MIRA
INFORM REPORT
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Report Date : |
21.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SRIRAM FOAMS PRIVATE LIMITED |
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Registered Office : |
W-101, 3rd Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.04.2006 |
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Com. Reg. No.: |
18-59477 |
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CIN No.: [Company
Identification No.] |
U25209TN2006PTC059477 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES25996F |
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PAN No.: [Permanent
Account No.] |
AAJCS8059H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer of Moulded PU Product and Foams |
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 110000 |
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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 low. However, trade relations are fair. Business
is active. Payments are reported to be slow but correct. The company can be considered 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 |
INFORMATION PARTED BY
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Name : |
Mr. Muthukumar |
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Designation : |
Managing Director |
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Contact No.: |
91-9841298423 |
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Date : |
17.03.2011 |
LOCATIONS
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Registered Office : |
W-101, 3rd Floor, |
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Tel. No.: |
91-44-42171888 |
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Mobile No.: |
91-9841298423 (Mr. Muthukumar) |
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Fax No.: |
91-44-42172020 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft |
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Location : |
Rented |
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Factory : |
SF. 123/2A7, |
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Area : |
2000 Sq. ft |
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Location : |
Owned |
DIRECTORS
As On 28.09.2010
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Name : |
Mr. Arunachalam Thirumurthi |
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Designation : |
Director |
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Address : |
No. 8, |
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Date of Birth/Age : |
20.05.1969 |
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Qualification : |
Diploma in Chemical Technology |
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Date of Appointment : |
10.04.2006 |
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DIN No.: |
01632673 |
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Name : |
Mr. Pampaiyan Muthukumar |
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Designation : |
Managing Director |
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Address : |
72, Balaji Nagar, |
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Date of Birth/Age : |
05.07.1971 |
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Qualification : |
Diploma in Chemical Technology |
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Date of Appointment : |
10.04.2006 |
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DIN No.: |
01632673 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
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Names of Shareholders |
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No. of Shares |
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A Thirumurthi |
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80000 |
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M radhika |
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20000 |
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P. Muthukumar |
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80000 |
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T. Malarvizhi |
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20000 |
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Total |
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200000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer of Moulded PU Product and Foams |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit: 45 Days |
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Purchasing : |
Cash, Credit: 45 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
19 (7 – In Office + 12 – 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 : |
Sunder Rajan and Associates Chartered Accountant |
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Address : |
7, Vysasarpadi, |
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Tel. No.: |
91-44-28261955/28234855 |
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Fax No.: |
91-44-42081955 |
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Pan No.: |
AADPS5150J |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.000 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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.011 |
0.651 |
0.716 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.011 |
2.651 |
2.716 |
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LOAN FUNDS |
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1] Secured Loans |
7.017 |
6.414 |
7.987 |
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2] Unsecured Loans |
0.000 |
0.772 |
0.145 |
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TOTAL BORROWING |
7.017 |
7.186 |
8.132 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.028 |
9.837 |
10.848 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.071 |
6.007 |
6.459 |
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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 |
1.150
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1.164 |
0.959 |
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Sundry Debtors |
7.835
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4.716 |
5.226 |
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Cash & Bank Balances |
0.057
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0.058 |
0.052 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.634
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1.503 |
1.285 |
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Total
Current Assets |
10.676
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7.441 |
7.522 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
6.006
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3.039 |
3.142 |
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Provisions |
0.716
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0.578 |
0.000 |
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Total
Current Liabilities |
6.722
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3.617 |
3.142 |
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Net Current Assets |
3.954
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3.824 |
4.380 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.006 |
0.009 |
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TOTAL |
10.028 |
9.837 |
10.848 |
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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 |
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Other Income |
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TOTAL (A) |
28.011 |
26.009 |
28.904 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
25.807 |
23.855 |
26.814 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.204 |
2.154 |
2.090 |
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Less |
FINANCIAL
EXPENSES (D) |
0.873 |
1.127 |
0.647 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.331 |
1.027 |
1.443 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.832 |
0.953 |
0.428 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.499 |
0.074 |
1.015 |
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Less |
TAX (I) |
0.138 |
0.140 |
0.374 |
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PROFIT AFTER TAX
(G-I) (J) |
0.361 |
(0.066) |
0.641 |
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Earnings Per
Share (Rs.) |
1.80 |
(0.33) |
NA |
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Expected Sales (2010-2011) : Rs. 80.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.29
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0.54 |
2.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
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0.55 |
7.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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(0.02) |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.56
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4.08 |
4.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.59
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2.06 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from No. 21,
Venkat Nagarkolathur, Chennai – 600099,
Operations:
The company earned a profit of Rs. 0.499 million against Rs. 0.074
million in the previous year. Liability for income tax (including deferred tax
and fringe benefit tax) is estimated at Rs. 0.141 million leaving a
distributable profit of Rs. 0.361 million (preivous year – Rs. Nil)
The company is hopeful of increasing the sales and net profit further in
view of strengthening into new premises which is larger in capacity and cheaper
in cost.
