MIRA
INFORM REPORT
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Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
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Name : |
CHANDNI OVERSEAS PRIVATE LIMITED |
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Registered Office : |
536, VIP Nagar, Block – C, KMC Premises No.502, KMC Ward No.108,
Kolkata – 700100, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
31.03.1999 |
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Com. Reg. No.: |
21-089105 |
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Capital
Investment / Paid-up Capital : |
Rs.3.100 Millions |
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CIN No.: [Company
Identification No.] |
U51109WB1999PTC089105 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALC05437F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter of Leather Bags, Brief Cases, Laptop Bags,
Ladies and Gents Wallets, etc. and Importer of Raw Materials. |
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No. of Employees : |
60 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 24000 |
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Status : |
Moderate |
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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 moderate track. Financial position
of the company is improving. Trade relations are fair. Business is active.
Payments are reported to be slow but correct. The company can be considered 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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. Jay Mehta |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9051642771 |
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Date : |
13.06.2011 |
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Name : |
Mr. Sanjay |
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Designation : |
Account Assistant |
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Contact No.: |
91-33-23452255 |
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Date : |
13.06.2011 |
LOCATIONS
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Registered Office : |
536, VIP Nagar, Block – C, KMC Premises No.502, KMC Ward No.108,
Kolkata – 700100, West |
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Tel. No.: |
91-33-23452255 / 23452254 |
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Mobile No.: |
91-9830058282 (Mrs. Chandrima Sarkar) |
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Fax No.: |
91-33-23452255 / 23452254 |
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E-Mail : |
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Area : |
1800 sq. ft. |
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Location : |
Owned |
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Head Office : |
HB – 311, Sector 3, |
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Tel No.: |
91-33-32431153/ 23355627 |
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Fax No.: |
91-33-23355628 |
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Location : |
Owned |
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Factory : |
77, |
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Brand Store : |
Shop No. A-213, City Centre II, New Town, Rajarhat, Kolkata- 700157, |
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Tel No.: |
91-33-40620013 |
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Overseas Branch
: |
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Mobile No.: |
718-8085694 |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mrs. Chandrima Sarkar |
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Designation : |
Director |
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Address : |
GD – 293, Sector – III, |
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Date of Birth/Age : |
14.10.1956 |
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Qualification : |
Graduate |
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Date of Appointment : |
31.03.1999 |
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DIN : |
01100974 |
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Name : |
Mr. Shrish Mehta |
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Designation : |
Director |
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Address : |
33-A, |
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Date of Birth/Age : |
27.04.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
31.03.1999 |
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DIN : |
01185687 |
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Name : |
Ms. Pushpita Goswami |
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Designation : |
Additional Director |
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Address : |
F – 47/8, Karunamoyee Housing Estate, Salt Lake, Kolkata – 700091, West
Bengal, India |
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Date of Birth/Age : |
25.03.1969 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.2008 |
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DIN : |
02557228 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Shrish Mehta |
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675000 |
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Chandrima Sarkar |
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35000 |
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Total |
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710000 |
(AS ON 31.03.2011)
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Names of Allottees |
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No. of Shares
Allotted |
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Chandrima Sarkar |
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170000 |
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(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or Relatives Of Directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter of Leather Bags, Brief Cases, Laptop Bags,
Ladies and Gents Wallets, etc. and Importer of Raw Materials. |
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Products : |
Ř Ladies Hand Bags Ř Ladies and Gents
Wallets Ř Brief Cases Ř Laptop Bags Ř Other Small
Leather Goods |
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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 and Credit (30 Days) |
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Purchasing : |
L/C / Cash and Credit (30 Days) |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
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Actual
Production |
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Leather C.Y. |
- |
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53114 |
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Bags L.Y. |
Nos. |
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7908 |
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GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
60 [Approximately] |
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Bankers : |
Ř
Axis Bank, Credit Management Centre (CMC), 1
Shakespeare Sarani, AC Market, 3rd Floor, Kolkata – 700071, West Ř United Bank of Ř State Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D Sarkar and Associates Chartered Accountants |
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Address : |
Flat No.1D, Cresent Apartment, 208, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
400,000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
310,000 |
Equity Shares |
Rs.10/- Each |
Rs.3.100
Millions |
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After 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1,000,000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
880,000 |
Equity Shares |
Rs.10/- Each |
Rs.8.800
Millions |
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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 |
3.100 |
3.100 |
3.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.037 |
1.001 |
0.131 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.137 |
4.101 |
3.231 |
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LOAN FUNDS |
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1] Secured Loans |
12.151 |
0.000 |
1.128 |
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2] Unsecured Loans |
22.948 |
10.498 |
8.411 |
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TOTAL BORROWING |
35.099 |
10.498 |
9.539 |
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DEFERRED TAX LIABILITIES |
0.041 |
0.011 |
0.036 |
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TOTAL |
41.277 |
14.610 |
12.806 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.145 |
4.301 |
2.297 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
5.702
|
2.250
|
2.006 |
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Sundry Debtors |
30.303
|
10.406
|
4.799 |
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Cash & Bank Balances |
2.870
|
2.205
|
1.562 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
8.961
|
2.896
|
3.612 |
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Total
Current Assets |
47.836
|
17.757
|
11.979 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.048
|
0.893
|
0.389 |
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Sundry Creditors |
8.105
|
6.275
|
1.521 |
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Provisions |
1.596
|
0.625
|
0.204 |
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Total
Current Liabilities |
12.749
|
7.793
|
2.114 |
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Net Current Assets |
35.087
|
9.964
|
5.865 |
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MISCELLANEOUS EXPENSES |
0.045 |
0.059 |
0.074 |
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Deferred Export Market Development Expenses |
0.000 |
0.286 |
0.570 |
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TOTAL |
41.277 |
14.610 |
12.806 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TURNOVER |
132.980 |
NA |
NA |
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|
Less |
EXPENSES |
129.896 |
NA |
NA |
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PROFIT BEFORE
TAX |
3.085 |
1.266 |
[0.218] |
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PROFIT AFTER TAX
|
2.036 |
NA |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Export |
113.673 |
59.489 |
41.786 |
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TOTAL EARNINGS |
113.673 |
59.489 |
41.786 |
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IMPORTS |
98.389 |
54.265 |
13.622 |
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Earnings Per
Share (Rs.) |
6.57 |
-- |
-- |
|
Expected Sales ( 2010-2011 ) : Rs.150.000 millions
The above information has been parted by Mr. Jay Mehta [Marketing Manager] / Mr. Sanjay [Account Assistant]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.53
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.71
|
5.74
|
(1.53) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.31
|
(0.07) |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.80
|
4.46
|
3.61 |
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Current Ratio (Current Asset/Current Liability) |
|
3.75
|
2.28
|
5.67 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
RESULTS :
During the year the company has earned a net profit of
Rs.3.084 million which is an increase of 143% over the previous year. The directors
will strive hard to repeat such performance in coming years provided all the
external factors remain positive.
