MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SRE MACHINERIES PRIVATE LIMITED |
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Registered
Office : |
Veera Diary Compound, Vikas Industrial Estate, Sanjay Nagar, Malad
(East), Mumbai – 400097, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.06.2005 |
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Com. Reg. No.: |
11-153815 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U29267MH2005PTC153815 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Wide Range of Industrial Laundry
Equipment, Boiler and Textile Processing Machinery. |
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No. of Employees
: |
40 (Approximately) [5 In Office and 35 In Factory] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 5000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. Trade relations are reported to be fair. Business is active. Payments
are 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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. Sudesh Janardan Vaidya |
|
Designation : |
Director |
|
Contact No.: |
91-9322828919 |
|
Date : |
25.03.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Veera Diary Compound, Vikas Industrial Estate, Sanjay Nagar, Malad
(East), Mumbai – 400097, Maharashtra, India |
|
Tel. No.: |
91-22-28411227/ 28403410 |
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Mobile No.: |
91-9322828919 (Mr. Sudesh Janardan Vaidya) |
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Fax No.: |
91-22-28491999 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Sudesh Janardan Vaidya |
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Designation : |
Director |
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Address : |
402-B, Suraj Apartment, Eksar Road, Borivali (West), Mumbai – 400103,
Maharashtra, India |
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Date of Birth/Age : |
08.05.1963 |
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Date of Appointment : |
07.06.2005 |
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DIN No.: |
00113881 |
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Other Directorship:
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Name : |
Ms. Lata Vinod Mhaskar |
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Designation : |
Director |
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Address : |
501-A, Daya Sarita, Krishnavatika Road, Gokuldham, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
04.04.1964 |
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Date of Appointment : |
07.06.2005 |
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DIN No.: |
02878373 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Lata Vinod Mhaskar |
|
500 |
|
Sudesh Janardan Vaidya |
|
500 |
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Total |
|
1000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Wide Range of Industrial Laundry
Equipment, Boiler and Textile Processing Machinery. |
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Exports : |
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Products : |
Machinery |
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Countries : |
·
Saudi Arabia ·
Dubai |
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Terms : |
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Selling : |
L/C and before delivery 10% payment |
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Purchasing : |
Depends |
GENERAL INFORMATION
|
Suppliers : |
·
A.
Bros ·
Airmax
Automation ·
Akash
Steels ·
A.K.
Steel (India) ·
Allied
Trading Company ·
Amit
And Company ·
Ashish
Brothers ·
S.
Steel Traders ·
Avishkar
Sales And Service ·
Balaji
Auto Systems ·
Bharat
Engineers ·
Bharat
Transport Company ·
Bhavani
Industries ·
Bhavya
Coats ·
Bonafide
Trading Company ·
Raja
Enterprises ·
B.
R. Stell (India) ·
Burani
Hardware ·
Colour
Chem ·
Deepali
Enterprise ·
D.S.
Engineering Works ·
Engineering
Equipment Corporation ·
Friends
Electric Work ·
Hotel
Sai Palace Indiamart Intermesh Limited ·
Industrial
Lubricants Jainam Steel ·
Jay
Engineering Industries ·
Jyoti
Joshi |
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Customers : |
·
Aamby
Valley Limited ·
Am
Synergy Private Limited ·
Denimagic
Garments Processors Private Limited ·
Eshwari
Textiles Processing Private Limited ·
Excel
Source International Private Limited ·
G
and J Garment Processors Private Limited ·
Intech
Garment Processors ·
Jayco
Gloves Manufacturing Company ·
Jupitor
Garment Processors ·
Kamiesh
Plastic Private Limited ·
Laxmi
Garment ·
LSR
Garment Private Limited. ·
Opera
Clothing ·
New
Techno Wash ·
Paramount
Lifestyle Private Limited ·
SF
Dyes Private Limited ·
Spykar
Lifestyle Private Limited ·
United
Laundry India Private Limited ·
Arrow
Clothing Private Limited ·
Kamadgiri
Fashion Limited |
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No. of Employees : |
40 (Approximately) [5 In Office and 35 In Factory] |
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Bankers : |
·
State Bank of India, Gokul Dham, Goregaon, Mumbai,
Maharashtra, India Tel
No.: 91-22-28420660/ 04729 ·
Apana Sahakari Bank, Gokul Dham, Goregaon,
Mumbai, Maharashtra, India Tel
No.: 91-22-28400044 |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dilip Kapadia And Company Chartered Accountant |
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Address : |
