MIRA
INFORM REPORT
|
Report Date : |
19.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
STANDARDCON PRIVATE LIMITED |
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Registered
Office : |
339/341 Samual Streetrawal Chambers 4th Floor, Mumbai –
400003, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.12.1998 |
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Com. Reg. No.: |
11-117419 |
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CIN No.: [Company Identification
No.] |
U51900MH1998PTC117419 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27544G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and Exporter of Lake Colors and Food Colors and assortment
of Solvent Dyes, Acid Dyes, Pigment Powders, Basic Dyes Etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
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 10856 |
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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. The company
incurred loss in the current year. 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
|
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
|
Name : |
Mr. Javadsha H. Varaiya |
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Designation : |
Director |
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Contact No.: |
91-9323087138 |
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Date : |
14.03.2011 |
LOCATIONS
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Registered Office : |
339/341 Samual Streetrawal Chambers 4th Floor, Mumbai –
400003, |
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Tel. No.: |
91-22-66312479 / 23428704 |
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Fax No.: |
91-22-23421198 |
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E-Mail : |
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Website : |
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Area : |
500 sq.ft |
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Location : |
Owned |
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Factory 1 : |
Plot No. D 1415, Turbhe, MIDC (TTC), Area Chemical Alkali Society,
Navi Mumbai 401705, |
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Tel. No.: |
91-22-27633228 |
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Area : |
7000 sq.ft |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Pravinchandra B Shah |
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Designation : |
Director |
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Date of Birth/Age : |
24.03.1940 |
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Date of Appointment : |
10.12.1998 |
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Name : |
Mrs. Jaya P Shah |
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Designation : |
Director |
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Date of Birth/Age : |
03.03.1942 |
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Date of Appointment : |
10.12.1998 |
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Name : |
Mr. Javadsha H Varaiya |
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Designation : |
Director |
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Date of Birth/Age : |
30.04.1967 |
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Date of Appointment : |
15.01.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Pravinchandra B Shah |
100 |
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Mrs. Jaya P Shah |
218700 |
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Mrs. Kavita Varaiya |
15000 |
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TOTAL |
233800 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Exporter of Lake Colors and Food Colors and assortment
of Solvent Dyes, Acid Dyes, Pigment Powders, Basic Dyes Etc. |
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Exports : |
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Products : |
Food Colors and |
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Countries : |
Far East, |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
35 |
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Bankers : |
Vijaya Bank, Mandvi Branch, Avasar Building, 77/81, Kazi Sayed Street,
Mandvi, Mumbai – 400003, |
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Facilities : |
Over Draft Rs. 2.500 millions
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Banking
Relations : |
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Auditors : |
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Name : |
A D Lalwani and Associates Chartered Accountant |
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Address : |
4-A, Ground Floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
233800 |
Equity Shares |
Rs.10/- each |
Rs. 2.338
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.338 |
2.338 |
2.338 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.450 |
0.669 |
0.558 |
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4] (Accumulated Losses) |
(0.074) |
0.000 |
0.000 |
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NETWORTH |
2.714 |
3.007 |
2.896 |
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LOAN FUNDS |
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1] Secured Loans |
1.751 |
2.514 |
1.515 |
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2] Unsecured Loans |
6.941 |
8.128 |
10.720 |
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TOTAL BORROWING |
8.692 |
10.642 |
12.235 |
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DEFERRED TAX LIABILITIES |
0.606 |
0.000 |
0.000 |
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TOTAL |
12.012 |
13.649 |
15.131 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.872 |
4.058 |
4.253 |
