MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
STAR SILK EXPORTS PRIVATE LIMITED |
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Registered Office : |
302, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.06.2002 |
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Com. Reg. No.: |
11-136131 |
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CIN No.: [Company
Identification No.] |
U51310MH2002PTC136131 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS333749C MUMS34236G |
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PAN No.: [Permanent
Account No.] |
AAGCS4846M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Silk Fabrics Yarn Made –Ups. |
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 500 |
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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 well – established and reputed company meetings its
normal commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Kirti Kumar Patodia |
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Designation : |
Director |
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Contact No.: |
91-80-25631754 |
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Date : |
12.06.2008 |
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Name : |
Mr. Mohan Kumar (Father of Kirti Kumar Patodia) |
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Contact No: |
91-33-22682086 |
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Date : |
12.06.2008 |
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Name : |
Mr. S. D. Singh |
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Designation : |
Finance Manager |
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Contact No.: |
91-9831585347 |
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Date : |
12.06.2008 |
LOCATIONS
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Registered Office/ Head Office: |
302, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Tel. No.: |
91-22-22041408 / 22822512 |
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Fax No.: |
91-22-22044139 / 22873774 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory / Branches : |
No. 7, Shambhunath Malik Land, Kolkata – 700007, West Bengal, India |
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Tel. No.: |
91-33-22682086 |
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Fax No.: |
91-33-22684096 |
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Branches: |
No. 460, 1st Floor, Teacher Colony, HSR Layout, Opposite
Fernhill Apartments, Outer Ring Road, Bangalore – 560034, Karnataka, India |
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Tel. No.: |
91-80-25631754 / 25631755 |
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Fax No.: |
91-80-25631756 |
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E-Mail; |
DIRECTORS
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Name : |
Mrs. Dipti Patodia |
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Designation : |
Director |
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Address : |
P -20 Old Ballygunge Road, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
24.10.1979 |
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Qualification: |
Mathematics Honous Gold medalist , PGDIT |
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Date of Appointment : |
25.06.2002 |
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Name : |
Mr. Kiritikumar Patodia |
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Designation : |
Director |
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Address : |
P -20 Old Ballygunge Road, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
04.08.1975 |
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Qualification: |
MBA |
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Date of Appointment : |
05.06.2002 |
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.Kirti Kumar M Patodia |
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9500 |
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Mrs. Dipti K Patodia |
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500 |
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Total |
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10000 |
(As on 31.03.2007)
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Equity Share Break Up |
Percentage |
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Director or relatives
of Director |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Silk Fabrics Yarn Made –Ups. |
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Products : |
· Silk Fabrics · Embroided Organza Silk Fabrics · Embroided Dupioni Silk Fabrics · Indian Dupion Chinese’s Dupion Poly Dupion · Taby, Taffetta, Crepe, Crepe Satin, Satin · Chiffon, Chinese Plain, Silk Filatures · Tussar Organza And Cotton Silk · Habotai Charmeuse, Georgette Silk Home Furnishing · Silk Cushion Covers · Silk Curtains Silk Yarns · Silk Yarns And Fibres · Speciality Silk Yarn · Silk Waste (Throwster Waste, Noil , Charkha Waste, Etc) · Silk Silvers (Mulberry, Tussar, Eri, Muga) Himalaya · Himalaya Yarns · Himalaya Silk Yarns |
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Exports : |
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Countries : |
· USA · Europe |
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Terms : |
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Selling : |
T/T |
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Purchasing : |
L/C, T/T |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
135 |
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Bankers : |
· Tamilnadu Mercantile Bank Limited 100/104 Kazi Syed St Goradia House, Mandvi , Mumbai - 400003,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. S L Agarwal Chartered Accountants |
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Address : |
12, Engineering Building, 265, Pricess Street, Mumbai – 400 002,
Maharashtra, India |
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Associates/Subsidiaries : |
· Patodia Syntex Limited Activity: Exporter of cotton yard |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.100
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.008 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
[0.089] |
[0.688] |
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NETWORTH |
0.108 |
0.011 |
[0.588] |
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LOAN FUNDS |
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1] Secured Loans |
1.318 |
0.835 |
1.743 |
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2] Unsecured Loans |
2.212 |
1.662 |
1.640 |
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TOTAL BORROWING |
3.530 |
2.497 |
3.383 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.638 |
2.508 |
2.795 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.598 |
1.425 |
1.442 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.011 |
0.011 |
0.007 |
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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 |
3.216
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2.679 |
0.392 |
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Sundry Debtors |
0.297
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0.007 |
0.318 |
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Cash & Bank Balances |
1.423
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0.551 |
0.315 |
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Other Current Assets |
0.147
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0.011 |
0.002 |
