MIRA
INFORM REPORT
|
Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHIVANG CREATIONS PRIVATE LIMITED |
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Registered Office : |
B/4 Royal Industrial Estate, Naigoan Cross Road, Wadala, Mumbai
– 400031, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.04.2002 |
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Com. Reg. No.: |
11-135430 |
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CIN No.: [Company
Identification No.] |
U22190MH2002PTC135430 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS36825F |
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PAN No.: [Permanent
Account No.] |
AAGCS2993D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Engaged in the pre-printing of stationary for office use. |
RATING &
COMMENTS
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 6 years old company having moderate track. Its
profitability is under severe pressure having huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for any business dealings on safe and
secured trade terms and conditions, in view of huge accumulated losses. |
LOCATIONS
|
Registered Office : |
B/4 Royal Industrial Estate, Naigoan Cross Road, Wadala,
Mumbai – 400031, Maharashtra, India |
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Tel. No.: |
91-22-66624985 / 86 |
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Fax No.: |
91-22-66624990 / 24147414 |
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E-Mail : |
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Website : |
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Area : |
1200 sq. ft. |
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Location : |
Owned |
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Branch Office : |
D-107 MIDC, Nerul, Navi Mumbai
- 400 706 |
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Tel. No.: |
91-22-27670980 |
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E-Mail : |
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Branch Office : |
2nd Floor, Kohinoor
Estate, Opposite Big Bazar, Lowerparel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-66624987 / 88 / 89 /90 |
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E-Mail : |
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DIRECTORS
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Name : |
Mr. Sanjay K Panchmatia |
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Designation : |
Director |
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Address : |
Riverview Apartments, Above Navgrah Mandir, 57 Saniwar Peth, Mumbai –
411030, Maharashtra, India |
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Date of Appointment : |
06.04.2002 |
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Name : |
Mr. Nitish N Shah |
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Designation : |
Director |
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Address : |
404, Kalindi Building, Neelkant Valley, 7th Rajwadi Road,
Ghatkopar [East], Mumbai – 400077, Maharashtra, India |
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Date of Appointment : |
05.04.2002 |
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Name : |
Ms. Sonali D Dutta |
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Designation : |
Director |
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Address : |
23/501 Evershine Millenium Paradise, Thakur Village Kandivali [East],
Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
24.05.1970 |
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Date of Appointment : |
12.01.2004 |
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Name : |
Ms. Saroj A Singh |
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Designation : |
Whole Time Director |
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Address : |
01/A, Kashi Bhuvan, Dixit Road Extension, Vile Parle [East], Mumbai –
400057, Maharashtra, India |
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Date of Appointment : |
12.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay K Panchmatia Nalini S Panchmatia |
|
52000 |
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Nalini S Panchmatia Sanjay K Panchmatia |
|
52500 |
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Prakash K Panchmatia Heena P Panchmatia |
|
52500 |
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Heena P Panchmatia Prakash K Panchmatia |
|
52500 |
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Nitish N Shah Nita N Shah |
|
105000 |
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Nita N Shah Nitish N Shah |
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105000 |
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Sonali D Dutta |
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183500 |
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Saroj A Singh |
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190000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in the pre-printing of stationary for office use. |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
Apna Bank Bhavan, Dr. S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Paresh B. shah and Company Chartered Accountants |
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Address : |
A/63/603, Safalta, Anand Nagar, Dahisar [East], Mumbai – 400068,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
812,600 |
Equity Shares |
Rs. 10/- each |
Rs. 8.126 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.126 |
8.126 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
[10.214] |
[12.566] |
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NETWORTH |
|
[2.088] |
[4.440] |
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LOAN FUNDS |
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1] Secured Loans |
|
28.783 |
30.054 |
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2] Unsecured Loans |
|
2.146 |
4.657 |
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TOTAL BORROWING |
|
30.929 |
34.711 |
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DEFERRED TAX LIABILITIES |
|
1.820 |
1.963 |
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TOTAL |
|
30.661 |
32.234 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.181 |
22.918 |
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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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0.500 |
0.500 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.138 |
1.139 |
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Sundry Debtors |
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14.319 |
11.927 |
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Cash & Bank Balances |
|
0.315 |
0.303 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.458 |
1.095 |
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Total
Current Assets |
|
18.230 |
14.464 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.624 |
5.017 |
