MIRA
INFORM REPORT
|
Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MASUMI OVERSEAS PRIVATE LIMITED |
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Registered Office : |
Banu Mension Room No. 8, 3rd Floor, Nadirshah, Sukhia Street,
Fort, Mumbai-400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Tentative) |
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Date of Incorporation : |
16.12.2005 |
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Com. Reg. No.: |
11-158087 |
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CIN No.: [Company
Identification No.] |
U51900MH2005PTC158087 |
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IEC No.: |
0306015412 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM30997B MUMM30171B |
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PAN No.: [Permanent
Account No.] |
AAECM4835C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers, Exporters and Traders in Precious Metals, Commodities
(Cement) and Jewellery. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 ½ years old company but progressing well. The company
has shown satisfactory progress and its future seems to be good. Directors
are reported as experienced, respectable and having satisfactory means. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Banu Mension Room No. 8, 3rd Floor, Nadirshah, Sukhia
Street, Fort, Mumbai-400001, Maharashtra, India |
|
Tel. No.: |
91-22-66396720/ 22831318 |
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Fax No.: |
91-22-66396740 |
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E-Mail : |
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Factory : |
Manikanchan SEZ, SDF Building, Sector V, Salt Lake City,
Kolkata-700091, India |
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Tel. No.: |
91-33-23675404/ 05/ 5490/ 5491 |
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Fax No.: |
91-33-23675492 |
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Branch Office : |
Shop No. 23, Super Market Mirzapur, Near Lakhya Garage, Ahmedabad-380001,
Gujarat, India |
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Tel. No.: |
91-79-25500258 |
DIRECTORS
|
Name : |
Mr. Santosh Doshi |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Ritesh Jain |
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Designation : |
Director |
BUSINESS DETAILS
|
Line of Business : |
Importers, Exporters and Traders in Precious Metals, Commodities
(Cement) and Jewellery. |
GENERAL
INFORMATION
|
Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
N. P. Doshi and Associates Chartered Accountant |
|
Address : |
Flat No. 10, Shrikrishna Apartjments, 1st Left Lane, Off Shirole
Road, Opposite Fergusson Collage Gate, Shivajinagar, Pune-411001,
Maharashtra, India |
|
E-Mail : |
CAPITAL STRUCTURE
As on 22.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs. 100/-
each |
Rs. 45.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 [Tentative ] |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.000 |
45.000 |
0.100 |
|
|
2] Share Application Money |
480.000 |
0.000 |
0.500 |
|
|
3] Reserves & Surplus |
54.063 |
17.196 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
579.063 |
62.196 |
0.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.955 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
21.955 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
601.018 |
62.196 |
0.600 |
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|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
0.180 |
0.023 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
210.534 |
0.010 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.497
|
|
|
|
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Deposits |
17.965
|
|
|
|
|
Sundry Debtors |
225.379
|
71.328 |
0.556 |
|
|
Cash & Bank Balances |
14.835
|
|
|
|
|
Other Current Assets |
138.708
|
|
|
|
|
Loans & Advances |
60.611
|
|
|
|
Total
Current Assets |
457.995
|
71.328 |
0.556 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
68.367
|
|
|
|
|
Provisions |
0.018
|
|
|
|
Total
Current Liabilities |
68.385
|
10.091 |
0.003 |
|
|
Net Current Assets |
389.610
|
61.237 |
0.553 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.694 |
0.926 |
0.047 |
|
|
|
|
|
|
|