Room No.2, Baburao Chawl, Bachani Nagar Cross Lane, Daftary Road,
Malad (East), Mumbai – 400097, Maharashtra, India |
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Tel. No.: |
91-22-28815590/ 28800195 |
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Mobile No.: |
91-9820432763 |
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E-Mail : |
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PAN.: |
ADUPK4157H |
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Sister Concern : |
·
Fashion Creation Line
of Business: Garments Manufacture ·
Parament Life
Style Line
of Business: Garments Processing ·
Shubh Pharma
Care Line
of Business: Imparting Bulk Chemical |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1000 |
Equity Shares |
Rs.100/-
each |
Rs. 0.100
Million |
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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 |
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|
|
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.260 |
0.946 |
0.659 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.360 |
1.046 |
0.759 |
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LOAN FUNDS |
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1] Secured Loans |
0.832 |
2.239 |
3.667 |
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2] Unsecured Loans |
1.175 |
0.995 |
1.096 |
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TOTAL BORROWING |
2.007 |
3.234 |
4.763 |
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DEFERRED TAX LIABILITIES |
0.022 |
0.020 |
0.015 |
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|
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TOTAL |
3.389 |
4.300 |
5.537 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.516 |
7.562 |
7.559 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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|
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|
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INVESTMENT |
0.233 |
0.233 |
0.010 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.183
|
8.103 |
9.181 |
|
|
Sundry Debtors |
5.127
|
4.338 |
4.851 |
|
|
Cash & Bank Balances |
0.086
|
0.267 |
0.454 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.515
|
2.211 |
1.705 |
|
Total
Current Assets |
14.911
|
14.919 |
16.191 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.881
|
11.694 |
11.042 |
|
|
Other Current Liabilities |
6.862
|
6.239 |
6.606 |
|
|
Provisions |
0.528
|
0.481 |
0.575 |
|
Total
Current Liabilities |
19.271
|
18.414 |
18.223 |
|
|
Net Current Assets |
(4.360)
|
(3.495) |
(2.032) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3.389 |
4.300 |
5.537 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
14.474 |
|
|
|
Other Income |
|
|
|
|
|
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TOTAL |
20.884 |
20.652 |
14.474 |
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
20.428 |
20.231 |
14.273 |
|
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Advertising Expenses |
|
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|
|
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TOTAL |
20.428 |
20.231 |
14.273 |
|
|
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|
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PROFIT BEFORE
TAX |
0.456 |
0.421 |
0.201 |
|
|
|
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|
|
|
|
|
Less |
TAX |
0.142 |
0.123 |
0.054 |
|
|
|
|
|
|
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|
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PROFIT AFTER TAX
|
0.314 |
0.298 |
0.147 |
|
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|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.946 |
0.659 |
0.512 |
|
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|
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|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
1.260 |
0.946 |
0.659 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.31 |
0.29 |
NA |
|
Expected Sales (2012-13) : Rs. 30.000 Millions
The above information has been parted by Mr. Sudesh Janardan Vaidya
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.50
|
1.44 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.03
|
1.87 |
0.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.40 |
0.26 |
|
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|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.47
|
3.09 |
6.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.77
|
0.81 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 |
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 |
Yes |
|
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 |
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
From Related
Parties |
|
|
|
Janardan H. Vaidya |
0.160 |
0.160 |
|
Jyostna J. Vaidya |
0.080 |
0.000 |
|
Lata Mhaskar |
0.255 |
0.255 |
|
Sudesh J. Vaidya |
0.547 |
0.447 |
|
Vinod Mhaskar |
0.133 |
0.133 |
|
Total |
1.175 |
0.995 |
FIXED ASSETS
· Computer Systems
· Camera System
· Laser Printer
· Fax
· Furniture and Fixtures
· Machinery
· Office Equipments
· Mobile Phone
· Telephone Instruments
· Vehicle
· Factory
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 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 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. 54.33 |
|
|
1 |
Rs. 82.72 |
|
Euro |
1 |
Rs. 69.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.