MIRA
INFORM REPORT
|
Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SURENDRA
ELASTOMERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
56/58,
Garibdas Street, Dadajee Dhakjee Building, 1st Floor,
Mumbai-400003 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
20.09.2004 |
|
|
|
|
Com. Reg. No.: |
11-111951 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25110MH2004PTC111951 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS39093F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCS3922F |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
|
|
|
|
Line of Business : |
To
carry on business as manufacturers, importers, exporters, traders, buyer,
seller, stockist, dealers, in all types of synthetic rubbers and elastomers,
synthetic resins, plastics, lattices and formulations thereof including
reclaimed rubber and all kinds of styrenes, polyethers and epoxy resins;
chemicals, chemical compounds (organic and inorganic), heavy chemicals,
acids, alkalies, petro-chemicals, and chemicals of all kinds (solid, liquid
and gaseous), chemical auxiliaries, disinfectants, insecticides, fungicides,
deodorants, biochemical and all other preparations of chemicals. |
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/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow
but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a new company and yet to establish itself. The company’s profitability is
improving. It has been successful in wiping-off all its previous losses
during 2004-05. Trade relations are reported as fair. Payments are reported
as slow but correct. The
company can be considered for small business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
56/58,
Garibdas Street, Dadajee Dhakjee Building, 1st Floor,
Mumbai-400003, India |
|
Tel. No.: |
91-22-26254106 |
DIRECTORS
|
Name : |
Mr.
Ravindra S. Parekh |
|
Designation : |
Director |
|
Address : |
56/58,
Garibdas Street, Dadajee Dhakjee Building, 1st Floor,
Mumbai-400003, India |
|
Date of Birth/Age : |
13.08.1964 |
|
Date of Appointment : |
18.11.1997 |
|
|
|
|
Name : |
Mr.
Indra S. Parekh |
|
Designation : |
Director |
|
Address : |
56/58,
Garibdas Street, Dadajee Dhakjee Building, 1st Floor,
Mumbai-400003, India |
|
Date of Birth/Age : |
04.01.1966 |
|
Date of Appointment : |
18.11.1997 |
|
|
|
|
Name : |
Mr.
Surendra S. Parekh |
|
Designation : |
Director |
|
Address : |
56/58,
Garibdas Street, Dadajee Dhakjee Building, 1st Floor,
Mumbai-400003, India |
|
Date of Birth/Age : |
08.12.1967 |
|
Date of Appointment : |
18.11.1997 |
|
|
|
|
Name : |
Mrs.
Kanchan S. Parekh |
|
Designation : |
Director |
|
Address : |
56/58,
Garibdas Street, Dadajee Dhakjee Building, 1st Floor,
Mumbai-400003, India |
|
Date of Birth/Age : |
06.08.1946 |
|
Date of Appointment : |
18.11.1997 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Ravindra S. Parekh |
2500 |
|
Mr.
Indra S. Parekh |
2500 |
|
Mr.
Surendra S. Parekh |
2500 |
|
Mrs.
Kanchan S. Parekh |
2500 |
|
Tanu
Healthcare Limited |
60000 |
|
Kushal
Software Limited |
50000 |
|
Mr.
Hanumanmal Dugar |
80000 |
|
Marudhar
Mudra Private Limited |
375000 |
|
Mr.
Kanta Dugar |
61500 |
|
Om
Procurements and Projects Limited |
780000 |
|
Indocity
Infotech Limited |
50000 |
|
Indo-Castle
Multimedia Limited |
50000 |
|
Mrs.
Neelima Bagrecha |
32500 |
|
Nissim
Traders Private Limited |
285000 |
|
Mrs.
Indu Bagrecha |
42500 |
|
Medicold
Global Limited |
300000 |
|
Mrs.
Sunita Mehta |
70000 |
|
Mrs.
Kamala Devi Mehta |
80000 |
|
Clairant
Industries Limited |
245000 |
|
Mr.
