MIRA
INFORM REPORT
|
Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
STMPL ENTERPRISES PRIVATE LIMITED (w.e.f. 03.10.2011) |
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Formerly Known
As : |
SURAT TIMBER MART PRIVATE LIMITED |
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Registered
Office : |
B/20, 2nd Floor, Shree Ram Industrial Estate, Ambedkar Raod, New
Wadala Telepone Exchange, Wadal, Mumbai -400031, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
25.09.2007 |
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Com. Reg. No.: |
11-190032 |
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Capital
Investment / Paid-up Capital : |
Rs.45.100 Millions |
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CIN No.: [Company Identification
No.] |
U74900MH2007PTC190032 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS72337G |
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PAN No.: [Permanent Account No.] |
AALCS5600C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer and Exporter of Timber |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
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 190000 |
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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. Liquidity of the
company appears to be insufficient. Profitability of the company appears to be low. 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 caution.
|
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 DECLINED
|
Name : |
Mr. Sanjay |
|
Designation : |
Account Manager |
|
Date : |
13.09.2012 |
LOCATIONS
|
Registered Office : |
B/20, 2nd Floor, Shree Ram Industrial Estate, Ambedkar Raod, New
Wadala Telepone Exchange, Wadal, Mumbai -400031, Maharashtra, India |
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Tel. No.: |
91-22-24101141 / 42, 24171138 / 39 |
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Fax No.: |
91-22-24171108 |
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E-Mail : |
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Corporate Office : |
1/2, Opposite V-Trans Company, Near Kashiram textile Mill, N.H. No.8, Isanpur
Narol Road, Ahmedabad – 382405, Gujarat, India |
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Tel. No.: |
91-79-25736126 |
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Fax No.: |
91-79-25736127 |
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E-Mail : |
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Branch Office : |
C/608, International Trade Center, Majuragete Crossing Ring Road,
Surat – 395002, Gujarat, India |
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Tel. No.: |
91-261-2477757 |
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Fax No.: |
91-261-2477758 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Fidaali Moiz Mithiborwala |
|
Designation : |
Managing director |
|
Address : |
Flat No: 20, 4th Floor, West View Bldg. No: 3, SV Road,
Santacruz (West), Mumbai, 400054, Maharashtra, India |
|
Date of Appointment : |
01.02.2011 |
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DIN No.: |
02138292 |
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Name : |
Mr. Rukaiya Fidaali Mithiborwala |
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Designation : |
Director |
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Address : |
9/3, West View Building No: 3, S V Road, Santacruz (West),
Mumbai - 400054, Maharashtra, India |
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Date of Appointment : |
15.03.2011 |
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DIN No.: |
02125262 |
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Name : |
Mr. Rayhan Moiz Mithiborwala |
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Designation : |
Director |
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Address : |
Firdos Opposite Benazir Society, Behind Mira Cinema
Shahalam, Ahmedabad -380028, Gujarat, India |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
03413510 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rukaiya Fidaali Mithiborwala |
|
587000 |
|
Fidaali Moiz Mithiborwala |
|
3923000 |
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Total |
|
4510000 |
As on 30.06.2012
|
Names of Shareholders |
|
No. of Shares |
|
Fidaali Moiz Mithiborwala |
|
1250000 |
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Rayhan Mithiborwala |
|
1250000 |
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Total |
|
2500000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer and Exporter of Timber |
GENERAL INFORMATION
|
Suppliers : |
· Fortune Globle Trading Llc · Mk Wood India Private Limited · Kejriwal Exports Limited · Rotomac Exports Private Limited · Raj Timber and Steel · Dipar International Fze · Shree Shyam Industries ·
Foshan Mainland Import and Export Company
Limited |
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Customers : |
· Alok Timber House · Fm Trading Zona Libre · Ambika Timber Mart · Darshan Enterprise · K M Patel and Company · Shiddhi Vinayak Impex · Kalptaru Industries · Maharashtra Build.Materials Private Limited · Mahavir Timber Mart · New York Timber · Parasmani Enterprise · Patidar Saw Mill · S.R.K. Global Pte Limited · Shree Laxmi Timber Glass and Plywood · Surat Timber Mart · Shree Vijay Saw Mill · Sudarshan Timber ·
Vishnu Saw Mill |
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No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank Limited ·
Indian Overseas Bank, Ashram Road, Ahmedabad -
