MIRA
INFORM REPORT
|
Report Date : |
29.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SESHAASAI BUSINESS FORMS PRIVATE LIMITED |
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Registered
Office : |
9, Lalwani Industrial Estate, 14, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.09.1993 |
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Com. Reg. No.: |
11-74023 |
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Capital
Investment / Paid-up Capital : |
Rs.15.350 Millions |
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CIN No.: [Company Identification
No.] |
U21017MH1993PTC074023 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Services of Offset Printing Solutions and Security Printing
Solutions. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 410000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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 DECLINED BY
|
Name : |
Mr. Gautam |
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Designation : |
Director |
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Date : |
25.10.2011 |
LOCATIONS
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Registered/Corporate Office : |
9, Lalwani Industrial Estate, 14, |
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Tel. No.: |
91-22-66624394 / 24128128 / 66270903 / 24125018 |
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Mobile No. : |
91-9819863653 (Mr. Gautam Jain) |
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Fax No.: |
91-22-66624396 / 24172534 |
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E-Mail : |
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Website : |
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Area : |
3500 Sq. ft. |
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Location : |
Owned |
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Branch Office 1 : |
B-204, Okhla Industrial Area, Phase-I, |
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Tel. No.: |
91-11-42092900 / 02 |
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Fax No.: |
91-11-42092901 |
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Branch Office 2 : |
Raj Palani Complex No. 1, 1st |
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Tel. No.: |
91-44-22448386 / 22440911 |
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Branch Office 3 : |
G F-1, Industrial Estate, Pennya 1st Stage, Near Shamrao
Vithal Co-Operative Bank Limited, 5th Cross, |
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Tel. No.: |
91-80-41171677 / 78 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Pragnyat Pravin Lalwani |
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Designation : |
Director |
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Address : |
4/93, Vijay Niwas, |
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Date of Birth/Age : |
13.11.1970 |
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Qualification : |
Graduate |
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Date of Appointment : |
17.09.1993 |
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DIN No.: |
01870792 |
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Other
Directorship :
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Name : |
Mr. Gautam Sampatraj Jain |
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Designation : |
Director |
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Address : |
234/235, |
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Date of Birth/Age : |
04.09.1971 |
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Qualification : |
Graduate |
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Date of Appointment : |
17.09.1993 |
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DIN No.: |
02060629 |
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Other
Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Pragnyat P. Lalwani |
|
58000 |
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Gautam S. Jain |
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58000 |
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Seshasai E-Forms Private Limited, |
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37500 |
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Total |
|
153500 |
List of Allotment as on 30.11.2010
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Names of Allottees |
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No. of Shares |
|
Pragnyat P. Lalwani |
|
8000 |
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Gautam S. Jain |
|
8000 |
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Total |
|
16000 |
As on 30.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
|
24.00 |
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Directors or relatives of directors |
|
76.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Services of Offset Printing Solutions and Security Printing
Solutions. |
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|
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Services : |
Security Printing |
GENERAL INFORMATION
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No. of Employees : |
20 (Approximately) |
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Bankers : |
·
Axis Bank Limited o
Corporate Banking Branch, Axis House, Ground
Floor, o
Credit Management Centre, 2nd Floor, 3rd
Eye One, Nr. Panchwati Circle, C G Road, Ahmedabad – 380006, Gujarat, India ·
Karur Vysya Bank Limited 954, ·
The Greater Bombay Co-Operative Bank Limited |
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Facilities : |
All the above loans are further personally guaranteed by the Directors
and Corporate guarantee of Seshaasai E Forms Limited.
