|
Report Date : |
19.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SALEM SPICES PRIVATE LIMITED |
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|
|
|
Registered
Office : |
IIND Floor, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.01.2003 |
|
|
|
|
Com. Reg. No.: |
18-010437 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.510 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15495TZ2003PTC010437 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES24609E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCS9732E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Paper Sachets, Fabric Sachets, Pot Pourrie, Topiary,
Reed Diffusers, Dry Flowers etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 53000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
some losses in the current year. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some cautions. |
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) |
|
|
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 : |
IIND Floor, 3 19 D 3 Rajaji Avenue, New Fairlands, Salem - 636016,
Tamilnadu, |
|
Tel. No.: |
91-427-2336095 / 5537811 |
|
Fax No.: |
91-427-2336096 |
|
E-Mail : |
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|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Rajaram Nirmala |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
67/2, New Fair Lands, Salem – 636016, Tamil Nadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
06.09.1969 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
16.01.2003 |
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DIN No.: |
00248011 |
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|
Other
directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rajeswaran Sathyaraj |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
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|
Address : |
4/65, Power Apartments, Vimala Street, Ayyavu Naidu Colony,
Aminjikarai, Chennai – 600029, Tamil Nadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.06.1965 |
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Date of Appointment : |
16.01.2003 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
00247944 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other
directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ramasamy Prabajaran Rajaram |
|
10503 |
|
Rajaram Nirmala |
|
300 |
|
Rajeswaran Sathyaraj |
|
4300 |
|
Total |
|
15103 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Paper Sachets, Fabric Sachets, Pot Pourrie, Topiary,
Reed Diffusers, Dry Flowers etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
|
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Bala and Sakthi Chartered Accountant |
|
Address : |
7 AA Ramakrishan Road, Salem, Tamilnadu 636007, India |
|
|
|
|
Sister Concern: |
|
CAPITAL STRUCTURE
As on 31.03.2011
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs. 100 each |
Rs. 2.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15103 |
Equity Shares |
Rs. 100 each |
Rs. 1.510
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.510 |
1.510 |
1.510 |
|
|
2] Share Application Money (Pending Allotment) |
0.400 |
0.400 |
0.400 |
|
|
3] Reserves & Surplus |
11.459 |
15.192 |
12.014 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13.369 |
17.102 |
13.924 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.743 |
10.506 |
10.120 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
15.743 |
10.506 |
10.120 |
|
|
DEFERRED TAX LIABILITIES |
0.195 |
0.195 |
0.195 |
|
|
|
|
|
|
|
|
TOTAL |
29.307 |
27.803 |
24.239 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5.489 |
5.899 |
4.681 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.196 |
2.195 |
2.195 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.952
|
15.930 |
10.273 |
|
|
Sundry Debtors |
7.495
|
3.077 |
5.720 |
|
|
Cash & Bank Balances |
1.642
|
1.313 |
0.793 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.059
|
9.106 |
8.684 |
|
Total
Current Assets |
32.148
|
29.426 |
25.470 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.609
|
7.950 |
6.769 |
|
|
Other Current Liabilities |
0.917
|
0.892 |
0.826 |
|
|
Provisions |
0.000
|
0.875 |
0.512 |
|
Total
Current Liabilities |
10.526
|
9.717 |
8.107 |
|
|
Net Current Assets |
21.622
|
19.709 |
17.363 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29.307 |
27.803 |
24.239 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
INCOME |
|
|
|
|
|
|
|
Sales |
53.105 |
69.964 |
34.114 |
|
|
|
Miscellaneous Income |
3.393 |
6.413 |
2.294 |
|
|
|
TOTAL (A) |
56.498 |
76.377 |
36.408 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
16.561 |
35.882 |
10.751 |
|
|
|
Stores & Packing Cost |
22.865 |
15.551 |
11.374 |
|
|
|
Personnel Cost |
2.736 |
3.674 |
2.251 |
|
|
|
Power & Fuel Cost |
0.476 |
0.747 |
0.637 |
|
|
|
Maintenance Cost |
0.106 |
0.242 |
0.124 |
|
|
|
Selling Cost |
11.804 |
6.951 |
3.503 |
|
|
|
Administration Cost |
2.977 |
4.020 |
2.821 |
|
|
|
Increase in Finished stock |
(1.427) |
2.701 |
1.125 |
|
|
|
TOTAL (B) |
56.098 |
69.768 |
32.586 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.400 |
6.609 |
3.822 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.381 |
1.882 |
1.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2.981) |
4.727 |
2.348 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.752 |
0.675 |
0.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(3.733) |
4.052 |
1.774 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.874 |
1.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(3.733) |
3.178 |
0.086 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.192 |
12.015 |
11.929 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
11.459 |
15.192 |
12.015 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings (FOB) |
48.532 |
72.373 |
27.407 |
|
|
TOTAL EARNINGS |
48.532 |
72.373 |
27.407 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.777 |
Nil |
Nil |
|
|
|
Fragrance and Packing Materials |
8.099 |
2.839 |
3.522 |
|
|
TOTAL IMPORTS |
8.876 |
2.839 |
3.522 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(247) |
210 |
5.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(6.61)
|
4.16 |
0.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.03
|
5.79 |
5.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.92)
|
11.47 |
5.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.24 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
1.18 |
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05
|
3.03 |
3.14 |
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) Constitutions 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 |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
OPERATION:
The Company engaged in the activity of purchasing natural flowers and
processing it by way of drying and dyeing the flowers and exporting to foreign
countries. By this the Company made a Turnover of Rs.56.498 millions (Last Year
Rs. 76.377 millions) and earned Cash Loss of Rs.2.980 millions against Rs.
4.727 millions in the last year.
100 % EOU UNIT
The Companies Has Maintained the Status of 100% Export Oriented
Undertaking (EOU) UNDER the Ministry of Commerce and Industry, Government of
India New Delhi
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U15495TZ2003PTC010437 |
|
Name of the
company |
SALEM SPICES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
·
IIND Floor, 3 19 D 3 Rajaji Avenue, New
fairlands, Salem, Tamilnadu 636016, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10208667 |
|
Type of charge |
- Others (Change in Rate of Interest as per
RBI Guidelines) |
|
Particular of
charge holder |
|
|
Nature of
instrument creating charge |
Amendment cum
Link Agreement |
|
Date of
instrument Creating the charge |
21.03.2012 |
|
Amount secured by
the charge |
Rs.15.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Presently BR +
3.25 % i.e. 13.25 %. As decided by the bank from time to time. Terms of Repayment On demand for a period of 180 days Margin 10% Extent and Operation of the charge Security offered
for repayment of loans on dues with other cost |
|
Short particulars
of the property charged |
Hypothecation of
entire current assets like stocks and receivables |
|
Particulars of the
present modification |
Modified Rate of
Interest with effect from 01.07.2010. The rate of interest sanctioned was
BPLR - 3.25%. The revised rate of interest is BR+3.25% |
FIXED ASSETS
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.55.60 |
|
|
1 |
Rs.87.34 |
|
Euro |
1 |
Rs.70.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
32 |
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.