OPERATING
RESULTS AND OVERVIEW :
The year 2009 was one of the worst in the history of the
world economy. Indian economy also felt the ripple effect of the recession of
world economy. In spite of the adverse economic conditions the company able to
increase the turnover of the company which results in increase in profit.
The company is trying its best to curtail cost of sales and
building up innovative marketing and selling strategies to augment the
turnover.
CONTINGENT
LIABILITIES
Contingent Liabilities not provided for Letter of credit Rs.3.590
millions [31.03.2010]
FORM 8
|
Corporate
identity number of the company |
U51109WB1999PTC089105 |
|
Name of the
company |
Chandni Overseas Private Limited |
|
Address of the
registered office or of the principal place of business in |
536, VIP Nagar, Block – C, KMC Premises No.502, Ward No.108, Ground
Floor, Kolkata – 700100, West |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10073198 |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank, Credit Management Centre (CMC), 1 Shakespeare Sarani, AC
Market, 3rd Floor, Kolkata – 700071, West |
|
Nature of
description of the instrument creating or modifying the charge |
i) Composite
Hypothecation Deed (Current Assets, Movables, Plant and Machinery), ii) No
Instrument, Supplemental Oral Assent (Memorandum of Entry). |
|
Date of instrument
Creating the charge |
18.05.2010 |
|
Amount secured by
the charge |
Rs.45.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- EPC and FBN: BPLR-3.50% i.e.11.25% p.a. at present Terms of
Repayment: EPC will be
allowed up to 180 days or expiry of contract/ export letters of credit for
shipment whichever is earlier. FBN: On due
dates. In case of non payment, the bills will be crystallized as per RBI
Regulations. Buyers Credit: On
due Dates. Margin: EPC: Drawing will
be permitted only against letter of credit lodged with the Bank. Actual
drawing will be permitted upto 75% of the FOB value of letter of credit or
75% of the value RMs/ SIP, FGs, whichever is lower. LC: 15% to be
collected upfront and kept in TDR with Bank's lien noted thereon, LER: 25% to be
collected upfront & kept in TDR with Bank's lien noted thereon, Buyers Credit :
Nil, Extent and
Operation of the charge: First Hypo charge
on the entire current assets of the company both present and future, mainly
comprising of stock and receivables, First hypothecation charge on entire
movable fixed assets of the firm, both present and future and Equitable
mortgage over immovable properties of the company situated at Plot No.P-41
having an area of about 5.03 Cottahs in Tangra Industrial Estate, Phase-II,
Radhanath Chowdhury Road, (Tangra Road), P.S.Entally . |
|
Short particulars
of the property charged: |
All the stock in
trade, both present and future consisting stock including RMs, SIP, FGs,cash,
and other current and outstanding, monies receivable, claims and bills etc.
All the movable Plant and Mach., Furniture, Fixtures etc. both present and
future consisting of Skinving Machine, Cliking Machine, Sweing Machine,
Embossing Machine etc. Situated at 77, |
|
Date of last modification prior to the present
modification |
24.11.2009 |
|
Particulars of
the Present Modification: |
By this
modification, overall limit has been increased/ realigned/ revised from
Rs.22.000 millions to Rs.45.000 millions. The details of credit facilities
are as under: Facilities Amount (Rs In millions) EPC 7.000 (Both way interchangeability
between EPC & FBN allowed) FBN 7.000 (Both way
interchangeability between EPC & FBN allowed) LC (I/F) 30.000 LER 1.000 Buyers
Credit (30.000) (Sub limit of LC) Overall
limit 45.000 |
FIXED ASSETS:
Ř
Ř
Factory
Shed
Ř
Plant
and Machinery
Ř
Tools
and Equipment
Ř
Computers
Ř
Office
Equipment
Ř
Furniture
and Fixture
Ř
Interior
Decoration
Ř
Electric
Fan
Ř
Cycle
Ř
Motor
Car
Ř
Commercial
Vehicle
Ř
Software
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.44.87 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.