MIRA
INFORM REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMBOOTIA TEA GROUP EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
34A, |
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Country : |
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|
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Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
16.06.1998 |
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|
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|
Com. Reg. No.: |
21-89959 |
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|
Capital
Investment / Paid-up Capital : |
Rs.22.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01132WB1998PTC089959 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALA12660E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA3496P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of Organic Tea. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
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Payment Behaviour : |
Unknown |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a company having moderate track. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings on a secured trade
terns 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 : |
34A, |
|
Tel No. : |
Not Available |
|
Fax No. : |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sanjay Prakash Bansal |
|
Designation : |
Managing Director |
|
Address : |
102, Vandana Apartment, 22/1, |
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Date of Birth/Age : |
16.10.1961 |
|
Date of Appointment : |
14.05.2010 |
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DIN No.: |
00785671 |
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|
|
|
Name : |
Ms. Reena Bansal |
|
Designation : |
Director |
|
Address : |
102, Vandana Apartment, 22/1, |
|
Date of Birth/Age : |
24.12.1961 |
|
Date of Appointment : |
14.05.2010 |
|
DIN No.: |
00785696 |
|
|
|
|
Name : |
Mr. Vilas Bhandari |
|
Designation : |
Director |
|
Address : |
11, |
|
Date of Birth/Age : |
17.01.1943 |
|
Date of Appointment : |
01.03.2010 |
|
DIN No.: |
00785605 |
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|
|
|
Name : |
Mr. Sachin Shridhar |
|
Designation : |
Director |
|
Address : |
176, Gulmohar Enclave, |
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Date of Birth/Age : |
12.05.1962 |
|
Date of Appointment : |
01.03.2010 |
|
DIN No.: |
00243186 |
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|
|
|
Name : |
Mr. Kamal Kumar Mittal |
|
Designation : |
Director |
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Address : |
Bankim Nagar, Opp. Nayak Nursing Home, |
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Date of Birth/Age : |
28.12.1959 |
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Date of Appointment : |
01.03.2010 |
|
DIN No.: |
00240334 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Prakash Bansal |
|
100 |
|
Reena Bansal |
|
199900 |
|
Sanjay Prakash Bansal and Reena Bansal |
|
50000 |
|
HTC Finance Private Limited, |
|
1000000 |
|
Motilal Makhanlal Holdings Private Limited, |
|
1000000 |
|
Total |
|
2250000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
89.00 |
|
Directors
or relatives of directors |
|
11.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Organic Tea. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Indian Overseas Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
Agarwal Sajjan and Company Chartered Accountant |
|
Address : |
32A, |
|
PAN No. : |
ACDPA4571H |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2250000 |
Equity Shares |
Rs.10/- each |
Rs.22.500
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 |
22.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
15.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.734) |
(0.419) |
(0.359) |
|
|
NETWORTH |
36.766 |
2.081 |
2.141 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
12.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
12.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
48.766 |
2.081 |
2.141 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
75.275 |
0.144 |
0.163 |
|
|
Capital work-in-progress |
0.578 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.415 |
1.413 |
1.413 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.336
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.010 |
0.010 |
|
|
Cash & Bank Balances |
1.487
|
0.439 |
0.268 |
|
|
Other Current Assets |
0.011
|
0.097 |
0.000 |
|
|
Loans & Advances |
41.507
|
0.000 |
0.376 |
|
Total
Current Assets |
44.341
|
0.546 |
0.654 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.035
|
0.022 |
0.000 |
|
|
Other Current Liabilities |
70.808
|
0.000 |
0.087 |
|
|
Provisions |
0.000
|
0.000 |
0.002 |
|
Total
Current Liabilities |
72.843
|
0.022 |
0.089 |
|
|
Net Current Assets |
(28.502)
|
0.524 |
0.565 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
48.766 |
2.081 |
2.141 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.020 |
|
|
|
TOTAL (A) |
0.000 |
0.000 |
0.020 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salary, Wages and Other benefits to employees |
