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MIRA INFORM REPORT

 

 

Report Date :

12.04.2011

 

IDENTIFICATION DETAILS

 

Name :

SHAGOON PACKAGING PRIVATE LIMITED

 

 

Registered Office :

Plot No. C-1/1, MIDC Industrial Area, Tarapur, Boisar, Tal. Palghar, District Thane – 401506, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

20.10.2005

 

 

Com. Reg. No.:

156965

 

 

CIN No.:

[Company Identification No.]

U74950MH2005PTC156965

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS51422A

 

 

PAN No.:

[Permanent Account No.]

AAJCS3450N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture of T-Shirt Bags with printing, glue spot and other related feature

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (17)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 130000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company is under severe pressure. 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

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Rakesh Bhandari

Designation :

Director

Date :

11.04.2011

 

 

LOCATIONS

 

Registered Office :

Plot No. C-1/1, MIDC Industrial Area, Tarapur, Boisar, Tal. Palghar, District Thane – 401506, Maharashtra, India

E-Mail :

shagoon@sanchernet.com

 

 

DIRECTORS

 

As On 30.09.2009

 

Name :

Mr. Rakesh Bhandari

Designation :

Director

Address :

A 34, Barkha Bahar Thakur Complex, Kandivali East, Mumbai – 400101, Maharashtra, India

Date of Appointment :

21.10.2005

DIN No.:

01167387

 

 

Name :

Mr. Brijmohan Devisahai Goel

Designation :

Director

Address :

B-903-904, Shikhar Kunj, Upper Govind Nagar, Malad East, Mumbai – 400097, Maharahstra, India

Date of Appointment :

21.10.2005

DIN No.:

02226572

 

 

Name :

Mr. Dilip Bajranglal Murarka

Designation :

Director

Address :

30-A Pratik, Corporation Colony House No 341-D-160, Mouza Ambazari, Nagpur – 440010, Maharahstra, India

Date of Birth/Age :

06.01.1962

Date of Appointment :

09.10.2009

DIN No.:

02016085

 

 

Name :

Ms. Sandya Ratankumar Murarka

Designation :

Director

Address :

341-D160 Corporation Colony Ambajhary (PO), Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

29.03.1965

Date of Appointment :

09.10.2009

DIN No.:

02433027

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As On 30.09.2009

 

Names of Shareholders

 

No. of Shares

Rakesh Bhandari

 

5000

Brijmohan Goel

 

5000

Rockhard Trading and Investment Private Limited – India

 

300000

Bang Equity Broking Private Limited – India

 

300000

Bang Securities Private Limited – India

 

290000

Total

 

900000

 

 

As On 12.10.2009

 

List of Allottees

 

No. of Shares

Bang Securities Private Limited – India

 

6120000

Shresth Securities Private Limited – India

 

360000

Saksham Holdings Limited – India

 

300000

Total

 

6780000

 

As On 30.09.2009

 

Category

Percentage

Bodies corporate

98.89

Directors or relatives of Directors

1.11

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of T-Shirt Bags with printing, glue spot and other related feature

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

Information not divulged by management

 

 

Bankers :
  • State Bank of India – Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai – 400021, Maharashtra, India
  • Union Bank of India – Shreeman Complex, First Floor, Near Mount Carmel School, Lokmat Sq, Wardha Road, Nagpur – 440010, Maharashtra, India 

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mukesh H Jain and Associates

Chartered Accountant

Address :

Room No. 30, 2nd Floor, Tarawala Building, 147 Lohar Chawl, Pathakwadi, Mumbai – 400002, Maharashtra, India

Pan No.:

AAAFM7578F

 

 

CAPITAL STRUCTURE

 

As On 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs. 10/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

900000

Equity Shares

Rs. 10/- each

Rs. 9.000 Millions

 

 

 

 

 

 

As On 30.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8000000

Equity Shares

Rs. 10/- each

Rs. 80.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

7680000

Equity Shares

Rs. 10/- each

Rs. 76.800 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

9.000

9.000

9.000

2] Share Application Money

72.725

54.100

27.600

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(48.831)

(39.809)

(13.909)

NETWORTH

32.894

23.291

22.691

LOAN FUNDS

 

 

 

