MIRA
INFORM REPORT
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Report Date : |
20.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SRILAKOSHA POLYMER PRIVATE LIMITED |
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Registered
Office : |
No.1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.11.1998 |
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Com. Reg. No.: |
008631 |
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CIN No.: [Company Identification
No.] |
U02520TZ1998PTC008631 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of Plastic Raw Material and Products. |
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 58196 |
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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. S K Sridhar |
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Designation : |
Director |
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Contact No.: |
91-9842213533 |
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Date : |
19.01.2011 |
LOCATIONS
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Registered Office : |
No.1, |
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Tel. No.: |
91-422-2572279 |
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Mobile No.: |
91-9244513533 (Mr. S K Sridhar), 9842224332 (Mrs. S Lalitha) |
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Fax No.: |
91-422-2572279 |
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E-Mail : |
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Website : |
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Area : |
4000sq.fts |
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Location : |
Owned |
DIRECTORS
AS ON 10.09.2010
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Name : |
Mr. S K Sridhar |
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Designation : |
Director |
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Address : |
Flat No.109, Manchester Regent Avinashi Road, Op Royal Agencies,
Coimbatore – 641037, Tamilnadu, India |
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Date of Birth/Age : |
10.02.1964 |
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Date of Appointment : |
02.11.1998 |
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Name : |
Mrs. S Lalitha |
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Designation : |
Director |
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Address : |
Flat No.109, Manchester Regent Avinashi Road, Op Royal Agencies,
Coimbatore – 641037, Tamilnadu, India |
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Date of Birth/Age : |
20.05.1972 |
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Date of Appointment : |
02.11.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2010
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Names of Shareholders |
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No. of Shares |
|
S K Sridhar |
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157500 |
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157500 |
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Total |
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315000 |
AS ON 10.09.2010
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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 : |
Trader and Importer of Plastic Raw Material and Products. |
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Imports : |
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Products : |
Plastic Raw Material |
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Countries : |
Europe, |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
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Facilities : |
Cash Credit - Rs.99.300
Millions
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
T Raghunathan Chartered Accountant |
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Address : |
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Associates/Subsidiaries : |
Sri Lakosha Agency |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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315000 |
Equity Shares |
Rs.10/- each |
Rs.3.150 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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315000 |
Equity Shares |
Rs.10/- each |
Rs.3.150
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.450.000 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 |
3.150 |
3.150 |
3.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.399 |
4.803 |
3.824 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.549 |
7.953 |
6.974 |
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LOAN FUNDS |
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1] Secured Loans |
0.096 |
0.365 |
4.570 |
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2] Unsecured Loans |
3.756 |
6.541 |
0.000 |
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TOTAL BORROWING |
3.852 |
6.906 |
4.570 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.401 |
14.859 |
11.544 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.395 |
0.943 |
0.805 |
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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 |
0.086 |
0.073 |
0.069 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.764
|
18.323 |
6.355 |
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Sundry Debtors |
11.175
|
18.373 |
9.823 |
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Cash & Bank Balances |
15.052
|
15.866 |
1.688 |
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Other Current Assets |
0.000
|
0.000 |
0.00 |
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Loans & Advances |
3.684
|
2.853 |
0.795 |
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Total
Current Assets |
38.675
|
55.415 |
18.661 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
21.755
|
41.572 |
7.991 |
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Total
Current Liabilities |
21.755
|
41.572 |
7.991 |
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Net Current Assets |
16.920
|
13.843 |
10.670 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.401 |
14.859 |
11.544 |
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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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TOTAL INCOME
(A) |
306.155 |
222.888 |
163.419 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.336 |
4.830 |
4.658 |
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Less |
FINANCIAL
EXPENSES (D) |
0.975 |
1.623 |
0.489 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.361 |
3.207 |
4.169 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.295 |
0.221 |
0.205 |
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PROFIT BEFORE
TAX (E-F) (G) |
13.066 |
2.986 |
3.964 |
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Less |
TAX (I) |
4.688 |
1.086 |
1.346 |
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PROFIT AFTER TAX
(G-I) (J) |
8.378 |
1.900 |
2.618 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.303 |
0.824 |
0.628 |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
1.575 |
0.787 |
0.788 |
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Tax on Dividend |
0.262 |
0.134 |
0.134 |
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General Reserve |
6.000 |
1.500 |
1.500 |
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Excess provision no longer required FBT |
(0.030) |
0.000 |
0.000 |
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Excess provision no longer required IT |
(0.026) |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
0.900 |
0.303 |
3.246 |
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IMPORTS |
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Raw Materials |
157.996 |
100.785 |
95.725 |
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TOTAL IMPORTS |
157.996 |
100.785 |
95.725 |
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Earnings Per
Share (Rs.) |
26.48 |
6.03 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.74
|
0.85 |
1.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.61
|
5.30 |
20.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.90
|
0.38 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
6.09 |
1.80 |
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Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.33 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
Sundry Creditors Details are not available.
