MIRA INFORM REPORT
|
Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SKM ENTERPRISES PRIVATE LIMITED
(w.e.f. 26.03.2003) |
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Formerly Known
As : |
MANTRA SECURITIES PRIVATE LIMITED |
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Registered
Office : |
12 SKM House, 6th Khetwadi, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.01.1984 |
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Com. Reg. No.: |
031790 |
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CIN No.: [Company Identification
No.] |
U24110MH1984PTC031790 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Electronic and Electrical Products, Stainless Steel Wires
and Cables |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 108000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct. The company can be considered normal for business dealings at usual
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) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 DECLINED BY
|
Name : |
Mr. Dinesh Shah |
|
Designation : |
Director |
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Contact No.: |
91-22-66363145 |
|
Date : |
20.04.2011 |
LOCATIONS
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Registered Office : |
12 SKM House, 6th Khetwadi, |
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Tel. No.: |
91-22-66363145 / 66362034 / 66374900 |
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Fax No.: |
91-22-66374900 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Chirag Shatilal Shah |
|
Designation : |
Director |
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Date of Birth/Age : |
19.03.1977 |
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Date of Appointment : |
31.10.2001 |
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Name : |
Mr. Dinesh P Shah |
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Designation : |
Director |
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Date of Birth/Age : |
01.03.1949 |
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Date of Appointment : |
01.10.1998 |
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Name : |
Mr. Sevantilal R Shah |
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Designation : |
Director |
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Date of Appointment : |
01.10.1998 |
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Name : |
Mr. Kirtilal M Shah |
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Designation : |
Director |
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Date of Birth/Age : |
01.03.1949 |
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Date of Appointment : |
09.01.1984 |
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Name : |
Mr. Shailesh R Shah |
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Designation : |
Director |
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Date of Birth/Age : |
03.12.1973 |
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Date of Appointment : |
01.08.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu N Bharucha |
|
Designation : |
Import Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Veenaben K Shah |
97000 |
|
Amit K Shah |
94500 |
|
Kirtilal M Shah HUF |
96270 |
|
Kirtilal M Shah |
94030 |
|
Ruchita Amit Shah |
360200 |
|
Chowdhary Anuj Kalpesh |
80000 |
|
Amit K Shah HUF |
98000 |
|
Sejal Chirag Shah |
50000 |
|
Rupak Developers Private Limited, Bhayander, Mumbai |
25000 |
|
K K S S Builders Private Limited, Jogeshwari, Mumbai |
31250 |
|
Shagun Tremix Private Limited, Kolkata |
10000 |
|
Chirag Shantilal Shah |
30000 |
|
Total |
1066250 |
AS ON 29.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
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Bodies corporate |
|
6.21 |
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Directors or relatives of directors |
|
93.79 |
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Other top fifty shareholders |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Electronic and Electrical Products, Stainless Steel Wires
and Cables |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
Not Divulged by Management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R M Doshi and Company Chartered Accountant |
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Address : |
307, Vaishali Apartments, 30/31, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2000000 |
Equity Shares |
Rs. 10 each |
Rs. 20.000 millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1066250 |
Equity Shares |
Rs. 10 each |
Rs. 10.662 millions |
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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 |
10.662 |
10.662 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.458 |
12.550 |
7.282 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.120 |
23.212 |
17.282 |
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|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
68.213 |
34.319 |
38.540 |
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2] Unsecured Loans |
45.371 |
34.000 |
41.601 |
|
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TOTAL BORROWING |
113.584 |
68.319 |
80.141 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
140.704 |
91.531 |
97.423 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.551 |
0.678 |
0.563 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.005 |
0.000 |
0.126 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
95.011
|
34.894 |
76.983 |
|
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Sundry Debtors |
319.481
|
87.926 |
149.603 |
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Cash & Bank Balances |
5.475
|
3.661 |
6.021 |
|
