MIRA
INFORM REPORT
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Report Date : |
25.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SHREE SHIV VIJAY PROCESSORS PRIVATE LIMITED |
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Formerly Known As : |
SHREE SHIV TEXPORTS PRIVATE LIMITED |
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Registered Office : |
Plot No. 258/1, GIDC, Pandesara, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.12.1992 |
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Com. Reg. No.: |
04-18641 |
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CIN No.: [Company
Identification No.] |
U17119GJ1992PTC018641 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS00196A / SRTS00260B |
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PAN No.: [Permanent
Account No.] |
AADCS3839B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Art Silk Cloth |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 100000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track
records. Company’s profitability is under severe pressure. It has some
accumulated losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office / Factory : |
Plot No. 258/1, GIDC, Pandesara, |
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Tel. No.: |
91-261-2890234 / 2340372 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dayakishan Agarwal |
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Designation : |
Director |
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Address : |
Bunglow No. 15-16, Chankyapuri Co-operative Housing Society, Near
Naher, |
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Date of Birth/Age : |
18.12.1953 |
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Date of Appointment : |
06.10.1993 |
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Name : |
Mr. Pankaj Agarwal |
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Designation : |
Director |
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Address : |
815/8, Alishan Apartment, Diwali Baug, Near Dhiraj Sons Departmental
Stores, Athwalines, Surat – 395007, Gujarat, India |
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Date of Appointment : |
20.05.1995 |
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Name : |
Mr. Prem Kumar Jain |
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Designation : |
Director |
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Address : |
506, Rajeshwar Apartments, Nanpura, |
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Date of Appointment : |
04.03.1999 |
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Name : |
Mr. Vir Bhan Bansal |
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Designation : |
Director |
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Address : |
1094, Hariom Market, |
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Date of Appointment : |
04.03.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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D K Agarwal Anshu Agarwal Swati Agarwal |
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85000 |
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Sushil Agarwal Rita Agarwal Payal Agarwal |
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69000 |
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Pankaj Agarwal |
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54500 |
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Vidya Devi Agarwal |
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85000 |
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Rajesh Agarwal Sanjay Agarwal Surul Agarwal |
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131500 |
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Mahesh Agarwal |
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32500 |
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Jitesh Agarwal |
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50000 |
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Dayakishna and Sons |
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14500 |
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Vipul Agarwal |
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41000 |
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Shyam Sunder Gautam |
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5000 |
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Usha Mittal |
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19000 |
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Videsh Agarwal |
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30000 |
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Kalipo Credit MER Private Limited |
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45000 |
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Kalyani Syn Private Limited |
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25000 |
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Krishna Fishol Service Private Limited |
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100000 |
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Uday Holding |
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65000 |
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Ajit Mittal |
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15000 |
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20000 |
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Kishan Lal |
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20000 |
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Mahendra Singh |
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20000 |
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Shiv Kumar Agarwal |
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20000 |
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Kailash Devi |
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27000 |
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Naina Devi Agarwal |
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1000 |
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Prem Kumar jain Prem Kumar Jain – HUF Naresh K Jain |
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85000 |
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Neha Jain Sumanbala Jain |
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70000 |
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Virbhan Bansal Phool Chand Bansal Sumita Bansal |
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175000 |
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Sukhram Sharma |
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10000 |
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Pushpa P. Jain Pooja Jain Manisha K Jain |
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45000 |
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R D Bansal Sanjay Bansal Sushila Bansal |
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90000 |
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Shashi Agency Shopping Private Limited |
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25000 |
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Prema Supplier Private Limited |
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20000 |
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Oly Fab Trans Private Limited |
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27500 |
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N S Star Commotrade Private Limited |
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25000 |
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Hanuman Coke Plant Private Limited |
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27500 |
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Total |
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1575000 |
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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18.73 % |
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Directors or relatives of directors |
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60.76 % |
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Others |
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20.51 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Art Silk Cloth |
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Products : |
Art Silk Cloth |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sethia and Bohra Associates Chartered Accountants |
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Address : |
501, Hira Panna Market, Behind Vankar Sangh, Ring Road, Surat –
395002, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1600000 |
