MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SALASAR YARNS PRIVATE LIMITED |
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Registered Office : |
5007, 5TH Floor, World Trade Centre, Near Parag House, Ring
Road, Surat – 395002, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.12.1999 |
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Com. Reg. No.: |
04-37044 |
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CIN No.: [Company
Identification No.] |
U17110GJ1999PTC037044 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS00208F |
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PAN No.: [Permanent
Account No.] |
AAFCS4194R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Yarn and Commission Agent |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track. Directors are reported as experienced 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. Mr. Sandeep Doshi declined to part with any information without
knowing the name of the original inquirer. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Sandeep Doshi |
|
Date : |
04.06.2008 |
LOCATIONS
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Registered Office : |
5007, 5TH Floor, World Trade Centre, Near Parag House, Ring
Road, Surat – 395002, Gujarat |
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Tel. No.: |
91-261-2349981 |
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Mobile No.: |
91-9825123695 |
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Fax No.: |
91-261-2310804 |
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E-Mail : |
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Website : |
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Corporate Office : |
8th First Floor Dutch House Dutch Road, Nanpura, Surat –
395002, Gujarat, India |
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Tel. No.: |
91-261-3293460 |
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Fax No.: |
91-261-2463627 |
DIRECTORS
|
Name : |
Mr. Mahesh R. Agrawal |
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Designation : |
Executive Director |
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Address : |
2-E, Geeta Apartment, Palia Street, Nanpura, Surat – 395003 |
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Date of Birth/Age : |
08.06.1964 |
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Date of Appointment : |
20.12.1999 |
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Date of Ceasing : |
31.03.2004 |
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Name : |
Mrs. Aruna V. Garg |
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Designation : |
Executive Director |
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Address : |
1004, Krutika Apartment, Bhatar Road, Surat |
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Date of Birth/Age : |
21.05.1965 |
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Date of Appointment : |
20.12.1999 |
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Date of Ceasing : |
31.03.2004 |
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Name : |
Mrs. Raj R. Todi |
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Designation : |
Director |
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Address : |
504, Malhar Complex, Ichchhanath Road, Surat – 395007 |
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Date of Birth/Age : |
04.08.1977 |
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Date of Appointment : |
20.12.1999 |
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Date of Ceasing : |
05.04.2004 |
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Name : |
Ms. Dimple s. Todi |
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Designation : |
Director |
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Address : |
504, Malhar Complex, Ichchhanath Road, Surat – 395007 |
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Date of Birth/Age : |
29.09.1974 |
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Date of Appointment : |
20.12.1999 |
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Date of Ceasing : |
05.04.2004 |
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Name : |
Mr. Sanjaykumar B. Todi |
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Designation : |
Director |
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Address : |
504, Malhar Complex, Ichchhanath Road, Surat – 395007 |
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Date of Birth/Age : |
17.11.1968 |
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Date of Appointment : |
06.02.2004 |
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Name : |
Mr. Rajeshkumar B. Todi |
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Designation : |
Director |
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Address : |
504, Malhar Complex, Ichchhanath Road, Surat – 395007 |
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Date of Birth/Age : |
24.06.1972 |
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Date of Appointment : |
05.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Raj R. Todi |
|
3100 |
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Mr. Balkrishna Keshavdev Khemka |
|
100 |
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Mr. Govind Khemka |
|
100 |
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Mr. Shyam Khemka |
|
100 |
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Mr. Kishan Ratilal Agrawal |
|
100 |
|
M/s. Hanuman Coke Plant Private Limited |
|
100000 |
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Ms. Shreya Synthetics |
|
100 |
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Mr. Sanjay Bagla |
|
100 |
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Mr. Rajesh Badriprasad Todi |
|
6300 |
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Total |
|
110000 |
AS ON 29.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
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|
Bodies corporate |
|
83.43 |
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Directors or relatives of directors |
|
16.56 |
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Other top fifty shareholders |
|
0.01 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Yarn and Commission Agent |
GENERAL
INFORMATION
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No. of Employees : |
About 40 |
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Bankers : |
The Dhanalakshmi Bank Limited, 3rd Floor, Surat Vankar Bhawan,
Ring Road, Surat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Todi Tulsyan and Company Chartered Accountant |
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Address : |
4049, Silk City Textile Market, Ring Road, Surat – 395002, Gujarat,
