MIRA
INFORM REPORT
|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
S.S. FLEXIPACK PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Opposite Hotel Barkha, |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.08.1995 |
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|
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|
Com. Reg. No.: |
53-009871 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs. 2.559 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202CT1995PTC009871 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPS02561G |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer of Laminated and Flexible Packaging Films |
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 39000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported to be fair. Business is active. Payments are reported
to be usually correct and as per commitment. The company can be considered for normal business dealing 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Sanjay Lodha |
|
Designation : |
Director |
|
Contact No.: |
91-9425206591 |
|
Date : |
20.06.2012 |
LOCATIONS
|
Registered Office : |
Opposite Hotel Barkha, Station Road, Raipur-492009, Chhattisgarh,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9425206591 (Mr. Sanjay Lodha) |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Sanjay Kumar Ladha |
|
Designation : |
Director |
|
Address : |
6, Mandir Path Choubey Colony, Raipur-492001, Chhattisgarh, India |
|
Date of Birth/Age : |
21.01.1956 |
|
Date of Appointment : |
28.08.1995 |
|
DIN No.: |
00401003 |
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 |
U25202CT1995PTC009871 |
S.S.FLEXIPACK
PRIVATE LIMITED |
Director |
28-08-95 |
28-08-95 |
Active |
NO |
|
2 |
U25200CT2010PTC021877 |
S.S.
EXTRUSION PRIVATE LIMITED |
Director |
28-05-10 |
28-05-10 |
Active |
NO |
|
Name : |
Ms. Sunita Ladha |
|
Designation : |
Director |
|
Address : |
6, Mandir Path Choubey Colony, Raipur-492001, Chhattisgarh, India |
|
Date of Birth/Age : |
31.10.1963 |
|
Date of Appointment : |
28.08.1995 |
|
DIN No.: |
00401120 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Sanjay Ladha |
10605 |
|
Sunita Ladha |
6985 |
|
Sayyam Ladha |
8000 |
|
TOTAL |
25590 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Laminated and Flexible Packaging Films |
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|
|
|
Products : |
Packaging Materials (laminated paper and flexible films) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
|
|
|
|
Laminated and Flexible Packaging Films |
In Kgs. |
864430.25 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Small Industries Development Bank of India, 2nd
Floor, Chawla Complex, Sai Nagar, Devendra Nagar Road, Raipur-492009,
Chhattisgarh, India ·
State Bank of India, Medium Enterprises Sales
Hub, Main Branch Premises, Jaistambh Chowk, Raipur-492001, Chhattisgarh,
India ·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Anup S. Khasgiwala and Company Chartered Accountant |
|
Address : |
A/3, Mahavir Goushala Complex, K K Road, Moudhapara, Raipur-492009,
Chhattisgarh, India |
|
Tel. No.: |
91-771-2887051 |
|
Mobile No.: |
91-9329111605 |
|
Pan No.: |
AEWPK4436J |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- each |
Rs. 4.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25590 |
Equity Shares |
Rs.100/-
each |
Rs. 2.559
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 |
2.559 |
2.559 |
2.559 |
|
|
2] Share Application Money |
3.090 |
2.815 |
2.190 |
|
|
3] Reserves & Surplus |
4.210 |
4.210 |
7.949 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.859 |
9.584 |
12.698 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.805 |
8.492 |
12.208 |
|
|
2] Unsecured Loans |
13.607 |
6.183 |
4.833 |
|
|
TOTAL BORROWING |
21.412 |
14.675 |
17.041 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
PROFIT AND LOSS ACCOUNT |
4.646 |
4.231 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
35.917 |
28.490 |
29.739 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
19.379 |
18.080 |
17.744 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.475
|
6.510 |
12.640 |
|
|
Sundry Debtors |
26.181
|
7.540 |
8.423 |
|
|
Cash & Bank Balances |
0.506
|
3.078 |
0.454 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.212
|
1.962 |
3.525 |
|
Total
Current Assets |
36.374
|
19.090 |
25.042 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
8.573 |
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
0.202
|
0.107 |
0.075 |
|
Total
