MIRA INFORM REPORT

 

 

Report Date :

31.10.2007

 

IDENTIFICATION DETAILS

 

Name :

S R FOILS AND TISSUE LIMITED

 

 

Formerly Known As :

RS HYGIENE PRIVATE LIMITED

 

 

Registered Office :

2nd Floor, Vardhman Plaza, II, ‘J’ Block Community Centre, Raajouri garden, New Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

21.07.1997

 

 

Com. Reg. No.:

88633

 

 

CIN No.:

[Company Identification No.]

U24246DL1997PLC088633

 

 

Legal Form :

A closely held public limited liability company

 

 

Line of Business :

Manufacturer and Exporter of Aluminum Foil Product, Tissue Paper Products & Cling Films Products

 

 

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 130000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Directors are reported as experience and respectable businessmen. Trade relations are reported as fair. Business is active. 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, Raajouri garden, New Delhi, India

Tel. No.:

91-11-41444855

Mobile No.:

91-9810024255

Fax No.:

91-11-41444695

E-Mail :

bhiwadi@srfoils.net

 

 

Factory  :

812/G-1, Plot No 27, Samtel Zone Industrial Area, Bhiwadi, Rajasthan – 301019

 

 

DIRECTORS

 

Name :

Mr. Rishy Gupta

Designation :

Director

 

 

Name :

Mr. Rakesh Gupta

Designation :

Director

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Aluminum Foil Product, Tissue Paper Products & Cling Films Products

 

 

Exports :

 

Countries :

Mid East

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Foil Products

MT

 

 

2700

Tissue Paper Products

MT

 

 

5500

Cling Film Products

MT

 

 

750

 

 

GENERAL INFORMATION

 

Suppliers :
  • Basir Khan Contractor
  • Beautex India Private Limited
  • Jyoti Motors
  • Omni Plast Private Limited
  • Tara Chand Xata
  • The Metal
  • Three Star Agency Private Limited
  • Victor Electricals and Mechanical
  • Zenith Rubber Private Limited
  • Nepras Marketing
  • Rajendra Tools Equipment
  • Shanghai Grace Trading Company
  • S. G. Industries
  • Jitendra Singh Taneja 

 

 

Customers :
  • Air India – Bombay, Mumbai
  • Alka Hotel
  • Haryana Tourism Corporation Limited
  • Indian Airlines Limited
  • J D Polymers
  • Deniex International
  • Haldi Ram Manufacturing Company Private Limited
  • Jet Airways India Private Limited
  • Koel Tourist Complex
  • Laxmi Sales Corporation
  • Taj Air Caterers
  • The Postmaster General
  • Vivek Trading Corporation
  • Western Railway
  • Northern Traders
  • Oberoi Flight Catering

 

 

No. of Employees :

About 500

 

 

Bankers :
  • Standard Chartered Bank
  • American Express Bank
  • Canara Bank, Rajouri Garden, New Delhi 
  • Kotak Mahindra
  • State Bank of Bikaner and Jaipur
  • HDFC Bank

 

 

Facilities :

Secured Loan

Rs in Millions

C/C A/c with Canara Bank, Rajouri Garden, New Delhi 

33.160

Term Loan form Rajasthan Financial Corporation, Bhiwadi

12.193

Machinery Loan – Canara bank

1.502

Kotak Mahindra - Truck Loan

0.211

Total

47.066

 

 

Banking Relations :

Satisfactory

 

 

Financial Institution :

Cholamandalam Finance

Rajasthan Financial Corporation, Bhiwadi 

 

 

 

Auditors :

 

Name :

G. S. Kohli and Company

Chartered Accountants

Address :

A. R. A. Centre, E – 2, Jhandewalan Extn., New Delhi – 110055, India

Tel. No.:

91-11-23521330 / 23615648

Res. No.:

91-11-25798484 / 22726306

Fax No.:

91-11-23615648

E-Mail :

gskohli_co@yahoo.co.in

 

 

Associates/Subsidiaries :

S. R. Foils Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

30,00,000

Equity Shares

Rs. 10/- each

Rs. 30.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

13,29,600

Equity Shares

Rs. 10/- each

Rs. 13.296 Millions

 

Share Application Money

 

Rs. 13.854 Millions

 

Total

 

Rs. 27.150 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

 

13.296

15.546

2] Share Application Money

 

13.854

0.000

3] Reserves & Surplus

 

5.968

0.315

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

33.118

15.861

LOAN FUNDS

 

 

 

1] Secured Loans

 

47.066

30.181

2] Unsecured Loans

 

0.000

3.000

TOTAL BORROWING

 

47.066

33.181

DEFERRED TAX LIABILITIES

 

 

 

 

 

 

 

TOTAL

 

80.184

49.042

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

20.579

18.645

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

44.829

30.462

 

Sundry Debtors
 

35.732

19.764

 

Cash & Bank Balances
 

6.367

1.907

 

Other Current Assets
 

0.062

0.203

 

Loans & Advances
 

11.324

4.260

Total Current Assets
 

98.314

56.596

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities

 

37.043

25.076

 

Provisions

 

1.690

1.159

Total Current Liabilities
 

38.733

26.235

Net Current Assets
 

59.581

30.361

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.024

0.036

 

 

 

 

TOTAL

 

80.184

49.042

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004

 

 

 

 

Sales Turnover

 

164.295

113.475

Other Income

 

44.935

30.535

Total Income

 

209.230

144.010

 

 

 

 

Profit/(Loss) Before Tax

 

2.937

1.203

Provision for Taxation

 

0.630

0.133

Profit/(Loss) After Tax

 

2.307

1.070

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

33.881

29.690

 

Capital Goods

 

1.833

0.893

Total Imports

 

35.714

30.583

 

 

 

 

Expenditures :

 

 

 

 

Advertisement Expenses

 

5.344

5.742

 

Purchases made for re-sale

 

134.708

95.383

 

Salaries, Wages, Bonus, etc.

 

0.270

0.307

 

Managerial Remuneration

 

0.360

0.300

 

Legal and Professional Expenses

 

0.303

0.099

 

Interest

 

7.288

4.978

 

Insurance Expenses

 

0.350

0.284

 

Power & Fuel

 

1.210

0.798

 

Depreciation & Amortization

 

2.539

2.290

 

Other Expenditure

 

53.921

32.626

Total Expenditure

 

206.293

142.807

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2005

31.03.2004

PAT / Total Income

(%)
 

1.11

0.74

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

1.79

1.06

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

2.47

1.60

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.09

0.08

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

2.59

3.75

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.54

2.16

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Fixed Assets

 

 

 

 

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.39.40

UK Pound

1

Rs.81.12

Euro

1

Rs.56.69

 

 

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

6

--PROFITABILIRY

1~10

4

--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.

 

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