MIRA
INFORM REPORT
|
Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
ECOFLEX FLOORING PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
TYRESOLES (KONKAN) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
3, Cosmos Building, 26, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
23.03.1998 |
|
|
|
|
Com. Reg. No.: |
114115 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29100MH1998PTC114115 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05767G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACT8986B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Polyurethane and |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 10432 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 fait. 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
|
Registered Office : |
3, Cosmos Building, 26, |
|
Tel. No.: |
91-22-25784053 |
|
Fax No.: |
91-22-25784059 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Devidayal Complex, Kanjumarg (East), Mumbai – 400042, |
|
Tel. No.: |
91-22-25784053 / 25784063 / 25775849 |
|
Fax No.: |
91-22-25784059 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Ashish Bahadur |
|
Designation : |
Director |
|
Address : |
Flat No. 701 / B, Hill, Garden Manpada, Opp Tikujini Wadi, Thane
(West), Thane – 400607, |
|
Date of Birth/Age : |
11.05.1967 |
|
Date of Appointment : |
26.06.2007 |
|
|
|
|
Name : |
Mr. Karun |
|
Designation : |
Director |
|
Address : |
3, |
|
Date of Birth/Age : |
02.07.1965 |
|
Date of Appointment : |
25.03.1998 |
|
|
|
|
Name : |
Mr. Pravin Purushottam Joshi |
|
Designation : |
Director |
|
Address : |
39, Swaroop Colony, Anandnagar, Vithalwadi, Pune – 411051, |
|
Date of Birth/Age : |
21.06.1963 |
|
Date of Appointment : |
23.03.1998 |
|
|
|
|
Name : |
Mrs. Vasundhara Sanghi |
|
Designation : |
Director |
|
Address : |
3, |
|
Date of Birth/Age : |
19.02.1968 |
|
Date of Appointment : |
23.03.1998 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. |
|
16490 |
|
Mrs. Vasindhara Sanghi |
|
16480 |
|
Category |
|
Percentage of
Holding |
|
Directors or Relatives of Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyurethane and |
|
|
|
GENERAL INFORMATION
|
Bankers : |
The Saraswat Co- Operative
Bank Limited Vikhroli Branch,
LBS Marg, Mumbai – 400083, E-Mail: kamalax-saraf@hotmail.com |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Deepak Nayak and Associates Chartered Accountants |
|
Address : |
7, Shiv – |
|
|
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24500 |
Equity Shares |
Rs.100/- each |
Rs.2.450 millions |
|
500 |
Preferences Shares |
Rs.100/- each |
Rs.0.050 million |
|
|
Total |
|
Rs.2.500
millions |
Issued, Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
20500 |
Equity Shares |
Rs.100/-
each |
Rs2.050
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.050 |
0.102 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.558 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(0.018) |
|
|
NETWORTH |
|
2.608 |
0.084 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.756 |
1.123 |
|
|
2] Unsecured Loans |
|
6.550 |
0.000 |
|
|
TOTAL BORROWING |
|
7.306 |
1.123 |
|
|
DEFERRED TAX LIABILITIES |
|
0.038 |
0.038 |
|
|
|
|
|
|
|
|
TOTAL |
|
9.952 |
1.245 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.522 |
1.330 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.056 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2.479 |
0.000 |
|
|
Sundry Debtors |
|
4.082 |
1.034 |
|
|
Cash & Bank Balances |
|
0.680 |
0.111 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
2.641 |
0.030 |
|
Total
Current Assets |
|
9.882 |
1.175 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.990 |
1.270 |
|
|
Provisions |
|
0.525 |
0.000 |
|
Total
Current Liabilities |
|
1.515 |
1.270 |
|
|
Net Current Assets |
|
8.367 |
(0.095) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.007 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
|
9.952 |
1.245 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover (including other income) |
|
12.583 |
1.259 |
|
|
Total Income |
|
12.583 |
1.259 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.045 |
0.034 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
1.045 |
0.034 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.206 |
0.010 |
|
|
Depreciation & Amortization |
|
0.487 |
0.031 |
|
|
Other Expenditure |
|
11.538 |
1.225 |
|
Total Expenditure |
|
12.231 |
1.266 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
8.30 |
2.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
8.30 |
2.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.16 |
1.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.40 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.58 |
15.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
6.52 |
0.92 |
LOCAL AGENCY FURTHER INFORMATION
|
Corporate
identity number (CIN) Foreign company registration number |
U29100MH1998PTC114115 |
|
Name of the
Company |
ECOFLEX FLOORING
PRIVATE LIMITED |
|
Address |
3, |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Book Debts and
Movable property |
|
Particulars of
the charge holder |
The Saraswat Co- Operative
Bank Limited Vikhroli Branch,
LBS Marg, Mumbai – 400083, E-Mail: kamalax-saraf@hotmail.com |
|
Amount secured by
the charge |
Rs.4.000 millions |
|
Brief of the principal
terms and conditions |
Rate of Interest:
interest 11.50%p.a. |
|
Short particulars
of the property charged |
All the book
debts outstanding, Monies receivables, claims and bills which are due and
owing to the borrower. |
|
Date of
Instrument creating or modifying the charge |
23.12.2006 |
Website Details Attached:
Company Details:
Established
in 1960, Sah & Sanghi are leaders in the automobile dealership segment. The
Group made a foray into the safety flooring business nearly five years ago.
Today, EcoFlex is the only company in
The Sah &
Sanghi group is a 45-year old organization with an annual turnover of Rs. 4
billion and a head count of 1200 employees. Established in 1960, it has since
grown into a group of companies to be proud of:
- Sah & Sanghi Auto Agencies Pvt. Ltd.
One of the largest authorized dealers for Maruti Udyog Ltd., Bajaj Auto Ltd. and Bajaj Tempo Ltd. - Suraj Sanghi Finance Ltd.
Offers hire purchase facilities to automobile buyers and leasing of Carrier room air conditioners. - Auto Mart India Ltd.
Largest second hand car/pre-owned car distributor in
A Joint Venture of Mahindra & Mahindra, HDFC and Sah & Sanghi. - Bombay Auto Ancillary & Investments Pvt. Ltd.
The holding company for an Indo Malaysian Joint Venture in - J D Jones & Co. (Bombay) Pvt. Ltd.
Largest manufacturers of ship flooring material - “Syncolite”. Also manufacturers of industrial flooring - “Chemico”. - S P Sanghi Air Conditioning Pvt. Ltd.
Largest sellers of Carrier air conditioners. - Tyresoles (India) Pvt. Ltd.
·
Gulabchand
& Surajprakash Sanghi Charitable Trust
A recognized charitable trust offering free medical services to the poor.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.24 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.56.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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. |
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 |
|