MIRA
INFORM REPORT
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Report Date : |
23.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHREE AMBICA DECORPRINTS PRIVATE LIMITED |
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Registered Office : |
B -11, Chinai Baug Estate, Dudeshwar, Ahmedabad – 380 004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.08.1992 |
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Com. Reg. No.: |
04-18125 |
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CIN No.: [Company
Identification No.] |
U24299GJ1992PTC018125 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS00145F |
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PAN No.: [Permanent
Account No.] |
AABCS5524R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Designers of Tiles |
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 90000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Mr. Ronak Shah and Mr. Ashok Gupta (Vice President Marketing)
confirmed the details. Subject is an established tile manufacturing company. It has achieved
maximum capacity of production. Trade relations are fair. Payments are
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: |
B -11, Chinai Baug Estate, Dudeshwar, Ahmedabad – 380 004, Gujarat ,
India |
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Tel. No.: |
91-79-26406811 |
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Fax No.: |
91-79-26405289 |
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E-Mail : |
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Websites: |
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Factory: |
Dudeshwar Road, China Baug Estate, B 11, Ahmedabad-380 004, Gujarat,
India |
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Tel. No.: |
91-79-25625803 |
DIRECTORS
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Name : |
Mr. Mahasukhlal Nathalal |
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Designation : |
Director |
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Address : |
304 Rajvi Tower Rajvansh Bodakdev , Ahmedabad – 380015, Gujarat, India
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Date of Birth/Age : |
31.08.1939 |
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Date of Appointment : |
08.07.1992 |
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Name : |
Mr. Bhavin Shha |
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Designation : |
Director |
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Address : |
304 Rajvi Tower Rajvansh Bodakdev , Ahmedabad – 380015, Gujarat, India
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Date of Birth/Age : |
12.12.1956 |
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Date of Appointment : |
08.07.1992 |
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Name : |
Mr., Sachin Maahasukhlal |
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Designation : |
Director |
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Address : |
701 , Rajiv Tower Rajvansh Bodakdev, Ahemdabad – 380 015, Gujarat,
India |
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Date of Birth/Age : |
08.10.1968 |
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Date of Appointment : |
08.07.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2006):- |
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No. of Shares |
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Mr. Mahasukhlal Shah Mr. Bhavin Shah Mr. Sachin Shah |
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205000 |
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Mr. Mansukhlal Shah Mrs. Pallavi Shah Mr. Bhavin Shah |
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70000 |
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Mr. Mahasukhlal Shah Mrs. Pallavi Shah Mr. Sachin Shah |
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70000 |
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Mr. Mahasukhlal Shah |
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16000 |
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Mr. Mahasukhlal Shah Mr. Sachin Mahasukhlal |
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62000 |
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Mr. Mahasukhlal N Shah Mr. Bhavin Mahasukhlal |
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81000 |
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Mr. Mahasukhlal Mrs. Pallavika Mahasukhlal |
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62000 |
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Mrs. Pallavika M Shah |
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25000 |
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Mrs. Pallavika M Shah Mr. Sachin M Shah |
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62000 |
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Mrs. Pallavika M Shah Mr. Bhavin Shah |
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67000 |
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Mr. Bhavin Shah Mr. Kalpu Shah |
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140250 |
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Mrs. Pallavika M shah Mr. Mahasukhlal N Shah |
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38000 |
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Mr. Kalpu B shah Mr. Bhavin M Shah |
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25000 |
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Mr. Sachin Shah Mrs. Rupam Shah |
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145750 |
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Others |
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15500 |
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Category (as on 31.03.2006):- |
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Percentage of
Holding |
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Directors or relative of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Designers of Tiles |
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Imports : |
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Products : |
Raw materials |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
· Retailers · Wholesalers · End Users |
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No. of Employees : |
100 |
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Bankers : |
Bank of Baroda, Bhadra Branch, Near Parekh Laldarwaja, Ahmedabad – 380
001, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Yogendra and Company Chartered Accountants |
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Address : |
202-203, Benkensha Commercial Complex, Near Navrangpura Bus Station ,