|
TOTAL |
601.018 |
62.196 |
0.600 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 [Tentative] |
31.03.2007 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
6005.441 |
2746.653 |
|
|
Other Income |
|
101.259 |
1.428 |
|
|
Total Income |
|
6106.700 |
2748.081 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
101.259 |
19.340 |
|
|
Provision for Taxation |
|
0.000 |
6.644 |
|
|
Profit/(Loss) After Tax |
|
101.259 |
12.696 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
5887.490 |
2704.026 |
|
|
Clearing and Forward Charges |
|
8.456 |
0.000 |
|
|
Octroy Cement |
|
0.446 |
0.000 |
|
|
Transport and other Charges |
|
7.700 |
0.000 |
|
|
STC Margin |
|
0.000 |
7.480 |
|
|
Payment to Employees |
|
0.000 |
2.746 |
|
|
Administrative Expenses |
|
0.000 |
1.673 |
|
|
Selling and Distribution Expenses |
|
0.000 |
8.355 |
|
|
Directors Remuneration |
|
0.000 |
3.600 |
|
|
Financial Charges |
|
0.000 |
0.408 |
|
|
Loss on Trading on MCX |
|
0.000 |
0.171 |
|
|
Audit Fees |
|
0.000 |
0.050 |
|
|
Miscellaneous Expenditure Written Off |
|
0.000 |
0.232 |
|
|
Commission for share trading |
|
0.362 |
0.000 |
|
|
Consultancy Fees |
|
0.100 |
0.000 |
|
|
Preliminary Expenses written off |
|
0.074 |
0.000 |
|
|
Repairs of Office |
|
0.010 |
0.000 |
|
|
Interest |
|
0.305 |
0.000 |
|
|
Other Expenditure |
|
100.498 |
0.000 |
|
Total Expenditure |
|
6005.441 |
2728.741 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 [Tentative ] |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.66
|
0.46 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.69
|
0.70 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.10
|
27.11 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.31 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.16
|
0.16 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.69
|
7.07 |
185.33 |
LOCAL AGENCY
FURTHER INFORMATION
OTHER DETAILS
|
Legal Consultants |
M/s. Bhave and Company Advocates High Court, 2nd Floor,
65, M. G. Road, Opposite, HSBC Bank Building, Hutatma Chowk, Fort,
Mumbai-400023, Maharashtra, India |
|
Management Consultants |
YEN Management Consultant Private Limited,
419, Maker Chambers V Nariman Point, Mumbai-400021, Maharashtra, India |
|
Business Profile |
The Company then
negotiated with the state trading corporation of India limited, Ahmedabad
Branch, Mumbai Branch, Dellhi Branch, For such Type of transacton. |
|
Borrowings of the Company |
Nil From any Financial Institutions and our
Bankers |
|
Business Projection in Real Estate |
The Company has acquired about 0.400 Million
Sq ft. Area at Baner in Pune District. And about 0.100 Million Sq. Ft at Bavdhan,
Also in Pune District. The Company intends to construct housing project of
Luxurious Amenities and Luxurious Flats. The housing project will contain
approximately 400 flats. |
|
PAN Numbers |
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VAT Numbers |
Maharashtra – 27800543581V w.e.f 08.06.2006 Gujarat : 24070701809 w.e.f 24.05.2006 |
OPERATING
STATEMENTS
(Rs in Millions)
|
Particulars |
2008-2009 Projected |
|
1) Trading Sales |
|
|
i) Export Sales – Gold Jewellery |
6000.000 |
|
ii) Local Sales – Gold |
10000.000 |
|
Total |
16000.000 |
|
2) Less Excise Duty |
-- |
|
3) NET SALES (1+ 2) |
16000.000 |
|
4) % Rise (+) or Fall (-) in Net Sales as
compared to previous year |
+39% |
|
5) COST OF SALES |
|
|
i) Cost of Indigenous Trading Goods
(Including Freight, Handling etc.) |
|
|
a) Gold Jewellery |
5250.000 |
|
b) Gold |
9900.000 |
|
ii) Consumption of Other Spares |
-- |
|
iii) Power, Fuel and Electricity |
-- |
|
iv) Wages, Salaries and Labour charges |
10.800 |
|
v) Other manufacturing expenses |
-- |
|
vi) Depreciation |
1.230 |
|
vii) Sub Total (I to vi) |
15162.030 |
|
viii) Add Opening Stock of Work in Process |
-- |
|
Sub Total (vii + viii) |
15162.030 |
|
ix) Less Closing Stock of work in process |
-- |
|
x) COST OF PRODUCTION |
15162.030 |
|
xi) Add Opening Stock of Finished goods |
-- |
|
xii) Less Closing Stock of Finished Goods |
-- |
|
xiii) Sub Total (TOTAL COST OF SALES) |
15162.030 |
|
6) Selling, Marketing and Other General
Administration Expenses |
45.000 |
|
7) Sub Total (5 + 6) |
15207.030 |
|
8) OPERATING PROFIT before INTEREST (3-7) |
792.970 |
|
