1. Summary Information
|
|
|
Country |
|
|
Company Name |
SHKSHI YARNS
PRIVATE LIMITED |
Principal Name 1 |
Mr. Bishnukumar Premsukhdas Jindal |
|
Status |
Moderate |
Principal Name 2 |
Mr. Manojkumar Bishnukaumar Jindal |
|
|
|
Registration # |
04 - 039787 |
|
Street Address |
B – 2004, |
||
|
Established Date |
17.07.2001 |
SIC Code |
-- |
|
Telephone# |
91-261-2302203/ 2302283 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-261-2302210 |
Business Style 2 |
Trading |
|
Homepage |
-- |
Product Name 1 |
Polyester Yarns |
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
1,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors – 99.30%, Other top 50 – 0.70% |
Banking |
ING Vysya Bank
Limited |
|
Public Limited Corp. |
NO |
Business Period |
10 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B
(28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
29,812,000 |
Current Liabilities |
27,319,000 |
|
Inventories |
11,569,000 |
Long-term Liabilities |
4,733,000 |
|
Fixed Assets |
257,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
32,052,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
8,586,000 |
|
|
|
Net Worth |
9,586,000 |
|
Total Assets |
41,638,000 |
Total Liab. & Equity |
41,638,000 |
|
Total Assets (Previous Year) |
27,755,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
316,946,000 |
Net Profit |
464,000 |
|
Sales(Previous yr) |
260,683,000 |
Net Profit(Prev.yr) |
151,000 |
MIRA
INFORM REPORT
|
Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHKSHI YARNS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
B – 2004, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
17.07.2001 |
|
|
|
|
Com. Reg. No.: |
04 - 039787 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111GJ2001PTC039787 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading Monofilament Yarns. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 38000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
B – 2004, |
|
Tel. No.: |
91-261-2302203/ 2302283 |
|
Fax No.: |
91-261-2302210 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Bishnukumar Premsukhdas Jindal |
|
Designation : |
Whole Time Director |
|
Address : |
D-5, Arjav Complex, “C” Block, Near Amidhara Appartment, B/H Sarjan
Society, Parel Point, Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
18.01.1951 |
|
Date of Appointment : |
17.07.2001 |
|
DIN No.: |
01156565 |
|
|
|
|
Name : |
Mr. Manojkumar Bishnukaumar Jindal |
|
Designation : |
Director |
|
Address : |
D-5, Arjav Appartment, Building No. C, Sarjan Society, Parel Point, |
|
Date of Birth/Age : |
04.06.1982 |
|
Date of Appointment : |
01.08.2008 |
|
DIN No.: |
02277651 |
|
|
|
|
Name : |
Mr. Rubal Rajkumar Taneja |
|
Designation : |
Director |
|
Address : |
4 – B, Arnav – 2, Behind Sarjan Society, City Light Area, |
|
Date of Birth/Age : |
06.04.1978 |
|
Date of Appointment : |
01.08.2008 |
|
DIN No.: |
02292621 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bishnukumar P. Jindal |
|
5000 |
|
Hemant Taneja |
|
100 |
|
Kishan Taneja |
|
50 |
|
Rajkumar Diwanchand Taneja |
|
10050 |
|
Rajkumar Diwanchand Taneja (HUF) |
|
5100 |
|
Rajni Rajkumar Taneja |
|
10100 |
|
Rajkumar Taneja |
|
100 |
|
Rahul Rajkumar Taneja |
|
17000 |
|
Rubal Rajkumar Taneja |
|
5250 |
|
Salil Taneja |
|
50 |
|
Salil Taneja (HUF) |
|
50 |
|
Sarita H. Bhutani |
|
50 |
|
Lovish Taneja |
|
100 |
|
Manish Chandra Prakash |
|
100 |
|
Alpaben Kanodia |
|
50 |
|
Jyotish Sharma |
|
50 |
|
Manish A. Kanodia |
|
50 |
|
Manish A. Kanodia (HUF) |
|
50 |
|
Manoj B. Jindal |
|
16000 |
|
Manoj B. Jindal (HUF) |
|
20200 |
|
Pallavi M. Jindal |
|
10500 |
|
Total |
|
100000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.30 |
|
Other top fifty shareholders |
0.70 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading Monofilament Yarns. |
|
|
|
|
Products : |
Polyester Yarns |
GENERAL INFORMATION
|
Bankers : |
ING Vysya Bank Limited, Shop No.1 to 6, Surya Plaza, Near Udhna
Darwaja, Ring Road, Surat – 95002, Gujarat, India |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunil k. Dangi Chartered Accountant |
|
Address : |
D – 612, International Trade Centre, Majura Gate, |
|
PAN.: |
