MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CITIZEN UMBRELLA MANUFACTURERS LIMITED |
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Registered Office : |
147 M G Road, Kolkata – 700 007, 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 : |
28.06.1996 |
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Com. Reg. No.: |
21-80268 |
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CIN No.: [Company
Identification No.] |
U36992WB1996PTC080268 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC02811E |
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PAN No.: [Permanent
Account No.] |
AABCC1673M |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of Umbrella and Components. |
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 510000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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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. Financial position is satisfactory. Profit margin
is under tremendous pressure. Payments are slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
147 M G Road, Kolkata – 700 007, West Bengal, India |
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Tel. No.: |
91-33-22681396 |
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Fax No.: |
91-33-22712151 |
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E-Mail : |
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Factory : |
14/16, Damodar Building, Dr. MB Velkar Street, Chewool Wadi, Mumbai –
400 002, Maharashtra, India |
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Tel. No.: |
91-22-22062862 / 32537360 |
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Fax No.: |
91-22-22002960 |
DIRECTORS
|
Name : |
Mr. Jitesh Kumar Banthia |
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Designation : |
Director |
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Address : |
8, Gurusaday Road, Karaya, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
05.09.1972 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Mahesh Kumar Banthia |
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Designation : |
Director |
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Address : |
147, Mahatma Gandhi Road, Kolkata – 700 007, West Bengal, India |
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Date of Birth/Age : |
02.10.1965 |
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Date of Appointment : |
11.10.2002 |
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Name : |
Mrs. Sushila Devi Banthia |
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Designation : |
Director |
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Address : |
8, Gurusaday Road, Karaya, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
10.08.1948 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Suresh Kumar Banthia |
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Designation : |
Director |
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Address : |
25-B, Camac Street, Park Street, Kolkata – 700 017, West Bengal, India |
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Date of Birth/Age : |
10.08.1958 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Santosh Kumar Banthia |
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Designation : |
Director |
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Address : |
8, Gurusaday Road, Karaya, Kolkata – 700 019, West Bengal, India |
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Date of Birth/Age : |
16.08.1961 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Naresh Kumar Banthia |
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Designation : |
Director |
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Address : |
147, Mahatma Gandhi Road, Kolkata – 700 007, West Bengal, India |
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Date of Birth/Age : |
21.05.1970 |
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Date of Appointment : |
29.09.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Agarwal |
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Designation : |
Company Secretary |
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Address : |
34, Metcalfe Street, Room No. 7D, 7th Floor, Kolkata – 700
013, West Bengal, India |
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Tel No.: |
91-33-22111773 / 22111774 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Equity Shareholders |
No. of Shares |
|
Sushila Devi Banthia |
12100 |
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Suresh Kumar Banthia |
2100 |
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Jitesh Kumar Banthia |
15020 |
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Surendra Kumar Banthia |
1510 |
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Jethmal Banthia |
30010 |
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Surendra Kumar Banthia |
30010 |
|
Falcon Securities Private Limited |
5000 |
|
Parasnath Enterprises Private Limited |
20000 |
|
Sumil Trexim Private Limited |
84070 |
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Shriya Securities Limited |
64500 |
|
Rajesh Kochar |
20000 |
|
Sangeeta Kochar |
10000 |
|
Modern Publicity Private Limited |
5000 |
|
Avinash Avishek Prop. Private Limited |
19500 |
|
Parasnath Enterprises Private Limited |
120500 |
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Parshnath Vyaparr Private Limited |
89000 |
|
Rowdon Holdings and Estates Private Limited |
14500 |
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Sanjana Sales and Distributors Private Limited |
85500 |
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Sohan Lal Banthia and Sons Market Private Limited |
25000 |
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Isha Banthia |
1500 |
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Jethmal Banthia |
1200 |
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Sanju Devi Banthia |
500 |
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Srishti Banthia |
2660 |
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Santosh Kumar Banthia |
1500 |
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Vijay Kumar Damani |
4500 |
|
Blaise Vyaparr Private Limited |
1000 |
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Apex Developers Limited |
190000 |
|
Metlex Goods and Services Private Limited |
20000 |
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Clarion Merchants Private Limited |
4000 |
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Pawanputra Distributors Private limited |
10000 |
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Sanjibani Tie-up Private Limited |
31000 |
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Sheetal Tie-up Private Limited |
7000 |
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Advance Fabrication Private Limited |
