MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNTARA COSMETICS PRIVATE LIMITED |
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Registered Office : |
27, Ramakrishna Street, T Nagar, Chennai 600017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.12.2003 |
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Com. Reg. No.: |
18-52205 |
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CIN No.: [Company
Identification No.] |
U24246TN2003PTC052205 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES20733G |
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PAN No.: [Permanent
Account No.] |
AAHCS7900B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Dealers, Importer and Exporter in all types
of Cosmetics. |
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 19393600 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is well established company having satisfactory track.Trade relations
are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
27, Ramakrishna Street, T Nagar, Chennai 600017, Tamilnadu, India |
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Tel. No.: |
91-44-28140850 |
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Fax No.: |
91-44-28141131 |
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E-Mail : |
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Factory : |
Plot No.,. C -6/1,
Phase 2 Zone B – MEPZ-SEZ, Tambaram, Chennai |
DIRECTORS
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Name : |
Mr. Nagendran Sundar Kumar |
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Designation : |
Director |
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Address : |
27, Ramakrishna Street, T Nagar, Chennai 600017,
Tamilnadu, |
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Date of Appointment : |
23.12.2003 |
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Name : |
Mr. Jayesheth |
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Designation : |
Director |
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Address : |
27, Ramakrishna Street, T Nagar, Chennai 600017,
Tamilnadu, |
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Date of Appointment : |
23.12.2003 |
KEY EXECUTIVES
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Name : |
Mr. R Alagar |
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Designation : |
Company Secretary |
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Address : |
11/2, Venkat Apartments, Gandhi Streetm, T. Nagar, Chennai 600017 |
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Tel No: |
91-44-28142194 |
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Fax No: |
91-9940682194 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Jayesheth |
1 |
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Mr. Nagendran Sundar Kumar |
4049999 |
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Total |
4050000 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2007
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Dealers, Importer and Exporter in all types
of Cosmetics. |
GENERAL
INFORMATION
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Bankers : |
˛ State Bank of India, Commercial Branch, Guindy, Chennai 600032, India ˛ ICICI
Bank Limited,
Landmark race Course Circle,
Alkapuri, Baroda, Gujarat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sri and Company Chartered Accountants |
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Address : |
27, Ramakrishna Street, North Ushman Road, T Nagar,
Chennai 600017, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
million |
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4000000 |
Preferences Shares |
Rs.10/- each |
Rs. 40.000
millions |
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Total |
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Rs. 40.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
millions |
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4000000 |
Preferences Shares |
Rs.10/- each |
Rs. 40.000 millions |
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Total |
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Rs. 40.500 millions |
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 |
40.500 |
40.500 |
40.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.984 |
1.756 |
(4.050) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.484 |
42.256 |
36.450 |
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LOAN FUNDS |
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1] Secured Loans |
28.601 |
38.600 |
48.277 |
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2] Unsecured Loans |
22.000 |
7.009 |
0.000 |
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TOTAL BORROWING |
50.601 |
45.609 |
48.277 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.085 |
87.925 |
84.727 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.037 |
71.132 |
50.876 |
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Capital work-in-progress |
23.582 |
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 |
139.812
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93.806 |
36.763 |
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Sundry Debtors |
68.480
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26.993 |
8.672 |
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Cash & Bank Balances |
2.216
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0.267 |
0.403 |
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Other Current Assets |
0.000
|
0.000 |
0.021 |
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Loans & Advances |
6.977
|
6.208 |
6.494 |
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Total
Current Assets |
217.485
|
127.274 |
52.353 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
218.019
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110.480 |
25.743 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
218.019
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110.480 |
25.743 |
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Net Current Assets |
(0.534)
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16.793 |
26.610 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
7.240 |
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TOTAL |
99.085 |
87.925 |
84.727 |
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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 |
302.550 |
161.693 |
39.549 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
302.550 |
161.693 |
39.549 |
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Profit/(Loss) Before Tax |
6.228 |
5.806 |
(4.050) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
6.228 |
5.806 |
(4.050) |
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Expenditures : |
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Depreciation & Amortization |
0.000 |
4.380 |
2.076 |
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Other Expenditure |
296.322 |
146.838 |
39.529 |
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Total |
296.322 |
151.218 |
41.605 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.05
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3.59 |
(10.24) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.05
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3.59 |
(10.24) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.12
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2.92 |
(103.92) |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.13 |
(0.11) |
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Debt Equity Ratio (Total Liability/Networth) |
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4.49
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2.61 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
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0.99
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1.15 |
2.03 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
SUNTARA COSMETICS PRIVATE LIMITED |
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Presented
By |
Mr. Jayesh Sheth |
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1) Date and description of instrument creating the change |
20.08.2004 a) Agreement of
loan for overall limit formC-1 B) Memorandum of
Deposited for creation of title deeds form C-10 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.46.400
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 on lease hold rights. All present and future of fixed assets and
current assets are charged to baule |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India commercial Bank,
Guiudy, Chennai – 600032 |
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6) Date and brief description of instrument modifying the charge |
1. Supplemental
agreement of loans for increase the overall limit 2. Supplemental
agreement of hypothecation of goods and assets for increase the overall limit
3. Supplement
agreement of pledge of goods and assets for increase the overall limit 4. Letter
regarding the individual limit within the overall limit 5. Equitable
mortgage by way of deposit of title deeds of lease hold rights of the
property |
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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. |
The credit
facility extended to the company now enhanced to Rs.53.400 millions
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Form 8
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Corporate identity
number (CIN) Foreign company registration number |
U24246TN2003PTC052205 |
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Name of the
Company |
SUNTARA COSMETICS PRIVATE LIMITED |
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Address |
27, Ramakrishna Street, T Nagar, Chennai 600017, Tamilnadu, India |
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This form is for |
Modification of
charges |
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Type of Charge |
Immovable
property, Movable property (not being pledge) |
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Particulars of
the charge holder |
ICICI Bank
Limited Landmarkrace
Cource Circle, Alkapuri, Baroda, Gujarat |
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Amount secured by
the charge |
Rs.57.000 millions |
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Brief of the
principal terms and conditions |
Rate of interest For EPC: IBAR
Less 2.5%pa For PCFC: 1%
above 6 month LIBOR For FUBD / FBP:
IBAR less 2.5% For PSCFC: 1%
above 6 month LIBOR For WCDL: 1.5%
above 6 month LIBOR Margin: Stocks – 25% |
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Description of
the property charged indicating |
Factory building
situated at Plot No.,. C -6/1, Phase 2 Zone B – MEPZ-SEZ, Tambaram, Chennai –
45 together with all building and structure there on all plant and machinery
attached toe the earth or permanently fastened to any thing attached to earth
both present and future |
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Date of
Instrument modifying the charge |
22.03.2007 |
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Particular of the
present modification |
Factory building situated
at Plot No.,. C -6/1, Phase 2 Zone B – MEPZ-SEZ, Tambaram, Chennai – 45
together with all building and structure there on all plant and machinery
attached toe the earth or permanently fastened to any thing attached to earth
both present and future. This security offered as additional security for the
loan of Rs.57.000 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 |
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US Dollar |
1 |
Rs. 42.84 |
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UK Pound |
1 |
Rs. 84.78 |
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Euro |
1 |
Rs. 67.32 |
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
|
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 |
|
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 |
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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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