MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
TEXTRADE INTERNATIONAL LIMITED (w.e.f 15.05.2007) |
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Formerly Known As : |
TEXTRADE INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
10/11, Shivai Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
23.06.2004 |
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Com. Reg. No.: |
11-147108 |
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CIN No.: [Company
Identification No.] |
U5149MH2004PLC147108 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT10681G |
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Legal Form : |
A Closely held public limited liability of the company |
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Line of Business : |
Manufacturers, Exporter and Importer of Home Furnishings |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 4300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. 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. Keshav |
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Designation : |
Accounts Executive |
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Contact No.: |
91-22-6674384 |
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Date : |
15.04.2011 |
LOCATIONS
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Registered Office : |
10/11, Shivai Industrial Estate, |
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Tel. No.: |
91-22-66764384 |
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Fax No.: |
91-22-28514435 |
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E-Mail : |
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Website : |
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Area: |
3200 sq.ft |
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Location : |
Owned |
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Factory : |
Plot No. 121 to 135, Road No. 4, Gidc SSEZ Unit Sachin, Surat – 394230, Gujarat, India. |
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Tel. No.: |
91-261-2398351/2398352 |
DIRECTORS
As On 09.09.2010
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Name : |
Mr. Anish Bipin Doshi |
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Designation : |
Managing Director |
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Address : |
81/82, The Nest, 8th Floor, Near Millenniums Club, 7, Gulmohar, 4th Cross Road, JVPD Scheme, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
02.10.1966 |
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Date of Appointment : |
23.06.2004 |
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DIN No.: |
00307008 |
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Name : |
Mr. Deven Madhusudan Doshi |
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Designation : |
Director |
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Address : |
504, Commece House, |
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Date of Birth/Age : |
10.01.1965 |
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Date of Appointment : |
23.06.2004 |
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DIN No.: |
00375320 |
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Name : |
Mr. Tarun Natverlal Sheth |
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Designation : |
Director |
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Address : |
505 BEL Dorado, |
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Date of Birth/Age : |
23.05.1937 |
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Date of Appointment : |
08.05.2006 |
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Date of Cessation : |
18.07.2010 |
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DIN No.: |
00065097 |
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Name : |
Mr. Ashok Appushastry Ramamoorthi Vasudevan |
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Designation : |
Director |
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Address : |
181, Turn of |
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Date of Birth/Age : |
09.03.1955 |
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Date of Appointment : |
01.09.2007 |
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Date of Resignation : |
08.06.2010 |
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DIN No.: |
00575574 |
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Name : |
Mr. Deepak Kirshna Gopal SHiv Saran Maheshwari |
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Designation : |
Nominee Director |
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Address : |
16034, |
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Date of Birth/Age : |
25.09.1969 |
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Date of Appointment : |
30.01.2008 |
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DIN No.: |
01724301 |
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Name : |
Mr. Manish Chatar Singh Chhajed |
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Designation : |
Nominee Director |
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Address : |
29, Adarsh Nagar, Rohtak – 124001, |
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Date of Birth/Age : |
14.06.1978 |
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Date of Appointment : |
01.06.2009 |
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DIN No.: |
02549768 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 09.09.2010
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Names of Shareholders |
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No. of Shares |
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Anish B. Doshi |
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3878000 |
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Bipln J. Doshi |
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2959500 |
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Monika A. Doshi |
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1480000 |
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Bipin Doshi (HUF) |
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320000 |
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Deven Doshi |
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2000 |
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Sonata Investments Limited – |
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1818956 |
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Bipin Doshi and Anish Doshi |
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500 |
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Total |
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10458956 |
As On 09.09.2010
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Category |
Percentage |
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Bodies corporate |
17.00 |
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Directors or relatives of Directors |
83.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporter and Importer of Home Furnishings |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit: 30/60/90 Days |
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Purchasing : |
L/C, Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
185 (approximately) |
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Bankers : |
·
Indian
Overseas Bank, Mahim Branch ‘Sadhana’, 378, L J Road, Mahim, Mumbai – 400016,
Maharashtra, India ·
CITI Bank N. A., Citi Business Citi Group Centre,
2nd Floor, Bandra Kurla Complex,
Bandra [East], Mumbai – 400051, Maharashtra, India ·
State Bank of |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kamdar Desai and Patel Chartered Accountants |
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Address : |
Vasaikar House, |
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Pan No.: |
AAAFK6984H |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10458956 |
Equity Shares |
Rs. 10/- each |
Rs. 104.589
Millions |
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Notes:
Out of the above 9004217 (1160000) shares
issued for consideration other than cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
104.589 |
104.589 |
104.589 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
984.958 |
365.501 |
339.667 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1089.547 |
470.090 |
444.256 |
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LOAN FUNDS |
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1] Secured Loans |
788.628 |
613.131 |
543.709 |
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2] Unsecured Loans |
29.623 |
24.551 |
26.198 |
