MIRA
INFORM REPORT
|
Report Date : |
19.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TEAM INTERVENTURE EXPORTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Banu Mansion, 1st Floor, 16 Nadirsha Sukhia Street Off. Cawasji Patel Street,
Fort, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.09.1990 |
|
|
|
|
Com. Reg. No.: |
11-058290 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1990PTC058290 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB2547E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Exporter of Fabric and Cotton Yarns |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
latest financial are not made available. As per previous year’s record, the
company has successfully wiped off its accumulated losses. There appear huge
external borrowings recorded by the company which may act as a threat for its
liquidity. Trade relations are reported as fair. Business is active. Payment
terms are unknown in absence of latest financials. The company can be considered for business dealings with great 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Banu Mansion, 1st Floor, 16 Nadirsha Sukhia Street Off. Cawasji Patel
Street, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22045676 |
|
Fax No.: |
91-22-22853530 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sureshkumar Umadatta Agarwal |
|
Designation : |
Director |
|
Address : |
C-3, Sunita Copri Colony, Near Mangala High School, Thane (East), Thane – 400603, Maharashtra, India |
|
Date of Birth/Age : |
04.06.1953 |
|
Date of Appointment : |
06.02.2009 |
|
DIN No.: |
01841964 |
|
|
|
|
Name : |
Mr. Vinod Kumar Umadutta Agarwal |
|
Designation : |
Director |
|
Address : |
C-3, Sunita Copri Colony, Near Mangala High School, Thane
(East), Thane – 400603, Maharashtra, India |
|
Date of Birth/Age : |
15.03.1963 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
01826492 |
|
|
|
|
Name : |
Mr. Mahendrakumar Umadatta Agarwal |
|
Designation : |
Director |
|
Address : |
Building No.110, Kannamwar Nagar, Vikroli (East), Mumbai – 400083, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1950 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
03223566 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sureshkumar Umadatta Agarwal |
|
3000000 |
|
Vinod Kumar Umadutta Agarwal |
|
1250000 |
|
Mahendrakumar Umadatta Agarwal |
|
750000 |
|
Total |
|
5000000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Exporter of Fabric and Cotton Yarns |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Dena Bank, Overseas Branch, 17 - B, Horniman Circle, Dena Bank
Building, Fort, Mumbai - 400023, Maharashtra, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G.R. Shetty and Company Chartered Accountants |
|
Address : |
B 5, Sai Prasad, Telly Gally Cross Road, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
PAN.: |
AAJPS0771M |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.000 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
236.988 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(0.633) |
(0.616) |
|
|
NETWORTH |
286.988 |
(0.533) |
(0.516) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
633.968 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
248.904 |
0.517 |
0.500 |
|
|
TOTAL BORROWING |
882.872 |
0.517 |
0.500 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1169.860 |
(0.016) |
(0.016) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.611 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.900 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.032 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.124
|
0.000 |
0.000 |
|
|
Sundry Debtors |
1479.286
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
50.878
|
0.002 |
0.002 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
153.674
|
0.027 |
0.027 |
|
Total
Current Assets |
1702.962
|
0.029 |
0.029 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
539.741
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
8.428
|
0.030 |
0.000 |
|
|
Provisions |
4.852
|
0.015 |
0.045 |
|
Total
Current Liabilities |
553.021
|
0.045 |
0.045 |
|
|
Net Current Assets |
1149.941
|
(0.016) |
(0.016) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.376 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1169.860 |
(0.016) |
(0.016) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.873 |
(0.017) |
(0.017) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.318 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
29.555 |
(0.017) |
(0.017) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.437 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
29.118 |
(0.017) |
(0.017) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.820 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
24.298 |
(0.017) |
(0.017) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(LOSS) Per Share (Rs.) |
4.86 |
NA |
NA |
|
%20PRIVATE%20LIMITED%20-%20210735%2019-Feb-2013_files/image001.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20210735%2019-Feb-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.71
|
(58.62) |
(58.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.03 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.08
|
(0.97) |
(0.97) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.08
|
0.64 |
0.64 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
No |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from
164, Atlanta, Nariman Point Mumbai – 400021, Maharashtra, India to present
address w.e.f. 21.06.2009
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
|
|
|
|
Working capital loans others unsecured |
248.904 |
0.517 |
|
Total |
248.904 |
0.517 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51900MH1990PTC058290 |
|
Name of the
company |
TEAM INTERVENTURE
EXPORTS (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Banu Mansion, 1st Floor, 16 Nadirsha Sukhia Street Off. Cawasji Patel
Street, Fort, Mumbai – 400001, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10244818 |
|
Type of charge |
· Book debts ·
Others (Foreign Bills, Negotiable Instruments
etc.) |
|
Particular of
charge holder |
Dena Bank, Overseas Branch, 17 - B, Horniman Circle, Dena Bank Building, Fort, Mumbai - 400023, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement for
Loan / Facilities with details of Securities |
|
Date of
instrument Creating the charge |
24.02.2012 |
|
Amount secured by
the charge |
Rs. 590.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Interest : DBBR +
2.30% (i.e at present 13% p.a.) with monthly rests subject to change as per
RBI / H.O. Guidelines. Commission : As
per extant H.O. Guidelines Terms of Repayment FBN / FBP / FBD
Limits are subject to review from time to time and are repayable on Demand. Extent and Operation of the charge The Charge is to
operate as a security for the due repayment of FBN / FBP / FBD Limits (under
ECGC Buyer wise Policy) of Rs. 590.000 Millions availed / to be availed by
the Company from time to time together with interest, costs, charges,
expenses, monies, dues, commissions, penalties, fees and all other dues
payable by the Company to Bank in terms of enhancement of the said Limits Others All other terms
and conditions are as per Sanction Letter and Loan Documents executed by
Company with Bank from time to time. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Purchasing / Discounting / Negotiating of Foreign Bills viz. at sight or D.A., Negotiable Instruments from time to time drawn by the Borrower on their Foreign Buyers, to be payable as per the tenor of the said Bills as prime Security and monies receivables thereon. |
|
Particulars of
the present modification |
By present
Modification, FBN / FBP / FBD Limits (under ECGC Buyer wise Policy) are
increased from existing of Rs. 440.000 Millions to Rs. 590.000 Millions
against the continuation of Hypothecation of Purchasing / Discounting /
Negotiating of Foreign Bills viz. at sight or D.A., Negotiable Instruments
from time to time drawn by the Borrower on their Foreign Buyers, to be
payable as per the tenor of the said Bills as prime Security and monies
receivables thereon. |
Fixed Assets
· Building
· Computer Equipments
· Other Equipments
· Furniture Fixtures
· Vehicles
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 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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.