MIRA
INFORM REPORT
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Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
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Name : |
STANDARD MATCH INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
5-2-15C, Sattur Road, Sivakasi – 626123, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
05.05.1979 |
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Com. Reg. No.: |
007821 |
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Capital
Investment / Paid-up Capital : |
Rs.65.000 Millions |
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CIN No.: [Company Identification
No.] |
U24291TN1979PTC007821 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Safety Matches. |
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No. of Employees
: |
360 (Office – 110 and Factory – 250) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The management
has not filed the latest financials of the company with the government
departments. Trade relations are reported as fair. Business is active.
Payment terms are unknown. The company can be considered for business dealings with some caution.
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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. K. Ganesan |
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Designation : |
Export Manager |
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Contact No.: |
91-9443378039 |
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Date : |
14.06.2011 |
LOCATIONS
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Registered
Office : |
5-2-15C, Sattur Road, Sivakasi – 626123,Tamilnadu,India |
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Tel. No.: |
91-4562-275142/ 274952 |
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Mobile No.: |
91-9443378039 (Mr. K. Ganesan) |
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Fax No.: |
91-4562-272378/ 275105 |
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E-Mail : |
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Area : |
10,000 sq. ft. |
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Location : |
Owned |
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Factory : |
88-E, Sathiya Nagar, Thiruthangal, Near Sivakashi – 626123, Tamilnadu,
India |
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Area : |
60,000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vellaippan Sivagnanam |
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Designation : |
Director |
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Date of
Birth/Age : |
55 Years |
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Qualification : |
B Sc |
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Date of
Appointment : |
17.03.2006 |
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Name : |
Mrs. R. Padma |
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Designation : |
Director |
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Qualification : |
BSC. |
KEY EXECUTIVES
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Name : |
Mr. K. Ganesan |
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Designation : |
Export Manager |
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Qualification : |
B. Com |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2009)
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Names of Equity Shareholders |
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No. of Equity
Shares |
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Yearkay R. Ravindran, Sivakasi |
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6753 |
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R Thilagavathy , Sivakasi |
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12009 |
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Yennarkay R. Rajarathnam , Sivakasi |
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26994 |
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Yennarkay R Chiranjeevirajarathnam , Sivakasi |
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26994 |
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Yennarkay R. Selvarathnam , Sivakasi |
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23250 |
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Yennarkay Printers Private Limnited , Sivakasi |
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7575 |
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Standard Cholarates Private Limited , Sivakasi |
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218835 |
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Pooru Matches Private Limited , Sivakasi |
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28095 |
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Senthiya Match Private Limited , Sivakasi |
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45306 |
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Karuppannam Matches Private Limited , Sivakasi |
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47448 |
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Total |
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443260 |
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Names of 10% Redeemable Preference Shareholders |
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No. of Shares |
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Rajarathnam Matches Private Limited, Sivakasi |
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130610 |
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Chiranjeevirathnam Matches Private Limited , Sivakasi |
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43230 |
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Total |
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173840 |
(AS ON 28.09.2009)
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Category |
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Percentage |
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Bodies corporate |
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11.00 |
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Directors or
relatives of Directors |
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89.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Safety Matches. |
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Products : |
· Size 8: Smoker Matches · Size 5E: Regular Pocket Ma · Size 5H: Penny Matches · Size KB Matches: Kitchen Matches - used for camp & kitchen · Barbeque Matches: 95mm, 170mm, 280 mm grill/fire place matches · Wax Matches: Eco-friendly Matches · Veneer Matches: Moisture Proof Matches · Colour Matches: Burns with coloured flames like Red or Green used during festivals ·
Extra Long Matches: Candle Matches, · Storm Proof Matches: Burns in severe storm or in rain without being extinguished; used in Survivor K · Fuzee Matches: Burns without flame or sparks - only red hot glow will be there; used in the Military · Booklet Matches · Wax Vestas · Presentation Match Boxes · Marine Matches |
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Exports : |
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Products : |
Safety Matches |
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Countries : |
·
USA ·
South Africa ·
South America |
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Imports : |
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Products : |
· Machinery · Raw Materials |
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Countries : |
· Sweden · Russia |
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Terms : |
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Selling : |
Credit (30-45 days) |
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Purchasing : |
Credit for Import- 50% advance
(50% off Delivery) |
GENERAL INFORMATION
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Customers : |
Wholesalers and Local Distributors
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No. of Employees : |
360 (Office – 110 and Factory – 250) |
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Bankers : |
· State Bank of India 11 Velayutham Road, Sudar Complex, Sivakasi - 626123,Tamilnadu, India |
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Facilities : |
