MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHINAGO EXIM PRIVATE LIMITED |
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Registered Office : |
59/1-C, Thanjavur Road, Opp. Old Milk Diary, Tiruchirapalli – 620 008,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
30.09.2004 |
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Com. Reg. No.: |
54364 |
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CIN No.: [Company
Identification No.] |
U14106TN2004PTC054364 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES23632A |
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PAN No.: [Permanent
Account No.] |
AAICS4390J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributor and Importer of Timber |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is poor in Corporate Governance and it’s no latest financials
are yet available. It’s payments are slow but correct. Initially, the company can be considered for any business dealings on
safe and secured trade terms and conditions.
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INFORMATION PARTED
BY
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Name : |
Mr. Dinesh Patel |
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Designation : |
Director |
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Date : |
27.10.2008 |
LOCATIONS
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Registered Office : |
59/1-C, Thanjavur Road, Opp. Old Milk Diary, Tiruchirapalli – 620 008,
Tamilnadu, India |
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E-Mail : |
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Website : |
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Corporate Office : |
329, Piranoor Border, Courtallam Road, Shengottah, Tirunelveli – 627 809,
Tamilnadu, India |
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Tel. No.: |
91-4633-233271 / 233071 |
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Mobile No.: |
91-9443353871 |
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Fax No.: |
91-4633-233071 |
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E-Mail : |
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Area : |
1.75 Acre |
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Location : |
Owned |
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Factory : |
Gillanji Wallam Shengottah - 627809 |
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Area : |
2 Acre |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Dinesh Patel |
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Designation : |
Director |
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Date of Birth/Age : |
33 Years |
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Qualification : |
Diploma |
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Name : |
Mr. Hitesh Patel |
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Designation : |
Director |
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Date of Birth/Age : |
29 Years |
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Qualification : |
B.Com. |
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Name : |
Mr. Hasmukh Patel |
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Designation : |
Director |
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Date of Birth/Age : |
31 Years |
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Qualification : |
BBA |
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Name : |
Mr. Gopal Patel |
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Designation : |
Director |
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Date of Birth/Age : |
47 Years |
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Qualification : |
HSC |
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Name : |
Mr. Shivgan Patel |
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Designation : |
Director |
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Date of Birth/Age : |
52 Years |
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Qualification : |
HSC |
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Name : |
Mr. Nathu Patel |
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Designation : |
Director |
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Date of Birth/Age : |
49 Years |
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Qualification : |
HSC |
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Name : |
Mr. Suresh Patel |
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Designation : |
Director |
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Date of Birth/Age : |
27 Years |
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Qualification : |
B.Com. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.09.2004)
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Names of Shareholders |
No. of Shares |
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Shivgan Patel |
4000 |
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Nathu Patel |
4000 |
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Gopal Patel |
4000 |
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Total |
12000 |
BUSINESS DETAILS
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Line of Business : |
Distributor and Importer of Timber |
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Products : |
·
Turmeric Powder ·
Timber ·
Cardamom ·
Cloves ·
Fenugreek Seeds ·
Rid Chili Powder ·
Coriander Seeds ·
Black Pepper |
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Exports : |
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Products : |
Finished Products Timber, Oliorisene |
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Countries : |
Gulf Countries |
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Imports : |
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Products : |
Timber |
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Countries : |
·
Burma ·
Malaysia ·
West Africa ·
South America |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
72 (In Office 20, In Factory 40 and In Branches 12) |
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Bankers : |
Punjab National Bank Tenkasi Branch, Tenkasi – 627811, Tamilnadu, Inda |
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Facilities : |
L/C – Rs.150.000 millions, CC Rs.20.000 millions |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Sami and Rajhu Chartered Accountants |
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Address : |
Lakshmi Complex, III Floor, 143, Salai Road, Tiruchirapalli – 620 018,
Tamilnadu, India |
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Associates/Subsidiaries : |
Prabhat Group Line of Business : Timba Manufacturing |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
12000 |
Equity Shares |
Rs.10/- each |
Rs.0.120
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
(No financials of the company could be available from any sources.
Management remained non-cooperative during current investigations.)
