MIRA INFORM REPORT
|
Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOMOTEX IMPORT AND EXPORT PRIVATE LIMITED |
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Registered
Office : |
75 Nariman Bhavan, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.04.1996 |
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Com. Reg. No.: |
098923 |
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CIN No.: [Company Identification
No.] |
U51900MH1996PTC098923 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS39726B |
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PAN No.: [Permanent Account No.] |
AACCS2461C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporters
of distribution boards / feeder pillars for the construction projects. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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 50640 |
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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. Trade
relations reported to be fair. Business is active. Payments terms are
reported to be slow but correct. The company can be considered for small to mediocre 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 |
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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 : |
75 Nariman Bhavan, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-67564999 |
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Fax No.: |
91-22-67564911 |
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E-Mail : |
DIRECTORS
AS ON 08.09.2010
|
Name : |
Mr. Ramchand Udharam Mohinani |
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Designation : |
Director |
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Address : |
121, |
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Date of Birth/Age : |
10.03.1935 |
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Date of Appointment : |
17.04.1995 |
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Name : |
Mr. Sunil Ramchand Mohinani |
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Designation : |
Director |
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Address : |
121, |
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Date of Birth/Age : |
31.07.1966 |
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Date of Appointment : |
17.04.1996 |
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Name : |
Mr. Uttam H Tulsiani |
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Designation : |
Director |
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Address : |
22B, Embassy Apartment, 46, |
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Date of Birth/Age : |
10.12.1962 |
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Date of Appointment : |
17.04.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Ramchand Udharam Mohinani |
|
37025 |
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Sunil Ramchand Mohinani |
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37025 |
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Uttam H Tulsiani |
|
10 |
|
Sheela R Mohinani |
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10 |
|
Ashok R Mohinani |
|
10 |
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Total |
|
74080 |
AS ON 08.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters
of distribution boards / feeder pillars for the construction projects. |
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Products: |
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GENERAL INFORMATION
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Bankers : |
UCO Bank |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Jayant Salian and Company Chartered Accountant |
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Address : |
701, B wing, Ameya Apartment, Opposite Soni Moni Electronics, Mumbai –
400058, |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
74080 |
Equity Shares |
Rs.100/- each |
Rs.7.408 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.408 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
4.908 |
0.000 |
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3] Reserves & Surplus |
5.252 |
2.559 |
3.467 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.660 |
9.967 |
5.967 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
15.184 |
15.184 |
15.184 |
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TOTAL BORROWING |
15.184 |
15.184 |
15.184 |
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DEFERRED TAX LIABILITIES |
0.125 |
0.159 |
0.000 |
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TOTAL |
27.969 |
25.310 |
21.151 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.497 |
1.061 |
1.256 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.548 |
5.061 |
10.310 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.282 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.679
|
2.613
|
0.315 |
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Sundry Debtors |
34.333
|
54.041
|
52.366 |
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Cash & Bank Balances |
2.647
|
0.470
|
1.776 |
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Other Current Assets |
0.149
|
1.014
|
1.070 |
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Loans & Advances |
18.901
|
6.474
|
6.608 |
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Total
Current Assets |
61.709
|
64.612
|
62.135 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.151
|
13.591
|
18.253 |
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Other Current Liabilities |
25.491
|
29.630
|
33.046 |
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Provisions |
4.143
|
2.203
|
1.533 |
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Total
Current Liabilities |
39.785
|
45.424
|
52.832 |
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Net Current Assets |
21.924
|
19.188
|
9.303 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
27.969 |
25.310 |
21.151 |
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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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Exports |
143.553 |
112.628 |
NA |
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Other Income |
9.196 |
7.529 |
NA |
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TOTAL (A) |
152.749 |
120.157 |
NA |
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Less |
EXPENSES |
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Cost of Sales Expenses |
126.015 |
97.307 |
NA |
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Administrative, Fright, Clearing / Forwarding and Other Expenses |
7.792 |
6.994 |
NA |
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Insurance |
0.075 |
0.079 |
NA |
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Administrative and Other Expenses |
10.510 |
6.476 |
NA |
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Loss on sale of Investment |
0.166 |
5.190 |
NA |
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Loss on |
0.233 |
0.000 |
NA |
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TOTAL (B) |
144.791 |
116.046 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.958 |
4.111 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
2.575 |
3.464 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.383 |
0.647 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.188 |
0.204 |
NA |
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PROFIT/LOSS
BEFORE TAX (E-F) (G) |
5.195 |
0.443 |
(1.208) |
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Less |
TAX (I) |
2.502 |
(0.465) |
(0.411) |
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PROFIT/LOSS
AFTER TAX (G-I) (J) |
2.693 |
(0.908) |
(0.797) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.559 |
3.467 |
4.264 |
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BALANCE CARRIED
TO THE B/S |
5.252 |
2.559 |
3.467 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.76
|
(0.76) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.62
|
0.39 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.35
|
0.67 |
(1.91) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.04 |
(0.20) |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.34
|
6.09 |
11.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.42 |
1.18 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U51900MH1996PTC098923 |
|
Name of the
company |
SOMOTEX IMPORT
AND EXPORT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
75 Nariman Bhavan Nariman Point, Mumbai –
400021, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
UCO BANK |
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Nature of
instrument creating charge |
1.Hypothecation
Of Goods To Secure A Demand Cash Credit |
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Date of instrument
Creating the charge |
29/06/2010 |
|
Amount secured by
the charge |
Rs.49.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As Stipulated By
Bank From Time To Time Terms of Repayment
As Stipulated By
Bank From Time To Time Margin Margin For
Packgind Credit Stock =25%,Book Debts =40%, Foreign Bills Purchase 10%, Ilc /
Flc =25% Cash And / Or As Stipulated Bank From Time To Time Extent and
Operation of the charge First Charge
(Present And Future) Total Limit Rs. 49.400 Millions ( Packging Credit= Rs.
17.300+3.500 Millions (Stand By Gold Card Scheme), Foreign Bills Purchase
=Rs. 155.00 Lakhs+3.100 Millions (Stand By Gold Card Scheme), Ilc/ Flc= Rs.
10.000 Millions And / Or As Stipulated Bank From Time To Time Others As Stipualted By
Bank From Time To Time And As Per Agreement Attached And As Per Sanction
Letter Of The Bank |
|
Short particulars
of the property charged |
First Charge
(Presnt and Future) Hypo Of All R.M., W.I.P.,F.G. Stores Etc Inculding
Goods/Material/Stock Brought Under Pcl/Bank Finance/Ilc/Flc Kept At |
|
Particulars of
the present modification |
By This
Modification Limit Enhanced To Rs. 49.400 Millions ( Packging Credit= Rs.
17.300+3.500 Millions (Stand By Gold Card Scheme), Foreign Bills Purchase
=Rs. 15.500 Millions +31.00 Lacs(Stand By Gold Card Scheme), Ilc/ Flc=
Rs.10.000 Millions),Securities Are Continued As Given By Original Charge As
Well As By Modifications, Terms And Conditions As Per Agreement Attached And
As Per Sanction Letter Of The Bank |
FIXED ASSETS:
- Plant and Machinery
- Computer
- Equipments
- Furniture and Fixtures
- Motor Car
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
31 |
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.