MIRA
INFORM REPORT
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Report Date : |
19.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BRINTONS CARPETS ASIA PRIVATE LIMITED |
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Registered Office : |
Sant Singh Mokha’s Bunglow, 60 Anand Park, Street No.2, Aundh, Pune –
411007 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.10.1997 |
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Com. Reg. No.: |
25-014590 |
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CIN No.: [Company
Identification No.] |
U17226PN1997PTC014590 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEB02333C |
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PAN No.: [Permanent
Account No.] |
AAACB7059H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Sellers of an Axminister Woven Carpets. |
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 3200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Comments : |
Subject is a subsidiary of Brintons Limited, UK. Directors are reported as experienced, respectable and resourceful businessmen. Capital base is strong. Trade relations are fair. Payments are usually correct and as per commitments. Your proposed business dealings of US$ 91000 can be considered against D/A or D/P terms. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashish S. Srivastav |
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Designation : |
Finance Manager |
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Contact No.: |
Mobile no.91-9890674719 |
LOCATIONS
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Registered Office : |
Sant Singh Mokha’s Bunglow, 60 Anand Park, Street No.2, Aundh, Pune – 411 007, India |
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E-Mail : |
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Corporate Office : |
Darshan Apartments, 1/D/1, B. J. Medical College Road, Sadhu Vaswaji Path, Pune – 411 001, Maharashtra |
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Factory : |
Plot No.414/415/416, Village Urwade, Mulshi – Pune – 412 108,
Maharashtra |
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Tel. No.: |
91-20-2929216/24101400/2929208 |
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Mobile No. : |
91-9890674719 |
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Fax No.: |
91-20-22929233/ 24101396 |
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E-Mail |
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Website |
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Area : |
24 Acres |
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Location : |
Owned |
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Sales Office : |
Devi House, 6th Floor, Plot No. 37, CTS No. 1576, Shivajinagar, Pune – 411 005, Maharashtra, India |
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Tel. No.: |
91-20-25534473/74 |
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Fax No.: |
91-20-25533231 |
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E-Mail |
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Branch Office : |
Tel. 91-20-2388158
Tel. No. 91-20-25883888 Fax No. 91-20-25883898 |
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Overseas Offices : |
v 46-A, Club Street, Singapore 69423 Tel. (65) 6225 5690 Fax. (65) 6225 3034 E-mail. brintons@singnet.com.sg v Arista Interior Décor Pte. Aljunied Industrial Complex, 625, Aljunied Road 02-05, Aljunied Industrial Complex, Singapore 389836 Tel. (65) 67483333 Fax. (65) 6748 1981 E-mail. arista@singnet.com.sg v Shanghai Rep. Off. Room 6009/6010, Sanghai Overseas Chinese Mansion, No. 129, Yan An Xi Road, Sanghai 200040 China Tel. (8621) 62496340/62496341 Fax. (8621) 62498079/62498079 E-mail. jessicanyberg@brintons-sh.com v 3-A, Simpang 97-23, Jalan Kiarong, Kampong Kiulap BSB, Brunei Tel. 00 673 88698742 E-mail. samba@brunet.bn
v Hotel & Commercial Carpet, PMB 466, 1270 N Marine Drive Tamuning 96911 Guam Tel. 0011 671 6493069 Fax. 0011 671 6493470 v Room No. 2102, Shanghai Industrial Investment Building, 48-62, Hennessy Road, Wanchai, Hong Kong Tel. 91-852-25202736 Fax. 91-852-28654930 E-mail. hkg@intlcpt.com v PT. Samudra Tujuh Jalan H, Pentul 1 No. 2, Radio Dalam, Kakarta 12140, Indonesia Tel. (6221) 7232111 Fax. (6221) 7223541 E-mail. samudra_7@link.net.id v Plus Space Design Corp YT Building, 2-2-4 Koujimachi, Chiyoda-Ku, Tokyo, Japan 1020083 Tel. (813) 35127751 Fax. (813) 35127577 E-mail. mmohri@plus.co.jp/yaskobayashi@plus.co.jp v Contract Story – A, Auezova St. 120/1, Off 208 Astana, Kazakhstan Tel. (3271) 396859 Fax. (3271) 397368 E-mail. contractstory@mail.kz v Young Han Trading Company Room 320, Hyundai Esa II Officetel, 1542-6, Seocho-dong, Seocho-gu, Seoul 137-872 Tel. 00 82 2 5885587 Fax. 00 82 2 5885547 Mobile. Youngjun Lee 00 82 11 392 3927 Eunah Yeo 00 82 11 351 4782 Daesung Kim 00 82 11 9026 3905 E-mail. brintonskorea@kornet.in v Cresent Design (M) Sdn Bhd No. 29, Jalan 4/118C, Desa Tun Razak, Cheras 56000, Kuala Lumpur, Malaysia Tel. (603) 9173 4948 Fax. (603) 9173 5018 E-mail. skycrest@tm.net.my v Unit 1110, 11/F, West Tower, Phillipine Stock Exchange, Ortigas Centre, Pasig City, Manila, Philippines Tel. (603) 9173 4948 Fax. (603) 9173 5018 E-mail. skycrest@tm.net.my v 26, Berezhkovskaya Nab, Moscow, Russia, 123995, GSP – 5 Tel. 095 240 2629 E-mail. contractstory@mtu-net.ru v Zipovskaya Str. 5, Krasnodar 350000 Russia Tel. (8612) 52 33 15 Fax. (8612) 52 3359 v Delmege Forsyth & Company Limited 101 M, Vinayalankara Mawatha, P. O. Box 45, Colombo 10 Tel. 00 94 268 6756/00 94 11 2693361-8 Fax. 00 94 269 8139/00 94 11 268 6149/00 94 11 2699413 E-mail. id@delmege.com v Room No. 320Mall Hyundai Esa II Officetel 1542-6, Seocho-Dong, Seocho-Gu Seoul 137-872, Korea Tel. (822) 588 5587 Fax. (822) 588 5547 E-mail. brintonskorea@kornet.net v New Chin Chin Corporation 2 Floor, No. 94, Sec 3 Min Sheng East Roa, Teipei 104, Taiwan R. O. C. Tel. (886) 22501 0922 Fax. (886) 22501 2490 E-mail. nccncc@ms48.hinet.net v The Gannon Company (HK) Limited 4th Floor, 162 Pasteur St. Dist. 1, Ho Chi Minh City, Vietnam Tel. 8488227347 Fax. 94882272350 E-mail. brian.smith@gannon.com.vn |
