MIRA
INFORM REPORT
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Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUYASH HERBS EXPORT PRIVATE LIMITED |
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Formerly Known As : |
MUKESH NILESH FABRICS PRIVATE LIMITED |
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Registered Office : |
B – 519, Eilbee, Near Kinnary Cinema, Ring Road, Surat – 395 002,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
16.02.1989 |
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Com. Reg. No.: |
04-11899 |
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CIN No.: [Company
Identification No.] |
U17119GJ1989PTC011899 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS06423E |
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PAN No.: [Permanent
Account No.] |
AACCM7858F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and Exporter of Herbal Incense Sticks (Agarbatties),
Essential Oils and their buy products like Natural Oils, Raw Incense, Spice
Oils, Herbal Extracts. |
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 33470 |
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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 a established company having moderate track records. Profit
margin is under pressure. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sagar Shah |
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Designation : |
Sales Department |
LOCATIONS
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Registered Office : |
B – 519, Eilbee, Near Kinnary Cinema, Ring Road, Surat – 395 002,
Gujarat, India |
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Tel. No.: |
91-261-2302309/ 3016562/ 3243607/ 6662219 |
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Mobile No.: |
91-9374542105/ 9824142105 |
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Fax No.: |
91-261-3016562 |
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E-Mail : |
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Website : |
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Area : |
8000 sq ft |
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Location : |
Owned |
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Corporate Office : |
1064, Ground Floor, Shree Mahavir Textile Market, Ring Road, Surat –
395 002, Gujarat, India. |
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Factory : |
4311/ 3, GIDC, Sachin, Surat, Gujarat, India |
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Area : |
10000 sq ft |
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Location : |
Owned |
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Branches : |
Located at:
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DIRECTORS
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Name : |
Mr. Nilesh Manikchand Jain |
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Designation : |
Director |
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Address : |
Ravichhaya Apartments Co-operative Housing Society Limited, Sy. No. 301,
Flat C, 503, Athwa Lines, Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
13.12.1974 |
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Qualification : |
MBA |
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Date of Appointment : |
15.01.2002 |
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Name : |
Mrs. Harsha Nilesh Jain |
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Designation : |
Director |
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Address : |
5/ C, Ravichhaya Apartments, Opposite Lourds Convent School, Athwa
Lines, Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
07.12.1976 |
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Qualification : |
B.A. |
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Date of Appointment : |
26.09.2005 |
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Name : |
Mrs. Hemlata M. Jain |
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Designation : |
Director |
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Address : |
5/ C, Ravichhaya Apartments, Opposite Lourds Convent School, Athwa
Lines, Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
21.10.1947 |
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Qualification : |
Graduate |
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Date of Appointment : |
15.01.2007 |
KEY EXECUTIVES
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Name : |
Jain Anilkumar and Associates |
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Designation : |
Company Secretary |
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Address : |
430, Ajanta Shopping Centre, Ring Road, Surat – 395 002, Gujarat,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 24.03.2007
|
Names of Allottees |
No. of Shares |
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Mr. Nilesh Manikchand Jain |
6950 |
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Mr. Parash Mathmal Jain |
650 |
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Mr. Nathmal Motilal Jain (HUF) |
1300 |
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Mrs. Pushpadevi N. Jain |
800 |
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Mr. Jaikumar M. Jain |
1100 |
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Mr. Rajesh J. Jain |
400 |
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Mrs. Chandrakanta J. Jain |
350 |
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Mrs. Deepali S. Jain |
350 |
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Mrs. Meena J. Jain |
1350 |
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Mrs. Neha R. Jain |
350 |
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Mrs. Pushpadevi S. Jain |
350 |
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Total |
13950 |
As on 18.06.2007
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Names of Allottees |
No. of Shares |
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Mr. Nilesh Manikchand Jain |
16000 |
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Mr. Nilesh Manikchand Jain (HUF) |
50 |
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Mr. Jaikumar M. Jain |
2000 |
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Mr. Jaikumar M. Jain (HUF) |
3500 |
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Mr. Rajesh J. Jain |
2500 |
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Mr. Rajesh J. Jain (HUF) |
2000 |
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Mrs. Chandrakanta J. Jain |
5000 |
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Mrs. Deepali S. Jain |
2500 |
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Mrs. Meena J. Jain |
7000 |
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Mrs. Neha R. Jain |
2000 |
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Mrs. Harsha N. Jain |
10150 |
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Mr. Hitesh Jain |
2000 |
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Total |
54700 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
|
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 and Exporter of Herbal Incense Sticks (Agarbatties),
Essential Oils and their buy products like Natural Oils, Raw Incense, Spice
Oils, Herbal Extracts. |
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Products : |
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Exports : |
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Products : |
Herbal Incense Sticks, Essential Oils |
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Countries : |
Australia, Malaysia, USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Malaysia, Indonesia |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
30 |
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Bankers : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Soni Jhanwar and Company Chartered Accountants |
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Address : |
3002-3003, Trade House, Ring Road, Surat – 395 002, Gujarat, India |
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Tel. No.: |
91-261-2302290/ 3912290 |
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Associates/Subsidiaries : |
Line of Business: Manufacturer of Fabrics.
