MIRA
INFORM REPORT
|
Report Date : |
05.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHRENO LIMITED (w.e.f. 19.09.2006) |
|
|
|
|
Formerly Known
As : |
ALEMBIC GLASS INDUSTRIES LIMITED
|
|
|
|
|
Registered Office
: |
Alembic House, 1st Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.12.1944 |
|
|
|
|
Com. Reg. No.: |
04-000345 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 340.138 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26100GJ1944PLC000345 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA00794D BRDS01611B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA7953Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Pressed Ware, Hollow Ware, Bottle Making
Machine |
|
|
|
|
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 4335000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old established company having moderate track record. There
appear huge accumulated losses recorded by the company. However, trade
relations are reported to be fair. Business is active. Payments are reported
to be slow but correct. The company can be considered for business dealing 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) |
|
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 : |
Alembic House, 1st Floor, Alembic Road, Vadodara-390003,
Gujarat, India |
|
Tel. No.: |
91-265-2280550 |
|
Fax No.: |
91-265-2281229 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales Office / Factory 1 : |
3/23-24, Gorwa Industrial Estate, Vadodara-390003, Gujarat, India |
|
Tel. No.: |
91-265-2282284 |
|
Fax No.: |
91-265-2280569 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
4/22-23, Gorwa Industrial Estate, Vadodara-390003, Gujarat, India |
|
Tel. No.: |
91-265-2280190 |
|
Fax No.: |
91-265-2285893 |
|
E-Mail : |
DIRECTORS
AS ON 30.08.2011
|
Name : |
Mr. Chirayu Ramanbhai Amin |
|
Designation : |
Director |
|
Address : |
F-10/195, Race Course Circle, Gotri Road, Vadodara-390007, Gujarat,
India |
|
Date of Birth/Age : |
04.12.1946 |
|
Date of Appointment : |
22.05.1969 |
|
DIN No.: |
00242549 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L26100GJ1907PLC000033 |
ALEMBIC
LIMITED |
Director |
31/03/2011 |
20/08/1967 |
- |
Active |
NO |
|
2 |
U26100GJ1944PLC000345 |
SHRENO
LIMITED |
Director |
22/05/1969 |
22/05/1969 |
- |
Active |
NO |
|
3 |
U92411GJ1958GAT000912 |
GUJARAT
FLYING CLUB |
Director |
19/09/1969 |
19/09/1969 |
- |
Active |
NO |
|
4 |
U51100GJ1994PLC021552 |
ALEMBIC
EXPORTS LIMITED |
Director |
16/03/1994 |
16/03/1994 |
- |
Active |
NO |
|
5 |
U01409KA1994PTC016645 |
WHITEFIELD
AGROTECH PRIVATE LIMITED |
Director |
02/12/1994 |
02/12/1994 |
21/12/2009 |
Under
liquidation |
NO |
|
6 |
L29259GJ1960PLC001082 |
ELECON
ENGINEERING COMPANY LIMITED |
Director |
29/06/1998 |
29/06/1998 |
- |
Active |
NO |
|
7 |
U51909KA1971PTC002124 |
NIRAYU
PRIVATE LIMITED |
Director |
15/06/2000 |
15/06/2000 |
- |
Active |
NO |
|
8 |
U45102GJ2004PLC044463 |
AGI
DEVELOPERS LIMITED |
Director |
15/07/2004 |
15/07/2004 |
- |
Active |
NO |
|
9 |
L51909GJ1972PLC044638 |
PAUSHAK
LIMITED |
Director |
18/08/2005 |
18/08/2005 |
- |
Active |
NO |
|
10 |
L24219GJ1985PLC025132 |
UNITED
PHOSPHORUS LIMITED |
Director |
28/07/2006 |
28/07/2006 |
- |
Active |
NO |
|
11 |
U70109GJ1988PLC044681 |
SIERRA
INVESTMENTS LIMITED (TR CO) |
Director |
30/09/2008 |
26/03/2007 |
- |
Active |
NO |
|
12 |
U21098DL2007PLC166960 |
QUICK
FLIGHT LIMITED. |
Director |
04/07/2008 |
13/08/2007 |
- |
Active |
NO |
|
13 |
U85110GJ2008PLC055328 |
SIERRA
HEALTHCARE LIMITED |
Director |
25/10/2008 |
25/10/2008 |
- |
Active |
