MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
SNOWDROP BRISTLERS PRIVATE LIMITED |
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Registered Office : |
78, Suryakiran Complex, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.02.1997 |
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Com. Reg. No.: |
04-31792 |
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CIN No.: [Company
Identification No.] |
U36998GJ1997PTC031792 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS02993E |
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PAN No.: [Permanent
Account No.] |
AADCS3000L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of All kind and Types of tooth brushes, tooth
picks and other related Dental Hygine Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track. Trade relations are
fair. No payment records or banking relations are known. The company can be considered fro small to mediocre business dealings
on safe and secured trade terms and
conditions. |
LOCATIONS
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Registered Office/ Factory : |
78, Suryakiran Complex, |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Cyrus Jehanbux Driver |
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Designation : |
Director |
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Address : |
303, Surbhi Flat, Opposite Dinesh Tiles, |
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Date of Birth/Age : |
12.04.1950 |
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Date of Appointment : |
26.02.1997 |
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Name : |
Mr. Nilesh Jayant Shukla |
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Designation : |
Director |
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Address : |
6-Amrapali Behind, Mental Hospital, Karelibaug, Vadodara-390018, |
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Date of Appointment : |
17.11.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2006
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Names of Shareholders |
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No. of Shares |
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Cyrus Jehanbux Driver |
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24 |
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Amigo Securities Private Limited |
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80640 |
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Geeta Amit Goradia |
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255374 |
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Subir Amit Goradia |
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10 |
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Total |
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336048 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2006
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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24.00 |
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Other Top Fifty ( 50) Shareholders (Other than listed above) |
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76.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of All kind and Types of tooth brushes,
tooth picks and other related Dental Hygine Products. |
GENERAL INFORMATION
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Bankers : |
Industrial Development Bank of India Limited, IDBI Tower WTC Complex,
Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Mr. Pradip Shah Chartered Accountant |
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Address : |
2nd Floor, 222, Unique Trade Centre, Opposite Surya Hotel,
Sayjgunj, Baroda-390005, |
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Associates/Subsidiaries : |
·
Jewel Brushes Private Limited ·
Unident Brushes Private Limited ·
S and G Moulders Private Limited ·
Rose Packers Private Limited ·
Amigo Brushes Private Limited ·
Tulip Processors Private Limited |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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336048 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.360
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.360 |
3.360 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[1.178] |
[0.791] |
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NETWORTH |
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2.182 |
2.569 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.667 |
0.690 |
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TOTAL BORROWING |
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0.667 |
0.690 |
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DEFERRED TAX LIABILITIES |
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0.620 |
0.814 |
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TOTAL |
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3.469 |
4.073 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.312 |
3.009 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.928 |
1.443 |
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Cash & Bank Balances |
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0.043 |
0.052 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.303 |
0.242 |
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Total
Current Assets |
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1.274 |
1.737 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.119 |
0.069 |
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Provisions |
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0.000 |
0.608 |
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Total
Current Liabilities |
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0.119 |
0.677 |
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Net Current Assets |
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1.155 |
1.060 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.004 |
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TOTAL |
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3.469 |
4.073 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Job Work Income |
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0.319 |
1.452 |
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Other Income |
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0.002 |
0.000 |
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Total Income |
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0.321 |
1.452 |
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Profit/(Loss) Before Tax |
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[0.580] |
[0.274] |
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Provision for Taxation |
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[0.193] |
[0.061] |
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Profit/(Loss) After Tax |
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[0.387] |
[0.213] |
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Expenditures : |
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Manufacturing Expenses |
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0.124 |
0.088 |
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Interest and Bank Charges |
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0.075 |
0.120 |
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Depreciation & Amortization |
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0.697 |
1.517 |
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Other Expenditure |
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0.005 |
0.001 |
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Total Expenditure |
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0.901 |
1.726 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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[120.56] |
[14.67] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[181.82] |
[18.87] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[16.17] |
[5.77] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.27] |
[0.11] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.36 |
0.53 |
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Current Ratio (Current Asset/Current Liability) |
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10.71 |
2.57 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SNOWDROP BRISTLERS PRIVATE LIMITED |
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Presented By |
Jointly by
Company and the Chargeholder |
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1) Date and description of instrument creating the change |
Joint Agreement
for Hypothecation of Goods and Assets dated 13.06.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Rs. 90.000
Millions of banking facility sanctioned to Jewel Brush Group Companies. (Term Loan)
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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 |
( 1) All Present
and future goods, book-debts and all other current assets of the Borrower
including documents of title to the goods, outstanding moneys, receivables on
exclusive charge basis (2) All Present
and future movable fixed assets including machineries belonging to or in the
Possession of the company on first pari-passu charge with Citi Bank N.A |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
: LTPLR – 4.75%, Present effective 9.75% p.a. payable at monthly rest Tenor : 36 months
/ repayable in 11 quarterly installments |
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5) Name and Address and description of the person entitled to the charge. |
Industrial Development Bank of India Limited, IDBI Tower WTC Complex,
Cuffe Parade, Mumbai-400005, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36998GJ1997PTC031792 |
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Name of the
company |
SNOWDROP BRISTLERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
78, Suryakiran
Complex, |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Industrial Development Bank of India Limited, IDBI Tower WTC Complex,
Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Plant and Machinery for Credit Facility of Rs. 35.000
Millions granted by IDBI Limited to M/S Inident Brushes Limited |
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Date of
instrument Creating the charge |
28.09.2006 |
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Amount secured by
the charge |
Rs. 35.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR – 0.50%,
Presently 11.00% p.a. rate of interest. Terms of Repayment
Fund Based Term
Loan of Rs. 25.000 Millions Repayment in 24 monthly installments after 12
months moratorium. For non Fund
based limit of Rs. 10.000 Millions as stipulated in sanction letter. Margin Nil Extent and
Operation of the charge All present and
Future movable Fixed Assets of the Company hypothecated as guarantor for
credit facility fo Rs. 35.000 Millions granted by IDBI Limited to Unident
Brushes Limited |
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Short particulars
of the property charged |
First Pari passu
charge on all movable fixed assets (Present and Future ) of the company. |
Fixed Assets:
·
Bristling Machine
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Pollution Control
Equipments
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Mould, Dias and Fixtures
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Air Conditioner
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Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.49 |
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1 |
Rs.71.89 |
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Euro |
1 |
Rs.67.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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20 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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