MIRA INFORM REPORT

 

 

Report Date :

27.10.2007

 

IDENTIFICATION DETAILS

 

Name :

S R FOILS LIMITED

 

 

Registered Office :

2nd Floor, Vardhman Plaza - II, J Block, Community Centre, Rajouri Garden, New Delhi – 110 027, Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

12.02.1993

 

 

Com. Reg. No.:

55-52148

 

 

CIN No.:

[Company Identification No.]

U74899DL1993PLC052148

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS20745E / DELS23075D

 

 

PAN No.:

[Permanent Account No.]

AAACE1544N

 

 

Legal Form :

A Closely Held Public Limited Liability Company.

 

 

Line of Business :

Manufacturer of Aluminium Foil Rolls, Chapatti Wrap Tissue Napkins and Wet Tissues.

 

 

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 122000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having mediocre tract. Profit margin is low. Trade relations are 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 :

2nd Floor, Vardhman Plaza - II, J Block, Community Centre, Rajouri Garden, New Delhi – 110 027, Delhi, India

Tel. No.:

91-11-41444855/ 25152918/ 25155242/ 25162419

Fax No.:

91-11-41444695

E-Mail :

info@srfoils.net , accounts@srfoils.net

Website :

http://www.srfoils.net

Location :

Owned

 

 

Factory 1 :

BE-63, Hari Nagar, New Delhi-110064, India

Tel. No.:

91-11-25125662

Fax No.:

91-11-25125662

E-Mail :

srfoil@del3.vsnl.net.in

Location :

Owned

 

 

Factory 2 :

812/G-1, Plot No. 27 and 27A, Industrial Area, Bhiwadi, Alwar – 301 019, Rajasthan, India

Tel. No.:

91-1493-220866

Fax No.:

91-1493-224193

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr.  Rakesh Gupta

Designation :

Whole Time Director

Date of Birth/Age :

16.08.1965

Date of Appointment :

12.02.1993

 

 

Name :

Mr. Rishi Gupta

Designation :

Director

Date of Birth/Age :

13.03.1968

Date of Appointment :

12.02.1993

 

 

Name :

Ms. Shashi Gupta

Designation :

Director

Date of Birth/Age :

21.05.1965

Date of Appointment :

12.02.1993

 

 

Name :

Mr. Manoj Sharma

Designation :

Director

Address :

F-31, Rajouri Garden, New Delhi, India

Date of Appointment :

15.03.1993

 

 

Name :

Mrs. Kavita Sharma

Designation :

Director

Address :

F-31, Rajouri Garden, New Delhi, India

Date of Appointment :

15.03.1993

 

 

Name :

Mr. Inder K Sharma

Designation :

Director

Address :

F-31, Rajouri Garden, New Delhi, India

Date of Appointment :

15.03.1993

 

 

Name :

Mr. R C Gupta

Designation :

Director

Address :

E-15, Sector – XI, Noida – 201 301, Uttar Pradesh, India

Date of Appointment :

15.03.1993

 

 

Name :

Mrs. Shanta Gupta 

Designation :

Director

Address :

E-15, Sector – XI, Noida – 201 301, Uttar Pradesh, India

Date of Appointment :

15.03.1993

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Manoj Sharma

 

100

Mrs. Kavita Sharma

 

100

Mr. Inder K Sharma

 

100

Mr.  Rakesh Gupta

 

100

Ms. Shashi Gupta

 

100

Mr. R C Gupta

 

100

Mrs. Shanta Gupta 

 

100

Total

 

700

 

Names of Shareholders

 

Percentage of Holding

Bodies Corporate

 

10.00

Directors or Relatives of Directors

 

90.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Aluminium Foil Rolls, Chapatti Wrap Tissue Napkins and Wet Tissues.

 

 

Products :

*      Aluminium Foil Rolls

*      Chapatti Wrap Tissue Napkins

*      Wet Tissues

 

 

Exports :

 

Products :

It does not export and sells locally

Countries :

 

 

 

Imports :

 

Products :

Raw  Materials

Countries :

France and China

 

 

Terms :

 

Selling :

Cash or Credit basis

 

 

Purchasing :

On Credit basis

 

 

GENERAL INFORMATION

 

No. of Employees :

About 200

 

 

Bankers :

*      Canara Bank, J 6 Community Centre, Rajouri Garden, New Delhi – 110 027, Delhi, India

 

*      State Bank of India, Commercial Branch, Nehru Place, New Delhi – 110 019, India

 

 

Facilities :

The company enjoys lmortgage facilities from Canara Bank of Rs. 3.000 millions.