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Loans & Advances |
1.144
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1.479 |
1.164 |
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Total
Current Assets |
6.227
|
4.727 |
2.191 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.922
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3.589 |
0.854 |
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Provisions |
0.276
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0.070 |
0.000 |
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Total
Current Liabilities |
4.198
|
3.659 |
0.854 |
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Net Current Assets |
2.029
|
1.068 |
1.337 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.004 |
0.009 |
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TOTAL |
3.638 |
2.508 |
2.795 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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37.229 |
24.419 |
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Other Income |
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1.751 |
1.126 |
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Total Income |
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38.980 |
25.545 |
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Profit/(Loss) Before Tax |
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0.373 |
0.719 |
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Provision for Taxation |
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0.276 |
0.121 |
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Profit/(Loss) After Tax |
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0.097 |
0.598 |
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Expenditures : |
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Cost of Goods Sold |
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22.545 |
12.822 |
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Manufacturing Expenses |
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14.337 |
11.177 |
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Purchases made for re-sale |
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1.010 |
0.174 |
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Increase/(Decrease) in Finished Goods |
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0.039 |
[0.039] |
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Interest |
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0.220 |
0.304 |
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Depreciation & Amortization |
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0.456 |
0.388 |
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Total Expenditure |
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38.607 |
24.826 |
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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 |
(%) |
0.25
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2.34 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.00
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2.94 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.77
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11.69 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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3.45
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65.36 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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71.55
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559.63 |
[7.21] |
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Current Ratio (Current Asset/Current Liability) |
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1.48
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1.29 |
2.56 |
LOCAL AGENCY
FURTHER INFORMATION
Trust seal Acceptance Chart:
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Parameters |
Details |
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Statutory Approvals |
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Income Tax
Registration (PAN) |
AAGCS4846M |
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Central Sales
Tax Registrations |
0258256-9 |
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State Sales Tax
Registrations |
0253256-6 |
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Service Tax
Registration |
- |
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TIN Registration |
29480018275 |
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Import Export
Code |
0302038345 |
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Name of Bank |
Tamilnadu
Mercantile Bank |
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Current Account
Numbers |
800004 |
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Credibility Factors |
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Indiamart Client
Since |
3 years |
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Years of
Establishment |
- |
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TRADE REFERENCES:
· Saud Al – Sala, Saudi Arabia
· Honey Pot USA
· Palninam Gallery , Dubai
FORM 8:-
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Name of the
company |
STAR SILK
EXPORTS PRIVATE LIMITED |
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Presented By |
Tamilnad Mercantile Bank Limited, Mandvi
Branch Mumbai |
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1) Date and description
of instrument creating the change |
Agreement for
demand cash credit on the hypothecation of movable properties dated
04.09.2004 Letter of
hypothecation dated 04.09.2004 Packing credit
agreement dated 04.09.2004 (All the agreement
constitute a single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Packing credit
Limit of Rs. 4.350 millions |
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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 |
Hypothecation of
stock all tangible movable property
such as products, stocks in trade and goods of the borrower which now or
hereafter from time to time during the security shall be brought in , stored
or be in or about the premises warehouses or godowns of the borrower. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 2% p.a above the Reserve Bank of India rate with a minimum of
8% p.a or at such rate or rates as the bank may from time to time. Margin:10% |
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5) Name and
Address and description of the person entitled to the charge. |
Tamilnad Mercantile Bank Limited Goradia House, First Floor, 101-104 Kazi Syed Street, Mandvi Post –
No. 3181, Mumbai – 400 003, Maharashtra, India |
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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 |
WEBSITE DETAILS:
PROFILE:
Established in the year 1989, they at the company are one of the premier exporters and suppliers of a wide array of silk fabrics and yarn. The qualitative silk fabrics that they offer fulfill the needs of their clients all over the globe including Europe and USA. Under the able supervision of their mentors Mr. Kirti Patodia and Mrs. Dipti Patodia they have received many prestigious awards and have been well appreciated by renowned names connected with the silk fabric industry.
Their range of silk fabrics is available in diverse designs, colors and bears a
perfect amalgamation of traditional and contemporary designs.
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. 42.92 |
|
UK Pound |
1 |
Rs. 84.48 |
|
Euro |
1 |
Rs. 66.66 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--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 |
|