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10015509 |
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Corporate
identity number of the company |
U25209TN2006PTC059477 |
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Name of the
company |
SRIRAM FOAMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
W-101, 3rd Floor, |
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Type of charge |
Book Debts Movable Property Immovable |
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Particular of
charge holder |
Bank of India, Kolathur Branch, No. 25, Redhils High Road,
Chennai-600099, Tamilnadu, India E-mail : Chennai_ssandco@airtelbroadband.in |
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Nature of
description of the instrument creating or modifying the charge |
All dated
18.09.2007 and relate to one and the same modification. |
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Date of
instrument Creating the charge |
18.09.2007 |
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Amount secured by
the charge |
Rs. 7.060
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 0.50%
over BOIPLR with a minimum of 13.75% p.a. Terms of
Repayment Working Capital:
Repayable on demand. Term Loan I:
Repayable in 84 equated monthly installments of Rs. 0.053 Million each
commencing form 28.02.2008. Term Loan II:
Repayable in 60 equated monthly installments of Rs. 0.005 Million each
commencing from October 2007. Margin Cash Credit – 25% Book Debts – 40% Term Loan I-25% Term Loan II-25% Extent and
Operation of the charge The hypothecated
assets/ Mortgaged immovable properties of the Company shall be held as
security for the due repayment of the present enhanced overall Credit Limit
of Rs. 7.060 Million together with interest, costs, charges and other
expenses by the Company to the Bank as recorded in the Books of Accounts of
the Bank Others The enhanced
overall Credit Limit of Rs. 7.060 Millions comprises of:
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Short particulars
of the property charged |
Equitable
Mortgage of the Company’s Leasehold Rights of the immovable property
comprising of land and building and other structure, machinery and plant and
other fixtures and fittings erected and installed thereon situate at Mathur
Village, Ambattu Taluk (More specifically described in the Annexure) Hypothecation of
vehicle (TATA-ACE 4 wheeler) purchased out of the Term Loan Facility |
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Particulars of the
present modification |
By thee present
modification, the credit facility sanctioned to the Company has now been
enhanced from Rs. 2.450 Millions to Rs. 7.060 Millions described in the
Annexure. |
Trade References:
- Radhekrishna Trading
Company – Tamilnadu
Fixed Assets:
- Land
- Computer
- Furniture
- Office equipment
- Vehicles
- Electrical fittings
- Plant and machinery
AS PER WEB-DETAILS :
PROFILE :
Subject was started in the year 1999 with a single point objective to
deliver value to the consumers in every possible way. The company grew in
stature and strength since its inception through its steadfast commitment to
‘perform-beyond-expectations' instinct, ‘consumer-centered' marketing measures,
quality and timely services. Today, Sriram Foams has evolved into a reliable
and ‘top-of-mind' foam manufacturing company for a host of clients.
The company is the proud recipient of ISO 9001:2000 for its process
quality and has received Credit rating in 2007-2008. Company now has
sophisticated manufacturing facilities including high pressure foam dispensing
machine with courosels for moulding.
AWARDS :
The company for its steadfast commitment on quality and best manufacturing
practices was credited with ISO 9001:2000 certificate from ICRS,
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.45.09 |
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|
1 |
Rs.72.82 |
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Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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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 |
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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.