MIRA
INFORM REPORT
|
Report Date : |
01.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIRUPATI COIRS PRIVATE LIMITED |
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Registered
Office : |
6751/10, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.08.1988 |
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Com. Reg. No.: |
55-032689 |
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Capital
Investment / Paid-up Capital : |
Rs.11.800
Millions |
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|
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CIN No.: [Company Identification
No.] |
U74899DL1988PTC032689 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELT01068E |
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PAN No.: [Permanent Account No.] |
AAACT3243M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Mattresses, Pillows, Cushions, Bus Seats, Bath Mats
etc. |
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No. of Employees
: |
105-500 (Approximately) |
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 72868 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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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 but correct. The company can be considered for small 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
6751/10, 1st Floor, |
|
Tel. No.: |
91-121-2660184 / 2660245 |
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Mobile No.: |
91-9911116749 (Mr. Puneet) |
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Fax No.: |
91-121-2660438 |
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E-Mail : |
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Factory : |
Khasra No. 107,
108, 109, 110, 113/1 & 113/2, Chak No. 118, Village Bubakpur Tehsil
Sardhana, Distt. |
|
Area : |
4215 sq. mtrs. |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mrs. Vibha Gupta |
|
Designation : |
Director |
|
Address : |
176-D, |
|
Date of Appointment : |
01.05.2007 |
|
DIN No.: |
01255332 |
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 |
U74899DL1988PTC032689
|
Tirupati Coirs Private
Limited |
Director |
05/08/1988 |
05/08/1988 |
- |
Active |
NO |
|
2 |
U74120DL2008PTC173625
|
Venkatesh Sri
Govind Flexi Rub Private Limited |
Director |
06/02/2008 |
06/02/2008 |
- |
Active |
NO |
|
Name : |
Mr. Punit Gupta |
|
Designation : |
Director |
|
Address : |
176-D, |
|
Date of Appointment : |
30.04.2011 |
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DIN No.: |
02007712 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mukesh Gupta |
9960 |
|
Sandeep Gupta |
31080 |
|
Aruna Gupta |
18150 |
|
Radhey Shyam Gupta |
28290 |
|
Sandeep Gupta and Sons, |
95 |
|
Rajni Gupta |
95 |
|
Mukesh Gupta and Sons, |
90 |
|
Vibha Rani |
24177 |
|
Agarwal Alloys Steel Private Limited, Delhi |
1 |
|
Nitin Gupta |
1929 |
|
Nirbhay Gupta |
3065 |
|
Tajendra Khurana |
1 |
|
Pallav Goel |
1 |
|
Mohendra Prakash (HUF) |
1 |
|
Rakesh Kumar (HUF) |
1 |
|
Puneet Gupta |
1064 |
|
Total |
118000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mattresses, Pillows, Cushions, Bus Seats, Bath Mats
etc. |
GENERAL INFORMATION
|
No. of Employees : |
105-500 (Approximately) |
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Bankers : |
State Bank Of
India, Commercial Branch, Ganga Plaza, Begum Bridge Road, Meerut – 250002,
Uttar Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sudhir Mittal and Company Chartered Accountant |
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Address : |
1, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.100/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
118000 |
Equity Shares |
Rs.100/-
each |
Rs.11.800
Millions |
|
|
|
|
|
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 |
11.800 |
11.800 |
11.800 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6.417 |
5.729 |
4.952 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
18.217 |
17.529 |
16.752 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.281 |
13.404 |
16.233 |
|
|
2] Unsecured Loans |
28.424 |
27.970 |
25.305 |
|
|
TOTAL BORROWING |
47.705 |
41.374 |
41.538 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
65.922 |
58.903 |
58.290 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
3.661 |
3.233 |
3.909 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
65.539
|
57.029
|
54.102 |
|
|
Sundry Debtors |
21.189
|
22.148
|
19.248 |
|
|
Cash & Bank Balances |
2.835
|
2.934
|
4.708 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
4.499
|
6.146
|
6.941 |
|
Total
Current Assets |
94.062
|
88.257
|
84.999 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
29.051
|
29.021
|
27.945 |
|
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Other Current Liabilities |
2.182
|
1.735
|
1.333 |
|
|
Provisions |
0.568
|
1.831
|
1.340 |
|
Total
Current Liabilities |
31.801
|
32.587
|
30.618 |
|
|
Net Current Assets |
62.261
|
55.670
|
54.381 |