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.120 |
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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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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.120 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.058 |
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TOTAL BORROWING |
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0.058 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.178 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.648 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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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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31.764 |
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Sundry Debtors |
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50.886 |
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Cash & Bank Balances |
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7.262 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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12.633 |
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Total
Current Assets |
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102.545 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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104.164 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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104.164 |
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Net Current Assets |
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(1.619) |
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MISCELLANEOUS EXPENSES |
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0.062 |
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Profit and Loss Account |
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1.087 |
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TOTAL |
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0.178 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover |
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57.639 |
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Other Income |
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0.000 |
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Total Income |
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57.639 |
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Profit/(Loss) Before Tax |
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(0.968) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(0.968) |
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Expenditures : |
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Cost of Goods Sold |
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57.705 |
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Administrative Expenses excluding Finance
charges and bank commission |
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0.033 |
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Interest and Bank Commission |
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0.859 |
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Other Expenditure |
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0.010 |
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Total Expenditure |
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58.607 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
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PAT / Total Income |
(%) |
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(1.68) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(1.68) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(0.94) |
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Return on Investment (ROI) (PBT/Networth) |
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(8.07) |
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Debt Equity Ratio (Total Liability/Networth) |
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868.52 |
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Current Ratio (Current Asset/Current Liability) |
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0.98 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Bannariannan Sugars Limited, Coimbatore
·
Shakti Sugar Limited, Coimbatore
Form No. 8
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Corporate
identity number of the company |
U14106TN2004PTC054364 |
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Name of the
company |
SHINAGO EXIM PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
59/1-C, Thanjavur Road, Opp. Old Milk Diary, Tiruchirapalli – 620 008,
Tamilnadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
Punjab National Bank Tenkasi Branch, Tenkasi – 627811, Tamilnadu, Inda |
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Nature of
instrument creating charge |
·
Hypothecation
of Goods and Book debts to secure Cash Credit facility ·
Hypothecation
of goods to secure ILC/FLC on DA Basis ·
Agreement
for Bill Discounting |
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Date of
instrument Creating the charge |
04.03.2008 |
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Amount secured by
the charge |
Rs.229.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 1.
Cash Credit
– BPLR + 2.75%, presently @ 15.75% per annum with monthly rests Subject to change from time to time as per RBI/Bank’s guidelines. 2.
ILC Bills
Discounting – As per schedule ·
Terms of
repayment Payable on demand for Cash Credit facility and Bill Discounting Limit and
for ILC/FLC limits as per terms and conditions of the loan sanction accepted
by the borrower Company ·
Margin For Cash Credit Facility – 25 per cent ILC Bills Discounting – Nil ILC / FLC 15 Per cent by way of FDR ·
Extent and
operation of the charge Charge extends and operates on various species of imported and
indigenous timber logs and sawn timber lying at the Company’s stock yard,
stocks in transit and entire book debts, LC established in favour of the
Company towards supply of timber logs, Hypothecation of goods received under
ILC/FLC (DA) basis and all other current assets of the company on exclusive
first charge basis |
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Particulars of
the property charged |
Hypothecation of
Various raw materials viz., Manufacturing material, raw materials including
excisable raw materials, stocks in process, semi finished goods, finished
goods (including bought out and finished goods) viz., Timber, Coal, etc.
Timber Logs, Sawn and Sized stocks in transit and entire book debts, LC
established in favour of the Company towards supply of timber logs, goods
that are covered under ILC/FLC(DA) basis and all other current assets of the
company on exclusive first charge basis
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Particulars of
the present modification |
The overall credit
facilities has been enhanced from Rs.120.000 millions to Rs.229.000 millions
with effect from 4th March, 2008. Details of the
revised credit facilities are ·
Cash Credit
enhanced from Rs.20.000 millions to Rs.59.000 millions ·
Enhancement
of ILC/FLC Limit from Rs.100.000 millions to Rs.170.000 millions ·
Bills
Discounting (Under LC) Limit of Rs.25.000 millions (This limit of
Rs.25.000 millions is within the overall Limit of Rs.229.000 millions) |
Web Details
Profile
Incepted in the year 2004, Subject is engaged in supplying and exporting
a wide array of Food Ingredients. It is processed and packed carefully in order
to preserve the nutrients and natural qualities.
The food ingredients are used in multitudes of popular and ethnic food items
consumed by large number of people in different countries. The packaging is
done as per the requirements of the customers and it also ensures that the
quality of our extracts remains intact.
Quality
Quality is an essential part of the work culture, hence, it is embedded
within the production process, right from start till finish. The hygienic
packing ensures preservation of nutrients, color, texture and effectiveness of
the products.
The talented team of professionals works diligently to ensure production of the
finest products that are safe, effective and pure.
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.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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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 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
20 |
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 |
|