MIRA
INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
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Name : |
TURAKHIA OVERSEAS PRIVATE LIMITED |
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Registered Office : |
Plot No.317-325, Post Hajipur, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.09.1993 |
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Com. Reg. No.: |
020217 |
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CIN No.: [Company
Identification No.] |
U51909GJ1993PTC020217 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMT00070A |
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PAN No.: [Permanent
Account No.] |
AAACT5636N |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Veneers Panels |
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 300000 |
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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 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. Arpan D Turakhia |
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Designation : |
Director |
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Contact No.: |
91-22-25114285 |
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Date : |
28.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No.317-325, Post Hajipur, |
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Tel. No.: |
91-2762-286520/ 281284/ 281285 |
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Fax No.: |
91-2764-281286/ 286061 |
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E-Mail : |
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Website : |
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Area : |
20000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
307, Trafficlite, Next to Bank of |
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Tel. No.: |
91-22-25114285 |
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Fax No.: |
91-22-25114286 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Dhimant Hiralal Turakhia |
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Designation : |
Director |
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Address : |
702, 7th Floor, Plot No.199, Parnakutir CHS Limited,
Ghatkopar – East, Mumbai – 400077, |
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Date of Birth/Age : |
07.07.1952 |
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Qualification : |
Graduate |
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Experience : |
28 years |
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Date of Appointment : |
17.09.1993 |
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Name : |
Mr. Chinta Poonamchand Turakhia |
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Designation : |
Director |
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Address : |
2, Nilkanth Darshan, |
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Date of Birth/Age : |
06.06.1980 |
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Qualification : |
Graduate |
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Experience : |
5 years |
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Date of Appointment : |
15.11.2000 |
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Name : |
Mr. Arpan Dhimant Turakhia |
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Designation : |
Director |
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Address : |
3, Nilkanth Kiran, 2/SJ Garodia Nagar, Rajawad, Mumbai – 400077, |
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Date of Birth/Age : |
26.09.1980 |
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Qualification : |
Graduate |
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Experience : |
5 years |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Amish Dhimantbhai Turakhia |
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Designation : |
Director |
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Address : |
B/203, Pushpavan Apartment, Opposite Rudhir Blow, B/H Grand Bhagvati,
Bodakdev, Ahmedabad – 380054, |
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Date of Birth/Age : |
17.03.1983 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.12.2006 |
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Name : |
Mr. Hemal Punamchand Turakhia |
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Designation : |
Director |
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Address : |
B/203, Pushpavan Apartment, Opposite Rudhir Blow, B/H Grand Bhagvati,
Bodakdev, Ahmedabad – 380054, |
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Date of Birth/Age : |
16.03.1973 |
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Qualification : |
Graduate |
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Experience : |
10 years |
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Date of Appointment : |
03.10.1995 |
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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Shardaben Hiralal Turakhia |
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1400 |
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Punamchand Hiralal Turakhia |
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17500 |
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Vasumatiben Punamchand Turakhia |
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11700 |
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Punamchand Hiralal Turakhia HUF |
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23400 |
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Hemal Punamchand Turakhia |
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41400 |
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Deepaben Hemalkumar Turakhia |
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17000 |
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Chintan Punamchand Turakhia |
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58300 |
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Dhimant Hiralal Turakhia |
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21500 |
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Smitaben Dhimantbhai Turakhia |
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12000 |
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Dhimantbhai Hiralal Turakhia HUF |
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14300 |
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Arpan Dhimant Turakhia |
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58000 |
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Amish Dhimantbhai Turakhia |
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58300 |
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lshita Dhimantbhai Turakhia |
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14600 |
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Bharatbhai Kantilal Sheth |
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100 |
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Ami Bhargav Shah |
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100 |
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Rajesh J. Turakhia |
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100 |
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Surya lmpex |
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100 |
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Yukta Export |
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100 |
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Subh Dil Gems Shop |
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100 |
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Total
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350000 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Veneers Panels |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Installed
Capacity (Sq.
Mtr.) |
Actual
Production (Sq.