9) Interest and Bank charges |
152.000 |
|
10) OPERATING PROFIT after INTEREST (8-9) |
640.970 |
|
11) Non Operating Income/ Expenses |
|
|
i) Non Operating Income / Expenses |
-- |
|
ii) Non Operating Income |
-- |
|
iii) Net of Non Operating Income / Expenses |
-- |
|
12) PROFIT before TAXES (10 + 11) |
640.970 |
|
13) Payment of Taxes |
215.751 |
|
14) NET PROFIT |
425.219 |
|
15) a) Dividend |
-- |
|
b) Dividend Rate |
-- |
|
16) Retained Profit |
425.219 |
|
17) Retained Profit as % of Net Profit |
100% |
ANALYSIS OF
BALANCE SHEET
(Rs. In Millions)
|
Particulars |
2008-2009 Projected |
|
CURRENT LIABILITIES |
|
|
1) Short Term Borrowing From Bank |
|
|
i) From Applicant Bank |
1250.000 |
|
ii) From Other Banks |
-- |
|
iii) of which BP and BD (Export Bills) |
1250.000 |
|
Sub Total (A) (I to iiii) |
1250.000 |
|
2) Short Term Borrowing from others |
-- |
|
3) Sundry Creditors |
(*) |
|
4) Advances from Customers – Gold |
450.000 |
|
5) Provision for Taxes |
(*) |
|
6) Dividend Payable |
-- |
|
7) Other Statutory Liabilities |
(*) |
|
8) Installments – Term Loan (within 1 year) |
-- |
|
9) Other Current Liabilities and Provisions |
30.000 |
|
Sub Total (B) |
480.000 |
|
10) TOTAL CURRENT LIABILITIES ( 1 to 9) |
1730.000 |
|
(*) included I item (9) below |
|
|
TERM LIABILITIES |
|
|
11) Debenture due after 1 year |
-- |
|
12) Preference Shares (redeemable after 1
year) |
-- |
|
13) Term Loans (due after 1 year) |
-- |
|
14) Deferred Payment Credit (due after 1
year) |
-- |
|
15) Term Deposits (repayable after 1 year) |
-- |
|
16) Other Term Liabilities |
-- |
|
17) TOTAL TERM LIABILITIES (11 TO 16) |
-- |
|
18) TOTAL OUTSIDE LIABILITIES ( 10 + 17) |
1730.000 |
|
NET WORTH |
|
|
19) Paid up Share Capital |
45.000 |
|
20) Share Application Money |
-- |
|
21) Revaluation Reserve |
-- |
|
22) Unsecured Loans (QUASI – EQUITY) |
30.000 |
|
23) Surplus (+) or Deficit (-) in Profit or
Loans Account |
770.019 |
|
24) NET WORTH (19 To 23) |
845.019 |
|
25) TOTAL LIABILITIES (18 + 24) |
2575.019 |
|
CURRENT ASSETS |
|
|
26) Cash and Bank Balance |
144.238 |
|
27) Investments (Other than Long Term) |
|
|
i) Government and Other Trust Securities |
-- |
|
ii) Fixed Deposits with Bank |
-- |
|
28) Receivables including BP and BD |
|
|
i) Other than Deferred and Export |
-- |
|
ii) Exports Receivables |
2250.000 |
|
29) Deferred Receivables (due in 1 year) |
-- |
|
30) Inventory |
|
|
i)
Stock of trading Goods
a) Imported |
-- |
|
b) Indigenous Gold Jewellery |
0.498 |
|
ii) Work in Process |
-- |
|
iii) Finished Goods |
-- |
|
iv) Other Consumable spares |
-- |
|
31) Advance to Suppliers |
(*) |
|
32) Advance Payment of Taxes |
(*) |
|
33) Other Current Assets |
125.000 |
|
34) TOTAL CURRENT ASSETS (26 TO 33) |
2519.736 |
|
|
|
|
FIXED ASSETS |
|
|
35) Gross Block |
6.127 |
|
36) Depreciation todate |
1.307 |
|
37) NET BLOCK (35-36) |
4.820 |
|
OTHER NON-CURRENT ASSETS |
|
|
38) Investments, Debts, Advances etc. which
is Non Current |
|
|
i) Investment in Subsidiary Companies |
49.090 |
|
ii) Other Investments |
0.010 |
|
iii) Other Debts, Advertisement Deposits
etc. |
-- |
|
39) Non Consumables Stores and Spares |
-- |
|
40) Other Non-Current Assets |
-- |
|
41) TOTAL NON-CURRENT ASSETS (38 to 40) |
50.000 |
|
42) Intangible Assets (Goodwill, Patents, Preliminary
Expenses Bad Debts ect.) |
0.463 |
|
43) TOTAL ASSETS ( 34+37+41+42) |
2575.019 |
|
44) TANGIBLE NET WORTH (24-42) |
844.556 |
|
45) NET WORKING CAPITAL (17+24-37-41-42) |
789.736 |
|
46) Current ratio (34/10) |
0.146 |
|
47) Total Outside Liability/ Tangible Net
Worth |
0.205 |
|
Additional Information |
|
|
A) Arrears in Depreciation |
-- |
|
B) Contingent Liabilities |
-- |
CURRENT ASSETS AND
CURRENT LIABILITIES
(Rs. In Millions)
|
Particulars |
2008-2009 Projected |
|
CURRENT ASSETS |
|
|
1) Stock of Trading Goods |
|
|
a) Imported (Month’s Consumption) |
-- |
|
b) Indigenous (Gold Jewellery) (Month’s Consumption) |
0.498 (&) |
|
2) Other Consumable Spares |
-- |
|
3) Work in Process (Month’s Consumption) |
-- |
|
4) Work in Process (Month’s Cost of Sales) |
-- |
|
5) Domestic Receivables (including BP and
BD) (Month’s Sales) |
-- |
|
6) Export Receivables (including BP and BD) (Month’s
Sales) |
2250.000 (4.5 M) |
|
7) Advances to Suppliers |
