MIRA
INFORM REPORT
|
Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SALASAR LAMINATES PRIVATE LIMITED (w.e.f. 04.08.2009) |
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Formerly Known
As : |
MILLENNIUM LAMINATES PRIVATE LIMITED |
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Registered Office : |
306, 3rd Floor, Iscon Mall, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.01.2002 |
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Com. Reg. No.: |
04-40412 |
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CIN No.: [Company
Identification No.] |
U20212GJ2002PTC040412 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM04609D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of attractive High Pressure Decorative and Industrial Laminates Sheets, Formica etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 510000 |
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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. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. 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.
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 |
|
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 DECLINED BY
Management Non Co-Operative
LOCATIONS
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Registered/ Head Office/ Marketing Office/ |
306, 3rd Floor, Iscon Mall, |
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Tel. No.: |
91-79-26763691 /30988875/26730412 |
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Fax No.: |
91-79-40028458 |
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Mobile No.: |
91-9879001684 (Mr Vishal Agarwal) 91-9825073212 (Mr Vikas Agarwal) |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Factory : |
Block No. 153, Village Dhanot, |
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Tel No.: |
91-2764-233453 |
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Corporate Office: |
34 Omkar House, |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Vishal Vijay Agarwal |
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Designation : |
Director |
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Address : |
8, Kairvi Bunglow, Near Sarthi Hotel, Bodakdev, Ahmedabad-380050, |
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Date of Appointment : |
23.12.2008 |
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DIN No.: |
01763739 |
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Name : |
Mr. Vijay D. Agarwal |
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Designation : |
Director |
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Address : |
8, Kairvi Bunglow, Near Sarthi Hotel, Bodakdev, Ahmedabad-380050, |
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Date of Appointment : |
18.11.2008 |
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DIN No.: |
01869337 |
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Name : |
Mr. Vikas V Agarwal |
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Designation : |
Director |
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Address : |
8, Kairvi Bunglow, Near Sarthi Hotel, Bodakdev, Ahmedabad-380050, |
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Date of Appointment : |
30.01.2002 |
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DIN No.: |
01763769 |
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Name : |
Mr. Motibhai D Fosi |
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Designation : |
Director |
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Address: |
B-704, Vrundavan Complex, |
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Date of Appointment : |
01.04.2008 |
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PAN.: |
AACPF8230F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vikash Vijay Agarwal |
|
1763200 |
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Vishal Vijay Agarwal |
|
1707412 |
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Santosh Vijay Agarwal |
|
745714 |
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Vanita Vijay Agarwal |
|
30000 |
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Ruchira Vikas Agarwal |
|
30000 |
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Vijay Agarwal HUF |
|
20000 |
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V.K. |
|
120000 |
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Sristhi Growth Fund Private Limited, |
|
50000 |
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Vijaykumar Dindayal Agarwal |
|
1497286 |
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Total |
|
5963612 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
0.84 |
|
Directors
or relatives of directors |
|
99.16 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of attractive High Pressure Decorative and Industrial Laminates Sheets, Formica etc. |
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Products : |
· Decorative Laminated Sheets · Compact Laminate · Liner Laminate ·
· Becker Laminate · Engraving Laminate · Single Side Decorative Sheets · Double Side Decorative Laminates · Barker Laminates · Plain/Solids laminated sheets · Wooden Designs, · Marbles, · laminated Sheets · Decorative sheets · Attractive laminated sheets, · Industrial sheet |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Installed
Capacity Per
Annum( In PCS) |
Actual
Production |
|
Decorative Laminated Sheets |
20.00 Lacs
Sheets |
1259814 |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
·
UCO Bank, Ashram Road Branch, UCO Bank Bhavan,
Near Sanyas Ashram, ·
ICICI Bank ·
HDFC Bank Limited, HDFC Bank House Senapati Bapat
Marg, Lower Parel (W), Mumbai-400013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J. T. Shah and Company Chartered Accountants |
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Address : |
201/202, Latitha Complex, 352/3, Rasala Marg, Navrangpura,
Ahmedabad-380009, |
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Tel. No.: |
91-79-26444430, 26444440 |
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Fax No.: |
91-79-26520440 |
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Email: |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5963612 |
Equity Shares |
Rs.10/- each |
Rs.59.636
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
59.636 |
59.636 |
59.636 |
|
|
2] Share Application Money |
2.200 |
2.200 |
3.000 |
|
|
3] Reserves & Surplus |
67.435 |
59.011 |
45.297 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
129.271 |
120.847 |
107.933 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
46.280 |
39.194 |
31.379 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
9.087 |
|
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TOTAL BORROWING |
46.280 |
39.194 |
40.466 |
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DEFERRED TAX LIABILITIES |
10.311 |
7.696 |
7.803 |
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TOTAL |
185.862 |
167.737 |
156.202 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
82.281 |
72.242 |
68.414 |
