MIRA
INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHARMILI SPICES PRIVATE LIMITED |
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Registered
Office : |
602, Shanti, Sarvodaya Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.08.2005 |
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Com. Reg. No.: |
11-155402 |
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Capital
Investment / Paid-up Capital : |
Rs.0.430
million |
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CIN No.: [Company Identification
No.] |
U01100MH2005PTC155402 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS49653C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier, Wholesaler and Exporter of Indian Food Spices, Organic Spices. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 17000 |
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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
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Registered Office : |
602, Shanti, Sarvodaya Nagar, |
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Tel. No.: |
91-22-25623648/ 25914488 |
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Fax No.: |
91-22-25611529 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Navin Kunwarji Bhanushali |
|
Designation : |
Director |
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Address : |
C-402,
Jamadagni, |
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Date of Birth/Age : |
22.05.1959 |
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Date of Appointment : |
17.08.2005 |
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DIN No.: |
01161899 |
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Name : |
Mrs. Sharmili Mukesh Ruparel |
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Designation : |
Director |
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Address : |
1001, |
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Date of Birth/Age : |
29.10.1971 |
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Date of Appointment : |
17.08.2005 |
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DIN No.: |
01361395 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Navin K. Bhanushali |
|
24300 |
|
Sharmili M. Ruparel |
|
700 |
|
Mukesh Vinodrai Ruparel |
|
18000 |
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Total |
|
43000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier, Wholesaler and Exporter of Indian Food Spices, Organic Spices. |
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|
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|
Products : |
v
Food
Grains v
Major Spices v
Minor Spice v
Vegetables v
Oil Seeds v
Pickles v
Medicinal
Herbs v
Processed Foods |
GENERAL INFORMATION
|
Suppliers : |
v
Ajay Trading Company v
Clarion Solution Private Limited v
Amar Wire Ropes Private Limited v
Bhavini Transport Services v
Golden Enterprises v
v
v
Ronak Container v
Pst Control ( v
Paras Industries v
K.K. Services v
Guru Traders v
G.B. Enterprises
v
Dev Agro Industries v
Mahalaxmi Enterprises v
Kavita Goods Carrier v
M.M. Hanchanamani and Company v
Purvi Creations v
Hetal Claring and Forwarding v
Jublee Cargo Foods |
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Customers : |
v
A.G. Trading Company v
AB Mauri Lanka Private Limited v
v
Impera S.R.L. v
Punit International v
RTS Foods v
Swani Spics Mills Private Limited v
Wijaya Products Private Limited v
Khalid AL Haggas Trading East |
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No. of Employees : |
Not Available |
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Bankers : |
v
Union Bank of India, Overseas Branch, Union Bank
Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400
021, Maharashtra, India v
State Bank of v
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BNC and Associates Chartered Accountants |
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Address : |
15, Munshi Estate CHS Limited, |
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PAN No.: |
AAGFB0329M |
CAPITAL STRUCTURE
After 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43000 |
Equity Shares |
Rs.10/- each |
Rs.0.430
million |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43000 |
Equity Shares |
Rs.10/- each |
Rs.0.430
million |
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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 |
0.430 |
0.430 |
0.280 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
3.847 |
2.970 |
1.750 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4.277 |
3.400 |
2.030 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
31.507 |
13.251 |
6.852 |
|
|
2] Unsecured Loans |
0.166 |
0.166 |
0.166 |
|
|
TOTAL BORROWING |
31.673 |
13.417 |
7.018 |
|
|
DEFERRED TAX LIABILITIES |
0.111 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
36.061 |
16.817 |
9.048 |
|
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
1.019 |
0.235 |
0.140 |
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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 |
0.000 |
0.072 |
0.021 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
14.459
|
10.113 |
5.531 |
|
|
Sundry Debtors |
23.171
|
7.717 |
8.036 |
|
|
Cash & Bank Balances |
0.136
|
0.211 |
1.551 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.216
|
8.390 |
5.804 |
|
Total
Current Assets |
46.982
|
26.431 |
20.922 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.739
