MIRA INFORM REPORT
|
Report Date : |
08.02.2007 |
IDENTIFICATION DETAILS
|
Name : |
SMI COATED PRODUCTS PRIVATE
LIMITED |
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|
|
Registered Office : |
51,
Shiv Shakti Industrial Estate, Opposite Mittal Estate, Andheri Kurla Road,
Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
11-139869 |
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CIN No.: [Company Identification No.] |
U74999MH2003PTC139869 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMM19177E |
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PAN No.: [Permanent Account No.] |
AAHCS411SN |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturer of Label Stock
Papers |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Directors are
reported as experienced, respectable and having satisfactory means of their
own. Their trade relations are reported as fair. 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 : |
51,
Shiv Shakti Industrial Estate, Opposite Mittal Estate, Andheri Kurla Road,
Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-66924530/31 |
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Fax No.: |
91-22-28500845 |
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Website : |
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Area : |
1200
Sq.fts. |
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Location: |
Leased |
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Factory 1 : |
SMI
Coated Products Private Limited, Plot 39, 184/1, Agarwal Udyog Nagar,
Bhimpore, Daman, India |
|
Area : |
15000
Sq.ft. |
|
Location: |
Leased |
DIRECTORS
|
Name : |
Mr. Ajay O. Mehta |
|
Designation : |
Director |
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Date of Birth/Age : |
43
years |
|
Qualification : |
B.
Sc. |
|
Experience : |
24years |
|
Address : |
205-C,
Kanmore Hsg. Soc. Limited., Andheri (W), Mumbai |
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|
|
|
Name : |
Mrs. Swati A. Mehta |
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Designation : |
Director |
|
Date of Birth/Age : |
40
years |
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Qualification : |
B.
Com. |
|
Experience : |
5
years |
|
Address : |
205-C,
Kanmore Housing Society Limited, Andheri (W), Mumbai |
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|
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|
Name : |
Mr. Omprakash Mehta |
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Designation : |
Director |
|
Date of Birth/Age : |
82
years |
|
Qualification : |
MA
(Eng.) |
|
Experience : |
55
years |
|
Address : |
105-C,
Kanmore Housing Society Limited, Lokhandwala Complex, Andheri (W), Mumbai |
|
|
|
|
Name : |
Mrs.
Shakuntala O. Mehta |
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Designation : |
Director |
|
Date of Birth/Age : |
75
years |
|
Experience : |
40
years |
|
Address : |
105-C,
Kanmore Hsg. Soc. Limited., Lokhandwala Complex, Andheri (W), Mumbai |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Ajay O. Mehta |
187,000 |
|
Mrs. Swati A. Mehta |
1,000 |
|
Mr. Omprakash S. Mehta |
1,000 |
|
Mrs. Shakuntala Mehta |
1,000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Label Stock
Papers. |
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Exports to : |
South
Africa, Kenya, U.A.E. and UK |
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Imports from : |
Finland,
Italy, Germany and Malaysia |
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Terms : |
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Selling : |
Credit
(90 Days) |
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Purchasing : |
L/C
and credit (90 Days) |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Water Base Coating |
|
14 million Sq.mtrs. |
11.50 million Sq.mts. |
|
Hotmelt Base Coating |
|
27 million Sq.mtrs. |
10.00 million Sq.mtrs. |
GENERAL INFORMATION
|
Suppliers : |
Ø
Deepak Transport
Agency Limited Ø
Kailash Sales Agency Ø
Mookambika Express
Service Ø
Sky Pack Services Spe.
Limited Ø
Continous Stationery
Private Limited Ø
Indian Aluminium
Company Limited Ø
Jubilant Organosys
Limited Ø
Wacker Metroark
Chemicals Private Limited Ø
Spirex Paper
Conversions Private Limited Ø
Kaygee Loparex India
Private Limited Contact Person: Mr. Manish Jain Address: Gala No. 1and 2, Amli Industrial Estate,
Silvassa-396230 Tel. No.: 91-22-26206869 Fax No.: 91-22-26700835 Ø
Ballarpur Industries Contact Person: Mr. Nikunj Bhai Address: 105, Milestone, NH9, MIDC, Near Bhigwan
Taluka, Pune, Maharashtra, India Tel. No.: 91-24324554 24324494 Ø
Jesons Industries Contact Person: Mr. Yogeta Address: Pensula Tower, S. B. Marg, Lower Parel,
Mumbai, Maharashtra, India Tel. No.: 91-22-26836273 Fax No.: 91-22-26831530 Ø
Stora Enso Oyi Contact Person: Mr. Jayesh Shah Address: Fin 55800, Imatra, Finland Tel. No.: 91-22-56345789 Fax No.: 91-22-56348788 Ø
Cartiera Director
Carmignano SPA Contact Person: Mr. Hitesh Shah Address: Via Roma, 67 IT 35010, Carmignano Director
Brenta, Italy |
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|
|
|
Customers : |
Ø
Health and Beauty Care
Private Limited Ø
Hi – Tech Art Services Ø
Kem Cards Ø
Multi Impression Ø
Pace Printers Private
Limited Ø
Nishi Labels Private
Limited Ø
Ashit Packaging
Private Limited Ø
Colour Pack Private
Limited Ø
Gujarat Print Pack
Publication Private Limited Contact
Person: Mr. Dhanpal Address:
308/9, GIDC, Dediyasar, Mehsana, Gujarat, India Tel.
