MIRA
INFORM REPORT
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Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHRINATH ROTOPACK PRIVATE LIMITED |
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Registered Office : |
Plot No. 35D, Ida, Kattadan, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
08.05.2006 |
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Com. Reg. No.: |
01-50109 |
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CIN No.: [Company
Identification No.] |
U25209AP2006PTC050109 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS17297A |
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PAN No.: [Permanent
Account No.] |
AAJCS9881K |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of All Kinds of Flexible Packaging materials, Laminates
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 597184 |
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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 a well 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Plot No. 35D, Ida, Kattadan, |
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Tel. No.: |
91-40-24361018 |
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Fax No.: |
91-40-24360218 |
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E-Mail : |
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Website : |
www.slplindia.com |
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Factory 1 : |
Plot No. 20, IDA, Mankhal, Maheshwaram Mandal, R.R. District – 509359,
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Sunil Rathi |
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Designation : |
Director |
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Address : |
15-7-297 Begumbazar, |
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Date of Birth/Age : |
15.11.1974 |
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Date of Appointment : |
08.05.2006 |
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Name : |
Mr. Sarvesh Lahoti |
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Designation : |
Director |
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Address : |
8-3-167/D/248, Kalyan Nagar, Vengal Rao Nagar, |
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Date of Birth/Age : |
11.11.1972 |
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Date of Appointment : |
08.05.2006 |
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Name : |
Mr. Manish Kumar Rathi |
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Designation : |
Director |
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Address : |
15-7-297 Begumbazar, |
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Date of Birth/Age : |
15.12.1973 |
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Date of Appointment : |
08.05.2006 |
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Name : |
Mr. Rohit Rathi |
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Designation : |
Director |
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Address : |
15-7-297, Begum Bazar, |
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Date of Birth/Age : |
06.10.1984 |
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Date of Appointment : |
01.12.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.08.2010
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Names of Shareholders |
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No. of Shares |
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Sunil K. Rathi |
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1410720 |
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Manish K. Rathi |
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132100 |
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Sarvesh Lahoti |
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213400 |
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Govindlal Rathi |
|
31900 |
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Ayodhya Devi Rathi |
|
3800 |
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Jawaharlal Rathi |
|
11400 |
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Gopallal Rathi |
|
33100 |
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Susheela Devi Rathi |
|
11400 |
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Balkishan Rathi |
|
70500 |
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Sarla B. Rathi |
|
11400 |
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Surendra K. Rathi |
|
3800 |
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Rajni Rathi |
|
3800 |
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Naresh K. Rathi |
|
98800 |
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Usha Rathi |
|
48800 |
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Sharad K. Rathi |
|
17733 |
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Anuradha Rathi |
|
125800 |
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Umesh K. Rathi |
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315200 |
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Savita Rathi |
|
118800 |
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Aarathi Rathi |
|
33800 |
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Madhu Rathi |
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3800 |
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Sudhir K. Rathi |
|
123800 |
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Sonali Rathi |
|
23800 |
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Rohit Rathi |
|
3800 |
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Surendra Stock Brokers Private Limited, |
|
137000 |
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Rahul Stocks Private Limited, |
|
57000 |
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Surendra K. Rathi (HUF) |
