MIRA
INFORM REPORT
|
Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIDDHI VINAYAK POLYMER PRIVATE LIMITED |
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Registered
Office : |
G-1/72, Road No.14P, VKI Area (Extern), Jaipur – 302013, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.10.2006 |
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Com. Reg. No.: |
17-023215 |
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Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
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CIN No.: [Company Identification
No.] |
U25191RJ2006PTC023215 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRS07280A |
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PAN No.: [Permanent Account No.] |
AAKCS2687N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of PU Sole Footwear’s. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 56000 |
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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 and as per commitment.
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Registered Office : |
G-1/72, Road No.14P, VKI Area (Extern), Jaipur – 302013, |
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Tel. No.: |
91-141-5175837 / 4041881 / 4041883 / 4041886 |
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Fax No.: |
91-141-5175838 / 4041884 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Ms. Arushi Saraf |
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Designation : |
Director |
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Address : |
B-122, Mangal Marg, Bapu Nagar, Jaipur – 302015, |
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Date of Birth/Age : |
16.04.1987 |
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Date of Appointment : |
08.07.2010 |
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DIN No.: |
03136926 |
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Name : |
Mr. Sidharth Singh |
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Designation : |
Director |
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Address : |
6/300, Vidhyadhar Nagar, Jaipur – 302013, |
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Date of Birth/Age : |
30.08.1974 |
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Date of Appointment : |
21.06.2010 |
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DIN No.: |
00978342 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U19202RJ2006PTC022066 |
Gentle Footcared
Private Limited |
Director |
10-02-07 |
10-02-07 |
- |
Active |
NO |
|
2 |
U25191RJ2006PTC023215 |
Siddhi Vinayak
Polymer Private Limited |
Director |
30-09-10 |
21-06-10 |
- |
Active |
NO |
|
3 |
L19201RJ1994PLC008196 |
Lawreshwar
Polymers Limited |
Director |
30-09-10 |
03-07-10 |
- |
Active |
NO |
|
Name : |
Mr. Rajendra Saraf |
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Designation : |
Director |
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Address : |
B-122, Mangal Marg, Bapu Nagar, Jaipur – 302015, |
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Date of Birth/Age : |
16.05.1963 |
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Date of Appointment : |
12.10.2006 |
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DIN No.: |
00701146 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajendra Kumar Saraf |
|
200000 |
|
Sidharth Singh |
|
37500 |
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Arushi Saraf |
|
12500 |
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Total |
|
250000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of PU Sole Footwear’s. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
PU Footwear |
In Pairs |
-- |
3.000 Millions |
1.946 Millions |
|
Shoes |
In Pairs |
-- |
0.250 Million |
-- |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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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 : |
Parasrampuria and Company Chartered Accountants |
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Address : |
B3C, Ashirwad Complex, Central Spine, Vidhyadhar Nagar, Jaipur –
302023, |
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PAN.: |
ABAPP8922D |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
2.500 |
1.100 |
1.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.446 |
7.460 |
3.168 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.946 |
8.560 |
4.268 |
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|
LOAN FUNDS |
|
|
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|
1] Secured Loans |
36.649 |
14.294 |
13.208 |
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2] Unsecured Loans |
5.221 |
1.697 |
1.570 |
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TOTAL BORROWING |
41.870 |
15.991 |
14.778 |
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DEFERRED TAX LIABILITIES |
1.768 |
1.072 |
0.474 |
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TOTAL |
57.584 |
25.623 |
19.520 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.794 |
16.662 |
9.965 |
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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 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
48.221
|
9.809 |
7.385 |
|
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Sundry Debtors |
51.655
|
35.800 |
23.114 |
|
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Cash & Bank Balances |
5.635
|
1.418 |
0.523 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans, Deposits & Advances |
3.270
|
2.140 |
0.510 |
|
Total
Current Assets |
108.781
|
49.167 |
31.532 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
72.246
|
37.923 |
21.179 |
|
