MIRA
INFORM REPORT
|
Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHREENKIN LABELS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
7/63, EWS Colony, Siddharth Nagar, No. 5, Goregaon (West), Mumbai-400062,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
29.05.1997 |
|
|
|
|
Com. Reg. No.: |
11-108363 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25209MH21997PTC108363 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNES15672G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCS6093F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of PVC Heat Shrink Labels, Multicolor
Labels, P.V.C Sleves, Sleeever Pouches and Performed Caps |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Unknown |
|
|
|
|
Comments : |
Financial position of the company is poor having huge accumulated
losses. The company’s payments are slow and delayed. It would be prudent to deal with the company on fully safe and secured
trade terms and conditions only. |
LOCATIONS
|
Registered Office : |
7/63, EWS Colony, Siddharth Nagar, No. 5, Goregaon (West),
Mumbai-400062, Maharashtra, India |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
D – 3/4/5, Sagar Sangam Industrial Estate, Satvli, Vasai (East),
Mumbai-401208, Maharashtra, India |
|
Tel. No.: |
91-250-2480752/ 2480287 |
|
Fax No.: |
91-250-2481705 |
|
Mobile No.: |
91-9820316756 |
|
E-Mail : |
|
|
Area : |
20 x 40 sq mtr (Owned) |
DIRECTORS
|
Name : |
Mr. Niketan Bahilala Brahmbhatt |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
31/32, Narmada Niwas, Topiwala Wadi, Station Road, Goregaion (West),
Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
21.08.1961 |
|
Qualification : |
S.S.C |
|
Date of Appointment : |
29.05.1997 |
|
|
|
|
Name : |
Mr. Vikas Bhilal Brahmbhatt |
|
Designation : |
Director |
|
Address : |
7/63, EWS Colony, Sidhartha Nagar, No. 5, Goregaon (West),
Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
03.11.1963 |
|
Date of Appointment : |
29.05.1997 |
|
|
|
|
Name : |
Mrs. Trupti Niketan Brahmbgatt |
|
Designation : |
Director |
|
Address : |
31/32, Narmada Niwas, Topiwala Wadi, Station Road, Goregaion (West),
Mumbai-400062, Maharashtra, India |
|
Date of Birth/Age : |
06.01.1967 |
|
Date of Appointment : |
01.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2003
|
Names of Shareholders |
|
No. of Shares |
|
Niketan B Brahmbhatta |
|
198850 |
|
Vikas B Brahmbhatta |
|
145450 |
|
Hemant S Patel |
|
100 |
|
Sushilaben B Brahmbhatta |
|
5000 |
|
Trupti N Brahmbhatta |
|
10000 |
|
Total |
|
359400 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.07.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of PVC Heat Shrink Labels, Multicolor
Labels, P.V.C Sleves, Sleeever Pouches and Performed Caps |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
GENERAL
INFORMATION
|
No. of Employees : |
23 |
|
|
|
|
Bankers : |
Dena Bank, Kandivali
(East) Branch, Mumbai. India |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Agarwal Pramod and Company Chartered Accountant |
|
Address : |
5, Gandhi Sadan, New Nagardas Road, Andheri (East), Mumbai-400069, Maharashtra,
India |
CAPITAL STRUCTURE
As on 29.09.2007
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 |
|
359400 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.594
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.594 |
3.594 |
|
|
2] Share Application Money |
|
0.000 |
0.269 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[9.653] |
[9.149] |
|
|
NETWORTH |
|
[6.059] |
[5.286] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
5.866 |
7.665 |
|
|
2] Unsecured Loans |
|
4.901 |
1.433 |
|
|
TOTAL BORROWING |
|
10.767 |
9.098 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
4.708 |
3.812 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
9.230 |
7.031 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.005 |
0.005 |
|
|
DEFERREX TAX ASSETS |
|
2.505 |
2.120 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.931 |
1.443 |
|
|
Sundry Debtors |
|
6.680 |
8.103 |
|
|
Cash & Bank Balances |
|
0.393 |
0.088 |
|
|
Other Current Assets |
|
0.235 |
0.000 |
|
|
Loans & Advances |
|
0.000 |
0.172 |
|
Total
Current Assets |
|
9.239 |
9.806 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
16.491 |
15.406 |
|
|
Provisions |
|
0.055 |
0.064 |
|
Total
Current Liabilities |
|
16.546 |
15.470 |
|
|
Net Current Assets |
|
[7.307] |
[5.664] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.275 |
0.320 |
|
|
|
|
|
|
|
|
TOTAL |
|
4.708 |
3.812 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
24.126 |
29.189 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
24.126 |
29.189 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[0.834] |
1.335 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
[0.834] |
1.335 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.143 |
1.433 |
|
|
Depreciation & Amortization |
|
1.279 |
1.003 |
|
|
Other Expenditure |
|
22.538 |
25.418 |
|
Total Expenditure |
|
24.960 |
27.854 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[3.46] |
4.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[3.46] |
4.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[4.52] |
7.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.14] |
[0.25] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
[4.51] |
[4.64] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.56 |
0.63 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SHREENKIN LABELS PRIVATE LIMITED |
|
Presented By |
Dena Bank,
Kandivali (East) Branch, Mumabi. India |
|
1) Date and description of instrument creating the change |
Unattested
Agreement of Hypothecation of Goods, Book Debts and other movable assets both
dated 17th day of November, 1997, and made between Shreenkin
Labels Private Limited, (therein and hereinafter referred to as “the
borrower”) of the one part and Dena Bank (therein and hereinafter referred to
as “the Bank”) of the other part; hereinafter both the Agreement referred to
as “ the Priciple Agreements” |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.000
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 by
the borrower, in favour of the bank, by way of first charge, and as prime
security of all the present and future movable fixed assets including plant
and machinery and tools, stores, spares, accessories, equipments etc.
