MIRA
INFORM REPORT
|
Report Date : |
31.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
STANDARD MATCH INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Poothaiammal Building,
# 5-2-15 C, Sattur Road, Sivakasi – 626 123, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.05.1979 |
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Com. Reg. No.: |
7821 |
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CIN No.: [Company
Identification No.] |
U24291TN1979PTC007821 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIS02259F |
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PAN No.: [Permanent
Account No.] |
AACC8574Z |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Safety Matches |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 303716 |
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Status : |
Good |
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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 meeting its normal
commitments timeously. Trade relations are fair. General financial position
is satisfactory. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Puneet Bhalla |
|
Designation : |
Export Manager |
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Date : |
31.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
Poothaiammal Building,
# 5-2-15 C, Sattur Road, Sivakasi – 626 123, Tamilnadu, India |
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Tel. No.: |
91-4562-275142/ 274952 |
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Mobile No.: |
91-9840027457/ 9876751100/ 9888326000 |
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Fax No.: |
91-4562-272378/ 275105 |
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E-Mail : |
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Area : |
21000 sq. fts. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. K. Ganesan |
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Designation : |
Director |
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Address : |
No. 6/ 724, Asari Colony, Satchiyapuram, Sivakasi (West), Tamilnadu,
India |
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Date of Birth/Age : |
10.03.1958 |
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Date of Appointment : |
15.10.2003 |
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Name : |
Mrs. C. Vijayalakshmi |
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Designation : |
Chairman |
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Address : |
Ravindran, No. 3, Chairman A R Arunachala Nadar Road, Sivakasi 626
123, Tamilnadu, India |
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Date of Birth/Age : |
15.04.1973 |
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Date of Appointment : |
15.10.2003 |
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Name : |
Mr. P. Shenbagarajan |
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Designation : |
Director |
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Address : |
No. 46, N S Street, Sivakasi 626 123, Tamilnadu, India |
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Date of Birth/Age : |
18.11.1951 |
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Date of Appointment : |
15.10.2003 |
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Name : |
Vellaiappan Perianna Nadar Sivagnanam |
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Designation : |
Director |
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Address : |
621/D, Indira Nagar, Pallapatti, Sivakasi 626 123, Tamilnadu, India |
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Date of Birth/Age : |
15.06.1956 |
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Date of Appointment : |
17.03.2003 |
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Name : |
Mr. Marudhaba Chettiar Nagappan |
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Designation : |
Director |
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Address : |
291, Sivanantham Nagar, Anaiyoor, Sivakasi 626 124, Tamilnadu, India |
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Date of Birth/Age : |
21.04.1969 |
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Date of Appointment : |
17.03.2006 |
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Name : |
Mr. V. Sivagnanam |
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Designation : |
Director |
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Date of Birth/Age : |
15.06.1956 |
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Date of Appointment : |
17.03.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Puneet Bhalla |
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Designation : |
Export Manager |
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Name : |
Mr. J. John Ohilvi |
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Designation : |
Company Secretary |
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Address : |
No. 26/1-77D, Opp. Bishop’s House, Nesamoney Nagar, Nagercoil 629 001,
Tamilnadu, India |
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Tel. No.: |
91-4652-234289/ 234891 |
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Mobile No.: |
91-9842134891 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
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Mr. Yennarkay R. Ravindran |
|
4502 |
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Mrs. R. Thilagavathy |
|
8006 |
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Mr. Yennarkay R. Rrajarathnam |
|
17996 |
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Mr. Yennarkay R. Chiranjeevirajarathnam |
|
17996 |
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Mr. Yennarkay R. Selvarathnam |
|
15500 |
|
Yennarkay Printers Private Limited |
|
5050 |
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Standard Chlorates Private Limited |
|
3000 |
As on 30.09.2007
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
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Bodies Corporate |
|
85.23 |
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Others |
|
14.77 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Safety Matches |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
USA, Middle East, European Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
On L/C and Cash and TPH basis |
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Purchasing : |
On L/C basis |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
About 700 |
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Bankers : |
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Facilities : |
Subject enjoys C/C and L/C against hypothecation |
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Banking
Relations : |
Satisfactory |
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Auditors 1: |
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Name : |
S. Balachandra Chartered Accountants |
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Address : |
67, Viswanathapuram, 1st Floor, Madurai 625 014, Tamilnadu,
India |
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Auditors 2: |
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Name : |
S. Veer Bhatrans and Associates Chartered Accountants |
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Memberships : |
§
Chemical & Allied Products Export Promotion
Council (CAPEXIL) §
All India Chamber of Matches
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
550000 |
Equity Shares |
Rs. 100/- each |
Rs. 55.000 millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 millions |
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Total |
|
Rs. 75.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
476160 |
Equity Shares |