CC + TL = Rs.300.000 Millions Group Facility = Rs.500.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. S Balchandrann Chartered Accountants |
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Address : |
67,Vishwanathapuram First Floor, Madurai – 625014,Tamilnadu, India |
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Memberships : |
·
Chennai and Allied Products Export Promotion
Council (CAPEXIL) ·
All India Chamber of Matches ·
Tamilnadu Chamber of Commerce |
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Group Companies : |
· Standard Engineering Private Limited · Vel Match Private Limited · Kaliappa Match Company |
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Associates/Subsidiaries : |
· The Hind Matches Private Limited Address: Sivakas Line of Business: Manufacturing Safety Matches · Standard Granite Address: Sivakas Line of Business: Exporter of Rough Block · Standard Fire Works Address: Sivakas Line of Business: Manufacturer of Crackers |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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550000 |
Equity Shares |
Rs.100/- each |
Rs.55.000 Millions |
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200000 |
10% Redeemable Preference Shares |
Rs.100/- each |
Rs.20.000 Millions |
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Total |
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Rs.75.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
443260 |
Equity Shares |
Rs.100/- each |
Rs.44.326 Millions |
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173840 |
10% Redeemable Preference Shares |
Rs.100/- each |
Rs.17.384 Millions |
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Share Application |
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Rs.3.290 Millions |
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Total |
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Rs.65.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
61.710 |
40.276 |
40.276 |
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2] Share Application Money |
3.290 |
24.724 |
24.724 |
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3] Reserves & Surplus |
12.881 |
12.777 |
10.929 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.881 |
77.777 |
75.929 |
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LOAN FUNDS |
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1] Secured Loans |
164.643 |
123.938 |
63.271 |
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2] Unsecured Loans |
63.682 |
12.436 |
9.111 |
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TOTAL BORROWING |
228.325 |
136.374 |
72.382 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
306.206 |
214.151 |
148.311 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
105.447 |
108.329 |
63.871 |
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Capital work-in-progress |
0.000 |
0.000 |
17.422 |
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INVESTMENT |
8.124 |
6.020 |
18.082 |
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DEFERREX TAX ASSETS |
0.155 |
0.155 |
0.155 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
51.265 |
50.117 |
26.363 |
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Sundry Debtors |
49.542 |
36.060 |
24.549 |
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Cash & Bank Balances |
4.559 |
4.251 |
6.549 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
86.366 |
82.069 |
42.377 |
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Total Current Assets |
191.732 |
172.497 |
99.838 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Sundry Creditors and Current Liabilities |
52.849 |
70.690 |
49.737 |
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Provisions |
0.000 |
2.160 |
1.320 |
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Total Current Liabilities |
52.849 |
72.850 |
51.057 |
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Net Current Assets |
138.883 |
99.647 |
48.781 |
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MISCELLANEOUS EXPENSES |
53.597 |
0.000 |
0.000 |
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TOTAL |
306.206 |
214.151 |
148.311 |
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PROFIT & LOSS
ACCOUNT
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
550.000 |
500.000 |
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(10% increase) |
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The above information has been parted by Mr. K. Ganesan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.61 |
2.69 |
1.63 |
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Current Ratio (Current Asset/Current Liability) |
|
3.63 |
2.37 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
· MEJ Industrial Corporation – Mumbai
· Ydeasy Import Company – Israel
FORM 8
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Name of the company |
STANDARD MATCH
INDUSTRIES PRIVATE LIMITED |
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Presented By |
Mr. Yennarkay R.Ravindran – Director |
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1) Date and description of instrument creating the change |
Dated 03.06.1982 loan for working capital finance of Rs. 3.500 millions against hypothecation, pledge of immovable and movable mentioned below. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of the company entire goods, movable and other assets, present and future including documents of title of goods, and other assets such as book debts, outstanding monies, receivables, claims, bills, engagements, securities, investments, and rights and all machinery, present and future and further secured by a deposit of title deeds of the existing immovable properties of the company with intent to create a security |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per agreement |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Sudar Complex, |
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6) Date and brief description of instrument modifying the charge |
Dated 21.04.1997 hypothecation pledge of immovable and movable through general agreement. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Enhancement of charge from Rs. 6.000 millions to the present limit of Rs.9.600 millions in respect by State Bank of India,Sivakasi,Vide sanction letter dated 21.04.1997 and charges created against hypothecation of all stocks,receivables,movables and fixed assets and mortage of immovable of the company with interest at 18% per annum with quarterly rests |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90297341 |
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Corporate
identity number of the company |
U24291TN1979PTC007821 |
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Name of the
company |
STANDARD MATCH
INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
5-2-15C, |
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Type of charge |
Immovable Property
Any Interest in
Immovable Property Book debts |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Enhancement of
credit facilities from Rs. 173.600 Millions to Rs. 193.600 Millions (SME Care
Credit facility of Rs.20.000 Millions ) as per Bank of India,Sivakasi
sanction letter dated 29.01.2009 |
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Date of
instrument Creating the charge |
29.01.2009 |
|
Amount secured by
the charge |
Rs.193.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest SBAR – 0.75% =
12.25 % - 0.75% = 11.50% for all credit except SME CARE at 8% as per
sanction. Terms of
Repayment Repayment terms
are not changed as per earlier sanction letter dated 31.05.2007 and
20.10.2008 Margin Raw Material –
10% raw materials – Indigenous, semi finished goods, finished goods, domestic
receivables and bank guarantee at 25 % margin. Extent and
Operation of the charge NA |
|
Short particulars
of the property charged |
Property charged
particulars are listed in details in SME sanction letter which has attached. |
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Date of latest
modification prior to the present modification |
20.10.2008 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Vehicles
·
Furniture and
Fittings
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.45.10 |
|
|
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.