DIRECTORS
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Name : |
Mr. Michael Brinton |
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Designation : |
Chairman |
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Name : |
Mr. Mark R. Johnson |
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Designation : |
Director |
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Address : |
Bunglow No.706, Sinon Co-op Housing Society, Aundh, Pune – 411007,
Maharashtra, India |
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Date of Birth/Age : |
31.07.1960 |
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Date of Appointment : |
24.10.1998 |
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Name : |
Mr. Suranjan K. Chatterjee |
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Designation : |
Director |
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Address : |
10, Prassomna, 912, Shivaji Nagar, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
27.10.1953 |
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Date of Appointment : |
05.05.1998 |
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Name : |
Mr. John R. Philling, UK |
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Designation : |
Director |
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Address : |
C/o. Brintons Limited, P.O. Box No.16, Kidder Minister
Worcestershire DY101AG UK |
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Date of Birth/Age : |
11.10.1953 |
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Date of Appointment : |
21.10.1997 |
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Name : |
Dr. Alan J. Folwell, UK |
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Designation : |
Director |
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Address : |
C/o. Brintons Limited, P.O. Box No.16, Kidder Minister Worcestershire DY101AG |
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Name : |
Mr. Arvind Ramakant Mahajan |
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Designation : |
Director |
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Address : |
C/o. A. F. Ferguson and Company, 11th Floor, Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Name : |
Mr. Gururaj Purshottam Albal |
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Designation : |
Additional Director |
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Address : |
79, Revenue Colony, Shahu Park, Kolhapur – 416004, Maharashtra, India |
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Date of Birth/Age : |
14.08.1953 |
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Date of Appointment : |
04.09.2007 |
KEY EXECUTIVES
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Name : |
Mr. Dilip Ghose |
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Designation : |
Finance and Administration Manager |
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Name : |
Mr. Ashish Shrivastava |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Brintdns Limited |
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3399997 |
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Mr. Suranjan K. Chatterjee |
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1 |
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Mr. Sandip Kumar Jain |
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1 |
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Mr. Ashish Srivastava |
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1 |
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Total |
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3400000 |
(As on 31.03.2006)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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99.99 |
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Others |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Sellers of an Axminister Woven Carpets. |
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Products : |
Products
Description Item Code No. Axminister Woven Carpets 5703.90 |
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Brand Name : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days), Cash or L/C terms |
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Purchasing : |
Contract, Credit (30 days), Cash or L/C terms, Collection |
GENERAL
INFORMATION
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Customers : |
· Brintons Carpets, UK · Leela Ventures, Mumbai, Maharashtra · Oberoi Hotels, Kolkata, West Bengal · Oberoi Hotels, Bangalore, Karnataka · Media Hotel, Dubai · Hyatt Regency, Delhi · Hyatt Regency, Mumbai, Maharashtra · Hyatt Regency, Kolkata, West Bengal · Taj Group of Hotels, Mumbai, Maharashtra |
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Suppliers : |
· Brintons Limited, UK · Supreme Jute, Bangladesh · Rajasthan Spinning Mills Limited, India · Indian Rayons, Kolkata, West Bengal · Chriot Jute, Kolkata, West Bengal · CIBA · Devi Group of Companies, Pune, Maharashtra |
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No. of Employees : |
500 |
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Bankers : |
327, M. G. Road, Camp, Pune – 411 001, Maharashtra (The company enjoys Cash Credit, Bank Guarantee and L/C facilities of Rs. 45.000 millions from its’ bankers)
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Banking Relations
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Unknown |
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Auditors : |
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Name : |
Bharat S. Raut and Company Chartered Accountants |
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Address : |
703, 7th Floor, Goderej Castlemaine, Next to ruby hall clinic, Bund Garden Road, Pune - 411001, Maharashtra, India |
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Associates/Subsidiaries : |
· Brinton Wade Limited, Warwickshare, U.K. · Brinton Limited, Portugal · Brinton Inc., Missisippi, U.S.A. · Smith Godfellow Limited, Cheshire, U. K. |