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Other Current Assets |
7.042
|
3.309 |
0.000 |
|
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Loans & Advances |
0.000
|
0.000 |
7.833 |
|
Total
Current Assets |
427.009
|
129.790 |
240.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
NA
|
38.241 |
142.122 |
|
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Other Current Liabilities |
285.643
|
0.645 |
0.854 |
|
|
Provisions |
1.218
|
0.051 |
0.730 |
|
Total
Current Liabilities |
286.861
|
38.937 |
143.706 |
|
|
Net Current Assets |
140.148
|
90.853 |
96.734 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
140.704 |
91.531 |
97.423 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
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Sales |
5.914 |
662.313 |
610.471 |
|
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Other Income |
0.000 |
3.742 |
0.214 |
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TOTAL (A) |
5.914 |
666.055 |
610.685 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
|
644.853 |
587.792 |
|
|
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Office Expenses |
|
10.495 |
10.376 |
|
|
|
TOTAL (B) |
0.048 |
655.348 |
598.168 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.866 |
10.707 |
12.517 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
9.556 |
8.780 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.866 |
1.151 |
3.737 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
0.138 |
0.135 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
5.866 |
1.013 |
3.602 |
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Less |
TAX (H) |
1.958 |
0.383 |
0.915 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
3.908 |
0.630 |
2.687 |
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IMPORTS |
|
|
|
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|
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Foreign Travel |
NA |
0.067 |
0.120 |
|
|
|
Capital Goods |
NA |
58.091 |
53.773 |
|
|
|
Bank Charges |
NA |
0.396 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
58.554 |
53.893 |
|
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|
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|
Earnings Per
Share (Rs.) |
-- |
0.59 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
66.08
|
0.09 |
0.43 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
99.18
|
0.15 |
0.59 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
|
0.77 |
1.49 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.04 |
0.20 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
14.76
|
4.62 |
12.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
3.33 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
NA
|
38.241 |
142.122 |
FIXED ASSETS:
- Computer
- Scoter
- Furniture and
Fixtures
- Air
conditioner
- Office
Equipment
- Weight Scales
FORM 8
|
Corporate
identity number of the company |
U24110MH1984PTC031790 |
|
Name of the
company |
SKM ENTERPRISES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
12 SKM House, 6th Khetwadi, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of India, C P Tank Branch, Chansdaramji Girls High School,
Building 95 Vithalbhai Patel Road, Mumbai 400004, MAharashtra, India |
|
Nature of
instrument creating charge |
Supplemental deed
of hypothecation |
|
Date of
instrument Creating the charge |
29.12.2009 |
|
Amount secured by
the charge |
Rs. 55.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit : 1%
Over Bplr Presently 13% P. A. With monthly rests. Channel Credit :
0.25% Below Bplr Min. 11.75% P. A. With Monthly Rests. L/C ( I/F) DP/DA
90/180 Days : As Per Extant Guidelines. Terms of repayment On Demand Margin As per sanction
terms. Extent and operation of the charge To secure the
aggregate limit of Rs.55.000 millions granted by the bank to the company as
under :- (1) c/c against hyp.
of stocks/book debts : Rs.30.000 millions (2) channel
credit : Rs.25.000 millions Maximum (1) +
(2) :
Rs.55.000 millions (3) L/C (I/F)
DP/DA 90/180 days : Rs.20.000 millions (4) buyers
credit : Rs.20.000 millions Maximum (3) +
(4) :
Rs.20.000 millions Maximum aggregate
limit of (1) + (2) + (3) + (4) : Rs.55.000 millions. |
|
Short particulars
of the property charged (Including location of the property) |
The borrower
hypothecates by way of first charge in favour of the bank :- (1) all tangible
movable machineries and plant, both present and future lying or installed at
the borrower's premises / godown or wherever else the same may be. (2) all tangible movable assets of the company including in particular stocks of raw materials such as stainless steel wires, mild steel wires, wire rods, steel sheets, coils, patta etc. finished goods such as wires, rods, pipes, sheets etc. & semi finished goods, spares, spare parts, components wheresoever situated in republic of india or in transit. (3) all the
present and future book debts, outstanding money receivables, claims, bills
which are due and owing to the borrower in the course of its business by any
person, company or by the government
or any local or public body or authorities. |
|
Date of instrument
modifying the charge |
01.11.2005 |
|
Particulars of
the present modification |
The Total
Aggregate Limit Has Enhanced From Rs.30.000 millions To Rs.55.000 millions
And The Security Of The Hypothecated Assets Created Under The Principal Deed
Of Hypothecation Dated 03.06.2002 And The Supplemental Deeds Of Hypothecation
Dated 22.05.2004 And 01.11.2005 Shall Now Constitute Security To The Bank For
The New Aggregate Limit Of Rs.55.000 millions Together With Interest,
Commission, Costs, Charges, Expenses Etc. Payable Thereon. |
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.44.38 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.