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

G. S. Kohli and Company

Chartered Accountant

Address :

A R A Centre, E-Jhandewalan Extension, New Delhi – 110 055, India

 

 

Associates :

˜                  R. S. Hygiene Private Limited (Now: S R Foils and Tissues Limted)

             -- Manufacturers of Aluminium Foil

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,800,000

Equity Shares

Rs. 10/- each

Rs. 18.000 millions

   200,000

Preference Shares

Rs. 10/- each

Rs.   2.000 millions

 

Total

 

Rs. 20.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,462,264

Equity Shares

Rs. 10/- each

Rs. 14.623 millions

117,588

Preference Shares

Rs. 10/- each

Rs.   1.176 millions

 

Total

 

Rs. 15.799 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

 

15.799

13.815

2 Reserves & Surplus

 

14.637

4.274

NETWORTH

 

30.436

18.089

LOAN FUNDS

 

 

 

1] Secured Loans

 

79.298

22.210

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

79.298

22.210

DEFERRED TAX LIABILITIES

 

0.306

0.344

 

 

 

 

TOTAL

 

110.040

40.643

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

12.060

4.809

Capital work-in-progress

 

22.729

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

71.562

40.570

 

Sundry Debtors
 

57.159

9.130

 

Cash & Bank Balances
 

6.285

4.975

 

Loans & Advances
 

5.970

3.375

Total Current Assets
 

140.976

58.050

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

62.243

20.233

 

Provisions
 

3.494

2.007

Total Current Liabilities
 

65.737

22.240

Net Current Assets
 

75.239

35.810

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.012

0.024

 

 

 

 

TOTAL

 

110.040

40.643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

31.03.2005

Sales Turnover

 

160.270

80.113

Other Income

 

0.399

0.186

Total Income

 

160.669

80.299

 

 

 

 

Profit/(Loss) Before Tax

 

1.732

0.729

Provision for Taxation

 

0.000

0.000

Profit/(Loss) After Tax

 

1.732

0.729

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

 

129.301

67.269

 

Increase/(Decrease) in Finished Goods

 

(4.850)

(3.860)

 

Salaries, Wages, Bonus, etc.

 

4.454

3.802

 

Payment to Auditors

 

0.044

0.025

 

Interest

 

6.571

2.376

 

Insurance Expenses

 

0.403

0.234

 

Power & Fuel

 

0.401

0.252

 

Depreciation & Amortization

 

1.653

0.781

 

Other Expenditure

 

20.960

8.691

Total Expenditure

 

34.486

16.161

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

1.07

0.90

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.07

0.90

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

0.98

1.16

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.05

0.40

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

5.77

3.47

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.14

2.61

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The Registered Office has been shifted from BE-63, Hari Nagar, New Delhi-110064, India to present w.e.f. 29.09.2006.

 

Form 8

 

Corporation identity number (CIN) or foreign company registrations number of the company 

U74899DL1993PLC052148

Name of the company

S R FOILS LIMITED

Address

2nd Floor, Vardhman Plaza - II, J Block, Community Centre, Rajouri Garden, New Delhi – 110 027, Delhi

This Form is for

Creation of charge

Type of Charges

Equitable mortgage or mortgage of property by depositing the title deeds.

Particular of the charge holder 

State Bank of India

Commercial Branch, Nehru Place, New Delhi – 110 019, India

Nature or description of the instrument creating charge  

Letter evidencing deposite of title deeds

Date of the instrument creating charge

14.03.2006

Amount Secure by the charge

Rs. 159.100 millions

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

The above limits are collatery secured by the property mentioned bellow

Description of the property charge whether it is a charge on

Immovable properties

Modification charge

Charge identification number of the charge to be modified

--

Date of instrument modifying the charge

14.03.2006

Particulars of the Property charged  

261 Vardhman Plaza 2, J Block, Community Centre, New Delhi, India

 

As Per Web:

 

History

 

S.R. Foils Limited incorporated in 1993 is engaged in manufacturing of Home Foils, Disposable Aluminum Tray, Cling Films and Tissue Paper products. Recipient of “Udyog Patra Award” the promoters of S.R. Foils have an experience of 23 years. Manufacturers of India’s largest selling “Home Foil” and pioneers in the food wrapping Aluminum foil industry, the group is committed to support the existing and future requirements for all types of catering and hospitality industry, bakery customer base and house-hold usage.

 

S.R. Group are a team of technically trained professionals with dedicated know-how and positive attitude, provide quality performance in the production of all fabricated products to meet the exacting requirements of a cross section of client base.



The Company supports 24 stock points spread all over India and 450 odd distributors and converts volumes of upto 250MT. Of core raw material every month to cater to specific orders. The Staff of technicians provide innovative concepts tailored to meet everyone’s individual requirements. The company has installed a modern state-of-the art plant at Bhiwadi (Rajasthan), a latest up coming industrial area, with machinery imported from best known manufacturers in the world. Highly skilled personnel manufacture the products under most hygienic conditions.

Products made by the S.R. Group, comprise of Aluminum foils, Tissues and Cling Films, and make sure that every customer gets products of their exacting specification backed with prompt service.



S.R. Group also provides an economical solution where large volumes of catering is done like Flight Kitchens, Railway Canteens, and to the Hospitality industry by providing a large variety of Institutional Packaging solutions.

 

Products

 


Aluminum Foil Products

- Aluminum Foils

- Chappati Wraps

- Cutsheets

- Aluminum Foil Containers

Tissue Paper Products

- Tissue Napkin

- Tissue Rolls

- Facial Tissue

- Wet Tissue

Cling Film Products

- Cling Film Wraps

 

 

 

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.39.51

UK Pound

1

Rs.81.61

Euro

1

Rs.56.76

 

 

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

NO

--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.

 

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