Form 8:
|
Corporate identity
number of the company |
U02520TZ1998PTC008631 |
|
Name of the
company |
SRILAKOSHA
POLYMER PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No 1 Raja Streetkallimadai
Thottam Nanjappa Nagar, Singanallur Coimbatore – 641005, Tamil |
|
This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
THE KARUR VYSYA
BANK LIMITED |
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Nature of
instrument creating charge |
For the enhanced
OCC limit Rs 150.00 lacs,for the enhanced FLC/ILC limit Rs. 750.00 lacs and Forward contract
limit Rs 93.75 lacs 1.Deed of
Hypothecation of current assets,hypothecation of goods to secure a demand cash
credit & Agreement of hypothecation of book debts. 2.Agreement for
hypothecation of goods received under letter of credit 3.Forward
Contract Agreement |
|
Date of
instrument Creating the charge |
21/12/2009 |
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Amount secured by
the charge |
Rs.99.375 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.For OCC limit :
BPLR minus 1.50% subject to a minimum of 12.00% p.a. 2.For FLC/ILC
& Forward contract charges as per circular of the bank. Terms of
Repayment 1.OCC : The Limit is valid for one year
renewable thereafter. 2.FLC/ILC/Forward
Contract : The Limits are valid for one year renewable
thereafter Margin 1. OCC : 25% on
stock and 50% on Book debts. 2.FLC/ILC : 10% 3.Forward
Contract 5% Cash Margin on notional principal Extent and
Operation of the charge 1. The OCC is
enhanced from Rs.10.000 Millions to Rs.15.000 Millions, is secured by first
charge [hypothecation charge ] on the entire current assets ,[present and
future] of the company. 2. FLC/ILC limit
is enhanced from Rs.650.00 Millions to Rs.75.000 Millions, with (sub-limit
for ILC Rs.10.000 Millions) is secured by Hyp. of goods received under
FLC/ILC 3. Forward
contract limit is enhanced from Rs.7.500 Millions to Rs.9.375 Millions is
secured by respective agreement. Others FLC : DP / DA maximum usance 120 days from the date of
shipment ILC : DA maximum usance 90 days. |
|
Short particulars
of the property charged |
The OCC is enhanced
from Rs.10.000 Millions to Rs.15.000 Millions, is secured by first charge
[hypothecation charge] on the entire current assets, [present & future]
of the company. FLC/ILC limit is
enhanced from Rs.65.000 Millions to Rs.75.000 Millions, with (sub-limit for
ILC Rs.10.000 Millions) is secured by Hyp. of goods received under FLC/ILC
Forward contract limit is enhanced from Rs.7.500 Millions to Rs.9.375
Millions is secured by respective agreement. |
|
Date of
instrument modifying the charge |
29/11/2008 |
|
Particulars of
the present modification |
1.The OCC is
enhanced from Rs.10.000 Millions to Rs.15.000 Millions, FLC/ILC limit is
enhanced from Rs.65.000 Millions to Rs.75.000 Millions and Forward contract
limit is enhanced from Rs.7.500 Millions to Rs.9.375 Millions. Thereby
Aggregate charge amount is enhanced from the present Rs.82.500 Millions to
Rs.99.375 Millions The charge on the
assets of the company is modified to the enhanced aggregate credit limit of
Rs.99.375 Millions |
Trade References:
- Vinmaar International,
- Q
- SABIC, Saudi
Fixed Assets:
- Furniture and Fixtures
- Office Equipment
- Vehicles
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.45.38 |
|
|
1 |
Rs.72.71 |
|
Euro |
1 |
Rs.61.15 |
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.