MIRA
INFORM REPORT
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Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SRI CHAKRA PRINTS PRIVATE LIMITED |
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Formerly Known As : |
WAYNE ALLOYS STEELS PRIVATE LIMITED |
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Registered Office : |
C 399, MIDC, TTC, Industrial Area, Turbhe, Thane – 400 024,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.04.1994 |
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Com. Reg. No.: |
11-77986 |
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CIN No.: [Company
Identification No.] |
U99999MH1994PTC077986 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Iron and Stainless Steel, Alloy Ferrous
or Non Ferrous Metal. |
RATING &
COMMENTS
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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 14000 |
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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 undertaking job
work. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
C 399, MIDC, TTC, Industrial Area, Turbhe, Thane – 400 024,
Maharashtra, India |
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Tel. No.: |
91-22-27681927 |
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Fax No.: |
91-22-27681927 |
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E-Mail : |
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Corporate Office: |
A - 497, TTC Industrial Area, Mahape Navi Mumbai – 400 705,
Maharashtra, India |
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Tel. No.: |
91-780-2814201 |
DIRECTORS
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Name : |
Mrs. Sunita Lalwani |
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Designation : |
Director |
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Address : |
4/193, Vijay Nivas, Station road, Wadala , Mumbai – 400 031,
Maharashtra, India |
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Date of Birth/Age : |
09.04.1945 |
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Date of Appointment : |
27.05.2002 |
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Name : |
Mr. Sampat Ganeshmal Jain |
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Designation : |
Director |
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Address : |
Suchandra, Sector -20, Plot No. G -21, Belapur, Navi Mumbai - 400
6214, Maharashtra, India |
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Date of Birth/Age : |
21.05.1941 |
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Date of Appointment : |
27.05.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mrs. Sunita Lalwani |
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1250 |
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Mr. Sampat Ganeshmal Jain |
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1250 |
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Total
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2500 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007)
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Iron and Stainless Steel, Alloy Ferrous
or Non Ferrous Metal. |
GENERAL
INFORMATION
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Bankers : |
· Bank of India Wadala West
Branch Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Neerav M Sanghavi Chartered Accountants |
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Address : |
Satyam Shopping Centre, “A” Wing Basement – 5, M G Road, Ghatkopar
(East), Mumbai – 400 077, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500 |
Equity Shares |
Rs. 100/- each |
Rs. 0.250
million |
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 |
0.250 |
0.250 |
0.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.002 |
0.040 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.252 |
0.290 |
0.250 |
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LOAN FUNDS |
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1] Secured Loans |
5.227 |
0.608 |
0.000 |
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2] Unsecured Loans |
2.100 |
1.003 |
0.000 |
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TOTAL BORROWING |
7.327 |
1.611 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.046 |
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TOTAL |
10.579 |
1.901 |
0.296 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.483 |
1.997 |
0.748 |
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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 |
1.811
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1.622 |
0.000 |
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Sundry Debtors |
9.411
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0.550 |
0.240 |
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Cash & Bank Balances |
0.319
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0.312 |
0.235 |
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Other Current Assets |
0.000
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0.151 |
0.008 |
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Loans & Advances |
5.199
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0.954 |
0.176 |
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Total
Current Assets |
16.740
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3.589 |
0.659 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
8.999
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3.528 |
1.220 |
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Provisions |
3.645
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0.158 |
0.012 |
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Total
Current Liabilities |
12.644
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3.686 |
1.232 |
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Net Current Assets |
4.096
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[0.097] |
[0.573] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.121 |
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TOTAL |
10.579 |
1.901 |
0.296 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover
(Estimated) |
12.500 |
1.500 |
0.500 |
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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6.14
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18.26 |
4.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.32
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0.97 |
0.53 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
SRI CHAKRA PRINTS PRIVATE LIMITED |
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Presented
By |
Bank of India Wadala West
Branch, Mumbai |
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1) Date and
description of instrument creating the change |
Oral assent
14.07.2003 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 5.000
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 |
Equitable
mortgage in favour of bank by deposit of title deeds of companies’ immovable
properties situated at Plot No. C -399, Admeasuring 540 Sq.mtrs situate at
village, Taluka and district Thane Navi Mumbai. The due repayment and
discharge of the following facilities with the limits thereof aggregating to
Rs. 6.000 millions sanctioned to M/s Seshesai E forms Private Limited. Being
the associate concern of the company. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of India Wadala West Branch Mumbai |
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6) Date and brief description of instrument
modifying the charge |
Equitable
mortgage by deposit title deeds dated 19.04.2004 |
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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. |
Original charge
was created on the company’s immovable property situated at Plot No. C – 399,
Admeasuring 540 Sq.mtrs situate at
village , Taluka and district , thane Navi Mumbai , for Rs. 5.000 millions in
favour of bank of By present
modification by way of equitable mortgage be deposit of Title deed made on
19.04.2004. The charge is increase from Rs. 5.000 millions to Rs, 12.387
millions on plot No. C – 399, TTC Industrial Area Village Turbhe, Taluka Navi
Mumbai , District Thane by sanction of additional limit of to M/s Seshesai E
– Forms Private limited and the Details are as under:-
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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.40.77 |
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UK Pound |
1 |
Rs.82.10 |
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Euro |
1 |
Rs.64.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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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
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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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