MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHREE MALANI INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
35, M. G. Road, Secunderabad – 500003, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.12.1996 |
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Com. Reg. No.: |
01-25896 |
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Capital Investment
/ Paid-up Capital : |
Rs.19.990
Millions |
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CIN No.: [Company Identification
No.] |
U28910AP1996PTC025896 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS10399E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers of Sure Rest Rubberised Coir Mattresses. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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 120000 |
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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. Financial
position of the company is improving. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 |
LOCATIONS
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Registered Office : |
35, M. G. Road, Secunderabad – 500003, Andhra Pradesh, India |
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Tel. No.: |
91-40-27811568 |
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Fax No.: |
91-40-27816246 |
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E-Mail : |
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Website : |
http://www.shreemalaniindustries.com
(Under Construction) |
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Factory : |
Plot No. 7 and 8, Survey No. 42, Allinagar Chetlapotharam
Village, Jinnaram Mandal Medak Dist. – 502319, Andhra Pradesh, India |
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Tel No.: |
91-40-65455507 |
DIRECTORS
(AS ON 25.09.2010)
|
Name : |
Mr. C. Amarnath |
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Designation : |
Director |
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Address : |
B-67, I.I.T Powai, Mumbai – 400076, Maharashtra, India |
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Date of Birth/Age : |
23.10.1947 |
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Date of Appointment : |
29.03.1998 |
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Name : |
Mr. P. V. Ranveer |
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Designation : |
Director |
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Address : |
1-10-63/1/1, Matrusree Begumpet, Hyderabad – 500016, Andhra Pradesh,
India |
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Date of Birth/Age : |
13.11.1947 |
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Date of Appointment : |
31.12.2004 |
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Name : |
Mr. Kamal Narayan Rathi |
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Designation : |
Director |
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Address : |
4-7-945, Esamia Bazar, Kachiguda, Hyderabad – 500027, Andhra Pradesh,
India |
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Date of Birth/Age : |
05.05.1947 |
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Date of Appointment : |
06.12.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 25.09.2010)
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Names of Shareholders |
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No. of Shares |
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Century Fibre Plates Private Limited, India |
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199650 |
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Bhagwandas Malani |
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50 |
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Purshottam Malani |
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50 |
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P. V. Ranveer |
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50 |
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C. Amarnath |
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50 |
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Kamal Narayan Rathi |
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50 |
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Total |
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199900 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Bodies corporate |
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99.87 |
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Directors or relatives of directors |
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0.13 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Sure Rest Rubberised Coir Mattresses. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Rubberized Coir Blocks and Mattresses |
M.T.s |
Not Applicable |
5400 |
2500.233 |
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GENERAL INFORMATION
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Bankers : |
· Union Bank of India Secunderabad Branch, 1-2-163, LG-1, Bhuvana Towers, Sarojini Devi
Road, Secunderabad – 500003, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rathi and Malani Chartered Accountant |
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Address : |
317, 3rd Floor, Swapnalok Complex, Secunderabad – 500003,
Andhra Pradesh, India |
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Tel No.: |
91-40-27816017/ 32009337 |
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Email : |
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Holding Company
: |
· Century Fibre Plates Private Limited, India |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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300000 |
Equity Share |
Rs.100/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
199900 |
Equity Share |
Rs.100/- each |
Rs.19.990
Millions |
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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 |
19.990 |
19.990 |
19.990 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.102 |
5.772 |
0.084 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.092 |
25.762 |
20.074 |
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LOAN FUNDS |
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1] Secured Loans |
52.442 |
33.764 |
36.575 |
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2] Unsecured Loans |
32.975 |
25.158 |
5.814 |
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TOTAL BORROWING |
85.417 |
58.922 |
42.389 |
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DEFERRED TAX LIABILITIES |
2.830 |
2.127 |
2.005 |
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TOTAL |
119.339 |
86.811 |
64.468 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
80.090 |
54.028 |
47.793 |
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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 |
40.092
|
27.180 |
16.836 |
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Sundry Debtors |
14.797
|
13.903 |
8.744 |
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Cash & Bank Balances |
0.734
|
0.382 |
0.225 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.997
|
4.112 |
5.383 |
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Total
Current Assets |
61.620
|
45.577 |
31.188 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
14.481
|
7.043 |
10.618 |
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Other Current Liabilities |
4.813
|
4.091 |
3.001 |
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Provisions |
3.077
|
1.660 |
0.905 |
|
Total
Current Liabilities |
22.371
|
12.794 |
14.524 |
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Net Current Assets |
39.249
|
32.783 |
16.664 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.011 |
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TOTAL |
119.339 |
86.811 |
64.468 |
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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 |
241.358 |
209.356 |
130.150 |
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Other Income |
19.772 |
16.426 |
NA |
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TOTAL (A) |
261.130 |
225.782 |
NA |
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Less |
EXPENSES |
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TOTAL (B) |
253.722 |
219.290 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
7.408 |
6.492 |
8.879 |
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Less |
TAX (H) |
2.077 |
0.804 |
1.131 |
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PROFIT AFTER TAX
(G-H) (I) |
5.331 |
5.688 |
7.748 |
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Earnings Per
Share (Rs.) |
26.67 |
28.45 |
38.70 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.04
|
2.52 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.07
|
3.10 |
6.82 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.23
|
6.52 |
11.24 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.25 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.47
|
2.78 |
2.84 |
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Current Ratio (Current Asset/Current Liability) |
|
2.75
|
3.56 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from 606, Saptagiri
Tower, 1-10-75/1/1-6, Begumpet Main Road, Hyderabad – 500016, Andhra Pradesh,
India, to the present address w.e.f. 29.03.2005.
