MIRA
INFORM REPORT
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Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SILVERLINE PLASTPACKS PRIVATE LIMITED |
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Registered
Office : |
Plot No 10/11, Survey No. 160/2, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.03.1994 |
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Com. Reg. No.: |
04-21595 |
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Capital
Investment / Paid-up Capital : |
Rs. 11.000 Millions |
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CIN No.: [Company Identification
No.] |
U25200GJ1994PTC021595 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS00898C |
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PAN No.: [Permanent Account No.] |
AADCS0075K |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturer and Exporter of PP/HDPE Fabric, PP/HDPE Laminated Fabric,
Woven Bags etc. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 51000 |
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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 slow. 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 – September 30, 2011
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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 |
INFORMATION PARTED BY
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Name : |
Ms. Komal |
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Designation : |
Account Department |
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Contact No.: |
91-2827-252694 |
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Date : |
19.12.2011 |
LOCATIONS
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Registered Office : |
Plot No 10/11, Survey No. 160/2, |
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Tel. No.: |
91-2827-252694/296134 |
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Mobile No.: |
91-9879742046 (Mr. Sunil H Bawaria) |
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Fax No.: |
91-2827-252694 |
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E-Mail : |
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Website : |
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Location : |
Rented |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Sunil Harilal |
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Designation : |
Director |
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Address : |
7-A, Navkar Apartment, Amin Marg, City – |
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Date of Appointment : |
12.11.2001 |
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DIN No.: |
001186156 |
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Name : |
Bhartiben Harilal |
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Designation : |
Director |
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Address : |
7-A, Navkar Apartment, Amin Marg, City – |
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Date of Appointment : |
27.07.2004 |
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DIN No.: |
001186114 |
KEY EXECUTIVES
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Name : |
Ms. Komal |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Bhartiben Haribhai |
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597520 |
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Bipin Jamnadas Patel |
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45100 |
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Sunil Harilal |
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329830 |
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Janikiben Harilal |
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11000 |
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Hency Harilal |
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116550 |
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TOTAL |
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1100000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of PP/HDPE Fabric, PP/HDPE Laminated Fabric,
Woven Bags etc. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
PRODUCTION STATUS
As on 31.03.2011
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Particulars |
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Unit |
Installed
Capacity |
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HDPE/PP Woven Sacks |
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M.T |
3000 |
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GENERAL INFORMATION
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Customers : |
Wholesaler and End Users |
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No. of Employees : |
100 (Approximately) |
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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 : |
H Jamnadas and Company Chartered Accountant |
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Address : |
217-219, Heera Panna Complex, |
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PAN.: |
AABFH2320P |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1100000 |
Equity Shares |
Rs. 10/- each |
Rs. 11.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1100000 |
Equity Shares (Out of above 300000 of shares are allotted as fully paid up by way of
bonus shares such shares are issued from capitalization of profits) |
Rs. 10/- each |
Rs. 11.000 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.000 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.697 |
4.352 |
2.718 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.697 |
6.852 |
5.218 |
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LOAN FUNDS |
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1] Secured Loans |
57.717 |
16.326 |
9.338 |
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2] Unsecured Loans |
7.041 |
10.243 |
10.342 |
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TOTAL BORROWING |
64.758 |
26.569 |
19.680 |
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DEFERRED TAX LIABILITIES |
1.075 |
0.897 |
0.649 |
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TOTAL |
78.530 |
34.318 |
25.547 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.789 |
9.459 |
6.955 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.102 |
0.102 |
0.102 |
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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 |
41.624
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14.033 |
10.515
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Sundry Debtors |
11.478
|
11.755 |
8.487
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Cash & Bank Balances |
3.946
|
0.533 |
0.564
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Other Current Assets |
1.123
|
0.502 |
0.389
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Loans & Advances |
10.689
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8.942 |
4.188
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Total
Current Assets |
68.860
|
35.765 |
24.143 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.770
|
10.232 |
2.926
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Other Current Liabilities |
8.478
|
0.221 |
2.166
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Provisions |
0.106
|
0.576 |
0.589