NO |
|
14 |
U24230GJ2010PLC061123 |
ALEMBIC
PHARMACEUTICALS LIMITED |
Managing
director |
29/08/2011 |
16/06/2010 |
- |
Active |
NO |
|
15 |
L31400GJ1972PLC002091 |
PANASONIC
ENERGY INDIA COMPANY LIMITED |
Director
appointed in casual vacancy |
25/01/2011 |
25/01/2011 |
- |
Active |
NO |
|
Name : |
Ms. Malika Chirayu Amin |
|
Designation : |
Director |
|
Address : |
F-10/195, Race Course Circle, Gotri Road, Vadodara-390007, Gujarat,
India |
|
Date of Birth/Age : |
22.10.1954 |
|
Date of Appointment : |
25.10.2005 |
|
DIN No.: |
00242613 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
|
AAVARAN
LIMITED |
Director |
07/07/1982 |
07/07/1982 |
- |
Amalgamated |
NO |
|
2 |
L26100GJ1907PLC000033 |
ALEMBIC
LIMITED |
Whole-time
director |
02/07/2008 |
02/07/1988 |
- |
Active |
NO |
|
3 |
L51909GJ1972PLC044638 |
PAUSHAK
LIMITED |
Director |
18/08/2005 |
18/08/2005 |
- |
Active |
NO |
|
4 |
U26100GJ1944PLC000345 |
SHRENO
LIMITED |
Director |
25/10/2005 |
25/10/2005 |
- |
Active |
NO |
|
5 |
U70109GJ1988PLC044681 |
SIERRA
INVESTMENTS LIMITED (TR CO ) |
Director |
30/09/2008 |
25/07/2008 |
- |
Active |
NO |
|
6 |
U85110GJ2008PLC055328 |
SIERRA
HEALTHCARE LIMITED |
Director |
25/10/2008 |
25/10/2008 |
- |
Active |
NO |
|
7 |
U24230GJ2010PLC061123 |
ALEMBIC
PHARMACEUTICALS LIMITED |
Director |
16/06/2010 |
16/06/2010 |
31/03/2011 |
Active |
NO |
|
Name : |
Ms. Yeraben Ramanbhai Amin |
|
Designation : |
Director |
|
Address : |
F-10/195, Race Course Circle, Gotri Road, Vadodara-390007, Gujarat,
India |
|
Date of Birth/Age : |
12.01.1952 |
|
Date of Appointment : |
17.02.1995 |
|
DIN No.: |
00245648 |
|
|
|
|
Name : |
Mr. Surendra Jashbhai Patel |
|
Designation : |
Director |
|
Address : |
93-A, Meher Apartments, Anstey Road, Mumbai-400026, Maharashtra, India
|
|
Date of Birth/Age : |
31.03.1957 |
|
Date of Appointment : |
07.11.1974 |
|
Date of Cessation : |
15.12.2011 |
|
DIN No.: |
00269648 |
|
|
|
|
Name : |
Mr. Gannath Ravishanker Dholakia |
|
Designation : |
Director |
|
Address : |
55/56, Matri Mandir Society, Gotri Road, Near Iskon Temple,
Vadodara-390015, Gujarat, India |
|
Date of Birth/Age : |
12.08.1914 |
|
Date of Appointment : |
30.09.1973 |
|
Date of Cessation : |
30.03.2012 |
|
DIN No.: |
00149115 |
|
|
|
|
Name : |
Mr. Rasesh Jayant Shah |
|
Designation : |
Whole Time Director |
|
Address : |
507, Bansidhar Complex, Opposite Polo Ground, Near Baroda High School,
Vadodara-390001, Gujarat, India |
|
Date of Birth/Age : |
19.01.1982 |
|
Date of Appointment : |
10.01.2006 |
|
DIN No.: |
00113641 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U26100GJ1944PLC000345 |
SHRENO
LIMITED |
Whole-time
director |
23/07/2009 |
10/01/2006 |
Active |
NO |
|
2 |
U45102GJ2004PLC044463 |
AGI
DEVELOPERS LIMITED |
Director |
30/03/2006 |
30/03/2006 |
Active |
NO |
|
3 |
U21098DL2007PLC166960 |
QUICK
FLIGHT LIMITED. |
Director |
04/09/2008 |
13/08/2007 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Rasesh Jayant Shah |
|
Designation : |
Secretary |
|
Address : |
507, Bansidhar Complex, Opposite Polo Ground, Near Baroda High School,
Vadodara-390001, Gujarat, India |
|
Date of Birth/Age : |
19.01.1982 |
|
Date of Appointment : |
02.01.2006 |
|
Pan No.: |
AXHPS8019B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.08.2011
|
Names of Shareholders |
No. of Shares |
|
Surendra Jashbhai Patel |
270 |
|
Yeraben Ramanbhai Amin |
7727 |
|
Malika Chirayu Amin |
57154 |
|
Chirayu Ramanbhai Amin |
72996 |
AS ON 30.08.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.04 |
|
Bodies corporate |
35.40 |
|
