MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHRI ANIRUDDHA WOOD PRIVATE LIMITED |
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Registered Office : |
Parvati Niwas, Top Floor, Room No. 17, Above Prabhu Niketan hotel,
Daftary Road, Malad (East), Mumbai – 400 097, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.07.2003 |
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Com. Reg. No.: |
11-141226 |
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CIN No.: [Company
Identification No.] |
U20200MH2003PTC141226 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38065G |
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PAN No.: [Permanent
Account No.] |
AAHCS8155L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Woods and Importer of Wooden logs. |
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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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Financial position can be regarded as moderate having accumulated
losses. It’s payments are usually correct. Directors are reported as resourceful businessman. In view of the aforesaid, some caution is suggested while dealers with
the company at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Ms. Asha |
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Designation : |
Accountants |
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Date : |
08.09.2008 |
LOCATIONS
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Registered Office : |
Parvati Niwas, Top Floor, Room No. 17, Above Prabhu Niketan hotel,
Daftary Road, Malad (East), Mumbai – 400 097, Maharashtra, India |
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Tel. No.: |
91-22-28809023 / 28809169 / 28426748 |
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Mobile No.: |
91-9920037155 |
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Fax No.: |
91-22-28809169 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Bhachau Road, Survey No. 6411 Batch No. 370140, District Kutch, Wagad |
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Tel. No.: |
91-2837-224702 |
DIRECTORS
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Name : |
Mr. Lakhamshi Shah |
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Designation : |
Director |
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Address : |
7, Ronak Bhuvan, Bachani Nagar, Malad (East), Mumbai – 400 097,
Maharashtra, India |
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Date of Birth/Age : |
26.11.1965 |
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Date of Appointment : |
18.07.2003 |
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Name : |
Mr. Khimji Shah |
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Designation : |
Director |
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Address : |
17, 2nd Floor, Ronak Bhuvan, Bachani Nagar, Malad (East),
Mumbai – 400 097, Maharashtra, India |
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Date of Birth/Age : |
26.11.1965 |
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Qualification : |
SSC |
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Date of Appointment : |
18.07.2003 |
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Name : |
Mr. Hasmukh Shah |
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Designation : |
Director |
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Address : |
12/13, Morulal Mansion, Bachani Nagar, Malad (East), Mumbai – 400 097,
Maharashtra, India |
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Date of Birth/Age : |
27.10.1964 |
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Date of Appointment : |
18.07.2003 |
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Name : |
Mr. Ronak Shah |
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Designation : |
Director |
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Address : |
12/13, Morulal Mansion, Bachani Nagar, Malad (East), Mumbai – 400 097,
Maharashtra, India |
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Date of Birth/Age : |
16.04.1984 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.07.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
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Lakhamshi Shah |
2500 |
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Khimji Shah |
2500 |
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Hasmukh Shah |
2500 |
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Bharat Shah |
2500 |
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Total |
10000 |
List of Allotment As on 31.03.2007
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Names of Allottees |
No. of Shares |
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Khimji Shah |
500000 |
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Lakhamshi Shah |
240000 |
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Total |
740000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Woods and Importer of Wooden logs. |
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Exports : |
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Products : |
Lumber |
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Countries : |
·
Canada ·
UAE |
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Imports : |
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Products : |
Logs of Woods |
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Countries : |
·
France ·
UK ·
Canada ·
Singapore |
GENERAL
INFORMATION
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Customers : |
·
Manufacturers ·
Wholesalers |
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No. of Employees : |
67 (In Office 2 and In Factory 65) |
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Bankers : |
·
Cosmos Co-Operative Bank Limited Malad Branch, Malad (West), Mumbai – 400
097, Maharashtra, India ·
The Cosmos Co-Operative Bank Limited Vile Parle Branch, Pratik Avenue, 1st Floor, Nehru Road,
Vile Parle (East), Mumbai – 400 057, Maharashtra, India |
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Facilities : |
CC Rs.17.500 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ruchir Consultancy Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
The Company’s last
available financials for March 2005 is enclosed. It was obtained from
confidential sources. As per, the Company has not filed any financials, so far.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.944) |
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NETWORTH |
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(0.844) |
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LOAN FUNDS |
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1] Secured Loans |
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5.927 |
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2] Unsecured Loans |
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15.118 |
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TOTAL BORROWING |
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21.045 |
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DEFERRED TAX LIABILITIES |
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0.065 |
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TOTAL |
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20.266 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.089 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.710 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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27.621 |
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Sundry Debtors |
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6.640 |
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Cash & Bank Balances |
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0.057 |
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Deposits |
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0.177 |
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Loans & Advances |
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0.158 |
