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Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
LE MERITE EXPORTS PRIVATE LIMITED |
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Registered Office : |
104, Marwah Complex, Marwa Estate, Saki Vihar Road, Saki Naka, Andheri(E),
Mumbai - 400072, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
24.12.2003 |
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Com. Reg. No.: |
143645 |
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CIN No.: [Company
Identification No.] |
U17111MH2003PTC143645 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Exporter of all types of Cotton Yarn and Raw Cotton |
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 15000 |
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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. Trade
relations are reported as fair. Payments are reported to be slow but correct.
The company can be considered small to mediocre 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
LOCATIONS
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Registered
Office : |
104, Marwah Complex, Marwa Estate, Saki Vihar Road, Saki Naka,
Andheri(E), Mumbai - 400072, Maharashtra, India |
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Tel. No.: |
91-22-32512144 / 66939206 |
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Fax No.: |
91-22-66939205 |
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E-Mail : |
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Website : |
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Branch Office : |
Lath Complex, Shah Bazar, Burhanpur - 450331, |
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Tel. No.: |
91-7325-53546 / 51007 |
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Fax No.: |
91-7325-55711 |
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Overseas Office
: |
Suzhou Chenghao Co. Limited, Room No. 3088, 3rd Floor, |
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Tel. No.: |
86-512-65857762 / 67071726 |
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Fax No.: |
86-512-66936205 |
DIRECTORS
|
Name : |
Mr. Abhishek Umashankar Lath |
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Designation : |
Director |
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Address : |
Shri Hari Bhawan, |
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Date of
Birth/Age : |
28.03.1981 |
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Date of
Appointment : |
07.08.2004 |
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Name : |
Mrs. Asha Umashankar Lath |
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Designation : |
Director |
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Address : |
Shri Hari Bhawan, |
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Date of
Birth/Age : |
26.07.1959 |
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Date of
Appointment : |
07.08.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
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No. of Shares |
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Mr. Abhishek Umashankar Lath |
|
145000 |
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Mr. Narhmal Umashankar Lath |
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52500 |
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Mr. Punit Umashankar Lath |
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52500 |
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TOTAL |
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250000 |
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Equity share breakup (percentage of total equity) |
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Category |
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Percentage of Holding |
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As on 30.09.2009 |
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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
: |
Trader and Exporter of all types of Cotton Yarn and Raw Cotton |
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Products : |
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PRODUCTION STATUS As on 31.03.2009
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Yarn |
Kgs |
NA |
Nil |
-- |
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Fabric |
Mtrs |
NA |
Nil |
-- |
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Raw Cotton |
Kgs. |
NA |
Nil |
-- |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Secured Loans
Unsecured Loans
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.B. Jhunjhunwala and Company Chartered Accountant |
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Address : |
306, Corporate Avenue, Sonawala Lane, Goregaon (E), Mumbai - 400063, |
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Tel. No.: |
91-22-26852202 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.304 |
0.388 |
0.124 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.804 |
0.888 |
0.624 |
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LOAN FUNDS |
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1] Secured Loans |
19.874 |
6.214 |
1.560 |
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2] Unsecured Loans |
3.430 |
8.625 |
6.875 |
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TOTAL BORROWING |
23.304 |
14.839 |
8.435 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.108 |
15.727 |
9.059 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.483 |
0.127 |
0.272 |
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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 |
0.100 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.922 |
0.049 |
0.000 |
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Sundry Debtors |
21.592 |
12.093 |
13.905 |
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Cash & Bank Balances |
1.733 |
0.869 |
0.318 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
5.492 |
3.705 |
1.251 |
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Total Current Assets |
30.739 |
16.716 |
15.474 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current Liabilities |
4.755 |
1.319 |
6.957 |
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Provisions |
0.492 |
0.063 |
0.228 |
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Total Current Liabilities |
5.247 |
1.382 |
7.185 |
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Net Current Assets |
25.492 |
15.334 |
8.289 |
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MISCELLANEOUS EXPENSES |
0.133 |
0.266 |
0.398 |
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TOTAL |
27.108 |
15.727 |
9.059 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Sales Turnover |
160.650 |
53.931 |
64.697 |
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Other Income |
6.624 |
3.016 |
1.106 |
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Total Income |
167.274 |
56.947 |
65.803 |
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Profit/(Loss)
Before Tax |
1.456 |
0.424 |
0.226 |
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Provision for
Taxation |
0.539 |
0.161 |
0.102 |
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Profit/(Loss)
After Tax |
0.917 |
0.263 |
0.124 |
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Export Earnings |
128.133 |
34.981 |
NA |
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Total Earnings |
128.133 |
34.981 |
0.000 |
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Expenditure |
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Depreciation
& Amortization |
0.045 |
0.045 |
0.051 |
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Earning Per
Share (Rs.) |
9.290 |
0.000 |
0.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total
Income |
(%) |
0.55 |
0.46 |
0.19 |
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Net Profit
Margin (PBT/Sales) |
(%) |
0.91 |
0.79 |
0.35 |
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Return on Total
Assets (PBT/Total
Assets} |
(%) |
4.52 |
2.52 |
1.44 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.38 |
0.48 |
0.36 |
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Debt Equity
Ratio (Total
Liability/Networth) |
|
7.51 |
18.27 |
25.03 |
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Current Ratio (Current
Asset/Current Liability) |
|
5.86 |
12.10 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
During the year, the company has achieved
sales and other income Rs. 160.650 Millions. The company earned profit after
depreciation of Rs. 1.456 Millions. The directors are hopeful for achieving
satisfactory results during the year.
Fixed Assets:
Form 8
|
Corporate identity number of the company |
U17111MH2003PTC143645 |
|
Corporate identity number of the company |
10030431 |
|
Name of the company |
LE MERITE EXPORTS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
104, Marwa Complex 4, Marwa Estate, Saki
Vihar Road, Saki Naka, Andheri (e), Mumbai, Maharashtra, India |
|
This form is for |
Modification of charge |
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Type of charge |
Book debts Movable property (not being pledge) Others |
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Particular of charge holder |
State Bank Of |
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Nature of instrument creating charge |
1. Supplemental Agreement Of Hypothecation
Of Goods And Assets For Increase In The Overall Limit 2. Letter Regarding The Grant Of Individual
Limits Within The Overall Limit |
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Date of instrument Creating the charge |
05.03.2010 |
|
Amount secured by the charge |
Rs. 24.000 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate Of Interest EPC - As Applicable To EPC Limit Prescribed
By Bank / RBI PCFC - As Applicable To PCFC Limit
Prescribed By Bank / RBI Terms Of Repayment The Borrower Shall On Demand Pay The Whole
Amount Due To The Bank With Interest And Costs Margin 30% Extent And Operations Of The Charge EPC / PCFC - Rs. 24.000 Millions |
|
Description of the property charged indicating
whether it is a charged on |
1st And Exclusive Charge And Security By Way
Of Hypothecation Of Present And Future Entire Current Assets Of The Company. |
|
Date of instrument modifying the charge |
11.03.2008 |
|
Particulars of the present modification |
Charge Enhanced From Rs. 12.500 Millions To
Rs. 24.000 Millions |
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. 54.99 |
|
|
1 |
Rs. 87.21 |
|
Euro |
1 |
Rs. 70.22 |
INFORMATION DETAILS
|
Report Prepared by
: |
BYI |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.