MIRA
INFORM REPORT
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Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SMI COATED PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
51, Shiv Shakti Industrial Estate, Opposite Mittal Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
11-139869 |
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Capital
Investment / Paid-up Capital : |
Rs.19.600 Millions |
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CIN No.: [Company Identification
No.] |
U74999MH2003PTC139869 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19177E |
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PAN No.: [Permanent Account No.] |
AAHCS411SN |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Lable Stock, Solutions. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 513000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory
track. Directors are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are reported as fair. Payments are
usually correct and as per commitments.
The company can be considered normal for business dealings
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.
INFORMATION DECLINED
Management Non-Cooperative
LOCATIONS
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Registered Office : |
51, Shiv Shakti Industrial Estate, Opposite Mittal Estate,
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Tel. No.: |
91-22-66924530/31 |
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Mobile No.: |
91-9867025510 (Mr. Ajay Mehta) |
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Fax No.: |
91-22-28508045/ 28523897 |
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E-Mail : |
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Website : |
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Area : |
600 sq ft |
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Location : |
Rented |
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Branch Office : |
1-B-2, |
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Tel. No.: |
91-22-42048000 |
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Fax No.: |
91-22-28523897 |
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E-Mail : |
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Area : |
1580 sq ft |
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Factory : |
Plot 39, 184/1, Agarwal Udyog Nagar, Bhimpore, |
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Area : |
15000 Sq ft (Leased) |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Ajay Omprakash Mehta |
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Designation : |
Director |
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Address : |
205-C, Kanmore
Housing Society Limited, 2nd |
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Date of Birth/Age : |
18.10.1961 |
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Qualification : |
B. Sc. |
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Date of Appointment : |
03.04.2003 |
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DIN No.: |
00208284 |
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Name : |
Mrs. Swati Ajay Mehta |
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Designation : |
Director |
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Address : |
205-C, Kanmore
Housing Society Limited, 2nd |
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Date of Birth/Age : |
14.01.1963 |
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Qualification : |
B. Com. |
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Date of Appointment : |
10.05.2003 |
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DIN No.: |
00208327 |
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Name : |
Mr. Rohit Ajay Mehta |
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Designation : |
Director |
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Address : |
101-Tej Mahan Apartment, Nargish Compound, J.B. Nagar,
Andheri (East), Mumbai-400069, |
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Date of Birth/Age : |
29.03.1986 |
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Date of Appointment : |
30.03.2009 |
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DIN No.: |
02587850 |
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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Ajay Omprakash Mehta |
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187000 |
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Shakuntala Omprakash Mehta |
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2000 |
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Swati Ajay Mehta |
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7000 |
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TOTAL |
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196000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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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 Lable Stock, Solutions. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Ř
State Bank of Ř
Citi Bank N.A., Ř
Standard Chartered Bank, SME Credit, 23-25, M G
Road, Fort, Mumbai-400 001, Maharashtra, India Ř
HDFC Bank Limited Ř
Small Industrial Development Bank of India,
Samruddhi Ventures Park, Upper Ground Floor, Marol, MIDC Road, MIDC
Industrial Area, Andheri (E), Mumbai-400093, Maharashtra, India Ř
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of Ř
Kotak Mahindra Bank Limited Ř
CIti Bank, Trent House, 2nd Floor, G
Block, Plot No. C-60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
U. D. Kachare and
Company Chartered Accountants |
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Address : |
C-6, Saraswati Apartment, Laxmi Nagar, |
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Tel. No.: |
91-22-28057040/28651947 |
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Fax No.: |
91-22-28651947 |
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E-Mail : |
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PAN.: |
AAHPK2745B |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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196000 |
Equity Shares |
Rs.100/- each |
Rs.19.600
Millions |
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Above 186500 shares fully paid up issue for consideration other than
cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.600 |
19.600 |
19.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
108.675 |
88.978 |
75.251 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
128.275 |
108.578 |
94.851 |
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LOAN FUNDS |
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1] Secured Loans |
203.510 |
173.116 |
149.650 |
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2] Unsecured Loans |
8.706 |
8.665 |
11.168 |
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TOTAL BORROWING |
212.216 |
181.781 |
160.818 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.273 |
0.785 |
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TOTAL |
340.491 |
290.632 |
256.454 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