-- |
|
8) Other Current Assets (inclusive Cash and
Bank) |
269.238 |
|
9) TOTAL CURRENT ASSETS (1 to 8) |
2519.736 |
|
CURRENT LIABILITIES (Other than Bank’s Working Capital) |
|
|
10) Senior Creditors for Purchase of Raw
Materials, Stores etc. (Month’s Purchases) |
-- |
|
11) Advances from Customers |
450.000 |
|
12) Installment of Term Loan (due in 1 year) |
-- |
|
13) Other Current Liabilities and Provisions |
30.000 |
|
14) TOTAL CURRENT LIABILITIES (Other than
Bank Borrowing for Working Capital) |
480.000 |
(&) Less than 1 day’s consumption
COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
(Rs. In Millions)
|
Particulars |
2008-2009 Projected |
|
1) Total Current Assets ( 9 in Form IV) |
2519.736 |
|
2) Current Liabilities (Other than Bank
Borrowing) |
480.000 |
|
3) Working Capital Gap (WCG) (1-2) |
2039.736 |
|
4) Minimum Stipulated Net Working Capital 25% of Current Assets (Second method)
Excluding Export Receivables |
67.434 |
|
5) Actual / Projected Net Working Capital
(45 in Form III) |
789.736 |
|
6) Item 3- Item 4 |
1972.302 |
|
7) Item 3 – Item 5 |
1250.000 |
|
8) Maximum Permissible Bank Finance (MPBF) (item 6 or item 7 whichever is less) |
1250.000 |
|
9) Excess Borrowing representing Shortfall
in Net Working Capital ( 4-5 if 4>5) |
-- |
FUND FLOW
STATEMENT
(Rs. In Millions)
|
Particulars |
2008-2009 Projected |
|
1) Long Term Sources |
|
|
a) Net Profit (after Tax) |
425.219 |
|
b) Depreciation |
1.230 |
|
c) Increase in Capital |
-- |
|
c) 1) Increase in Share Premium |
-- |
|
d) Increase in Unsecured Loans form
Shareholders |
-- |
|
e) Decrease in |
|
|
i) Fixed Assets |
-- |
|
ii) Other Non Current Assets |
-- |
|
f) Preliminary and Preoperative Expenses
Written Off |
0.231 |
|
TOTAL LONG TERM SOURCES (a to f) |
426.680 |
|
2) Long Term Uses |
|
|
a) Net Loss |
-- |
|
b) Decrease in Term Liability |
-- |
|
c) Increase in |
|
|
i) Gross Fixed Assets |
6.000 |
|
ii) Other Non Current Assets |
-- |
|
d) Increase in Preliminary and Preoperative
Expenses |
-- |
|
e) Other –Decrease in Directors loan |
-- |
|
TOTAL LONG TERM USES (a to e) |
6.000 |
|
3) Long Term Surplus (+) / Deficit (-) (1-2) |
+420.680 |
|
4) Increase (+)/ Decrease (-) in Current
Assets |
+805.680 |
|
5) Increase (+)/ Decrease in Current
Liabilities (Excel Working Capital) |
+135.000 |
|
6) Increase (+) / Decrease (-) in Working Capital
Gap |
+670.680 |
|
7) Increase (+) / Decrease (-) (Difference
of 3 and 6) |
-250.000 |
|
8) Increase (+) / Decrease (-) in Bank
Borrowings |
+250.000 |
|
INCREASE (+)/ DECREASE (-) IN NET SALES |
+4500.000 |
|
Break up of 4 above |
|
|
i) Increase (+) / Decrease (-) in Stock of
Trading Goods |
-- |
|
ii) Increase (+) / Decrease (-) in Work in
Process |
-- |
|
iii) Increase (+) / Decrease (-) in Finished
Goods |
-- |
|
iv) Increase (+)/ Decrease (-) in
Receivables |
|
|
a) Domestic |
-- |
|
b) Exports |
+750.000 |
|
v) Increase (+)/ Decrease (-) in Stores and
Spares |
-- |
|
vi) Increase (+) / Decrease (-) in Other
Current Assets |
+55.680 |
|
TOTAL (I to iv) |
+805.680 |
NOTES ON WORKING AND
FINANCIAL PROJECTIONS
1) Gross margin for trading in gold has been considered 1% considering the
fluctuation in gold prices, dollar rate etc.
2) Gross margin for gold Jewellery exports has been considered at around
12.50%
3) Rate of Interest on Cash Credit against Exports Bills Receivables for
Gold Jewellery has been considered at 12% p.a. For 2007-08 pro-rata interest
has been computed (from January 2008 to March 2008)
4) For trading of Gold, We do not require any finance
5) We generally do not maintain any stock of either Gold or Gold Jewellery
items.
6) Terms of payment of Gold Jewellery exports are 120 days. But by the time
we actually receive payment, it is almost about 150 to 170 days. For
financial projections period of Sundry
Debtors has been taken at 4-5 months.
7) Income Tax and Depreciation has been computed as per current provisions
of I.T. Act 1961
8) Request of Credit limit
2007-08.1
2008-09
Rs. 1000.000 Millions Rs.
1250.000 Millions
For Detailed
working of Working Capital requirement please refer to Annexure No. 8 and also
duly filled in CMA.
While computing
25% margin (under II method of TC Norms) Export Bills Receivables have been
excluded.