Directors or relatives of Directors |
59.85 |
|
Other top fifty shareholders |
1.35 |
|
Others |
3.34 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Pressed Ware, Hollow Ware, Bottle Making
Machine |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity# |
Installed
Capacity* |
Actual
Production |
|
Glass-ware |
MT |
0.61 |
0.51 |
0.159 |
|
Bottle making machines |
-- |
5 |
-- |
1 |
|
Glass Feeders
with forehearth & Gob Feeding Machine |
-- |
7 |
-- |
1 |
|
Process Unit Equipments |
Nos. |
-- |
-- |
111 |
|
Others - Engg Division |
-- |
-- |
-- |
14861 |
(A)
# under Original Registration
(B)
* Installed capacity is unascertainable, as it is
dependent on production programme, which varies accordingly to pattern of
products demand-as certified by director and being a technical matter accepted
by the Auditors as correct.
(C)
In addition to above the Company has manufacturing
licences for following class of goods, in respect of which no activities have
been carried out during the current year:
|
Class of Goods |
Unit |
31.03.2011 |
|
Pressware Machines |
Nos. |
2 |
|
Decorating Machines |
Nos. |
8 |
|
Stackers |
Nos. |
10 |
|
Annealing Lehrs |
Nos. |
7 |
|
Decorating Lehrs |
Nos. |
2 |
GENERAL INFORMATION
|
Customers : |
Biotechnology and Foods Processing: ·
Alembic Limited ·
Alfa Laval (India) Limited ·
National Dairy Development Board Glassware Manufacturing: ·
Astral Glass Limited ·
Gujarat Glass Limited ·
Neutral Glass Limited Pharmaceuticals and Chemicals: ·
Cadila Laboratories Limited ·
IPCA Laboratories Limited ·
Nirayu Private Limited Other Industrial Sectors ·
Asea Brown Boveri Limited ·
Gujarat State Fertilizers Limited ·
Neomer Limited ·
Nuclear Fuels Complex |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Bank of Baroda ·
Corporate Financial Services Branch, 1st
Floor, Opposite Petrol Pump, R. C. Dutt Road, Alkapuri, Varodara-390005,
Gujarat, India ·
101, Payal Complex II, Lokmanya Tilak Road,
Sayajiganj, Vadodara-390005, Gujarat, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K C Mehta and Company Chartered Accountant |
|
Address : |
2nd Floor, Meghdhanush,
Beside Landmark Building, Race Course Circle, Vadodara-390007, Gujarat, India
|
|
Pan No.: |
AABFK1558J |
|
|
|
|
Subsidiaries : |
·
AGI Developers Limited ·
Quick Flight Limited |
|
|
|
|
Associates : |
·
Alembic Limited ·
Paushak Limited ·
Nirayu Private Limited ·
Whitefield Chemtech Private Limited ·
Viramya Packlight Limited ·
Sierra Investments Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.100/- each |
Rs. 200.000 Millions |
|
1900000 |
5% and 9% Redeemable Non-convertible Preference Share |
Rs.100/- each |
Rs. 190.000 Millions |
|
|
TOTAL |
|
Rs. 390.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1501384 |
Equity Shares |
Rs.100/-
each |
Rs. 150.138
Millions |
|
1900000 |
5% and 9% Redeemable Non-convertible Preference Share |
Rs.100/- each |
Rs. 190.000 Millions |
|
|
TOTAL |
|
Rs. 340.138 Millions |
NOTE:
(A)
7,00,0005% Redeemable Non-Convertible Preference
Shares of Rs.100/- each Rs. 70.000 Millions [Date of Redemption: 16th
April, 2013]
12,00,000 9% Redeemable Non-Convertible Preference Shares of Rs.100/- each
Rs 120.000 Millions (Date of Redemption: 28th September, 2013)
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 |
340.138 |
340.138 |
340.138 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
896.662 |
696.907 |
703.657 |
|
|
4] (Accumulated Losses) |
(152.873) |
(129.096) |
(376.743) |
|
|
NETWORTH |
1083.927 |
907.949 |
667.052 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
421.383 |
