MIRA
INFORM REPORT
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Report Date : |
13.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SILKLENS PRIVATE LIMITED |
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Registered Office : |
153, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.10.1987 |
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Com. Reg. No.: |
8631 |
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CIN No.: [Company
Identification No.] |
U33201KA1987PTC008631 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS01686G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Export of Contact Lenses, Blanks for Contact Lenses,
Monomer, Dry Lenses |
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 36176 |
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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 experience 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 usually
c |
LOCATIONS
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Registered Office / Factory: |
153, |
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Tel. No.: |
91-80-5722333 |
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Fax No.: |
91-80-5722519 |
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E-Mail : |
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Website : |
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Area : |
500 sq. fts. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Gurdeep Singh |
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Designation : |
Managing Director |
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Address : |
#44-A, 7th B Cross, 4th B Block,
Koramangala, |
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Date of Birth/Age : |
20/06/1962 |
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Date of Appointment : |
05/10/1987 |
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Name : |
Mr. Dr. Mohinder Singh |
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Designation : |
Chairman |
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Address : |
#44-A, 7th B Cross, 4th B Block,
Koramangala, |
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Date of Birth/Age : |
10/05/1932 |
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Date of Appointment : |
05/10/1987 |
KEY EXECUTIVES
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Name : |
Mr. Santhosh Hegde |
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Designation : |
Manager – Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
The company's share (100%) is held by directors.
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Export of Contact Lenses, Blanks for Contact Lenses,
Monomer, Dry Lenses |
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Products : |
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Exports : |
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Products : |
Contact Lenses |
PRODUCTION STATUS
The company's production status as on 31.03.1997 was as under:
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Class of Goods |
Actual Production |
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Contact Lens (Nos) |
65374 |
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Solutions (Nos) |
75148 |
GENERAL INFORMATION
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No. of Employees : |
20 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sridhar and Brito Chartered Accountants |
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Address : |
No. 3/1, 1st Floor, 2nd Cross, |
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Tel. No.: |
91-80-22217668 / 22274650 /
22276027 |
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Fax No.: |
91-80-22230383 |
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E-Mail : |
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Associates/Subsidiaries : |
Crystal Vision Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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77500 |
Equity shares |
Rs. 10/-
each |
Rs. 0.775
million |
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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0.775 |
0.775 |
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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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8.269 |
7.063 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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9.044 |
7.838 |
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LOAN FUNDS |
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1] Secured Loans |
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6.006 |
4.617 |
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2] Unsecured Loans |
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16.489 |
7.709 |
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TOTAL BORROWING |
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22.495 |
12.326 |
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DEFERRED TAX LIABILITIES |
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0.418 |
0.548 |
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TOTAL |
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31.957 |
20.712 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.699 |
6.646 |
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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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12.329 |
8.509 |
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Sundry Debtors |
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18.478 |
9.313 |
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Cash & Bank Balances |
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2.170 |
1.451 |
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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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5.687 |
7.331 |
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Total
Current Assets |
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38.664 |
26.604 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.803 |
11.787 |
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Provisions |
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0.603 |
0.751 |
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Total
Current Liabilities |
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12.406 |
12.538 |
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Net Current Assets |
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26.258 |
14.066 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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31.957 |
20.712 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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55.820 |
41.458 |
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Other Income |
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Total Income |
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55.820 |
41.458 |
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Profit/(Loss) Before Tax |
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2.394 |
1.998 |
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Provision for Taxation |
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1.188 |
0.718 |
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Profit/(Loss) After Tax |
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1.206 |
1.280 |
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Earnings in Foreign Currency : |
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Export Goods |
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0.248 |
0.303 |
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Overseas Sales |
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18.013 |
14.777 |
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Total Earnings |
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18.261 |
15.080 |
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Imports : |
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Raw Materials |
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10.516 |
5.961 |
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Trading Goods |
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11.341 |
0.000 |
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Packing Materials |
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0.989 |
0.756 |
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Total Imports |
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22.846 |
6.717 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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2.679 |
5.949 |
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Other Expenditure |
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53.426 |
39.460 |
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Total Expenditure |
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56.105 |
45.409 |
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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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PAT / Total Income |
(%) |
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2.16 |
3.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.28 |
4.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.39 |
6.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.85 |
3.17 |
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Current Ratio (Current Asset/Current Liability) |
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3.11 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 5th October, 1987 at
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Corporate
identity number (CIN) Foreign company registration number |
U33201KA1987PTC008631 |
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Name of the
Company |
SILKLENS PRIVATE LIMITED |
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Address |
153, |
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This form is for |
Modification of
charge |
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Type of Charge |
Immovable
property |
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Particulars of
the charge holder |
State Bank of |
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Amount secured by
the charge |
3.845 |
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Brief of the
principal terms and conditions |
Rate of interest: Rate: WLC at 2.00
% above SBAR 12.25% with a minimum of 14.25% p. a. rising or falling there
with, on daily products with monthly rests. Pre. Eff. Rate 14.255 p. a. TL
–AT 2.50% above SBAR 12.25% with a minimum of 14.75% p. a. Rising or falling
therewith on daily products with monthly rests pre. Eff. Tate 14.75% p. a.
rising or falling therewith, on daily products with monthly rests. Pre eff.
Rate 14.755 p. a. penal int for non compliance of terms of sanction: Max 1%
p. a. over the normal rate. Wherever expedient, intt. Rate is directly linked
to cra of the borrower. Terms of
Repayment: Working capital
facility repayable on demand. Sanction period of 12 Months. Margin: Raw materials –
semifinished goods / finished goods – 255 Extent and
operation of the charge: Exclusive first
charge on the assets of the company and to the full extent.. Others: Cash credit – Rs.
3.000 millions MTL – Rs. 0.845
million Totall Limit –
Rs. 3.845 millions Security given
the credit facility to Stericon Pharma Private Limited |
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Description of
the property charged indicating |
EQ. Mort of Imm.
Property situated at No.. 153, |
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Particular of the
present modification |
The amount
secured by the charge stands reduced from Rs. 6.400 millions to Rs. 3.845
millions security of immovable property already obtained and detailed in COL
No… 14 Herein above continues to be available for the reduced limit also. All
other terms and conditions. Remain unchanged |
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Name of the company |
SILKLENS PRIVATE
LIMITED |
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Presented By |
State Bank of Bangalore commercial Branch, SILKLENS PRIVATE
LIMITED |
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1) Date and description of instrument creating the change |
Date: 13.05.2002 Extension of
Equitable Mortgage by Deposit of Title deeds – Letter confirming deposit of
title Deeds – form ‘B’ enclosed |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.900
millions |
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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 |
Equitable mortgage
of company’s immovable properties situated at Sy. No. ¼ and Sy No. 02,
Bommanhalli, Begur Hobli, Bangalore South Tlauk, Bangalore District measuring
and extent of 86’ х 60’ |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
and other terms and conditions as applicable from time to time for the
respective facilities. Security
mentioned in |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Date: 11.09.2003 Extension of
equitable mortgage by deposit of title deeds – letter confirming deposit of
title deeds – Form ‘B’ enclosed. |
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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. |
By the above the
company has extended the security of its immovable properties situated at Sy.
No. ¼ and Sy No. 02, Bommanahalli, Begur Hobli, Bangalore South Taluk,
Bangalore District measuring an extent of STERICON PHARMA PRIVATE LIMITED. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.69 |
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1 |
Rs.81.87 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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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48 |
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. |
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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