SUMMARISED
PROFITABILITY STATEMENTSE
(Rs. In Millions)
|
Particulars |
2007-08 (7 Months)* |
|
1) Local Trading Sales - Gold |
2957.848 |
|
2) Export Trading Sales – Gold Jewellery |
753.177 |
|
3) Total Sales ( 1 + 2) |
3708.025 |
|
4) Cost of Trading Goods Sold - Gold |
2925.876 |
|
5) Cost of Trading Goods Sold Gold Jewellery |
702.212 |
|
6) Wages, Salaries and Other allied Staff
expenses |
5.542 |
|
7) Depreciation |
-- |
|
8) Selling, Marketing and Other General
Administration Expenses |
22.676 |
|
9) Total Expenses ( 4 to 8) |
3656.306 |
|
10) Profit before Interest and Taxes and Other
Income (3-9) |
51.719 |
|
11) Bank Interest, Bank Charges and
Commission etc. |
0.287 |
|
12) Profit before Taxes and Other Income (
10-11) |
51.432 |
|
13) Other Income |
-- |
|
14) Profit Before Taxes ( 12 + 13) |
51.432 |
|
15) Income Tax |
17.312 |
|
16) Net Profit transferred to Balance Sheet
to Reserves and Surplus ( 14-15) |
34.120 |
(*) Tentative and provisional results.
PROJECTED
PROFITABILITY STATEMENTS
|
Particulars |
2008-2009 Projected |
|
1) Local Trading Sales – Gold |
10000.000 |
|
2) Export Trading Sales – Gold Jewellery |
6000.000 |
|
3) Total Trading Sales ( 1+2) |
16000.000 |
|
4) Cost of Trading Goods Sold – Gold |
9900.000 |
|
5) Cost of Trading Goods Sold – Gold
Jewellery |
5250.000 |
|
6) Wages, Salaries and other allied Staff
Expenses |
10.800 |
|
7) Depreciation |
1.230 |
|
8) Selling, Marketing and Other General
Administration Expenses |
45.000 |
|
9) Total Expenses (4 to 8) |
15207.030 |
|
10) Profit Before Interest and Taxes (3-9) |
792.970 |
|
11) Bank Interest, Bank Charges and
Commission etc. |
152.000 |
|
12) PROFIT before Taxes (10-11) |
640.970 |
|
13) Income Tax |
215.751 |
|
14) Net Profit transferred to Balance Sheet
to Reserves and Surplus ( 12-13) |
425.219 |
SUMMARISED BALANCE
SHEETS
(Rs. In Millions)
|
Particulars |
31.10.2007 |
|
LIABILITIES |
|
|
1) Paid up Share Capital |
45.000 |
|
2) Share Application money |
-- |
|
3) Reserves and Surplus |
51.316 |
|
4) Advances from Customers ( Gold) |
289.965 |
|
5) Sundry Creditors and Other Current
Liabilities and Provisions |
17.518 |
|
TOTAL LIABILITIES |
403.799 |
|
ASSETS |
|
|
Gross Fixed Assets |
|
|
Less Uptodate Depreciation |
0.001 |
|
1) Net Fixed Assets |
0.126 |
|
2) Investments |
158.513 |
|
3) Stock of Gold Jewellery |
0.498 |
|
4) Senior Debtors (Gold Jewellery Exports) |
154.152 |
|
5) Other Current Assets (Miscellaneous
Deposits and Advances) |
64.544 |
|
6) Cash and Bank Balance |
25.040 |
|
7) Miscellaneous Expenses (yet to be written
off) |
0.926 |
|
TOTAL ASSETS |
403.799 |
PROJECTED BALANCE
SHEET
(Rs. In Millions)
|
LIABILITIES |
31.03.009 Projected |
|
1) Paid up Share Capital |
45.000 |
|
2) Unsecured loans from Directors and Share
holders |
30.000 |
|
3) Reserves and Surplus |
770.019 |
|
4) Bank Cash Credit against Export Bills of
Gold Jewellery |
125.000 |
|
5) Advances from Customers – Gold |
450.000 |
|
6) Senior Creditors and Other Current
Liabilities and Provisions |
30.000 |
|
TOTAL LIABILITIES |
2575.019 |
|
ASSETS |
|
|
Gross Fixed Assets |
6.127 |
|
Less Uptodate Depreciation |
1.307 |
|
1) Net Fixed Assets |
4.820 |
|
2) Investments |
50.000 |
|
3) Stock of Gold Jewellery |
0.498 |
|
4) Sundry Debtors Gold Jewellery Exports |
2250.000 |
|
5) Other Current Assets (Misc. Deposits and
Advances Inclusive of advances Income tax etc.) |
125.000 |
|
6) Cash and Bank Balances |
144.238 |
|
7) Misc. Expenses (yet to be written off) |
0.463 |
|
TOTAL ASSETS |
2575.019 |
PROJECTED FUND
FLOW STATEMENTS
( Rs. In Millions)
|
Particulars |
2008-09 Projected |
|
SOURCES |
|
|
1) Opening Balance of Cash and Bank |
113.558 |
|
2) Increase in Unsecured Loans from
Directors and Share holders |
-- |
|
3) Increase in Bank Cash Credit – Jewellery
Export Bills |
250.000 |
|
4) Increase in Advances from Customers
(Gold) |
125.000 |
|
5) Increase in Sundry Creditors and other
Current Liabilities and Provisions |
10.000 |
|
6) Decrease in Investment |
-- |
|
7) Profit before Interest and Taxes |
792.970 |
|
8) Depreciation |
1.230 |
|
9) Preliminary and Pre-operative expenses
Written off |
0.231 |
|
TOTAL SOURCES (Sub Total ‘A’) |
1292.989 |
|
DEPOLYMENT |
|
|
1) Increase in Gross Fixed Assets |
6.000 |
|
2) Increase in Senior Debtors – Export of
Gold Jewellery |
750.000 |
|
3) Increase in Other Current Assets |
25.000 |
|
4) Payment of Bank Interest, Commission,
charges etc. |
152.000 |
|
