|
Report Date : |
05.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUPREME POLYWEAVE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Masjid Manore, 16th |
|
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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 : |
20.09.1999 |
|
|
|
|
Com. Reg. No.: |
11-121809 |
|
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|
|
Capital
Investment / Paid-up Capital : |
Rs.2.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25202MH1999PTC121809 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS26978A |
|
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of HDPE T- Shirts Bags/ Carry Bags |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 133000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be 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.
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 : |
2nd Floor, Masjid Manore, 16th |
|
Tel. No.: |
91-22-40436565/ 22043496 |
|
Fax No.: |
91-22-22855268 |
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E-Mail : |
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Website : |
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|
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Factory 1: |
Survey No. 376/2(1), Zari – |
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|
|
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Factory 2 : |
Solapur – 413006, |
DIRECTORS
As on 12.09.2011
|
Name : |
Mr. Rajgopal Balaram Bang |
|
Designation : |
Director |
|
Address : |
122, |
|
Date of Birth/Age : |
15.08.1959 |
|
Date of Appointment : |
15.03.2000 |
|
DIN No.: |
00235626 |
|
|
|
|
Name : |
Mr. Vasudev Rangnath Bang |
|
Designation : |
Director |
|
Address : |
Gopi Kunj Samrat Chowk, Solapur – 413006,
|
|
Date of Birth/Age : |
09.06.1973 |
|
Date of Appointment : |
15.03.2000 |
|
DIN No.: |
00235992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sampat Kumar Bang |
|
5000 |
|
Sridhar Bang |
|
18500 |
|
Sarad Kumar Bang |
|
16500 |
|
Ram Kumar Bang |
|
33000 |
|
Narayan Das Bang |
|
3500 |
|
|
|
8500 |
|
Sudarshan Bang |
|
16500 |
|
Balaram Bang |
|
36500 |
|
Venugopal Bang |
|
3500 |
|
Raj Gopal Bang |
|
3500 |
|
Raghuvendra Bang |
|
16500 |
|
Rangnath Bang |
|
20000 |
|
Pushpadevi R Bang |
|
8000 |
|
Varadraj Bang |
|
3500 |
|
Vasudev Bang |
|
13500 |
|
Laxminivas S Bang |
|
26500 |
|
Brijgopal Bang |
|
17000 |
|
TOTAL |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of HDPE T- Shirts Bags/ Carry Bags |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
K. M. Garg and Company Chartered Accountant |
|
Address : |
603/604, Unique Tower, Off. |
|
PAN.: |
AAEFK4654J |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 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 |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.647 |
29.965 |
23.766 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.147 |
32.465 |
26.266 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13.676 |
14.122 |
13.138 |
|
|
2] Unsecured Loans |
0.000 |
4.305 |
3.614 |
|
|
TOTAL BORROWING |
13.676 |
18.427 |
16.752 |
|
|
DEFERRED TAX LIABILITIES |
1.160 |
1.597 |
1.891 |
|
|
|
|
|
|
|
|
TOTAL |
47.983 |
52.489 |
44.909 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.803 |
18.348 |
21.576 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.087 |
0.087 |
0.087 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.897
|
14.369 |
13.372 |
|
|
Sundry Debtors |
16.982
|
17.946 |
9.347 |
|
|
Cash & Bank Balances |
3.294
|
1.744 |
1.045 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
15.659
|
10.983 |
7.587 |
|
Total
Current Assets |
54.832
|
45.042 |
31.351 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
18.836
|
4.859 |
5.143 |
|
|
Other Current Liabilities |
0.758
|
0.000 |
0.000 |
|
|
Provisions |
6.145
|
6.129 |
2.962 |
|
Total
Current Liabilities |
25.739
|
10.988 |
8.105 |
|
|
Net Current Assets |
29.093
|
34.054 |
23.246 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
47.983 |
52.489 |
44.909 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
SALES |
NA |
132.504 |
NA |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
124.720 |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.414 |
7.617 |
6.863 |
|
|
|
|
|
|
|
Less |
TAX |
(0.268) |
1.418 |
1.272 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.682 |
6.199 |
5.591 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.73 |
24.80 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.56
|
12.00 |
12.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.23 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
0.91 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
4.10 |
3.87 |
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
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 |
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 |
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 |
OPERATIONS
The company’s performance has been pressure for
the year due to sharp increase in cost of Raw material as compared to last
year. The company has registered a net profit of Rs.0.682 millions in the year
as against Rs.6.199 millions in the previous year.
FORM 8
|
Corporate identity
number of the company |
U25202MH1999PTC121809 |
|
Name of the
company |
SUPREME POLYWEAVE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, Masjid Manore, 16th Email: bangdata@banggroup.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Citi Bank, N.A, Trent House, 2nd Floor, G Block, Plot No.
C/60, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Email: vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Goods Security
Agreement. |
|
Date of
instrument Creating the charge |
06.07.2010 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on
principal amount of the aforesaid fund based facilities advanced and
outstanding form time to time @ 11.5% p.a. (as announced from time to time
exclusive of applicable interest tax). Terms of
Repayment On Demand Margin 25% against
Stocks and Book Debts. Extent and
Operation of the charge The hypothecated
First charge on Assets, shall be remain as security to the Bank for the due
repayment by the Borrower to the Bank of the credit facilities together with
interest, costs, charges and expenses and other monies payable by the
Borrower and also for due payment and discharge of all indebtedness/liability
of the Borrower to the Bank. Others The Borrower
expressly recognises and accepts that the Bank shall be absolutely entitled
and have full power/authority to sell, assign or transfer in any manner and
on such terms as the Bank may decide any or all outstanding dues of the
Borrower to any third party of the Bank's choice without any further
reference or intimation to the Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of
movable current assets, including stocks of raw materials, goods in process of manufacture,
semi-finished goods and all finished The Whole of
borrower's present and future book debts, outstanding Monies, receivables,
claims, bills, investments, rights to or on movable properties. |
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
MYI |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.