MIRA
INFORM REPORT
|
Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TOWER OVERSEAS LIMITED |
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Formerly Known As : |
TIRUPATI FABRICS LIMITED |
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Registered Office : |
Vimal Towers 7, Gandhvi Society, Navrangpura, Ahmedabad – 380 014,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Provisional) |
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Date of Incorporation : |
16.12.1986 |
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Com. Reg. No.: |
04-009237 |
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CIN No.: [Company
Identification No.] |
U17119GJ1986PLC009237 |
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IEC No.: |
0802008429 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMT01785A |
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PAN No.: [Permanent
Account No.] |
AABCT6695C |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Importer and Exporter of Bitumen and Fuel Oil, PVC Flex, ( Frontlit,
Backlit) Self Adhesive Vinyl, Foam Board. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 292192 |
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Status : |
Good |
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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 having fine track.
Trade relations are fair. General financial position is good. Payments are
reported as usually correct and as per commitments The company can be good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mahesh Thakkar |
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Designation : |
General Manager |
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Contact No.: |
91-9898003377 |
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Date : |
27.05.2008 |
LOCATIONS
|
Registered Office : |
Vimal Towers 7, Gandhavi Society, Navrangpura, Ahmedabad – 380 014,
Gujarat, India |
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Tel. No.: |
91-79-30180188 / 26465518 / 26465181 |
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Mobile No.: |
91-9898003377 |
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Fax No.: |
91-79-26569490 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Branches / Godown: |
Gujarat 16/B, Sagar Estate , Near Sukh Sagar Estate, Sarkhej, Ahmedabad, India Maharashtra Godown No. 16, Building No. G, Ground Floor, Maa Padmavati Complex,
Village: VAL, Bhiwandi District: Thane, India Delhi 8/32, Kirti Nagar, Industrial Area, New Delhi , India Andhra Pradesh: 15-09-243/C/5, Raja Rajeshwari Complex, Gowliguda Chaman, Hyderabad ,
India Karnataka: 106/1 And 106/2, Thammarai Kannan Road, Off Old Madras Road, Ulssor
Bangalore, India Tamil Nadu: 642, 2nd Floor, Anna Salai, Thousand Lights, Chennai – 600 006, India West Bengal JL- 29 Dag No. 305, NH -6, Ankurhati , P O Ankurhati ,
Mouza-Prasastha, Howrah – 711 302, India Kerala Door No. 37/2316, Thammanam, Pullepaddy Road, Kochi – 682 017, India Assam Dag No. 37/76/77, Patta No. 54 And 89 Lokhra , Nh..37, Vill Sarusajal,
Dsit. Kan Guwahati – 781 034, Assam , India
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DIRECTORS
|
Name : |
Mr. Vimal Ambani |
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Designation : |
Director |
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Address : |
Vimal House, Navrangpura , Ahmedabad – 380 014, Gujarat, India |
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Date of Birth/Age : |
26.10.1961 |
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Qualification : |
MBA |
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Experience : |
35 years |
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Date of Appointment : |
15.03.1993 |
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Name : |
Mrs. Meena Ramniklal Ambani |
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Designation : |
Director |
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Address : |
302, ambiance Tower, near Trilok Row house, Bodakdev, Ahmedabad – 380
015, Gujarat, India |
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Date of Birth/Age : |
22.02.1960 |
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Qualification : |
Post Graduate |
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Experience : |
25 years |
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Date of Appointment : |
04.01.2001 |
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Name : |
Mr. Sharad Parmanand Muchhala |
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Designation : |
Director |
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Address : |
4, Suhash Colony , Near Lakhudi Talav, memnagar road, Navrangpura ,
Ahmedabad – 380 014, Gujarat, India |
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Date of Birth/Age : |
07.11.1951 |
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Qualification : |
Post Graduate |
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Experience : |
25 years |
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Date of Appointment : |
15.03.1993 |
KEY EXECUTIVES
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Name : |
Mr. Ramniklal H Ambani |
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Designation : |
Chief Mentor |
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Name : |
Mr. Mahesh H Thakkar |
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Designation : |
General Manager |
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Name : |
Mr. Vaibhav A Shah |
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Designation : |
Head – Commercial |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007):- |
|
No. of Shares |
|
