MIRA
INFORM REPORT
|
Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SUCHIT POLYSHRINK PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A/2, 903-904, Sanket Apartments, Near Rajhans Cinema, Dumas Road,
Surat – 395007, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
19.08.2003 |
|
|
|
|
Com. Reg. No.: |
04-042769 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25209GJ2003PTC042769 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS03623E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Shrink Labels, Plane PVC Shrink Flims. |
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. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having moderate track. It
has huge accumulated losses and will take some time to be wiped – off. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Chitralekha Suresh Iyer |
|
Designation : |
Director |
|
Date : |
18.04.2008 |
LOCATIONS
|
Registered Office : |
A/2, 903-904, Sanket Apartments, Near Rajhans Cinema, Dumas Road,
Surat – 395007, Gujarat, India |
|
Tel. No.: |
91-261-2840485/ 2840169 |
|
Fax No.: |
91-261-2840052 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3200 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Branch / Factory 1: |
Shop No.117, IOA Complex, 1st Floor, 69 Royabettah High
Road, Chennai – 600014, Tamilnadu, India |
|
Location : |
Rented |
|
|
|
|
Factory 2: |
42, GIDC, Inchhapore – Bhatpore, Near GAIL, Sachin Hazira Road, Surat
– 394510, Gujarat, India |
|
Tel. No.: |
91-261-2840485/ 2840169 |
|
Fax No.: |
91-261-2840052 |
DIRECTORS
|
Name : |
Mrs. Chitralekha Suresh Iyer |
|
Designation : |
Director |
|
Address : |
A/2, 903-904, Sanket Apartments, Near Rajhans Cinema, Dumas Road,
Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
11.11.1974 |
|
Qualification : |
M. A. |
|
Date of Appointment : |
28.08.2003 |
|
|
|
|
Name : |
Mr. Suresh Venkatraman Iyer |
|
Designation : |
Director |
|
Address : |
A/2, 903-904, Sanket Apartments, Near Rajhans Cinema, Dumas Road,
Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
12.08.1968 |
|
Qualification : |
B. E. Chemical Engineering, MBA |
|
Date of Appointment : |
28.08.2003 |
|
|
|
|
Name : |
Mr. Subramaniam Venkatraman Iyer |
|
Designation : |
Director |
|
Address : |
A/2, 903-904, Sanket Apartments, Near Rajhans Cinema, Dumas Road,
Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
31.05.1939 |
|
Qualification : |
M. A., C Physic. |
|
Date of Appointment : |
28.08.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Suresh Venkatraman Iyer |
|
72500 |
|
Mr. Subramaniam Venkatraman Iyer |
|
72500 |
|
Mrs. Rajlaxmi V. Iyer |
|
52500 |
|
Mrs. Chitralekha Suresh Iyer |
|
52500 |
|
|
|
|
|
Total |
|
250000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Shrink Labels, Plane PVC Shrink Flims. |
|
|
|
|
Products : |
·
Shrink Labels ·
Plane PVC Shrink Flims |
|
|
|
|
Exports : |
|
|
Countries : |
·
Sri Lanka ·
USA ·
European Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
Credit (30-60 days) |
GENERAL
INFORMATION
|
Customers : |
·
Traders ·
Manufacturers |
|
|
|
|
No. of Employees : |
50 |
|
|
|
|
Bankers : |
·
HDFC Bank Surat Branch, Kashi Plaza ·
Allahabad Bank Nanpura, Surat – 395001, Gujarat, India |
|
|
|
|
Facilities : |
CC |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S B Vaidya and Company Chartered Accountant |
|
Address : |
201-202, Shankheshwar Complex, Above Girish Group of Hospital Nanpura,
Surat – 395001, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each
|
Rs.2.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
1.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(4.850) |
(5.018) |
(5.123) |
|
|
NETWORTH |
(2.350) |
(2.518) |
(3.723) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.015 |
5.102 |
5.378 |
|
|
2] Unsecured Loans |
21.481 |
23.351 |
21.402 |
|
|
TOTAL BORROWING |
30.496 |
28.453 |
26.780 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28.146 |
25.935 |
23.057 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.639 |
20.934 |
21.582 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.888
|
1.764 |
0.000 |
|
|
Sundry Debtors |
6.669
|
2.728 |
0.000 |
|
|
Cash & Bank Balances |
1.441
|
