MIRA
INFORM REPORT
|
Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SMI COATED PRODUCTS PRIVATE LIMITED |
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Registered Office : |
51, Shiv Shakti Industrial Estate, Opposite Mittal Estate,
Andheri Kurla Road, Andheri (East), Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
11-139869 |
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CIN No.: [Company
Identification No.] |
U74999MH2003PTC139869 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMM19177E |
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PAN No.: [Permanent
Account No.] |
AAHCS411SN |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of Label Stock Papers |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory
track. Directors are reported as experienced, respectable and having
satisfactory means of their own. Their trade relations are reported as fair. Payments
are usually correct and as per commitments.
The company can be considered normal for business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mustaq |
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Designation : |
Finance Manager |
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Contact No.: |
Mobile no.91-9867025508 |
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Date : |
13.11.2008 |
LOCATIONS
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Registered Office : |
51, Shiv Shakti Industrial Estate, Opposite Mittal Estate,
Andheri Kurla Road, Andheri (East), Mumbai – 400053, Maharashtra |
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Tel. No.: |
91-22-66924530/31 |
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Mobile No.: |
91-9867025508 |
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Fax No.: |
91-22-28508045/ 28523897 |
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E-Mail : |
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Website : |
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Area : |
600 sq ft |
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Location: |
Rented (by Sister Concern Company) |
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Branch Office : |
1-B-2, Gundecha Onclave Kherani Road, Sakinaka, Andheri (East), Mumbai – 400072, Maharashtra, India |
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Area : |
1580 sq ft |
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Factory : |
Plot 39, 184/1, Agarwal Udyog Nagar, Bhimpore, Daman,
India |
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Area : |
15000 Sq ft |
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Location: |
Leased |
DIRECTORS
|
Name : |
Mr. Ajay O. Mehta |
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Designation : |
Director |
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Address : |
205-C, Kanmore
Housing Society Limited, 2nd Cross Lane, Lokhandwala Complex,
Andheri (West), Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
18.10.1961 |
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Qualification : |
B. Sc. |
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Experience : |
24years |
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Date of Appointment : |
03.04.2003 |
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Name : |
Mrs. Swati A. Mehta |
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Designation : |
Director |
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Date of Birth/Age : |
14.01.1963 |
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Qualification : |
B. Com. |
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Experience : |
5 years |
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Address : |
205-C, Kanmore
Housing Society Limited, 2nd Cross Lane, Lokhandwala Complex, Andheri
(West), Mumbai – 400 058, Maharashtra, India |
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Date of Appointment : |
10.05.2003 |
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Name : |
Mr. Omprakash Mehta |
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Designation : |
Director |
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Address : |
105-C, Kanmore Housing
Society Limited, Lokhandwala Complex, Andheri (West), Mumbai – 400 058,
Maharashtra, India |
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Date of Birth/Age : |
22.05.1924 |
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Qualification : |
MA (Eng.) |
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Experience : |
55 years |
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Date of Appointment : |
03.04.2003 |
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Name : |
Mrs. Shakuntala
O. Mehta |
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Designation : |
Director |
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Address : |
105-C, Kanmore
Housing Society Limited, Lokhandwala Complex, Andheri (West), Mumbai – 400
058, Maharashtra, India |
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Date of Birth/Age : |
75 years |
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Experience : |
40 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
No. of Shares |
|
Ajay O. Mehta |
187000 |