Current Liabilities |
19.836
|
8.680 |
13.047 |
|
|
Net Current Assets |
16.538
|
10.410 |
11.995 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
35.917 |
28.490 |
29.739 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
144.979 |
129.980 |
159.536 |
|
|
|
Other Income |
0.787 |
0.161 |
1.977 |
|
|
|
TOTAL (A) |
145.766 |
130.141 |
161.513 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
128.487 |
116.235 |
122.980 |
|
|
|
Payment and Provisions for Employees |
3.346 |
2.503 |
0.000 |
|
|
|
Manufacturing and Other Expenses |
5.648 |
4.888 |
27.241 |
|
|
|
Increase / Decrease in Stock of Work-in-Progress and Finished Goods |
2.564 |
1.843 |
5.797 |
|
|
|
TOTAL (B) |
140.045 |
125.469 |
156.018 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.721 |
4.672 |
5.495 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.888 |
1.165 |
2.283 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.833 |
3.507 |
3.212 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.991 |
2.755 |
2.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.842 |
0.752 |
0.703 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.427 |
0.260 |
0.247 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.415 |
0.492 |
0.456 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.230 |
3.738 |
3.282 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.645 |
4.230 |
3.738 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.22 |
19.23 |
14.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.28
|
0.38 |
0.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.58
|
0.58 |
0.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.51
|
2.02 |
1.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.18
|
2.44 |
2.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
2.20 |
1.92 |
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 |
Yes |
|
10. Designation of contact person |
Yes |
|
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 |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
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 |
PERFORMANCE
The sales in the current year are Rs. 167.276 Millions as compared to
Rs. 146.469 Millions in the previous year, and the net profit after tax is Rs. 0.415
million as compared to Rs. 0.492 million in the previous year.
FORM 8
|
Corporate
identity number of the company |
U25202CT1995PTC009871 |
|
Name of the
company |
S.S.FLEXIPACK
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Opposite Hotel Barkha, Station Road, Raipur-492009, Chhattisgarh, India |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
10214560 |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
State Bank of India, Medium Enterprises Sales Hub, Main Branch Premises, Jaistambh Chowk, Raipur-492001, Chhattisgarh, India |
|
Nature of
instrument creating charge |
1. SME-1: Letter
of Arrangement 2. SME-3:
Guarantee Agreement 3. SME-4:
Supplemental Agreement of Loan-Cum-Hypothecation 4. SME-7:
Memorandum For Recording Extension of Mortgage |
|
Date of
instrument Creating the charge |
14.05.2011 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 6% above Base
Rate which is presently 9.25% per annum, present effective rate 15.25%
payable with monthly rest. Terms of repayment On Demand Margin 1. Raw Material
25% 2. Finished Goods
25% 3. Book Debts
(cover period 45 days) 40% |
|
Short particulars
of the property charged (Including location of the property) |
Primary Security:
Entire stock of Raw Material, Finished Goods, stock in process, stores and
spares, packing material at factory premises or some other places including
goods in transit, book debts etc. Collateral: i)
Leased
Factory Land and Building at Plot No. 22, Urla Industrial Area, Village-
Achholi, Raipur (C.G.) ii)
Leased
Factory Land and Building at Plot No. 22A, Urla Industrial Area, Village-
Achholi, Raipur (C.G.) iii)
Residential
Flat at Unit No. 501, Block-5, Ashoka Ratan, PH No. 110, Shankar Nagar,
Raipur (C.G.) in the name of Sanjay Ladha |
|
Date of
instrument modifying the charge |
29.03.2010 |
|
Particulars of
the present modification |
Charge Modification
Vide Agreement Dated 14/05/2011 for financial facilities limit enhanced from
Rs. 9.000 Millions to Rs. 15.000
Millions as following: Cash Credit
(Hypothecation) Rs. 15.000 Millions CC(Book Debts)
within CC above (9.000 Millions) |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 56.99 |
|
|
1 |
Rs. 88.97 |
|
Euro |
1 |
Rs. 71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.