0.297 |
0.000 |
|
|
Other Current Assets |
0.000
|
2.000 |
0.000 |
|
|
Loans & Advances |
2.436
|
1.405 |
5.120 |
|
Total
Current Assets |
12.434
|
8.194 |
5.120 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4.741
|
2.917 |
3.501 |
|
|
Provisions |
0.186
|
0.276 |
0.144 |
|
Total
Current Liabilities |
4.927
|
3.193 |
3.645 |
|
|
Net Current Assets |
7.507
|
5.001 |
1.475 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28.146 |
25.935 |
23.057 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
22.600 |
16.800 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
22.600 |
16.800 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.119 |
0.059 |
|
Provision for Taxation |
|
(0.052) |
0.000 |
|
Profit/(Loss) After Tax |
|
0.171 |
0.059 |
|
|
|
|
|
|
Total Expenditure |
|
22.481 |
16.741 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.76
|
0.35 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
0.35 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.36
|
0.20 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
(0.02) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(15.07)
|
(12.57) |
(8.17) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
2.57 |
1.40 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U25209GJ2003PTC042769 |
|
Name of the
Company |
SUCHIT POLYSHRINK PRIVATE LIMITED |
|
Address |
A/2, 903-904, Sanket Apartments, Near Rajhans Cinema, Dumas Road,
Surat – 395007, Gujarat |
|
This form is for |
Creation of Charge |
|
Type of Charge |
Immovable
Property Book Debts Movable Property (not
being pledge) Floating Charge |
|
Particulars of
the charge holder |
Allahabad Bank Nanpura, Surat –
395001, Gujarat, India |
|
Nature or description
of the instrument(s) creating or modifying the charge |
Hypothecation of
Plant and machinery, stock of raw materials, semi finished and finished
shrink flims etc. and assignment book debts Mortgage of
property situated at Plot No.42, GIDC Ichapore, Bhatpore, Taluka-Chorysi,
District Surat and Flat No.A/2/903/904, Sanskrut Apartments B/H Rajhans
Cinema, Dumar Road, Surat |
|
Date of the
instrument creating or modifying the charge |
16.03.2007 |
|
Amount secured by
the charge |
Rs.7.623 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 0.50% less than
BPLR i.e. 12.00% WMR (Present BPLR 12.50%) for cash credit BPLR i.e. 12.50%
for Terms Loan. Terms of
Repayment: Period 12 months
subject to review every year Margin: 25% on stock and
Book Debts upto 90 days for cash credit 25% For Term Loan Extent and
operation of the charge: Individual Limits
within the aggregate amount secured to be seceded between the company and
book debts from time to time. |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
Plant and machinery, stock of raw materials, semi finished and finished
shrink flims etc. and assignment book debts Mortgage of property
situated at Plot No.42, GIDC Ichapore, Bhatpore, Taluka-Chorysi, District
Surat and Flat No.A/2/903/904, Sanskrut Apartments B/H Rajhans Cinema, Dumar
Road, Surat |
|
Particular of the
present modification |
NA |
|
Name of the company |
SUCHIT POLYSHRINK PRIVATE LIMITED |
|
Presented By |
Mr. Suresh
Venkatraman Iyer |
|
1) Date and description of instrument creating the change |
General letter of
Hypothecation Dated 29.03.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Letter of
mortgage confirming deposit of title deeds date 29.03.2004, Rs.11.330
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
: ·
Stock ·
Book Debts ·
Machineries Equitable
Mortgage of following properties : ·
Plot No.42
GIDC, Ichhapore, Bhatpore, Surat ·
Flat No.9A
City Crown Apartment, Susrat ·
Flat
No.903/904 sankrut Apartment, Surat |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per Deed
Enclosed |
|
5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank Nanpura, Surat –
395001, Gujarat, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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 |
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.39.96 |
|
UK Pound |
1 |
Rs.78.66 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
26 |
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 |
|