MIRA INFORM REPORT

 

 

Report Date :

03.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SURENDRA ELASTOMERS PRIVATE LIMITED

 

 

Registered Office :

56/58, Garibdas Street, Dadajee Dhakjee Building, 1st Floor, Mumbai-400003, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

18.11.1997

 

 

Com. Reg. No.:

11-111951

 

 

Capital Investment / Paid-up Capital :

Rs.59.985 millions

 

 

CIN No.:

[Company Identification No.]

U25110MH1997PTC111951

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS39093F

 

 

PAN No.:

[Permanent Account No.]

AAFCS3922F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Preforms

 

 

No. of Employees :

64 (52 In Office + 12 In Factory)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 312755

 

 

Status :

Moderate

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The company is progressing well. 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 for small to mediocre 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.

 

INFORMATION PARTED BY

 

Name :

Mr. Nirbhai Patel

Designation :

Vice President of Finance

Date :

02.06.2011

 

 

LOCATIONS

 

Registered Office :

56/58, Garibdas Street, Dadajee Dhakjee Building, 1st Floor, Mumbai-400003, Maharashtra, India

Tel. No.:

91-22-26254106/23413874/23447929

Fax No.:

91-22-23410496

E-Mail :

ravindra@srimpex.com

accounts@sriimpex.com

Website :

www.parekhgroup.com

Area :

560 Sq ft

Location :

Owned

 

 

Administrative office:

101/102, Radhaka Building, 1st Floor, 55, Gulmohar Road, JVPD Scheme, Vile Parle (W), India-400056, Maharashtra, India

Tel. No.:

91-22-26254106/26254107/26209715

Fax No.:

91-22-26254108

E-Mail :

info@sriimpex.com

Area :

2250 Sq ft

 

 

Factory :

42/45, Harlukunte Village, Bangalore, Karnataka, India

Tel. No.:

91-80-32005388

Fax No.:

91-80-42045195

Area :

7250 Sq ft

Location :

Owned

 

 

Godown:

Bhiwandi, Mumbai, Maharashtra, India

Tel. No.:

91-22-22274243

Fax No.:

91-22-22274330

Area:

80000 Sq ft

 

 

Branches Located at  :
  • Delhi
  • Gurgaon
  • Chennai
  • Bangalore
  • Calcutta

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Ravindra S. Parekh

Designation :

Director

Address :

56/58, Garibdas Street, Dadajee Dhakjee Building, 1st Floor, India

Date of Birth/Age :

13.08.1964

Qualification:

B.com, M.B.A

Date of Appointment :

18.11.1997

 

 

Name :

Mr. Indra S. Parekh

Designation :

Director

Address :

56/58, Garibdas Street, Dadajee Dhakjee Building, 1st Floor, India

Date of Birth/Age :

04.01.1966

Qualification:

Rubber Technical

Date of Appointment :

18.11.1997

 

 

Name :

Mr.  Surendra S. Parekh

Designation :

Director

Address :

56/58, Garibdas Street, Dadajee Dhakjee Building, 1st Floor, India

Date of Birth/Age :

08.12.1967

Qualification:

B.com

Date of Appointment :

18.11.1997

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

No. of Shares

Mr. Ravindra S. Parekh

1858667

Mr. Indra S. Parekh

1858667

Mr. Surendra S. Parekh

1858666

Mrs. Kanchan S. Parekh

422500

Total

5998500

 

AS ON 30.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Preforms

 

 

Products :

Natural Rubber                               

  • ISNR 10/20
  • SIR/SMR 10/20
  • RSS 3/4/5

 

Synthetic rubber

  • SBR
  • NBR
  • PBR
  • BUTYL
  • Chlorobutyl
  • Bromobutyl
  • EPDM
  • PCR
  • Isoprene
  • Nbr-Pvc
  • Silicone
  • Fluoroelastomers
  • Speciality Compounds
  • Polyurethane Cast Elastomers Systems
  • Polyurethane Dispensing Machine

 

Rubber chemicals                        

  • Accelerators
  • Antioxidents
  • Vulcanizing Agents
  • Rubber Dispersion Chemicals-Premix 
  • Organic Peroxide-Luperox 
  • Bonding Agents-Chemlok 
  • Mould Release Agents
  • Carbon Black
  • Processing Additives-Struktol 
  • Coagents-Sartomer 
  • White Fillers And Minerals

 

Other Products

  • Bead Wire
  • Rubber Processing  Oils
  • Tyre Cord Fabrics
  • Synthetic Canvas Fabrics For Belts
  • Nylon Yarn
  • Soft Cord

 

 

Exports :

 

Products:

Preforms

Countries :

European Countries, Asian Countries

 

 

Imports :

 

Products:

Raw Material

Countries :

China, Korea, Russia

 

 

Terms :

 

Selling :

depends

 

 

Purchasing :

depends

 

 

GENERAL INFORMATION

 

Customers :

Manufacturer

 

 

No. of Employees :

64 (52 In Office + 12 In Factory)

 

 

Bankers :

·         Canara Bank, N S Road, 5, Hatkesh, JVPD Scheme, Juhu, Mumbai – 400049, Maharashtra, India

·         YES Bank, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besent Road, Worli, Mumbai – 400018, Maharashtra,

 

 

Facilities :

 

 

SECURED LOAN

 

Rs. In Millions

31.03.2009

Rs. In Millions

31.03.2008

Yes Bank Limited-OD A/c

13.377

0.000

TOTAL

13.377

0.000

 