380009, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suresh Hegde Chartered Accountant |
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Address : |
102, Asavari Apartment Opposite Naval Main Gate, Lbs Road,
Ghatkopar (West), Mumbai – 400086, Maharashtra, India |
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Tel. No.: |
91-22-25157897 / 25119219 |
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E-Mail : |
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PAN.: |
AAAPH4848P |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7010000 |
Equity Shares |
Rs.10/- each |
Rs.70.100
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
4510000 |
Equity Shares |
Rs.10/- each |
Rs.45.100
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
45.100 |
23.500 |
23.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.601 |
2.250 |
0.748 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
49.701 |
25.750 |
24.248 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
3.645 |
14.295 |
38.422 |
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TOTAL BORROWING |
3.645 |
14.295 |
38.422 |
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DEFERRED TAX LIABILITIES |
0.006 |
0.000 |
0.000 |
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TOTAL |
53.352 |
40.045 |
62.670 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.458 |
0.566 |
0.647 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
25.171 |
48.937 |
50.443 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.00 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
1.382
|
0.000 |
3.495 |
|
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Sundry Debtors |
137.786
|
156.910 |
144.759 |
|
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Cash & Bank Balances |
23.256
|
1.579 |
3.505 |
|
|
Other Current Assets |
6.111
|
1.064 |
0.622 |
|
|
Loans & Advances |
8.880
|
25.047 |
20.989 |
|
Total
Current Assets |
177.415
|
184.600 |
173.370 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
137.134
|
183.068 |
159.623 |
|
|
Other Current Liabilities |
9.734
|
8.169 |
1.171 |
|
|
Provisions |
2.953
|
2.983 |
1.213 |
|
Total
Current Liabilities |
149.821
|
194.220 |
162.007 |
|
|
Net Current Assets |
27.594
|
(9.620) |
11.363 |
|
|
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.129 |
0.162 |
0.217 |
|
|
|
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|
|
|
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TOTAL |
53.352 |
40.045 |
62.670 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
305.246 |
235.067 |
241.544 |
|
|
|
Other Income |
7.606 |
2.319 |
2.217 |
|
|
|
TOTAL |
312.852 |
237.386 |
243.761 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase / Decrease in Stock |
(1.382) |
3.495 |
|
|
|
|
Purchases |
279.905 |
183.293 |
|
|
|
|
Direct Expenses |
24.816 |
43.355 |
|
|
|
|
Administrative Expenses |
5.858 |
4.788 |
|
|
|
|
Preliminary Expenses Written off |
0.032 |
0.054 |
|
|
|
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TOTAL |
309.229 |
234.985 |
242.784 |
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.623 |
2.401 |
(Including
Depreciation Expenses) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.108 |
0.054 |
|
|
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|
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|
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|
PROFIT BEFORE
TAX |
3.515 |
2.292 |
0.977 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.163 |
0.752 |
0.315 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.352 |
1.540 |
0.662 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.52 |
0.66 |
1.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.75
|
0.65 |
0.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.15
|
0.98 |
0.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.98
|
1.24 |
0.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.09 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.09
|
8.10 |
8.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
0.95 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
in Millions
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Fortune Globle Trading Llc |
71.355 |
48.984 |
47.165 |
|
Mk Wood India Private Limited |
0.303 |
0.000 |
0.133 |
|
Kejriwal Exports Limited |
0.932 |
0.932 |
0.932 |
|
Rotomac Exports Private Limited |
2.856 |
2.856 |
3.574 |
|
Raj Timber and Steel |
0.385 |
0.385 |
0.385 |
|
Dipar International Fze |
54.523 |
107.434 |
107.434 |
|
Shree Shyam Industries |
0.325 |
0.000 |
0.000 |
|
Foshan Mainland Import and Export Company Limited |
6.455 |
22.477 |
0.000 |
|
Total |
137.134 |
183.068 |
159.623 |
|
Sr. No. |
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
COMPANY BACKGROUND:
Surat Timber Mart Private Limited (the company) headquartered in Mumbai is in the business on importing and exporting of timber and reselling in domestically and on high sea and export
Note:
The registered office of the company has been shifted from
Hallmark Complex, 2nd Floor, Office No.224, Near Vasant Oscar, L.B.S Marg,
Mulund (West), Mumbai – 400080, Maharashtra, India to present address w.e.f.30.09.2011
FIXED ASSETS
· Air Conditioner
· Bycycle
· Computer
· Furniture and Fixtures
· Land
· Machinery
· Motor Car
· Vehicle
· Printer
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.55.44 |
|
|
1 |
Rs.89.31 |
|
Euro |
1 |
Rs.71.62 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
33 |
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.