Navrangpura , Ahmedabad – 380 009, Gujarat, India |
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Associates/Subsidiaries : |
· Shree Ambica Decorprints Private Limited · Graffiti (India) Private Limited (Group Turnover Rs. 400 millions) · Shaleen Ceramics |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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50000 |
Preferences Shares |
Rs. 100/- each |
Rs. 5.000 millions |
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Total |
Rs.25.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1117000 |
Equity Shares |
Rs. 10/-
each |
Rs.11.170
millions |
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25000 |
Preferences Shares |
Rs. 100/-
each |
Rs. 2.500
millions |
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Total |
Rs.13.670 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.670 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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8.778 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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22.448 |
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LOAN FUNDS |
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1] Secured Loans |
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9.577 |
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2] Unsecured Loans |
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6.760 |
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TOTAL BORROWING |
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16.337 |
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DEFERRED TAX LIABILITIES |
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4.340 |
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TOTAL |
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43.125 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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36.565 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.010 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.309 |
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Sundry Debtors |
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5.197 |
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Cash & Bank Balances |
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0.321 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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4.049 |
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Total
Current Assets |
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19.876 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.915 |
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Provisions |
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5.411 |
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Total
Current Liabilities |
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13.326 |
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Net Current Assets |
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6.550 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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43.125 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover (Estimated) |
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30.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32 |
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Current Ratio (Current Asset/Current Liability) |
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1.49 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U24299GJ1992PTC018125 |
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Name of the company |
SHREE AMBICA DECORPRINTS PRIVATE LIMITED |
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Address |
B -11, Chinai Baug Estate, Dudeshwar, Ahmedabad – 380 004, Gujarat ,
India |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder
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Bank of Baroda Bhadra Branch, Near Parekh , Lal Darwaja,
Ahmedabad – 380 001, Gujarat, India E-mail: bhadra@bankofbaroda.com |
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Nature or description of the instrument creating charge |
Memorandum of entry for creation of equitable mortgage |
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Date of the instrument creating charge |
27.03.2008 |
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Amount Secure by the charge |
Rs. 146.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 0.25% below BPLR i.e. 12.50% Terms of Repayment: Repayable in 17 monthly installments of
Rs. 0.140 million commencing from April 08 and last installments of Rs. 0.120
millions Margin: 30% on Stocks 30% on book debts Extent and Operation of the charge: The Bank shall have exclusive charge on
the assets of the company. The Break up of over all limit is given below :
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Name of the
company |
SHREE AMBICA
DECORPRINTS PRIVATE LIMITED |
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Presented By |
Mr. Shah Manasukhlal Nathalal, Director |
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1) Date and
description of instrument creating the change |
Continuity Letter
dated 17.01.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 9.000 million
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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 that undivided
properties shares in the piece of undivided land adm. 3744 Sq.mtrs bearing
old block No. 772, 777 and 776 new block no. 772 Mouje Rakanpur Taluka Kalol in the registration
District and Sub District Gandhinagar Being new block 772 adm. 1312 Sq.mtrs at
Village Rakanpur Taluka Kalol District Gandhinagar. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Continuity first charge on all the movable asserts of the company
mentioned in the column 3 towards security for cash credit facilities of Rs. 9.000 millions sanctioned by the bank to M/s Shaleen
Ceramics. |
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5) Name and
Address and description of the person entitled to the charge. |
Corporation Bank Navrangpura Branch, Ahmedabad – 380 009, Gujarat, India |
TRADE REFERENCES:
· Larsen and Toubro Limited, Mumbai
· Nagarjun Construction Limited, Hyderabad
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.43.15 |
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UK Pound |
1 |
Rs.85.08 |
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Euro |
1 |
Rs.68.10 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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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