1] Secured Loans

8.776

43.719

46.207

2] Unsecured Loans

5.100

0.000

4.000

TOTAL BORROWING

13.876

43.719

50.207

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

46.770

67.010

72.898

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

37.610

44.604

48.457

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.095

0.095

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
10.740

14.704

11.125

 

Sundry Debtors
2.769

7.609

6.371

 

Cash & Bank Balances
4.573

3.271

3.488

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3.861

4.948

10.116

Total Current Assets
21.943

30.532

31.100

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

6.558

6.360

 

Other Current Liabilities
12.818

1.734

0.501

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
12.818

8.292

6.861

Net Current Assets
9.125

22.240

24.239

 

 

 

 

MISCELLANEOUS EXPENSES

0.035

0.071

0.107

 

 

 

 

TOTAL

46.770

67.010

72.898

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2009

31.03.2008

31.03.2007

 

TURNOVER

26.550

 

 

 

 

 

 

PROFIT AFTER TAX

(9.022)

            NA

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

(10.02)

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

Debt Equity Ratio

(Total Liability/Networth)

 
0.81

2.23

2.52

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.71

3.68

4.53

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

The details of sundry creditors:

Rs. In Millions

Particulars

31.03.2009

31.03.2008

31.03.2007

Sundry Creditors

 

 

 

For Expenses

NA

3.095

3.003

For Raw Material

NA

3.463

3.357

Total

NA

6.558

6.360

 

 

Notes:

The Registered office of the company has been shifted from S-22, MIDC, Tarapur, Thane – 401506, Maharashtra, India to the present address w.e.f 11.07.2008.

 

OPERATIONS:

During the year the Company has posed a turn over of Rs. 26.550 millions. During the year, Company incurred a loss of Rs. 9.022 millions.

 

 

Form 8:

 

Corporate identity number of the company

U74950MH2005PTC156965

Name of the company

SHAGOON PACKAGING PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot No. C-1/1, MIDC Industrial Area, Tarapur, Boisar, Tal. Palghar, Dist. Thane - 401506, Maharashtra, India

 

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Immovable Property

Particular of charge holder

Name :

Union Bank of India

Address :

Shreeman Complex, First Floor, Near Mount Carmel School, Lokmat Sq, Wardha Road, Nagpur – 440010, Maharashtra, India 

Email :

dhantoli@unionbankofindia.com

Nature of instrument creating charge

Deed of Hypothecation SD 20 Dt 24.12.2010

Mortgage Deed Dt 24.12.2010

Term Loan Agreement SD-18 Dt 24-12-2010

Date of instrument Creating the charge

24.12.2010

Amount secured by the charge

Rs. 60.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Packing Credit 9.25% pa

Term Loan Base Rate Plus 4% presently 12% pa

Import LC usual Commission

 

Terms of Repayment - Packing Credit- Yearly renewal

Term Loan- In 60 installments of Rs 0.333 million each. First installment falls due on   25.04.2011 and last installment on  25.03.2016.

Letters of Credit- Yearly renewal

 

Margin - Packing Credit- 25% in banks favour

Import Letters of Credit- Cash margin 30%. 10% at the time of opening of Letter and 20% at the time of Acceptance of documents

Term Loan- 25% in banks favour

 

Extent and Operation of the charge - First and exclusive charge on the entire current assets for packing credit and letters of credit.

First and exclusive charge on the entire fixed assets for term loan.

Particulars of the property charged

Hypothecation of stocks and book debts, both present and future situated at the factory and registered office of the company at C-1/1 MIDC Area, Tarapur, Taluka Palghar, Dist Thane

Hypothecation of plant and machinery, both present and future situated at the factory and registered office of the company at C-1/1 MIDC Area, Tarapur, Taluka Palghar, Dist Thane

Mortgage of land and building both present and future of the company situated at C-1/1 MIDC Area, Tarapur, Taluka Palghar, Dist Thane

Mortgage of Land belonging to the Director of the Company Shri Dilip Murarka as per mortgage deed

 

 

Fixed Assets:

  • Freehold Land
  • Factory Building
  • Plant and machinery
  • Electrical Installation
  • Office equipment
  • Furniture and fixtures
  • Computer
  • Weighing scale
  • Inverter

 

 

 

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.44.20

UK Pound

1

Rs.72.26

Euro

1

Rs.63.90

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

--

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

17

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.