MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHALIMAR REXINE INDIA LIMITED |
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Registered Office : |
Gat No. 1284, Sanaswadi Industrial Zone, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
095796 |
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CIN No.: [Company
Identification No.] |
U17297PN1996PLC095796 |
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IEC No.: |
3100007816 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES04020C |
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PAN No.: [Permanent
Account No.] |
AACCS6003N |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Manufacturer and Exporter of PVC Leather Cloth and Allied Products
such as Rexine Cloths, Artificial Leather, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 1140000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Trade relations are fair. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Shaikh |
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Designation : |
Account Manager |
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Date : |
18.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
Gat No. 1284, Sanaswadi Industrial Zone, |
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Tel. No.: |
91-2137-253516/ 17 |
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Fax No.: |
91-2137-253516/ 17 |
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E-Mail : |
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Website : |
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Area : |
80000 sq ft |
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Location : |
Owned |
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Head Office : |
1ST Floor, Gurman Chambers, 67, Ganesh Peth, Pune – 411
002, |
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Tel. No.: |
91-20-26353915/ 26353941 |
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Fax No.: |
91-20-26342983 |
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E-Mail : |
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Area : |
3500 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Afzal Khan |
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Designation : |
Director |
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Address : |
249/ 50, Mangalwar Peth, Pune – 411 011, |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.Com |
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Date of Appointment : |
01.01.1996 |
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Name : |
Mr. Yunus Khan |
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Designation : |
Director |
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Address : |
249/ 50, Mangalwar Peth, Pune – 411 011, |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B.Com |
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Date of Appointment : |
01.01.1996 |
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Name : |
Mr. Sarosh Noshir Gorimar |
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Designation : |
Director |
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Address : |
301, Silver Estate, B – 1, |
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Date of Appointment : |
02.12.2002 |
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Tel. No. : |
91-20-26835009 |
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Name : |
Mr. Ahid Mohd. Kasim Moledina |
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Designation : |
Director |
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Address : |
A/ 408, Manish Dashan, Fatima Nagar, Pune – 411 013, |
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Date of Appointment : |
29.01.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
No. of Shares |
|
Afzal Khan |
281875 |
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Anis Khan |
281875 |
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Yunus Khan |
281875 |
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Asif Khan |
299375 |
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Zohara Shaikh |
163750 |
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Yasmeen Shaikh |
163750 |
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Anjum Shaikh |
163750 |
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Shaheen Shaikh |
163750 |
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Sunrise Leather Impex Private Limited |
262500 |
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Umar Khan |
38500 |
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Names of Allottees |
No. of Shares |
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Afzal Khan |
500188 |
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Anis Khan |
287938 |
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Yunus Khan |
367187 |
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Asif Khan |
263437 |
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Zohara Khan |
81875 |
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Yasmeen Khan |
81875 |
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Anjum Khan |
81875 |
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D. Alwani |
35000 |
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Feroz Khan |
38125 |
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Total |
1737500 |
As on 14.07.2008
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 PVC Leather Cloth and Allied Products
such as Rexine Cloths, Artificial Leather, etc. |
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Products : |
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Exports : |
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Products : |
PVC Leather Cloth and Allied Products such as Rexine Cloths, Artificial
Leather, etc. |
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Countries : |
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Terms : |
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Selling : |
Credit 30/ 60 days |
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Purchasing : |
Credit 30/ 60 days |
GENERAL
INFORMATION
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Customers : |
OEM’s and Direct Customer |
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No. of Employees : |
60 |
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Bankers : |
1262/ B, |
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Facilities : |
CC – Rs.242.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L P Thakkar and Company Chartered Accountants |
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Address : |
Dhavan, 1st Floor, 23 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000000 |
Equity Shares |
Rs.10/- Each |
Rs.110.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6131250 |
Equity Shares |
Rs.10/- Each |
Rs.61.312
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 |
61.312 |
40.875 |
40.875 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
166.744 |
161.605 |
142.769 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
228.056 |
202.480 |
183.644 |
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LOAN FUNDS |
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1] Secured Loans |
267.071 |
276.898 |
200.510 |
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2] Unsecured Loans |
42.867 |
41.945 |
11.983 |
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TOTAL BORROWING |
309.938 |
318.843 |
212.493 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
537.994 |
521.323 |
396.137 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.952 |
78.774 |
30.258 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
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 |
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Inventories |
158.718
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144.025 |
124.832 |
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Sundry Debtors |
307.763
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363.842 |
309.721 |
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Cash & Bank Balances |
1.127
|
0.656 |
22.519 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
83.379
|
20.269 |
45.446 |
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Total