FINANCIAL
PERFORMANCE:
The company affected the sale of Rs.241.358 Million for the financial year
2009-10 as against a sale of Rs.209.356 Millions in the previous year. The
profit during the year before tax stood at Rs.7.408 Million as against the
profit of Rs.6.492 Millions during the previous year.
OPERATION:
Production
The production during the year 2009-10 was 2500.233 M. Ts. As against
2044.551 M. Ts in the previous year which represent an increase by 22.29% as
compares to previous production levels.
·
Sales:
Sales of the company for
the year 2009-10 was as follows:
The sale of Rubberized
Coir is 2514.446 M. Ts as against the sale of 2267.292 M. Ts during the
previous year. Which represents an increase of 10.90% in quantity of Rubberized
Coir sales.
Value wise the sales of
the company amounted to Rs.241.358 Millions as against value of Rs.209.358
Millions during the previous year. This represents an increase of 15.29% as
compared to previous year.
FUTURE PROSPECTS:
The company has achieved a total production of 733.91 M. Ts which
represent 25.83% growth over the first quarter production of the previous year
and sales in terms of value has been Rs.70.814 Millions which represents 31.37%
as compared to previous year first quarter.
FORM 8:
|
Corporate identity number of the company |
U28910AP1996PTC025896 |
|
Name of the company |
Shree Malani Industries Private Limited |
|
Address of the registered office or of the
principal place of business in |
35, M.G. Road, Secunderabad – 500003,
Andhra Pradesh, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) |
|
Particular of charge holder |
Union Bank of India Secunderabad Branch, 1-2-163, LG-1, Bhuvana
Towers, Sarojini Devi Road, Secunderabad – 500003, Andhra Pradesh, India |
|
Nature of instrument creating charge |
1)Supplementary Deed to Hypothecation Deed
(SD-6(S) 2) APSFC Letter for ceding second charge
on fixed assets 3) Copy of Sanction Letter 4) Copy of Board Resolution |
|
Date of instrument Creating the charge |
06.10.2010 |
|
Amount secured by the charge |
Rs.35.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interests: Interest on Cash Credit (Hypothecation)
Limit of Rs.35.000 Millions at Base Rate + 4.50% p.a with monthly rests. Terms of repayment: The working capital limit is repayable on
demand. Margin: 25% on Stocks and 50% on Book Debts Extent and operation of the charge: First charge on Stocks and Book debts and
second charge on land, buildings, plant and machinery and all other fixed
assets of the company. |
|
Particulars of the property charged |
First charge on Stocks and Book Debts of
the Company. Second charge on 5.31 Acres of Land at
Plot No.7 and 8, Sy. No. 42, Alinagar, Chetlapotharam Village, Jinnaram
Mandal, Medak Dist along with Buildings, Plant and Machinery and all other
fixed assets of the company. (APSFC holds first charge). |
|
Particulars of the present modification |
The existing working capital limit of
Rs.15.000 Millions increased to Rs.35.000 Millions. |
FIXED ASSETS:
· Land
Furniture
Building
Electrical
Installations
Fire
Fighting Device
Laboratory
Equipment
Plant and Machinery
Computer System
Motor vehicles
Air Conditioner
Pollution Control
Equipment
Sewing Machine
Office Equipment
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.44.91 |
|
|
1 |
Rs.73.06 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.