MIRA
INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHAKTI TEX COATERS PRIVATE LIMITED |
|
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Registered
Office : |
231/Abdul Rehman Street, Mumbai – 400 002, |
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Country : |
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|
Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.05.2009 |
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Com. Reg. No.: |
192326 |
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Capital
Investment / Paid-up Capital : |
Rs.5.140 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U17120MH2009PTC192326 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS65843B / RTKS13021B |
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PAN No.: [Permanent Account No.] |
AANCS0267M |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cotton Coated Fabrics, Synthetic Leathers, Non Weaven
Fabric and its ancillaries. |
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|
|
|
No. of Employees : |
35 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 93000 |
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|
|
Status : |
New Company |
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|
|
Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company establishing itself gradually. The company
has achieved sizable turnover in its first year of operation. Trade relations
are reported as fair. Business is active. Payments are unknown. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Jani |
|
Designation : |
Operation Manager |
|
|
|
|
Name : |
Mr. Amit |
|
Designation : |
Accounts Department |
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Contact No.: |
91-9892152381 |
|
Date : |
21.10.2011 |
LOCATIONS
|
Registered Office : |
231/Abdul Rehman Street, Mumbai – 400 002, |
|
Tel No.: |
91-22-30782400 / 01/ 02 |
|
Mobile No.: |
91-9867327635 (Mr. Mohit) |
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Fax No: |
91-22-30782403 |
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E-Mail : |
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|
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Factory : |
Survey No.173/2, Village Gundlav, Valsad – 396 035, |
|
Tel No.: |
91-2632-236748 |
DIRECTORS
(AS ON 23.08.2010)
|
Name : |
Mr. Satish Akheraj Chheda |
|
Designation : |
Director |
|
Address : |
234, Anand Niwas, 4th Floor, Block No. 24, Girgaon, Mumbai
– 400004, |
|
Date of Appointment : |
12.05.2009 |
|
DIN No. : |
02604863 |
|
|
|
|
Name : |
Ranjan Amit Chheda |
|
Designation : |
Director |
|
Address : |
230-234, Anand Niwas, Jagannath Shankar Sheth, Girgaon, Mumbai –
400004, |
|
Date of Birth/Age : |
02.09.1972 |
|
Date of Appointment : |
12.05.2009 |
|
DIN No. : |
02613934 |
|
|
|
|
Name : |
Mr. Mohit Shantilal Chheda |
|
Designation : |
Director |
|
Address : |
234, Anand Niwas, 4th Floor, Block No. 24, Girgaon, Mumbai
– 400004, |
|
Date of Birth/Age : |
18.09.1990 |
|
Date of Appointment : |
12.05.2009 |
|
DIN No. : |
02623346 |
KEY EXECUTIVES
|
Name : |
Mr. Jani |
|
Designation : |
Operation Manager |
|
|
|
|
Name : |
Mr. Amit |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.06.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Satiesh Akheraj Chheda |
|
103334 |
|
Ranjan Amit Chheda |
|
103333 |
|
Mohit Shantilal Chheda |
|
103333 |
|
Advance Technology Limited, |
|
100000 |
|
Prabhav Industries Limited, |
|
50000 |
|
Shri Ganesh Spinners Limited, |
|
30000 |
|
Mahan Industries Limited, |
|
20000 |
|
Amit Akhrrji Chheda |
|
1000 |
|
Chandrika Shanyilal Chheda |
|
1000 |
|
Jagruti Satish Chheda |
|
1000 |
|
Shantilal Akheraj Chheda |
|
1000 |
|
Total |
|
514000 |
(AS ON 30.09.2010)
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies corporate |
|
39.00 |
|
Directors or relatives of directors |
|
61.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Coated Fabrics, Synthetic Leathers, Non Weaven Fabric
and its ancillaries. |
|
|
|
|
Products : |
·
Synthetic Leather ·
Artificial Leather ·
Coated Fabric ·
PVC Leather ·
Rexine |
|
|
|
|
Exports : |
|
|
Products : |
Cotton Coated Fabrics, Synthetic Leathers, Non Weaven Fabric and its
ancillaries |
|
Countries : |
African Countries |
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|
|
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Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 days) |
|
|
|
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
|
|
|
|
No. of Employees : |
35 (Approximately) |
|
|
|
|
Bankers : |
·
State Bank of ·
The Ratnakar Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
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Auditors : |
|
|
Name : |
S D Chheda and Company Chartered Accountants |
|
Address : |
2A/4, Vivina, Nadco Shopping Centre, Opposite Andheri Station, Andheri
(West), Mumbai – 400058, Maharashtra, India
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
514000 |
Equity Shares |
Rs.10/- each |
Rs.5.140
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.140 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
18.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