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
J C Shah and Associates Chartered Accountants |
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Address : |
B-10, Super Shopping Complex, |
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Tel No.: |
91-22-28618269 / 28651406 / 28616963 / 28663495 |
CAPITAL STRUCTURE
After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.100/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
169500 |
Equity Shares |
Rs.100/- each |
Rs.16.950 Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.100/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
153500 |
Equity Shares |
Rs.100/- each |
Rs.15.350 Millions |
Note – Of the above 70700 Equity Shares of Rs.100/-
is issued by way of Bonus Shares
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 |
15.350 |
15.350 |
4.060 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
86.843 |
58.586 |
20.629 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
102.193 |
73.936 |
24.689 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
262.626 |
126.210 |
69.909 |
|
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2] Unsecured Loans |
60.619 |
55.949 |
29.343 |
|
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TOTAL BORROWING |
323.245 |
182.159 |
99.252 |
|
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DEFERRED TAX LIABILITIES |
14.760 |
15.690 |
15.724 |
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|
|
|
|
|
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TOTAL |
440.198 |
271.785 |
139.665 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
335.094 |
238.920 |
162.806 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
0.500 |
1.338 |
1.338 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
136.823
|
49.684
|
21.305 |
|
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Sundry Debtors |
119.273
|
62.420
|
59.135 |
|
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Cash & Bank Balances |
14.484
|
4.780
|
8.787 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
57.202
|
55.124
|
41.424 |
|
Total
Current Assets |
327.782
|
172.008
|
130.651 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
216.083 |
138.082 |
145.056 |
|
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Other Current Liabilities |
10.656
|
6.814
|
(3.271) |
|
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Provisions |
3.070
|
2.118
|
13.345 |
|
Total
Current Liabilities |
229.809
|
147.014
|
155.130 |
|
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Net Current Assets |
97.973
|
24.994
|
(24.479) |
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MISCELLANEOUS EXPENSES |
6.631 |
6.533 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
440.198 |
271.785 |
139.665 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Sales |
845.129 |
616.876 |
509.267 |
|
|
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Other Income |
0.350 |
1.410 |
|
|
|
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Dividend Income |
0.195 |
0.000 |
|
|
|
|
Interest Earned |
0.069 |
0.670 |
|
|
|
|
Rent Income |
1.230 |
1.230 |
|
|
|
|
Profit on |
0.525 |
4.602 |
|
|
|
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Sundry Balance Write Back |
1.796 |
1.224 |
|
|
|
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TOTAL (A) |
849.294 |
626.012 |
509.267 |
|
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Overheads |
646.857 |
490.669 |
465.121 |
|
|
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Payment and Emoluments to employees |
58.244 |
41.213 |
|
|
|
|
TOTAL (B) |
705.101 |
531.882 |
465.121 |
|
|
|
|
|
|
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
144.193 |
94.130 |
(Including
Interest) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
36.845 |
18.003 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
107.348 |
76.127 |
44.146 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.841 |
42.077 |
28.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
45.507 |
34.050 |
15.553 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.670 |
6.599 |
11.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
31.837 |
27.451 |
3.681 |
|
|
|
|
|
|
|
|
|
Less |
EXCESS / (SHORT)
PROVISION FOR TAX |
0.000 |
0.726 |
0.000 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.611 |
11.364 |
12.558 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Amount Transfer to General Reserve |
5.000 |
5.000 |
2.500 |
|
|
|
Proposed Dividend |
3.070 |
2.118 |
2.030 |
|
|
|
Tax on Dividend |
0.510 |
0.360 |
0.345 |
|
|
BALANCE CARRIED
TO THE B/S |
53.868 |
30.611 |
11.364 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
207.00 |
253.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.75
|
4.39 |
0.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.38
|
5.52 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.87
|
8.29 |
5.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.46 |
0.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.41
|
4.45 |
10.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.17 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2010 Rs.
in millions |
31.03.2009 Rs.
in millions |
31.03.2008 Rs.
in millions |
|
Creditors for Goods |
205.154 |
125.649 |
141.073 |
|
Creditors for Expenses |
6.182 |
6.326 |
3.983 |
|
Creditors for Capital Goods |
4.747 |
6.107 |
0.000 |
|
Total |
216.083 |
138.082 |
145.056 |
NOTE
The Registered office of the company has been shifted from 7/8, Ghaswala
Building, Naigaum Cross Road, Dadar, Mumbai, Maharashtra, India to present address
w.e.f. 05.11.2008.
FORM 8
|
Corporate identity number of the company |
U21017MH1993PTC074023 |
|
Name of the company |
SESHAASAI BUSINESS FORMS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
9, Lalwani Industrial Estate, 14, |
|
This form is for |
Modification of charge |
|
Type of charge |
Movable property (not being pledge) Floating charge |
|
Particular of charge holder |
Karur Vysya Bank Limited 954, |
|
Nature of instrument creating charge |
Agreement of Hypothecation of Movables dated 02.02.2011. |
|
Date of instrument Creating the charge |
02.02.2011 |
|
Amount secured by the charge |
Rs.230.600 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest Interest @ 13.50% (Floating) which is 4% over and above the Base Rate
of the Bank (Present Base Rate = 9.50%). Terms of repayment Loan of Rs.6.700 millions shall be repayable in 48 monthly installments after a holiday
period of six months. Interest to be serviced as and when debited. Working capital facility/ies shall be repayable on Demand. Margin 26% against the securities hypothecated. Extent and operation of the charge Hypothecation by way of first charge on the assets of the
company, as security for repayment of
credit facilities aggregating Rs.230.600 millions sanctioned to M/s.
Seshaasai Business Forms Private Limited, by
the Bank, together with
interest, costs, expenses and all indebtedness or liabilities of the Company. Others NIL |
|
Particulars of the property charged |
·
First Pari passu charge by way of Hypothecation
of Machineries (both present and future) including Digital Production Machines, Digital Print
Shop, A/c Machines etc. purchased out of Bank finance** ·
**under Pari Passu Charge with Axis Bank Limited |
|
Particulars of the present modification |
Upon sanction of Loan of Rs.6.700 millions, the Charge shall now stand
increased from Rs.223.900 millions to Rs.230.600 millions in favour of Karur
Vysya Bank Limited. |
FIXED ASSETS
·
Plant and Machinery
·
Electric Installation
·
Computer and Data
Processing System
·
Office Equipments
·
Fire Extinguisher
·
Furniture and Fixture
·
·
Vehicles
·
Land
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.48.82 |
|
|
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.