MIRA INFORM REPORT

 

 

Report Date :

24.11.2012

 

IDENTIFICATION DETAILS

 

Name :

SIGNATURE LAMINATES PRIVATE LIMITED (w.e.f. 02.12.2011)

 

 

Formerly Known As :

HORIZONS LAM KRAFT PRIVATE LIMITED

 

 

Registered Office :

603, 6th Floor, Silicon Tower, Off: C.G.Road, Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

17.11.1999

 

 

Com. Reg. No.:

04-036896

 

 

Capital Investment/ Paid-up Capital:

Rs.9.490 Millions

 

 

CIN No.:

[Company Identification No.]

U20103GJ1999PTC036896

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer off Decorative Laminates

 

 

No. of Employees:

125 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (43)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 210000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject  is an established company having satisfactory. Profit margin of the company appears to be low. However, 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 for business dealings at usual trade terms and condition.  

 

 

NOTES:

 

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY

 

Name :

Mr. Shanak

Designation :

Finance Manager

Contact No.:

91-79-30072552

Date :

22.11.2012

 

 

LOCATIONS

 

Registered Office :

603, 6th Floor, Silicon Tower, Off: C.G.Road, Law Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-30072552

Fax No.:

91-79-30072551

E-Mail :

info@signaturelam.com

vn_signature@ricmail.com

Website :

www.signaturelam.com

Location :

Owned

 

 

Factory  :

246-247, Kanera Sarsa Road, Near Bareja, Opposite, IOC Depot, District, Kheda, Village – Kanera – 387540, Gujarat, India 

Tel. No.:

91-2694-288710

Fax No.:

91-2694 -288711

 

 

DIRECTORS

 

As on 30.09.2012

 

Name :

Mr. Chandulal Parbatbhai Patel

Designation :

Director

Address :

24 A, Mangal Park Society, Bhullabhai Park, Ahmedabad -380022, Gujarat, India

Date of Birth/Age :

23.04.1960

Date of Appointment :

17.11.1999

Din No.:

00744878

 

 

Name :

Mr. Nitinkumar Karsandas Patel

Designation :

Director

Address :

43/44, Navyug Colony, Bhulabhai Park, Ahmedabad -380022, Gujarat, India

Date of Birth/Age :

04.12.1964

Date of Appointment :

15.12.2007

Din No.:

00237655

 

 

KEY EXECUTIVES

 

Name :

Mr. Shankar

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2012

 

Names of Shareholders

 

No. of Shares

Chandulal Parbatbhai Patel

 

125000

Hemant. L. Patel

 

147490

Arun. K. Patel

 

10100

Bharatkumar. C. Patel

 

200

Bhavnaben. N. Patel

 

15100

Dineshbhai. K.Patel

 

18200

Laljibhai Patel

 

100

Geetaben. A. Patel

 

10100

Kanjibhai. T. Patel

 

18200

Karsanbhai M. Patel

 

100

Laljibhai. M. Patel

 

100

Savitriben. H. Patel l

 

100

Vinodkumar. C. Patel

 

200

Karsandas M. Patel HUF

 

20000

Laljibhai M Patel HUF

 

14000

Mavjibhai V Patel HUF

 

10000

Karsandas M. Patel

 

85987

Ganpati Infrastructure Limited, India

 

70000

Rajesh. V. Patel

 

30000

Shaily Construction Private Limited, India

 

30000

Girish. P. Patel

 

2000

Jeetendra. T. Patel

 

100

Kokilaben. B. Jain

 

30000

Padmaben. R. Shah.

 

30000

Trilokchand. H. Jain HUF

 

20000

Laxmiben. N. Patel

 

100

Vinod. T. Patel HUF

 

100

Prahlad. L. Patel

 

100

Vinod. L. Patel

 

100

Babubhai. K. Patel

 

18210

Ishwarlal. A. Patel

 

18000

Tikoo Traders Private Limited, India

 

25000

Aman. K. Agarwal

 

200

Trendline Finance Private Limited, India

 

100

Ankush Finstocks Limited. India

 

200000

Jaikishan Gupta And Arpit Gupta

 

1

Jaikishan Gupta And Navin Gupta

 

1

Jaikishan and Sons(HUF)

 

1

Navin Gupta HUF

 

1

Jitendra J Agarwal

 

1

Usha J Gupta

 

1

Janki Developers Prop:Bhumi T. Parikh

 

1

Vimlaben P .Patel

 

1

Vivek K.Jodhani

 

1

LaljiBhai M.Patel

 

1

Jasodaben C.Patel

 

1

Paras M.Patel

 

1

Ahantilal V.Patel

 

1

 

 

 

Total

 

949000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2012

 

Category

 

Percentage

 

 

 

Bodies corporate

 

24.24

Directors or relatives of directors

 

43.14

Other top fifty shareholders

 

29.48

Others

 

3.14

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer off Decorative Laminates

Exports :

 

Products :

Decorative Laminates

Countries :

UAE

 

 

Imports :

 

Products :

Raw Materials

Countries :

·         China

·         Indonesia

·         Germany

·         Korea

 

 

Terms :

 

Selling :

Cash/Credit

 

 

Purchasing :

Cash/Credit

 

 

GENERAL INFORMATION

 

Suppliers :

Himmatramka Sales Company

 

 

Customers :

Wholesalers, Retailers

·         Prince Laminates

 

 

No. of Employees :

125 (Approximately)

 

 

Bankers :

·         The Karur Vysya Bank Limited, Motilal Chambers, Near Sales India, Income Tax, Ashram Road, Navrangpura,, Ahmedabad - 380009, Gujarat, India

·         Bank of Baroda

·         The Amco Bank Limited

·         Kotak Mahindra Prime Limited

 