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Advances to Creditors |
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1.040 |
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Total Current Assets |
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35.693 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.226 |
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Provisions |
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0.000 |
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Total Current Liabilities |
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24.226 |
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Net Current Assets |
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11.467 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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20.266 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover |
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10.708 |
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Other Income |
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0.000 |
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Total Income |
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10.708 |
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Profit/(Loss) Before Tax |
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(0.879) |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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(0.879) |
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Expenditures : |
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Interest |
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0.396 |
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Depreciation & Amortization |
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1.570 |
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Other Expenditure |
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9.621 |
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Total Expenditure |
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11.587 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
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PAT / Total Income |
(%) |
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(8.21) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(8.21) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(2.01) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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(53.64) |
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Current Ratio (Current Asset/Current Liability) |
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1.47 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Wood Packers Euro Lumbers Private Limited, Delhi
·
Euro Woods, Pune
Form No. 8
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Name of the company |
SHRI ANIRUDDHA WOOD PRIVATE LIMITED |
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Presented By |
Cosmos
Co-Operative Bank Limited, Vile Parle Branch, Mumbai – 400 057, Maharashtra,
India |
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1) Date and description of instrument creating the change |
Hypothecation of Tangible
Goods / Movable property to secure A Demand Cash Credit Account / Demand
Overdraft Account/Demand Loan Account dated 31st March, 2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.500
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 |
Hypothecation of
all the goods of the borrowers namely stock and book debts more particularly described
in the schedule attached herewith, including there in the stocks thereof the
time being whether raw or manufactured or in process of manufacture and also
all products, goods and any every tangible movable property of the Borrowers
whether new lying or at any time hereafter during the continuance of this
security lying or being in or about the Borrowers premises and godowns at
Bhachau Sikara Road, opp Euro Ceramic S no 641/1, Bhachau – 37014 Dist. Kutch
Vagad State Gujarat or where ever else the same may be or be held by any
party anywhere. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
R.O.I. : 12% p.a.
or at such rate as may be determined by the bank from time to time This is cash
credit facility |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos Co-Operative Bank Limited Vile Parle
Branch, Pratik Avenue, 1st Floor, Nehru Road, Vile Parle (East),
Mumbai – 400 057, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Deed of Mortgage
dated 15 April 2005 |
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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 is dated 31 March 2005 for Rs.12.500 millions. Now by present
modification dated 15 April 2005 term loan (construction) Rs.7.500 millions,
Term Loan (Plant and Machinery) Rs.6.000 millions, L/C facility (foreign
imports) Rs.12.500 millions and cheque purchase facility (Rs.1.000 millions)
disburse. Further mortgage of all that piece and parcel of the land lying and
being situated within the registration district Kutch sub dist Tah Bachha.
Furthe hypothecation of stock, book debts, plant, machinery Raw Material
under L/C cheque to be purchased. The present limits are
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Corporate
identity number of the company |
U20200MH2003PTC141226 |
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Name of the
company |
SHRI ANIRUDDHA WOOD PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Parvati Niwas, Top Floor, Room No. 17,
Above Prabhu Niketan hotel, Daftary Road, Malad (East), Mumbai – 400 097,
Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
Cosmos Co-Operative Bank Limited Malad Branch, Malad (West), Mumbai – 400 097,
Maharashtra, India |
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Nature of
instrument creating charge |
Deed of Hypothecation of stock, book debts and machinery |
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Date of
instrument Creating the charge |
25.01.2008 |
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Amount secured by
the charge |
Rs.44.500 millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest Cash Credit : 12.50% p.a. or at such rate as may be determined by the
bank from time to time Term Loan : 12.50% p.a. or at such rate as may be determined by the
bank from time to time Cheque purchase : 18% p.a. or at such rate as may be determined by the
bank from time to time ·
Terms of
repayment Cash Credit : On demand subject to review within 12 months Cheque purchase : On demand subject to review within 12 months Letter of Credit : On demand subject to review within 12 months ·
Margin Cash Credit : 25% in bank’s favour L/C : 15% in bank’s favour ·
Extent and
operation of the charge
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Particulars of
the property charged |
Hypothecation of all the goods of the borrowers namely stock and book
debts, including there in the stocks thereof the time being whether raw or manufactured
or in process of manufacture and also all products, goods and any every
tangible movable property of the Borrowers whether new lying or at any time
hereafter during the continuance of this security lying or being in or about
the Borrowers premises and godowns at Bhachau Sikara Road, Opp Euro Ceramic S
no 641/1, Bhachau – 37014 Dist Kutch Vaga |
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Particulars of
the present modification |
The cash credit limit is enhanced from Rs.12.500 millions to Rs.17.500
millions (additional Rs.5.000 millions). The Overall limit are 44.500
millions (Cash Credit : Rs.17.500 millions), term Loan (Construction)
Rs.7.500 millions, Term Loan (P and M) Rs.6.000 millions L/C facility
Rs.12.500 millions, Cheque purchase facility Rs.1.000 millions) |
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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
- |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--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 |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|