MIRA
INFORM REPORT
|
Report Date : |
05.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
STORSACK INDIA PRIVATE LIMITED |
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Registered
Office : |
103, Atlanta, Nariman Point, Mumbai 400021, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
04.12.2003 |
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Com. Reg. No.: |
143383 |
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Capital
Investment / Paid-up Capital : |
Rs. 15.000 millions |
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CIN No.: [Company Identification
No.] |
U25202MH2003PTC143383 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of HDPE/ LDPE Bags. |
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No. of Employees
: |
11 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 97712 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has incurred some losses in the current year i.e. 2009-10. 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 dealings 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ganesh |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-66356543 |
|
Date : |
02.03.2012 |
LOCATIONS
|
Registered Office : |
103, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India |
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Tel. No.: |
91-22-66356543 |
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Fax No.: |
91-22-66356544 |
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E-Mail : |
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Website : |
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Factory 1: |
Located At: Kalian |
DIRECTORS
AS ON 29.06.2011
|
Name : |
Mr. Sanjay Hasmukh Parekh |
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Designation : |
Whole Time Director |
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Date of Appointment : |
04.12.2003 |
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|
Name : |
Mr. Bruce Allen Boyd |
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Designation : |
Director |
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Date of Appointment : |
31.03.2010 |
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Name : |
Mr. Prashant Mavani |
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Designation : |
Director |
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Date of Birth/Age : |
23.05.1972 |
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Date of Appointment : |
01.09.2005 |
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|
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|
Name : |
Mr. Simon Wildi |
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Designation : |
Director |
|
Date of Appointment : |
01.08.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.06.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Sanjay Hasmukh Parekh |
70000 |
|
Rimpal Parekh |
5000 |
|
Storsack Holding Gmbh, Germany |
425000 |
|
Total
|
500000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Storsack Holding Gmbh, Germany |
1000000 |
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Total
|
1000000 |
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AS ON 29.06.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
85.00 |
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Directors or relatives of directors |
|
15.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of HDPE/ LDPE Bags. |
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Exports : |
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Products : |
HDPE Bags |
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Countries : |
UAE, Korea, Germany |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Qatar, China |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
Reliance |
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Customers : |
·
Wholesaler ·
Retailers ·
IOC ·
Micro Inks Limited |
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No. of Employees : |
11 Approximately |
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Bankers : |
·
Axis Bank Limited, Nariman Point Branch, Ground
Floor, ·
ICICI Bank Limited ·
Deutsche Bank ·
Union Bank of India |
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Facilities : |
Cash Credit and Term Loan Rs. 75.000
millions (Axis Bank Limited) Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R C Reshamwala and Company Chartered Accountant |
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Address : |
323, Varma Chambers, Mumbai 400001, Maharashtra, India |
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Holding Company : |
Storsack Holding GmbH , Germany |
CAPITAL STRUCTURE
AS ON 29.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1000000 |
Equity Shares |
Rs. 10 each |
Rs.10.000 millions |
|
1000000 |
5 % Redeemable Preference Shares |
Rs. 10 each |
Rs. 10.000 millions |
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|
|
|
Rs. 20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000 millions |
|
1000000 |
5 % Redeemable Preference Shares
Issued in Lieu of Unsecured ECB Loan pursuant to RBI Order. |
Rs. 10 each |
Rs. 10.000 millions |
|
|
|
|
Rs. 15.000
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
|
Particulars |
|
|
31.12.2011 |
|
Sales Turnover (Approximately) |
|
|
300.000 |
Expected Sales (2011-2012) : Rs.320.000
The above information has been parted by Mr. Ganesh
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.428 |
10.847 |
8.782 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.428 |
25.847 |
23.782 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
24.828 |
23.245 |
15.066 |
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2] Unsecured Loans |
31.699 |
31.117 |
38.084 |
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|
TOTAL BORROWING |
56.527 |
54.362 |
53.150 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.169 |
0.151 |
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|
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TOTAL |
80.955 |
80.378 |
77.083 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.269 |
9.931 |
7.228 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.007 |
0.004 |
0.005 |
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DEFERREX TAX ASSETS |
0.537 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
|
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Inventories |
27.285
|
23.036 |
30.173 |
