MIRA
INFORM REPORT
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Report Date : |
11.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MINESH PRINTS LIMITED ( W.E.F.
10.04.2000 ) |
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Formerly Known As : |
MINESH PRINTS PRIVATE LIMITED |
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Registered Office : |
6, 2nd Fanaswadi, 1st Floor, Mumbai – 400 002, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.02.1992 |
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Com. Reg. No.: |
11-65520 |
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CIN No.: [Company
Identification No.] |
U17120MH1992PLC065520 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21500D |
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PAN No.: [Permanent
Account No.] |
AAACM3196J |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Women Fashion Accessories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 87472 |
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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 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.
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 |
LOCATIONS
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Registered Office : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, |
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Tel. No.: |
91-22-22061399 / 22089118 |
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Mobile No.: |
91-9820268195 (Mr. Minesh Sadh) |
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Fax No.: |
91-22-22035914 / 56355921 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No. 727, G I D C, 40 Shed Area, Vapi-396 195, |
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Tel. No.: |
91-260-2432929 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Anil Arvind Sadh |
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Designation : |
Director |
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Address : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, |
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Date of Birth/Age : |
15.07.1956 |
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Qualification : |
B. Com, LLB |
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Date of Appointment : |
20.02.1992 |
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Name : |
Mr. Sunil Arvind Sadh |
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Designation : |
Director |
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Address : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, |
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Date of Birth/Age : |
12.07.1962 |
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Qualification : |
B.Com |
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Date of Appointment : |
20.02.1992 |
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Name : |
Mr. Minesh Anil Sadh |
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Designation : |
Director |
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Address : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, |
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Date of Birth/Age : |
08.01.1980 |
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Qualification : |
B. Com |
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Date of Appointment : |
22.04.2000 |
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Name : |
Mr. Hasmukh Shah |
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Designation : |
Director |
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Address : |
205-06, 2nd Floor, |
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Date of Birth/Age : |
18.09.1968 |
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Date of Appointment : |
01.01.2009 |
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Name : |
Mr. Chandanmal Parmar |
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Designation : |
Director |
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Address : |
801, Glenridge, 16th |
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Date of Birth/Age : |
10.05.1953 |
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Date of Appointment : |
01.01.2009 |
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Name : |
Mr. Vijaykumar Damani |
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Designation : |
Director |
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Address : |
41/42, Daya Niwas, 137, S. K. Bole Marg, Mumbai - 400 028, |
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Date of Birth/Age : |
26.10.1955 |
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Date of Appointment : |
01.01.2009 |
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Name : |
Mr. Pratik Sadh |
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Designation : |
Director |
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Address : |
6, Roongta Bhavan 2nd Floor, 2nd Fanaswadi, Mumbai - 400 002, |
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Date of Birth/Age : |
31.12.1988 |
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Date of Appointment : |
01.04.2010 |
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Name : |
Mr. Ashish Sadh |
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Designation : |
Director |
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Address : |
6, Roongta Bhavan 2nd Floor, 2nd Fanaswadi, Mumbai - 400 002, |
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Date of Birth/Age : |
22.07.1984 |
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Date of Appointment : |
01.04.2010 |
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Name : |
Mr. Sanjay Shah |
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Designation : |
Director |
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Address : |
Shivsagar CHS, Flat No.46, 4th Floor, |
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Date of Birth/Age : |
04.11.1965 |
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Date of Appointment : |
01.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Arvind Kishorilal Sadh |
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27010 |