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Other Current Liabilities |
1.688
|
1.186 |
0 |
|
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Provisions |
3.057
|
1.097 |
0.798 |
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Total
Current Liabilities |
76.991
|
40.206 |
21.977 |
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Net Current Assets |
31.790
|
8.961 |
9.555 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
57.584 |
25.623 |
19.520 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
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Income |
230.944 |
186.826 |
90.898 |
|
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Other Income |
0.066 |
0.000 |
0.000 |
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Inventory – Closing |
0.000 |
9.808 |
7.385 |
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TOTAL (A) |
231.010 |
196.634 |
98.283 |
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Inventory – Opening |
|
7.385 |
3.268 |
|
|
|
Raw material Purchased |
|
139.795 |
69.593 |
|
|
|
Packing material Purchase |
|
12.597 |
7.156 |
|
|
|
Manufacturing Expenses |
|
11.390 |
6.204 |
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Administrative Expenses |
|
15.811 |
5.976 |
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TOTAL (B) |
219.857 |
186.978 |
92.197 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.153 |
9.656 |
6.086 |
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Less |
FINANCIAL
EXPENSES (D) |
3.058 |
2.334 |
1.644 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.095 |
7.322 |
4.442 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.711 |
0.901 |
0.495 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
6.384 |
6.421 |
3.947 |
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Less |
TAX (H) |
2.398 |
2.130 |
1.385 |
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|
PROFIT AFTER TAX
(G-H) (I) |
3.986 |
4.291 |
2.562 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.460 |
3.169 |
0.607 |
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|
BALANCE CARRIED
TO THE B/S |
11.446 |
7.460 |
3.169 |
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|
Earnings Per
Share (Rs.) |
15.95 |
42.91 |
25.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.73
|
2.18 |
2.61 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.76
|
3.44 |
4.34 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.74
|
9.75 |
9.51 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.75 |
0.92 |
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.52
|
6.57 |
8.61 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
1.22 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has sifted from “F-428-A, Road No.
14, V. K. I. Area, Jaipur – 302013,
FORM 8:
|
Corporate identity number of the company |
U25191RJ2006PTC023215 |
|
Name of the company |
SIDDHI VINAYAK POLYMER PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
G-1/72, Road No.14P, VKI Area (Extern), Jaipur – 302013, E-Mail : vinod_naredi@rediffmail.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
State Bank of E-mail : sbbj10028@sbbj.co.in
|
|
Nature of instrument creating charge |
1. Agreement of Loan cum Hypothecation. SME-2. 2. Letter of Arrangement SME-1. 3. Board Resolution. 4. Sanction Letter. |
|
Date of instrument Creating the charge |
30.05.2011 |
|
Amount secured by the charge |
Rs.40.207 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Interest Rate for Adhoc limit @ 1% above interest rate applicable for
working capital limit. All other Rates remain same as applicable earlier. Terms of repayment Repayable on Demand Margin Raw Material (Imported) : 25% Raw Material (Indigenous) : 25% Semi-Finished Goods : 25% Finished Goods : 25% Components/ Consumables/ Spares : 25% Domestic Receivables : 40% Extent and operation of the charge The Charge will operate as First charge to the extent of Rs.40.207
Millions to Secure following limits which includes a new adhoc limit of
Rs.5.000 Millions granted to the Company by the Bank CC Hypothecation Rs.25.000
Millions (Book Debts Rs.15.000 Millions) Adhoc Limit (WC) Rs.5.000
Millions Term Loan I Rs.1.614 Millions
(Existing) Term Loan II Rs.3.493 Millions (Existing) LC Rs.5.000
Millions TOTAL Rs.40.207
Millions |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First charge by way of hypothecation of all stocks of raw material,
semi finished and finished goods, stock in process, consumable goods, stores
and spares, all present and future book debts, all present and future movable
plant, machinery and all present and future current and fixed assets and
other items as may be accepted as a security by the Bank to cover overall
limits of Rs.40.207 Millions granted to the company by the bank. |
|
Particulars of
the present modification |
By this
Modification overall limit has been Enhanced to Rs.40.270 Millions by
providing additional Adhoc Facility of Rs.5.000 Millions by the bank. (Limits
as follows) CC
Hypothecation Rs.25.000 Millions (Book Debts
Rs.15.000 Millions) Adhoc Limit
(WC) Rs.5.000 Millions Term Loan I Rs.1.614 Millions (Existing) Term Loan II
Rs.3.493 Millions (Existing) LC Rs.5.000 Millions TOTAL Rs.40.207 Millions Other Terms and
conditions Remain unchanged. |
FIXED ASSETS:
- Computer
- Air
Conditioner
- Plant and
Machinery
- Electrical
installation
- Die and
Moulds
- Furniture and
Fixtures
- Fax Machine
- D.G. Set
- Weighment
Scale
- Office
Equipments
- Fire
Extinguisher
- Car
- Motor Cycle
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.51.35 |
|
|
1 |
Rs.80.51 |
|
Euro |
1 |
Rs.69.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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.