MIRA
INFORM REPORT
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Report Date : |
23.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SIGNATURE LAMINATES PRIVATE LIMITED (w.e.f. 02.12.2011) |
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Formerly Known as : |
HORIZONS LAM KRAFT PRIVATE LIMITED |
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Registered Office : |
603, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
17.11.1999 |
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Com. Reg. No.: |
04-36896 |
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Capital Investment
/ Paid-up Capital : |
Rs. 9.490 millions |
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CIN No.: [Company
Identification No.] |
U20103GJ1999PTC036896 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH00252A |
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PAN No.: [Permanent
Account No.] |
AAACH8020L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Decorative Laminates. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 200000 |
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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 a well established and a reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Narayan |
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Designation : |
G. M. Marketing |
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Contact No.: |
91-9328257955 |
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Date : |
05.01.2012 |
LOCATIONS
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Registered Office : |
603, Silicon Tower, Behind Samratheshwar Mahadev, Mandir, Off C G Road,
Law Garde, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
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Tel. No.: |
91-79-30072552/ 30072551/ 53 |
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Mobile No.: |
91-9879784684 (Mr. Shankar P Sengundar) 91-9328257955 (Mr. V Narayan) |
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Fax No.: |
91-79-30072554/ 32511255 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft. |
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Location: |
Rented |
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Factory : |
246-247, Kanera Sarsa Road, Near Bareja, Opposite IOC Depot, Village –
Kanera – 387540, District Kheda – 387540, Gujarat, India |
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Tel. No.: |
91-2694-288710/ 02718/ 380120 |
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Fax No.: |
91-2694-288711 |
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Email : |
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Area : |
150000 Sq. Ft (Approximately) |
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Location: |
Owned |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Chandubhai P Patel |
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Designation : |
Director |
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Address : |
24A, Mangal Park Society, |
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Date of Birth/Age : |
23.04.1960 |
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Qualification : |
B.Com |
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Date of Appointment : |
17.11.1999 |
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Din No.: |
00744878 |
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Name : |
Mr. Nitin K Patel |
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Designation : |
Director |
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Address: |
43/44, Navyug Colony, |
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Date of Birth/Age : |
04.12.1964 |
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Qualification : |
B.Com |
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Date of Appointment: |
15.12.2007 |
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Din No.: |
00237655 |
KEY EXECUTIVES
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Name : |
Kamlesh. M. Shah and Company |
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Designation : |
Company Secretary |
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Address : |
801A, Mahalay Complex, Opp: Hotel President,
Behind Fairdeal House, Swastik Char Rasta, Off: C.G.Road, Navrangpura,
Ahmedabad- 380 009, |
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Tel. No.: |
91-079-26403245 |
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Fax No. : |
91-98250 97709. |
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E Mail |
MAJOR SHAREHOLDERS
AS ON 30.09.2011
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Names of Shareholders |
No. of Shares |
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Chandubhai P Patel |
125000 |
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Hemant L Patel |
147490 |
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Arun K Patel |
10100 |
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Bharatkumar C Patel |
200 |
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Bhavnaben N Patel |
15100 |
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Dineshbhai K Patel |
200 |
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Gangaben L Patel |
100 |
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Gitaben A Patel |
10100 |
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Kanjibhai T Patel |
18200 |
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Karsanbhai M Patel |
100 |
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Laljibhai M Patel |
100 |
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Savitriben H Patel |
100 |
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Vinodkumar C Patel |
200 |
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Krasandas M Patel HUF |
20000 |
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Laljitbhai M Patel (HUF) |
14000 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2011
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Category |
Percentage |
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Bodies corporate |
27.38 |
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Directors or relatives of Director |
43.14 |
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Other top fifty (50) shareholders |
29.48 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Decorative Laminates. |
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Products : |
·
Decorative
Laminated Sheet
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Brand Names : |
“Signature Laminates” |
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Exports : |
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Products : |
Decorative Laminates |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· China |
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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
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
· The Karur Vysya Bank
Limited, 380 009, |
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Facilities : |
Note: The Term Loan and the working capital loan taken from the bank IS secured by mortgage of Factory Land and Building hypothecation f Plant Machinery, movable and hypothecation of entire stocks and Book - debts of the company and car loan secured against car.
