MIRA
INFORM REPORT
|
Report Date : |
27.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DESIRE OVERSEAS PRIVATE LIMITED |
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Registered
Office : |
18, Rabindra Sarani, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.06.2009 |
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Com. Reg. No.: |
21-136324 |
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Capital
Investment / Paid-up Capital : |
Rs.4.605 Millions |
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CIN No.: [Company Identification
No.] |
U51909WB2009PTC136324 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALD06755A |
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PAN No.: [Permanent Account No.] |
AADCD1807C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of footwear |
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No. of Employees
: |
72 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 83000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. Trade
relations are reported as fair. Business is active. Payment terms are
unknown. The company can be considered for business dealings with some caution.
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vinet Kumar Bajaj |
|
Designation : |
CEO |
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Contact No.: |
91-9903667000 |
|
Date : |
25.08.2011 |
LOCATIONS
|
Registered Office : |
18, Rabindra Sarani, |
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Tel. No.: |
91-33-22259173 / 32476236 |
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Mobile No.: |
91-9836245721 (Mr. Joy Mukharjee) / 91-9903667000 (Mr. Vinet Kumar
Bajaj) |
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Fax No.: |
91-33-22259172 |
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E-Mail : |
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Location : |
Owned |
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|
Works : |
N.H.6, Village, Baniara, Post Domjur, District, |
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Tel. No.: |
91-33-32476236 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ojesh Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
F-121, New Alipore, Kolkata – 700053, West |
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Date of Birth/Age : |
21.04.1976 |
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Date of Appointment : |
26.06.2009 |
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DIN No.: |
00478653 |
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Name : |
Mr. Anuj Poddar |
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Designation : |
Director |
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Address : |
Flat No.605, |
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Date of Birth/Age : |
24.06.1976 |
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Date of Appointment : |
26.06.2009 |
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DIN No.: |
00753008 |
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Name : |
Mr. Paritosh Ghiraiya |
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Designation : |
Director |
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Address : |
18, |
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Date of Birth/Age : |
17.06.1976 |
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Date of Appointment : |
07.12.2009 |
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DIN No.: |
02864370 |
KEY EXECUTIVES
|
Name : |
Mr. Vinet Kumar Bajaj |
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Designation : |
CEO |
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Name : |
Mr. Joy Mukherjee |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ojesh Kumar Agarwal |
|
105000 |
|
Anuj Poddar |
|
107500 |
|
Paritosh Ghiraiya |
|
50000 |
|
Jaylink Overseas Private Limited |
|
193000 |
|
Sweta Agarwal |
|
5000 |
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|
|
|
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Total |
|
460500 |
List of Allottees
As on 31.03.2011
|
Name of Allotee |
|
No. of Shares
allotted |
|
Tirupati Mercantiles Private Limited |
|
40000 |
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|
|
|
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Total |
|
40000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
41.00 |
|
Directors or relatives of Directors |
59.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of footwear |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
72 (Approximately) |
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Bankers : |
IDBI Bank Limited, SME Group, IDBI House, 44 Shakespeare Sarani,
Kolkata – 700017, West Bengal, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. Agarwal and Associates Chartered Accountant |
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Address : |
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PAN.: |
AAFFG480AP |
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Associates/Subsidiaries : |
Jaylink Overseas Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
460,500 |
Equity Shares |
Rs.10/- each |
Rs.4.605 Millions |
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After 30.09.2010
Authorised Capital : Rs.8.050 Millions
Paid-up Capital : Rs.5.005 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
|
4.605 |
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2] Share Application Money |
|
|
0.000 |
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|
3] Reserves & Surplus |
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|
18.045 |
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4] (Accumulated Losses) |
|
|
(1.740) |
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NETWORTH |
|
|
20.910 |
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LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
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|
13.310 |
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2] Unsecured Loans |
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|
9.515 |
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TOTAL BORROWING |
|
|
22.825 |
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DEFERRED TAX LIABILITIES |
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|
0.489 |
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TOTAL |
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44.224 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.346 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
