MIRA INFORM REPORT

 

 

Report Date :

25.04.2012

 

IDENTIFICATION DETAILS

 

Name :

SPRINT COATS INDIA PRIVATE LIMITED

 

 

Registered Office :

601,Shyam Niwas, Opposite Basant Cinema, Dr. C. G. Road, Chembur, Mumbai – 400074, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

12.11.2001

 

 

Com. Reg. No.:

11-133937

 

 

Capital Investment / Paid-up Capital :

Rs.0.100 Million

 

 

CIN No.:

[Company Identification No.]

U51909MH2001PTC133937

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS66488C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Paints, Clear Lacquers, Primers, Polyester Putties, Rubbing Compounds, Polishes, Light Weight Body Fillers, Hardners, Thinners, Additives etc.

 

 

No. of Employees :

 Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 10000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small business dealings at usual trade terms and conditions.

 

Profit and Loss Account of the company is not available.

 

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)

India

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 :

601, Shyam Niwas, Opposite Basant Cinema, Dr. C. G. Road, Chembur, Mumbai – 400074, Maharashtra, India

Tel. No.:

91-22-25234053

Fax No.:

Not Available

E-Mail :

subodhchokshi@rediffmail.com 

sprintcoats@yahoo.com  

 

 

Factory :

Tiwari Industrial Estate, Boisar Road, District Palghar 401404, Thane, Maharashtra, India

Tel. No.:

91-95252-5252014

 

 

DIRECTORS

 

As on 28.09.2011

 

Name :

Ms. Reema Prashant Thapar

Designation :

Director

Address :

3/29, Borla Society, Dr. C. G. Road, Opposite Basant Talkies, Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

27.02.1976

Date of Appointment :

12.11.2001

DIN No.:

01249007

 

Name :

Mr. Mukesh Mulji Shah

Designation :

Director

Address :

5, Saras Baug, S.T. Road, Deonar, Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

23.07.1963

Date of Appointment :

12.11.2001

DIN No.:

01248975

 

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

U51909MH2001PTC133937

SPRINT COATS INDIA PRIVATE LIMITED

Director

12-11-01

12-11-01

-

Active

NO

2

U74900MH2010PTC206339

APEX-ART SERVICES PRIVATE LIMITED

Director

07-08-10

07-08-10

-

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.09.2011

 

Names of Shareholders

 

No. of Shares

 

 

 

Reema Prashant Thapar

 

5000

Mukesh Mulji Shah

 

5000

Total

 

10000

 

As on 28.09.2011

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Paints, Clear Lacquers, Primers, Polyester Putties, Rubbing Compounds, Polishes, Light Weight Body Fillers, Hardners, Thinners, Additives etc.

 

 

GENERAL INFORMATION

 

Suppliers :

·         Amizara Ajencies

·         Aroma Chemical Agencies India Private Limited

·         Associated Polymers

·         Bhavesa Products Limited

·         Champion Commercial

·         C. J. Shah and Company

·         C. J. S. Special Chemical Limited

·         Deepak Enterprises

·         Decape Closures Private Limited

·         Eastern Petroleum Private Limited

·         Gopal Enterprises

·         Geocon Products

·         G. K. Packing

·         Interplast Industries

·         India Trading Company

·         India Cans    

 

 

Customers :

·         Essence Marketing

·         Gaurav Traders

·         Gemini Syndicate

·         Indian Chemical Company

·         Bharat Paints and Brasswares

·         Chaman Colour Centre

·         Chanigarh Paints

·         Decolab LIC

·         Delhi Tech Agencies

·         Khusi Enterprises

·         Madhu Traders

·         Mahalaxmi Industries

·         Mital Paints

·         Rajit Paints Limited

·         Shine Auto Tech

 

 

No. of Employees :

 Not Available

 

 

Bankers :

 Not Available

 

 

Facilities :

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

 

 

 

From Directors

0.790

0.790

Total

0.790

0.790

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. S. Chokshi and Company

Chartered Accountants

Address :

31, Vatsa House, Janmabhoomi Marg, Fort, Mumbai – 400001, Maharashtra, India

PAN.:

AAAPC4457H

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs.0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

 

 

 

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

0.100

0.100

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2.434

1.991

1.540

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

2.534

2.091

1.640

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.790

0.790

0.790

TOTAL BORROWING

0.790

0.790

0.790

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

3.324

2.881

2.430

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.007

0.010

0.017

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
2.713

2.279

0.877

 

Sundry Debtors
6.708

5.884

6.945

 

Cash & Bank Balances
0.060

0.054

0.016

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
0.000

0.466

0.624

Total Current Assets
9.481

8.683

8.462

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
5.061

5.074

5.579

 

Other Current Liabilities
0.257

0.544

0.477

 

Provisions
0.853

0.201

0.000

Total Current Liabilities
6.171

5.819

6.056

Net Current Assets
3.310

2.864

2.406

 

 

 

 

MISCELLANEOUS EXPENSES

0.007

0.007

0.007

 

 

 

 

TOTAL

3.324

2.881

2.430

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

Debt Equity Ratio

(Total Liability/Networth)

 
2.75

3.16

4.17

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.54

1.49

1.40

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note:

 

The registered office address of the company has been shifted from “6B, Bezzola Complex, T Road, Chembur Mumbai – 400071, Maharashtra, India” to the present address w.e.f. 02.06.2011

 

Operation:

 

Due to recessionary condition in the secondhand Car marker and for Automotive paints have come down and hence production and sales both remained stagnant. However Raw Materials cost has gone up considerable and hence overall cost has increased. Due to cost control. The directors are able to maintain profitability. Further Company has taken the project on lease and hands it faces problem from Lessor’s employee’s also.

 

Fixed Assets:

 

·         Furniture and Fixtures

·         Fax Machines

·         Telephone EPBAX System

·         Computers

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.52.79

UK Pound

1

Rs.85.17

Euro

1

Rs.69.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

BSN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

27

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.