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Mr. Anil Arvind Sadh |
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140210 |
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Mr. Sunil Arvind Sadh |
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178010 |
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Mr. Arvind Anil Karta of HUF |
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53100 |
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Mr. Sunil Arvind Sadh Karta of HUF |
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53100 |
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Mr. Arvind Kishorilal Sadh Karta of HUF |
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70700 |
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Ms. Neena Anil Sadh |
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43100 |
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Ms. Neetu Sunil Sadh |
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39100 |
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Mr. Minesh Anil Sadh |
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53100 |
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Ms. Roopkumari Arvind Sadh |
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51100 |
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Ms. Sheetal Minesh Sadh |
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40 |
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Mr. Pratik Sunil Sadh |
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2680 |
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Mr. Ashish Anil Sadh |
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25200 |
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Total
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736450 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Women Fashion Accessories. |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
102 (2 in office and 100
in Factory) |
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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 : |
Chandan Parmar and Company Chartered Accountants |
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Address : |
Office No.1, 3rd Floor, Chaman Chambers, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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736450 |
Equity Shares |
Rs.10/- each |
Rs. 7.364 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 |
7.365 |
7.365 |
4.607 |
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2] Share Application Money |
1.443 |
0.000 |
5.826 |
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3] Reserves & Surplus |
13.060 |
11.225 |
6.234 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.868 |
18.590 |
16.667 |
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LOAN FUNDS |
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1] Secured Loans |
19.820 |
10.421 |
10.988 |
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2] Unsecured Loans |
20.609 |
19.664 |
5.020 |
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TOTAL BORROWING |
40.429 |
30.085 |
16.008 |
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DEFERRED TAX LIABILITIES |
0.675 |
0.672 |
0.875 |
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TOTAL |
62.972 |
49.347 |
33.550 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.903 |
22.923 |
25.049 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.002 |
0.002 |
0.002 |
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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 |
18.021
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9.469 |
6.925 |
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Sundry Debtors |
35.504
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32.756 |
16.022 |
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Cash & Bank Balances |
2.603
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3.119 |
1.080 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
8.336
|
3.837 |
2.835 |
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Total
Current Assets |
64.464
|
49.181 |
26.862 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
22.838
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19.958 |
16.558 |
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Other Current Liabilities |
1.559
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2.789 |
1.765 |
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Provisions |
0.000
|
0.012 |
0.040 |
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Total
Current Liabilities |
24.397
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22.759 |
18.363 |
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Net Current Assets |
40.067
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26.422 |
8.499 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
62.972 |
49.346 |
33.550 |
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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 |
128.644 |
107.713 |
74.992 |
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Other Income |
0.243 |
0.176 |
0.038 |
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TOTAL (A) |
128.887 |
107.889 |
75.030 |
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Less |
EXPENSES |
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Fabrics Consumed |
30.552 |
17.083 |
14.823 |
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Dyes & Chemicals Consumed |
44.286 |
40.621 |
26.536 |
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Process & Other Expenses |
26.505 |
26.259 |
18.380 |
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Salaries, Wages & Other Employee Benefits |
2.656 |
2.168 |
1.730 |
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Administrative, Selling & Other Expenses |
14.528 |
13.844 |
7.344 |
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TOTAL (B) |
118.527 |
99.975 |
68.813 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.360 |
7.914 |
6.217 |
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Less |
FINANCIAL
EXPENSES (D) |
4.129 |
2.990 |
1.458 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.231 |
4.924 |
4.759 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.559 |
3.572 |
3.703 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.672 |
