MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SELLOWRAP INDUSTRIES PRIVATE LIMITED |
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Formerly Known
As : |
SELLOWRAP MANUFACTURING PRIVATE LIMITED |
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Registered
Office : |
208, Plot NO. C 5, Abhishek Building, Dalia Estate, New Link Road,
Andheri (West), Mumbai-400053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.04.2004 |
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Com. Reg. No.: |
145548 |
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CIN No.: [Company Identification
No.] |
U25202MH2004PTC145548 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and processor of different grades of foam and molded plastic
fastener products that are used for insulation. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 460000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Head Office : |
208, Plot NO. C 5, Abhishek Building, Dalia Estate, New Link Road,
Andheri (West), Mumbai-400053, Maharashtra, India |
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Tel. No.: |
91-22-66750560 |
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Fax No.: |
91-22-66750561 |
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E-Mail : |
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Website : |
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Plant Location I : |
Plot No.54, Maruti Industrial Estate, Sector 18, Gurgaon-122015,
Haryana, India |
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Tel. No.: |
91-124-4015973 |
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Fax No : |
91-124-4015975 |
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E-Mail : |
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Plant Location II : |
Plot No.70-72, Sector-7, Growth Centre Industrial Estate, Bawal,
District Rewari, Haryana, India |
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Tel No : |
91-128-4264451 /52 |
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Fax No : |
91-128-4264453 |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Saurabh Poddar |
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Designation : |
Director |
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Address : |
A 501, Fairyland Cooperative Housing Society Limited, Plot No.9 A, 10th
Road, Juhu, Vile Parle (West), Mumbai-400049, Maharashtra, India |
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Date of Birth/Age : |
28.12.1973 |
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Date of Appointment : |
24.05.2005 |
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DIN No : |
00032858 |
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Name : |
Mr. Sushil Poddar |
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Designation : |
Director |
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Address : |
F -704, Somvihar Apartment, R. K. Puram, New Delhi-110022, Delhi,
India |
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Date of Birth/Age : |
01.01.1947 |
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Date of Appointment : |
06.04.2004 |
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DIN No : |
00149285 |
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Name : |
Mr. Ravi Jajodia |
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Designation : |
Director |
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Address : |
Plot No.55, Ajmera Garden, Ajmera Road, Jaipur-302019, Rajasthan,
India |
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Date of Birth/Age : |
18.04.1961 |
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Date of Appointment : |
18.03.2009 |
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DIN No : |
02297549 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
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Sushil Kumar Poddar |
1842500 |
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Saurabh Poddar |
1347500 |
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Meena Poddar |
300000 |
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Pooja Poddar |
990000 |
|
S. K. Poddar and Sons HUF |
150000 |
|
Saurabh Marketing Private Limited, India |
2450000 |
|
Anupama Bajoria |
250000 |
|
Aparna Polyflex Private Limited, India |
75000 |
|
Arvind Chemicals Limited |
810000 |
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Arvind Exports |
70000 |
|
Kaizen Organics Private Limited, India |
200000 |
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Lansdown Properties Limited, India |
200000 |
|
Aditya Rungta HUF |
10 |
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Shyamsunder Rungta HUF |
10 |
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Zues Vinimay Private Limited, India |
30000 |
|
Yugveri Marketing Private Limited, India |
30000 |
|
Hamayan Barter Private Limited, India |
20000 |
|
Maa Ambe Tradelink Private Limited, India |
30000 |
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Pashupati Dealcom Private Limited, India |
40000 |
|
Sundrm Consultants Private Limited, India |
50000 |
|
Sesun Marketing Private Limited, India |
10000 |
|
Rajmandir Estates Private Limited, India |
20000 |
|
Total |
8915020 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Bodies corporate |
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45.26 |
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Directors or relatives of directors |
|
54.74 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and processor of different grades of foam and molded plastic
fastener products that are used for insulation. |
GENERAL INFORMATION
|
Bankers : |
v Bank of India,
Juhu Branch, Plot No.6-B, Nehru Nagar A, Juhu Tara Road, Mumbai-400049,
Maharashtra, India v ABN Amro Bank v Kotak Mahindra
Bank Limited v Standard Chartered
Bank v ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khurdia Jain and Company Chartered Accountant |
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Address : |
C-1, 309, Bharateeya Kala, Om Nagar, Sahar Pipeline Road, Andheri
(East), Mumbai-400099, Maharashtra, India |
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Subsidiaries : |
Sellowrap EPP India Private Limited CIN No: U24130MH2005PTC155220 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
8915020 |
Equity Shares |
Rs. 10/- each |
Rs. 89.150
millions |
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Note : (230000 Equity Shares of Rs.10/- each fully
paid)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
89.150 |
61.950 |
21.950 |
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2] Share Application Money |
5.633 |
20.958 |
58.758 |
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3] Reserves & Surplus |
