MIRA
INFORM REPORT
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Report Date : |
17.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SICO UDYOG PRIVATE LIMITED |
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Formerly Known
As : |
BICO FOOTWEAR PRIVATE LIMITED |
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Registered
Office : |
Sico House, Swastic Compound, Chincholi Bunder Road, Ram Baug, Malad –
West, Mumbai – 400064, Maharasahtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.03.1987 |
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Com. Reg. No.: |
11-042952 |
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Capital
Investment / Paid-up Capital : |
Rs, 3.914 Millions |
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CIN No.: [Company Identification
No.] |
U19200MH1987PTC042952 |
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PAN No.: [Permanent Account No.] |
AAFCS8949C |
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Line of Business
: |
Manufacturer of a Rockstar Shoes, Snow Ankel, Boots and Gumboots etc. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
detail for me current year is missing from government department. From the
previous year record subject appears to be small company. Trade relations are
reported as fair. Business is active. Payments are unknown. The company can be considered for business dealing with some cautions. |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. Mahesh Verma |
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Designation : |
Ofice Executive |
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Contact No.: |
91-288211223 |
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Date : |
14.07.2012 |
LOCATIONS
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Registered Office / Factory : |
Sico House, Swastic Compound, Rambaug, |
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Tel. No.: |
91-22-8821123/8824845/2882454/28810927 |
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Fax No.: |
91-022-8895520 |
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E-Mail : |
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Website : |
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Location; |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Jayant Hirji Shah |
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Designation : |
Director |
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Address : |
102, Shreeji Darshan, 10TH Floor, S.V.Road, Kandivali-West,
Mumbai-400067, |
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Qualification : |
B.Com |
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Date of Appointment : |
15.09.2003 |
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DIN No.: |
01153896 |
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Other Directorship :
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Name : |
Mr.Bhavik jayant Shah |
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Designation : |
Director |
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Address : |
102, Shreeji Darshan, 10TH Floor, S.V.Road, Kandivali-West,
Mumbai-400067, |
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Date of Appointment : |
01.01.2000 |
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DIN No.: |
01154070 |
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Other Directorship:
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Name : |
Mrs jinal Bhavik Shah |
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Designation : |
Director |
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Address : |
102, Shreeji Darshan, 10TH Floor, S.V.Road, Kandivali-West,
Mumbai-400067, |
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Date of Appointment : |
30.09.2006 |
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DIN No.: |
00181243 |
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Other Directorship :
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Name : |
Mrs. Rajeshwari Jayant Shah |
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Designation : |
Director |
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Address : |
102, Shreeji Darshan, 10TH Floor, S.V.Road, Kandivali-West,
Mumbai-400067, |
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Date of Birth/Age : |
10.07.1954 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
01472989 |
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Other Directorship
:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Jaywant H. Shah |
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106975 |
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Meera R.Shah |
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4011 |
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Jayant H. Shah (HUF) |
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11512 |
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Rasik H. Shah (HUF) |
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1 |
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Jhaverchand H. Shah (HUF) |
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4009 |
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Jhara Jhaverchand Shah |
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2040 |
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Rasik H. Shah |
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54546 |
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Jhaverchand H. Shah |
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14974 |
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Juhi Javerchand Shah |
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1200 |
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Rajeshwari Jayant Shah |
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56700 |
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Rama Jhaverchand Shah |
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6000 |
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Pooja S. Parekh |
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1 |
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Dharmendra Agarwal J/W Shantidevi Agarwal |
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2 |
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Hansraj Ramji |
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1 |
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Chetan A. Kishore J/W Rajendra A. KIshore |
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2 |
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Jagshi Walji Chheda |
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1 |
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Prakash Modilal Kavedia |
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1 |
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Premaben R. Shah |
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1 |
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Premilaben V. Shah |
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1 |
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Rajendra A. Kishore |
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1 |
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Arti Parekh |
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1 |
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Bhvik Jayant Shah |
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124400 |
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Vijyaben H. Shah |
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1 |
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Shashi R. Bubna |
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1 |
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Ruxmanidevi Bubna |
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1 |
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Suresh C. Parekh |
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1 |
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Tanaji S. Dhonde |
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1 |
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Toni C. Parekh |
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1 |
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Chetna Chheda J/W Maddhubala Chheda |
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2 |
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Hirji Premji Shah |
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1 |
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Bharti C. Shah |
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2 |
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Mita Suresh Parekh |
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1 |
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Narendra Keni |
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1 |
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Rachana C. Parekh |
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1 |
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Ranjit Gandhi |
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1 |
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Urijita C. Parekh |
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1 |
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Vijay Bubna |
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1 |
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Bharat Agarwal |
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1 |
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Jevanti Jagshi Shah |
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1 |
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Mrs. Jinal B. Shah |
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5001 |
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Total |
