MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
X L ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
8/1A/1, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
06.08.1991 |
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Com. Reg. No.: |
52601 |
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CIN No.: [Company
Identification No.] |
U51216WB1991PTC052601 |
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PAN No.: [Permanent
Account No.] |
AAACK0132H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Leather products Like Bags, Wallets, Cigar
Case, Jewellery Box, Pen Stand, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 214140 |
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Status : |
satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The company
is doing well. Trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. K A Samad |
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Designation : |
Accounts Manager |
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Contact No.: |
91-33-24431587 |
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Name : |
Mr. Rajdeep |
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Designation : |
Export Manager |
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Contact No.: |
91-9831904999 |
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Date : |
28.03.2011 |
LOCATIONS
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Registered Office : |
8/1, A/1, |
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Tel. No.: |
91-33-40012884/40612043 |
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Fax No.: |
91-33-24643927/40012884 |
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E-Mail : |
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Website : |
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Area : |
1000Sq.fts |
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Location : |
Owned |
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Factory : |
P – 23, Kasba Industrial Estate, Phase, Kolkata, West |
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Tel. No.: |
91-33-24431162 |
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Area : |
2000Sq.fts |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Sajal Dutta |
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Designation : |
Managing Director |
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Address : |
260, |
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Date of Birth/Age : |
05.02.1957 |
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Date of Appointment : |
06.08.1991 |
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Name : |
Mrs. Kakoli Dutta |
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Designation : |
Director |
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Address : |
260, |
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Date of Birth/Age : |
14.05.1960 |
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Date of Appointment : |
06.08.1991 |
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Name : |
Mr. Susovan Dasgupta |
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Designation : |
Director |
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Address : |
75, |
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Date of Birth/Age : |
03.08.1959 |
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Date of Appointment : |
05.06.2006 |
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Name : |
Mr. Subhash Mohapatra |
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Designation : |
Director |
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Address : |
C – 25, |
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Date of Birth/Age : |
15.04.1965 |
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Date of Appointment : |
05.06.2006 |
KEY EXECUTIVES
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Name : |
Mr. Tapaz Basu |
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Designation : |
Manager |
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Name : |
Mr. Rajdeep |
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Designation : |
Export Manager |
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Name : |
Mr. K A Samad |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of
Shareholders |
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No. of Shares |
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Mr. Sajal Dutta |
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52800 |
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Mrs. Kakoli Dutta |
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42896 |
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175800 |
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Bonjour Enterprises (P) Limited,
Kolkata |
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20 |
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Neon Healthcare and Research Institute
Limited, Kolkata |
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20 |
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PN Memorial Neurocentre and Research Institute Limited, Kolkata |
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20 |
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Codamark Private Limited |
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20 |
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Total |
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271576 |
As on 30.09.2009
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Equity Share
Breakup |
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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64.76 |
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Directors or Relatives of Directors |
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35.24 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Leather products Like Bags, Wallets,
Cigar Case, Jewellery Box, Pen Stand, etc.
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Products : |
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Exports : |
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Products : |
Leather Products |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash / Credit (30 days) |
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Purchasing : |
Cash / Credit (30 days) |
PRODUCTION STATUS AS 31.03.2009
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Cigar Cases |
Quantity Pieces |
-- |
-- |
743314 |
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Wallets and Bags |
Quantity Pieces |
-- |
-- |
25278 |
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Others |
Quantity Pieces |
-- |
-- |
75607 |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sarkar Soumitra and Company Chartered Accountant |
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Address : |
50F, |
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Tel. No.: |
91-33-65267377 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100 /- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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271576 |
Equity Shares |
Rs.100 /- each |
Rs.27.157 Millions |
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Of the above:
Of the above 200169 Equity Shares of Rs.100 /-
each have been allotted as bonus shares and 71407 equity shares of Rs.100 /-
each have been fully paid in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
27.157 |
12.929 |
12.929 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.378 |
18.717 |
18.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.535 |
31.646 |
31.629 |
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LOAN FUNDS |
