MIRA
INFORM REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SEAWARD EXPORTS PRIVATE LIMITED |
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Registered
Office : |
5-L-22, Mahaveer Nagar – III, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.12.2001 |
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Com. Reg. No.: |
17-017336 |
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CIN No.: [Company Identification
No.] |
U51102RJ2001PTC017336 |
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PAN No.: [Permanent Account No.] |
AAFCS7423M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter
of Sandstones, Limestones and allied products for wall cladding, interior flooring, exterior
flooring, stairs, etc. |
RATING & COMMENTS
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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 118000 |
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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 commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Banwari Lal Gupta |
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Designation : |
Director |
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Contact No.: |
91-9829035744 |
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Date : |
10.01.2011 |
LOCATIONS
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Registered Office/ Factory : |
5-L-22, Mahaveer Nagar – III, |
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Tel. No.: |
91-744-2475901 |
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Mobile No.: |
91-9829035744 (Mr. B.L. Gupta) |
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Fax No.: |
91-744-2476914 |
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E-Mail : |
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Website : |
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Area : |
10000 sq ft |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Banwari Lal Gupta |
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Designation : |
Director |
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Date of Appointment : |
19.12.2001 |
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DIN No.: |
00159893 |
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Name : |
Mr. Gopal Lal Mittal |
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Designation : |
Director |
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Date of Appointment : |
19.12.2001 |
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DIN No.: |
00176026 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Banwari Lal Gupta |
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5000 |
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Gopal Lal Mittal |
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5000 |
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Total
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10000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter
of Sandstones, Limestones and allied products for wall cladding, interior flooring, exterior
flooring, stairs, etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2010)
Installed Capacity
and Licensed Capacity: Processing Capacity is 250000 Mtrs. Per Annum
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and OEM’s |
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No. of Employees : |
85 (In office – 15, In factory – 70) (Approximately) |
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Bankers : |
Punjab National Bank, Branch Industrial Estate, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.S.A.P. and Associates Chartered Accountants |
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Address : |
5-6-7, III Floor, Deepshree Bhawan, Opposite Mutpurpose School,
Gumanpura, |
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Memberships : |
Chemicals and Allied Products Export Promotion Council (C.A.P.E.X.I.L.) |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/-
each |
Rs.1.000
million |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/-
each |
Rs.1.000
million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/-
each |
Rs.1.000
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.510 |
20.868 |
17.547 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.510 |
21.868 |
18.547 |
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LOAN FUNDS |
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1] Secured Loans |
33.868 |
19.404 |
17.727 |
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2] Unsecured Loans |
2.425 |
1.505 |
1.800 |
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TOTAL BORROWING |
36.293 |
20.909 |
19.527 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.803 |
42.777 |
38.074 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.334 |
16.957 |
11.802 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.804 |
4.317 |
0.000 |
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DEFERREX TAX ASSETS |
0.036 |
0.064 |
0.070 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.050
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5.125 |
5.446 |
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Sundry Debtors |
46.601
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32.209 |
40.472 |
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Cash & Bank Balances |
0.181
|
0.215 |
4.444 |
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Other Current Assets |
2.219
|
0.323 |
1.689 |
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Loans & Advances |
6.073
|
2.873 |
1.270 |
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Total
Current Assets |
65.124
|
40.745 |
53.321 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors & Other Current Liabilities |
20.891
|
15.559 |
21.251 |
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Provisions |
4.604
|
3.747 |
5.868 |