Rs. 100/- each |
Rs. 47.616 millions |
|
173840 |
Preference
Shares |
Rs. 100/- each |
Rs. 17.384 millions |
|
|
Total |
|
Rs. 65.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
40.276 |
7.205 |
7.205 |
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2] Share Application Money |
24.724 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.929 |
11.990 |
10.992 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
75.929 |
19.195 |
18.197 |
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LOAN FUNDS |
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1] Secured Loans |
63.270 |
12.171 |
12.827 |
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2] Unsecured Loans |
9.111 |
14.040 |
9.882 |
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TOTAL BORROWING |
72.381 |
26.211 |
22.709 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
148.310 |
45.406 |
40.906 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.871 |
17.067 |
17.665 |
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Capital work-in-progress |
17.422 |
0.000 |
0.000 |
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INVESTMENT |
18.082 |
3.705 |
5.115 |
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DEFERREX TAX ASSETS |
0.155 |
0.155 |
0.155 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
26.363
|
6.604 |
9.198 |
|
|
Sundry Debtors |
24.549
|
21.629 |
3.246 |
|
|
Cash & Bank Balances |
6.548
|
2.835 |
1.754 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
42.377
|
11.423 |
12.518 |
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Total
Current Assets |
99.837
|
42.491 |
26.716 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
51.057
|
18.012 |
8.745 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
51.057
|
18.012 |
8.745 |
|
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Net Current Assets |
48.780
|
24.479 |
17.971 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
148.310 |
45.406 |
40.907 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
246.806 |
134.754 |
|
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Other Income |
|
0.000 |
0.000 |
|
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Total Income |
|
246.806 |
134.754 |
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|
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Profit/(Loss) Before Tax |
|
3.670 |
1.227 |
|
|
Provision for Taxation |
|
1.128 |
0.229 |
|
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Profit/(Loss) After Tax |
|
2.542 |
0.998 |
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Earnings in Foreign Currency : |
|
|
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|
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Export Earnings |
|
49.493 |
31.687 |
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Total Earnings |
|
49.493 |
31.687 |
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Imports : |
|
|
|
|
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Raw Materials |
|
44.773 |
45.141 |
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Total Imports |
|
44.773 |
45.141 |
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Total Expenditure |
|
243.136 |
133.527 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.03
|
0.74 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.48
|
0.91 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.84
|
1.93 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.06 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.62
|
3.30 |
2.73 |
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Current Ratio (Current Asset/Current Liability) |
|
1.95
|
2.36 |
3.05 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL
ACCEPTANCE CHART
|
PARAMETERS |
DETAIL |
|
Statutory Approvals |
|
|
Central Sales Tax Registration |
491765 dated 22.03.1980 |
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VAT/ TIN Registration |
33246020216 |
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Name of Bank |
State Bank of India |
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Current Account Number |
10620779199 |
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Trade Affiliations |
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SSI Registration |
330261200164 dated 10.01.2008 |
FORM 8
|
This form is for |
Modification of charge |
|
Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
90297341 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24291TN1979PTC007821 |
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Name of the company |
STANDARD MATCH INDUSTRIES PRIVATE LIMITED |
|
Address |
Poothaiammal
Building, # 5-2-15 C, Sattur Road, Sivakasi – 626 123, Tamilnadu |
|
Type of Charges |
Book debts, movable property |
|
Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
State Bank of India Sudar Complex, 11 Velayutham Road, Sivakasi 626 123, Tamilnadu, India |
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Nature or description of the instrument creating or modifying the charge |
Letter cum hypothecation dated 27.03.2007 |
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Date of the instrument creating charge |
27.03.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 66.600 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: As per attachment Terms of repayment: As per attachment Margin: As per attachment Extent and operation of the charge: As per attachment |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
22.12.2006 |
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Name of the company |
STANDARD MATCH INDUSTRIES PRIVATE LIMITED |
|
Presented By |
Mr. K. Ganesan – Director |
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1) Date and description of instrument creating the change |
Dated 03.06.1982 loan for working capital finance of Rs. 3.500 millions against hypothecation, pledge of immovable and movable mentioned below. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500 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 |
Hypothecation of the company entire goods, movable and other assets, present and future including documents of title of goods, and other assets such as book debts, outstanding monies, receivables, claims, bills, engagements, securities, investments, and rights and all machinery, present and future and further secured by a deposit of title deeds of the existing immovable properties of the company with intent to create a security |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per agreement |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Sudar Complex, 11 Velayutham Road, Sivakasi 626 123, Tamilnadu, India |
|
6) Date and brief description of instrument modifying the charge |
Dated 19.01.2005, extension of EM over factory land and building and hypothecation pledge of immovable and movable through general agreement. |
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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. |
Enhancement of charge from Rs. 20.400 millions to the present limit of Rs. 27.200 millions comprising working capital finance of Rs. 0.163 million (Rs. 5.500 millions against stock, Rs. 4.000 millions against book debts and Rs. 6.800 millions against foreign bill discounting against Non L/C), medium term loan of Rs. 8.700 millions, bank guarantee limit of Rs. 2.200 millions sanctioned and charge created against hypothecation of all stocks, receivables, movables and immovable with interest at 11.25% p.a. for working capital finance with monthly rests. |
Trade References:
- Sandeep Industries
- Solitaire
- Cybernet
- Watermall
Subject has ISO, CE, Bureau of International Standards
(BIS), ISI, EN 1783:1997 (European Standards) certified company.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|