Current Assets |
550.987
|
528.792 |
502.518 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
38.343
|
48.017 |
106.783 |
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Provisions |
51.602
|
38.226 |
29.866 |
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Total
Current Liabilities |
89.945
|
86.243 |
136.649 |
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Net Current Assets |
461.042
|
442.549 |
365.869 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.010 |
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TOTAL |
537.994 |
521.323 |
396.137 |
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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 |
1297.720 |
1006.364 |
796.734 |
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Other Income |
65.238 |
0.939 |
0.000 |
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Total Income |
1362.958 |
1007.303 |
796.734 |
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Profit/(Loss) Before Tax |
37.576 |
28.836 |
46.895 |
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Provision for Taxation |
12.000 |
10.000 |
0.000 |
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Profit/(Loss) After Tax |
25.576 |
18.836 |
46.895 |
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Expenditures : |
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Raw Material Consumed |
1204.003 |
879.637 |
678.229 |
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Increase/(Decrease) in Finished Goods |
0.000 |
27.904 |
8.459 |
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Salaries, Wages, Bonus, etc. |
8.828 |
12.574 |
9.921 |
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Managerial Remuneration |
1.800 |
1.800 |
1.800 |
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Payment to Auditors |
1.790 |
0.740 |
0.146 |
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Interest |
44.554 |
31.287 |
12.596 |
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Insurance Expenses |
3.595 |
4.096 |
4.369 |
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Power & Fuel |
1.211 |
1.207 |
0.566 |
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Depreciation & Amortization |
10.228 |
6.927 |
3.918 |
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Other Expenditure |
49.373 |
12.295 |
29.835 |
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Total Expenditure |
1325.382 |
978.467 |
749.839 |
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Expected Sales (2008-09) : Rs.2000.000 Millions
KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.88
|
1.87 |
5.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.90
|
2.87 |
5.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.98
|
4.75 |
8.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.14 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
2.00 |
1.90 |
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Current Ratio (Current Asset/Current Liability) |
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6.13
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6.12 |
3.68 |
LOCAL AGENCY FURTHER
INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AACCS6003N XM
001 |
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VAT / TIN : 27600001752 |
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IEC Code : 3100007816 |
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PAN / TAN : AACCS6003N |
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Bank Name : State
Bank of |
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Bank Address : Commercial
Branch, |
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Bank A/c. No.: 10299662822 |
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Account Since : 6
Years |
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In case of any affiliations / memberships / certifications
: |
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Name : ISO 9001 :
2000 |
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Expiry Date : 2011 |
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Name of the company |
SHALIMAR REXINE INDIA LIMITED |
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
a. Agreement of
loan for overall limit. b. Agreement of
Hypothecation of Goods and Assets. Both the above Agreements
are dated 25.08.2004 and executed for the creation of single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.267.100
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A first charge by
way of hypothecation of the borrowers entire goods, movables and other assets
present and future including documents of title to the goods and other
assets, such as book debts, outstanding moneys, receivables by way of cash
assistance and/ or any other scheme, claims including claims by way of refund
of customs/ excise duties under the Duty Drawback Credit Scheme or any other
scheme, bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights uncalled capital
and machinery present and future of such form satisfactory to the Bank. Details/ List
of Plant and Machinery such as: Technical
Details of Building: Security Office,
2000 RCC Frame with slab PCC floor, Plant and
Machinery: Sewing Machine,
Cutting Machine, 15 HP Motor with Gear Box and Overhead Heater etc. Office Equipments
and Furniture: Furniture
includes Chairs, Sofa set, tables and canteen equipment. Air Conditioner
and other assorted elec. Equipment etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI: As would be determined by bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
a. No instrument.
Memorandum of deposit for creation of Equitable mortgage by deposit of title
deeds. b. Confirmation
Letter. Both the above
Agreements are dated 20.10.2004 and executed for the creation of single
modification. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created on 25.08.2004 for Rs.267.100 Millions. Now by the present
modification dated 20.10.2004 the company offered an additional collateral
security by way of an equitable mortgage by deposit of title deed over the
immovable property by fixing the mortgage at Rs.267.100 Millions together
with interest thereon and all costs and charges. The facilities
are as follows:
Total Credit Facilities: Rs.267.100
Millions The details of
immovable property described is as follows: All that piece and
parcel of the land bearing Gat No. 1284 admeasuring about OH 55 ares out of
the total land admeasuring 1H 10 ares assessed at Rs.0.66 paise lying and
being situated at Mouze Sanaswadi, Taluka Shirur, District Pune and within
the jurisdiction of sub. Registrar Shirur and within the limits of Zilla
Parishad Pune, Taluka Panchayat Samiti, Shirur. On or towards
East : Gat No.1287, 1289 On or towards
South : Gat no.1283 On or towards
West : Part of Gat No.1284 On or towards
North : Gat No.1285. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80038984 |
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Corporate
identity number of the company |
U17297PN1996PLC095796 |
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Name of the
company |
SHALIMAR REXINE INDIA LIMITED |
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Address of the registered
office or of the principal place of
business in |
Gat No. 1284, Sanaswadi Industrial Zone, |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
Axis Bank Limited 1262/ B, E-Mail: sachin.deo@axisbank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Term
Loan Agreement |
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Date of
instrument Creating the charge |
24.10.2007 |
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Amount secured by
the charge |
Rs.35.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR – 2% p.a. (currently 10% p.a. – present Bank’s BPLR being 12.00% p.a.) Margin: Margin of
Security minimum 22% Extent and
Operation of the charge: First Charge |
|
Particulars of
the present modification |
At the request of
the company the bank modified the terms and conditions of repayment and
premature payment. The modified terms and conditions are given. There is no
change in the limit of Rs.35.000 Millions. |
TRADE REFERENCES:
- Bajaj
Industries
- Varrock
Engineers,
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.49.29 |
|
|
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|