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Banking
Relations : |
Fairs |
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Auditors : |
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Name : |
DJNV and Company Chartered Accountant |
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Address: |
58, 5th Floor, White House, |
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Tel No.: |
91-79-26403096/26402742/2602739 |
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Email : |
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Sister
Concerns : |
Shree Bharat Saw Mill, Ahmedabad |
CAPITAL STRUCTURE
As on : 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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949000 |
Equity Shares |
Rs.10/- each |
Rs.9.490
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.490 |
9.490 |
9.490 |
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2] Share Application Money |
0.000 |
18.000 |
18.000 |
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3] Reserves & Surplus |
40.067 |
18.356 |
14.573 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
49.557 |
45.846 |
42.063 |
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LOAN FUNDS |
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1] Secured Loans |
10.696 |
8.955 |
19.384 |
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2] Unsecured Loans |
24.773 |
22.096 |
22.033 |
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TOTAL BORROWING |
35.469 |
31.051 |
41.417 |
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DEFERRED TAX LIABILITIES |
3.092 |
3.160 |
3.347 |
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TOTAL |
88.118 |
80.057 |
86.827 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.657 |
24.702 |
25.011 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
69.315
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30.522
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40.574
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Sundry Debtors |
99.718
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94.313
|
76.782
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Cash & Bank Balances |
2.617
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2.645
|
0.104
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Other Current Assets |
0.000
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0.000
|
1.728
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Loans & Advances |
5.311
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2.481
|
1.696
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Total
Current Assets |
176.961
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129.961
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120.884
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
106.247
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70.691
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54.838
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Other Current Liabilities |
0.608
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0.618
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0.011
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Provisions |
5.655
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3.310
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4.238
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Total
Current Liabilities |
112.510
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74.619
|
59.087
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Net Current Assets |
64.451
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55.342
|
61.797
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MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.008 |
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TOTAL |
88.118 |
80.057 |
86.827 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
280.002 |
217.675 |
200.093 |
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Other Income |
0.210 |
0.106 |
0.098 |
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TOTAL (A) |
280.212 |
217.781 |
200.191 |
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Less |
EXPENSES |
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Raw Material Consumed |
216.530 |
152.665 |
145.301 |
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Manufacturing Expenses |
55.418 |
35.907 |
36.289 |
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Administrative Expenses |
10.521 |
11.800 |
9.085 |
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Increased/(Decreased) in stock |
(13.119) |
7.829 |
(0.145) |
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TOTAL (B) |
269.350 |
208.201 |
190.530 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.862 |
9.580 |
9.661 |
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Less |
FINANCIAL
EXPENSES (D) |
4.185 |
2.190 |
2.705 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.677 |
7.390 |
6.956 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.810 |
2.712 |
2.305 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.867 |
4.678 |
4.651 |
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Less |
TAX (I) |
0.156 |
0.895 |
1.144 |
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PROFIT AFTER TAX
(G-I) (J) |
3.711 |
3.783 |
3.507 |
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Earnings Per
Share (Rs.) |
3.91 |
3.99 |
3.70 |
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Expected Sales (2011-2012) : Rs. 300.000 millions
The above information has been parted by Mr. Narayan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.32
|
1.74
|
1.75
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Net Profit Margin (PBT/Sales) |
(%) |
1.38
|
2.15
|
2.32
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.92
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3.03
|
3.19
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
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0.10
|
0.11
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Debt Equity Ratio (Total Liability/Networth) |
|
2.98
|
2.30
|
2.39
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Current Ratio (Current Asset/Current Liability) |
|
1.57
|
1.74
|
2.05
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LOCAL AGENCY FURTHER INFORMATION
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Check List by Info Agents |
Available in Report (Yes / No) |
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1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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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 three years |
Yes |
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12. Profitability for last three years |
No |
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13. Reasons for variation <> 20% |
No |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
Yes |
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20. Export / Import details |
Yes |
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21. Market information |
------- |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
YEAR UNDER REVIEW:
During the year
the company has achieved Domestic sales of Rs. 260.845 (Previous Year of Rs.
213.215 millions). Export Sales of Rs. 19.157 millions (Previous Year Rs. 4.460
millions), other income of Rs. 0.210 millions (Previous Year of Rs. 0.106
millions). The Company has after making provision for depreciation of Rs. 2.810
millions (Previous Year Rs. 2.712 millions) earned a gross profit before tax of
Rs. 3.867 millions (Previous Year of Rs. 4.676 millions). The Company has after
making provision of various taxes earned a net profit after tax of Rs. 3.711
millions (Previous year of Rs. 3.783 millions) which is carried to Balance
Sheet for long term working capital fund strengthening purpose.