8.223 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
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8.826 |
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Sundry Debtors |
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|
0.228 |
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Cash & Bank Balances |
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|
1.050 |
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Other Current Assets |
|
|
0.666 |
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Loans & Advances |
|
|
0.820 |
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Total
Current Assets |
|
|
11.590 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Sundry Creditors |
|
|
3.321 |
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Other Current Liabilities |
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|
0.614 |
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Provisions |
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|
0.000 |
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Total
Current Liabilities |
|
|
3.935 |
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Net Current Assets |
|
|
7.655 |
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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|
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TOTAL |
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44.224 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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NA |
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Other Income |
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NA |
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TOTAL |
|
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3.143 |
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Less |
EXPENSES |
|
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Office Expenses |
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NA |
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Administrative Expenses |
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NA |
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Advertising Expenses |
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NA |
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Interest |
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NA |
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TOTAL |
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4.394 |
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PROFIT BEFORE
TAX |
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(1.251) |
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Less |
TAX |
|
|
0.489 |
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PROFIT AFTER TAX
|
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(1.740) |
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Earnings Per
Share (Rs.) |
|
|
(45.17) |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
PAT / Total Income |
(%) |
|
|
(55.36) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(3.13) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.06) |
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Debt Equity Ratio (Total Liability/Networth) |
|
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1.28 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
2.95 |
LOCAL AGENCY FURTHER INFORMATION
Note :
Change of registered office from “18, Rabindra Sarani,
FORM 8 :
|
Corporate
identity number of the company |
U51909WB2009PTC136324 |
|
Name of the
company |
DESIRE OVERSEAS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
18, Rabindra Sarani Kolkata – 700001,West Email Id : satish_verma23@rediffmail.com |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10209145 |
|
Type of charge |
|
|
Particular of
charge holder |
IDBI Bank Limited, SME
Group, IDBI House, 44
Shakespeare Sarani, Kolkata –
700017, West Bengal, Email Id : anindita.bose@idbi.co.in |
|
Nature of
instrument creating charge |
1. Declaration and Undertaking
in the matter of Mortgage by Deposit of Title deeds in respect of property
situated at Mouza Baniara, District Domjur, 2. Sanction letter of IDBI Bank. |
|
Date of
instrument Creating the charge |
12/03/2010 |
|
Amount secured by
the charge |
Rs..41.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Cash Credit:@ BPLR + 0.50 bps payable monthly. Term Loan: @ BPLR + 0.75 bps
payable monthly. LC: 75% of card rate. BG: As per Bank's card rate Terms of repayment : Term loan would be repayable in 53 monthly installments of Rs.0.370 Millions each and
last installment of Rs.0.390 Millions (after a moratorium of 6 months)
commencing from August 1, 2010 and ending on January 1, 2015. Cash Credit: Tenor 12 months. Repayable on Demand. LC: Inland LC- Max usance upto
90 days. Import LC: Max usance upto 180 days. BG: Max upto 12 months inclusive of claim period. However BG for WBSEB
is allowed upto 36 months inclusive of claim period. Return of Original Guarantee. Margin : Cash Credit: Stock: 25% Book Debts: 30%. LC: 20% cash. Term Loan: 46.15%. Bank Guarantee:15% in form of FD with Bank. Extent and operation of the charge : The charge operates on first charge basis by way of Equitable Mortgage
on the property of the Company situated at Mouza Baniara, District Domjur, Others : The Borrower shall not do or allow anything which may prejudice the
security and shall comply with the terms and conditions of the Agreement. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
(i)
Equitable
Mortgage on all that land measuring about
95 sataks (54.475 cottahs) together with factory/buildings/structures
standing thereon forming part of R.S. Dag no.1121, 1125,1126.1127 (ii)
Under
R.S. Khatian no.1160,185, 827,1054 situated at Mouza Baniara, District
Domjur, |
|
Particulars of
the present modification |
By this present modification, the following credit facilities of Rs.41.000 Millions
granted by the Bank to the Borrower is further secured by equitable mortgage of property of the
company situated Mouza Baniara,
District Domjur, Howrah, West Bengal: Term Loan: Rs.20.000 Millions Cash Credit:Rs.20.000 Millions Letter of Credit: Rs.5.000
Millions (sub limit of Cash Credit) Bank Guarantee: Rs.1.000
Millions Overall limit:Rs.41.000 Millions All other terms and conditions remain the same. |
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 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.46.05 |
|
|
1 |
Rs.75.20 |
|
Euro |
1 |
Rs.66.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.