MIRA INFORM REPORT

 

 

Report Date :

22.11.2007

 

IDENTIFICATION DETAILS

 

Name :

SCHIFFER AND MENEZES INDIA PRIVATE LIMITED

 

 

Registered Office :

CMM Building, Rua de ourem, Panaji, Goa – 403001

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

11.09.1997

 

 

Com. Reg. No.:

002433

 

 

CIN No.:

[Company Identification No.]

U28122GA1997PTC002433

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRM06046F

 

 

PAN No.:

[Permanent Account No.]

AACCM0106E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Tooth Brushes

 

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 162056

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments. Financial position is good.

 

The company can be considered good for any normal business dealings. It can be regarded as a promising business partner is a medium to long rune. 

 

 

LOCATIONS

 

Registered Office :

CMM Building, Rua de ourem, Panaji, Goa – 403001, Goa, India

Tel. No.:

91-832-6680193/6680194

Mobile No.:

 

Fax No.:

91-832-6680199

E-Mail :

schiffer@sancharnet.in

Website :

www.schiffer-menezes.com

 

 

DIRECTORS

 

Name :

Ganesh Krishna Bhat

Designation :

Director

Address :

Vaishali House No. 264/22, Green Valley Housing Colony, Porvorm – 403514, Bardez Goa

Date of Birth/Age :

03.09.1951

Date of Appointment :

11.03.1999

 

 

Name :

Dsouza Monica Celine

Designation :

Director

Address :

Sea Breeze Apartments, Miramar Panaji-403001, North Goa, Goa

Date of Birth/Age :

04.07.1938

Date of Appointment :

11.03.1999

 

 

Name :

Neurekar vaikunt Anil

Designation :

Director

Address :

PJM Mansion Tonca, Caranalem – 403001, North Goa, Goa

Date of Birth/Age :

13.07.1954

Date of Appointment :

11.03.1999

 

 

Name :

Gulani Kamiyar Parvis

Designation :

Director

Address :

IM Birkenfeld 4, Germany – 65799, Kelkheim

Date of Birth/Age :

19.10.1944

Date of Appointment :

11.03.1999

 

 

Name :

Nils Terje Vestheim

Designation :

Director

Address :

Bergensveien  Oslo – 380963, Norway

Date of Birth/Age :

25.03.1950

Date of Appointment :

07.03.2003

 

 

Name :

Cedric Maria Eloy Jose Menezes

Designation :

Managing Director

Address :

House No. 43, Atinho Panaji – 403001, Goa, India

Date of Birth/Age :

13.05.1957

Date of Appointment :

01.04.2005

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Sadashiv V Shet

Designation :

Company Secretary

Address :

S – 15, Jairam Complex, Nevginagar, Panaji, Goa

Tel No.:

91-832-2427847/2421237

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Nathan Menezes

 

37500

Brandon Menezes

 

37500

Schiffer Ind

 

37500

Dental Hygiene Products Limited

 

37500

Total

 

150000

 

 

 

Category

 

Percentage

Foreign Holdings (Foreign institutional investor(s), Foreign companies(s), Foreign financial institution(s), Non-resident Indian(s),or Overseas corporate bodies or others

 

50.00

Directors

 

50.00

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Tooth Brushes

 

 

Exports :

 

Countries :

·         Southeast

·         Asia

 

 

 

GENERAL INFORMATION

 

 

 

No. of Employees :

1000

 

 

Bankers :

Bank of Baroda, Panaji Branch, Goa

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

M/s P V Bhandare and Company

Chartered Accountants

Address :

SF/1, Sukerkar Mansion, Near Government Printing Press, Panaji – 403001, Goa

Tel. No.:

91-832-2426689/2424120

Fax No.:

91-832-2426689

E-Mail :

pvb@sancharnet.in

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

150000

Equity shares

Rs.100/- each

Rs.15.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

15000000

Equity shares

Rs.100/- each

Rs.15000.000 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

 

15.000

15.000

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

25.514

24.802

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

40.514

39.802

LOAN FUNDS

 

 

 

1] Secured Loans

 

20.889

0.000

2] Unsecured Loans

 

10.421

5.647

TOTAL BORROWING

 

31.310

5.647

DEFERRED TAX LIABILITIES

 

5.807

5.217

 

 

 

 

TOTAL

 

77.631

50.666

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

79.171

63.804

Capital work-in-progress

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

17.974

3.203

 

Sundry Debtors
 

14.109

0.393

 

Cash & Bank Balances
 

1.953

5.370

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

10.576

3.899

Total Current Assets
 

44.612

12.865

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

45.201

23.607

 

Provisions
 

2.019

2.420

Total Current Liabilities
 

47.220

26.027

Net Current Assets
 

(2.608)

(13.162)

 

 

 

 

MISCELLANEOUS EXPENSES

 

1.068

0.024

 

 

 

 

