MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
TEXTILE SOURCING AND SERVICES PRIVATE LIMITED |
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Registered Office : |
Jupiter 2A Block 2nd Floor Prestige Technology, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.07.1998 |
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Com. Reg. No.: |
23976 |
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CIN No.: [Company
Identification No.] |
U74140KA1998PTC023976 |
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PAN No.: [Permanent
Account No.] |
AAACT7547K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To Engage as “Technical Consultants” in the field of garments
textiles, Home furnishings for buyers both in |
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 162270 |
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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 having satisfactory track.
Trade relations are fair. Business is active payments are reported as usually
made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Jupiter 2A Block 2nd Floor Prestige Technology, Park
Sarajapur Marathhalli Ring Road Bangalore 560087, Karnataka. |
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E-Mail : |
tss@tssindia.com |
DIRECTORS
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Name : |
Mr. Venu Gopal Nambiar |
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Designation : |
Managing Director |
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Date of Birth/Age : |
08.08.1966 |
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Date of Appointment : |
07.21.1998 |
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Name : |
Mr. Rachel Kuttukaran |
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Designation : |
Director |
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Date of Birth/Age : |
07.14.1966 |
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Date of Appointment : |
07.21.1998 |
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Name : |
Mr. Jacob Mammen |
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Designation : |
Director |
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Address : |
No 12, Walton Road, Bangalore, Karnataka 560001, India. |
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Date of Birth/Age : |
15.11.1962 |
KEY EXECUTIVES
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Name : |
Mr. Krish Nag |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Venu Gopal Nambiar |
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5100 |
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Mr. Rachel Kuttukaran |
` |
5100 |
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Total |
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10200 |
Equity Share Breakup (Percentage of total equity):
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To Engage as “Technical Consultants” in the field of garments
textiles, Home furnishings for buyers both in India and abroad and to act as Sourcing
Agents for Textiles Apparels, textiles and home furnishings for buyers both
in and outside India. |
GENERAL INFORMATION
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Suppliers : |
·
Abercromble and Fitch Trading Company ·
Accura Solutions ·
Akshaya Colours ·
Ambassador Travel Services ·
Ample Technology Private Limited ·
Amulya Screens ·
Banglore Sale ·
BCT Consulting Private Limited ·
BSNL ·
Cannon India Private Limited ·
Chandrakal J ·
Coolwell Electrix ·
DHL World Wide Express ·
Multi Packaging ·
MNS Exports Private Limited ·
New Official Stationery ·
Office Solutions ·
Pragati Polymers ·
Pranav Enterprises |
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Bankers : |
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HDFC Bank Durga Niwasm G Road,
Panaji, Goa 403001, India. ·
HSBC Bank ·
ICICI Bank ·
State Bank Of Mysore |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Vinay Mruthyunjaya, Chartered Accountants |
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Address : |
No. 12, Temple Court Apartments, 3rd Temple Street, 15th
Cross, Malleshwaram Bangalore 560003, Karnataka. |
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Name : |
Chandrakala J Chartered Accountant |
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Address : |
No. 12, Temple Court Apartmetns , 3rd Temple Street, 15th
Cross, Malleshwaram, Bangalore 560003, Karnataka. |
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Associates/Subsidiaries : |
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TSS Sports Wear Private Limited. |
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 |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10200 |
Equity Shares |
Rs. 10/-
Each |
Rs. 0.102
Million |
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 |
0.102 |
0.102 |
0.102 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
32.352 |
20.767 |
8.413 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.454 |
20.869 |
8.515 |
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LOAN FUNDS |
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1] Secured Loans |
2.463 |
3.658 |
1.149 |
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2] Unsecured Loans |
5.813 |
8.003 |
2.690 |
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TOTAL BORROWING |
8.276 |
11.661 |
3.839 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.230 |
0.000 |
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TOTAL |
40.730 |
32.760 |
12.354 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.667 |
6.199 |
3.028 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.739 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.950
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0.000 |
0.000 |
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Sundry Debtors |
11.688
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17.644 |
6.933 |
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Cash & Bank Balances |
16.927
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3.547 |
0.941 |
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Other Current Assets |
21.248
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0.275 |
1.848 |
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Loans & Advances |
0.000
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11.097 |
8.280 |
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Total
Current Assets |
50.813
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32.563 |
18.002 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.227
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4.710 |
6.372 |
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Provisions |
0.276
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1.308 |
2.323 |
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Total
Current Liabilities |
19.503
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6.018 |
8.695 |
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Net Current Assets |
31.311
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26.545 |
9.307 |
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MISCELLANEOUS EXPENSES |
0.013 |
0.016 |
0.019 |
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TOTAL |
40.730 |
32.760 |
12.354 |
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PROFIT & LOSS
ADJUSTMENT A/C FOR INCOME TAX PURPOSE
(As on 31.03.2007)
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PARTICULAR |
AMOUNT (Rs. In
Millions) |
AMOUNT (Rs. In
Millions) |
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Net Profit as per Profit and loss A/C |
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18.535 |
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Add: |
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a) Disallowance
u/s36(1) (Va) |
1.119 |
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b) Disallowance
u/s40(a) (ia) |
6.077 |
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Fringe Benefit Tax |
0.689 |
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c) Prior Period
Expenses |
0.011 |
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d) Depreciation
as per companies Act |
3.419 |
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11.317 |
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29.853 |
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Less: a)
Depreciation as per Income Tax Act |
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2.061 |
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Taxable Income |
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27.791 |
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Tax thereon@30% |
8.334 |
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Add:
Surcharge@10% |
0.833 |
9.171 |
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Add: Education
Cess @2% |
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0.183 |
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Total Tax
Payable |
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9.354 |
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Less: |
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1) TDS |
0.024 |
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2) Advance Tax |
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15.06.2006 |
1.000 |
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18.12.2006 |
5.000 |
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16.01.2007 |
3.200 |
9.224 |
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0.130 |
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Add: Interest
U/S |
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234B |
0.000 |
0.000 |
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234C |
0.289 |
0.289 |
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Net Total Tax
Payable |
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0.419 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.85
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0.84 |
1.47 |
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Current Ratio (Current Asset/Current Liability) |
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2.60
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5.41 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Note: The Address of the Registered Office of the Company Change from D2
Rustomji Residency, 87, Richmond Road, Bangalore 560033, Karnataka to present
with effect from 26.11.2007.
Fixed Assets:
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Plant and Machinery
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Furniture and Fixture
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Vehicles
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Computer Equipment
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Office Equipment
Form 8
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Corporate identity
number of the company |
U74140KA1998PTC023976 |
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Name of the
company |
TEXTILE SOURCING
AND SERVICES PRIAVTE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D2, Rustomji Residency,87, Richmond Road, Bangalore 560033, Karnataka. |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothication |
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Particular of
charge holder |
CIN:
L65191GA1994PLC001620 Name: Centurion
Bank of Punjab Limited Address: Durga
Niwasm G Road, Panji 403001, Goa. E-Mail: rgunasekar@centurionbank.com |
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Nature of
instrument creating charge |
LOAN-CUM-HYPOTHECATION |
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Date of
instrument Creating the charge |
10.06.2006 |
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Amount secured by
the charge |
Rs. 2.565
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Loan
A/C No: B17454/521/522/523 ·
Tenure
of Payment: 35 Months ·
Finance
charges: 8.00% ·
Monthly
Installment: 23454+25703+33254=82411.00/- |
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Description of
the property charged indicating whether it is a charged on |
Vehicles |
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Particulars of
the property charged |
·
Ashok
Leyland 1612H, TATA 709, TATA 909 Location: Bangalore |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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