AAZPD2714P |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.050 |
1.055 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.586 |
8.123 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.129) |
|
|
NETWORTH |
9.586 |
9.173 |
0.926 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
4.733 |
5.920 |
0.000 |
|
|
TOTAL BORROWING |
4.733 |
5.920 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14.319 |
15.093 |
0.926 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.257 |
0.304 |
0.349 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.569
|
3.773 |
3.246 |
|
|
Sundry Debtors |
26.426
|
19.743 |
14.431 |
|
|
Cash & Bank Balances |
2.394
|
3.589 |
0.355 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.992
|
0.346 |
0.650 |
|
Total
Current Assets |
41.381
|
27.451 |
18.682 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.678
|
8.971 |
17.537 |
|
|
Other Current Liabilities |
1.164
|
0.000 |
0.000 |
|
|
Provisions |
4.477
|
3.691 |
0.568 |
|
Total
Current Liabilities |
27.319
|
12.662 |
18.105 |
|
|
Net Current Assets |
14.062
|
14.789 |
0.577 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14.319 |
15.093 |
0.926 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
316.946 |
260.683 |
57.488 |
|
|
|
Other Income |
0.313 |
0.301 |
0.342 |
|
|
|
TOTAL |
317.259 |
260.984 |
57.830 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
316.490 |
260.659 |
57.628 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.769 |
0.325 |
0.202 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.095 |
0.096 |
0.119 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.674 |
0.229 |
0.083 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.210 |
0.078 |
0.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.464 |
0.151 |
0.078 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.022 |
(0.129) |
(2.07) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.486 |
0.022 |
(0.129) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.64 |
1.51 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.15
|
0.06 |
0.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.21
|
0.09 |
0.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.62
|
0.82 |
0.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.02 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.34
|
2.02 |
19.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
2.17 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U17111GJ2001PTC039787 |
|
Name of the
company |
SAKSHI YARNS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
B – 2004, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Book Debts Floating charge |
|
Particular of
charge holder |
ING Vysya Bank Limited, Shop No.1 to 6, Surya Plaza, Near Udhna
Darwaja, Ring Road, Surat – 95002, Gujarat, India |
|
Nature of
instrument creating charge |
General
Hypothecation Agreement |
|
Date of instrument
Creating the charge |
31.07.2010 |
|
Amount secured by
the charge |
Rs. 20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC : IVBR+4.25% LC (Sublimit to
CC) : Commission 1.25% p.a. all inclusive WCDL (Sublimit to
CC) : IVBR+3.25% LC: Commission
1.25% p.a. all inclusive, BCL(Sublimit to LC) : Commission 2% p.a. Terms of
Repayment CC : On Demand LC (Sublimit to
CC) : On Demand WCDL (Sublimit to
CC) : Roll over / payment 89 days. LC: On Demand BCL(Sublimit to
LC) : On Demand Margin CC: 25% on Stocks
40% on book debts. LC (Sublimit to
CC) : 25% WCDL (Sublimit to
CC) : 25% on Stocks 40% on book debts LC : Cash margin
25% BCL(Sublimit to
LC) : 25% Extent and
Operation of the charge Exclusive charge
on entire stock of Raw material, stock in process & finished goods of the
company both present and future. Exclusive charge
or entire claims, receivables and book debts of the company both present and future. Others NIL |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
Fixed Assets:
- Air Conditioner
- Furniture and Fixtures
- Honda City Car
- Mobile Hand Set
- Computer
- Scooter (Honda)
- Telephone and Telex
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.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
28 |
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.