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

DJNV and Company

Chartered Accountant

Address :

58, White House, Panchavati Circle, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Pan No.:

AAMPP5354L

 

 

CAPITAL STRUCTURE

 

As on 31.03.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1250000

Equity Shares

Rs.10/- each

Rs.12.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

949000

Equity Shares

Rs.10/- each

Rs. 9.490 Millions

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

9.490

9.490

9.490

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

42.906

40.067

36.356

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

52.396

49.557

45.846

LOAN FUNDS

 

 

 

1] Secured Loans

8.955

2] Unsecured Loans

 

 

22.096

TOTAL BORROWING

45.354

35.469

31.051

DEFERRED TAX LIABILITIES

3.003

3.092

3.160

 

 

 

 

TOTAL

100.753

88.118

80.057

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

25.205

23.656

24.702

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.010

0.010

0.010

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
90.202

69.315

30.522

 

Sundry Debtors
110.656

99.718

94.313

 

Cash & Bank Balances
2.868

2.617

2.645

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
4.786

4.386

2.480

Total Current Assets
208.512

176.036

129.960

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
121.972

106.247

70.692

 

Other Current Liabilities
10.987

5.320

0.617

 

Provisions
0.015

0.017

3.310

Total Current Liabilities
132.974

111.584

74.619

Net Current Assets
75.538

64.452

55.341

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.004

 

 

 

 

TOTAL

100.753

88.118

80.057

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

 

SALES

 

 

 

 

 

Income

259.510

257.909

217.675

 

 

Other Income

1.750

0.656

0.107

 

 

TOTAL                                     (A)

261.260

258.565

217.782

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

222.570

216.530

 

 

Employee Benefit expenses

3.134

3.578

 

 

 

Other Expenses

32.096

40.713

 

 

 

Increase /Decrease in inventory of finished goods

(9.191)

(13.120)

 

 

 

TOTAL                                     (B)

248.609

247.701

208.202

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

12.651

10.864

9.580

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

5.319

4.185

2.191

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

7.332

6.79

7.389

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.181

2.810

2.712

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

4.151

3.869

4.677

 

 

 

 

 

Less

TAX                                                                  (H)

1.312

0.158

0.894

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2.839

3.711

3.783

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

12.395

19.158

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

31.439

39.092

NA

 

 

Capital Goods

2.045

1.008

NA

 

TOTAL IMPORTS

33.484

40.100

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.99

3.91

3.99

 

 

Expected Sales (2012-2013) : Rs.300.000 Millions

 

The above information has been parted by Mr. Shankar


 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)

1.09

1.44

1.74

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

1.60

1.50

2.15

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.78

1.94

3.02

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.08

0.10

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

3.40

3.05

2.30

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.57

1.52

1.74

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Check List by Info Agents

Available in Report [Yes/No]

Year of Establishment

Yes

Locality of the Firm

Yes

Constitution of the firm

Yes

Premises details

No

Type of Business

Yes

Line of Business

Yes

Promoters background

Yes

No. of Employees

Yes

Name of Person Contacted

Yes

Designation of contact person

Yes

Turnover of firm for last three years

Yes

Profitability for last three years

Yes

Reasons for variation <> 20%

-

Estimation for coming financial year

Yes

Capital the business

Yes

Details of sister concerns

No

Major Suppliers

Yes

Major Customers

Yes

Payment Terms

Yes

Export / Import Details [If Applicable]

Yes

Market Information

-

Litigations that the firm / promoter involved in

-

Banking Details

Yes

Banking Facility Details

No

Conduct of the banking account

-

Buyer visit details

-

Financials, if provided

Yes

Incorporation details, if applicable

Yes

Last accounts filed at ROC

Yes

Major Shareholders, if applicable

Yes

Date of Birth of Proprietor/Partner/Director, if available

Yes

PAN of Proprietor/Partner/Director, if available

No

Voter ID No of Proprietor/Partner/Director, if available

No

External Agency Rating, if available

No

 

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars

31.03.2012

31.03.2011

31.03.2010

 

 

 

 

Sundry Creditors
121.972

106.247

70.692

 

 

 

 

Total
121.972

106.247

70.692

 

 

TRADE REFERENCES

 

·         Prince Laminates

30 Lajya Silk Mills Compound, Mogra Village, Nagardas Road, Andheri (East), Mumbai – 400059,            Maharashtra, India

Contact Person: Mr. Bharat

 

·         Himmatramka Sales Company

 

Note:

 

The Registered office of the company has been shifted from 202 Jalaram Complex Nrgitamandir Gitamandir Road Ahmedabad -380022 Gujarat India to the present address w.e.f. 01.10.2006

 

 

FINANCIAL RESULTS

During the year  the company has achieved Domestic sales of Rs.261.260 Millions (Previous Year of Rs.260.846 Millions). Export Sales of Rs.12.395 Millions (Previous Year Rs. 19.158 Millions), other income of Rs.1.750 Millions (Previous Year of Rs. 0.210 Million). The Company has after making provision for depreciation of Rs.3.182 Millions (Previous Year Rs. 2.810 Millions) earned a gross profit before tax of Rs.4.150 Million (Previous Year of Rs.3.868 Millions). The Company has after making provision of various taxes earned a net profit after tax of Rs. 2.839 Millions (Previous year of Rs.3.711 Millions) which is carried to Balance Sheet for long term working capital fund strengthening purpose.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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.55.34

UK Pound

1

Rs.88.30

Euro

1

Rs.71.37

 

 

INFORMATION DETAILS

 

 

Information Gathered by :

PJA

 

 

Report Prepared by :

BYI

 

 

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

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

43

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.