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TOTAL BORROWING |
818.251 |
637.682 |
569.907 |
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DEFERRED TAX LIABILITIES |
1.354 |
1.354 |
1.354 |
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TOTAL |
1909.152 |
1109.126 |
1015.517 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1245.296 |
702.593 |
460.765 |
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Capital work-in-progress |
0.000 |
0.000 |
211.856 |
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INVESTMENT |
18.065 |
18.065 |
65.565 |
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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 |
402.603
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268.690 |
169.106
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Sundry Debtors |
208.987
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118.412 |
71.562
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Cash & Bank Balances |
8.179
|
4.370 |
6.339
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
112.717
|
147.940 |
134.200
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Total
Current Assets |
732.486
|
539.412 |
381.207 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
79.946
|
81.736 |
36.439
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Other Current Liabilities |
0.417
|
4.311 |
2.921
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Provisions |
6.332
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64.897 |
64.516
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Total
Current Liabilities |
86.695
|
150.944 |
100.876
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Net Current Assets |
645.791
|
388.468 |
277.331
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1909.152 |
1109.126 |
1015.517 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
904.486 |
762.409 |
345.568 |
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Other Income |
11.567 |
23.956 |
29.447 |
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TOTAL (A) |
916.053 |
786.365 |
375.015 |
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Less |
EXPENSES |
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Raw materials consumed Access and packing materials consumed |
782.454 |
602.135 |
219.068 |
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Manufacturing expenses |
47.935 |
43.878 |
46.134 |
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Selling and distribution expenses |
28.303 |
42.111 |
23.886 |
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Administration expense |
23.933 |
29.364 |
30.872 |
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Payment to and for employees |
39.366 |
45.659 |
45.631 |
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Increase / Decrease in stock |
(133.599) |
(66.644) |
(27.153) |
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TOTAL (B) |
788.392 |
696.503 |
338.438 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
127.661 |
89.862 |
36.577 |
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Less |
FINANCIAL
EXPENSES (D) |
63.989 |
42.403 |
14.105 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
63.672 |
47.459 |
22.472 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.155 |
20.230 |
15.480 |
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PROFIT BEFORE
TAX (E-F) (G) |
32.517 |
27.229 |
6.992 |
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Less |
TAX (I) |
0.000 |
1.395 |
(1.636) |
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PROFIT AFTER TAX
(G-I) (J) |
32.517 |
25.834 |
8.628 |
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EXPORT OF GOODS
(F.O.B. BASIS) |
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Raw materials |
213.500 |
147.139 |
53.126 |
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Expenses |
12.727 |
46.748 |
8.083 |
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Capital goods |
13.702 |
3.658 |
0.000 |
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Earnings Per
Share (Rs.) |
3.11 |
2.47 |
1.09 |
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Expected Sales (2010-2011) : Rs. 1000.000 Millions (approximately)
Expected Sales (2011-2012) : Rs. 1300.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.55
|
3.29 |
2.30
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Net Profit Margin (PBT/Sales) |
(%) |
3.60
|
3.57 |
2.02
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.64
|
2.19 |
0.83
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.06 |
0.02
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Debt Equity Ratio (Total Liability/Networth) |
|
0.83
|
1.68 |
1.51
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Current Ratio (Current Asset/Current Liability) |
|
8.45
|
3.57 |
3.78
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LOCAL AGENCY FURTHER INFORMATION
The details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
79.946
|
81.736 |
36.439 |
OPERATIONS:
a. During the year under report, the company has achieved the Sales Rs. 904.500 millions
b. The Company is receiving utmost co-operation from Financial Institutions and banks.
c.
The company has successfully commenced its second year of operation at Surat Factory at SEZ – Sachin, and has achieved the sale of Rs 904.500 millions
d. Office Cum
Showroom at
The Office Cum Showroom at US,
Contingent
Liabilities not provide for in respect of:
|
|
Rs. in millions (Current Year) |
Rs. in millions (Previous Year) |
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Claims against the company not acknowledged as debts (Letter of Credit outstanding as on 31/3/2009) |
2.497 |
22.289 |
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Bank Guarantee |
55.840 |
55.837 |
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Income Tax Demand(Pending Litigation) |
|
2.704 |
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Loss on FOREX Derivative Tranactions |
0.000 |
63.357 |
Form 8:
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Corporate
identity number of the company |
U5149MH2004PLC147108 |
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Name of the
company |
TEXTRADE INTERANATIONAL LIMITED |
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Address of the registered
office or of the principal place of
business in |
10/11, Shivai Industrial Estate, |
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This form is for |
Modification of
charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Indian Overseas
Bank, Mahim Branch ‘Sadhana’, 378, L J Road, Mahim, Mumbai – 400016,
Maharashtra, India E-mail : mahimbr@mummsco.iobnet.co.in |
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Nature of description
of the instrument creating or modifying the charge |
a) Letter of Hypothecation in F-110E. b) Advances Against Goods Awaiting Shipment (Packing Credit). |
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Date of
instrument Creating the charge |
17.08.2010 |
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Amount secured by
the charge |
Rs.190.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest
– PC / FDDBP-FDUBD
: Base Rate + 0.75% p.a. (i.e) 9% p.a. presently. LC / LG : Commission as per circulars
in force. Terms of
repayment – Repayable on Demand. Margin – Packing
Credit : 25% FDDBP-FDUBD : Nil Letter of
Credit : DP LC-10% : DP LC-15% Letter of
Gtee. : 25% (Financial) Extent and
operation of the charge - The charge to operate as security, by way of first
pari passu charge with other Lenders, for the due repayment of the aggregate
credit facility of Rs.190.000 millions together with interests, additional
interests, costs, charges, expenses and all other moneys payable by the
Company to the Bank from time to time in terms of sanction. |
|
Short particulars
of the property charged |
Hypothecation, by
way of first pari-passu charge on all the current assets of the Company. |
|
Date of latest modification
prior to the present modification |
11.06.2010 |
|
Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs.130.000 millions to
Rs.190.000 millions. Facility Limit (Rs. in millions) Existing Revised --------------------- ---------- ------------ Packing
Credit 90.000 100.000 LC / LG 10.000 10.000 FDDBP/FDUBD 20.000
80.000 Adhoc. PC 10.000 Nil ----------- ----------- Total 130.000 190.000 |
Fixed Assets:
·
· Building
· Plant and Machinery
· Computers
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Electrical Installations
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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
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
|
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.