Line of Business: Manufacturer of Synthetic. |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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91000 |
Equity Shares |
Rs.100/- Each |
Rs.9.100 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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69650 |
Equity Shares |
Rs.100/-
Each |
Rs.6.965
Millions |
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As on 31.03.2007
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14950 |
Equity Shares |
Rs.100/-
Each |
Rs.1.495
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.965 |
1.495 |
0.100 |
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2] Share Application Money |
0.000 |
4.165 |
0.695 |
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3] Reserves & Surplus |
(0.271) |
(0.275) |
(0.055) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.694 |
5.385 |
0.740 |
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LOAN FUNDS |
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1] Secured Loans |
0.533 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.120 |
0.000 |
0.900 |
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TOTAL BORROWING |
0.654 |
0.000 |
0.900 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
7.347 |
5.385 |
1.640 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.445 |
0.371 |
0.368 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.911 |
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 |
0.950
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2.336
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0.000 |
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Sundry Debtors |
0.502
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0.100
|
0.002 |
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Cash & Bank Balances |
0.115
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0.052
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0.306 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
2.501
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3.297
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0.929 |
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Total
Current Assets |
4.068
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5.785
|
1.237 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.224
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0.827
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0.014 |
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Provisions |
0.000
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0.007
|
0.000 |
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Total
Current Liabilities |
0.224
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0.834
|
0.014 |
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Net Current Assets |
3.844
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4.951
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1.223 |
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MISCELLANEOUS EXPENSES |
0.147 |
0.063 |
0.049 |
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TOTAL |
7.347 |
5.385 |
1.640 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
7.080 |
3.964 |
0.015 |
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Other Income |
0.018 |
0.000 |
0.000 |
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Total Income |
7.098 |
3.964 |
0.015 |
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Profit/(Loss) Before Tax |
0.005 |
(0.213) |
(0.047) |
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Provision for Taxation |
0.004 |
0.007 |
0.008 |
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Profit/(Loss) After Tax |
0.001 |
(0.220) |
(0.055) |
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Expenditure : |
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Purchase and Trading Expenses |
4.892 |
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Administrative and General Expenses |
0.736 |
4.177 |
0.062 |
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Finance Expenses |
0.008 |
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Others Expenses |
1.439 |
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Total Expenditure |
7.075 |
4.177 |
0.062 |
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Expected Sales (2008-09) : Rs.20.000 Millions
KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
00.01 |
(5.55)
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(366.67) |
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Net Profit Margin (PBT/Sales) |
(%) |
00.07 |
(5.37)
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(313.33) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
00.06 |
(3.46)
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(2.93) |
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Return on Investment (ROI) (PBT/Networth) |
|
00.07 |
(0.04)
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(0.06) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.13 |
0.15
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1.24 |
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Current Ratio (Current Asset/Current Liability) |
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18.16 |
6.94
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88.36 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Karnataka
Soaps
- Bhartiya
Dhoop Karyalaya Private Limited
- Sopariwala
Exports Private Limited
Fixed Assets
- Land
- Computer
- Furniture and Fixture
- Weighing Machine
- Mobile Phone
- Air Conditioner
- Camera
- Plant Machinery
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.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 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
36 |
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 |
|