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MIRA
INFORM REPORT
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Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SURGI PACK (INDIA) PRIVATE LIMITED |
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Registered Office : |
54 Satyam Industrial Estate, Subhash Road, Jogeshwari (East), Mumbai –
400101, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.01.1998 |
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Com. Reg. No.: |
11-113273 |
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CIN No.: [Company
Identification No.] |
U22220MH1998PTC113273 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM16135A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Flexible Laminated Pouches for Surgical or Medical Application |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Harshad Tanna, Director confirmed the details. He declined audited
statements but read out some vital figures. Subject appears to be a small company having moderate track records.
Financial position is moderate. Payments are reported as slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. The company claims to have acquired factory building in consideration
of the 8.3 millions and expects to have loan of Rs. 20 millions from their
banker soon. |
LOCATIONS
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Registered Office / Factory: |
54 Satyam Industrial Estate, Subhash Road, Jogeshwari (East), Mumbai –
400101, Maharashtra , India |
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Tel. No.: |
91-22-28351325 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Harshad Haridas Tanna |
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Designation : |
Director |
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Address : |
1/101 Pran Kutir Road Lane, Off S V Road, Kandivali (East), Mumbai – 400067, Maharashtra,
India |
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Date of Birth/Age : |
01.03.1950 |
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Date of Appointment : |
08.01.1998 |
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Name : |
Mr. Birju Harshad Tanna |
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Designation : |
Director |
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Address : |
1/101 Pran Kutir Road Lane, Off S V Road, Kandivali (East), Mumbai – 400067, Maharashtra,
India |
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Date of Birth/Age : |
09.08.1977 |
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Date of Appointment : |
28.01.1998 |
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Name : |
Mrs. Jigna hArshad Tanna |
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Designation : |
Director |
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Address : |
1/101 Pran Kutir Road Lane, Off S V Road, Kandivali (East), Mumbai – 400067, Maharashtra,
India |
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Date of Birth/Age : |
01.09.1952 |
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Date of Appointment : |
28.01.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Harshad Haridas Tanna |
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1500 |
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Mr. Birju Harshad Tanna |
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1500 |
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Mrs. Jigna Harshad Tanna |
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2000 |
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Total |
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5000 |
(As on 31.03.2007)
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Flexible Laminated Pouches for Surgical or Medical Application |
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Products : |
Surgical Poly Pouches |
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Exports : |
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Products : |
Flexible Packaging |
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Countries : |
Saudi Arabia |
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Terms : |
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Selling : |
Credit (45 days) |
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Purchasing : |
Credit (45 days) |
GENERAL
INFORMATION
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Customers : |
End users |
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No. of Employees : |
15 |
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Bankers : |
· Bank of Baroda BFS BR, Mathru Ashish Buliding, S V road, Kandivali (West), Mumbai –
400067 Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nilam D Salvi Chartered Accountants |
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Address : |
B -19, Subhlaxmi , 8th road, Santacruz (East), Mumbai –
400055, Maharashtra, India |
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Associates/Subsidiaries : |
· Seal-o-Pack Establishment years: 1987 Status: Family owned Concern · Packaging Industries |
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 |
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Issued, Subscribed & Paid-up 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 |
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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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.530 |
0.408 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.030 |
0.908 |
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LOAN FUNDS |
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1] Secured Loans |
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0.941 |
1.385 |
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2] Unsecured Loans |
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2.642 |
2.347 |
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TOTAL BORROWING |
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3.583 |
3.732 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.613 |
4.640 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.694 |
2.681 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.972 |
1.470 |
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Sundry Debtors |
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1.790 |
2.246 |
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Cash & Bank Balances |
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0.117 |
0.098 |
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Other Current Assets |
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0.163 |
0.047 |
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Loans & Advances |
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0.410 |
0.112 |
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Total
Current Assets |
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3.452 |
3.973 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.500 |
2.006 |
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Provisions |
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0.036 |
0.014 |
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Total
Current Liabilities |
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1.536 |
2.020 |
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Net Current Assets |
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1.916 |
1.953 |
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MISCELLANEOUS EXPENSES |
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0.003 |
0.006 |
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TOTAL |
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4.613 |
4.640 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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6.601 |
5.562 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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6.601 |
5.562 |
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Profit/(Loss) Before Tax |
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0.144 |
0.019 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.144 |
0.019 |
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Expenditures : |
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Depreciation |
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0.191 |
0.131 |
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Other Expenditure |
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6.266 |
5.412 |
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Total Expenditure |
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6.457 |
5.543 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.18 |
0.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.18 |
0.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.34 |
0.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.96 |
6.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.25 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Sun Pharmaceuticals Limited, Mumbai
· USV Limited, Mumbai
· Goldwin Medicals Limited, Mumbai
FORM 8:
|
Corporation identity number or foreign company registrations number of
the company |
U22220MH1998PTC113273 |
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Name of the company |
SURGI PACK (INDIA) PRIVATE LIMITED |
|
Address |
54 Satyam Industrial Estate, Subhash Road, Jogeshwari (East), Mumbai –
400 101, Maharashtra , India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Book debts · Movable property |
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Particular of the charge holder
|
Bank of Baroda,
BFS BR, Mathru Ashish Buliding, S V road, Kandivali (West), Mumbai – 400 067
Maharashtra, India E-Mail; intmum@bankofbaroda.com |
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Nature or description of the instrument creating charge |
Composite Hypothecation Agreement and
Memorandum of deposit of title deeds |
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Date of the instrument creating charge |
12.12.2006 |
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Amount Secure by the charge |
Rs.3568 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest 11.5% p.a Terms of Repayment: as per agreement Margin: 25% Extent and operation of the charge As per Agreement |
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Short particulars of the Property charged |
Hypothecation of stock and all book debts and all tangible movable
property equitable mortgage of unit No. 2, Ground Floor, Building No. 3,
admeasuring 88.566 Sq.mtrs or thereabout
build up area building known as Sampada , Sagar Manthan Industrial
Complex, Bhoipada , Vasai East, District Thane |
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Particulars of the present modification |
By the present modification the limit
Increased from Rs. 0.900 million to Rs. 356.800 millions only. |
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Name of the
company |
SURGI PACK (INDIA) PRIVATE LIMITED |
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Presented By |
Bank of Baroda,
Kandivali (west) Branch, Mumbai – 400 067, Maharashtra, India |
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1) Date and
description of instrument creating the change |
Instrument of
hypothecation of book debts dated 02.09.2002 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.000
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 |
The book debts in
respect of supplies made to various Government Department or limited companies, etc as evidence by supply bill
receipted Challans / receipted
invoices deposited with bank form time to time and all the book debts
, now owing to the borrower and also the book debts which at any time during the continuance of this security
become owing to the borrower in the course of its business by any person,
firm, company or body corporate or by central government or state or Indian
Railway or any government dept.
office or any Municipal or public
semi govt. Body corporate or
undertaking or project whatever in
the public sector. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest : 15% p.a Margin: 30% |
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5) Name and
Address and description of the person entitled to the charge. |
Bank of Baroda Kandivali (West) Branch, Mumbai – 400 067 |
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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 |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.84 |
|
UK Pound |
1 |
Rs.84.78 |
|
Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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 |
|
29 |
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 |
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