Mtr.) |
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Ply and Decorative Ply |
816000 |
615842 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kaushik Jayendra and Company Chartered Accountant |
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Address : |
A-58, Nobels, 4th Floor, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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499000 |
Equity Shares |
Rs.10/- each |
Rs.4.990 Millions |
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1000 |
Preferences Shares |
Rs.10/- each |
Rs.0.010 Million |
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Total |
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Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
3.500 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
77.240 |
47.294 |
31.791 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.740 |
50.794 |
35.291 |
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LOAN FUNDS |
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1] Secured Loans |
54.046 |
34.399 |
18.957 |
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2] Unsecured Loans |
54.361 |
44.764 |
45.674 |
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TOTAL BORROWING |
108.407 |
79.163 |
64.631 |
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DEFERRED TAX LIABILITIES |
4.654 |
7.455 |
2.554 |
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TOTAL |
193.801 |
137.412 |
102.476 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.145 |
55.088 |
34.503 |
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Capital work-in-progress |
2.040 |
1.703 |
0.000 |
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INVESTMENT |
13.400 |
3.400 |
1.087 |
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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 |
90.724
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52.882 |
59.388 |
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Sundry Debtors |
42.622
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42.292 |
27.048 |
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Cash & Bank Balances |
5.792
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3.004 |
1.781 |
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Other Current Assets |
0.218
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0.043 |
0.007 |
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Loans & Advances |
6.963
|
5.337 |
18.389 |
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Total
Current Assets |
146.319
|
103.558 |
106.613 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
15.994
|
5.809 |
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Other Current Liabilities |
10.193
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10.207 |
39.727 |
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Provisions |
4.916
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10.321 |
0.000 |
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Total
Current Liabilities |
31.103
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26.337 |
39.727 |
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Net Current Assets |
115.216
|
77.221 |
66.886 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
193.801 |
137.412 |
102.476 |
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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 |
|
163.872 |
127.534 |
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|
266.490 |
10.973 |
5.179 |
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Profit on Disposal of Assets |
|
0.059 |
0.198 |
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Other Income |
|
0.467 |
1.022 |
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TOTAL (A) |
266.490 |
175.371 |
133.933 |
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Less |
EXPENSES |
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Purchase of shares |
|
8.609 |
29.011 |
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Consumption of raw material |
|
79.432 |
53.738 |
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Direct manufacturing expenses |
|
17.417 |
18.068 |
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Administrative expenses |
|
16.089 |
14.011 |
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Selling and distribution expenses |
219.126 |
5.110 |
4.642 |
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Loss on disposal of assets |
|
0.000 |
0.117 |
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Increase / decrease in stocks |
|
(0.979) |
4.903 |
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Increase / decrease in stocks of shares |
|
10.120 |
(15.212) |
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TOTAL (B) |
219.126 |
135.798 |
109.278 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
39.573 |
24.655 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
8.146 |
5.596 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
31.427 |
19.059 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
1.591 |
1.456 |
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PROFIT BEFORE
TAX (E-F) (G) |
47.364 |
29.836 |
17.603 |
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Less |
TAX (H) |
14.357 |
12.286 |
11.349 |
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PROFIT AFTER TAX
(G-H) (I) |
33.007 |
17.550 |
6.254 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
46.294 |
30.791 |
26.584 |