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Swati A. Mehta |
1000 |
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Omprakash S. Mehta |
1000 |
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Shakuntala Mehta |
1000 |
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Total |
190000 |
As on 06.01.2008
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Names of Allottees |
No. of Shares |
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Swati A. Mehta |
6000 |
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Total |
6000 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Label Stock Papers. |
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Products : |
Ř Gum Paper Sheet Ř
Gum Hotmet Paper Sheet |
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Exports : |
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Countries : |
South Africa, Kenya, Saudi Arabia, Australia, Dubai U.A.E. and UK |
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Imports : |
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Products : |
Paper |
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Countries : |
Finland, Italy, Germany and Malaysia |
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Terms : |
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Selling : |
L/C and Credit (90 Days) |
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Purchasing : |
L/C and credit (90 Days) |
PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
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Water Base Coating |
Sq.mtrs. |
14 million |
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Hotmelt Base Coating |
Sq.mtrs. |
27 million |
GENERAL
INFORMATION
|
Suppliers : |
Ř Deepak
Transport Agency Limited Ř Kailash Sales Agency Ř Mookambika Express Service Ř Sky Pack Services Spe. Limited Ř Continous Stationery Private Limited Ř Indian Aluminium Company Limited Ř Jubilant Organosys Limited Ř Wacker Metroark Chemicals Private Limited Ř Spirex Paper Conversions Private Limited Ř Kaygee Loparex India Private Limited Contact Person: Mr. Manish Jain Address: Gala No. 1and 2, Amli Industrial Estate, Silvassa-396230 Tel. No.: 91-22-26206869 Fax No.: 91-22-26700835
Ř Ballarpur Industries Contact Person: Mr. Nikunj Bhai Address: 105, Milestone, NH9, MIDC, Near Bhigwan Taluka, Pune, Maharashtra, India Tel. No.: 91-24324554 24324494
Ř Jesons Industries Contact Person: Mr. Yogeta Address: Pensula Tower, S. B. Marg, Lower Parel, Mumbai, Maharashtra, India Tel. No.: 91-22-26836273 Fax No.: 91-22-26831530
Ř Stora Enso Oyi Contact Person: Mr. Jayesh Shah Address: Fin 55800, Imatra, Finland Tel. No.: 91-22-56345789 Fax No.: 91-22-56348788
Ř Cartiera Director Carmignano SPA Contact Person: Mr. Hitesh Shah Address: Via Roma, 67 IT 35010,
Carmignano Director Brenta, Italy |
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Customers : |
Printers Ř Health and
Beauty Care Private Limited Ř Hi – Tech Art Services Ř Kem Cards Ř Multi Impression Ř Pace Printers Private Limited Ř Nishi Labels Private Limited Ř Ashit Packaging Private Limited Ř Colour Pack Private Limited Ř Gujarat Print Pack Publication Private Limited Contact Person: Mr. Dhanpal Address: 308/9, GIDC, Dediyasar, Mehsana, Gujarat, India Tel. No.: 278259714 Fax No.: 276254914
Ř Shree Ganesh Graphics Private Limited
Maharshi Labels Private Limited Contact Person: Sanjeev P. Atre Address: W68(A), MIDC Industrial Area, Chilkat, Thane, Aurangabad-431210 Tel. No.: 240-2482713 Fax No.: 240-2486133
Ř Mudraniks Contact Person: Ajay Aketa Address: 4, Ruchi, 36, Swastic Society, Navrangpura, Ahmedabad-380009, India Tel. No.: 79-6441079 Fax No.: 79-6425456
Ř Colour Label Contact Person: Mukesh Rawal Address: P.O. Box No. 59648, City Square, Nairaobi 00200, Kenya Tel. No.: 25-420553601 |
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No. of Employees : |
125 (in office – 20, In factory – 100 and In branch – 5) |
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Bankers : |
Ř
State Bank of India, Industrial Finance Branch,
Sakinaka, Mumbai – 400 072, Maharashtra, India. Ř Citi Bank N.A., Wockhardt Towers, Ground Floor, West Wing, Bandra Kurla Complex, Mumbai – 400 059, Maharashtra, India Ř
Standard Chartered Bank, SME Credit, 23-25, M G Road,
Fort, Mumbai – 400 001, Maharashtra, India Ř
HDFC Bank Limited |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
U. D. Kachare and
Company Chartered Accountants |
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Address: |
C-6, Saraswati Apartment, Laxmi Nagar, Carter Road No.3,
Borivali (E), Mumbai – 400066, Maharashtra, India |
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Tel. No.: |
91-22-28057040/28651947 |
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Sister Concern : |
Ř
S. M. Plastics 51, Shiv Shakti Industrial Estate, Andheri (E), Mumbai – 400059 Line of Business: Lamination
Ř Papa and Plastic 52, Shiv Shakti Industrial Estate, Andheri (E), Mumbai – 400059 Line of
Business: Lamination |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
190000 |
Equity Shares |
Rs.100/- each |
Rs.19.000 millions |
Out of above 186500 shares fully paid-up issue for
consideration other than cash.