15000 |
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Starpoint Distributors Private Limited |
3000 |
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Others |
500 |
|
|
|
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Total |
946680 |
(As on 31.03.2007)
|
Names of Preference Shareholders |
No. of Shares |
|
Surendra Kumar Banthia |
8850 |
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Suresh Kumar Banthia |
15700 |
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Parshnath Vyaparr Private Limited |
11000 |
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|
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Total |
35550 |
List of Allotment As on 31.03.2006
|
Names of Allottees |
No. of Shares |
|
Shriya Securities Limited |
49500 |
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Sumil Trexim Private Limited |
69500 |
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Total |
119000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Bodies corporate |
56.36 |
|
Directors or relatives of directors |
10.42 |
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Other top fifty (50) shareholders |
33.22 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Umbrella and Components. |
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Products : |
·
Gent's
Umbrellas:- (Two Part Range, Bend Range, Black and U V Silver Coated) ·
Ladies
Umbrellas:- (Exotic, Stylish, Fancy, Colorful) ·
Youth
Umbrellas:- (Descent Finishing, Large Variety) ·
Kids
Umbrellas:- (Soft Colored, Pink, Blue, Yellow, Rainbow, Cartoon Pictures,
Alphabets inscripted) ·
Corporate
Umbrellas:- (Bearing Company Name, Logo, Quotations, etc.) ·
Promotional
Umbrellas:- (Available in large dimension in various shapes and sizes) ·
Tent
Umbrellas:- (Rectangular, Circular, Triangular) ·
Umbrella
Fabrics- (Rayon, Polyester, Satin, etc.) ·
Spares
and Accessories:- (Clothes, Fabrics, Tubes, Springs, Ribs,
Handles, Hooks, Nails, etc.). |
GENERAL
INFORMATION
|
Customers : |
·
Vodafone ·
Tata Indicom ·
Coca Cola ·
Johny Walker ·
Veedol
·
PHI Seeds Limited ·
Postal Life Insurance ·
Veeta
·
VSNL ·
Reliance Fresh ·
Airtel, amongst others. |
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Bankers : |
Tamilnad Mercantile Bank Limited 58-D, N S Road, 2nd Floor, Ganesh Market, Kolkata – 700 001,
West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Rampuria and Company Chartered Accountants |
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Address : |
147, M G Road, Kolkata – 700 007, West Bengal, India |
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Tel. No.: |
91-33-22739412 |
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Subsidiaries : |
S L Banthia Textiles Industries Private Limited CIN No.: U18101WB2005PTC103728 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1140000 |
Equity Shares |
Rs.10/- each |
Rs.11.400 millions |
|
36000 |
Preference Shares |
Rs.100/- each |
Rs.3.600 millions |
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|
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Total |
|
Rs.15.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
946680 |
Equity Shares |
Rs.10/- each |
Rs.9.467
millions |
|
35550 |
Preference Shares |
Rs.100/- each |
Rs.3.555
millions |
|
|
|
|
|
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Total |
|
Rs.13.022 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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|
|
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1] Share Capital |
13.022 |
9.507 |
8.317 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
88.948 |
57.309 |
46.943 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
101.970 |
66.816 |
55.260 |
|
|
LOAN FUNDS |
|
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1] Secured Loans |
39.118 |
28.207 |
17.367 |
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2] Unsecured Loans |
79.436 |
55.134 |
54.090 |
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TOTAL BORROWING |
118.554 |
83.341 |
71.457 |
|
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DEFERRED TAX LIABILITIES |
1.156 |
1.280 |
1.201 |
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TOTAL |
221.680 |
151.437 |
127.918 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.161 |
40.353 |
41.427 |
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Capital work-in-progress |
0.000 |
0.000 |
0.483 |
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|
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INVESTMENT |
3.513 |
0.413 |
0.413 |
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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 |
162.704
|
89.429 |
120.130 |
|
|
Sundry Debtors |
49.675
|
50.579 |
27.981 |
|
|
Cash & Bank Balances |
42.286
|
47.011 |
22.085 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
25.728
|
14.069 |
7.161 |
|
Total
Current Assets |
280.393
|
201.088 |
177.357 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
102.861
|
90.128 |
91.311 |
|
|
Provisions |
0.526
|
0.289 |
0.454 |
|
Total
Current Liabilities |
103.387
|
90.417 |
91.765 |
|
|
Net Current Assets |
177.006
|
110.671 |
85.592 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
221.680 |
151.437 |
127.918 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
442.651 |
392.738 |
380.348 |
|
|
Other Income |
2.357 |
2.913 |
0.766 |
|
|
Total Income |
445.008 |
395.651 |
381.114 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.022 |
0.362 |
2.464 |
|
|
Provision for Taxation |
0.622 |
0.628 |
0.934 |
|
|
Profit/(Loss) After Tax |
0.400 |
(0.266) |
1.530 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial charges |
9.624 |
7.488 |
5.480 |
|
|
Increase/(Decrease) in Finished Goods |
(2.600) |
0.000 |
0.000 |
|
|
Depreciation & Amortization |
4.743 |
4.750 |
3.097 |
|
|
Other Expenditure |
432.219 |
383.051 |
370.073 |
|
Total Expenditure |
443.986 |
395.289 |
378.650 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.09
|
(0.07) |
0.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.23
|
0.09 |
0.65 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.32
|
0.15 |
1.13 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
4.46 |
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|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.18
|
2.60 |
2.95 |
|
|
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71
|
2.22 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U36992WB1996PTC080268 |
|
Name of the
company |
CITIZEN UMBRELLA MANUFACTURERS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
147 M G Road, Kolkata – 700 007, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Tamilnad Mercantile Bank Limited 58-D, N S Road, 2nd Floor, Ganesh Market, Kolkata – 700
001, West Bengal, India |
|
Nature of instrument
creating charge |
1.