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Total
Current Liabilities |
26.354
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11.029 |
5.681
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Net Current Assets |
42.506
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24.736 |
18.462
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MISCELLANEOUS EXPENSES |
0.133 |
0.021 |
0.028 |
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TOTAL |
78.530 |
34.318 |
25.547 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
117.973 |
90.491 |
69.766 |
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Other Income |
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TOTAL (A) |
117.973 |
90.491 |
69.766 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
104.159 |
83.654 |
64.824 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.814 |
6.837 |
4.942 |
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Less |
FINANCIAL
EXPENSES (D) |
8.535 |
2.933 |
2.512 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.279 |
3.904 |
2.430 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.746 |
1.425 |
0.945 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.533 |
2.479 |
1.485 |
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Less |
TAX (H) |
0.188 |
0.825 |
0.585 |
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PROFIT AFTER TAX
(G-H) (I) |
0.345 |
1.654 |
0.900 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export |
0.444 |
0.000 |
0.000 |
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TOTAL EARNINGS |
0.444 |
0.000 |
0.000 |
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Earnings Per
Share (Rs.) |
0.31 |
1.50 |
0.82 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
0.29
|
1.83 |
1.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.51
|
5.48 |
4.78
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.36 |
0.28
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Debt Equity Ratio (Total Liability/Networth) |
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7.18
|
5.49 |
4.86
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Current Ratio (Current Asset/Current Liability) |
|
2.61
|
3.24 |
4.25
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LOCAL AGENCY FURTHER INFORMATION
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Check list by Info Agents |
Available in Reports ( Yes/No) |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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Yes |
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-- |
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Yes |
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Yes |
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Yes |
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Yes |
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No |
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-- |
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No |
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Yes |
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No |
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No |
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No |
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Yes |
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Yes |
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-- |
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-- |
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Yes |
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No |
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-- |
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-- |
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No |
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-- |
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-- |
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OPERATION AND
PROSPECTS:
Total Turnover of the company has increased from Rs. 90.491 millions to
Rs. 117.973 millions during the financial year covered under audit. The company
has earned profit of Rs. 13.814 before providing for deprecation and interest
and a profit of Rs. 0.533 millions after providing for deprecation and
interest. The directors expect to perform even better in the years to come. The
prospects for the company’s business are very bright and positive.
FORM 8
|
Corporate
identity number of the company |
U25200GJ1994PTC021595 |
|
Name of the
company |
SILVERLINE
PLASTPACKS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No 10/11, Survey No. 160/2, Email : hjamndas1@gmail.com |
|
This form is for |
Modification
of charge |
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Charge
identification (ID) number of the charge to be modified |
10149729 |
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Type of charge |
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Particular of
charge holder |
Bank of |
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Nature of
instrument creating charge |
Instrument
Modifying Charge: Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
26.05.2010 |
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Amount secured by
the charge |
Rs. 60.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 0.00% above BPLR Minimum 12.00% with monthly rest or at such other rate(s)
as may be by the Bank from time to time. Terms of
Repayment - Term Loan : 54 Equal monthly
Installments of Rs. 0.556 millions each commencing from October, 2010. Cash Credit and
LC-I/F : On Demand subject to review
from time to time. Margin - Term Loan
: 25% Cash Credit -
Hypothecation of stocks :
25% Cash Credit -
Hypothecation of Book Debts : 40% LC- I/F
: 25% Extent and
Operation of the charge - The Charge extends over movable Properties as
mentioned below in Point no. 15 to secure the repayment of entire enhanced
credit facilities of Rs.60.000 millions (Rupees Sixty Millions Only) together
with the interest, cost, charges and expenses thereon. |
|
Particulars of
the present modification |
The Charge over
Company's Properties as mentioned in Point No.15 above is extended to secure
the repayment of entire enhanced credit facilities aggregating to Rs. Rs.60.000
millions (Rupees Sixty Millions Only) in addition to all costs, charges,
expenses and Interest thereon. |
Fixed Assets:
- Land
- Plant and Machinery (New)
- Electrification (New)
- Plant and Machinery
- Electrification
- Laboratory Equipments
- Deepwell
- Weighing Scale
- Computer
- Vehicle
- Innova Car
- Telephone Instrument
- Furniture and Fixture
- Mobile Instrument
- Television
- Intercom
- Fax
- Laser Printer
- Air Conditioner
As per web site
details:
Profile:
It's an Indian company established in 1994. The office and
manufacturing unit is located near Veraval (Shaper), industrial area of
The company started commercial production in June, 1995. Within a short span of
time, it has successfully established itself as a trusted name among various
customers, in and out of
PRODUCTS:
They are the manufacturer and exporter of Polypropylene and
HDPE Tubular or Circular Woven Sacks, Bags, Fabric Cloth and Fabric to pack
food grains, sugar, salt, seeds, cattle feed, fish meal, branded products,
spices, pulses, dates, agro products, cement, urea, fertilizers, chemicals,
minerals, resin, polymers, rubber etc.