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Less |
APPROPRIATIONS |
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Proposed Dividend on Equity Shares |
2.625 |
1.750 |
1.750 |
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Tax on Proposed Dividend |
0.436 |
0.297 |
0.297 |
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BALANCE CARRIED
TO THE B/S |
76.240 |
46.294 |
30.791 |
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IMPORTS |
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Raw Materials |
73.718 |
57.942 |
NA |
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Stores & Spares |
0.134 |
0.393 |
NA |
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Traveling Expenses |
1.909 |
1.071 |
NA |
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Fixed Assets |
0.123 |
0.000 |
NA |
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TOTAL IMPORTS |
75.884 |
59.406 |
NA |
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Earnings Per
Share (Rs.) |
94 |
51 |
18 |
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Expected Sales (2010-2011) : Rs. 350.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
12.39
|
10.00 |
4.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
18.20 |
13.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.61
|
18.80 |
12.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
0.59 |
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.73
|
2.07 |
2.95 |
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Current Ratio (Current Asset/Current Liability) |
|
4.70
|
3.93 |
2.68 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
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|
- For Goods |
10.785 |
2.814 |
NA |
|
- For Capital Goods |
1.829 |
0.613 |
NA |
|
- For Expenses |
3.380 |
2.382 |
NA |
|
Total |
15.994 |
5.809 |
NA |
Note: The
registered office of the company has been shifted from Plot No. 2, Kothari Industrial
Estate, No.1 and at and Post Santej Taluka, Kalol, Mehsana, Gujarat, India to
the present address w.e.f. 20.12.2006
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90096008 |
|
Corporate
identity number of the company |
U51909GJ1993PTC020217 |
|
Name of the
company |
TURAKHIA OVERSEAS
PVT LTD |
|
Address of the
registered office or of the principal place of business in |
Plot No.317-325, Post Hajipur, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Kalupur Commercial Co-operative Bank, Kalupur Bank Bhavan, |
|
Email |
|
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Nature of description
of the instrument creating or modifying the charge |
Memorandum of
Extension of Equitable Mortgage |
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Date of
instrument Creating the charge |
25.10.2010 |
|
Amount secured by
the charge |
Rs.155.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @12.5%.
In case of default in re-payment of Interest and/or dues in time or commits
breach of terms of agreement, the Bank will be entitled to charge additional
Interest @ 3% p.a. Terms of
Repayment Cash Credit
facility on Demand and Review every
year Term Loan
repayable in monthly installments. Margin Stocks of goods -
30% Book Debts - 40% Machinery - 30% Extent and
Operation of the charge The Bank has
First and exclusive charge on mortgaged property of the co. till the
repayment of credit facilities extended to the co. by the bank. Others Facility Limits (Rs. In
Millions) Cc Hypo. Stk 32.500 Cc Hypo. Bd 10.000 Machinery
Loan 52.500 Secured Loan 20.000 Letter of
Credit 40.000
---------------- Total
Aggregate 155.000 |
|
Short particulars
of the property charged |
I)
All
that piece and parcel of land with present and future construction there on
being industrial N.A. land and factory building, office and other constructed
property with all fixed and movable II)
machinery
in the factory bearing Block No.317 admeasuring 48360 Sq. Mtr. paiki 37617 Sq
Mts and Block No. 325 admeasuring
about 4405 Sq. Mts. of Mouje Karoli Ta. Kalol Dist. Gandhinagar. |
|
Date of latest
modification prior to the present modification |
19.06.2010 |
|
Particulars of the
present modification |
Charge on
immovable properties have been further extended to secure credit facility
From Rs.145.000 Millions To Rs.155.000 Millions. (CC Hypo Stock 32.500
Millions , CC Hypo BD 10.000 Millions , Machinery Loan 52.500 Millions , Secured
Loan 20.000 Millions , Letter of Credit 40.000 Millions Total Aggregate Rs155.000 Millions) |
FIXED ASSETS:
·
Land
·
Borewell
·
Building
·
Plant and Machinery
·
Electrical Cable and Equipment
·
Furniture and Fixture
·
Computers
·
Vehicles
·
Road
WEBSITE DETAILS:
PROFILE:
Subject was founded in 1994 to manufacture veneer panels. It
started out with just a splicing and pressing unit by importing veneer face and
sourcing plywood panels domestically. Over the years it went into forward and
backward integration by setting up manufacturing facilities for sliced veneers,
veneer edge banding rolls, profile wrapped furniture components, plywood, solid
wood floors, engineered floors, decorative flush doors etc.
Subject stands as a specialized veneering company in
They are committed to enable maximum applications of veneer in order to
maximize usable portion of the log and thus in turn minimize wastage of
precious natural resource.
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.45.18 |
|
|
1 |
Rs.73.79 |
|
Euro |
1 |
Rs.62.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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.