MIRA
INFORM REPORT
|
Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SVP PACKING INDUSTRY PRIVATE LIMITED |
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Registered
Office : |
4, Guru Krupa, 1st Floor, 514/22, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.03.2000 |
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Com. Reg. No.: |
11-125361 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.135 Millions |
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CIN No.: [Company Identification
No.] |
U25206MH2000PTC125361 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS46953E |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of Magic Seal Bags (Reclosable Bags) Zipper Profiles. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 260000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position is good. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. 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.
INFORMATION PARTED BY
|
Name : |
Ms. Sujata |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-66351516 |
|
Date : |
29.11.2011 |
LOCATIONS
|
Registered Office : |
4, Guru Krupa, 1st Floor, 514/22, |
|
Tel. No.: |
91-22-66351516 / 17 |
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Fax No.: |
91-22-23888652 / 24945118 |
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E-Mail : |
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Website : |
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Head Office : |
Unit No.21, 2nd Floor, Mahalaxmi Industrial Estate, Dainik
Shivner Road, Gandhinagar, Lower Parel (West), Mumbai-400013, Maharashtra,
India |
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Factory : |
Located At Vasai |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Pradip Ramanlal Shah |
|
Designation : |
Chairman |
|
Address : |
4, Guru Krupa, 514/22, |
|
Date of Birth/Age : |
15.01.1941 |
|
Date of Appointment : |
27.03.2000 |
|
DIN No.: |
01960775 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U25209MH1985PTC037064 |
SAV-EX
SEAL PRIVATE LIMITED |
Director |
14-07-93 |
14-07-93 |
Active |
NO |
|
2 |
U51109MH1998PTC115151 |
GIRA
INTERNATIONAL PRIVATE LIMITED |
Director |
15-03-99 |
15-03-99 |
Active |
NO |
|
3 |
U51900MH1998PTC117705 |
RAGI
IMPEX PRIVATE LIMITED |
Director |
16-03-99 |
16-03-99 |
Active |
NO |
|
4 |
U25206MH2000PTC125361 |
SVP
PACKING INDUSTRY PRIVATE LIMITED |
Director |
27-03-00 |
27-03-00 |
Active |
NO |
|
Name : |
Mr. Saunil Bipin Shah |
|
Designation : |
Director |
|
Address : |
4, Guru Krupa, 514/22, |
|
Date of Birth/Age : |
02.12.1959 |
|
Date of Appointment : |
27.03.2000 |
|
DIN No.: |
01960798 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U25209MH1985PTC037064 |
SAV-EX
SEAL PRIVATE LIMITED |
Director |
06-08-85 |
06-08-85 |
Active |
NO |
|
2 |
U25206MH2000PTC125361 |
SVP
PACKING INDUSTRY PRIVATE LIMITED |
Director |
27-03-00 |
27-03-00 |
Active |
NO |
|
Name : |
Mr. Chhotalal Velji Shah |
|
Designation : |
Director |
|
Address : |
B-303, Shreeji Ville, Opposite Nitin Casting Company, |
|
Date of Birth/Age : |
03.07.1951 |
|
Date of Appointment : |
09.05.2008 |
|
DIN No.: |
00896974 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U28990MH1986PTC040643 |
RUKSON PACKAGING
PRIVATE LIMITED |
Director |
18-08-86 |
18-08-86 |
Active |
NO |
|
2 |
U25206MH2000PTC125361 |
SVP PACKING
INDUSTRY PRIVATE LIMITED |
Whole-time
director |
09-05-08 |
09-05-08 |
Active |
NO |
|
3 |
U25209MH1985PTC037064 |
SAV-EX SEAL
PRIVATE LIMITED |
Whole-time
director |
24-07-08 |
24-07-08 |
Active |
NO |
|
Name : |
Mr. Jitendra Ratilal Shah |
|
Designation : |
Director |
|
Address : |
B-102, Sharda Mandir, Manav Mandir Complex, |
|
Date of Birth/Age : |
05.08.1952 |
|
Date of Appointment : |
15.11.2002 |
|
DIN No.: |
01960833 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U25209MH1985PTC037064 |
SAV-EX
SEAL PRIVATE
LIMITED |
Managing
director |
14-07-93 |
14-07-93 |
09-07-11 |
Active |
NO |
|
2 |
U25206MH2000PTC125361 |
SVP
PACKING INDUSTRY PRIVATE LIMITED |
Director |
15-11-02 |
15-11-02 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Ms. Sujata |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Pradip Ramanlal Shah jointly with Bipin Shah and Saunil Shah |
41499 |
|
Sudha Pradip Shah jointly with Bipin Shah and Saunil Shah |
500 |
|
Bharati Bipin Shah jointly with Bipin Shah and Saunil Shah |
19450 |
|
Saunil Bipin Shah jointly with Bipin Shah |
63950 |
|
Jitendra Ratilal Shah jointly with Meena Shah and Kapil Shah |
13340 |
|
Sudha P. Shah jointly with Pradip R. Shah and Saunil Shah |
41400 |
|
Chhotalal V. Shah jointly with Indu C. Shah |
16824 |
|
Indu C. Shah jointly with Chhotalal V. Shah |
16336 |
|
Viral C. Shah jointly with Viral C. Shah |
100 |
|
Rashmi V. Shah jointly with Viral C. Shah |
100 |
|
Pradip Ramanlal Shah jointly with Bipin Shah and Virendra H
Shah |
1 |
|
Total
|
213500 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Magic Seal Bags (Reclosable Bags) Zipper Profiles. |
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Products : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
150 (Approximately) |
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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 : |
Narendra Bhat Chartered Accountant |
|
Address : |
2, 2nd Floor, Asgar Manzil, 49, Janmabhoomi Marg,
Mumbai-400001, |
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Tel. No.: |
91-22-66954731 / 4 |
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PAN No.: |
AAIPB6824H |
CAPITAL STRUCTURE
AS ON 31.3.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000 |
Equity Shares |
Rs.10/- each |
Rs. 9.500 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
213500 |
Equity Shares |
Rs.10/- each |
Rs. 2.135
Millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.135 |
2.224 |
2.224 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
63.308 |
52.547 |
37.427 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
