MIRA
INFORM REPORT
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Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
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Name : |
SHREE SALASAR CREATIONS PRIVATE LIMITED |
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Registered
Office : |
395, GIDC, Pendesara, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.09.2003 |
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Com. Reg. No.: |
04-42883 |
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Capital
Investment / Paid-up Capital : |
Rs.7.700 Millions |
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CIN No.: [Company Identification
No.] |
U17119GJ2003PTC042883 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Extel Proceding. |
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No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 99000 |
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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. There appears
some losses being incurred by the company in the current year i.e. 2009-10.
However, networth appears to be satisfactory. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct. 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.
INFORMATION PARTED BY (General Details)
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Name : |
Mr. Om Prakash |
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Designation : |
Director |
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Date : |
02.06.2011 |
LOCATIONS
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Registered Office : |
395, GIDC, Pendesara, |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Gaurishankar Kokra |
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Designation : |
Director |
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Address : |
B. No. 28, Swami Society, Piplod, |
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Date of Appointment : |
09.09.2003 |
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DIN No. : |
00192545 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
227, Salasar Kunj, East Wardhaman Nagar, |
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Date of Appointment : |
09.09.2003 |
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DIN No. : |
00201352 |
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Name : |
Mr. Brijmohan Mandhani |
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Designation : |
Director |
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Address : |
412, Raj Tilak – Apartment, |
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Date of Appointment : |
09.09.2003 |
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DIN No. : |
00201351 |
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Name : |
Mr. Kanaiyalal Kora |
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Designation : |
Director |
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Address : |
29, Swami Society, Piplod, |
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Date of Appointment : |
09.09.2003 |
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DIN No. : |
00192614 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Brijmohan Mandani |
|
26000 |
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Omprakash Malu |
|
75800 |
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Gourishankar B. Kokra |
|
17750 |
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Kanhaiyalal B. Kokra |
|
60500 |
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Sonali Synthetics Private Limited ( |
|
25500 |
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Gourishankar B. Kokra (HUF) |
|
70000 |
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Kaml Singh Dulichand Sancheti |
|
50000 |
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Kaml Singh Dulichand Sancheti (HUF) |
|
37500 |
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Purushottam R. Malu |
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50000 |
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Damodarlal Ramlal Malu |
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44000 |
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Vishal Kanhaiyalal Kokra |
|
24880 |
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Dhanpatidevi Agarwal |
|
12750 |
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Sanjivani Enviro Protection Limited ( |
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50000 |
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Kush Hindustan Entertainment Limited ( |
|
25000 |
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Hema Trading Company Private Limited ( |
|
25000 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
29.31 |
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Directors or relatives of Directors |
57.65 |
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Other |
13.04 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Extel Proceding. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
12 (Approximately) |
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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 : |
Agarwal Goyal and Company Chartered Accountant |
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Address : |
A/1077-78, Kohinoor Market, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
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|
770050 |
Equity Shares |
Rs.10/-each |
Rs.7.700
Millions |
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 |
7.700 |
6.450 |
5.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.964 |
16.150 |
14.842 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.664 |
22.600 |
20.042 |
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LOAN FUNDS |
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1] Secured Loans |
22.105 |
29.489 |
18.663 |
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2] Unsecured Loans |
9.512 |
7.400 |
0.000 |
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TOTAL BORROWING |
31.617 |
36.889 |
18.663 |
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DEFERRED TAX LIABILITIES |
0.985 |
1.546 |
1.917 |
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TOTAL |
57.266 |
61.035 |
40.622 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.496 |
25.563 |
23.728 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.387
|
5.418 |
4.641 |
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Sundry Debtors |
29.441
|
36.526 |
25.529 |
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Cash & Bank Balances |
1.504
|
0.663 |
0.565 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.250
|
16.700 |
10.502 |
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Total
Current Assets |
53.582
|
59.307 |
41.237 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
32.363
|
23.276 |
21.604 |
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Other Current Liabilities |
0.135
|
0.042 |
0.065 |
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Provisions |
0.368
|
0.589 |
2.674 |
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Total
Current Liabilities |
32.866
|
23.907 |
24.343 |
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Net Current Assets |
20.716
|
35.400 |
16.894 |
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MISCELLANEOUS EXPENSES |
0.054 |
0.072 |
0.000 |
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TOTAL |
57.266 |
61.035 |
40.622 |
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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 |
|
140.096 |
120.134 |
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Other Income |
|
0.079 |
15.068 |
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TOTAL (A) |
119.800 |
140.175 |
135.202 |
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Less |
EXPENSES |
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Raw Material Consumed |
|
60.883 |
45.079 |
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Manufacturing Expenses |
|
60.339 |
59.631 |
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Administrative and Other Expenses |
|
12.276 |
9.501 |
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Preliminary Expenses Written off |
|
0.018 |
0.023 |
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Increase / (Decrease) in Stock |
|
(0.867) |
0.450 |
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TOTAL (B) |
NA |
132.649 |
114.684 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
7.526 |
20.518 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
2.058 |
1.819 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
5.468 |
18.699 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
5.191 |
5.059 |
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PROFIT BEFORE
TAX (E-F) (G) |
NA |
0.277 |
13.640 |
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Less |
TAX (I) |
NA |
0.219 |
4.674 |
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PROFIT AFTER TAX
(G-I) (J) |
(0.436) |
0.058 |
8.966 |
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Earnings Per
Share (Rs.) |
-- |
0.058 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.36)
|
0.04 |
6.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
--
|
0.20 |
11.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
0.33 |
20.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.01 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.61
|
2.69 |
2.14 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63
|
2.48 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors for Trade and Expenses |
32.363 |
23.276 |
21.604 |
|
Total |
32.363 |
23.276 |
21.604 |
FORM 8:
|
Corporate
identity number of the company |
U17119GJ2003PTC042883 |
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Name of the
company |
SHREE SALASAR CREATIONS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
395, GIDC, Pendesara, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80036486 |
|
Type of charge |
Others |
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Particular of
charge holder |
Bank of |
|
Nature of
instrument creating charge |
As per original
agreement and modification thereon. |
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Date of
instrument Creating the charge |
05.03.2010 |
|
Amount secured by
the charge |
Rs.22.725
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: As per original
agreement and modification thereon. Terms of
Repayment : As per original
agreement and modification thereon. Margin : As per original
agreement and modification thereon. Extent and
operation of the charge : As per original
agreement and modification thereon. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
As per original
agreement and modification thereon. Modification of
charge in respect of partly satisfaction. |
|
Date of
instrument modifying the charge |
07.03.2009 |
|
Particulars of
the present modification |
Modification of
charge in respect of partly satisfaction. The existing Bank
Loan repaid to the extend of Rs.18.500 Millions and it reduced from 41.225
Millions to Rs.22.725 Millions. |
FIXED ASSETS :
- Plant and Machinery
- Delivery Tempo
- Computer
- Other Vehicle
- Pollution Control
- Equipment
- Car A/C
- Office Equipment
- Lab Equipments
- Furniture and Fixtures
- Land
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
43 |
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.