No.: 278259714 Fax
No.: 276254914 Ø
Shree Ganesh Graphics
Private Limited Maharshi Labels Private Limited Contact Person: Sanjeev P. Atre Address: W68(A), MIDC Industrial Area, Chilkat,
Thane, Aurangabad-431210 Tel. No.: 240-2482713 Fax No.: 240-2486133 Ø
Mudraniks Contact Person: Ajay Aketa Address: 4, Ruchi, 36, Swastic Society, Navrangpura,
Ahmedabad-380009, India Tel. No.: 79-6441079 Fax No.: 79-6425456 Ø
Colour Label Contact Person: Mukesh Rawal Address: P.O. Box No. 59648, City Square, Nairaobi
00200, Kenya Tel. No.: 25-420553601 |
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No. of Employees : |
53 persons - [15] persons
in office and [38] persons in factory. |
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Bankers : |
Ø
State Bank of India,
Industrial Finance Branch Ø
Citi Bank N.A., Fort
Branch |
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Facilities : |
Credit
Limit: Rs. 74.500 millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
v
U. D. Kachare and Company Chartered
Accountants C-6, Saraswati Apartment, Laxmi Nagar, Carter Road
No.3, Borivali (E), Mumbai – 400066 |
|
Tel. No.: |
91-22-28057040/28651947 |
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Sister Concern : |
Ø
S. M. Plastics 51,
Shiv Shakti Industrial Estate, Andheri (E), Mumbai – 400059 Line
of Business: Lamination Ø
Papa and Plastic 52,
Shiv Shakti Industrial Estate, Andheri (E), Mumbai – 400059 Line of Business: Lamination |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190,000 |
Equity Shares |
Rs. 100/- each |
Rs. 19.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
19.000 |
19.000 |
19.000 |
|
2] Reserves & Surplus |
10.449 |
4.800 |
0.943 |
|
NETWORTH |
29.449 |
23.800 |
19.943 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
44.530 |
30.199 |
13.537 |
|
2] Unsecured Loans |
6.806 |
6.906 |
7.306 |
|
TOTAL
BORROWINGS |
51.336 |
37.105 |
20.843 |
|
3] Deferred Tax Liabilities |
(0.100) |
0.161 |
0.095 |
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|
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TOTAL
|
80.685 |
61.066 |
40.881 |
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|
APPLICATION OF FUNDS |
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|
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|
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|
FIXED ASSETS [Net Block] |
18.568 |
19.309 |
13.556 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.830 |
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INVESTMENTS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
30.157 |
20.514 |
10.144 |
|
Sundry Debtors |
64.305 |
50.276 |
45.847 |
|
Cash & Bank Balances |
0.206 |
0.064 |
0.297 |
|
Other Current Assets |
17.280 |
8.850 |
0.000 |
|
Loans & Advances |
0.000 |
0.000 |
2.074 |
|
Total
Current Assets |
111.948 |
79.704 |
58.362 |
|
Less : |
|
|
|
|
Current Liabilities |
49.910 |
38.071 |
31.615 |
Provisions
|
0.000 |
0.000 |
0.450 |
Total Current Liabilities
|
49.910 |
38.071 |
32.065 |
|
Net Current Assets |
62.038 |
41.633 |
26.297 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.079 |
0.124 |
0.198 |
|
|
|
|
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TOTAL
|
80.685 |
61.066 |
40.881 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
267.613 |
180.300 |
148.500 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
7.055 |
5.748 |
10.300 |
Provision for Taxation
|
1.460 |
1.631 |
3.400 |
Profit/(Loss) After Tax
|
5.589 |
3.917 |
6.900 |
|
|
|
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Import Value
|
39.373 |
7.127 |
1.108 |
|
|
|
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Export Value
|
46.930 |
3.846 |
0.000 |
|
|
|
|
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Total Expenditure
|
260.887 |
174.591 |
124.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
2.09
|
2.17 |
4.646 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
2.64
|
3.19 |
6.936 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
5.40
|
5.55 |
72.748 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.24
|
0.24 |
0.516 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
3.44
|
3.17 |
2.657 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.24
|
2.09 |
1.820 |
LOCAL AGENCY FURTHER INFORMATION
It exports Self Adhesive
Paper and Film.
Trade References:
Ø
JMB Lables
Ø
Colour Labels Limited
Subject is in trade terms
with the following:
Ø
Mahrashi Labels Private
Limited
Changodar,
Sarhej Bavla Highway, Gujarat
Contact
Person: Mr. Rajubhai – 91-2717-251140
Ø
Webtech System
Sakinaka,
Mumbai
Contact
Person: Mr. Amar Chhajet – 91-22-28526027/56902153
Ø
Barcalm Solution (M)
Private Limited
Goregaon,
Mumbai
Contact
Person: Mr. Prashanna – 91-22-26863752
Contact
Person: Mr. Prashanna – 91-22-26863752
The
company’s fixed assets of important value includes machinery, laboratory
equipment, factory equipments, generator, electric fitting, office equipments,
lease line, scooter, car, tempo, computers, furniture and fixtures, air
conditioner, heavy duty racks and wooden racks.
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.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT
LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
PRIVATE &
CONFIDENTIAL
: This information is provided to you at your request, you having employed MIPL
for such purpose. You will use the information as aid only in determining the
propriety of giving credit and generally as an aid to your business and for no
other purpose. You will hold the information in strict confidence, and shall
not reveal it or make it known to the subject persons, firms or corporations or
to any other. MIPL does not warrant the correctness of the information as you
hold it free of any liability whatsoever. You will be liable to and indemnify
MIPL for any loss, damage or expense, occasioned by your breach or non
observance of any one, or more of these conditions