They also manufacture Circular or Flat Woven Fabrics to convert them to Sacks
or Bags at customer’s end or to use them as cover for textile packing,
upholstery and carpet packing. Sacks, bags and fabrics can be supplied in any
colour.
They provide sacks with printing of logo or packed products specifications, UV
Stabilized for outdoor storage protection, with valves or spout for automatic
filling, with lamination or PE liner stitched inside for moisture and spillage
protection. They can supply sacks for packing products ranging from 20 to 100
kgs.
Silverline Plastpacks Private Limited offers PP / HDPE Circular Woven Sacks,
Bags, Sacos, Bolsas of different specifications, details of which are as
follows :
PP / HDPE WOVEN SACKS / BAGS and FABRICS –
Unlaminated
Sacks Width In between 36 cms to 120 cms.
Fabric Width In between 36 cms to 120 cms circular or double
in single sheets or more with middle joint.
Length Any Length.
Sacks Weight as per customer's requirement.
Fabric Weight as per customer's requirement.
Colour Milky White or Natural White or in any Colour/Shades.
Gussett per customer's requirement or sacks without Gussett.
Mesh as per customer's requirement.
Sacks Mouth Heat cut or Top Hemmed or Valve type (self
closing bags).
Branding on Sacks On one side or both sides by Flexo Graphic
Printing to print customer's logo design etc.
Stitching Single or double folded with single or double
stitch.
Denier depending upon the weight of Sacks / Fabrics required
or as per customer's requirement.
PP / HDPE WOVEN SACKS / BAGS and FABRICS -
Laminated / Paper Coated
The PP/ HDPE Woven Sacks and Fabrics also offered with
PP/LDPE Lamination inside or outside used for urea packing or PP/HDPE Woven
Sacks or Fabrics Laminated with one ply kraft paper or sandwiched kraft paper
sacks. Sacks lined inside with PE loose liner bag of LDPE / LLDPE / HM/ HDPE
are used for packing sugar/fertilizers, food grains, cattle feed, cement,
polymers etc.
Description PP / HDPE Woven Sacks / Bags
For Fertilizers : Size – Length 915 mm, Width 610 mm, open
mouth, bottom stitched duly laminated with PP/LDPE inside, Colour Milky White
or others, Printed with flexo printing as per IS - 9755 – 1985 for packing 50.0
kgs.
For Cements : Size – Length 710 mm, Width 480mm with self closing valve, Weight
70-75 gms per bag, Printed with flexo printing for packing 50.0 kgs as per IS -
11652 – 1986
For Sugar : Size – Length 900 mm, Width 590 mm, Open Mouth OR Top Hemmed,
Bottom Stitched with inside separate loose liner bag of 25 micron thickness
stitched at bottom and printed with flexo printing for packing 50 kgs Sugar.
Size – Length 630 mm, Width 480 mm, Open Mouth OR Top Hemmed, Bottom Stitched
with inside separate loose Liner bag of 25 micron thickness stitched at bottom
and printed with flexo printing for packing 25 kgs Sugar.
For Food Grains : Size – Length 1000 mm, Width 570 mm, Open Mouth OR Top
Hemmed, Bottom Stitched with inside separate loose Liner bag of 25 micron
thickness stitched at bottom OR without liner and printed with flexo printing
for packing 50 kgs food grains. Size – Length 650 mm, Width 480 mm, Open Mouth
OR Top Hemmed, Bottom Stitched with inside separate loose Liner bag of 25
micron thickness stitched at bottom OR without Liner and printed with flexo
printing for packing 25 kgs food grains.
For Fabrics : PP / HDPE Woven Circular Fabrics are available in rolls of
different Colours / Shades, Width and other specifications as per customer’s
requirements and specifications. They are put to direct uses or for conversion
to Bags/Sacks at customer’s end.
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.52.78 |
|
|
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.68.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--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 |
|
32 |
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.