MIRA
INFORM REPORT
|
Report Date : |
09.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NASHIK VINTERS PRIVATE LIMITED |
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Registered Office : |
1 and 2, Matulya Centre, C Senapati Bapat Marg, Lower Parel,
Mumbai-400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.02.2003 |
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Com. Reg. No.: |
11-139352 |
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CIN No.: [Company
Identification No.] |
U15549MH2003PTC139352 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN11125C |
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PAN No.: [Permanent
Account No.] |
AABCN7126Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers in all types of Wines, produced or processed from Fermentation,
or any other suitable process. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1 and 2, Matulya Centre, C Senapati Bapat Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-56606685 |
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Fax No.: |
91-22-24926064 |
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E-Mail : |
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Website : |
http://www.sulawines.com |
DIRECTORS
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Name : |
Mr. Suresh A. Samant |
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Designation : |
Chairman |
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Address : |
Carmichael House, Carmichael Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
24.10.1933 |
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Date of Appointment : |
06.03.2003 |
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Name : |
Mr. Rajeev S Samant |
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Designation : |
Managing Director |
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Address : |
Carmichael House, Carmichael Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
21.01.1967 |
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Date of Appointment : |
26.02.2003 |
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Name : |
Mrs. Sulabha S Samant |
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Designation : |
Director |
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Address : |
Carmichael House, Carmichael Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
12.08.1938 |
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Date of Appointment : |
26.02.2003 |
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Name : |
Mr. Dinesh G Vazirani |
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Designation : |
Director |
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Address : |
2nd Floor, Rusi House, Darabsha Lane, Off Nepean Sea Road,
Mumbai-400036, Maharashtra, India |
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Date of Birth/Age : |
13.02.1967 |
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Date of Appointment : |
26.02.2003 |
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Name : |
Mr. Jaywantsinh M Chudasama |
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Designation : |
Director |
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Address : |
Carmichael House, Carmichael Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
14.01.1930 |
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Date of Appointment : |
03.11.2003 |
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Name : |
Mr. Jehangir Adi Moos |
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Designation : |
Director |
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Address : |
Karai Estate, 4th Floor, A Block, Tardeo Road,
Mumbai-400007, Maharashtra |
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Date of Birth/Age : |
21.05.1944 |
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Date of Appointment : |
28.09.2005 |
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Name : |
Mr. Mohan B Samant |
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Designation : |
Director |
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Address : |
Pratiksha, 7A, Worli Sea Face, Mumbai-400025, Maharashtra |
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Date of Birth/Age : |
15.10.1941 |
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Date of Appointment : |
28.09.2005 |
KEY EXECUTIVES
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Name : |
Ms. Shivani Chopra |
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Designation : |
Company Secretary |
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Address : |
Flat No.302-B, Sai Paradise, Palm Beach Road, Sector 4, Nerul, Navi
Mumbai-400706, Maharashtra |
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Date of Birth/Age : |
07.11.1979 |
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Date of Appointment : |
16.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Rajeev Samant |
120673 |
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Mrs. Sulabha S Samant |
6673 |
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Mr. Dinesh G Vazirani |
3333 |
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Mr. Suresh A Samant |
85707 |
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Mr. Jaywantsinh M Chudasama |
280000 |
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Mr. Mohan B Samant |
52813 |
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Mr. Jehangir A Moos |
1333 |
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Mr. Vinit A Phatak |
8000 |
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Mr. Bharat S Samant |
847 |
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Mr. Daisy Damskey |
43551 |
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Mr. J M Chudasama |
46667 |
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Mr. Arun V Pathak |
1333 |
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Mr. Manish Patel |
19091 |
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Mr. Sumeet Gupta |
19091 |
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GIA (Sula) Holdings Limited (Preference Shares) |
158074 |
Above Shareholdings include :
2.72%
Foreign holding
81.66% Directors and their relatives
15.62% Other than listed above
BUSINESS DETAILS
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Line of Business : |
Dealers in all types of Wines, produced or processed from
Fermentation, or any other suitable process. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 30 |
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Bankers : |
The Saraswat Co-operative Bank Limited, Gigaum Branch, Girgaum,
Mumbai-400004, Maharashtra, India |
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Facilities : |
Secured Loans : (Rs.