FINANCIAL
DATA
[all
figures are in Rupees Millions]
|
Particulars |
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|
31.03.2008
(Approximately) |
|
Sales Turnover (Estimated) |
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|
520.000 |
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Expected Sales (2008-09): Rs.600.000 millions
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007
(Consolidated) |
31.03.2006 (Consolidated) |
31.03.2005 (Consolidated) |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
19.000 |
19.000 |
19.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
31.023 |
10.449 |
4.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.023 |
29.449 |
23.800 |
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LOAN
FUNDS |
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1]
Secured Loans |
50.386 |
44.530 |
30.199 |
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2]
Unsecured Loans |
6.806 |
6.806 |
6.906 |
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TOTAL BORROWINGS |
57.192 |
51.336 |
37.105 |
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DEFERRED TAX LIABILITIES |
0.093 |
(0.100) |
0.161 |
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TOTAL
|
107.308 |
80.685 |
61.066 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
14.489 |
18.568 |
19.309 |
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Capital
work-in-progress |
2.699 |
0.000 |
0.000 |
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INVESTMENTS |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
40.009 |
30.157 |
20.514 |
|
Sundry
Debtors |
111.534 |
64.305 |
50.276 |
|
Cash
& Bank Balances |
0.589 |
0.206 |
0.064 |
|
Other
Current Assets |
19.659 |
17.280 |
8.850 |
|
Loans
& Advances |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
171.791 |
111.948 |
79.704 |
|
Less
:
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current
Liabilities |
74.777 |
49.910 |
38.071 |
Provisions
|
6.930 |
0.000 |
0.000 |
Total
Current Liabilities
|
81.707 |
49.910 |
38.071 |
|
Net Current Assets |
90.084 |
62.038 |
41.633 |
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MISCELLANEOUS
EXPENSES |
0.036 |
0.079 |
0.124 |
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TOTAL
|
107.308 |
80.685 |
61.066 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
Sales Turnover [including other
income]
|
399.663 |
267.613 |
180.300 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
24.130 |
7.055 |
5.748 |
Provision for Taxation
|
3.556 |
1.460 |
1.631 |
Profit/(Loss) After Tax
|
20.574 |
5.589 |
3.917 |
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Import Value
|
114.487 |
39.373 |
7.127 |
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Export Value
|
64.997 |
46.930 |
3.846 |
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Total Expenditure
|
375.533 |
260.887 |
174.591 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
5.15 |
2.09
|
2.17 |
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|
Net Profit Margin
(PBT/Sales) |
(%) |
6.04 |
2.64
|
3.19 |
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
12.77 |
5.40
|
5.81 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.48 |
0.24
|
0.24 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
2.78 |
3.44
|
3.17 |
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Current Ratio
(Current Asset/Current Liability) |
|
2.10 |
2.24
|
2.09 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10095925 |
|
Corporate
identity number of the company |
U74999MH2003PTC139869 |
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Name of the
company |
SMI COATED PRODUCTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
51, Shiv Shakti Industrial Estate, Opposite Mittal Estate,
Andheri Kurla Road, Andheri (East), Mumbai – 400053, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Standard Chartered Bank, SME Credit, 23-25, M G Road,
Fort, Mumbai – 400 001, Maharashtra, India E-Mail: reenabang@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation Agreement (Supplemental) |
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Date of
instrument Creating the charge |
17.10.2008 |
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Amount secured by