|
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Sundry Debtors |
44.967
|
47.666 |
40.229 |
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|
Cash & Bank Balances |
20.628
|
9.276 |
13.119 |
|
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Other Current Assets |
8.407
|
10.555 |
6.131 |
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Loans & Advances |
37.603
|
31.382 |
11.634 |
|
Total
Current Assets |
138.890
|
121.915 |
101.286 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.190
|
43.413 |
22.691 |
|
|
Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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|
Provisions |
11.558
|
8.144 |
8.851 |
|
Total
Current Liabilities |
63.748
|
51.557 |
31.542 |
|
|
Net Current Assets |
75.142
|
70.358 |
69.744 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.085 |
0.106 |
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TOTAL |
80.955 |
80.378 |
77.083 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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|
|
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|
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Sales |
283.440 |
259.487 |
252.909 |
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Other Income |
0.629 |
2.281 |
2.152 |
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|
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TOTAL (A) |
284.069 |
261.768 |
255.061 |
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Less |
EXPENSES |
|
|
|
|
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Selling and Distribution Expenses |
|
|
|
|
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|
Office Expenses |
283.158 |
259.530 |
249.913 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
283.158 |
259.530 |
249.913 |
|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.911 |
2.238 |
5.148 |
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.911 |
2.238 |
5.148 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
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|
PROFIT BEFORE
TAX (E-F) (G) |
0.911 |
2.238 |
5.148 |
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|
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Less |
TAX (H) |
2.330 |
0.758 |
0.988 |
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|
PROFIT AFTER TAX
(G-H) (I) |
(1.419) |
1.480 |
4.160 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.847 |
8.782 |
NA |
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
34.003 |
NA |
NA |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9.397 |
19.415 |
NA |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
(0.50)
|
0.56 |
1.63 |
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.32
|
0.86 |
2.03 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.63
|
1.69 |
4.74 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.08 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.92
|
4.10 |
3.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
2.36 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.12.2010
|
31.12.2009 |
31.12.2008 |
|
|
|
|
|
|
Sundry Creditors |
52.190
|
43.413 |
22.691 |
FINANCIAL RESULTS
During the year ended 31st December, 2010, the total sales of
the Company amounted to Rs.283.440 millions as against Rs.259.487 millions
during the previous year and Other Income amounted to Rs. 0.629 million as
against Rs.2.281 millions for the previous year. After deducting total
expenditure of Rs 283.558 millions previous year Rs. 259.530 millions, the
profit after depreciation but before tax amounted to Rs.0.911 million as
against previous year Rs.2.238 millions.
FIXED ASSETS:
·
Furniture and Fixtures
·
Computers
·
Office Equipments
·
Repaors in Rented
Premises
·
Technical Equipments and
Machineries
·
Vehicles
FORM 8
|
Corporate
identity number of the company |
U25202MH2003PTC143383 |
|
Name of the
company |
STORSACK INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
103, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited, Nariman Point Branch, Ground Floor, Atlanta
Building, Nariman Point, Mumbai-400021, Maharashtra, India Email: adlalwani@rediffmail.com |
|
Nature of
instrument creating charge |
-- |
|
Date of
instrument Creating the charge |
23.11.2011 |
|
Amount secured by
the charge |
Rs. 75.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As Stipulated By
Bank From Time To Time Terms of repayment As Stipulated By
Bank From Time To Time Margin As Stipulated By
Bank From Time To Time Extent and operation of the charge First
Charge(Present And Future)=Total Limit Rs.75.000 millions (Cash
Credit=Rs.75.000 millions) Sub Limit Under
C.C.=(1) L.C.=Rs.30.000 millions (2) B.G.=Rs.20.000 millions (3)Ler=Rs.2.600
millions Other As Stipulated By
Bank From Time To Time And As Per Agreement Attached And As Per Sanction
Letter Of The Bank |
|
Short particulars
of the property charged (Including location of the property) |
First
Charge(Present And Future) On Following Assets :-(1) (1)Hypothection Of
All Goods/ Stock/ Inventories/ Products Kept At Borrower Place/ Premises/
Factories/ Godown Etc Or Whereeverelse Or In Transit Including Bought Under
Letter Of Credit/Under Bank Finance (2) Hypothection
Of All Book Debts And Receivables (4)Hypothection Of
All Current Assets Of The Company, Present And Future (5) Continued
Security Of All Securities Given At The Time Of Creation And Subsequent
Charges |
|
Particulars of
the present modification |
By This
Modification Bank Has Allowed Ler Limit Of Rs.2.600 millions As A Sub Limit
Of C.C.,By This Total Limit Will
Remain Same ,By This Modification Now Charge Will Stand For Rs.75.000
millions (Cash Credit=Rs.75.000 millions) Sub Limit Under Cash Credit:-(1)
L.C.=Rs.30.000 millions (2) B.G.=Rs.20.000 millions (3)Ler=Rs.2.600 millions
,Securities Are Continuted As Given By Original Charge As Well As By
Modifications |
|
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 |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
-- |
|
8) No. of employees |
Yes |
|
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 |
-- |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
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.49.35 |
|
|
1 |
Rs.78.68 |
|
Euro |
1 |
Rs.65.63 |
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 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
29 |
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.