MIRA INFORM REPORT
|
Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ECOFLEX SURFACES PRIVATE LIMITED (w.e.f.11.07.2006) |
|
|
|
|
Formerly Known
As : |
KAPIL AUTO PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No.5, 2nd Floor, The Worli Cliff Cooperative Housing
Society Limited, 27, Pochkhanwala Road, Worli, Mumbai-400025, Maharashtra. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation
: |
24.11.1977 |
|
|
|
|
Com. Reg. No.: |
11-019990 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1977PTC019990 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of epoxies and polyurethane products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Ramamurthy |
|
Designation : |
Account Manager |
|
Date : |
07.04.2011 |
LOCATIONS
|
Registered Office : |
Flat No.5, 2nd Floor, The Worli Cliff Cooperative Housing Society
Limited, 27, Pochkhanwala Road, Worli, Mumbai-400025, Maharashtra, India |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office / Factory : |
Devidayal Complex, Kanjurmarg (East), Mumbai-400042, Maharashtra,
India |
|
Tel. No.: |
91-22-25784053 / 25784063 / 25775849 |
|
Fax No.: |
91-22-25784059 |
|
E-Mail : |
DIRECTORS
As On : 20.09.2010
|
Name : |
Mr. Karun K. Sanghi |
|
Designation : |
Director |
|
Address : |
3, Cosoms Building, 26 Main Avenue, Santacruze, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
07.02.1965 |
|
Qualification : |
Graduate (Bsc. Degree in Industrial Engineering) |
|
Date of Appointment : |
31.03.2006 |
|
DIN No : |
00063515 |
|
|
|
|
Name : |
Mrs. Vasundhara Sanghi |
|
Designation : |
Director |
|
Address : |
3, Cosoms Building, 26 Main Avenue, Santacruze, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
19.12.1968 |
|
Date of Appointment : |
31.03.2006 |
|
DIN No : |
00063544 |
|
|
|
|
Name : |
Mr. Niranjan Baburao Shimpi |
|
Designation : |
Director |
|
Address : |
Steadfast, 168, Dr. M. B. Raut Road, Dadar, Mumbai-400028,
Maharashtra, India |
|
Date of Birth/Age : |
19.04.1950 |
|
Date of Appointment : |
13.12.2007 |
|
DIN No : |
01736243 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Arun S. Sanghi |
|
2 |
|
Rajan S. Sanghi |
|
10 |
|
Vasundhara Sanghi |
|
5540 |
|
Kaushal K. Sanghi |
|
180 |
|
Karun K. Sanghi |
|
14260 |
|
Aradhana Sanghi |
|
2 |
|
Akanksha Sanghi |
|
2 |
|
Akhil Sanghi |
|
2 |
|
Arti Sanghi |
|
2 |
|
Total |
|
20000 |
AS ON 20.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of epoxies and polyurethane products. |
|
|
|
|
Products : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days / 60 days / 90 days ) |
|
|
|
|
Purchasing : |
Cash, Credit (30 days / 60 days / 90 days ) |
GENERAL INFORMATION
|
Customers : |
v End Users v OEM’s |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
20 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
v The Saraswat Co-Operative
Bank Limited, Vikhrili (West) Branch, Chandan Mansion Station Road, Vikhroli,
Mumbai-400083, Maharashtra, India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Shanbhag and Company Chartered Accountant |
|
Address : |
124/125, Vardhaman Market, Plot No.175, Sector-17, Opposite Andhra
Bank, Vashi, Navi Mumbai-400705, Maharashtra, India |
|
|
|
|
Sister Concern : |
Ecoflex Flooring Private Limited Address: Flat No.5, 2nd
Floor, The Worli Cliff Cooperative Housing Society Limited, 27, Pochkhanwala
Road, Worli, Mumbai-400025, Maharashtra, India Line of Business
:
Manufacturer of epoxies and polyurethane products. |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.000 |
2.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.978) |
(6.269) |
0.000 |
|
|
NETWORTH |
1.022 |
(4.269) |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.484 |
10.094 |
7.491 |
|
|
2] Unsecured Loans |
5.975 |
8.800 |
8.550 |
|
|
TOTAL BORROWING |
18.459 |
18.894 |
16.041 |
|
|
DEFERRED TAX LIABILITIES |
0.006 |
0.012 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
19.487 |
14.637 |
16.141 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.137 |
0.206 |
0.034 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
0.027 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.001 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.764
|
9.904 |
13.145 |
|
|
Sundry Debtors |
11.345
|
4.483 |
5.012 |
|
|
Cash & Bank Balances |
1.235
|
0.573 |
0.172 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.767
|
0.637 |
0.628 |
|
Total
Current Assets |
28.111
|
15.597 |
18.957 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.369 |
0.646 |
2.956 |
|
|
Other Current Liabilities |