Mr. Ramnbiklal Ambani |
|
4700 |
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Mr. Vimal Ambani |
|
32500 |
|
Yashraj Investments And Leasing Company Private Limited |
|
1000 |
|
Action Exports Private Limited |
|
1000 |
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Mr. Arunkumar Patel |
|
300 |
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Anjali Fiscal Private Limited |
|
1000 |
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Mr. Ramniklal H Ambani (HUF) |
|
5000 |
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Mr. Vimal R Ambani (HUF) |
|
4500 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
99.00 |
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2 |
Bodies corporate |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Exporter of Bitumen and Fuel Oil, PVC Flex, ( Frontlit,
Backlit) Self Adhesive Vinyl, Foam Board. |
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Brand Names : |
“Tower” |
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Exports : |
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Products : |
Cotton |
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Countries : |
China, Pakistan, Bangladesh |
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Imports : |
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Products : |
Bitumen and Fuel Oil, PVC Flex, ( Frontlit, Backlit) Self Adhesive
Vinyl, Foam Board |
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Countries : |
Saudi Arabia, Bahrain, Oman |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End Users , OEM’s |
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No. of Employees : |
18 (9 in Office, 9 in Branch) |
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Bankers : |
· Kotak Mahindra Bank Limited, 36-387, Nariman Bhavan , 227 D Nariman Point, W.E.F – 29.01.2001, Mumbai – 400 021, Maharashtra, India · HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, lower Parel, West, Mumbai – 400 013, Maharashtra, India |
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Facilities: |
Credit limit - Rs. 250.000 millions (HDFC Bank Limited) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manubhai and Company Chartered Accountants |
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Address : |
2nd Floor, B Wing, Premium House, Near Gandhigram Railway Station,
Navrangpua , Ahmedabad – 380 009, Gujarat, India |
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Tel No.: |
91-79-26580956 / 26580966 / 26582484 / 26585064 |
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Fax No.; |
91-79-26583573 |
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E-mail: |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity shares |
Rs. 10/- each |
Rs. 12.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6500000 |
Equity shares |
Rs. 10/- each |
Rs.65.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 [Provisional] |
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
65.000 |
25.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.048 |
1.995 |
0.644 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.048 |
26.995 |
6.644 |
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LOAN FUNDS |
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1] Secured Loans |
223.017 |
152.063 |
52.752 |
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2] Unsecured Loans |
6.868 |
44.783 |
0.000 |
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TOTAL BORROWING |
229.885 |
196.846 |
52.752 |
|
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DEFERRED TAX LIABILITIES |
0.074 |
0.074 |
0.027 |
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TOTAL |
303.007 |
223.915 |
59.423 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.775 |
0.898 |
0.652 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.135 |
0.135 |
0.115 |
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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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|
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Inventories |
194.896
|
78.046 |
20.652 |
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Sundry Debtors |
238.885
|
144.121 |
41.266 |
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Cash & Bank Balances |
0.432
|
2.707 |
1.801 |
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Other Current Assets |
1.958
|
0.000 |
0.000 |
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Loans & Advances |
2.622
|
3.220 |
0.598 |
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Total
Current Assets |
438.793
|
228.094 |
64.317 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
136.926
|
3.986 |
5.221 |
|
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Provisions |
0.794
|
1.255 |
0.476 |
|
Total
Current Liabilities |
137.720
|
5.241 |
5.697 |
|
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Net Current Assets |
301.073
|
222.853 |
58.620 |
|
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MISCELLANEOUS EXPENSES |
0.024 |
0.029 |
0.036 |
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TOTAL |
303.007 |
223.915 |
59.423 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 [Provisional] |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
588.962 |
316.686 |
123.570 |
|
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Other Income |
0.102 |
0.556 |
20.700 |
|
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Total Income |
589.064 |
317.242 |
144.270 |
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Profit/(Loss) Before Tax |
553.845 |
2.176 |
1.369 |
|
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Provision for Taxation |
0.794 |
0.000 |
0.000 |
|
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Profit/(Loss) After Tax |