 

 

UNSECURED LOAN

 

Rs. In Millions

31.03.2009

Rs. In Millions

31.03.2008

Anita Parekh

0.155

1.134

Indra Parekh

0.421

0.155

Kanchan S Parekh

0.137

0.145

Manisha Parekh

0.045

0.334

Minu Parekh

0.000

0.050

Ravindra Parekh

20.316

2.082

Ravindra Parekh HUF

0.126

0.890

Surendra Parekh

0.000

1.221

TOTAL

21.200

6.011

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Ashok Gemawat

Chartered Accountants

Address:

206, Radhe Vallabh CHS Limited, Old Mody Chamber, 2nd Floor, French Briged, Opera House, Mumbai – 400004, Maharashtra, India 

Tel No.:

91-22-23889573

 

 

Associates/Subsidiaries :

§         Meen Been Elastomers Private Limited

§         Sri Impex Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

6000000

Equity Shares

Rs.10/- each

Rs.60.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5998500

Equity Shares

Rs.10/- each

Rs.59.985 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2011

31.03.2010

Sales Turnover (Approximately)

 

400.000

320.000

 

The above information has been parted by Mr. Nirbhai Patel (Vice President of Finance)

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

59.985

59.985

59.985

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

11.889

3.798

1.446

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

71.874

63.783

61.431

LOAN FUNDS

 

 

 

1] Secured Loans

13.377

0.000

0.000

2] Unsecured Loans

21.200

6.011

4.644

TOTAL BORROWING

34.577

6.011

4.644

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

106.451

69.794

66.075

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.403

5.960

7.014

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.121

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Closing Stock
35.053

16.243

7.281

 

Sundry Debtors
100.920

42.014

41.018

 

Cash & Bank Balances
0.618

0.727

0.179

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
18.917

66.295

87.366

Total Current Assets
155.508

125.279

135.844

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

49.734

60.276

74.830

 

Current Liabilities
0.000

0.000

2.090

 

Provisions
5.184

1.544

0.279

Total Current Liabilities
54.918

61.820

77.199

Net Current Assets
100.590

63.459

58.645

 

 

 

 

MISCELLANEOUS EXPENSES

0.327

0.364

0.404

Preliminary Expenses

0.010

0.011

0.012

 

 

 

 

TOTAL

106.451

69.794

66.075

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2009

31.03.2008

31.03.2007

 

SALES

 

 

 

 

Income

239.835

56.209

89.888

 

 

Other Income

 

15.709

4.569

 

 

TOTAL                                     (A)

239.835

71.918

94.457

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

NA

50.995

84.842

 

 

Freight

NA

0.000

0.027

 

 

Power and Fuel

NA

0.410

0.131

 

 

Rents

NA

2.479

2.448

 

 

Salaries, Wages and bonus 

NA

9.865

3.464

 

 

Travelling Exp. Including Foreign Travelling 

NA

0.106

0.080

 

 

Insurance

NA

0.000

0.008

 

 

Workmen and Staff Welfare Expenses

NA

0.058

0.044

 

 

Sales Promotion

NA

0.000

0.017

 

 

Other Miscellaneous Expenses

NA

2.918

1.530

 

 

TOTAL                                     (B)

NA

66.831

92.591

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

NA

5.087

1.866

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

NA

0.572

0.536

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

NA

4.515

1.330

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

NA

1.083

1.217

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

12.293

3.432

0.113

 

 

 

 

 

Less

TAX                                                                  (I)

4.202

1.079

0.057

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

8.091

2.353

0.056

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3.799

1.446

1.389

 

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

11.890

3.799

1.446

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)
3.37

3.27

0.06

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

6.10

0.13

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.70

2.62

0.08

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.17

0.05

0.00

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.25

1.06

1.33

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.83

2.03

1.76

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars

 

31.03.2009

31.03.2008

31.03.2007

Sundry Creditors

48.757

60.208

74.830

Sundry Creditors for Expenses

0.976

0.068

0.000

 

 

Form 8:-

 

Corporate identity number of the company

U25110MH1997PTC111951

Name of the company

SURENDRA ELASTOMERS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

56 58 Garibdas Street dada jee Dhakjee Bldg, 1st Floor, Mumbai -400003, Maharashtra, India

 

This form is for

Modification of charge

Type of charge

Book Debts

Movable Property

Particular of charge holder

YES BANK LIMITED

Nature of instrument creating charge

Supplemental Deed Of Hypothecation

Date of instrument Creating the charge

18/04/2011

Amount secured by the charge

Rs.50.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Margin

25%

 

Extent and Operation of the charge

Exclusive Charge on current asset of the Borrower to cover facilities

Short particulars of the property charged

Exclusive Charge on current asset of the Borrower to cover facilities

Date of instrument modifying the charge

12/01/2010

Particulars of the present modification

Existing exclusive charge on current asset of the Borrower extended to cover revised facilities as below given to M/s Surendra Elastomers Private Limited

LC: INR 20 MM (Reduced from 45 MM)

BC (Sub limit of LC): INR 20 MM (Reduced from 45 MM)

BG (Sub limit of LC): INR 10 MM (Additional Facility)

CC: INR 30 MM (Reduced from 40 MM)

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.89

UK Pound

1

Rs.73.84

Euro

1

Rs.64.76

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--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

 

34

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.