Equity Shares |
Rs. 10/- each |
Rs. 16.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1575000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.750
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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15.750 |
15.750 |
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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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14.534 |
14.908 |
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4] (Accumulated Losses) |
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[4.688] |
[5.229] |
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NETWORTH |
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25.596 |
25.429 |
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LOAN FUNDS |
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1] Secured Loans |
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9.277 |
9.193 |
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2] Unsecured Loans |
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8.443 |
7.814 |
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TOTAL BORROWING |
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17.720 |
17.007 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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43.316 |
42.436 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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30.686 |
32.303 |
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Capital work-in-progress |
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INVESTMENT |
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0.022 |
0.022 |
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DEFERREX TAX ASSETS |
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0.149 |
0.589 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.514 |
2.122 |
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Sundry Debtors |
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13.647 |
13.734 |
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Cash & Bank Balances |
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0.191 |
0.268 |
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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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2.364 |
1.981 |
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Total
Current Assets |
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19.716 |
18.105 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.117 |
8.525 |
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Provisions |
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0.140 |
0.060 |
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Total
Current Liabilities |
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7.257 |
8.585 |
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Net Current Assets |
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12.459 |
9.522 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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43.316 |
42.436 |
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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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53.612 |
42.937 |
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Other Income |
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0.031 |
0.016 |
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Total Income |
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53.643 |
42.953 |
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Profit/(Loss) Before Tax |
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1.117 |
0.716 |
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Provision for Taxation |
|
0.576 |
(0.168) |
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Profit/(Loss) After Tax |
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0.541 |
0.884 |
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Expenditures : |
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Financial Charges |
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2.242 |
1.725 |
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Depreciation & Amortization |
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2.295 |
2.230 |
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Other Expenditure |
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48.481 |
38.266 |
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Total Expenditure |
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53.018 |
42.221 |
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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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1.00 |
2.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.08 |
1.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.21 |
1.42 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.98 |
1.01 |
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Current Ratio (Current Asset/Current Liability) |
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2.72 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SHREE SHIV VIJAY
PROCESSORS PRIVATE LIMITED |
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Presented By |
MR. DAYAKISHAN
AGARWAL |
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1) Date and description of instrument creating the change |
Agreement of Term
Loan and Hypothecation of Movable Assets / Goods / Property / Plant and
Machinery dated 24.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.175
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 |
Rajdeep make Coal
fired steam boiler. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 3.25 % over BPLR subject to a minimum of 14 % pa.. Repayable in
monthly installment of Rs. 0.020 Million s starting from June 2005 and so on
till the entire loan is repaid. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Gipipura Branch |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Modification of
Charges |
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Charge identification
number of the charge to be modified |
90094880 |
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Corporate
identity number of the company |
U17119GJ1992PTC018641 |
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Name of the
company |
SHIV VIJAY PROCESSORS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Plot No. 258/1, GIDC, Pandesara, |
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Type of charge |
Movable property Floating charge Others |
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Particular of
charge holder |
Bank of Subhash Chowk Gipipura Branch |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of Hypothecation |
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Date of instrument
Creating the charge |
31.03.2007 |
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Amount secured by
the charge |
Rs. 2.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest 0.50 % below the Bank’s
benchmark prime Lending Rate rising or falling therewith a minimum of 12 %
p.a. with monthly rests. Terms of
repayment Cash Credit
Repayable on demand Margin Stock 25 % Extent and
operation of the charge The charge will operate
as continuing security for the total outstanding balance in the credit
facilities accounts including interest, additional interest, penal interest,
etc. Others All those the
movable specified in the Principal deed of hypothecation dated 16.02.1996 as
also in supplemental deed of hypothecation shall with effect from 31.03.2007
constitute security to the Bank not only for the original advance / limit
abut also for the additional / increased advance limit. |
|
Short particulars
of the property charged |
All the company’s
stock, raw materials, finished and semi finished goods, stores, spares prts,
packing materials etc, sitated at 258/1, GIDC Pandesara or elsewhere. |
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Date of latest
modification prior to the present modification |
06.11.1996 |
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Particulars of
the present modification |
The Bank has
increased the Cash Credit Limit to Rs. 2.500 Millions from the present level
of Rs. 1.450 Millions |
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.40.57 |
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|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.54.57 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
34 |
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 |
|