5) Payment of Income Tax |
215.751 |
|
TOTAL DEPLOYMENT (Sub Total ‘B’) |
1148.751 |
|
CLOSING BALANCE OF CASH AND BANK )(A- B) |
144.238 |
COMPUTATION OF
BANK INTEREST AND BANK CHARGES AND COMMISSION
(Rs. In Millions)
|
Particulars |
2008-09 Projected |
|
A) Bank Cash Credit facility (BD limit ) for
Gold Jewellery Export |
|
|
1) Transaction Limit |
1250.000 |
|
2) Interest at 12% p.a. |
150.000 |
|
B) Other Bank Charges, Commission etc. |
2.000 |
|
Total of Bank Interest, Charges Commission
etc. |
152.000 |
COMPUTATION OF WORKING
CAPITAL REQUIREMENT
(Rs. In Millions)
|
Particulars |
2008-09 Projected |
|
1) Stock of trading Goods (Gold Jewellery) |
0.498 |
|
2) Other Current Assets ( Misc. Deposits and
Advances) |
125.000 |
|
3) Senior Debtors – Export of Gold Jewellery
– 4.5 Months |
2250.000 |
|
4) Cash and Bank Balance |
144.238 |
|
5) Total Current Assets ( 1 to 4) |
2519.736 |
|
6) Advances from Customers (Gold) |
450.000 |
|
7) Sundry Creditors and Other Current
Liabilities and Provision |
30.000 |
|
8) Total Current Liabilities (Other than
Bank Finance) (6+7) |
480.000 |
|
9) Working Capital Gap (5-8) |
2039.736 |
|
10) Less Margin at 25% of Current Assets
i.e. (5) above (excluding Export Receivables) |
67.434 |
|
11) Permissible Bank Finance (9-10) |
1972.302 |
|
12) Working Capital limit Requested |
1250.000 |
|
13) Total Current Liabilities (8+12) |
1730.000 |
|
14) Current Ratio (5/13) |
0.146 |
|
15) New Working Capital (5-13) |
789.736 |
SCHEDULE OF FIXED
ASSETS AND DEPRECIATION
(Rs in Millions)
|
Particulars |
2008-09 |
|
A) Computers and Allied Accessories |
|
|
1) Opening Balance |
0.050 |
|
2) Increase in the Period |
1.000 |
|
3) Less Depreciation at 60% |
0.630 |
|
4) Closing Balance |
0.420 |
|
B) Vehicles |
|
|
1) Opening Balance |
-- |
|
2) Increase in the Period |
2.000 |
|
3) Less Depreciation at 15% |
0.300 |
|
4) Closing Balance |
1.700 |
|
C) Office Equipment, Furniture and
Electrification etc. |
|
|
1) Opening Balance |
-- |
|
2) Increase in the Period |
3.000 |
|
3) Less Depreciation at 10% |
0.300 |
|
4) Closing Balance |
2.700 |
|
Gross Fixed Assets |
6.127 |
|
Depreciation for the year |
1.230 |
|
Uptodate Depreciation |
1.307 |
|
Net Fixed Assets |
4.820 |
|
Increase in the Period |
6.000 |
|
Seller |
Masumi Overseas Private Limited |
|
Insurance Company |
New India Assurance Corporation Limited,
reinsured by Atradius. |
|
Amount of Receivables |
INR 250 Millions |
|
Purchase price of Recivables |
90% of the invoice value (Assuming Insurance
Company covers 90% of Invoice value) |
|
Facility Description |
|
|
Repayment Structure |
Graded as per transaction maturity |
|
Customer eligibility |
|
|
Credit Limit of Buyers |
To the extent of the Credit Limit set by the
Insurance Company for the Approved Buyers and approved by ABN Amro from time
to time, whichever is lower. |
|
Coverage |
Masumi Overseas Private Limited will cover
AAB for the following risks:
|
|
Other Conditions |
|
|
Interest Rate/ Fees |
|
|
Legal Expenses |
All legal expenses related to this facility
will be to the account of Masumi Overseas Private Limited |
|
Due Diligence |
By AAB officials or an agency designated by
AAB at regular interval. |
The following documents will need to be executed
by Masumi Overseas Private Limited on a one-time basis:
- Accepted Facility Letter
- Assignment of Credit Insurance Policy
- Account Receivables Management Agreement
- Certified True Copy of the Board Resolution
- Letter of assignment (Intimation to buyer to make all payments
directly to AAB)
- Deed of Assignment of Receivables
- Demand Promissory note
- No Objection Certified from the Lead bank of the consortium or
Deemed NOC
- Undertaking to reduce Factoring receivables form DP Statement
- Power or Attorney
- Fax Indemnity
Please note that the above proposal is
indicative in nature and for discussion purpose. It is subject to our final
internal credit approvals and execution of documentation in form and substance satisfactory
to ABN Amro Bank. The above proposal should not be constructed as a commitment
by ABN AMRO Bank and / or its affiliates to extend any credit facilities or
execute this transaction at this stage. The above offer may be modified or
terminated without any notice at the sole discretion of ABN AMRO Bank. This
proposal is also subject to RBI guidelines as applicable. Kindly convey your
acceptance to our proposal so that we can progress with internal approvals on
the transaction.