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Provisions |
|
0.720 |
0.744 |
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Total
Current Liabilities |
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16.344 |
5.761 |
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Net Current Assets |
|
1.886 |
8.703 |
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MISCELLANEOUS EXPENSES |
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0.094 |
0.113 |
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TOTAL |
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30.661 |
32.234 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
32.661 |
23.117 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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32.661 |
23.117 |
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Profit/(Loss) Before Tax |
|
2.274 |
0.207 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
2.274 |
0.207 |
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Expenditures : |
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Depreciation & Amortization |
|
3.734 |
3.549 |
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Other Expenditure |
|
26.653 |
19.361 |
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Total Expenditure |
|
30.387 |
22.910 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
6.96 |
0.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
6.96 |
0.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.90 |
0.55 |
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Return on Investment (ROI) (PBT/Networth) |
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(1.09) |
(0.05) |
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Debt Equity Ratio (Total Liability/Networth) |
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(22.64) |
(9.12) |
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Current Ratio (Current Asset/Current Liability) |
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1.12 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
Shivang Creations Private
Limited |
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Presented By |
Shivang Creations Private Limited And Apna Sahakari
Bank Limited, Apna Bank Bhavan, Dr. S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement of hypothecation
of movable property dated 09.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.700
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 |
All the Stocks,
tangible movable property etc. and more particularly as shown in the above
referred Agreement dated 09.11.2004 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 16 % p.a. or at such other rate as may from time to time be fixed by the
Bank and notified to the Borrower. Other terms and
conditions as per above referred agreement dated 09.11.2004 |
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5) Name and Address and description of the person entitled to the charge. |
Apna Sahakari Bank Limited, Apna Bank Bhavan, Dr. S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U22190MH2002PTC135430 |
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Name of the
company |
SHIVANG CREATIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
B/4 Royal Industrial Estate, Naigoan
Cross Road, Wadala, Mumbai – 400031, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Apna Sahakari Bank Limited, Apna Bank Bhavan, Dr. S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of movable property |
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Date of instrument
Creating the charge |
26.07.2007 |
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Amount secured by
the charge |
Rs. 2.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 16.00
% p.a. Terms of Repayment
As per Banks Rule
Margin As per RBI/H.O.
Rules Extent and
Operation of the charge Security to cover
principal amount together with interest, costs, charges, expenses etc. |
|
Short particulars
of the property charged |
Hypothecation of
Stock and Book Debts and Collateral Securities B / 9, Royal Industrial
Estate, Wadala |
AS PER WEBSITE
Profile
Subject is a one stop shop prepress house. Subject
undertakes and executes all jobs pertaining to Scanning of transperancies, artwork,
negatives and bromides on their AGFA XY15 high end scanner. Proofing of jobs,
which has become an essential aspect of any print job today, is done on the
AGFA Grand Sherpa Proofer. This facility has in fact helped the clients and
agencies since it achieves as good as offset Print Quality.
They are going thru a transitional phase where most of the jobs are getting
digitised which includes the basic such as photography. Digital photographs are
to be treated to achieve the appropriate colour which is done by using
software’s for colour correction.
In these times with India on a growth course, all of them want to give their
client the best they can have. With so many software’s at their disposal has at
times led to confusion. Subject provides their services by preparing the
compatible file for their client by checking various parameters needed to
prepare a particular format which can be outputted. They work with the AGFA
work flow system to deliver this.
Outdoor publicity material like vinyl, flex, sunboard mounting is also provided
to their clients. And now, like their other co-prepress houses in India, their
activities do not end here. They are the only prepress house, in order to give
their clients an edge, to have opted for the COMPUTER TO PLATE (CTP) production
line. While the other houses give their clients positives which reproduce
second generation dot to the client, they give their client CTP plates which
reproduce a first generation dot and hence much better quality of print.
World over there has been a shift to CTP technology with even the Newspapers
opting for this technology. They take pride to have embraced this thought about
four years ago when this line of thought was discounted. Today they are the
only prepress house to have this technology and more have installed another
assembly line, one each at Lower Parel and Nerul to cover Mumbai and Navi
Mumbai respectively.
Testimonial
Being the only prepress house to have achieved this in INDIA till date
has only motivated them further to work harder which would not have been
achived without the uncondutional support of their esteemed clientele.
All thru their presence they have stood firm in catering to clients who value
quality and believe in deadlines. They manage to do this with their trained
manpower which works 24/7 and work on both platforms PCs and MACs. It has been
their endeavour to be the best and service the best which was strengthened
further when their work was recognised with a GOLD AWARD at the 4th ASIAN PRINT AWARDS held at SHANGHAI, CHINA last year.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.92 |
|
UK Pound |
1 |
Rs.79.31 |
|
Euro |
1 |
Rs.60.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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 |
|