MIRA
INFORM REPORT
|
Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
V T EXPORTS PRIVATE LIMITED |
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Registered Office : |
24, Netzji Subhas Road, Kolkata-700001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.10.1987 |
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Com. Reg. No.: |
21-41800 |
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CIN No.: [Company
Identification No.] |
U51909WB1987PTC041800 |
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IEC No.: |
0288013603 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALV1285E |
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PAN No.: [Permanent
Account No.] |
AAACV8680L |
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Legal Form : |
Private Liability Company |
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Line of Business : |
Manufacturer and Exporter of High Quality Baby Garments |
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 12000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having steady business. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ajay |
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Designation : |
Accountant |
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Date : |
17.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
24, Netzji Subhas Road, Kolkata-700001, West Bengal, India |
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Tel. No.: |
91-33-22311785 |
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Mobile No.: |
91-9831089709 |
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Fax No.: |
91-9831089709 |
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E-Mail : |
ebaby@vsnl.net , rqtantia@vsnl.com , enq@vtexports.com , vtexports@vsnl.net |
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Website : |
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Area : |
1000 sq.ft (Rented) |
DIRECTORS
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Name : |
Mr. Ram Gopal Tantia |
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Designation : |
Director |
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Address : |
230, C R Avenue, Calcutta-2415118, West Bengal, India |
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Date of Birth/Age : |
25.01.1958 |
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Qualification : |
B.Com |
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Date of Appointment : |
27.01.1987 |
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Name : |
Mrs. Gayatri Devi Tantia |
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Designation : |
Director |
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Address : |
230, C R Avenue, Calcutta-2415118, West Bengal, India |
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Date of Birth/Age : |
21.04.1937 |
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Qualification : |
B.Com |
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Date of Appointment : |
27.01.1987 |
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Name : |
Ms. Suman Tantia |
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Designation : |
Director |
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Address : |
230, Chitranjan Avenue, Kolkata-700006, West Bengal, India |
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Date of Birth/Age : |
21.12.1959 |
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Date of Appointment : |
01.06.2006 |
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Name : |
Mr. Ajay Tantia |
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Designation : |
Director |
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Address : |
230, Chitranjan Avenue, Kolkata-700006, West Bengal, India |
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Date of Birth/Age : |
14.08.1981 |
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Date of Appointment : |
01.06.2006 |
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Name : |
Mr. Vijay Tantia |
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Designation : |
Director |
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Address : |
DA-39, Salt Lake, Sector- I, Kolkata-700064, West Bengal, India |
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Date of Birth/Age : |
18.12.1983 |
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Date of Appointment : |
01.06.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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R G Tantia |
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1730 |
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Gayatri Devi Tantia |
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150 |
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Ishwar Chand Tantia |
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100 |
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Murari Poddar |
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100 |
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Padma Poddar |
|
100 |
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Ajay Kumar Tantia |
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1670 |
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Pradeep Kumar Chowdhury |
|
150 |
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D K Dhona |
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100 |
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Suman Tantia |
|
360 |
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Total |
|
4460 |
As on 16.11.2006
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List of Allottees |
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No. of Shares Allotted |
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Ram Gopal Tantia |
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30000 |
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Suman Tantia |
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10000 |
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Ajay Tantia |
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10000 |
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Vijay Tantia |
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10000 |
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Total |
|
60000 |
Equity Share Breakup (Percentage of Total Equity)
As on30.09.2007
|
Category |
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Percentage |
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Directors or relatives of directors |
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95.48 |
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Others |
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4.52 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of High Quality Baby Garments |
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Products : |
·
Kidswear ·
Blankets ·
Towels ·
Body suits ·
Caps ·
Vests ·
Nappies ·
Bibs ·
Night suits ·
Rompers ·
Underwear ·
Mitters ·
P j sets |
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Exports : |
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Countries : |
·
Europe ·
USA |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Advance Payment |
GENERAL INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
100 |
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Bankers : |
Bank of Maharashtra, 3, Netaji Subhas Road, Kolkata-700001, West
Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sitaram Associates Chartered Accountant |
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Address : |
24, Netaji Subhas Road, 3rd Floor, Room No. 32 C,
Kolkata-700001, West Bengal, India |
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Tel. No.: |
91-33-22313219 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.400 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9960 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.996
Million |
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 |
0.996 |
0.396 |
0.396 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.499 |
1.374 |
1.267 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.495 |
1.770 |
1.663 |
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LOAN FUNDS |
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1] Secured Loans |