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Total
Current Liabilities |
25.495
|
19.306 |
27.119 |
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Net Current Assets |
39.629
|
21.439 |
26.202 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.803 |
42.777 |
38.074 |
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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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Income |
175.861 |
92.163 |
142.341 |
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Other Income |
2.122 |
0.958 |
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TOTAL (A) |
177.983 |
93.121 |
142.341 |
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Less |
EXPENSES |
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Cost of Material Consumed |
100.012 |
|
136.627 |
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Direct Overheads |
8.725 |
3.317 |
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Administrative Overheads |
31.981 |
19.915 |
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Selling and Marketing Overheads |
20.385 |
15.997 |
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TOTAL (B) |
161.103 |
83.663 |
136.627
(including
depreciation, interest and financial expenses) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.880 |
9.458 |
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Less |
INTEREST &
FINANCIAL EXPENSES (D) |
3.192 |
2.596 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.688 |
6.862 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.636 |
1.905 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.052 |
4.957 |
5.714 |
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Less |
TAX (H) |
3.330 |
1.631 |
1.881 |
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PROFIT AFTER TAX
(G-H) (I) |
7.722 |
3.326 |
3.833 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
17.547 |
NA |
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Transfer to Reserve Fund |
0.000 |
0.001 |
NA |
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Add: Deferred Tax |
(0.028) |
(0.006) |
NA |
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BALANCE CARRIED
TO THE B/S |
7.694 |
20.868 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
Australian $
847201.59, Euro 36595.38, GBP 1765582.87 |
Australian $
831673, Euro 40216.98,
GBP 815113, USD $ 36918.97 |
Australian $
1050765.85, Euro 95084.29, GBP 1080307.39 |
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Earnings Per
Share (Rs.) |
9422.26 |
332.61 |
383.32 |
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Expected Sales (2010-2011): Rs.200.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.34
|
3.57 |
2.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.28
|
5.38 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.78
|
8.59 |
8.77 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.23 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
1.84 |
2.52 |
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Current Ratio (Current Asset/Current Liability) |
|
2.55
|
2.11 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the period
ended 31st March, 2010 the company earned operating Profit of
Rs.11.052 millions as compared to Rs 4.957 millions in the previous year. The Profit
After tax was Rs.7.722 millions as compared to previous year Rs.3.326 millions.
PROSPECTS:
For the coming
years company is well-equipped to cope-up with the demand in the international
market. Directors being proactive are exploring new markets and possibilities
to keep the growth rate consistent. In the coming year the turnover is likely
to cross Rs.225.000 millions mark.
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Corporate
identity number of the company |
U51102RJ2001PTC017336 |
|
Name of the
company |
SEAWARD EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5-L-22, Mahaveer Nagar – III, E-Mail: ascocakota@yahoo.co.uk |
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This form is for |
Creation of
charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Punjab National Bank, Branch Industrial Estate, E-Mail: lalaswani@yahoo.com |
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Nature of
description of the instrument creating or modifying the charge |
Term Loan
Agreement and Agreement of Hypothecation of assets to secure term loans. |
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Date of
instrument Creating the charge |
31/08/2010 |
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Amount secured by
the charge |
Rs.6.000 millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
12.50% Terms of
Repayment: 20 quarterly installments of Rs.0.300 million commencing from
April 2011. Repayment of interest as and when charged. Margin: 25% Extent and
Operation of the charge: On All plant machineries and Transformers installed
in the factory premises. |
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Short particulars
of the property charged |
Plant, Machinery
and Transformers installed at E-16 and
F-28, Kuber Industrial Area, Ranpur, |
FIXED ASSETS:
·
Air Conditioners
·
Building (Ranpur)
·
Camera (Digital)
·
Computers
·
Electric Installations
·
Electric Motors
·
Fans (Exhaust)
·
Fax Machine
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Fire Fighting Equipments
·
Fork Lift
·
Furniture and Fixtures
·
Hand Cart
·
Honda City Car
·
Honda Civic Car
·
Honda Scooter
·
Hydraulic
·
Jet Pump
·
Land
·
Telephone
·
Motor Cycles
·
Office Equipments
·
Packing Machine
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Plant and Machinery
·
Tata Safari Car
·
Tools and Templates
·
Truck
·
Water Cooler
·
Weight Machine
·
Zerox Machine
·
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
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 |
YES |
|
--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.