MIRA
INFORM REPORT
|
Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ATUL OVERSEAS INDIA PRIVATE LIMITED |
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Registered Office : |
Off No. 401/402, Amit Crystal No. 1106A, 2A/ 14, Senapati Bapat Road, Near Chatturshrungi Temple, Pune – 411 013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.05.1991 |
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Com. Reg. No.: |
11-61652 |
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CIN No.: [Company
Identification No.] |
U28133MH1991PTC061652 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA01848A |
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PAN No.: [Permanent
Account No.] |
AABCA5169L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Fabrics |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old company having poor track. Its Networth has been
eroded. Payments are reported as slow and delayed. The company can be considered for any business dealings on safe and
secured terms, only. |
LOCATIONS
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Registered Office/ Factory : |
Off No. 401/402, Amit Crystal No. 1106A, 2A/ 14, Senapati Bapat Road, Near Chatturshrungi Temple, Pune – 411 013, Maharashtra , India |
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Tel. No.: |
91-20-25659275 / 25896952 |
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Fax No.: |
91-20-25659269 / 25881167 |
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E-Mail : |
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Corporate Office : |
146/3, B/1, Tank Road, Pashan, Pune – 411 021, Maharashtra, India |
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Tel. No.: |
91-20-25896952 |
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Fax No.: |
91-20-25881167 |
DIRECTORS
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Name : |
Mr. Anil Shantilal Kankariya |
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Designation : |
Director |
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Address : |
Anand Shobha Apartment, Flat No. 2a, Bhoi Ali, Chinchwad , Pune – 411
033, Maharashtra, India |
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Date of Birth/Age : |
27.04.1963 |
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Date of Appointment : |
16.08.2004 |
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Name : |
Mrs. Asha Ashok Chordia |
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Designation : |
Director |
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Address : |
Atul , S No. 80/3. Plot No. 4,
Road, Aundh Pune – 411 007, Maharashtra, India |
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Date of Appointment : |
26.10.2002 |
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Name : |
Mr. Chnitamani Garbhe |
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Designation : |
Director |
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Address : |
1577, Bhagyanagiri , Tilak Road, Pune – 411 030, Maharashtra, India |
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Date of Birth/Age : |
11.08.1963 |
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Date of Appointment : |
13.05.1991 |
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Name : |
Mr. Ashok Chordia |
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Designation : |
Director |
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Address : |
Atul S No. 80/3. Plot No. 4,
Road, Baner Road, Aundh Pune – 411 007, Maharashtra, India |
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Date of Birth/Age : |
12.09.1953 |
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Date of Appointment : |
13.05.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007):- |
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No. of Shares |
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Mr. Ashok Chordia |
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6810 |
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Mrs. Asha Chordia |
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290 |
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Mr. Chintamani Garbhe |
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80 |
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Mr. Balchand Chordia |
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10 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Fabrics |
GENERAL INFORMATION
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Bankers : |
The Shree Suvarna Sahakari Bank Limited Shanivar Peth
Pune – 411 030, Maharashtra, India |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
B N Adke and Company Chartered Accountants |
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Address : |
3/4 Narayan Peth, 8 Gangadhar Chamber, Opposite Prabhat Cinema , Pune
– 411 030, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15190 |
Equity shares |
Rs. 100/-
each |
Rs. 1.519
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.519 |
1.519 |
1.519 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[23.424] |
[18.833] |
[15.305] |
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NETWORTH |
[21.905] |
17.314 |
[13.786] |
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LOAN FUNDS |
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1] Secured Loans |
38.778 |
39.621 |
39.479 |
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2] Unsecured Loans |
29.193 |
24.403 |
4.000 |
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TOTAL BORROWING |
67.971 |
64.024 |
43.479 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.066 |
46.710 |
29.693 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.060 |
1.038 |
1.085 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.580 |
0.580 |
0.268 |
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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 |
17.109
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14.622 |
15.067 |
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Sundry Debtors |
24.300
|
25.572 |
23.054 |
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Cash & Bank Balances |
0.620
|
0.129 |
0.227 |
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Other Current Assets |
4.388
|
4.371 |
2.498 |
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Loans & Advances |
0.843
|
1.156 |
1.640 |
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Total
Current Assets |
47.260
|
45.850 |
42.486 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.585
|
0.560 |
13.819 |
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Provisions |
0.249
|
0.198 |
0.327 |
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Total
Current Liabilities |
2.834
|
0.758 |
14.146 |
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Net Current Assets |
44.426
|
45.092 |
28.340 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.066 |
46.710 |
29.693 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
22.785 |
23.636 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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22.785 |
23.636 |
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Profit/(Loss) Before Tax |
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[4.591] |
[3.527] |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
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[4.591] |
[3.257] |
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Expenditures : |
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Interest |
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4.285 |
5.102 |
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Depreciation & Amortization |
|
0.180 |
0.185 |
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Other Expenditure |
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22.911 |
21.877 |
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Total Expenditure |
|
27.376 |
27.164 |
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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 |
(%) |
[20.14]
|
[13.77] |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
[20.14]
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[13.77] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[9.38]
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[7.43] |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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[0.21]
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[0.20] |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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[3.23]
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[3.74] |
[4.18] |
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Current Ratio (Current Asset/Current Liability) |
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16.67
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60.48 |
3.00 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
ATUL OVERSEAS INDIA PRIVATE LIMITED |
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Presented By |
The Shree
Suvarna Sahakari Bank Limited, Pune |
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1) Date and
description of instrument creating the change |
Indenture of Mortgage
dated 22.11.2002 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 25.000
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 |
All that pieces
and parcel of land or ground bearing S. No. 206/2/5 at Village Wakal Taluka,
Mulshi , district Pune – together with building and structure standing thereon and land bearing gat No. 1606 at
Village Lavale, taluka Mulshi , District Pune – together with the building
and structure standing thereon . |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 18% p.a |
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5) Name and
Address and description of the person entitled to the charge. |
The Shree Suvarna Sahakari Bank Limited Shanivar Peth Pune – 411 030 |
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6) Date and brief description of instrument
modifying the charge |
10.09.2004 Agreement of
hypothecation for plant and machinery , furniture and fixtures Hypothecation deed
of goods Agreement of
hypothecation of book debts (all agreement
executed for single charge) |
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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. |
With this
modification Cash credit limit
is enhanced from Rs. 25.000 millions to Rs. 390.000 millions Interest @ 16%
p.a |
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.42.89 |
|
UK Pound |
1 |
Rs.84.84 |
|
Euro |
1 |
Rs.67.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
---- |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
--- |
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--CREDIT LINES |
1~10 |
--- |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
16 |
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 |
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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 |
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