In millions)
Unsecured Loans
: From Directors : Short Term : Rs.4.338 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Haribhakti & Company Chartered Accountants |
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Address : |
42, Free Press House, 4th floor, 215, Nariman Point,
Mumbai-400021, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2071004 |
Equity Shares |
Rs.10/- each |
Rs.20.710 millions |
|
1131000 |
Preference Shares |
Rs.40/- each |
Rs.44.290 millions |
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Total
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Rs.65.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1969846 |
Equity Shares |
Rs.10/- each |
Rs.19.698
millions |
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948444 |
Preference Shares |
Rs.40/- each |
Rs.37.141
millions |
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Total |
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Rs.56.839 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
56.839 |
19.003 |
8.939 |
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2] Share Application Money |
0.357 |
0.347 |
5.819 |
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3] Reserves & Surplus |
11.256 |
10.092 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.452 |
29.442 |
14.758 |
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LOAN FUNDS |
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1] Secured Loans |
66.543 |
84.010 |
44.029 |
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2] Unsecured Loans |
87.024 |
20.049 |
0.000 |
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TOTAL BORROWING |
153.567 |
104.059 |
44.029 |
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DEFERRED TAX LIABILITIES |
4.010 |
3.185 |
0.000 |
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TOTAL |
226.029 |
136.686 |
58.787 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.270 |
80.993 |
0.650 |
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Capital work-in-progress |
22.306 |
6.594 |
30.024 |
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Expenditure pending Capitalization |
0.000 |
0.000 |
4.055 |
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INVESTMENT |
0.040 |
0.040 |
0.035 |
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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 |
72.776
|
56.702 |
10.464 |
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Sundry Debtors |
36.406
|
21.543 |
0.000 |
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Cash & Bank Balances |
3.942
|
3.706 |
5.251 |
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Other Current Assets |
0.004
|
0.033 |
0.000 |
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Loans & Advances |
12.606
|
6.583 |
16.352 |
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Total
Current Assets |
125.734
|
88.567 |
32.067 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.916
|
36.935 |
8.079 |
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Provisions |
3.426
|
2.601 |
0.000 |
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Total
Current Liabilities |
41.342
|
39.536 |
8.079 |
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Net Current Assets |
84.392
|
49.031 |
23.988 |
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MISCELLANEOUS EXPENSES |
0.021 |
0.028 |
0.035 |
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TOTAL |
226.029 |
136.686 |
58.787 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
104.423 |
81.564 |
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Other Income |
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|
0.024 |
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Total Income |
|
104.423 |
81.588 |
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Profit/(Loss) Before Tax |
|
2.425 |
15.747 |
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Provision for Taxation |
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-- |
5.655 |
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Profit/(Loss) After Tax |
|
2.425 |
10.092 |
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Expenditures : |
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Manufacturing Expenses |
|
0.000 |
8.673 |
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Administrative Expenses |
|
0.000 |
6.316 |
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Packing Material |
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0.000 |
13.361 |
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Increase/(Decrease) in Finished Goods |
|
0.000 |
(38.175) |
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Salaries, Wages, Bonus, etc. |
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0.000 |
8.201 |
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Interest |
|
10.630 |
5.749 |
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Depreciation & Amortization |
|
4.329 |
2.293 |
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Other Expenditure |
|
101.998 |
117.240 |
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Total Expenditure |
|
116.957 |
133.483 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.32
|
12.37 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.32
|
19.30 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.99
|
48.13 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
1.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.85
|
4.88 |
3.53 |
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Current Ratio (Current Asset/Current Liability) |
|
3.04
|
2.24 |
3.97 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U15549MH2003PTC139352 |
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Name of the company |
NASHIK VINTERS PRIVATE LIMITED |
|
Address |
1 and 2, Matulya Centre, C Senapati Bapat Marg, Lower Parel, Mumbai-400013,
Maharashtra |
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This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
The Saraswat Co-operative Bank Limited Girgaum Branch, Girgaum Mumbai-400004, Maharashtra, India |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of movable property. |
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Date of the instrument creating charge |
08.09.2006 |
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Amount Secure by the charge |
Rs.8.775 millions |
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Particulars of the Property charged |
Hypothecation of all the Plant and Machinery tangible movable property (both present and future) belonging to the borrower and ling and being at the Borrowers place of business at Matullya Centre, S B Marg, Lower Parel, Mumbai-400013 and Gate No.36/2 Govardhan Nashik 422222 or where ever else the same may be held. Further hypothecation of book debts, outstanding, monies receivable, claims and bills approved book debts. |
Company’s fixed assets include Land (Freehold), Building, Plant and Machinery,
Electric Fittings, Refrigeration System, S S Tanks, Generator Set, Laboratory
Equipment, Vehicles, Office equipments, Furniture and Fixtures, Vehicles,
Office Equipments, Computer and Capital Work in progress.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|