India 2072, Ambaji Market, Kamela Darwaja, Ring Road, Surat – 395002,
Gujarat, India |
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Tel. No.: |
91-79- 2355293 , 2335704 |
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Associates/Subsidiaries : |
Salasar Nylons Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1930433 |
Equity Shares |
Rs. 10/- Each |
Rs. 19.304 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
19.304 |
9.721 |
7.721 |
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2] Share Application Money |
0.001 |
11.784 |
0.000 |
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3] Reserves & Surplus |
20.890 |
1.213 |
0.267 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
40.195 |
22.718 |
7.988 |
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LOAN FUNDS |
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1] Secured Loans |
3.533 |
19.394 |
5.728 |
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2] Unsecured Loans |
15.762 |
30.658 |
34.747 |
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TOTAL BORROWING |
19.295 |
50.052 |
40.475 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.011 |
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TOTAL |
59.490 |
72.770 |
48.474 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.037 |
1.854 |
0.477 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
0.016 |
0.007 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
41.371
|
25.388 |
22.628 |
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Sundry Debtors |
35.021
|
43.886 |
28.708 |
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Cash & Bank Balances |
0.215
|
0.315 |
0.182 |
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Receivables |
0.679
|
8.392 |
4.942 |
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Loans & Advances |
3.203
|
0.700 |
1.993 |
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Total
Current Assets |
80.489
|
78.681 |
58.453 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
22.324
|
8.022 |
11.068 |
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|
0.325
|
0.394 |
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Total
Current Liabilities |
22.649
|
8.416 |
11.068 |
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Net Current Assets |
57.840
|
70.265 |
47.385 |
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MISCELLANEOUS EXPENSES |
0.097 |
0.144 |
0.112 |
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TOTAL |
59.490 |
72.770 |
48.474 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 [Estimated] |
31.03.2006 |
31.03.2005 |
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|
Sales Turnover |
200.000 |
209.179 |
140.177 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
209.179 |
140.177 |
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Profit/(Loss) Before Tax |
|
1.344 |
0.535 |
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Provision for Taxation |
|
0.415 |
0.333 |
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Profit/(Loss) After Tax |
|
0.929 |
0.202 |
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Imports : |
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Total Imports |
|
138.255 |
0.000 |
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Expenditures : |
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Depreciation & Amortization |
|
6.031 |
2.660 |
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Other Expenditure |
|
195.773 |
134.322 |
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Total Expenditure |
|
201.804 |
136.982 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
0.44 |
0.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.64 |
0.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.67 |
0.91 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.06 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
2.57 |
6.45 |
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Current Ratio (Current Asset/Current Liability) |
|
3.55
|
9.34 |
5.28 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
SALASAR YARNS PRIVATE LIMITED |
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Presented By |
Mr. Rajesh B. Todi |
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1) Date and description of instrument creating the change |
Dated 30.08.2005 Agreement of hypothecation |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 15.000 Millions |
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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 |
Polyester, Nylon Yarns and all other movable assets including book
debts of the company |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest @ BPLR – 1.50% Margin will be 30% on stock and 50% on book debts ILC/FLC Rs. 10.000 Millions Cash Margin – 10% on ILC/FLC |
|
5) Name and Address and description of the person entitled to the
charge. |
The Dhanalakshmi Bank Limited, 3rd Floor, Surat Vankar
Bhawan, Ring Road, Surat |
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6) Date and brief description
of instrument modifying the charge |
Not Available |
|
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 Available |
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Corporate
identity number of the company |
U17110GJ1999PTC037044 |
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Name of the
company |
SALASAR YARNS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
5007, 5TH Floor, World Trade Centre, Near Parag House, Ring
Road, Surat – 395002, Gujarat |
|
This form is for |
Modification of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
The Dhanalakshmi Bank Limited, 3rd Floor, Surat Vankar
Bhawan, Ring Road, Surat – 395002, Gujarat, India |
|
Amount secured by
the charge |
25.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
A per agreement |
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Description of the
property charged indicating whether it is a charged on |
|
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Particulars of
the property charged |
Polyester, Nylo
yarns and all other movable assets including book debts of the company |
|
Charge identification
number of the charge to be modified |
80001422 |
|
Brief description
of the instrument modifying the charge under section 135 |
Agreement of
hypothecation [Goods and Book debts] |
|
Date of
instrument modifying the charge |
31.03.2006 |
|
Particulars of
the present modification |
Cash credit limit
enhanced from Rs. 15.000 Millions to Rs. 25.000 Millions |
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
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 |
NO |
|
--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/normal. |
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 |
|