20.337 |
7.321 |
4.156 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
115.120 |
90.229 |
84.864 |
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LOAN FUNDS |
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1] Secured Loans |
123.615 |
61.576 |
42.437 |
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2] Unsecured Loans |
10.174 |
2.500 |
2.500 |
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TOTAL BORROWING |
133.789 |
64.076 |
44.937 |
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DEFERRED TAX LIABILITIES |
1.095 |
0.372 |
0.372 |
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TOTAL |
250.004 |
154.677 |
130.173 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
117.005 |
54.838 |
52.534 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
72.649 |
69.749 |
53.600 |
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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 |
29.666
|
14.824 |
10.827 |
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Sundry Debtors |
59.381
|
35.153 |
32.202 |
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Cash & Bank Balances |
25.467
|
0.736 |
0.310 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
17.113
|
8.535 |
6.471 |
|
Total
Current Assets |
131.627
|
59.248 |
49.810 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
54.642
|
19.223 |
20.972 |
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Other Current Liabilities |
16.635
|
9.963 |
4.908 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
71.277
|
29.186 |
25.880 |
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Net Current Assets |
60.350
|
30.062 |
23.930 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.028 |
0.109 |
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TOTAL |
250.004 |
154.677 |
130.173 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
220.361 |
171.805 |
143.400 |
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Other Income |
1.373 |
0.305 |
NA |
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TOTAL |
221.734 |
172.110 |
NA |
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Less |
EXPENSES |
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|
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Office Expenses |
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NA |
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Administrative Expenses |
200.427 |
153.738 |
NA |
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Advertising Expenses |
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NA |
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TOTAL |
200.427 |
153.738 |
NA |
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PROFIT BEFORE
TAX |
21.307 |
18.372 |
5.084 |
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Less |
TAX |
17.491 |
15.208 |
NA |
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PROFIT AFTER TAX
|
3.816 |
3.164 |
NA |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.321 |
4.156 |
NA |
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BALANCE CARRIED TO
THE B/S |
11.137 |
7.321 |
4.156 |
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Earring Per
Share |
0.42 |
0.51 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.72
|
1.83 |
NA |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.67
|
10.69 |
3.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.57
|
16.10 |
4.97 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.20 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
1.04 |
0.84 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
2.03 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
FROM 8
|
Corporate identity
number of the company |
U25202MH2004PTC145548 |
|
Name of the
company |
SELLOWRAP
MANUFACTURING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
208, Plot NO. C 5, Abhishek Building, Dalia Estate, New Link Road,
Andheri (West), Mumbai-400053, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Bank of India, Juhu Branch, Plot No.6-B, Nehru Nagar A, Juhu Tara
Road, Mumbai-400049, Maharashtra, India |
|
Nature of
instrument creating charge |
Equitable
Mortgage created by Deposit of Title Deeds by Memorandum of Entry executed
with SIDBI acting as agent for Bank of India, Juhu Branch. |
|
Date of
instrument Creating the charge |
03.01.2011 |
|
Amount secured by
the charge |
Rs. 77.400 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC -
(Stocks and BD) - @3.50% p. a. over Base Rate Presently@11.50% p.a., TL-@4.25%
p.a. over Base Rate Presently @12.25% p.a. shall be charged Terms of
repayment Cash
Credit-On Demand and Term Loan as per existing guidelines Margin CC
(Stocks)- 25% CC
(Book Debts)- 40% Term
Loan-15% Extent and
operation of the charge Company
has ceded Second Charge on immovable property, as described at S.No.15 below
for the enhanced CC Limit of Rs.50.000 millions and TL Limit of Rs.27.400 millions
aggregating to Rs.77.400 millions and SIDBI, Bandra Kurla Complex, Bandra
(East) has a First Charge on that property covering its Term Loan facilities,
sanctioned to the Company, which are fully detailed in the Memorandum of
Entry. Other Limits
enhanced from Rs.42.000 millions to Rs.77.400 millions |
|
Short particulars
of the property charged (Including location of the property) |
All
that piece and parcel of land or ground (Open plot) admeasuring 6400 sq.
Metres bearing Plot Nos. D/57 and D/58 of Ranjangaon Industrial Area within
the Village limit of Karegaon, Taluke Shirur, within the registration
district of Pune city together with all building and structures thereon and
plant and machinery attached to earth or permanently fastened to anything attached
to the earth. |
|
Charge
identification number of the charge to be modified |
80039909 |
|
Date of
instrument modifying the charge |
10.08.2010 |
|
Particulars of
the present modification |
Equitable
Mortgage on Company's immovable properties situated at Plot Nos. D/57 and
D/58 of Ranjangaon Industrial Area within the village limit of Karegaon,
Taluka Shirur, Dist. Pune, Now CC Limit has increased from Rs.42.000 millions
to Rs.50.000 millions and TL Limit of Rs.27.400 millions aggregating to
Rs.77.400 millions, thus the total charge enhanced from Rs.42.000 millions to
Rs.77.400 millions on Second charge basis with SIDBI as a first charge
holder. |
FIXED ASSETS
ü Lease Hold Land
ü Factory Building
ü Plant and
Machinery
ü Generators
ü Electrical
Installation
ü Furniture and
Fixture
ü Office Equipments
ü Tools and Dies
ü Lab Equipments
ü Computers and Its
Peripherals
ü Computer Software
ü Motor Card
ü Scooters
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.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
31 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.