Mahaveer Chand |
25000 |
|
Mr.
Sharvan Kumar Dugar |
20000 |
|
Epsilon
Industries Limited |
372000 |
|
Mr.
Jitendra B. Salecha |
130000 |
|
E-John
Pharmaceuticals Limited |
285000 |
|
Ecotech
Consultancy Services (India) Limited |
175000 |
|
Earnest
Capital management |
250000 |
|
Amature
Builders Private Limited |
180000 |
|
Equator
Trading Private Limited |
200000 |
|
Ethic
Pharma Lab and Engineering. Private Limited |
400000 |
|
Ethical
Drugs Private Limited |
250000 |
|
Merciful
Leasing and Finvest Private Limited |
150000 |
|
Haxo
Pharmaceuticals Private Limited |
150000 |
|
Osnar
Chempharm Private Limited |
240000 |
|
Shavi
Textile Machinery (India) Private Limited |
185000 |
|
Vasan
Holding and Leasing Private Limited |
145000 |
|
Induja
Traders Private Limited |
270000 |
|
Total |
5998500 |
BUSINESS DETAILS
|
Line of Business : |
To
carry on business as manufacturers, importers, exporters, traders, buyer,
seller, stockist, dealers, in all types of synthetic rubbers and elastomers,
synthetic resins, plastics, lattices and formulations thereof including
reclaimed rubber and all kinds of styrenes, polyethers and epoxy resins;
chemicals, chemical compounds (organic and inorganic), heavy chemicals,
acids, alkalies, petro-chemicals, and chemicals of all kinds (solid, liquid
and gaseous), chemical auxiliaries, disinfectants, insecticides, fungicides,
deodorants, biochemical and all other preparations of chemicals. |
GENERAL
INFORMATION
|
Bankers : |
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Dilip
J. Mehta & Company Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity
Shares |
Rs.10/- each |
Rs.60.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
59985000 |
Equity
Shares |
Rs.10/- each |
Rs.59.985 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
59.985 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.143 |
(0.057) |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
60.128 |
0.043 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
60.128 |
0.043 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
14.975 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Closing Stock |
|
1.691 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.093 |
0.038 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
44.166 |
0.005 |
|
Total Current Assets |
|
45.950 |
0.043 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.017 |
|
|
Provisions |
|
|
|
|
Total Current Liabilities |
|
1.262 |
0.017 |
|
|
Net Current Assets |
|
44.688 |
0.026 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
Preliminary Expenses |
|
0.016 |
0.017 |
|
|
Deferred Revenue Expenses |
|
0.449 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
60.128 |
0.043 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
2.706 |
0.000 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.287 |
(0.018) |
|
Provision
for Taxation |
|
0.087 |
0.000 |
|
Profit/(Loss)
After Tax |
|
0.200 |
(0.018) |
|
|
|
|
|
|
Total
Expenditure |
|
2.419 |
0.018 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
7.39 |
0.00 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
10.60 |
0.00 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
0.62 |
(41.86) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.00 |
(0.42) |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.02 |
0.39 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
36.41 |
2.53 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U25110MH2004PTC111951 |
|
Name of the company |
SURENDRA
ELASTOMERS PRIVATE LIMITED |
|
Address |
56/58,
Garibdas Street, Dadajee Dhakjee Building, 1st Floor, Mumbai-400003,
India |
|
This Form is for |
Creation
of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Canara Bank NS Road 5, Hatkesh, JVPD Scheme, Juhu, Mumbai-400049, Maharashtra, India E-Mail : mcity0121@canbank.co.in |
|
Nature or description of the instrument creating charge |
Hypothecation agreement of goods and book debts |
|
Date of the instrument creating charge |
16.05.2006 |
|
Amount Secure by the charge |
Rs.5.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Nil |
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 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.44.42 |
|
UK
Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.57.80 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
30 |
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 |
|