MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NANO INKS AND COATINGS PRIVATE LIMITED (w.e.f. 25.09.2009) |
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Formerly Known: |
STARPAC SPECIALITIES PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.09.2004 |
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Com. Reg. No.: |
044765 |
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CIN No.: [Company Identification No.] |
U24290GJ2004PTC044765 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS03851B |
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PAN No.: [Permanent Account No.] |
AAICS4058B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of liquid Ink, coating (for wrapper) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 42732 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some slight 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 : |
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E-Mail : |
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Factory 1 : |
Plot No. 911, GIDC Sarigam Taluka Umgergaon Dist Valsad, Valsad –
396155, |
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Tel. No.: |
91-260-2780910/91 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Ms. Sheetal Shashikant Mehta |
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Designation : |
Director |
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Address : |
302 Tirth Appartment, 6/11, Jagnath Plot, |
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Date of Birth/Age : |
12.08.1965 |
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Date of Appointment : |
20.09.2004 (M D w.e.f. 16.11.2009) |
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Name : |
Ms. Purvi Mahendra Mehta |
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Designation : |
Director |
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Address : |
Saket Old Government Society, 41, New Jagnath, |
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Date of Birth/Age : |
01.11.1975 |
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Date of Appointment : |
14.02.2008 |
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Date of Ceasing : |
16.11.2009 |
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Name : |
Mr. Mahendra Kirchand Mehta |
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Designation : |
Director |
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Address : |
Saket Old Government Society, 41, New Jagnath, |
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Date of Birth/Age : |
23.02.1940 |
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Date of Appointment : |
16.11.2009 |
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Name : |
Mr. Tapas Taraprasanna Dutta |
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Designation : |
Director |
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Address : |
Prabhat Complex, F-22, |
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Date of Birth/Age : |
22.02.1961 |
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Date of Appointment : |
16.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sheetal Shashikant Mehta |
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5000 |
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Mahendra Mehta |
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5000 |
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Purvi Mehta |
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5825 |
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Chandrika Mehta |
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1000 |
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Meera Mehta |
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21825 |
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Bharti Mehta |
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100 |
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Smitaben Kotecha |
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9825 |
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Riddhi Gandhi |
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1000 |
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Siddhi Mehta |
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1000 |
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Trupti Maniyar |
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1000 |
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Aditi D. Mehta |
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9725 |
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Shashikant Mehta |
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100 |
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Deepak S. Mehta |
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100 |
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Shashikant Mehta – H.U.F. |
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100 |
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Mahendra Mehta – H.U.F. |
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100 |
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Sheetal Mehta – H.U.F. |
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48100 |
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Meera Mehta |
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100 |
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Mahendra Mehta |
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100 |
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Saurashtra Specialties Private Limited, |
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204000 |
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Shimoli S. Mehta – Through Her Father And Natural Guardian |
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18000 |
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Shalin S. Mehta – Through His Father And Natural Guardian |
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18000 |
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Tapas Dutta |
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50000 |
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Total |
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400000 |
PREFERENCE SHARE
AS ON 30.09.2010
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Names of
Shareholders |
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No.