0.452 |
0.000 |
0.000 |
|
|
|
Cultivation and Manufacturing Expenses |
0.874 |
0.000 |
0.000 |
|
|
|
Other Expenses |
0.274 |
0.038 |
0.000 |
|
|
|
Audit Fees |
0.017 |
0.002 |
0.000 |
|
|
|
Administrative Expenses |
0.000 |
0.000 |
0.046 |
|
|
|
Accretion / (Decrease) in finished stock |
(1.336) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
0.281 |
0.040 |
0.046 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(0.281) |
(0.040) |
(0.026) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
0.011 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(0.292) |
(0.040) |
(0.026) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.023 |
0.020 |
0.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(0.315) |
(0.060) |
(0.046) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(0.315) |
(0.060) |
(0.046) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.419) |
(0.359) |
(0.313) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.734) |
(0.419) |
(0.359) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Before
Exceptional Item After
Exceptional Item |
(0.14) (0.14) |
(0.24) (0.24) |
(0.18) (0.18) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
(230.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.26)
|
(8.70) |
(5.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.03) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
0.01 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.61
|
24.82 |
7.35 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The company changed its registered office from 34A,
The Registered Office has again shifted from 20,
OPERATIONS
The performance of
the company is expected to improve in the current year. The Company has been
alloted two tea estates by the Government of West
Bengal under the WB state support scheme for reopening of the closed /abandoned
tea estates 2007, including all past liabilities including outstanding bank
loans, workers dues, providend fund dues, statutory liabilities,
etc in respect of the
said tea garden. Letter of indent no. 4794-LR/3M- 27/07GE(M) (Pt-VII) dt. 21.10.2009 was issued
for Bamandanga Tea Estate and intent no. 4795-LR/3M-27/07GE(M) (Pt-VII) dt.
21.10.2009 for Tondoo Tea Estate by the Special Secretary to the Government of
FORM 8
|
Corporate identity number of the company |
U01132WB1998PTC089959 |
|
Name of the company |
AMBOOTIA TEA GROUP EXPORTS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
34A, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10240190 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
Entire Current and Fixed Assets of the company. |
|
Particular of charge holder |
Indian Overseas Bank |
|
Nature of instrument creating charge |
F 110A (Letter of Hypothecation). F 107A (Letter of Hypothecation for Book Debts). F 110E (Letter of Hypothecation for securing Machineries/ Vehicles/
Goods/ Book Debts). F 110C (Term Loan Agreement). F 379C (Letter of Confirmation for creation of Supplemental Mortgage). |
|
Date of instrument Creating the charge |
30.03.2011 |
|
Amount secured by the charge |
Rs.102.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Cash Credit : Base Rate + 2.50% (presently) 12% at monthly rests. Term Loan I & II : Base Rate + 2.75% (presently) 12.25% at monthly
rests. LG : Commissions as per Circulars in force. Terms of Repayment Cash Credit : On demand. The Term Loan II is to be repaid in 5 annual installments commencing
from 31.3.2012 (Rs.1.800 millions first installment, Rs.2.700 millions second
installment and the rest of Rs.4.400 millions each). Margin Cash Credit : 25% on Cash Budget submitted. Term Loan I & II : 25%. LG : 10%. Extent and Operation of the charge The Charge extends on the entire Current Assets and Fixed Assets,
including immovable properties of the company and operates till the facilities
mentioned herein are satisfied in full. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
First Hypothecation Charge on entire Current
Assets, including Stocks and Book Debts of the company, both present and
future. ·
First Hypothecation Charge on entire Movable
Fixed Assets (including Plant and Machinery) of the company[excluding assets
purchased under Hire Purchase], both present and future. ·
1st Equitable Mortgage Charge on the immovable
properties of the company |
|
Particulars of the present modification |
By this modification the Overall Limit stands modified and enhanced
from Rs.84.300 millions to Rs.102.000 millions with details as herein below
:- Cash Credit : Rs.63.000 millions (remains same Rs.63.000 millions). Term Loan I : Rs.18.800 millions (remains same Rs.18.800 millions). Term Loan II : Rs.17.700 millions (fresh). LG : Rs.2.500
millions (remains same Rs.2.500 millions). Overall limit : Rs.102.000 millions (enhanced from Rs.84.300
millions). |
FIXED ASSETS
·
Land and
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
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.45.77 |
|
|
1 |
Rs.75.58 |
|
Euro |
1 |
Rs.65.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.