4.682 |
2.584 |
2.348 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
4.682 |
2.584 |
2.348 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.177 |
4.354 |
4.011 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.808 |
1.251 |
1.124 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.475 |
0.475 |
0.475 |
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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 |
2.806
|
2.020 |
1.990 |
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Sundry Debtors |
4.818
|
2.445 |
1.743 |
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Cash & Bank Balances |
0.211
|
0.127 |
0.129 |
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Other Current Assets |
0.000
|
0.014 |
0.013 |
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Loans & Advances |
1.314
|
0.622 |
0.324 |
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Total
Current Assets |
9.149
|
5.228 |
4.199 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.075
|
2.428 |
1.722 |
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Provisions |
0.180
|
0.172 |
0.065 |
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Total
Current Liabilities |
5.255
|
2.600 |
1.787 |
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Net Current Assets |
3.894
|
2.628 |
2.412 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.177 |
4.354 |
4.011 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
28.952 |
17.356 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
28.952 |
17.356 |
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Profit/(Loss) Before Tax |
|
0.308 |
0.214 |
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Provision for Taxation |
|
0.183 |
0.107 |
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Profit/(Loss) After Tax |
|
0.125 |
0.107 |
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Expenditures : |
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Financial Charges |
|
0.192 |
0.136 |
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Depreciation & Amortization |
|
0.448 |
0.232 |
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Other Expenditure |
|
28.004 |
16.774 |
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Total Expenditure |
|
28.644 |
17.142 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.43
|
0.62 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.06
|
1.23 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.58
|
3.30 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
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0.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.98
|
2.93 |
2.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.74
|
2.01 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional Requirement of India mart for Trust-Seal |
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VAT / TIN : 19460471062 |
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IEC Code : 0288013603 |
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PAN / TAN : AACV8680L |
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Bank Name : Bank of Maharashtra |
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Bank Address : 3 N. S Road,Calcutta |
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Bank A/c. No.: 2905 |
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Account Since : 20 Years |
Bankers Charges
Report as per Registry
|
Name of the company |
V T EXPORTS PRIVATE LIMITED |
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Presented By |
Bank of Maharashtra, 3, Netaji Subhas Road, Kolkata-700001, West
Bengal, India |
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1) Date and description of instrument creating the change |
1. Packing Credit
Agreement Dated 22.08.2003 2. Hypothecation
of Plant and Machinery Dated 22.08.2003 3. Agreement faor
FOBN/ FOBP, F.B/ F.D Agreement dated 22.08.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.054
Millions P.C Rs. 0.150
Million Term Loan R.
0.224 Million FOBN/ FOBP Rs.
0.680 Million |
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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 |
The borrower
hereby hypothecates all stocks of raw materials, goods- in process, semi
finished goods of Borrower meant or intended for export of goods such as
Children Garments and /or any other goods meant intended being manufactured
for export lying in the factory or stored at Borrower’s factory in shades
whether situated in the may factory shed or at such other place as may be
notified by the Borrower to the Bank form time to time. The borrower
herby Hypothecates to the Bank all plant machinery described in the second
schedule i.e. Mehala CZD-900 Band Knife Machine, SIRUBAL 818 F1 Single Noodle
100 K Switch Machine Complete Set situated at 51B, Bangul Avenue “B” Block,
Kolkata and lat 8A and 8B, Sarkar Lane. At the request of
the Borrwer the bank has agreed to collect/ purchase/ discount / negotiate,
cheques, bills, hundies, draft and other instruments with or without securities
or other documents of title to good including railway receipts, bills of
ladig, motor transport receipts, airway bills, composite receipts etc. or
other documents consisting title to goods lodged by the Borrower’ with the
bank form time to up to the limit of Rs. 0.680 Million |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest on
Packing Credit : 8.5% for the first 100 days form the dated of advances of such
loan and thereafter at the rate of 12% p.a. on such extended period as the
Bank may grant not exceeding 270 days thereafter at 16% p.a. 2. Interest on
Plant and Machinery : 2% over the prevailing Prime Term Lending rate of the
Bank that may be prescribed by the Bank form time to time with a Min of 14.5%
p.a.with q.r. 3. Interest on
FOBN/ FOBN – Maximum rate of interest permited by the RBI guidelines form
time to time with a Min. of 8.5% p.a. with q.r |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Maharashtra, 3, Netaji Subhas Road, Kolkata-700001, West
Bengal, India |
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6) Date and brief description of instrument modifying the charge |
1. Composite Deed
of Hypothecation for All facilities dated 03.06.2004 2. Agreement of
Packing Credit Dated 03.06.2004 3. FOBN/ FOBP/ BP
B.D Agreement Dated 03.06.2004 |
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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. |
By this
modification at the request of the Borrower the Bank has enhanced the overall
limit form Rs. 1.054 Million to Rs. 2.149 Millions i)
Packing
Credit / Bill Purchased / Discounting Limit Rs. 0.600 Millions ii)
FOBN Limit
R.s 1.400 Millions iii)
Term Loan
Rs. 0.149 Millions Interest as per
Bank’s RBI directive from time to time. So, by this
modification overall limit increased form Rs. 1.054 Millions to Rs. 2.149
Millions Other terms and
Conditions remain unchanged. |
AS PER WEBSITE
Profile:
Every parent demands superlative products for their most valuable asset,
i.e. their 'Child'. In an evdeavour to serve the society with high quality
children and infant clothing, Subject was incorporated in the year 1987. The
business house is a leading manufacturer and exporter of high quality Baby
Garments like Kidswear, Blankets, Towels, Body Suits, Caps, Nappies, Bibs,
Night Suits, etc. The products are available in variety of designs and patterns
to choose from. The company was founded by Mr. R. G. Tantia, a visionary having
versatile knowledge of the discipline. Equipped with hardcore professionals,
experienced designers and marketing personnel, the company has earned a
substantial market base in both domestic and international markets. Presently,
they are exporting the wide range of designer infant garments and children wear
to the European nations and Canada.
They are keenly administered by sound management ethics at every sphere
of the operations in order to ensure smooth and flawless production from every
stage. The sincere commitment towards product quality and client satisfaction
provides them an additional edge over other players operating in the similar
arena.
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] 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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|