions |
1.266
|
0.873 |
0.590 |
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Total
Current Liabilities |
21.686
|
3.125 |
3.031 |
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Net Current Assets |
27.433
|
23.820 |
23.042 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
29.058 |
25.480 |
24.995 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
72.978 |
49.062 |
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Other Income |
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7.068 |
4.039 |
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Total Income |
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80.046 |
53.101 |
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Profit/(Loss) Before Tax |
|
1.269 |
1.455 |
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Provision for Taxation |
|
0.448 |
0.323 |
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Profit/(Loss) After Tax |
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0.821 |
1.132 |
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Earnings in Foreign Currency : |
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Export Earnings |
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72.978 |
49.062 |
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Total Earnings |
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72.978 |
49.062 |
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Expenditures : |
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Depreciation & Amortization |
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0.242 |
0.323 |
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Financial Charges |
|
2.994 |
1.274 |
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Other Expenditure |
|
75.541 |
50.049 |
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Total Expenditure |
|
78.777 |
51.646 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.02
|
2.13 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.74
|
2.96 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.50
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5.08 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.11 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.59
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1.15 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
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2.26
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8.62 |
8.60 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART:
|
Parameters |
Detail |
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Import Export
Code |
0292014945 |
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Name Of the Bank |
Syndicate Bank |
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Current Account
Number |
3A883 |
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Account Since |
1989 |
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Quality
Management Systems |
ISO 9001-2001 |
FORM NO.8:-
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Name of the company |
BALAJI IMPEX
PRIVATE LIMITED |
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Presented By |
Syndicate Bank Circus Avenue Branch and
Company |
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1) Date and description of instrument creating the change |
Comprehensive pre
and post shipment agreement Dated
13.12.2005 No instrument was
executed letter dated 13.12.2005 Confirming
creation of second/ subsequent equitable mortgage in respect of deed Nos.387
and 388 both of year 2000. |
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2) Amount secured by the charge/amount owing on the securities of charge |
3.500 Million |
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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 |
First charge on
all the goods namely leather and leather products to be exported as soon as they
come into existence, whichever it may be located. First charge on all the
borrower’s book debts, outstanding, monies receivables, claims and bills
which are now due and owing or which may at any time hereafter become due and
owing. First charge on all the tangible movable assets, including
raw-materials, stock in trade, goods in process, semi-finished and finished
goods, goods used for processing. Second or subsequent equitable mortgage on
land measuring: 1) 4 Cottahs, 10
Chettaks, 28 sq.ft. with R.T.Shed, structures measuring 300 sq.ft. in Dag
No.1736,Khatian No.1387, J.L.No.13, R.S.No.233, Touzi No.1298/2833, Mouza
Kasba, P.S.Kasba, Dist.24 Parganas(South) 2)Land measuring
5 cottahs, 2 Chettaks, 22 sq.ft.in C.S. Dag No.1736, Khatian No.1387, J.L. No.13,
R.S.No.233, Touzi No.340 to 342, Holding No.66 at Mouza Kasba, P.S. Kasba,
Dist.24 Parganas (South). First charge held
by Syndicate Bank, Circus Avenue Branch. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
All bills of
exchange shipping documents, dock warrants, delivery orders, warehouse
receipts, policies of Insurance and other inland and foreign documents,
relating to goods in India or abroad and all marketable securities in the
possession of the Bank shall be a continuing security. The borrower
shall not create any charge on the goods to be exported and other goods and
movables without prior consent of the Bank. Facility granted: Pre-shipment
limit Rs.3.500 Million Interest @7.5%
p.a. or such other rate as may be charged by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Circus Avenue Branch, Kolkata. |
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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 |
TRADE REFERENCES:
Ø
Urvina S.L (Spain)
Ø
Korsing (Germany)
Ø
Arbeitschgtz (Germany)
WEBSITE DETAILS:-
The Company started its manufacturing operations in the Year
1992. It has a modern manufacturing unit at Kolkata manned by skilled manpower.
Facilities are being expanded to meet the growing demand of overseas customers.
As the present inhouse capacity is not sufficient to meet growing export
committment, the Company resorts to out-sourcing its products.
Constitution
A Private Limited Company registered under the Indian Companies Act, 1956
promoted by persons having considerable experience in the manufacture and
marketing of industrial leather goods.
Quality of the Products
They strive to maintain International Quality as they have
to compete in the International market. They are an ISO:9001:2000 Company.
Management
The Company has three wholetime directors who are Highly
experienced technical and professional persons.
Experience
The Directors are in the leather business for the last 15
years. The Company manufactures Industrial leather gloves, aprons, sleeves,
leggings etc. They have established their selves as one of the leading
manufacturer and exporter of the Gloves.
Clientele
Their products are fully exported. There is no domestic
sale, major overseas clients are in SPAIN, GERMANY, AUSTRIA and AUSTRALIA.
Clients
They have a wide network of clientèle across the globe. It
is the superior quality of goods and timely services which have helped them in
having cordial and long-standing relations with their clients. Some of their
major clients are located in Spain, Germany, Austria and Australia.
Exports
In the last year the Company exported 1.4 Million pairs of leather gloves.
Cost Control Measures
The Company's major raw material is tanned leather,
availability of desired quantity and quality of leather at competitive price is
not guaranteed. Major portion of leather requirement is being processed at a
third party tannery under Company's supervision. The Company has to pay only
conversion charges. This has helped in reducing cost by about five per cent.
Present and Future Outlook
The Company's export potential is highly encouraging. The
present and future order position is quite satisfactory. During the last one
year it has tapped new markets which has helped in increasing its sales by 1.5
times (approx.) as compared to earlier years. It is expected that the Company
will achieve further growth in sales in the years to come.
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.43.30 |
|
UK Pound |
1 |
Rs.86.13 |
|
Euro |
1 |
Rs.68.72 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|