1.237
|
0.365 |
1.044 |
|
|
Provisions |
1.180
|
0.180 |
0.075 |
|
Total
Current Liabilities |
8.786
|
1.191 |
4.075 |
|
|
Net Current Assets |
19.325
|
14.406 |
14.882 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.198 |
|
|
|
|
|
|
|
|
TOTAL |
19.487 |
14.637 |
16.141 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
TURNOVER |
36.524 |
29.989 |
NA |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.375 |
(4.865) |
NA |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.090 |
0.089 |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.285 |
(4.954) |
NA |
|
|
|
|
|
|
|
Less |
TAX |
0.994 |
0.117 |
NA |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5.291 |
(5.071) |
(1.064) |
|
|
|
|
|
|
|
|
EXPORT VALUE |
0.580 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
264.55 |
(253.55) |
(106.40) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.25
|
(31.35) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
6.15
|
1.16 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
26.66
|
(4.70) |
201.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.20
|
13.10 |
4.65 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
6.369 |
0.646 |
2.956 |
|
|
|
|
|
|
Total |
6.396 |
0.646 |
2.956 |
Note :
- Registered
Office of the company has been shifted from Surya Prakash Building 86,
Shankar Ghankar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India to the
present address w.e.f. 01.07.2009
- Registered Office of the company has
been shifted from Flat No.3, 2nd Floor, The Worli Cliff
Cooperative Housing Society Limited, 27, Pochkhanwala Road, Worli,
Mumbai-400025, Maharashtra, India to the present address w.e.f. 10.04.2010
FINANCIAL STATUS
The company net turnover increased by 21.79% from Rs. 29.989 millions to
Rs. 36.524 millions. The company earned net profit before tax of Rs. 6.285
millions as against net loss of Rs. 4.954 millions in the previous year. After
making provision for depreciation of Rs. 0.090 million (previous year Rs. 0.089
million) and tax of Rs. 0.994 million (previous year Rs. 0.117 million), the
Net Profit is Rs 5.291 millions as against Net Loss of Rs. 5.071 millions
During the year the management took many proactive steps to ensure that
costs were kept under a tight leash. This focus led to a large savings in
manpower and administrative costs.
FUTURE OUTLOOKS
As they look ahead, they are quite optimistic. They are at forefront of
developing new products. It is time to grow and create value for all their
shareholders. The company’s goal is to become a strong market leader and
providing highest level of service.
FORM 8
|
Corporate
identity number of the company |
U67120MH1977PTC019990 |
|
Name of the
company |
ECOFLEX
SURFACES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Surya Prakash Building 86, Shankar Ghankar Marg, Prabhadevi,
Mumbai-400025, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
The Saraswat Co-Operative Bank Limited, Vikhrili (West) Branch,
Chandan Mansion Station Road, Vikhroli, Mumbai-400083, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed
of Hypothecation For Additional Advances (Supplementary Deed) |
|
Date of
instrument Creating the charge |
14.11.2008 |
|
Amount secured by
the charge |
Rs. 12.500 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 14.50% p.a. Terms of
repayment As
per the sanction terms and condition of The Saraswat Co-Operative Bank Limited Margin Hypothecation of Stock 30% Extent and operation
of the charge As
per the sanction terms and condition of The Saraswat Co-Operative Bank Limited |
|
Short particulars
of the property charged (Including location of the property) |
Security
: hypothecation of stocks + debtors. (within 90 days). All tangible movable
property (both present and future) belonging to the borrowers and Lying and
being at the borrowers place of business at Suraj Prakash, 86 Shankar
Ghanekar Marg, Prabhadevi. |
|
Charge
identification number of the charge to be modified |
10090366 |
|
Particulars of
the present modification |
The original charge was created on 15.02.2008 for Rs. 75.000 millions
now by this modification the cash credit limit increased from Rs. 75.000
millions to Rs. 12.500 millions |
FIXED ASSETS
ü Plant and Machinery
ü Furniture and Fixtures
ü Office Equipments
ü Computer
TRADE REFERENCE:
v Hiranandani Construction Mumbai
v Nirmal Life Style, Mumbai
v West Wind School, Kolkata
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.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.