|
161500 |
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Balkishan Rathi (HUF) |
|
228000 |
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Mukundlal Rathi (HUF) |
|
110000 |
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Gopal Lal Rathi (HUF) |
|
95000 |
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Manju Devi Lahoti |
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157400 |
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Shailesh Lahoti |
|
75200 |
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Sheetal Lahoti |
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144800 |
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Surabh Lahoti |
|
149600 |
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Suresh C. Lahoti |
|
237680 |
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Suresh C. Lahoti HUF |
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41300 |
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Shwetha Lahoti |
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103533 |
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Avinav V. Shah |
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14000 |
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Kamini V. Shah |
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10000 |
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Shailesh Lahoti HUF |
|
45100 |
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Rajesh Rathi |
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12500 |
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Govindlal Rathi (HUF) |
|
50000 |
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Madhushree Enterprises Private Limited, |
|
1360000 |
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Manish Rathi HUF |
|
15000 |
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Naresh K. Rathi HUF |
|
20000 |
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Umesh Rathi HUF |
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20000 |
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Vandana Lahoti |
|
2000 |
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Sarvesh Lahoti HUF |
|
57000 |
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Total |
|
6155066 |
AS ON 30.09.2010
|
Category |
Percentage |
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Bodies corporate |
25.25 |
|
Directors or relatives of Directors |
74.36 |
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Other top fifty shareholders |
0.39 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of All Kinds of Flexible Packaging materials, Laminates
etc. |
GENERAL INFORMATION
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No. of Employees : |
Around 500 |
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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 : |
R B Kabra and Company Chartered Accountant |
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Address : |
4-1-917, |
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Associates/Subsidiaries : |
Shrinath Laminates Private Limioted CIN: U25209AP2003PTC041901 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7000000 |
Equity Shares |
Rs.10/- each |
Rs. 70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
6159066 |
Equity Shares |
Rs.10/- each |
Rs. 61.590 Millions |
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Note – out of above 342506 equity shares of Rs. 10/-
each fully paid up have been issued pursuant to the scheme of amalgamation for
consideration other than cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
61.591 |
34.591 |
34.351 |
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2] Share Application Money |
0.000 |
27.000 |
13.020 |
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3] Reserves & Surplus |
87.705 |
36.077 |
9.427 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
149.296 |
97.668 |
56.798 |
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LOAN FUNDS |
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1] Secured Loans |
361.223 |
277.749 |
192.194 |
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2] Unsecured Loans |
64.565 |
49.696 |
22.876 |
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TOTAL BORROWING |
425.788 |
327.445 |
215.070 |
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DEFERRED TAX LIABILITIES |
24.651 |
13.599 |
4.522 |
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TOTAL |
599.735 |
438.712 |
276.390 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
327.282 |
181.711 |
175.721 |
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Capital work-in-progress |
0.000 |
15.589 |
4.312 |
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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 |
158.309
|
118.502 |
79.865 |
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Sundry Debtors |
279.357
|
250.957 |
125.903 |
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Cash & Bank Balances |
8.977
|
3.681 |
3.622 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.008
|
32.804 |
11.980 |
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Total
Current Assets |
466.651
|
405.944 |
221.370 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
190.570
|
164.853 |
125.726 |
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Provisions |
3.984
|
0.214 |
0.000 |
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Total
Current Liabilities |
194.554
|
165.067 |
125.726 |
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Net Current Assets |
272.097
|
240.877 |
95.644 |
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MISCELLANEOUS EXPENSES |
0.356 |
0.535 |
0.713 |
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TOTAL |
599.735 |
438.712 |
276.390 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1057.763 |