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1] Secured Loans |
69.382 |
19.562 |
18.624 |
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2] Unsecured Loans |
3.902 |
0.000 |
0.000 |
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TOTAL BORROWING |
73.284 |
19.562 |
18.624 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
126.819 |
51.208 |
50.253 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.174 |
16.374 |
19.005 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
62.601 |
19.591 |
19.591 |
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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 |
13.077
|
4.363
|
6.142 |
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Sundry Debtors |
0.008
|
0.969
|
1.115 |
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Cash & Bank Balances |
15.806
|
15.040
|
13.603 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
40.133
|
55.641
|
12.498 |
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Total
Current Assets |
69.024
|
76.013
|
33.358 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
28.829
|
8.686
|
4.152 |
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Others Current Liabilities |
11.897
|
50.083
|
15.549 |
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Provisions |
11.254
|
2.002
|
2.002
|
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Total
Current Liabilities |
51.980
|
60.771
|
21.703 |
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Net Current Assets |
17.044
|
15.242
|
11.655 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.002 |
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TOTAL |
126.818 |
51.208 |
50.253 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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TOTAL (A) |
120.092 |
28.471 |
25.217 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.494 |
2.977 |
2.725 |
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Less |
FINANCIAL
EXPENSES (D) |
4.613 |
1.786 |
1.258 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.881 |
1.191 |
1.467 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.799 |
0.923 |
0.971 |
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PROFIT BEFORE
TAX (E-F) (G) |
30.082 |
0.268 |
0.496 |
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Less |
TAX (I) |
9.493 |
0.251 |
0.471 |
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PROFIT AFTER TAX
(G-I) (J) |
20.589 |
0.017 |
0.025 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
12.569 |
12.543 |
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GENERAL RESERVE
FUND |
4.029 |
4.372 |
4.372 |
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SHARE PREMIUM
ACCOUNT |
1.760 |
1.760 |
1.760 |
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BALANCE CARRIED
TO THE B/S |
26.378 |
18.718 |
18.700 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
17.14
|
0.06
|
0.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.89
|
0.75
|
1.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.01
|
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.34
|
2.54
|
1.28 |
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.25
|
1.54 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Building
- Machineries
- Furniture and
Fixtures
- Vehicles
- Computers
- Office
Equipments
- Cycle
- Electrical
Installation
Form 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90247824 |
|
Corporate identity
number of the company |
U51216WB1991PTC052601 |
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Name of the
company |
XL ENTERPRISE
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
8/1A/1, |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
|
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Nature of
description of the instrument creating or modifying the charge |
1. Sanction
Letter. 2.Agreement to
Purchase /Collect Bills 3.Re-Deposit of
Title Deed 4.Packing Credit
Agreement (Hypothecation) |
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Date of
instrument Creating the charge |
14.02.2009 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR-2.5% or such other Rate as per Bank's Guidelines from time to time. Terms of
Repayment: As per Bank's Guidelines Margin: Minimum
25% on Stocks, Receivables etc Extent and
Operation of the charge: 1st Charge on Entire Current and Fixed Assets,
Present and Future ,Including Entire Stocks, Book Debts, Loans &
Advances, Land, Building, Plant and Machineries etc. |
|
Short particulars
of the property charged |
1.Equitable
Mortgage of Flat at 8/1A/1 Keyatala Road, Kolkata-700029 in the name of M/s. Codamark Private Limited 2.Equitable
Mortgage of Plant & Machinery at Plot Z-9/1623 ,Mouza-Gangapur ,Kolkata
Leather Complex,Bantala 3.Hypothecation
of Existing Plant and Machinery, Entire Current and Fixed Assets, Present and
Future ,Including Entire Stocks Book Debts, Loans & Advances in the name
of M/s. XL Enterprises Limited |
|
Date of latest
modification prior to the present modification |
31.05.2006 |
|
Particulars of
the present modification |
By this
modification the Working Capital Limit(Packing Credit ) increases from Rs.
10.000 Millions to Rs. 20.000 Millions and consists of the following Credit
Limit:- Packing
Credit -Rs.12.500
Millions ( increased from Rs.
5.000 Millions) FOBP/FOUBP/FOBNLC
- Rs. 7.500 Millions (
increased from Rs. 5.000 Millions) The existing NFB
Letter of Credit Limit of Rs. 1.000
Millions continues within the Overall Credit Limit of Rs.20.000 Millions. |
|
Corporate
identity number of the company |
U51216WB1991PTC052601 |
|
Name of the
company |
XL ENTERPRISE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
8/1A/1, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Allahabad Bank |
|
Nature of
instrument creating charge |
General Letter of
Hypothecation applicable in case of Limited Liability Companies (ADV 32) |
|
Date of
instrument Creating the charge |
23.12.2009 |
|
Amount secured by
the charge |
Rs.86.330
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Packing Credit-
PLR Terms of
Repayment Term Loan I Rs 6.43 Lacs for 50 months Term Loan II Rs
8.52 Lacs for 48 months P/c FBP/FBN On Demand Margin Term Loan I 38% Term Loan II 25% Packing
Credit-25% Extent and
Operation of the charge The company's
moveable goods and assets both present and future including but without prejudice
to the generally of the foregoing words, all stocks of raw materials, work in
progress, semi finished goods and finished goods such as per current assets.
stores, book debts, packing materials, consumable stores and spares etc
whatsoever and where so ever situated and/or in transit whether now belonging
to or that may at any time during the continuance of these securities belong
to the co. Others All tangible
movable machineries, plant, machinery, fittings, other installations, cranes,
furniture. computers and other accessories, vehicles together with spares
lying in registered office or in any godown of the company or in custody of
any person who are mercantile agents of the company or in transit. |
|
Short particulars
of the property charged |
The company's
moveable goods and assets both present and future including but without
prejudice to the generally of the foregoing words, all stocks of raw
materials, work in progress, semi finished goods and finished goods such as
stock as per last stock statement submitted to the bank, packing materials,
consumable stores and spares etc whatsoever and where so ever situated and/or
in transit whether now belonging to or that may at any time during the
continuance of these securities belong to the co. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.