the charge |
Rs.45.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Overall Limits of OD/ Pre and Post Shipment – Rs.30.000 millions, Import/
Inland LC – Rs.10.000 millions, Forex Forward LER – Rs.5.000 millions. Interest / Commission
– As agreed by and with the Bank from time to time. Terms of
Repayment: As agreed by and with the Bank from time to time. Margin: As
applicable, if any. Extent and
Operation of the charge: The Bank is having pari passu charge along with Citi
Bank N.A. on the security offered by the company. |
|
Short particulars
of the property charged |
Hypothecation by way of pari passu charge along with
Citi Bank N.A. on: a) all the stock in trade both present and future consisting
of raw materials, finished goods, goods in process of manufacturing and other
merchandise. b) all the present and future book debts, outstanding moneys
receivable, claims and bills. c) all the movable fixed assets. |
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.25.000 millions enhanced to Rs.45.000
millions. |
Financial Results:
During the year the company has achieved total income of Rs.399.663 millions and has net profit of Rs.20.574 millions after providing depreciation of Rs.2.550 millions and provisions for taxation of Rs.1.350 millions and deferred tax of Rs.0.100 million.
The company has also transferred Rs.4.000 millions to General Reserve during the financial year.
Conservation of
Energy, Technology, Absorption and Foreign Exchange Earring and Outgo:
The information required under section 217 (I) (e) of the Companies Act, 1956 read with Companies ( Disclosures of Particulars in the Report of the Board of Directors) rule, 1988 is as follows:
- Conservation of Energy: The Company is taking necessary steps wherever possible to conserve energy resources in the course of business.
- Technology Absorption, Adoption and innovation: N.A.
It exports Self Adhesive Paper and Film.
Trade References:
Ř JMB Labels
Ř Colour Labels Limited
Ř Jesons Industry, Lower Parel
Ř Maharishi Labels Private Limited, Ahmedabad
Subject is in trade terms with the following:
Ř Mahrashi Labels Private Limited
Changodar, Sarhej Bavla Highway, Gujarat
Contact Person: Mr. Rajubhai – 91-2717-251140
Ř Webtech System
Sakinaka, Mumbai
Contact Person: Mr. Amar Chhajet – 91-22-28526027/56902153
Ř Barcalm Solution (M) Private Limited
Goregaon, Mumbai
Contact Person: Mr. Prashanna – 91-22-26863752
Contact Person: Mr. Prashanna – 91-22-26863752
The company’s fixed assets of important value includes machinery, laboratory equipment, factory equipments, generator, electric fitting, office equipments, lease line, scooter, car, tempo, computers, furniture and fixtures, air conditioner, heavy duty racks and wooden racks.
WEBSITE DETAILS:
Company Profile
Subject has grown in sync with the dynamic growth the label industry has witnessed in recent years. With a strong customer-partnership orientation, they have always maintained a proactive flexibility in offering solutions for existing and emerging packaging challenges through the label stocks.
The customers' achievements and needs are the operating drivers for them, based
on their sense of relevance, not just their own. This customer focus is
incorporated as a resolve in SMI’s stated positioning of: "Consistently Relevant
Solutions", something that stays as a vivid operating and service
reminder with all of team SMI, headed by the company’s Managing Director, Ajay Mehta.
As a registered private limited company since July 2004, SMI has moved into a
fast growth track that has, in its blueprint, not only geographical expansion
and greater penetration across India and several other markets, but also a
focused approach to offering innovative solutions on the cutting edge of market
needs.
An ISO
9001:2000 certification and a highly efficient ERP network
assure that, among other things including customization, SMI delivers on
quality and specifications precisely, on time, every time. First time and then
on every repeat order thereafter. The stock will be exactly the same as before,
calibrated to the finest detail.
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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|