TOTAL

 

77.631

50.666

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

38.844

26.218

Other Income

 

0.512

0.968

Total Income

 

39.356

27.186

 

 

 

 

Profit/(Loss) Before Tax

 

1.400

1.602

Provision for Taxation

 

0.680

0.998

Profit/(Loss) After Tax

 

0.720

0.604

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

0.000

0.000

 

Commission Earnings

 

0.000

0.000

 

Other Earnings

 

38.691

26.080

Total Earnings

 

38.691

26.080

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

10.235

2.441

 

Stores & Spares

 

0.193

0.175

 

Capital Goods

 

17.323

0.000

 

Others

 

0.000

0.000

Total Imports

 

27.751

2.616

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.83

2.22

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

3.60

6.11

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

1.13

2.09

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.03

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.94

0.82

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

0.94

0.49

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

See Their Company Profile:

 

Manufacturing toothbrushes. 100% export oriented unit. Sales all over the globe. Looking for manufacturers of nylon filaments, PET gag films, masterbatches for injection moulding, polypropylene (PP) and thermo last (tpe).

 

Form 8

 

Corporation identity number or foreign company registrations number of the company 

U28122GA1997PTC002433

Name of the company

SCHIFFER AND MENEZES INDIA PRIVATE LIMITED

Address

CMM Building, Rua de ourem, Panaji, Goa – 403001, Goa, India

This Form is for

Creation of Charge

Type of Charges

·         Immovable Property

·         Book debts

·         Others

Particular of the charge holder 

Bank of India

Panaji Branch, Opposite Azad Maidan, Post Box No.- 236 Panaji – 403001, Goa, India

Nature or description of the instrument creating charge  

  • Composite Hypothecation Agreement
  • Letter of confirmation of creation of mortgage
  • Letter of installment with acceleration clause
  • Memorandum of entry

Date of the instrument creating charge

06.06.2007

Amount Secure by the charge

Rs.17.150 Millions

Brief of the principal terms and conditions and extent and operation of the charge

  • Rate of interest – 0.25% over BPLR i.e. 13.50% p.a., At present with monthly rests considering me category
  • Terms Of repayment – Repayable in 59 instalments of Rs.2,86,000/- each and last installment of Rs.276000/-, Repayment to start six Months after initial disbursement.
  • Margin – 30% On building construction and 25% on machineries
  • Extent and operation of the charge – First charge on company immovable property, current assets viz, Raw materials, Stores and Spares, Work in progress finishes goods, book debts, and Hypothecation of movable machinery by way of equitable mortgage to the extent of Rs.17150000/-

 

Description of the property charge whether it is a charge on

-

Modification charge

Charge identification number of the charge to be modified

 

Date of instrument modifying the charge

06.06.2007

Particulars of the Property charged  

  • Hypothecation of company’s movable property as mentioned in second schedule of composite hypothecation agreement
  • Equitable mortgage of company immovable property as mention in the second Schedlue  of memorandum entry

 

 

Presented By

 

1) Date and description of instrument creating the change
  • Instrument of hypothecation of goods
  • Hypothecation of Book debts
  • Hypothecation of machinery
  • Letter of confirmation of mortgage creating extension supplemental memorandum of entry

All Dated 11th November 2005

2) Amount secured by the charge/amount owing on the securities of charge

FCNR (B) Terms Loan Rs.15.000 Millions

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

Hypothecation of all stock of raw materials, Stores , Spares , Stock in process and finished goods, Consisting of toothbrushes.

 Hypothecation of all the machinery installed at DTA as per list attached

Extension of equitable mortgage by deposit of title deeds of immovable property at plot no. L27 admeasuring 10640 sq. mts. At the property known as verna industrial estate, phase IIA neither registered in the land registreation office nor registrered in the taluka revenue office and  situated in the village panchayat limit of quelossim village, Taluka salcete, district south Goa and Goa state and all building Structures, Plant and machinery, Furniture and future both present and future whether attached to each or permently fasted to anything attached to earth and bounded as follows:

On or towards the east 20 mts. Wide IDC Road

On or towards the west Plot No. L-25

On or towards the north plot no. L – 26

On or towards the South Plot No. L-28DC Road

20 mts. wide ng attached to earth and bounded as follows:uture both present and future whether attached to each or perm

4) Gist of the terms and conditions and extent and operation of the charge.
  • Rate of interest- 275 BPS over 3 month LIBOR for the entire loan period irrespective of credit rating.
  • Margin: 47.36%
  • Repayment: Repayment in equal 36 monthly installments.

5) Name and Address and description of the person entitled to the charge.

Bank of Baroda, Panaji, Goa

6) Date  and brief description of instrument modifying the charge

Not Applicable

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.

Not Applicable

 

 

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.39.39

UK Pound

1

Rs.81.49

Euro

1

Rs.58.49

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

54

 

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

 

 

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