Note:
The Registered Office of the company has been shifted from 202, Jalaram Complex, Near Gita Mandir, Ahmedabad -
380 022, Gujarat, India to the present address with the effect from 01.10.2006.
FORM NO. 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90105063 |
|
Corporate
identity number of the company |
U20103GJ1999PTC036896 |
|
Name of the
company |
HORIZONS LAM KRAFT PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
603, |
|
Type of charge |
·
Book
Debts ·
Movable
Property ·
Immovable
Property ·
Any
interest in immovable property |
|
Particular of
charge holder |
The Karur Vysya Bank Limited, |
|
Nature of
description of the instrument creating or modifying the charge |
·
Agreement for credit
facilities dated 13.03.2008 ·
Term Loan Agreement land and
building dated 13.03.2008 ·
Confirmation of deposit of
title deeds dated 13.03.2008 |
|
Date of
instrument Creating the charge |
13.03.2008 |
|
Amount secured by
the charge |
Rs.38.300
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.
On OCC and term loans BPLR less
0.25% with minimum of 13.75% p.a. with monthly rests. 2.
On PCL/FBN BPLR less 5% with
a minimum of 9% p.a. 3.
On FLC as per circulars with
15% margin 4.
Interest during the holiday
period on term loans to be serviced by the company as and when it is due. Terms of
Repayment 1.
OCC, PCL/FBN/FLC repayable on
demand with option of renewal due on 31.10.2008 2.
Term Loan repayable in 48
monthly installments after three months initial holiday period. Margin 1.
On OCC 30% 2.
On PCL 25% 3.
ON FBN – NIL 4.
On FLC – 15% 5.
On Term Loan (Fresh) 50% 6.
On Term Loan HPMA (Fresh) 25% Extent and
Operation of the charge 1st
charge on entire movable and immovable assets of the company of the Karur
Vysya Bank Limited including all stocks, book debts, Plant and Machineries
including machineries to be purchased valued Rs.2.750 millions, including the
land, building, sheds situated and located on land bearing Block Nos. 246,
247, 248 and 249/1, situate at in village Kanera, Taluka and Dist: Kheda,
Gujarat. Others Repayment /
Pre-Closure on Term Loan @ 2% with applicable service tax will be collected.
Additional equitable mortgage charge in favor of Bank to cover enhanced/
fresh limits. |
|
Short particulars
of the property charged |
Hypothecation of
all stocks, Raw Materials, Work in Process, Finished Goods, Stores, Spares,
Dies, Moulds, Electrical fittings and other movable fixed assets of the
company, and entire receivables of the company. All plant and machineries
including the machineries to be purchased under new term loan agreement, all
land buildings, sheds situated and located on Block Nos. 245, 247, 248 and
249/1, situated at Village: Kanera, Taluka and Dist: Kheda, Gujarat. |
|
Date of latest
modification prior to the present modification |
22.07.2006 |
|
Particulars of
the present modification |
1.
FLC Limit enhanced from
present Rs.5.000 millions to Rs.20.000 millions. 2.
Fresh Term Loan building of
Rs.1.250 millions. 3.
Fresh Term Loan Machineries
of Rs.2.050 millions. Total charge
amount now stands increased to cover total facilities of Rs.38.300 millions
as follows OCC limit of
Rs.15.000 millions (PCL/FBN sub-limit of Rs.4.000 millions under OCC) FLC limit of
Rs.20.000 millions TLRE Rs.1.250
millions HPMA Rs.2.050
millions Total Rs.38.300
millions |
FIXED ASSETS:
·
Building
·
Computer
·
Electric Installation
·
Honda City Car
·
Lab Equipments
·
Land
·
Maruti Van
·
Moulds
·
Plant and Machinery
·
Scooter
·
Water Cooler
·
Walk Wagan Car
WEB DETAILS
Profile:
Subject is manufacturer of Decorative and Industrial
Laminates in
The company is backed by a team of well-experienced
personnel in the field of Production, R and D, QC and Marketing. This team is
supported by the dedicated work force.
They have an installed capacity to manufacture over 100000
sheets per month.
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. 50.32 |
|
|
1 |
Rs. 77.96 |
|
Euro |
1 |
Rs. 65.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.