93.772 |
323.507 |
|
|
2] Unsecured Loans |
32.000 |
344.600 |
414.100 |
|
|
TOTAL BORROWING |
453.383 |
438.372 |
737.607 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1537.310 |
1346.321 |
1404.659 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
589.070 |
280.726 |
235.491 |
|
|
Capital work-in-progress |
10.587 |
78.710 |
5.735 |
|
|
|
|
|
|
|
|
INVESTMENT |
344.907 |
344.907 |
344.907 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
652.805
|
343.125 |
1024.030 |
|
|
Sundry Debtors |
122.670
|
106.014 |
160.157 |
|
|
Cash & Bank Balances |
36.959
|
18.365 |
24.779 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
297.676
|
505.118 |
211.182 |
|
Total
Current Assets |
1110.110
|
972.622 |
1420.148 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
134.854
|
124.045 |
427.699 |
|
|
Other Current Liabilities |
370.610
|
198.077 |
150.513 |
|
|
Provisions |
11.900
|
8.522 |
23.410 |
|
Total
Current Liabilities |
517.364
|
330.644 |
601.622 |
|
|
Net Current Assets |
592.746
|
641.978 |
818.526 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1537.310 |
1346.321 |
1404.659 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1103.404 |
2036.961 |
1057.441 |
|
|
|
Other Income |
69.387 |
73.535 |
96.100 |
|
|
|
TOTAL (A) |
1172.791 |
2110.496 |
1153.541 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
259.907 |
925.340 |
275.744 |
|
|
|
Manufacturing service costs |
419.686 |
383.465 |
90.331 |
|
|
|
Employee related expenses |
203.106 |
189.595 |
172.443 |
|
|
|
Store, spares Consumed |
0.000 |
0.000 |
16.126 |
|
|
|
Administrative selling other expenses |
208.872 |
250.199 |
240.634 |
|
|
|
Packing Materials Consumed |
0.000 |
0.000 |
180.845 |
|
|
|
Power and Fuel |
0.000 |
0.000 |
126.273 |
|
|
|
(Increase) / Decrease in Stock |
0.000 |
0.000 |
(101.020) |
|
|
|
TOTAL (B) |
1091.571 |
1748.599 |
1001.376 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
81.220 |
361.897 |
152.165 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
49.088 |
41.672 |
103.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.132 |
320.225 |
48.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.646 |
22.520 |
22.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.486 |
297.705 |
26.321 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
29.263 |
50.058 |
1.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(23.777) |
247.647 |
24.357 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(129.096) |
(376.743) |
(401.100) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(152.873) |
(129.096) |
(376.743) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10.302 |
37.659 |
79.816 |
|
|
TOTAL EARNINGS |
10.302 |
37.659 |
79.816 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
17.724 |
28.302 |
5.011 |
|
|
|
Stores & Spares |
15.666 |
1.042 |
10.750 |
|
|
|
Capital Goods |
12.124 |
63.451 |
31.588 |
|
|
TOTAL IMPORTS |
45.514 |
92.795 |
47.349 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(25.36) |
155.42 |
6.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(2.03)
|
11.73 |
2.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.50
|
14.62 |
2.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.32
|
23.75 |
1.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.33 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
0.85 |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
2.94 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
Yes |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
NOTE
The company was traded on BSE / NSE till the year 2006.