1.352 |
1.056 |
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Less |
TAX (I) |
0.835 |
0.496 |
0.360 |
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PROFIT AFTER TAX
(G-I) (J) |
1.837 |
0.856 |
0.696 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.088 |
6.234 |
5.540 |
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BALANCE CARRIED
TO THE B/S |
8.925 |
7.090 |
6.236 |
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Earnings Per
Share (Rs.) |
2.49 |
1.75 |
1.51 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.42
|
0.79 |
0.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.07
|
1.25 |
1.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.05
|
1.87 |
2.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.96
|
2.84 |
2.06 |
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Current Ratio (Current Asset/Current Liability) |
|
2.64
|
2.16 |
1.46 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:-
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Corporate
identity number of the company |
U17120MH1992PLC065520 |
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Name of the
company |
MINESH PRINTS LIMITED |
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Address of the registered
office or of the principal place of
business in |
6, 2nd Fanaswadi, 1st Floor, Mumbai – 400 002, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Composite Hypothecation
Agreement dated 23rd March 2010 and Supplemental Memorandum of Entry dated
23rd March 2010 both the agreements constitute a single charge. |
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Date of
instrument Creating the charge |
23.03.2010 |
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Amount secured by
the charge |
Rs. 32.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Overdraft against
Land and Building:-Rs.7.500 millions- 0.75% below BPLR i.e 11.75% p.a. with
monthly rests. [as per scheme] Term Loan:- Rs.12.500
millions- at BPLR i.e 12.00% p.a. with monthly rests. Terms of
Repayment Overdraft against
Land and Building:-Rs.7.500 millions-As per decided by the Bank &
Borrower. Term Loan:-
Rs.12.500 millions- Repayment in 65 monthly installments of Rs.0.190 millions
and 66th installment of Rs.0.150 millions commencing 4 months after first
disbursement or from 1st July 2010 onwards whichever is earlier. Margin Overdraft against
Land and Building:-Rs.7.500 millions-Minimum 40% on primary security. Term Loan:-
Rs.12.500 millions- 30.55% Extent and
Operation of the charge Extension of
Charge. Others Nil |
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Particulars of
the property charged |
Hypothecation of
all the Borrowers raw materials, stocks-in-process, finished goods & the
all the book-debts, movable plant & machinery, vehicle, crafts,
consumable stores &spares both the present & future Equitable
Mortgage of Land and |
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Date of
instrument modifying the charge |
02.04.2009 |
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Particulars of
the present modification |
By the present
modification the charge is enhanced form Rs.12.500 millions to Rs.32.500
millions by additional Rs.20.000 millions and further secured by
Hypothecation of all the Borrowers raw materials, stocks-in-process, finished
goods&the all the book-debts,movable plant&machinery, vehicle,
crafts, consumable stores &spares both the present & future. and
Equitable Mortgage of Land and |
|
Corporate
identity number of the company |
U17120MH1992PLC065520 |
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Name of the
company |
MINESH PRINTS
LIMITED |
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Address of the
registered office or of the principal place of business in |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, |
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This form is for |
Creation of
charge |
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Type of charge |
Equitable mortgage or mortgage of property by depositing the title deeds. |
|
Particular of
charge holder |
Bank of Baroda,
Thakurdwar Branch, Nana Shankersett Smruti, 380, Jagannath Shankersett Road, Thakurdwar,
Mumbai – 400 002, Maharashtra, India E-Mail: shirishetye@vsni.com |
|
Nature of
instrument creating charge |
Memorandum of
deposit of title deeds. |
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Date of
instrument Creating the charge |
26.05.2006 |
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Amount secured by
the charge |
Rs. 7.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
The charge is
created to secure the due repayment discharge and redemption in respect of the
term Loan Rs.7.000 millions together with interests, compound interest,
interest tax, additional / further interest in case of default penal
interest, commission, liquidated damage, premium on pre – payment or on
redemption costs, charges, expenses and other moneys payable by the company
to the bank. |
|
Particulars of
the property charged |
All that piece
and parcel of land known as shed No. A/726 (on plot No.726 ), in vapi notified industrial area, adm. 2702
Sq.Mtrs at village : chanod, taluka: Paradi District, |
|
Name of the company |
MINESH PRINTS
LIMITED |
|
Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Letter of
hypothecation of vehicles dated 24.01.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.600 million
|
|
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 |
New Car (Honda
City) 1.5 GXI Model purchased from Dhruv Cars Private Limited including all
fitting parts whatsoever pertaining to replacement or addition made therein
or thereto from time to time. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 0.50% over BPLR Repayment : By 36 equal
monthly installment of Rs. 0.019 million each, the first of such installments
being payable on the 24th February, 2004. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of |
Fixed Assets
v Factory Buildings
v Plant and Machinery
v Electrical Installations
v Furniture and Fixtures
v Vehicles
v Computer and Software’s
v Equipments
v Cycle
v Capital Work in Progress
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.45.21 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.