23.140 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
10.520 |
|
|
TOTAL BORROWING |
|
|
10.520 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
33.660 |
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|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
31.345 |
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Capital work-in-progress |
|
|
0.000 |
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|
|
|
|
|
|
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INVESTMENT |
|
|
0.000 |
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|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
|
0.000 |
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Sundry Debtors |
|
|
0.000 |
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Cash & Bank Balances |
|
|
4.519 |
|
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Other Current Assets |
|
|
3.309 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
7.828 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
6.282 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.086 |
|
Total
Current Liabilities |
|
|
6.368 |
|
|
Net Current Assets |
|
|
1.460 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.855 |
|
|
|
|
|
|
|
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TOTAL |
|
|
33.660 |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
45.000 |
Expected Sales (2011-2012) : Rs.150.000 millions
The above information has been parted by Mr. Jani and Mr. Amit
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.73 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
1.23 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
|
|
1. |
Year of Establishment |
YES |
|
2. |
Locality of the firm |
YES |
|
3. |
Constitutions of the firm |
YES |
|
4. |
Premises details |
YES |
|
5. |
Type of Business |
YES |
|
6. |
Line of Business |
YES |
|
7. |
Promoter’s background |
-- |
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8. |
No. of employees |
YES |
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9. |
Name of person contacted |
YES |
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10. |
Designation of contact person |
YES |
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11. |
Turnover of firm for last one year |
YES |
|
12. |
Profitability for last three years |
NO |
|
13. |
Reasons for variations <> 20% |
-- |
|
14. |
Estimation for coming financial year |
YES |
|
15. |
Capital in the business |
NO |
|
16. |
Details of sister concerns |
-- |
|
17. |
Major Suppliers |
NO |
|
18. |
Major Customers |
NO |
|
19. |
Payment terms |
YES |
|
20. |
Export / Import details (is applicable) |
YES |
|
21. |
Market information |
-- |
|
22. |
Litigation that the firm / promoter involved
in |
-- |
|
23. |
Banking Details |
YES |
|
24. |
Banking facility details |
-- |
|
25. |
Conduct of the banking account |
-- |
|
26. |
Buyer visit details |
-- |
|
27. |
Financials, if provided |
NO |
|
28. |
Incorporation details, if applicable |
-- |
|
29. |
Last accounts filed at ROC |
-- |
|
30. |
Major Shareholders, is available |
-- |
NOTE
Registered office of the company has been shifted from 234, Anand Niwas,
F. No. 19, 4th Floor, Mangalwadi, Girgaon, Mumbai – 400004,
IMPLEMENTATION OF
PROJECT
The main of the company is to manufacturing of Cotton coated fabrics,
Synthetic Leathers, Non Weaven Fabric and its ancillaries.
The company has purchased required land at Gundlav I.E., District
Valsad, Gujarat and construct
FINANCIAL RESULTS
The company has not started its business activity during the Current
Year. No Profit and Loss Account has been prepared, as there is no such
activity.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U17120MH2009PTC192326 |
|
Name of the company |
SHAKTI TEX COATERS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
234 Anand Niwas, F.No. 19, 4th Floor, Mangalwadi, Girgaon, Mumbai –
400004, |
|
This form is for |
Creation of Charges |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
State Bank of |
|
Nature of instrument creating charge |
Primary Security : Hypothecation of all Present and future current assets of the company. Collateral Security : Registered |
|
Date of instrument Creating the charge |
13.04.2010 |
|
Amount secured by the charge |
Rs. 19.600 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
(a)
Rate of interest 1% above SBAR (SBAR = 11.75% w.e.f. 22/06/2009) Effective rate 12.75% (b)
Terms of repayment REPAYABLE ON DEMAND (C) Margin 25% of Raw Materials,
30% of Finished Goods, 50% of Domestic of Receivables. 25% For Bank
Guarantee. (D) Extent and
Operation of The Charge Primary Security
: Hypothecation of All Present and
Future Current Assets of The Company. Collateral
Security : Registered |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Registered |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Furniture and Fittings
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 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.50.07 |
|
|
1 |
Rs.79.15 |
|
Euro |
1 |
Rs.69.04 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
2 |
|
--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 |
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.