553.051 |
2.176 |
1.369 |
|
|
|
|
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Import Value |
560.087 |
348.200 |
NA |
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Expenditures : |
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Purchases made for re-sale |
NA |
NA |
139.304 |
|
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Raw Material Consumed |
35.219 |
300.236 |
NA |
|
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Salaries, Wages, Bonus, etc. |
NA |
0.855 |
NA |
|
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Managerial Remuneration |
NA |
0.350 |
NA |
|
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Payment to Auditors |
NA |
0.050 |
NA |
|
|
Depreciation & Amortization |
NA |
0.233 |
0.129 |
|
|
Other Expenditure |
NA |
13.342 |
3.468 |
|
Total Expenditure |
35.219 |
315.066 |
142.901 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
93.88
|
0.68 |
0.95 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
94.03
|
0.68 |
1.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
125.67
|
0.95 |
2.10 |
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Return on Investment (ROI) (PBT/Networth) |
|
7.58
|
0.08 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.03
|
7.89 |
8.79 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.19
|
43.52 |
11.28 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U17119GJ1986PLC009237 |
|
Name of the company |
TOWER OVERSEAS LIMITED |
|
Address |
Vimal Towers 7, Gandhvi Society, Navrangpura, Ahmedabad – 380 014,
Gujarat, India |
|
This Form is for |
Modification of Charge |
|
Type of Charges |
· Book Debts · Movable Property · Floating Charge |
|
Particular of the charge holder
|
HDFC Bank Limited Address: HDFC Bank House Senapati Bapat
Marg, lower Parel, West, Mumbai – 400 013, Maharashtra, India E-mail: Mahesh.taparia@hdfcbank.com |
|
Nature or description of the instrument creating charge |
Supplemental letter of hypothecation of
stocks and book debts |
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Date of the instrument creating charge |
31.05.2007 |
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Amount Secure by the charge |
Rs. 270.000 millions |
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Brief of the principal terms and conditions and extent and operation of
the charge |
Rate of Interest : Benchmark PLR (Presently at 11.50% p.a) with monthly rests plus
Interest tax or any other statutory levy (if applicable) or any other
rate as the bank may fix from time to
time. Terms of repayment On Demand Margin: Margin as ay be stipulated by
the bank from time to time Extent and Operation of the charge: First exclusive on stocks and book debts of the company, both present
and future. |
|
Short Particulars of the Property charged |
First exclusive charge on stocks and book
debts of the company, both present and future. |
|
Particulars of the present modification |
Existing security by way of hypothecation
of stocks and book debts (both present and future) extended for enhanced
facility from Rs. 170.000 millions to Rs. 270.000 millions. |
WEBSITE DETAILS:
Subject
is a public limited company registered under the company's act (1956) in India.
The promoters of the company are
one of the most reputed business families of India. Mr. Ramniklal H. Ambani, a
visionary is the chief mentor of the company. Mr. Vimal R. Ambani, a young and
dynamic business person holds the position of Managing Director in the company.
Mr. Mahesh H. Thakkar in on the position of General Manager in the company
further supported by an overwhelming Team Tower.
Based at Ahmedabad and having its branches spread all over India, Subject has
built on the reputation as a premier supplier of digital printing mediums.
Subject has for catering its varied digital printing medium requirements at the
most competitive rates in the international as well as domestic market. The
approach through quality system of matching their products to their customer
and end user requirements has led many customers to become exclusive users of
the company products.
With the expansion of the digital printing process
and the explosion of new digital printing machines on to the market, subject is
committed to a comprehensive research and development programme into solvent,
and all other types of digital printing to ensure that it's range of digital
medium is compatible with current and future developments. A testing and
validation programme both in the India and overseas, has demonstrated
exceptional print performance on Tower's range of digital printing mediums.
Through the nation-wide range of distributors, stockists, branches and
specialists, users throughout India can have confidence in obtaining the
correct medium for the most demanding applications. The product range includes
Frontlit PVC Flex, Backlit PVC Flex, Self Adhesive Vinyl, One-Way Vision Film
(Perforated Vinyl), PVC Foam Board, Vehicle Wrapping Media, Inkjet Inks,
Solvent Inks, Cotton Coated Fabrics and many other digital printing mediums
useful for both short and long term applications for quality and cost conscious
customers in the graphics, printing and signage industries. There is also a
broad selection of specialist materials for use when specific problems need to
be overcome.
PVC
Flex - Frontlit is designed for use with solvent-based inkjet systems. The
special surface coating optimizes ink adhesion and color reproduction for
long-lasting brilliant prints. It is suitable for indoor or outdoor
applications; the media are available in matt white, gloss white.
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.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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 |
|