65.443 |
54.771 |
39.651 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
19.103 |
11.439 |
12.940 |
|
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2] Unsecured Loans |
6.000 |
2.000 |
6.075 |
|
|
TOTAL BORROWING |
25.103 |
13.439 |
19.015 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
90.546 |
68.210 |
58.666 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.525 |
29.518 |
27.713 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
0.503 |
0.503 |
0.503 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
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|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
32.768
|
27.450 |
15.193 |
|
|
Sundry Debtors |
14.559
|
20.405 |
19.117 |
|
|
Cash & Bank Balances |
0.736
|
0.492 |
0.832 |
|
|
Other Current Assets |
1.098
|
1.566 |
1.571 |
|
|
Loans & Advances |
42.627
|
15.833 |
11.189 |
|
Total
Current Assets |
91.788
|
65.746 |
47.902 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.077
|
8.918 |
7.291 |
|
|
Other Current Liabilities |
3.143
|
2.139 |
2.065 |
|
|
Provisions |
25.050
|
16.500 |
8.100 |
|
Total
Current Liabilities |
32.270
|
27.557 |
17.456 |
|
|
Net Current Assets |
59.518
|
38.189 |
30.446 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
90.546 |
68.210 |
58.666 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
SALES |
201.700 |
157.800 |
122.500 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.200 |
23.600 |
14.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
11.50
|
14.96 |
11.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.97
|
24.77 |
19.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.43 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.75 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
2.38 |
2.74 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAIL
(Rs. In Millions)
|
Particulars |
As on 31.03.2011 |
As on 31.03.2010 |
As on
31.03.20009 |
|
Sundry Creditor |
4.077
|
8.918 |
7.291 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
No |
|
16. Details of sister concerns |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
NOTE
Registered Office
of the company has been shifted from 2 2nd Floor, Asger Manzil, 49 Janmabhoomi
Marg, Fort, Mumbai-400001,
BUSINESS ACTIVITY
The working during the year resulted in sales of Rs. 201.700 millions against
157.800 millions is the previous year, thus registering a growth of 29% for the
year. The Profit Before Tax amounted to Rs. 23.200 Millions against Rs. 23.600
Millions in the previous year. There was substantial increase in the cost of
raw material during the year and as a result in spite of higher sales the
Profit remained almost as the same level as last year. all efforts are being
made to contain the various overhead cost. With a view to conserve resources
Directors do no recommended any dividend for the year.
FORM 8
|
Corporate
identity number of the company |
U25206MH2000PTC125361 |
|
Name of the
company |
SVP PACKING INDUSTRY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
4, Guru Krupa,
1st Floor, 514/22, S V P Road, Opera
House, Mumbai-400004,Maharashtra,India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited, H-2, Anandashram, S. V.
Marg, Mumbai-400007, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplementary
deed of hypothecation |
|
Date of
instrument Creating the charge |
13.05.2011 |
|
Amount secured by
the charge |
Rs. 25.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit- @PLR
- 2.50% p.a Letter of Credit
- Commission as may be applicable Terms of repayment Cash Credit -
Review/ Renewal due in December 2011 Margin Cash Credit - 25% Letter of credit
- 10% Extent and operation of the charge To secure the due
repayment of credit facilities aggregating Rs. 25.000 millions, together with
interest, costs, charges and expenses thereon, granted by the Bank to the
Company. Other Additional CC of
Rs.10.000 millions making total Cash Credit of Rs.25.000 millions (Cash
Credit limit and LC limit should be utilized with an upper cap of Rs. 40.000
millions. Maximum CC should be utilized up to Rs. 25.000 millions and Maximum
Letter of Credit facility should be utilized with an upper cap of Rs. 20.000
millions. Combined CC and LC facility should not exceed Rs. 40.000 millions
at any point of time. |
|
Short particulars
of the property charged (Including location of the property) |
Cash Credit -
Hypothecation of stocks and book debts Letter of credit
- D/A D/P bills and title to goods to be imported Collateral
Security - 1)Equitable mortgage of Gala No.C-1 to C-3, Ground Floor, Sagar
Sangam Industrial Estate Premises Co-operative Housing Society, Sativli
Village, Vasai (East), Taluka Vasai, District Thane Collateral
Security -2)Hypothecation of entire machineries located at the factory -
Market value Rs.19.341 millions as per valuation report of M/s. Yardi Prabhu
Consultants Private Limited |
|
Charge
identification number of the charge to be modified |
90147649 |
|
Date of
instrument modifying the charge |
29.04.2009 |
|
Particulars of the
present modification |
By this
modification, the charge shall hold good to secure additional credit
facilities (CC) of Rs. 10.000 millions making total credit facilities of Rs.
25.000 millions. (Cash Credit limit and LC limit should be utilized with an
upper cap of Rs. 40.000 millions. Maximum CC should be utilized up to Rs.
25.000 millions and Maximum Letter of Credit facility should be utilized with
an upper cap of Rs. 20.000 millions. Combined CC and LC should not exceed Rs.
40.000 millions.) Thus the overall
charge stands modified to Rs. 25.000 millions. |
FIXED ASSETS
- Building
- Machinery
- Furniture
- Office Equipment
- Computer
- Vehicles
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. 51.93 |
|
|
1 |
Rs. 80.62 |
|
Euro |
1 |
Rs. 69.36 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
50 |
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.