situated at the factory premises of the borrower at 5-D, Sagar Sangam,
Sativali, Vasai (East)m District Thane, or elsewhere and whether such plant
and machinery installed or not lying loose or in cases and in transit to Sativali
or whichever and whatever nature and the possession and occupation of
borrower and hypothecation by the bank as an additional security, by first
charge, of all the present future stock in trade consisting raw materials,
goods in process, finished good, spares, packing materials etc. and situate
at the factory premises of borrower at Satvali, Vasai (East), or wheresoever
and of whatsoever nature, and hypothecation of all present and future Book
Debts, moneys, outstandings, receivables, bills, claims, contracts,
engagements etc. and rights to and in the movable securities and assets which
are now due and owing to the borrower and which may hereafter become due and
owing to the borrower by any person, firm, company, Government of India, any
State Government, Semi Government bodies, body corporates, Indians Railways,
Local Civic and Municipal authorities, Industrial concerns, and public sector
undertaking and projected etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
a) Hypothecation
by the borrower , in favour of the bank, of all the present and future
movable fixed assets including plant and machinery, as prime security, and
hypothecation as an additional security of all the stock in trade and book
debts etc. as security for payment by the borrower to the bank, of all the
amounts due and payable in respect of Letters of Credit –cum – Term Loan
arrangement for Rs. 12.000 Millions with interest, costs, charges, expenses
etc. Interest: 9.25%
over the bank rate with a minimum of 18.25% p.a. or at such other rate or
ratesas may be decided by the bank from time to time and for L/C usual. Repayment : Term
Loan shall be repaid in 5 years in 20 Quarterly installments of Rs. 0.600
Million each, and the first installments due on quarter ending June 1998 b) Powers to
inspect, to sell, to take possession, to insure, to appoint receiver etc. |
|
5) Name and Address and description of the person entitled to the charge. |
Dena Bank,
Kandivali (West) Branch, Mumbai, India |
|
6) Date and brief description of instrument modifying the charge |
Simple Equitable
Mortgage by deposit of Title Deeds dated the 17th February,1998,
created by the borrower in favour of the bank, hereinafter referred to as
“the First Modification” No instrument having been executed. |
|
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. |
a) Simple Equitable
Mortgage by deposit of Title Deeds dated 17th February, 1998,
created by the borrower, in favour of the bank, in respect of the immovable
property of the borrower situate at Industrial Gala Nos. D/3, D/4 D/5
situate at Sagar Sangam Industrial Estate, Village Sativali, Tal Vasai,
District Thane, Maharashtra, India bearing S. No. 69, Hissa No. 2. A and 2B,
within the Village Panchayat vasai and admeasuring 76, 74, 89, 53 and 96.93
sq meters respectively and land under the units together with other structures,
fixtures, fittings, fixed plant and machinery, electrical installation etc;
now constructed, after to be constructed erecter installed thereon, both
present and future as security for by the borrower to the bank of all amounts
due, payable and outstanding in respect of Letter of Credit
– Cum – Term Loan arrangement of Rs. 12.000 Millions with interest compound
interest, additional interest further interest in case of default, charges,
expenses, commitment charges liquidated damages, premia on prepare or on
redemption commission etc; b) save as
modified under the First Modification the Principle Agreement to remain in
full for and effect |
AS
PER WEBSITE
Profile:
Subject., introduces
themselves as a noted manufacturer
and exporter of high
quality PVC Heat Shrink abels. Their product range
include PVC Heat Shrink Labels,
Multicolor Labels, PVC Sleeves, etc. The company primarily
deals in the production of reverse printed multicolor PVC Heat Shrink Labels,
'U' fold films, Preformed caps, Plain or printed, manufacturing in tube form
having width 30mm to 700mm minimum thickness 20 micron and developed Label
width having 305 mm of 8 colors. All their products are manufactured by
employing latest innovative technologies by following standardized
manufacturing practices and norms. Their products are widely applicable in
various sectors such as Pharma, Agro, Chemicals, Cosmetics, Food and Mineral
Water Industries. Their PVC Shrink Labels have Tamper proof and Greater
Transparency features, which enhance the product appearance.
Quality and Infrastructure
They are a quality driven organization working with the only motto of providing
unmatched products at highly competitive prices to their valued clients. Every
product is manufactured under the strict supervision of diligent quality
inspectors that facilitates error free production from every level. They have
the ability to provide the finest designs and best productions consistently to
their domestic and overseas clients. The entire manufacturing is undertaken
under one roof on imported machines such as gluing machine, etc. They are
equipped with huge storage facilities and a wide distribution network to ensure
timely completion of the orders
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 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.42.49 |
|
UK Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.66.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
-- |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
6 |
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 |
|