MIRA
INFORM REPORT
|
Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
SHREE MALANI FOAMS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
606, Saptagiri Tower, 1-10-75/1/1-6, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
18.07.2007 |
|
|
|
|
Com. Reg. No.: |
01-54819 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999AP2007PTC054819 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS19644C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AALCS0322F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of Polyurethane Foam. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
New |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is implementing a new project for manufacture of Polyurethane
Foam. Trade relations are fair. The company has yet to establish track. Initially, it should be considered on secured trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
606, Saptagiri Tower, 1-10-75/1/1-6, |
|
Tel. No.: |
91-40-27760363/ 40163363 |
|
Fax No.: |
91-40-27768167 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No 306, 310-313, Shankarampet ® Village amd Mandal, Via
Chegunta, Medak District, Andhra Pradesh – 502248, |
DIRECTORS
|
Name : |
Mr. Kamal Narayan Rathi |
|
Designation : |
Chairman and Managing Director |
|
Address : |
D. No.4-7-307/308, Esamiya Bazar, |
|
Date of Birth/Age : |
05.05.1947 |
|
Date of Appointment : |
18.07.2007 |
|
|
|
|
Name : |
Mr. Siddharth Malani |
|
Designation : |
Director |
|
Address : |
Neelachal 25/B/C, |
|
Date of Birth/Age : |
01.10.1982 |
|
Date of Appointment : |
18.07.2007 |
|
|
|
|
Name : |
Ms. Urmila Malani |
|
Designation : |
Director |
|
Address : |
Neelachal 25/B/C, |
|
Date of Birth/Age : |
31.12.1959 |
|
Date of Appointment : |
18.07.2007 |
|
|
|
|
Name : |
Mr. Amarnath Chitta |
|
Designation : |
Director |
|
Address : |
B-67, 2nd II T Quarters, I I T Powai, Mumbai – 400076, |
|
Date of Birth/Age : |
23.10.1947 |
|
Date of Appointment : |
27.06.2008 |
|
|
|
|
Name : |
Mr. Avinash Daga |
|
Designation : |
Director |
|
Address : |
Daga Kunj, 8-2-326/A/1/1 Road No.4, Banjara Hills, |
|
Date of Birth/Age : |
13.02.1975 |
|
Date of Appointment : |
27.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 31.03.2008)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Siddharth Malani |
|
260000 |
|
Urmila Malani |
|
560000 |
|
Kamal Narayan Rathi |
|
750000 |
|
Bhagwandas Malani |
|
800000 |
|
Champa Malani |
|
300000 |
|
Purshottam Malani |
|
450000 |
|
Shree Malani Chemicals Private Limited |
|
350000 |
|
Leelavathi Rathi |
|
450000 |
|
Chitta Amarnath |
|
10000 |
|
Chitta Muralighar |
|
10000 |
|
Chitta Naga Sita |
|
20000 |
|
|
|
|
|
Total |
|
3960000 |
(As on 30.09.2008)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Leelavathi Rathi |
|
200000 |
|
Kamal Narayan Rathi HUF |
|
40000 |
|
Kamal Narayan Rathi |
|
310000 |
|
Rajesh Vanijya Private Limited |
|
250000 |
|
Bhagwandas Malani |
|
100000 |
|
Urmila Malani |
|
150000 |
|
Purshottam Malani |
|
50000 |
|
Purshottam Malani HUF |
|
100000 |
|
Chitta Muralighar |
|
20000 |
|
Chitta Amarnath |
|
20000 |
|
Chitta Naga Sita |
|
20000 |
|
Madhavi Daga |
|
30000 |
|
|
|
|
|
Total |
|
1290000 |
(As on 18.01.2009)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate |
|
8.34 |
|
Directors or relatives of directors |
|
91.66 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Polyurethane Foam. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
Bankers : |
Secunderabad Branch, 1-2-163, LG – 1, Bhuvana Towers, Sarojini Devi
Road, P. B. No.153, Secunderabad, Hyderabad – 500003, Andhra Pradesh, India |
|
|
|
|
Facilities : |
Mortgage Charge of Rs.141.000 Millions From Union Bank of Secured Loans: Term loans from Union Bank of Rs.
0.180\Million |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Natraj Iyyar and Company Chartered Accountant |
|
Address : |
1-10-126, Ashok Nagar, |
|
|
|
|
Group Companies : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3960000 |
Equity Shares |
Rs.10/- each |
Rs.39.600 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
39.600 |
|
|
2] Share Application Money |
|
|
0.400 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
40.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.180 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.180 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.180 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8.099 |
|
|
Capital work-in-progress |
|
|
6.071 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
0.000
|
|
|
Cash & Bank Balances |
|
|
5.789
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
20.144
|
|
Total
Current Assets |
|
|
25.933 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.182
|
|
|
Provisions |
|
|
0.356
|
|
Total
Current Liabilities |
|
|
0.538
|
|
|
Net Current Assets |
|
|
25.395
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
Preliminary Expenses |
|
|
0.615 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
40.180 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
48.20 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Land
- Borewell
Pumps
- Mobile Phones
- Furniture and
Fittings
- Computers
Website Details:
Subject intend to purchase the property situated at
Shankarampet Village:
- Any
person/s., institution etc. have any objection, claim, title over the
below mentioned schedule property, they are hereby called upon to approach
the undersigned with all documentary proof within 7 days.
- General
Public are hereby informed that their client subject has entered into
agreement with (1) Akula Manikyam (2) Ramannagari Shivaramulu (3) Pulla
Nagamulla Yellaiah for purchase of below mentioned scheduled property and
had already paid considerable amount as advance. Any person/s.,
institution etc. have any objection, claim, title over the below mentioned
schedule property, they are hereby called upon to approach the undersigned
with all documentary proof within 7 days form the date of this
publication, otherwise our client will complete the sale transaction and
any claims, objections thereafter will not be entertained and will be
deemed void.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.50.09 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
25 |
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 |
|