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Capital work-in-progress |
7.894 |
2.358 |
0.552 |
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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 |
80.943
|
46.699 |
47.443 |
|
|
Sundry Debtors |
102.837
|
97.510 |
84.582 |
|
|
Cash & Bank Balances |
4.368
|
4.527 |
1.744 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.563
|
22.133 |
17.604 |
|
Total
Current Assets |
206.711
|
170.869 |
151.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
95.394
|
69.954 |
62.148 |
|
|
Other Current Liabilities |
13.713
|
3.289 |
0.000 |
|
|
Provisions |
1.972
|
4.563 |
2.080 |
|
Total
Current Liabilities |
111.079
|
77.806 |
64.228 |
|
|
Net Current Assets |
95.632
|
93.083 |
87.145 |
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MISCELLANEOUS EXPENSES |
0.055 |
0.074 |
0.091 |
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TOTAL |
185.862 |
167.737 |
156.202 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
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Other Income |
|
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|
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TOTAL |
316.949 |
289.645 |
234.177 |
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Less |
EXPENSES |
|
|
|
|
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|
Office Expenses |
|
|
|
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|
|
Administrative Expenses |
298.789 |
266.185 |
219.514 |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
298.789 |
266.185 |
219.514 |
|
|
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PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
18.160 |
23.460 |
14.663 |
|
|
|
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|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.621 |
3.945 |
3.288 |
|
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|
|
|
|
|
|
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PROFIT BEFORE
TAX |
13.539 |
19.515 |
11.375 |
|
|
|
|
|
|
|
|
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Less |
TAX |
5.115 |
5.801 |
5.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
8.424 |
13.714 |
6.111 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.705 |
11.991 |
5.880 |
|
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
34.129 |
25.705 |
11.991 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
67.404 |
122.877 |
74.107 |
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
23.908 |
14.338 |
32.513 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.41 |
2.30 |
1.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.66
|
4.73 |
2.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.68
|
8.03 |
5.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.16 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
0.97 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
2.20 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors of Partial Details:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors for Goods: |
|
|
|
|
Aarya Industries
Products Private Limited |
0.351 |
0.300 |
|
|
AP Distributors |
0.532 |
0.484 |
|
|
Arihant
Enterprises, Mumbai |
0.892 |
0.033 |
|
|
Aspen
International Private Limited |
0.511 |
0.000 |
|
|
HPL Impex |
3.278 |
0.000 |
|
|
Kewal Corporation
|
1.432 |
2.825 |
|
|
Kundan Rice Mills
Limited |
0.282 |
0.000 |
|
|
|
|
|
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Sundry Creditors for Expenses and Others: |
|
|
|
|
Aditya Bulk
Carriers |
0.520 |
0.368 |
|
|
Anish Corporation
|
0.000 |
0.145 |
|
|
Balaji Formalin
Private Limited |
0.000 |
0.107 |
|
|
Cargo Trans and
Freight Worldwide |
0.000 |
0.294 |
|
|
Deep Traders |
0.014 |
0.017 |
|
|
Hemi Pack |
0.138 |
0.113 |
|
|
J.T. Shah and
Company |
0.342 |
0.045 |
62.148 |
OPERATIONS:
During the year,
the Company's income was Rs. 316.949 Millions against Rs. 289.645 Millions
during the previous year.
PLANSANDPROSPECTS:
The Directors have
a great sense of excitement at the unprecedented opportunities unfolding in the
infrastructure sector and expect further boost to our industry as its future
has been directly linked to the growth in the infrastructure and the related
sectors.
On the whole, the
business environment looks, encouraging, the demand for the company's products
continue to be robust in the home market as well as the overseas markets. The
company has plans for debottlenecking of the existing facilities by carrying
out modifications of the equipments as well as installation of additional
machineries to improve the quality and control the costs of the products.
Although the
directors are confident of maintaining the growth in the coming years, with new
entrants and almost all manufacturers enhancing their capacities, market will
be fiercely competitive, thereby margins are expected to be under some
pressure.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10107454 |
|
Corporate
identity number of the company |
U20212GJ2002PTC040412 |
|
Name of the
company |
SALASAR LAMINATES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
306, 3rd Floor, Iscon Mall, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel
(W), Mumbai-400013, Maharashtra, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Memorandum
Recording Past Transactions of creation of Mortgage by Deposit of Title
Deeds. |
|
Date of
instrument Creating the charge |
06.02.2010 |
|
Amount secured by
the charge |
Rs.70.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment Working Capital
facility shall payable On Demand and Term Loan
facility shall repayable in suitable installments. Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge The Company
accorded and gave oral consent to Bank to continue to hold and retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as mentioned under Item No.15 below, as security for repayment of
Rs.70.500 Millions by the Company,
together with principal, interest, liquidated damages, costs, charges and
expenses. |
|
Short particulars
of the property charged |
Immovable
properties bearing Plot No.1 (Paiki) (Eastern Side) dam about 4920 Sq.Mts and
Private Plot No.2 dam about 4803 Sq. mets and private Plot No.3 |
|
Date of latest modification
prior to the present modification |
02.07.2009 |
|
Particulars of
the present modification |
The equitable
mortgage/charge now stands increased from Rs.66.500 Millions to Rs.70.500 Millions (Comprising : EPC /PCFC of Rs.40.000
Millions , CC (Sub -Limit of EPC / PCFC Sub limit of Rs.25.000 Millions ), CC
(Sub limit of LC of Rs.5.000 Millions ),FBP /FBD (Under LC/ Non LC) (Sub
Limit of EPC /PCFC of Rs.40.000 Millions ), LC (Inland/ Foreign) of Rs.20.000
Millions , BG (Sub limit of ILC /FLC of Rs.0.500 Millions ), Term Loan -1 of
Rs.5.000 Millions , PSR Limit of Rs.1.500 Millions , Term Loan 2 of Rs.4.000
Millions ), in favour the Bank. |
Fixed Assets:
- Plant and
Machinery
- Motor Car
- Office Equipment
- Furniture and
Fixtures
- Computer
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.45.03 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.