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Parent Company : |
P.O. Box 16, Exchange Street, Kidderminster, DY 10 IAG, London, U.K. (The company has been formed as a 100% subsidiary of Brintons Limited UK, P. O. Box No. 16, Exdchange Street, Kidderminister, England (Established in 1783). The company’s old registration numbe was 11-11429 at Bombay Registry and the new Number is 25 – 14590 at Pune ROC.)
(The company was founded in 1783 by William Brinton at Hill Pool in Chadesley outside Kidderminister and manufactured spun yarn. By 1911, the company was one of the largest carpet manufactures in Kidderminister. The present Chairman Mr. Michael Brinton is the sixth generation of the family) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3400000 |
Equity Shares |
Rs.100/- each |
Rs.340.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3400000 |
Equity Shares |
Rs.100/- each |
Rs.340.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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340.000 |
340.000 |
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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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310.323 |
350.085 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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650.323 |
690.085 |
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LOAN FUNDS |
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1] Secured Loans |
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68.146 |
62.352 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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68.146 |
62.352 |
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DEFERRED TAX LIABILITIES |
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32.828 |
31.631 |
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TOTAL |
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751.297 |
784.068 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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608.708 |
547.530 |
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Capital work-in-progress |
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31.782 |
126.731 |
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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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204.404 |
192.616 |
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Sundry Debtors |
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198.820 |
172.711 |
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Cash & Bank Balances |
|
6.911 |
6.969 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
28.546 |
24.450 |
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Total
Current Assets |
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438.681 |
396.746 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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306.890 |
282.844 |
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Provisions |
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20.984 |
8.095 |
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Total
Current Liabilities |
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327.874 |
290.939 |
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Net Current Assets |
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110.807 |
105.807 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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751.297 |
784.068 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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620.793 |
746.969 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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620.793 |
746.969 |
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Profit/(Loss) Before Tax |
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(36.735) |
78.818 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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(36.735) |
78.818 |
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Earnings in Foreign Currency : |
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Export Earnings |
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548.010 |
671.821 |
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Total Earnings |
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548.010 |
671.821 |
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Expenditures : |
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Interest |
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4.178 |
3.359 |
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Depreciation & Amortization |
|
67.011 |
59.599 |
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Other Expenditure |
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586.339 |
605.193 |
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Total Expenditure |
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657.528 |
668.151 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(5.92) |
10.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
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(5.92) |
10.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(3.51) |
8.35 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.06) |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.61 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
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1.34 |
1.36 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
·
Rajasthan Spinning – Jaipur (Purchasing Polyester from them)
·
EOC Plolymers - Belgaum
History:
Subject was incorporated as a 100% export oriented unit (EOU). The entire share capital of the company is held by Brintons Limited, United Kingdom and nominee.
Fixed Assets:
- Land
- Building
- Plant and machinery
- Furniture and fixtures
- Vehicles
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.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
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 |
|