OPERATIONS
The total income
for the year ended on 31st March, 2011 was Rs. 1172.800 Millions as compared to
Rs. 2110.500 Millions for the previous financial year ended on 31st March, 2010.
The Profit before Depreciation, Interest and Tax was Rs. 81.200 Millions for
the year as compared to Profit of Rs. 361.900 Millions for the previous year.
The Net Loss after tax for the year was Rs. 23.800 Millions as compared to the
Net Profit of Rs. 247.600 Millions during previous year.
The Company has
launched a real estate project for residential use in Vadodara and accordingly
a part of the land has been converted as stock in trade for the said business.
The Company got a mega response from Vadodara homebuyers and total of 211 units
have been booked up to 31st March, 2011. However, since the project
expenses up to 31st March, 2011 was less than threshold limit, no revenue or
profit has been recognized.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
Sales Tax Demand in appeal |
7.572 |
7.572 |
|
Excise duty in appeal |
0.564 |
8.097 |
|
Arrears of Dividend on 5% 7,00,000 Preference Shares of Rs.100/- each |
17.500 |
14.000 |
|
Arrears of Dividend on 9% 12, 00,000 Non-Convertible Preference Shares
of Rs.100/- each |
37.830 |
27.030 |
|
Bank Guarantees and Letter of Credit |
58.768 |
11.635 |
FORM 8
|
Corporate
identity number of the company |
SHRENO LIMITED |
|
Name of the
company |
U26100GJ1944PLC000345 |
|
Address of the
registered office or of the principal place of business in |
Alembic House, 1st Floor, Alembic Road, Vadodara-390003, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10067873 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Bank of Baroda, Corporate Financial Services Branch, 1st Floor,
Opposite Petrol Pump, R. C. Dutt Road, Alkapuri, Varodara-390005, Gujarat,
India |
|
Nature of
instrument creating charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book Debts, Moveable Machinery
and Vehicles (to be obtained in case of enhance of limit with Extension of
Hypothecation Charges) |
|
Date of
instrument Creating the charge |
07.12.2010 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit - Rs.
150.000 Millions - 12.5% at 4% above Base Rate LC - Rs. 75.000
Millions - 50% of usual charges on LC up to 1 Cr and usual charges for LC
above 10.000 Millions. BG - Rs. 75.000
Millions. - as stated for LC Terms of repayment The facilities
are in the nature of regular working capital requirements and hence there is
no specific repayment schedule for the facilities. The Interest on the Cash
Credit is to be paid with monthly rests. Margin 25% on stock, 30%
on book debts. Extent and operation of the charge First Charge on
Hypothecation of Stocks, Book Debts, Moveable Machinery and Vehicles. |
|
Short particulars
of the property charged (Including location of the property) |
First Charge by
way of Hypothecation of Stocks, Book Debts, Moveable Machinery and Vehicles
both present and future. |
|
Date of
instrument modifying the charge |
12.03.2009 |
|
Particulars of the
present modification |
Supplemental
First Composite Hypothecation of Goods, Book Debts, Moveable Machinery and
Vehicles executed on 9th December, 2010 whereby modifying the total limits of
the facilities from Rs. 433.300 Millions to Rs. 300.000 Millions. |
FIXED ASSETS
·
Freehold Land
·
Building
·
Employees Quarters
·
Plant and Machinery
·
Office Machinery
·
Trade Mark
·
Motor Vehicles
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. 54.55 |
|
|
1 |
Rs. 85.47 |
|
Euro |
1 |
Rs. 68.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
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 |
YES |
|
--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.