883.697 |
451.412 |
|
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Other Income |
7.029 |
(6.231) |
4.923 |
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TOTAL (A) |
1064.792 |
877.466 |
456.335 |
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Less |
EXPENSES |
|
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|
|
|
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Raw Materials Consumed |
798.764 |
671.639 |
344.386 |
|
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Staff Cost |
18.635 |
14.749 |
9.425 |
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|
Manufacturing and Other Expenses |
127.166 |
114.386 |
72.377 |
|
|
|
Increase in stock |
(24.157) |
(13.961) |
(9.796) |
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TOTAL (B) |
920.408 |
786.813 |
416.392 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
144.384 |
90.653 |
39.943 |
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Less |
FINANCIAL
EXPENSES (D) |
38.870 |
32.832 |
16.859 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
105.514 |
57.821 |
23.084 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.856 |
23.786 |
17.100 |
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PROFIT BEFORE
TAX (E-F) (G) |
75.658 |
34.035 |
5.984 |
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Less |
TAX (I) |
24.027 |
13.142 |
2.181 |
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PROFIT AFTER TAX
(G-I) (J) |
51.631 |
20.893 |
3.803 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.84
|
2.38 |
0.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.15
|
3.85 |
1.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.52
|
5.79 |
1.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.34 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.15
|
5.04 |
6.00 |
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Current Ratio (Current Asset/Current Liability) |
|
2.39
|
2.45 |
1.76 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Plot No.20,
IDA- Mahankhal, Maheshwaram Mandal, Mahankhal,
Form 8
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Corporate identity
number of the company |
U25209AP2006PTC050109 |
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Name of the
company |
SHRINATH ROTOPACK PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 35D, Ida, Kattadan, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Composite
Hypothecation Deed Memorandum of
Entry |
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Date of
instrument Creating the charge |
06.12.2010 |
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Amount secured by
the charge |
Rs. 290.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC-Base
Rate+3.25% i.e 11.25% P.a at present Term Loan BPLR-3.25%
i.e., 11.50% p.a., at present payable at monthly rests Terms of
Repayment Term Loans - as
per last sanctions Cash credit - on
demand Margin C.C-Inventory
25%, Book Debts-40%; LOC Cash Margin-10%
to be collected upfront and kept in TDR with Bank's lien noted thereon Term Loan
Rs.65.000 millions Margin was 28.96% Extent and
Operation of the charge Charge operates
as Security for the entire Loan amount of Rs. 290.000 millions along with interest
accrued thereon Others Nil |
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Date of
instrument modifying the charge |
27.03.2010 |
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Particulars of
the present modification |
Change in the
particulars of the Security, modification in limits as under: (rs. In
millions) Facility Existing
Revised CC 80.000 80.000 REPC --- (15.000) Sublimit of CC TL 195.000 195.000 LC 15.000 15.000 LOU (5.000) (5.000) Sublimit of LC LER (2.000) (2.000) Sublimit of LC Total 290.000 290.000 |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25209AP2006PTC050109 |
|
Name of the
company |
SHRINATH ROTOPACK PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. 35D, Ida, Kattadan, |
|
Type of charge |
Immovable
property Movable Property |
|
Particular of
charge holder |
6-3-879/B, E-Mail: acspavan@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Term loan
agreement Composite
hypothecation deed Memorandum of
Entry |
|
Date of
instrument Creating the charge |
23.03.2009 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR- 1.75% p.a Presently at 14%
p. a payable at monthly intervals Terms of Repayment October 2009 to
March 2010- Rs..450 million X 6- Rs.2.700 millions April 2010 to
March 2011- Rs.0.450 million X 12 – Rs.5.400 millions April 2011 to
March 2012- Rs.0.750 million X 12 – Rs.9.000 millions April 2012 to
March 2013- Rs.1.250 millions X 12- Rs.15.000 millions April 2013 to
March 2014- Rs.1.500 millions 11- Rs.16.500 millions Rs.1.400 millions 1- Rs.1.400 millions Total – Rs.50.000
millions Margin Rs.20.000
millions out of the Total Project cost of Rs.70.000 millions (28.57%) Extent and Operation of the charge Charge operates
as security for Repayments of Entire term loan of Rs.50.000 millions |
|
Short particulars
of the property charged |
Primary security
: Extension of first charge on the entire fixed assets (movable and
immovable) present and future of the company’s unit I on the pari passu with HDFC
Bank, Collateral: (i) Extension of EM of urban properties give to us as
collateral security for the exposures of associates companies of SRPL, (ii)
Extension of EM of urban prop. Given to us as collateral security for the
exposures of associates companies of SRPL, on sale charge basis |
`
Fixed Assets
- Land
- Plant and Machinery
- Building
- Computer
- Vehicles
- Furniture and Fixture
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 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. 45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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.