Assuring you of our best services always.
TERMS AND
CONDITION
|
(A) |
Facility |
: |
Bill Discounllng Limit |
|
1. |
Amount |
: |
Rs. 1000.000 Millions |
|
2. |
Purpose |
: |
Discounting of bills drawn on stale Trading Corporation
of India to meet the working capital requirements of the borrower. |
|
3. |
Security |
: |
Primary Security-
Collateral Security-
|
|
4 |
Tendor |
: |
Maximum 180 days from the date of shipment |
|
5 |
Interest |
: |
PLR – 3.50% , Presently 11.50% p.a. to be
collected upfront |
|
6 |
Commission Handling Charges |
: |
As per Bank’s standard rates as under: Commission Rs. 1250 Per bill Courier charges Rs. 750 |
|
7 |
Repayment |
: |
On Due dates In case of non-payment, the bills will be
crystallized as per RBI regulations and interest as crystallized bills @PLR
will be recovered. |
|
8 |
Other Covenants |
: |
i) Prior to release of he working capital
limits,
ii) Only bills drawn on State Trading
Corporation of India and accepted by
them will be discounted. iii) Along with each bill of exchange
accepted by STC and of the export invoice and bill of lading / air cargo bill
or any other document evidencing the export of good. iv) bills having usance period beyond 180
days will not be elegible for Bank finance. v) If any bills drawn under the facility are
returned unpaid. Further bills drawn will not be accepted for discounling/
purchases vi) the borrower will arrange to inform the
bank of any addition/ deletion to the approved client list of the borrower b
STC or any modification in the exposure limits for any fo the clients. vii) All the Corresponding export bills
discounted under our limit shall be routed through our bank/ branch. |
|
(B) |
Facility |
: |
Loan Equivalent Risk (LER) on Forward Contracts / Oplions |
|
1 |
LER |
: |
Rs. 25.000 Millions (Submit of Bill Discounting
Limit of Rs. 1000 .000 Millions) |
|
2 |
Margin |
: |
Nil |
|
3 |
Security |
: |
As applicable to Facility “A” |
|
4 |
Purpose |
: |
For Covering the Forex exposure of the
borrower relating to exports |
|
5 |
Tendor of the Contracts |
: |
Not Exceeding 12 Months |
|
6 |
Other Covenants |
: |
a) RBI / FEDAI rules and regulations shall
be observed meliculously by the borrower b) The borrower to furnish a cerfificate to
the effect that the exposure covered by the contract has not been covered with
ant other bank c) Depending on the volatility of forex
markets. The bank in its absolute discretion, may insist for requisite cash
margins for booking of forward contracts despite sanction of LER limit. d) Borrower to take delivery/ pick-up under
the contracts during the delivery period. e) Borrower to bear charges, if any,
accruing on account of early delivery/ extension/ cancellation of the
contracts. f) In the event of extension/ cancellation,
borrower will inform the Bank before the expiry date of Contract. g) Borrower to bear the exchange risk, if
any and undertake to compensate the Bank, any loss incurred by them
whatsoever. h) In case the exposure reaches 90% of the
LER limit, the Bank would reserve the right to stop accepting fresh booking
and insist on additional margins to revive the facility. i) in case the exposure reaches the LER
limit due to adverse market movements, the Bank, at its discreation, would
cut positions appropriately to an extent of 25% of the LER limit. |
OTHER TERMS AND CONDITIONS APPLICABLE TO THE ABOVE
FACILITIES A AND B
|
1 |
Validity of Sanction |
: |
The sanction shall be valid for acceptance
upto 15 days from the date of communication of sanction, during which time, the
terms of the facility would have to be accepted by the Borrower. |
|
2 |
Tenor |
: |
One year from the date of sanction. |
|
3 |
Processing |
: |
0.50 % of the sanctioned amount payable
upfront along with acceptance of the sanction. |
|
4 |
Document |
: |
Bank’s Standard Documentation |
|
5 |
Security Creation |
: |
Security creation is to be completed in all
respect prior to disbursement. Prior to release of the limits, the borrower
is also to submit a provisional net worth statement of the guarantors. The
borrower is to submit a CA certified net worth statement of the guarantors
within one month from the release of the facility. |
|
6 |
Financial Follow-up Report (FER) |
: |
FER to be submitted as under: FRI : Within 6 weeks from the Close of each quarter
to which it relates. FER II : Within 8 weeks from the close of
the half- year to which if relates. |
|
7 |
Exports Orders Statement |
: |
A Monthly statement of outstanding export
bills to be submitted by the 10th of each month. |
|
8 |
Inspection |
: |
Inspection of stock/ securities/ books of
the borrower would be carried at half yearely intervals or as per calendar
decided by the Bank. The Cost of inspection and inspection charges are to be
borne by the borrower. |
|
9 |
Penal Interest |
: |
|
GENERAL TERMS AND CONDITIONS
SPECIFIC TO WORKING CAPITAL FACILITY:
1)
The Borrower will keep the Bank advised of any
circumstances adversely affecting their financial position including any action
taken by any creditor, Government authority against them.