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|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
|
TOTAL |
65.922 |
58.903 |
58.290 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
98.719 |
93.997 |
81.115 |
|
|
|
Other Income |
|
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|
|
|
|
TOTAL (A) |
98.719 |
93.997 |
81.115 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
50.391 |
66.977 |
|
|
|
|
Increase/(Decrease) in Finished Goods |
15.748 |
(1.543) |
79.426 |
|
|
|
Sales Expenses |
1.012 |
1.512 |
|
|
|
|
Administrative Expenses |
9.048 |
7.773 |
|
|
|
|
Other Expenses |
14.099 |
11.319 |
|
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|
|
TOTAL (B) |
90.298 |
86.038 |
79.426 |
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|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.421 |
7.959 |
1.689 |
|
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|
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
6.039 |
5.850 |
NA |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.382 |
2.109 |
1.689 |
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|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.749 |
0.842 |
0.508 |
|
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|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1.633 |
1.267 |
1.181 |
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|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.568 |
0.491 |
0.436 |
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|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-I) (J) |
1.065 |
0.776 |
0.745 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.03 |
6.58 |
6.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.07
|
0.82
|
0.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.65
|
1.34
|
1.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.67
|
1.38
|
1.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.07
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.36
|
4.21
|
4.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
2.70
|
2.77 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS :
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Fire Extinguisher
- Car-Maruti Van
- Car Maruti Gypsy
- Car- Indigo
- Scooter – Chetak
- Scooter – T-5
- Scooter – Vespa
- Scooter – Super Baj
- Scooter – NV/SPL
- Truck
- Lab Equipments
- Computer
- MobileTelephone
- Pager Instrument
- Office Equipments
- New Canter
- Motor Cycle
- Bajaj CT-100
- Hero Honda – Dwan
- Telephone
- Car Hyundai – I10
- Car Endeavour
- Motor Cycle Delux
- Plantina Bike
- Telephone Tata
FORM : 8
|
This Form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U74899DL1988PTC032689 |
|
Name of the
company |
TIRUPATI COIRS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6751/10 1st |
|
Type of charge |
Immovable
property Book debts Movable property (not
being pledge) |
|
Particular of
charge holder |
State Bank Of
India, Commercial Branch, Ganga Plaza, Begum Bridge Road, Meerut – 250002,
Uttar Pradesh, India E-mail Address : sbi04183@sbi.co.in |
|
Nature of
instrument creating charge |
(1) Letter Of
Arrangement (Sme-1) (2) Agreement Of
Loan -Cum-Hypothecation (Sme-4) (3) Link Letter
(Sme-12) |
|
Date of
instrument Creating the charge |
09/04/2009 |
|
Amount secured by
the charge |
Rs. 16.800
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Working Capital:-
1.5% Above (SBAR) (SBAR=12.25% W.E.F. 01-01-2009) With A Minimum Of 13.75%
P.A. Rising Or Falling Therewith On Daily Products With Monthly Rests.
Presently Effective Rate 13.75% P.A. Wherever Expedient Interest Rate Is
Directly Linked To The Credit Risk Assessment Of The Borrower Working Capital
Demand Loan :- 8% Fixed For 1 Year And Later Term Loan :-
SBAR= 12.25% W.E.F. 01-01-2009 Terms of repayment : Repayable On
Demand Margin : Raw Material
Indigenous - 25% Semi Finished
Goods - 25% Finished
Goods - 25 % Domestic
Receibles (Cover Period 60 Days) --
35% Extent and operation of the charge : First Charge On
Company's Property As Per Point No 14 To Secure Following Limit Cc Stock --- 12.000 Millions SME ---- 2.400 Millions WCDL (SME Care) 2.400 Millions --------------- 16.800
Millions Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
Primary Security
:- First Charge Over
The Current Assets Including Hyp. Of Stocks and Receivables And Goods In
Transit. Collateral
Security:- (1) Em. Of Factory Land And
Building In The Name Of Company Situated At Khasra No. 107, 108, 109, 110,
113/1 and 113/2, Chak No. 118, Village Bubakpur Tehsil Sardhana, Distt. 2) Hyp. Of Plant
and Machinery Of The Company. 3) Third Party
Guarntee: - Sh. Radhey Shayam Gupta, Sh. Mukesh Gupta, Sh. Sandeep Gupta. |
|
Date of
instrument modifying the charge |
14/08/2007 |
|
Particulars of
the present modification |
Limit Enhanced To
Rs. 14.400 Millions To Rs. 16.800 millions |
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. 49.68 |
|
|
1 |
Rs. 78.17 |
|
Euro |
1 |
Rs. 65.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.