MIRA INFORM REPORT
|
Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
TIRUPATI BALAJI EXIM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
389, Industrial Area A, Ludhiana-141003, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
15.06.2001 |
|
|
|
|
Com. Reg. No.: |
16-024460 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51492PB2001PTC024460 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Supplier of Worsted Yarn, Wool Top. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitment. The company can be considered for normal 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
389, Industrial Area A, Ludhiana-141003, |
|
Tel. No.: |
91-161-2606760 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sudesh Thapar |
|
Designation : |
Managing Director |
|
Address : |
593, Gurdev Nagar, |
|
Date of Appointment : |
31.07.2001 |
|
|
|
|
Name : |
Mr. Rohit Thapar |
|
Designation : |
Director |
|
Address : |
593, Gurdev Nagar, |
|
Date of Appointment : |
31.07.2001 |
|
|
|
|
Name : |
Mr. Rajesh Thapar |
|
Designation : |
Whole Time Director |
|
Address : |
593, Gurdev Nagar, |
|
Date of Appointment : |
31.07.2001 |
|
|
|
|
Name : |
Ms. Veena Thapar |
|
Designation : |
Director |
|
Address : |
593, Gurdev Nagar, |
|
Date of Appointment : |
31.07.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sudesh Thapar |
|
158850 |
|
Rajesh Thapar |
|
33100 |
|
Rohit Thapar |
|
81000 |
|
Veena Thapar |
|
97500 |
|
Sangeeta Mehta |
|
15000 |
|
Vijay Kumar |
|
1500 |
|
Veena Khullar |
|
2000 |
|
|
|
15000 |
|
Naresh Kumar |
|
2000 |
|
Ram Pratap Gupta |
|
1900 |
|
Raj Bala |
|
1900 |
|
O.P. Mehta |
|
26250 |
|
Sudesh Thapar and Sons |
|
118000 |
|
Rohit Thapar and Sons |
|
115500 |
|
Shefali Thapar |
|
25000 |
|
Tarun Anand |
|
11500 |
|
Anjli Thapar |
|
19000 |
|
Rajesh Thapar and Sons |
|
5000 |
|
Dharma Pal Aggarwal |
|
200000 |
|
American Wool Private Limited, |
|
69900 |
|
|
|
|
|
Total |
|
999900 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Worsted Yarn, Wool Top. |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajesh Mehru and Company Chartered Accountant |
|
Address : |
99, 2nd Floor, |
|
Tel. No.: |
91-161-3018475/80 |
|
Fax No.: |
91-161-2440475 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
999900 |
Equity Shares |
Rs.10/- each |
Rs.9.999
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.999 |
9.999 |
9.300 |
|
|
2] Share Application Money |
3.696 |
3.696 |
0.000 |
|
|
3] Reserves & Surplus |
37.431 |
32.242 |
18.727 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
51.126 |
45.937 |
28.027 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
31.662 |
42.133 |
16.652 |
|
|
2] Unsecured Loans |
10.684 |
14.527 |
4.707 |
|
|
TOTAL BORROWING |
42.346 |
56.660 |
21.359 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.185 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
93.472 |
102.782 |
49.386 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
37.924 |
33.261 |
25.105 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.132 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
67.600
|
70.881 |
23.258 |
|
|
Sundry Debtors |
56.665
|
32.591 |
30.216 |
|
|
Cash & Bank Balances |
6.252
|
15.197 |
7.481 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
23.936
|
7.458 |
15.303 |
|
Total
Current Assets |
154.453
|
126.127 |
76.258 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
86.796
|
48.071 |
|
|
|
Other Current Liabilities |
12.268
|
8.583 |
46.755 |
|
|
Provisions |
0.000
|
0.000 |
5.292 |
|
Total
Current Liabilities |
99.064
|
56.654 |
52.047 |
|
|
Net Current Assets |
55.389
|
69.473 |
24.211 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.027 |
0.048 |
0.070 |
|
|
|
|
|
|
|
|
TOTAL |
93.472 |
102.782 |
49.386 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
513.263 |
355.079 |
266.798 |
|
|
|
Other Income |
1.913 |
2.557 |
11.068 |
|
|
|
TOTAL (A) |
515.176 |
357.636 |
277.866 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
478.588 |
382.706 |
21.949 |
|
|
|
Raw Material Consumed |
0.000 |
0.000 |
228.313 |
|
|
|
Administrative Expenses |
5.188 |
4.617 |
4.644 |
|
|
|
Selling and Distribution Expenses |
7.207 |
1.146 |
2.630 |
|
|
|
Repair Expenses |
0.647 |
0.556 |
0.554 |
|
|
|
Preliminary Expenses Written Off |
0.022 |
0.022 |
0.022 |
|
|
|
Increase / Decrease in Stock |
3.281 |
(47.623) |
0.000 |
|
|
|
TOTAL (B) |
494.933 |
341.424 |
258.112 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.243 |
16.212 |
19.754 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.895 |
5.987 |
3.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.348 |
10.225 |
16.672 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.293 |
3.942 |
1.865 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.055 |
6.283 |
14.807 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.866 |
1.417 |
5.265 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5.189 |
4.866 |
9.542 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17.992 |
13.126 |
3.584 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
23.181 |
17.992 |
13.126 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.19 |
4.87 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.00
|
1.36 |
3.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.37
|
1.77 |
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
|
3.94 |
14.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.14 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.77
|
2.47 |
2.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
2.23 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
The company has earned profit for the year ending 31.03.2010 amounting
to Rs.5.189 millions. The directors are determined to achieve better results
under the prevailing market conditions and hard competition.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10135146 |
|
Corporate
identity number of the company |
U51492PB2001PTC024460 |
|
Name of the
company |
TIRUPATI BALAJI
EXIM PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
389, Industrial Area A, Ludhiana-141003, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
IDBI Bank Limited, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental loan
- cum hypothecation agreement dt.10/12/2010 |
|
Date of
instrument Creating the charge |
10.12.2010 |
|
Amount secured by
the charge |
Rs.135.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @BBR plus 350 bps
(base rate presently 8.50% p.a.) payable monthly on last day of each month
falling after the date of first disbursement. (Floor price of 11.50%) Terms of
Repayment Repayable on
demand Margin On stock and book
debt - 25% Extent and
Operation of the charge 100% |
|
Short particulars
of the property charged |
Further detailed
as IDBI bank letter ref. no. 3609364/idbi/lmb/sme/tbepl/10-11 dated
10/12/2010 |
|
Date of latest
modification prior to the present modification |
28.01.2010 |
|
Particulars of
the present modification |
Supplemental loan
- cum hypothecation agreement dt.10/12/2010 |
Fixed Assets:
- Air
Conditioner
- Car
- Computer
- Fax Machine
- Furniture and
Fixtures
- Generator
- Machinery
- Mobile Phone
- Scooter
- Vacuum
Cleaner
- Water Tank
- Motor Cycle
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 |
5 |
|
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 |
|
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 |
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.