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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 |
1.979
|
2.875 |
2.107 |
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Sundry Debtors |
5.197
|
3.648 |
3.175 |
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Cash & Bank Balances |
0.039
|
0.096 |
0.082 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
4.525
|
5.185 |
8.315 |
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Total
Current Assets |
11.740
|
11.804 |
13.679 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.300
|
1.995 |
2.611 |
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Other Current Liabilities |
0.840
|
0.030 |
0.024 |
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Provisions |
0.522
|
0.313 |
0.353 |
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Total
Current Liabilities |
3.662
|
2.338 |
2.988 |
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Net Current Assets |
8.078
|
9.466 |
10.691 |
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MISCELLANEOUS EXPENSES |
0.062 |
0.125 |
0.187 |
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TOTAL |
12.012 |
13.649 |
15.131 |
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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 |
20.121 |
17.621 |
12.319 |
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Other Income |
0.105 |
0.177 |
0.020 |
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TOTAL (A) |
20.226 |
17.798 |
12.339 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
19.100 |
17.048 |
11.709 |
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Advertising Expenses |
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TOTAL (B) |
19.100 |
17.048 |
11.709 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.126 |
0.750 |
0.630 |
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Less |
FINANCIAL
EXPENSES (D) |
0.389 |
0.280 |
0.227 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.737 |
0.470 |
0.403 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.259 |
0.287 |
0.310 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.478 |
0.183 |
0.093 |
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Less |
TAX (I) |
0.773 |
0.072 |
0.054 |
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PROFIT AFTER TAX
(G-I) (J) |
(0.295) |
0.111 |
0.039 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.220 |
0.208 |
0.229 |
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Earnings Per
Share (Rs.) |
-- |
0.48 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.45)
|
0.62 |
0.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.37
|
1.03 |
0.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.06
|
1.15 |
0.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.06 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.77
|
4.31 |
5.25 |
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Current Ratio (Current Asset/Current Liability) |
|
3.20
|
5.04 |
16.66 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION
During the year
company is doing well. The Turnover of the company is growing steadily, with export
orders received from additional markets.
PROSPECTS
The prospects of
the company are very good. The company hopes to achieve better results during
the ensuing year. The company has already taped the export as well as local
market. Company is also trying to get entry into remaining international
markets with the help of various certifications like ISO, Kosher and Halal
acquired during the year.
Fixed Assets:
- Land and Building
- Factory Premises
- Plant and Machinery
- Electrical Fitting
- Computer
FORM 8
|
Corporate
identity number of the company |
U51900MH1998PTC117419 |
|
Name of the
company |
STANDARDCON PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
339/341 Samual Streetrawal Chambers 4th Floor, Mumbai –
400003, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Vijaya Bank, Mandvi Branch, Avasar Building, 77/81, Kazi Sayed Street,
Mandvi, Mumbai – 400003, Email: adlalwani@rediffmail.com
|
|
Nature of
instrument creating charge |
1) Supplementary Agreement 2) Memorandum (All The
Agreement Constitute A Single Charge) |
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Date of
instrument Creating the charge |
12.01.2009 |
|
Amount secured by
the charge |
Rs. 2.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate Of Interest As Stipulated By
Bank From Time To Time Terms Of Repayment As Stipulated By
Bank From Time To Time Margin As Stipulated By
Bank From Time To Time Extent And Operation Of The Charge First Charge
(Present And Future) = Total Limit Of Rs.2.500 millions And/Or As
Stipulated By Bank From Time To Time Other As Stipulated By
Bank From Time To Time and |
|
Short particulars
of the property charged (Including location of the property) |
First
Charge(Present and Future)- (1)Hyp Of All
Stock/Goods/Inventories (2)Hyp Of All
Book Debts and Receivables Including Hyp Of Export Documentary Bills (3) Hyp Of All
Plant and Machinery,Fixtures,Implements,Fittings And Other nstallations, Furntiure, Vehicles,
Computers And All Other Articles And Things (4)Hyp Of All Current,Movable And
Fixed Assets (5)Emtd Of Factory Land And Building Situated At Plot No
D-14/5,Midc(Ttc Area),Chemical and Alkali Ind and Warehousing Co.Op Society
Ltd,Navi Mumbai-400705 |
|
Particulars of
the present modification |
By this
modification limit enahnced to Rs.2.500 millions, security given by original
charge and modification will be continued for this modficiation also, terms and
conditions as per agreement attached and as per sanction letter of the bank |
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 |
|
|
1 |
Rs.72.82 |
|
Euro |
1 |
Rs.63.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.