MIRA
INFORM REPORT
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Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
STRATA GEOSYSTEMS INDIA PRIVATE LIMITED |
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Registered Office : |
317, Tantia Jogani Industrial Premises, J R Boricha Marg, Lower Parel,
Mumbai – 400011, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.09.2004 |
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Com. Reg. No.: |
11-148625 |
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CIN No.: [Company
Identification No.] |
U17299MH2004PTC148625 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS44304B |
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PAN No.: [Permanent
Account No.] |
AAICS3717K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Soil Reinforcement Products, Designers
and Installers of Soil Containment Systems. |
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 605 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an Indo US Joint Venture and has registered substantial
accumulated losses. Its payments are correct and as per commitments. Financial positions are moderate. The company can be considered for any business dealings at usual trade
terms and conditions with some caution. |
INFORMATION PARTED
BY
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Name : |
Mr. J. R. Rankrishnan |
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Designation : |
Manager in Accounts |
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Date : |
10.07.2008 |
LOCATIONS
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Registered Office : |
317, Tantia Jogani Industrial Premises, J R Boricha Marg, Lower Parel,
Mumbai – 400011, Maharashtra, India |
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Tel. No.: |
91-22-40635100/ 23016906 |
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Fax No.: |
91-22-40635199/ 23018114 |
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E-Mail : |
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Website : |
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Area : |
Leased |
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Location : |
600 sq. ft. |
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Corporate Office
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3, Matulya Centre A, Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India |
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Tel No.: |
91-22-24939913 |
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Fax No.: |
91-22-24950925 |
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Email : |
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Factory : |
Plot No.42/64, Silver Industrial Estate, Bimpore, Daman, India |
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Area : |
3700 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ashok Bhawnani |
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Designation : |
Director |
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Address : |
6 Park View, Little Gibbs Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
12.03.1951 |
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Date of Appointment : |
15.09.2004 |
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Name : |
Mr. Michael Bruce Dorfman |
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Designation : |
Director |
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Address : |
4397 Rustling Wood Drive, Denver – 28037, USA |
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Date of Birth/Age : |
13.03.1943 |
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Date of Appointment : |
21.03.2007 |
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Name : |
Mr. Harrolld Till |
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Designation : |
Director |
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Name : |
Mr. Chip Fuller |
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Designation : |
Director |
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Address : |
3150 Rockport Dr Cumming, Georgia, Georgia 30041, USA |
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Date of Birth/Age : |
20.02.1951 |
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Date of Appointment : |
25.10.2004 |
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Name : |
Mr. Sandeep Ramkrishnan Shriya |
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Designation : |
Director |
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Address : |
17, Jaldrshan, 51 Nepean Sea Road, Grant Road, Grant Road, Mumbai –
40036, Maharashtra, India |
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Date of Birth/Age : |
19.11.1963 |
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Date of Appointment : |
15.09.2004 |
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Name : |
Mr. Stelzner Glenn Paul Burke |
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Designation : |
Director |
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Address : |
210 Brierwood Road, Statesville NC28677 Statesville, USA |
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Date of Birth/Age : |
01.01.1935 |
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Date of Appointment : |
25.10.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Ashok Bhawnani |
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5000 |
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Mr. Sandeep Ramkrishnan Shriya |
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5000 |
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Omnitex Industries (India) Limited |
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110059 |
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John Boyle and company INC. |
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120059 |
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Total |
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240118 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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50.00 |
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Bodies Corporate (not mentioned above) |
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49.75 |
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Directors or relatives of director |
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0.25 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Soil Reinforcement Products, Designers and
Installers of Soil Containment Systems. |
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Products : |
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Imports : |
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Products : |
Polish Yarn |
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Countries : |
Korea |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
20 |
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Bankers : |
Cumballa Hill Branch, Mumbai - 400026, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. G. Verma and Company Chartered Accountant |
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Name : |
Manek and Associates Chartered Accountant |
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Address : |
3 Shantikunj, 17 Prathana Samaj Road, Ville Parle (East), Mumbai –
400057, Maharashtra, India |
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Joint Venture : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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399988 |
Equity Shares |
Rs.10/- each |
Rs.4.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
1.175 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.879) |
(2.759) |
(1.026) |
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NETWORTH |
0.121 |
1.241 |
0.149 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
8.388 |
1.885 |
0.234 |
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TOTAL BORROWING |
8.388 |
1.885 |
0.234 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.509 |
3.126 |
0.383 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.585 |
0.588 |
0.062 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.851
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5.957 |
0.000 |
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Sundry Debtors |
4.326
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0.000 |
0.000 |
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Cash & Bank Balances |
0.497
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0.159 |
0.316 |
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Other Current Assets |
0.730
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0.000 |
0.000 |
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Loans & Advances |
0.697
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0.167 |
0.020 |
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Total
Current Assets |
8.101
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6.283 |
0.336 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.216
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3.803 |
0.093 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
1.216
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3.803 |
0.093 |
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Net Current Assets |
6.885
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2.480 |
0.243 |
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MISCELLANEOUS EXPENSES |
0.039 |
0.058 |
0.078 |
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TOTAL |
8.509 |
3.126 |
0.383 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover (Estimated) |
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20.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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79.37
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4.58 |
2.19 |
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Current Ratio (Current Asset/Current Liability) |
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6.66
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1.65 |
3.61 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
- Soma
Enterprises
- IRB
Infrastructure
Website Details
Profile:
Subject is a joint venture of Strata
Systems Inc., U.S.A. and Omnitex Industries (India)
Limited.
Subject is a one stop geosynthetic shop for applications
like reinforced soil walls, soil stabilization, ground improvement, river
training & coastal production, and engineered land cliffs. It delivers
international quality geosynthetic solutions at competitive prices on time. Its
committed team of experienced civil engineers, supervisors and technicians
ensures timely installation.
For over a decade, Strata Systems Inc., U.S.A. has been at
the forefront of the geosynthetic industry in the development of new technology
and products for soil reinforcement.
Strata Systems has refined the science of soil
reinforcement. Their success is a direct result of the power of STRATAGRID
performance and its ability to solve common civil engineering problems. Through
a combination of the highest quality people and products, Strata Systems has
become the soil reinforcement industry leader in the U.S.A.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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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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27 |
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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