MIRA
INFORM REPORT
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Report Date : |
08.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SH DECO CREATIONS PRIVATE LIMITED |
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Registered
Office : |
112 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.01.2004 |
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Com. Reg. No.: |
55-124003 |
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CIN No.: [Company Identification
No.] |
U22219DL2004PTC124003 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS29277D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Glassware, Metal Transfers, Tableware, Kitchenware, Ceramic
Mugs, Ceramic Plates, Ceramic Cups, Ceramic Vases, Bone China |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 8000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be law. However, trade relations are fair. Business
is active. Payments are reported to be slow. The company can be considered for small 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) |
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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. Sheel Agarwal |
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Designation : |
Managing Director |
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Contact No.: |
91-9811070569 |
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Date : |
28.02.2011 |
LOCATIONS
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Registered Office : |
112 |
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Mobile No.: |
91-9811070569 (Mr. Sheel Agarwal) |
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E-Mail : |
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Area : |
1000 sq.ft (Approximately) |
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Location : |
Owned |
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Factory : |
A-25, Sector 65, Noida 201301, |
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Tel. No.: |
91-120-2401470 |
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Fax No.: |
91-120-2401470 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Sheel Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
16.11.1980 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.01.2004 |
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Name : |
Mr. Hemant Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
16.02.1983 |
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Qualification : |
Graduate |
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Date of Appointment : |
09.01.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Sheel Kumar Agarwal |
85000 |
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Mr. Hemant Agarwal |
55000 |
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Total |
140000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Glassware, Metal Transfers, Tableware, Kitchenware,
Ceramic Mugs, Ceramic Plates, Ceramic Cups, Ceramic Vases, Bone China |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Europe, |
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Terms : |
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Selling : |
Cash, Credit (30-60-90 Days) |
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Purchasing : |
Cash, Credit (30-60-90 Days) |
PRODUCTION STATUS
AS ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
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Stickers (Decals) |
No. of Sheets |
600000 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 Approximately |
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Bankers : |
ICICI Bank, Noida |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shiv Ashish and Company Chartered Accountant |
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Address : |
E-7A/303, Friends Complex, Jawahar Park, Near Hira Sweets, Laxmi
Nagar, New Delhi 110092, India |
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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210000 |
Equity Shares |
Rs. 10 each |
Rs.2.100 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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140000 |
Equity Shares |
Rs. 10 each |
Rs.1.400 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.400 |
1.400 |
1.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.602 |
0.404 |
0.199 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.002 |
1.804 |
1.599 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.028 |
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2] Unsecured Loans |
1.541 |
1.181 |
0.990 |
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TOTAL BORROWING |
1.541 |
1.181 |
1.018 |
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DEFERRED TAX LIABILITIES |
0.011 |
0.012 |
0.007 |
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DEFERRED PAYMENT (Noida Authority) |
0.000 |
0.185 |
0.292 |
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TOTAL |
3.554 |
3.182 |
2.916 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.465 |
3.780 |
3.366 |
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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 |
0.531
|
0.190 |
0.434 |
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Sundry Debtors |
0.256
|
0.428 |
0.811 |
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Cash & Bank Balances |
1.255
|
0.663 |
0.103 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.189
|
0.053 |
0.080 |
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Total
Current Assets |
2.231
|
1.334 |
1.428 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.014
|
1.907 |
1.678 |
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Other Current Liabilities |
0.208
|
0.113 |
0.320 |
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Provisions |
0.100
|
0.115 |
0.120 |
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Total
Current Liabilities |
2.322
|
2.135 |
2.118 |
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Net Current Assets |
(0.091)
|
(0.801) |
(0.690) |
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MISCELLANEOUS EXPENSES |
0.178 |
0.203 |
0.238 |
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TOTAL |
3.554 |
3.182 |
2.916 |
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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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Sales |
7.183 |
8.036 |
6.684 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
7.183 |
8.036 |
6.684 |
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Less |
EXPENSES |
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Purchases |
5.315 |
5.463 |
5.012 |
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Wages and Salary
|
0.886 |
1.088 |
0.803 |
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Director
Remuneration |
0.120 |
0.120 |
0.000 |
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Power and Fuel |
0.110 |
0.101 |
0.103 |
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Telephone
Expenses |
0.030 |
0.028 |
0.011 |
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Postage and
Courier |
0.016 |
0.013 |
0.027 |
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Printing and
Stationery |
0.006 |
0.005 |
0.008 |
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Car Running and Maintenance
|
0.038 |
0.044 |
0.003 |
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Vehicle
Insurance |
0.004 |
0.009 |
0.025 |
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Increase/
(Decrease) in Stock |
(0.341) |
0.244 |
(0.161) |
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Accounting
Charges |
0.020 |
0.018 |
0.020 |
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Audit Fee |
0.020 |
0.020 |
0.009 |
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Repairs and
Maintenance |
0.018 |
0.019 |
0.018 |
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Tour and Travel |
0.056 |
0.000 |
0.017 |
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Office Expenses |
0.025 |
0.000 |
0.014 |
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Legal and
Professional Fee |
0.015 |
0.021 |
0.033 |
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Lease Rent w/off
|
0.025 |
0.025 |
0.000 |
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Bank Charges |
0.015 |
0.012 |
0.001 |
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Misc. Expenses |
0.026 |
0.018 |
0.017 |
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Preliminary Expenses W/off |
0.000 |
0.010 |
0.010 |
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TOTAL (B) |
6.404 |
7.258 |
5.970 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.779 |
0.778 |
0.714 |
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Less |
FINANCIAL
EXPENSES (D) |
0.099 |
0.104 |
0.097 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.680 |
0.674 |
0.617 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.383 |
0.347 |
0.381 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.297 |
0.327 |
0.236 |
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Less |
TAX (H) |
0.099 |
0.122 |
0.081 |
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PROFIT AFTER TAX
(G-H) (I) |
0.198 |
0.205 |
0.155 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.404 |
0.199 |
0.043 |
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BALANCE CARRIED
TO THE B/S |
0.602 |
0.404 |
0.199 |
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Earnings Per
Share (Rs.) |
1.41 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.75
|
2.55 |
2.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.13
|
4.06 |
3.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.21
|
6.35 |
4.92 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.18 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
1.29 |
2.14 |
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Current Ratio (Current Asset/Current Liability) |
|
0.96
|
0.62 |
0.67 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Plant and
Machinery
- Motor Car
- Air
Conditioner
- Computer
- Office
Equipments
- Furniture and
Fixtures
CMT REPORT (Corruption, Money Laundering and 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.45.13 |
|
|
1 |
Rs.73.36 |
|
Euro |
1 |
Rs.63.06 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
30 |
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 and 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.