75.012 |
76.668 |
77.247 |
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Capital work-in-progress |
0.000 |
4.945 |
4.182 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.073 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
112.778
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82.953
|
75.001
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Sundry Debtors |
236.773
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229.280
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165.200
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Cash & Bank Balances |
8.818
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2.282
|
0.841
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Other Current Assets |
5.579
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44.390
|
29.893
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Loans & Advances |
63.587
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1.449
|
1.249
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Total
Current Assets |
427.535
|
360.354 |
272.184 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
124.490
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128.535
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82.162
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Other Current Liabilities |
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Provisions |
37.639
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22.800
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14.997
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Total
Current Liabilities |
162.129
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151.335
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97.159
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Net Current Assets |
265.406
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209.019
|
175.025
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
340.492 |
290.632 |
256.454 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
789.267 |
651.053 |
538.681 |
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Other Income |
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TOTAL |
789.267 |
651.053 |
538.681 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
756.815 |
619.092 |
512.283 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
32.452 |
31.961 |
26.398 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
12.755 |
10.823 |
6.702 |
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PROFIT BEFORE
TAX |
19.697 |
21.138 |
19.696 |
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Less |
TAX |
10.200 |
7.387 |
6.443 |
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PROFIT AFTER TAX
|
9.497 |
13.751 |
13.253 |
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EARNINGS IN
FOREIGN CURRENCY |
401.916 |
257.606 |
232.774 |
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IMPORTS |
301.874 |
202.558 |
157.637 |
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Earnings Per
Share (Rs.) |
48.45 |
70.16 |
67.61 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.21
|
2.11
|
2.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.92
|
4.84
|
5.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.19
|
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.92
|
3.07
|
2.72 |
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Current Ratio (Current Asset/Current Liability) |
|
2.64
|
2.38
|
2.80 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
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Sundry Creditors |
124.490 |
128.535
|
82.162
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Financial Results
During
the Financial year ended 31st March, 2011, the Company has earned
gross income of Rs.789.267 millions. The Company has earned net profit of
Rs.19.697 millions after making provision of current years tax of Rs.10.200
millions and depreciation of Rs.12.755 millions. The Company is utilizing its
available resources to optimum level to increase the volume.
The
Company has transferred an amount of Rs.5.000 millions to General Reserves.
FORM 8
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Corporate
identity number of the company |
U74999MH2003PTC139869 |
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Name of the
company |
S M I COATED
PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
51, Shiv Shakti Industrial Estate, Opposite Mittal Estate,
Email: smind1@vsnl.com |
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This form is for |
Modification of
charge |
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Charge
identification (ID) number of the charge to be modified |
80011245 |
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Type of charge |
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Particular of
charge holder |
CIti Bank, Trent House, 2nd Floor, G Block,
Plot No. C-60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Email: vlaxman@vsnl.com |
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Nature of
instrument creating charge |
Deed of
Modification. |
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Date of
instrument Creating the charge |
30.09.2011 |
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Amount secured by
the charge |
Rs.125.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate/s as may be determined by the Bank from time to time. Terms of
Repayment On demand Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge Hypothecation of Current
Assets on First Pari passu charge basis to Citibank NA more particularly
described in Column No.15 as security
for the repayment of Rs.125.000 millions granted by Citibank N.A., together
with all interest, liquidated damages, premier on prepayment or on
redemption, costs, charges and other expenses payable by Company to Citibank
N.A. Others The charge
created herein for Rs.125.000 millions in favour of Citibank shall rank Pari
Passu First charge basis over Current Assets, with the charges created in
favour of Standard Chartered Bank for their Fund Based and Non Fund Based
facility aggregating Rs.100.000 millions. |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by way
of First pari passu charge on Current Assets of the Company, both present and
future. |
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Date of
instrument modifying the charge |
21.09.2010 |
|
Particulars of
the present modification |
The charge shall
now stands increased from Rs.105.000 millions to Rs.125.000 millions in
favour of the Bank against the security of Current Assets of the Company. |
Fixed Assets:
Ř
Air Conditioner
Ř
Computers
Ř
Electrical Installation
Ř
Electrical Stacker
Ř
Factory Equipments
Ř
Fire Hydrants
Ř
Land
Ř
Machinery
Ř
Office Equipments
Ř
Vehicle
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.49.85 |
|
|
1 |
Rs.77.97 |
|
Euro |
1 |
Rs.65.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--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 |
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--AFFILIATION |
YES/NO |
YES |
|
--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.