2)
The borrower will place their entire banking
business with Bank or at least proportionately if under consorlium or multiple
banking arrangement.
3)
The Borrower will furnish information/
documents including quarterly/ annual financial accounts as may be required by
the Bank for review/ renewal of credit facility now sanctioned.
4)
The borrower shall pay the charges to the bank
as per the Banks standard schedule of charge for various services rendered by
the Bank
OTHER GENERAL
TERMS AND CONDITIONS:
1) The Loan shall be utilized for the purpose for which it is sanctioned and
it should not be utilized for-
a) Subscription to or purchase of shares/ debentures
b) Extending loans to subsidiary companies/ associates or for making
inter-corporate deposits without the prior permission of the Bank
c) Any speculative purposes.
2) The Bank shall reserve the right to further assign in full or part of sub
participate all or part of its interest in the facilities to any third party
and pursuant to which the lender shall be entitled to assign the security
created herein with all or any rights under this agreement without the prior
written consent of the borrower.
3) The Bank reserves the right to get the loan rated by external agencies.
The borrower would undertake to extend necessary co-operation for this.
4) The Bank reserves the right to revise the spread over PLR / G- sec/
LIBOR/ (any other benchmark rate fixed by us) on the loan, if the Reserve Bank
of India
i)
Revise the standard provision on assets and /
or
ii)
Enhances the risk weights for assets and /or
iii)
Any external roling agency downgrades the
loan.
Such revision in spread will however be
restricted only to the actual cost impact to the Bank
5) The Borrower shall maintain adequate books and which should correctly
reflect their financial position and operation and it should submit to the Bank
at regular intervals such statements as may be prescribed by the Bank in terms
of the RBI / Bank’s instructions issued from time to time.
6) The borrower shall forward to the Bank, provisional balance sheet and
Profit and Loss Account within 45 days of year –end and audited accounts within
3 months of year end. Quarterly financial results shall be submitted within 30
days form the end of each quarter or with the filing with stock exchane for
listed borrower.
7) The borrower will keep the bank informed of the happening of any event,
which is likely to have an impact kon their profit or business. The borrower
will inform accoudingly with reason ad the remedial steps proposed to be taken.
8) The borrower should not pay any consideration by way of commission,
brokerage, fees or in any other form to guarantors directly or indirectly.
9) The interest per annum means interest for 365 days irrespective of leap
year.
10) The borrower and Gurantor(s) shall be deemed to have given their express
consent to the Bank to disclose the information and data furnished by them to
the Bank dn also those regarding the credit facility/ ies enjoyed by the
borrower, conduct of information Bureau
(India) Limited (“CIBIL”) or RBI or any other agencies specified by RBI who are
authorized to seek and publish information.
11) The Bank will have the right to examine at all time the borrower’s book
of accounts and to have the borrower’s factory(s) branches inspected form time to time by expert and/ or management
consultants of the Bank’s choice. The cost of such inspections will be borne by
the borrower.
12) During the currency of the Bank’s credit facility(s) the borrower will
not without the Bank’s prior permission in writing.
a) Conclude any fresh borrowing arrangement either secured or unsecured with
any other Bank of Financial Institutions, borrower or otherwise, not create any
further charge over their fixed assets without our prior approvals in writing.
b) Undertake any expansion or fresh project or acquire fixed assets, while
normal capital expenditure, e.g. replacement of parts can be incurred.
c) Invest by way of share capital in or lend of advance to or place deposits
with any other concern (normal trade credit or security deposit in the routine
course of business or advances to employees can, however, be extended):
d) Formulate any scheme of amalgamation with any other borrower or
reconstruction, acquire any borrower.
e) Undertake guarantee obligation on behalf of any other borrower or any
third party
f)
Declare dividend for any year except out of
profits relating to that year after making all the due and necessary provisions
providing that no default had occurred in any repayment obligation and Bank’s
permission is obtained;
g) Make any repayment of the loans and deposits and discharge other
liabilities except those shown in the funds flow statement submitted form time
to time;
h) Make any change in their management set-up
13) The Borrower shall furnish to the Bank with the position vis-à-vis the
outstanding statutory obligations such as income tax, payment of provident
fund, additional emoluments (compulsory
deposit), gratuity, electricity dues etc. as and when demanded by the Bank with
reasons, if any for increase from the earlier month and the proposed plan of
payments thereof.
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.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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 |
|