MIRA
INFORM REPORT
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Report Date : |
27.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUPER OLEFINS PRIVATE LIMITED |
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Registered Office : |
D-160 Phase III, Industrial Development Area, Jeedimetla,
Hyderabad;500055, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
31.01.2001 |
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Com. Reg. No.: |
036148 |
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CIN No.: [Company
Identification No.] |
U25202AP2001PTC036148 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS04396A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastics Packing and Packaging Material, PE Shrink Wrap
Film, PE Stretch Wrap (Cling) Film, PE Drum Lines, Sheet, Film Bags |
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 43000 |
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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. 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 : |
D-160 Phase III, Industrial Development Area, Jeedimetla,
Hyderabad;500055, Andhra Pradesh |
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Tel. No.: |
91.40-23095179 |
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Fax No.: |
91-40-23094006 |
DIRECTORS
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Name : |
Mr. Babu A. Ravindra |
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Designation : |
Director |
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Address : |
Rlati Plot 56/A, sunder Nagar, Sr Nagar Post Hyderabad;500038, Andhra
Pradesh |
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Date of Birth/Age : |
10.11.1953 |
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Date of Appointment : |
31.01.2001 |
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Name : |
Mr. AppaRao A. Venkata |
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Designation : |
Director |
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Address : |
Plot A21, Apuroopa Colony Ida Jeedi Matla, Hyderabad;500055, Andhra
Pradesh |
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Date of Birth/Age : |
14.01.1951 |
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Date of Appointment : |
31.01.2001 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Shri A. Ravindra Babu |
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307000 |
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Shri A. v. Appa Rao |
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307000 |
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Smt. A . Saraswathi |
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19100 |
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Smt. A. Sridevi |
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14000 |
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Shri A.v. Narasimha Rao |
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45000 |
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Shri A. Sarat Babu |
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17000 |
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Shri Ch. Hamakrishna |
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10500 |
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Smt Geeta Menon |
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400 |
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Ms. A. Kartnika Ravinder |
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15000 |
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Ms. Neethi Ravinder |
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15000 |
Equity Share Break-up:
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Category |
Percentage |
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Direcotrs or Relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastics Packing and Packaging Material, PE Shrink
Wrap Film, PE Stretch Wrap (Cling) Film, PE Drum Lines, Sheet, Film Bags |
GENERAL INFORMATION
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No. of Employees : |
Around 50 |
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Bankers : |
State Bank of
Hyderabad Shapurnagar
Branch, IDA Jeedimetla, Hyderabad; 500055, Andhra Pradesh |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Swamy and Seshadri Chartered Accountant |
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Address : |
1-3-1036/3/12-13, Kavadiguda, Hyderabad;500080, Andhra Pradesh |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.500 |
7.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.324 |
2.057 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.824 |
9.557 |
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LOAN FUNDS |
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1] Secured Loans |
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13.900 |
12.446 |
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2] Unsecured Loans |
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1.099 |
0.478 |
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TOTAL BORROWING |
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14.999 |
12.924 |
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DEFERRED TAX LIABILITIES |
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1.796 |
1.709 |
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TOTAL |
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27.619 |
24.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.417 |
10.320 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.271 |
6.520 |
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Sundry Debtors |
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21.589 |
20.571 |
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Cash & Bank Balances |
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1.827 |
1.515 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.946 |
1.164 |
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Total
Current Assets |
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32.633 |
29.770 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.317 |
14.973 |
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Provisions |
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1.267 |
1.097 |
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Total
Current Liabilities |
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15.584 |
16.070 |
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Net Current Assets |
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17.049 |
13.700 |
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MISCELLANEOUS EXPENSES |
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0.153 |
0.170 |
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TOTAL |
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27.619 |
24.190 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.43 |
1.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.09 |
1.85 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporate
identity number of the company |
U2520AP2001PTC36148 |
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Name of the
company |
SUPER OLEFINS PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D-160, Phase III,
Industrial Development Area, Jeedimetla, Hyderabad-500055 |
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This form is for |
Modification of
Charge |
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Type of charge |
Hypothecation and
Equitable mortage or mortagage of property by depositing th title deeds |
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Particular of
charge holder |
State Bank of
Hyderabad Shapurnagar
Branch, IDA Jeedimetla, Hyderabad; 500055, Andhra Pradesh |
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Nature of instrument
creating charge |
-- |
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Date of
instrument Creating the charge |
17.05.2001 |
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Amount secured by
the charge |
Rs.3.450 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
-- |
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Description of the
property charged indicating whether it is a charged on |
NA |
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Particulars of
the property charged |
Immovable
Properties Plant and
Machinery Stock in trade Book debts |
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Charge
identification number of the charge to be modified |
-- |
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Name of the company |
SUPER OLEFINS
PRIVATE LIMITED |
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Presented By |
Shri A. Ravindra
Babu, Managing Director |
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1) Date and description of instrument creating the change |
Agreement of Loan forOverall Limit in Form C.1 dated 17.05.2001. Agreement
of Hypothecation of Goods and assets in form C.2 dated 17.05.2001, agreement
of Pledge of Goods and Assets in form c.3 dated 17.05.2001. Deed of Guarantee for Overall limit in Form C.4 dated 17.05.2001. Letter regarding grant of individual limits within the overall limit
in form C.5 dated 17.05.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Interest at rate
of 14% per annum for Cash Credit (Hypo ) ODBCC, ODBD and 16.2% per annum for
MTL. Margins are
as follows: Raw
Materials
25% Stock in
process 25% Finished
Goods 25% Letter of
credit 25% Book Debits/
Receivables 50% |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on the
stock of Raw Materials Stocks In Process, Finished goods, Bills in course of
collection and Receivables and other Current Assets, Further secured by
charge on the fixed assets of the company situated at factory located a
tD-160, IDA, Jeedimetla, Hyderabad including Land, establishments, Plant and
Machinery and other equipments.etc. The working
Capital and other limits totaling to Rs.18.750 Millions is now enchanced to
Rs.24.850 Millions as follows:
The credit limits
are secured by 1) First charge
on the stocks of Raw Materials, Stock in Process, Finished Goods, Bills in
course of collection, Receivables and Other Assets. 2) First Charge
on Fixed Assets of the Company 3) Further
secured by extension of first charge by Equitable Mortgage of Factory Land
and Building and Pledge of Plant and Machinery, existing and proposed to be
acquired from Bank Finance, located at D-160, Phase III, IDA Jeedimetal,
Ranga Reddy dist. Hyderabad-5000 55 Andhra Pradesh Interest ar rate
of 1% over SBH PLR subject to minimum of 12% per annum for working capital
limits and for MTL interest at the rate of 12% on monthly rests. The MTL (earlier
sanctioned) is repayable in monthly installments of
Rs.0.031 Millions, commencing from April 2003 and the
Additional MTL sanctioned payable in Monthly installments of
Rs.0.025 Millions commencing From April 204. Margin as
Follows: Raw Material : 25% Stock in
Process : 25% Finished
Goods : 25% ODBCC : 25% ODBD/
Book-debts : 50% Letter of
Credit : 15% |
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5) Name and Address and description of the person entitled to the charge. |
-- |
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6) Date and brief description of instrument modifying the charge |
-- |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.29 |
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UK Pound |
1 |
Rs.82.50 |
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Euro |
1 |
Rs.56.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
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--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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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