MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEIRIS FLEX INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6-3-670, Panjagutta, Hyderabad-500482, Andhra Pradesh |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
21.02.2008 |
|
|
|
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Com. Reg. No.: |
01-057727 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.2.750
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999AP2008PTC057727 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturing, Selling and Repair of Non Metallic Expansion Joints. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 23000 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
6-3-670, Panjagutta, Hyderabad-500482, |
|
Tel. No.: |
91-40-23352831 |
|
Fax No.: |
91-40-23352805 |
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E-Mail : |
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|
|
|
|
Factory : |
Plot No. 225, APIIC Limited, IP, Pashamailaram, Phase III, Medak
District, |
|
Tel. No.: |
91-84-55224786 |
|
Fax No.: |
91-84-55224787 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Abbas Ali Khan Mohammed |
|
Designation : |
Director |
|
Address : |
13-4-104, Karwan, Hyderabad-500267, |
|
Date of Appointment : |
21.02.2008 |
|
|
|
|
Name : |
Mr. Kumar Narendra Agarwal |
|
Designation : |
Director |
|
Address : |
402, Road No. 12, Banjara Hills, Hyderabad-500034, |
|
Date of Appointment : |
21.02.2008 |
|
|
|
|
Name : |
Mr. Idris Altaf Vali |
|
Designation : |
Director |
|
Address : |
6-3-670, Panjagutta, Hyderabad-500082, |
|
Date of Appointment : |
21.02.2008 |
|
|
|
|
Name : |
Bertrand Thierry Imbach |
|
Designation : |
Director |
|
Address : |
62, Routr De Seing Port, Morsan Sur Seine, France-91250 |
|
Date of Appointment : |
21.02.2008 |
|
|
|
|
Name : |
Mr. Alfonso Herrera |
|
Designation : |
Director |
|
Address : |
Residence Des Guettes, St Mammes-77670, |
|
Date of Appointment : |
21.02.2008 |
|
|
|
|
Name : |
Mr. Mustafa Vali |
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Designation : |
Whole Time Director |
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Address : |
6-3-670, Panjagutta, Hyderabad-500082, |
|
Date of Appointment : |
23.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
14025 |
|
Mohammed Abbas Ali Khan |
|
4400 |
|
Si Mhachal Mechanical Engineers Private Limited, |
|
9075 |
|
|
|
|
|
Total |
|
27500 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
33.00 |
|
Directors
or relatives of directors |
|
16.00 |
|
Other
|
|
51.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Selling and Repair of Non Metallic Expansion Joints. |
GENERAL INFORMATION
|
Bankers : |
The Karur Vysya Bank Limited, Central Procesing Cell (Loans), 5-8-363
to 365, |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Sirish B N Chartered Accountant |
|
Address : |
505, |
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Tel. No.: |
91-40-23409238 |
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E-Mail : |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000 |
Equity Shares |
Rs.100/- each |
Rs.5.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27500 |
Equity Shares |
Rs.100/- each |
Rs.2.750
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.750 |
2.750 |
|
|
2] Share Application Money |
|
2.750 |
2.750 |
|
|
3] Reserves & Surplus |
|
0.326 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(0.008) |
|
|
NETWORTH |
|
5.826 |
5.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.045 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
|
5.871 |
5.504 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.635 |
0.487 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.575 |
2.777 |
|
|
Sundry Debtors |
|
2.694 |
1.152 |
|
|
Cash & Bank Balances |
|
0.017 |
0.198 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.501 |
0.376 |
|
Total
Current Assets |
|
7.787 |
4.503 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
1.085 |
0.019 |
|
|
Other Current Liabilities |
|
1.844 |
0.018 |
|
|
Provisions |
|
0.126 |
0.016 |
|
Total
Current Liabilities |
|
3.055 |
0.053 |
|
|
Net Current Assets |
|
4.732 |
4.450 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.504 |
0.567 |
|
|
|
|
|
|
|
|
TOTAL |
|
5.871 |
5.504 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
13.899 |
6.331 |
|
|
|
Other Income |
|
0.024 |
0.018 |
|
|
|
TOTAL (A) |
|
13.923 |
6.349 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
|
5.401 |
2.364 |
|
|
|
Customs and Excise Duty |
|
0.238 |
0.363 |
|
|
|
Clearing and Forwarding |
|
0.442 |
0.070 |
|
|
|
Administration and General Expenses |
|
6.712 |
3.487 |
|
|
|
Selling and Distribution Expenses |
|
0.588 |
0.030 |
|
|
|
TOTAL (B) |
|
13.381 |
6.314 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.542 |
0.035 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.008 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.534 |
0.035 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.040 |
0.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
|
0.494 |
0.020 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.159 |
0.028 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.335 |
(0.008) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.008) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
0.327 |
(0.008) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
12.18 |
(0.29) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.41 |
(0.13) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.55 |
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.87 |
0.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.52 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.55 |
84.96 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year, the company has achieved a turnover of Rs.13.898
millions and earned profit before tax of Rs.0.493 millions.
FUTURE PROSPECTS:
The company has drawn up plans to enter new areas and take up new
ventures. Sincere efforts are being made in this direction. The directors
foresee bright future for the company in the coming years.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10202828 |
|
Corporate
identity number of the company |
U74999AP2008PTC057727 |
|
Name of the
company |
SEIRIS FLEX INDIA
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
6-3-670, Panjagutta, Hyderabad-500482, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
The Karur Vysya Bank Limited, Central Procesing Cell (Loans), 5-8-363
to 365, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Hca-1-deed of
hypothecation of current assets Pa-1-power of
attorney for collection of bills, book debts and other receivables Cd-34-link
document |
|
Date of
instrument Creating the charge |
04.02.2011 |
|
Amount secured by
the charge |
Rs.7.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate Plus
3.50%P.A (Floating)(Present Base Rate 9.50%) Terms of Repayment
On Demand(On
Renewal Basis) Margin Stock 25% Book debts 50% Extent and
Operation of the charge The charge will
operate as security for the due repayment of the credit facilities sanction to
the company by the Karur Vysya Bank to the tune of Rs.7.500 millions
together with interest, additional
interest, costs, expenses, liquidated damages etc., |
|
Short particulars
of the property charged |
Hypothecation of
stocks and book debts |
|
Date of latest
modification prior to the present modification |
18.06.2010 |
|
Particulars of
the present modification |
OCC Limit
Sanctioned To The Company Has Been Enhanced From Rs.3.500 millions To
Rs.6.500 millions. Present Limits Enjoyed
By The Company is as Follows. OCC Limit
Rs.6.500 millions BG Limit
Rs.1.000 millions As Such The Total
Limits Enjoyed By The Company is Rs.7.500 millions. |
Fixed Assets:
- Welding Machine
- Digital Eye
- Temp Control Systems
- Tools and Equipments
- Air Cooler
- Furniture and Fixtures
- Computer Hardware
- 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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.