|
7.148 |
8.572 |
|
|
Other Current Liabilities |
0.706
|
2.241 |
2.929 |
|
|
Provisions |
0.498
|
0.536 |
0.540 |
|
Total
Current Liabilities |
11.943
|
9.925 |
12.041 |
|
|
Net Current Assets |
35.039
|
16.506 |
8.881 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.003 |
0.004 |
0.006 |
|
|
|
|
|
|
|
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TOTAL |
36.061 |
16.817 |
9.048 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
96.094 |
105.255 |
93.170 |
|
|
|
Other Income |
5.176 |
4.878 |
5.132 |
|
|
|
TOTAL (A) |
101.270 |
110.133 |
98.302 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
86.807 |
99.373 |
88.398 |
|
|
|
Administrative & Other Expenses |
11.441 |
8.660 |
8.357 |
|
|
|
Preliminary Expenses written off |
0.001 |
0.001 |
0.001 |
|
|
|
TOTAL (B) |
98.249 |
108.034 |
96.756 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.021 |
2.099 |
1.546 |
|
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|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
1.500 |
1.056 |
0.601 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.521 |
1.043 |
0.945 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.194 |
0.055 |
0.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.327 |
0.988 |
0.920 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.450 |
0.368 |
0.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.877 |
0.620 |
0.610 |
|
|
|
|
|
|
|
|
|
Add/ Less |
Profit/ Loss of
Previous Year |
1.650 |
1.030 |
0.420 |
|
|
|
|
|
|
|
|
|
|
NET SURPLUS
AFTER TAX TRANSFERRED TO BALANCE SHEET
|
2.527 |
1.650 |
1.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
94.995 |
104.860 |
92.554 |
|
|
TOTAL EARNINGS |
94.995 |
104.860 |
92.554 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.39 |
14.41 |
21.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.87
|
0.56 |
0.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.38
|
0.94 |
0.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.76
|
3.71 |
2.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.29 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.20
|
6.87 |
9.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.93
|
2.66 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U01100MH2005PTC155402 |
|
Name of the
company |
SHARMILI SPICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
602, Shanti, Sarvodaya Nagar, E-Mail: spices@vsnl.in |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10026059 |
|
Type of charge |
Movable Property Others (Charge on
Bills) |
|
Particular of
charge holder |
Union Bank of India, Overseas Branch, Union Bank Bhavan, Ground Floor,
239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1.D.P. Note and
Letter of Hypothecation of Bills 2.Packing Credit
Agreement (Both the above
Documents constitute a Single Charge) |
|
Date of
instrument Creating the charge |
29.03.2011 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: FDBP/FUDBP/AFDBC
Base Rate +1.50% i.e. 10.50% Per annum with monthly rests Packing credit
upto 180 Days Base Rate + 1.25% i.e.@ 10.25% per annum with monthly rests and
as per terms of sanction Terms of
Repayment: On Demand. Margin: As per sanction
terms. Extent and
Operation of the charge: To secure Revised
FDBP/FUDBP/AFDBC (DP/DA 90 Days under contracts with ECGC B/W cover) facility
of Rs.50.000 millions W/W Packing Credit facility of (Rs.20.000 millions)
granted by the Bank to the Company. |
|
Short particulars
of the property charged |
1.Purchase from or
negotiate a Bill or Bills of Exchange drawn or accepted or endorsed against
goods and/or merchandise (hereinafter referred to as 'goods') or shipping or
other Documents and/or hold such or any other Bill or Bills of Exchange
and/or Documents for collection on Borrower's Account under lien to the Bank 2.The Borrower
hereby Hypothecates and Creates in favour of the Bank by way of First Charge:
All those Movable Properties of the Borrower meant or intended for export of
goods such as spices Red Chillies, Turmeric, Coriander, Fennel, Fenugreek,
Cumin, Dry Ginger Black Pepper, Sesame Seeds, Ground Nut Soya Flour etc
including Raw Materials, Semi Finished Goods and Finished Goods and/or any
other goods meant intended or being manufactured for export lying in the
Factory or stored at the Borrower's
factory or in sheds whether situate in the main factory shed or godowns at
Mumbai, Navi Mumbai Vashi and elsewhere or at shed/godowns hired by Borrower
for storage whereever situate and/or in transit. |
|
Date of latest
modification prior to the present modification |
09.07.2010 |
|
Particulars of
the present modification |
Vide this
modification an additional sum of Rs.15.000 millions granted by the Bank
thereby enhancing the FDBP/FUDBP/AFDBC facility from Rs.35.000 millions to
Rs.50.000 millions W/W packing Credit facility of (Rs.20.000 millions) and
secured against 1.Purchase from
or negotiate a Bills or Bills of Exchange 2.The Borrower
hereby Hypothecates and creates in favour of the Bank by way of First Charge
All those Movable Properties of the Borrower meant or intended for export of
goods such as spices |
FIXED ASSETS:
v
Computer
v
Air Conditioner
v
Fax Machine
v
Scooter
v
SMF Rechargeable
v
Digital Moisture Meter Model
v
EPABX System
v
Printer
v
v
Water Purifier
v
Weighing Machine
v
Refrigerator
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.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.