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391400
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As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of a Rockstar Shoes, Snow Ankel, Boots and Gumboots etc. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit (30days) |
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Purchasing : |
Cash and Credit (30days)- |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
6 Sujata, 1st Floor, Rani Sati Marg, Malad- East,
Mumbai-400097,
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
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Auditors : |
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Name : |
Jignesh Savla And Associates Chartered Accountant |
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Address : |
303, Annapurarna Sadan, |
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PAN.: |
AGLPS8164L |
CAPITAL STRUCTURE
As on 30.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
As on 31.03.2010
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No. of Shares |
Type |
Value |
Amount |
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391400 |
Equity Shares |
Rs.10/- each |
Rs, 3.914
Millions |
FINANCIAL DATA
(all figures are
in Rupees Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.485 |
2.485 |
2.485 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.983 |
1.267 |
0.983 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.468 |
3.752 |
3.468 |
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LOAN FUNDS |
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1] Secured Loans |
4.965 |
5.414 |
4.666 |
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2] Unsecured Loans |
2.414 |
2.092 |
2.149 |
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TOTAL BORROWING |
7.379 |
7.506 |
6.815 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.847 |
11.258 |
10.283 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.471 |
3.503 |
2.679 |
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Capital work-in-progress |
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INVESTMENT |
0.108 |
0.108 |
0.108 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.098
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6.215 |
4.643 |
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Sundry Debtors |
0.723
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4.290 |
3.228 |
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Cash & Bank Balances |
0.157
|
0.000 |
0.169 |
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Other Current Assets |
0.000
|
0.000 |
0.023 |
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Loans & Advances |
0.585
|
0.408 |
0.644 |
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Total
Current Assets |
8.563
|
10.913 |
8.707 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2.113
|
3.515 |
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Other Liabilities |
1.191
|
0.826 |
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Provisions |
0.141
|
0.154 |
0.092 |
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Total
Current Liabilities |
3.445
|
4.495 |
2.459 |
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Net Current Assets |
5.118
|
6.418 |
6.248 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.229 |
0.000 |
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Profit and Loss Account |
2.150 |
0.000 |
1.248 |
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TOTAL |
10.847 |
11.258 |
10.283 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
NA |
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NA |
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Other Income |
NA |
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NA |
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TOTAL |
NA |
16.135 |
NA |
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Less |
EXPENSES |
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Office Expenses |
NA |
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NA |
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Administrative Expenses |
NA |
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NA |
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Advertising Expenses |
NA |
15.852 |
NA |
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Depreciation |
NA |
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NA |
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Financial Expenses |
NA |
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NA |
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TOTAL (B) |
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15.852 |
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PROFIT BEFORE
TAX |
(1.186) |
0.283 |
0.082 |
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Less |
TAX |
NA |
0.000 |
NA |
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PROFIT AFTER TAX
(G-I) |
NA |
0.283 |
NA |
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TOTAL EARNINGS |
NA |
0.988 |
NA |
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Particulars |
31.03.2012 |
31.03.2011 |
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Sales Turnover (Approximately) |
155.000 |
150.000 |
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Expected Sales (2012-2013): Rs.160.000 millions
The above information has been parted by Mr. Mahesh Verma..
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
NA
|
1.75 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(9.86)
|
1.96 |
0.72 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.34)
|
0.07 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.12
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3.20 |
2.67 |
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Current Ratio (Current Asset/Current Liability) |
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2.49
|
2.43 |
3.54 |
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) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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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 |
Yes |
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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 two years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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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 |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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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 |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
Yes |
Bankers Charges Report
as per Registry
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Corporate
identity number of the company |
U19200MH1987PTC042952 |
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Name of the
company |
SICO UDYOG
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Swastic Compound,
Ram Baug, |
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This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10258180 |
|
Type of charge |
·
Movable
Property (not being pledge) · Book debts ·
Floating charge |
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Particular of
charge holder |
The Malad Shakari
Bank Limited 6, Sujata, 1st
Floor, rani Sati Marg, Malad- East, Mumbai-400097, Maharasahtra, India |
|
Nature of
instrument creating charge |
(1) Supplemental
Agreement of Loan against Pledge/Hypothecation (2) Agreement for
restructuring both dated 10/01/2012 constituting together, inter alia,
modification to this charge ID. |
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Date of
instrument Creating the charge |
10.01.2012 |
|
Amount secured by
the charge |
Rs.3.000 millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest At present 15%
p.a. at monthly rests or at rate as may at any time & from time to time
be fixed in that behalf by the Bank. Terms of Repayment On Demand Margin Stock- 30%,
Debtors - 40% or as required by the Bank from time to time. Extent and Operation of the charge Balance due to
bank shall be payable to bank at Mumbai office of Bank together with all further
interest calculated as above provided at the rate above mentioned together
with the amount of all further charges and expenses to the date of payment
.This security is in addition to any other security already held by Bank. The
Cash Credit limit is increased under the restructuring of credit facilities
granted to the company. Others Revised Limit: Cash Credit Rs.3.000 millions |
|
Short particulars
of the property charged |
Hypothecation
of Stocks, Book debts belonging to
borrower being movable properties and capable of passing by delivery both
present and future whether installed or not and whether now lying loose or in
cases and now being or at any time hereafter
during the continuance of this agreement brought into or upon or at
any time in course of transit to the premises, factory of borrower at Mumbai
either by way of substitution or in addition or other place
whatsoever/wheresoever |
|
Particulars of
the present modification |
1st Modification.
The principal amount of charge on hypothecated assets is enhanced from
Rs.0.500 million to Rs.3.000
millions Revised Cash Credit Limit
under the restructured credit facilities : Cash Credit Rs.3.000
millions |
FIXED ASSETS:
- Maruti Omni Car
- Office Buildings
- Plant And Machinery
- Electrical Installation
- Dies and Moulds
- Furniture and Fixture
- Vehicle
- Car Santro
- Air Conditioner
- Office Equipment
- Computer
- Mobile Phone
- Car Elentra
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.54.92 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.67.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPK |
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 |
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.