MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ECOFLEX FLOORING PRIVATE LIMITED (w.e.f. 09.04.2004) |
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Formerly Known As
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TYRESOLES (KONKAN) PRIVATE LIMITED |
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Registered
Office : |
Flat No. 1001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.03.1998 |
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Com. Reg. No.: |
11-114115 |
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CIN No.: [Company Identification
No.] |
U29100MH1998PTC114115 |
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PAN No.: [Permanent Account No.] |
AAACT8986B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Manufacturer of Polyurethane and Mashed Granular Pieces. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (21) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge 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 on a secured trade
terms and conditions. |
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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Ramamurthy |
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Designation : |
Accounts Manager |
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Date : |
06.04.2011 |
LOCATIONS
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Registered Office : |
Flat No. 1001, |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. (Approximately) |
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Location : |
Owned |
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Corporate Office : |
Devidayal Complex, Kanjurmarg (E), Mumbai – 400042, |
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Tel. No.: |
91-22-25784053 |
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Fax No.: |
91-22-25784059 |
DIRECTORS
As on 27.08.2010
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Name : |
Mr. Karun |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
02.07.1965 |
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Qualification : |
Graduate (B.Sc., Degree in Industrial Engineering) |
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Date of Appointment : |
23.03.1998 |
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Name : |
Mrs. Vasundhara K. Sanghi |
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Designation : |
Director |
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Address : |
3, |
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Date of Birth/Age : |
19.02.1968 |
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Qualification : |
Graduate (B.Sc., Degree in Industrial Engineering) |
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Date of Appointment : |
23.03.1998 |
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Name : |
Mr. Ashish Bahadur |
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Designation : |
Director |
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Address : |
Flat No. 701/B, Hill Garden, Manpada, Opp. Tikujini Wadi, Thane, Navi
Mumbai – 400607, Maharashtra, India |
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Date of Birth/Age : |
11.05.1967 |
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Qualification : |
P.G.D.C.A. |
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Date of Appointment : |
26.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Karun |
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16490 |
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Mrs. Vasundhara K. Sanghi |
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4010 |
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Total |
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20500 |
As on 27.08.2010
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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 of Polyurethane and Mashed Granular Pieces. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
European Countries |
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Terms : |
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Selling : |
Cash and Credit (30 / 60 / 90 days) |
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Purchasing : |
Cash and Credit (30 / 60 / 90 days) |
GENERAL INFORMATION
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Customers : |
End users and OEM’s |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
The Saraswat Co-operative Bank Limited, Vikhroli Branch, LBS Marg,
Mumbai – 400083, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deepak Nayak and Associates Chartered Accountant |
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Address : |
7, |
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Tel. No.: |
91-22-24223896 |
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Fax No.: |
91-22-24311671 |
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Associates/Subsidiaries : |
Ecoflex Surfaces Private Limited |
CAPITAL STRUCTURE
As on 27.08.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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24500 |
Equity Shares |
Rs.100/- each |
Rs.2.450 Millions |
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500 |
Preference Shares |
Rs.100/- each |
Rs.0.050 Million |
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Total |
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Rs.2.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20500 |
Equity Shares |
Rs.10/- each |
Rs.2.050
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.050 |
2.050 |
2.050 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.558 |
0.558 |
0.558 |
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4] (Accumulated Losses) |
(8.362) |
(9.013) |
(9.773) |
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NETWORTH |
(5.754) |
(6.405) |
(7.165) |
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LOAN FUNDS |
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1] Secured Loans |
0.991 |
1.485 |
3.887 |
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2] Unsecured Loans |
8.845 |
8.150 |
9.776 |
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TOTAL BORROWING |
9.836 |
9.635 |
13.663 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.082 |
3.230 |
6.498 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.462 |
1.634 |
1.010 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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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 |
1.386
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1.728 |
3.050 |
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Sundry Debtors |
1.126
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2.011 |
1.292 |
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Cash & Bank Balances |
1.478
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0.068 |
0.141 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
4.014
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3.414 |
2.343 |
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Total
Current Assets |
8.004
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7.221 |
6.826 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.517
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0.134 |
0.143 |
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Other Current Liabilities |
4.738
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4.837 |
0.558 |
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Provisions |
0.154
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0.679 |
0.662 |
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Total
Current Liabilities |
5.409
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5.650 |
1.363 |
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Net Current Assets |
2.595
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1.571 |
5.463 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.082 |
3.230 |
6.498 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
9.365 |
11.249 |
14.516 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
8.647 |
10.472 |
17.478 |
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PROFIT BEFORE
TAX (A-B) (C) |
0.718 |
0.777 |
(2.962) |
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Less |
TAX (D) |
(0.005) |
0.017 |
0.010 |
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PROFIT AFTER TAX
(C-D) (E) |
0.723 |
0.760 |
(2.972) |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
7.72
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6.76 |
(20.47) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.58
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8.77 |
(37.80) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.12)
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(0.12) |
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
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(2.65)
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(2.39) |
(2.10) |
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Current Ratio (Current Asset/Current Liability) |
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1.48
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1.28 |
5.01 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
0.517 |
0.134 |
0.143 |
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Total |
0.517 |
0.134 |
0.143 |
OPERATIONS :
The Company's sales have decreased
by 16.83% from Rs.11.249 millions to Rs.9.356 millions. The company has earned
net Profit before tax of Rs.0.718 million against Rs. 0.777 million in the
Previous Year. The net profit after tax is Rs.0.723 million as against Rs.
0.760 million in the previous year.
FORM 8 :
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29100MH1998PTC114115 |
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Name of the
company |
ECOFLEX FLOORING PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Flat No. 1001, |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
The Saraswat Co-operative Bank Limited, Vikhroli Branch, LBS Marg,
Mumbai – 400083, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Movable Property. |
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Date of
instrument Creating the charge |
23.12.2006 |
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Amount secured by
the charge |
Rs.4.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest 11.50%
p.a. |
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Short particulars
of the property charged |
All the book
debts outstandings, monies receivables, claims and bills which are due and
owing to the borrower. |
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from 3, Cosmos
Building, 26,
TRADE REFERENCES :
- Anjani
Properties
FIXED ASSETS :
- Trade Marks
- Curing Mould
- Plant and Machinery
- Computers
- Furniture and Fixtures
- Office Equipments
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.04 |
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1 |
Rs.72.19 |
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Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
1 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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21 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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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.