of Shares |
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Saurashtra Specialties Private Limited, |
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500000 |
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Total |
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500000 |
AS ON 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
51.00 |
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Directors or relatives of Directors |
49.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of liquid Ink, coating (for wrapper) |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
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Actual
Production |
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Corrugate Cartons |
Nos. |
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288103 |
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Corrugate Sheets |
Nos. |
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47148 |
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Corrugated Rolls |
Nos. |
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298 |
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Corrugated Boards |
Nos. |
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120 |
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Kraft Paper |
Kgs. |
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725 |
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Waste Paper |
Kgs. |
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26835 |
GENERAL INFORMATION
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Bankers : |
Axis Bank Limited, Titan, Near KKV Circle, Kalawad Road, Rajkot - 360005, Gujarat, India |
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Facilities : |
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Banking Relations
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-- |
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Auditors : |
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Name : |
M. J. Rindani and Associates Chartered Accountant |
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Address : |
204 Trade Centre, |
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Associates/Subsidiaries : |
Saurashtra Specialties Private Limited CIN No.: U24133GJ2001PTC039805 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
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500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 Millions |
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500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
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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 |
9.000 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.683 |
1.433 |
1.067 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.683 |
1.933 |
1.567 |
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LOAN FUNDS |
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1] Secured Loans |
0.041 |
0.133 |
0.216 |
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2] Unsecured Loans |
2.312 |
1.098 |
0.463 |
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TOTAL BORROWING |
2.353 |
1.231 |
0.679 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.036 |
3.164 |
2.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.269 |
0.278 |
0.261 |
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Capital work-in-progress |
11.034 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.009 |
0.005 |
0.002 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.367
|
0.318 |
0.314 |
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Sundry Debtors |
0.634
|
3.437 |
4.207 |
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Cash & Bank Balances |
1.123
|
0.053 |
0.061 |
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Other Current Assets |
0.073
|
0.005 |
0.000 |
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Loans & Advances |
1.455
|
1.677 |
0.618 |
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Total
Current Assets |
3.652
|
5.490 |
5.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.908
|
1.772 |
2.217 |
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Other Current Liabilities |
0.175
|
0.109 |
0.176 |
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Provisions |
0.735
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0.728 |
0.830 |
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Total
Current Liabilities |
2.818
|
2.609 |
3.223 |
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Net Current Assets |
0.834
|
2.881 |
1.977 |
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MISCELLANEOUS EXPENSES |
0.890 |
0.000 |
0.006 |
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TOTAL |
13.036 |
3.164 |
2.246 |
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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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TOTAL |
9.124 |
12.230 |
17.178 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
16.081 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.485 |
0.486 |
1.097 |
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Less/ Add |
DEPRECIATION/ AMORTISATION |
0.079 |
0.080 |
0.000 |
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PROFIT BEFORE
TAX |
0.406 |
0.406 |
1.097 |
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Less |
TAX |
0.156 |
0.185 |
0.385 |
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PROFIT AFTER TAX
|
0.250 |
0.221 |
0.712 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.433 |
1.067 |
NA |
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BALANCE CARRIED
TO THE B/S |
1.683 |
1.288 |
NA |
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Earnings Per
Share (Rs.) |
2.30 |
7.32 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.74
|
1.81 |
4.14 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.35
|
7.04 |
20.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.21 |
0.70 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
1.98 |
2.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.29
|
2.10 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The year was not remained good for the Company. During the year turnover of the company has declined to Rs.9.124 Millions as compared to Rs.12.230 Millions. Company has earned Net Profit (after tax) for the year of Rs.0.249 Millions as compared to Rs.0.221 Millions. The directors are now planning to diversify in the different areas of Ink Manufacturing in the near future and are hopeful for better performance in next years.
Form 8:
|
Corporate
identity number of the company |
U24290GJ2004PTC044765 |
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Name of the
company |
NANO INKS AND
COATINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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|
This form is for |
Creation of
charge Modification of
charge |
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Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge Others |
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Particular of
charge holder |
AXIS BANK LIMITED |
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Nature of
instrument creating charge |
MEMORENDUM OF ENTRY
- Equitable Mortgage of Property by Deposit of Title Deeds. |
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Date of
instrument Creating the charge |
04/09/2010 |
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Amount secured by
the charge |
Rs.21.500
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Terms of
Repayment For working
capital facilities - One year. For Term Loan 60 months- Principle repayment
of Rs.0.150 Million per month and interest will be charged as and when debited
to account. Repayment will start from 05th October, 2010. Extent and
Operation of the charge The properties
mentioned at Sr. No.15 are charged on a first charge basis to secure
repayment of total finance of Rs.21.500 Millions and interest cost, expenses
and other monies payable to the bank in connection with the herein mentioned
finance facilities. |
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Short particulars
of the property charged |
All that pieces
and parcels of immovable property of Factory Plot No. 911 consisting of Revenue
survey no. 343/P-344/P within the village limits of Sarigam Tal Umbergam,
(see at sr. ii below) Valsad in the name of M/s. Nano Inks & Coatings
Private Limited |
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Particulars of
the present modification |
Financial facilities
of Rs.21.500 Millions of AXIS BANK LIMITED which was secured by hypothecation
of all movable properties, stocks and book debts of the Company is now
further secured by the immovable properties of the company as mentioned at
Sr. No. 15 |
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.