Agreement
for demand of Cash Credit on the hypothecation of book debts 2.
Agreement
for Deed of Hypothecation of Machinery 3.
Agreement
for demand of Cash Credit on Hypothecation of Movable Properties – I 4.
Agreement
for demand of Cash Credit on Hypothecation of Movable Properties – II 5.
F.L.C.
Agreement All aforesaid
Agreements dated 6th day of June, 2008. |
|
Date of
instrument Creating the charge |
06.06.2008 |
|
Amount secured by
the charge |
Rs.170.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest @ 5.5% p.a. above the RBI rate with a minimum of 12% p.a. compounded
monthly rest. In case of default 2% penal interest will be charged till the
default continues. ·
Terms of
repayment Cash credit on Repayable on demand. Land to the extent of 56 cottahs R.S. No. 92, 92/147, Touzi No. 14,
14/16 JL No. 20, 29, Khatian No. 38587, 546,519 Hal, 301/3 situated at Bagrighat
Poll, Bhasa, Po and PS Bishnupur, Dist – 24 Parganas (south) and
office-cum-factory building admeasuring 19900 sq. foot compounded wall
admeasuring 1230 rft. And deep tube well and shallow tube well and add.
Construction of 1 stored building totally measuring 20000 sq. ft. in the said
land, tot ·
Margin 25% on stock in cash of cash credit AND 25% on FLC/ILC/BG ·
Extent and
operation of the charge The charge shall be operative for the Overall Loan of limit of
Rs.170.000 millions comprising of : 1.
Cash Credit
Stock Rs.70.000 millions 2.
FLC/ILC
(DA/DP 90 days for Rs.40.000 millions (Sub limit : Bank Guarantee for Rs.30.000 millions 3.
Forward
Sales Contract for Rs.60.000 millions ·
Others
|
|
Particulars of
the property charged |
All stock of raw
materials, work-in-process and finished goods of the Borrower Both present and
future book debts of the company Land to the
extent of 63 cottahs and 6 chittaks bearing dag no. 1573, 1635, 1568 and 1570
at Bhasa. P.O.and PS Bishnupur, Dist – 24 paraganas (south) valued Rs.4.441
millions (including land and development Cost Rs.0.639 million) and three
storied wire drawing unit building (valued Rs.14.146 millions) and the total
value of the property is Rs.18.587 millions |
|
Particulars of
the present modification |
By this
modification the over all limit has been enhanced fro Rs.100.000 millions to
Rs.170.000 millions, Comprising of : ·
Cash Credit
Stock Rs.70.000 millions ·
FLC/ILC
(DA/DP 90 days for Rs.40.000 millions (Sub limit : Bank Guarantee for Rs.30.000 millions ·
Forward
Sales Contract for Rs.60.000 millions |
Web Details
Excess of anything is bad, whether it is exposure to the sunlight, or
the rainfall because former causes sun burns leading to tanning of the skin and
the latter invites cold and flue. Subject
is all set to equip you with that tools and weapons which will protect from the
scorching sunlight and rain as well. They are a manufacturer and exporter of a versatile series of
umbrellas in various designs and patterns meant for different occasions, events
and for both men and women.
Apart
from this, the wide umbrellas are specially designed for various canteens, golf
clubs, gardens, beaches, promotional activities, advertisements, displays and
exhibitions. These umbrellas are outfitted with extra canopy to provide
extended shade for comfort and luxury of sitting in the open air
garden/premises. The company on one hand produces as per the requirements of
the clients and on the other it also happily accepts orders for customized
products, and designs them as per the specifications given by the clients.
They
have been retaining our position of top manufacturers in the industry since
1882, by strictly adhering to the international quality norms and technology
parameters. The dynamic product collection displays Ladies Umbrellas, Kids Umbrellas, Corporate
Umbrellas, Gent's Umbrellas, Youth's Umbrellas, Promotional Umbrellas, Tent
Umbrellas, Umbrella Fabrics, Rayon Umbrella Fabric, Polyester Umbrella Fabric,
Satin Umbrella Fabric, etc.
They
are also an importer of
raw materials in the form of fabrics and other accessories meant for a fine
quality umbrella. The import markets of the company include China and Taiwan,
whereas the export destination cover the entire global market.
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.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.74 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|