MIRA
INFORM REPORT
|
Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SORT INDIA ENVIRO SOLUTIONS LIMITED [w.e.f. 02.04.2011] |
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Formerly Known
As : |
SORT INDIA ENVIRO SOLUTIONS PRIVATE LIMITED [w.e.f. 04.03.2010] SORT INDIA ENVIRO SOULTIONS PRIVATE LIMITED |
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Registered Office
: |
12/A, Shrinagar Society, Akota, Vadodara-390020, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
19.01.2010 |
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Com. Reg. No.: |
04-059257 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.500
Millions |
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CIN No.: [Company Identification
No.] |
U90000GJ2010PLC059257 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS08134A |
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PAN No.: [Permanent Account No.] |
AANCS7713A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader and Supplier of all type of Waste, Recyclable, Non Usable,
Reusable, Scrap Items. |
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No. of Employees
: |
20 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
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 22000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company
has improved its sales and profit during current year. However, networth of
the company is moderate. The company has also recorded huge external
borrowing. 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
cautions. |
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 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 : |
Ms. Dimple Harshal Thakar |
|
Designation : |
Additional Director |
|
Contact No.: |
91-265-2350042 |
|
Date : |
16.04.2013 |
LOCATIONS
|
Registered Office : |
12/A, Shrinagar Society, Akota, Vadodara-390020, Gujarat, India |
|
Tel. No.: |
91-265-2350042 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Paresh Tulsidas Parekh |
|
Designation : |
Director |
|
Address : |
B-2, Sumagal Apartment, V C Road, Surat-395006, Gujarat, India |
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Date of Birth/Age : |
14.08.31972 |
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Date of Appointment : |
19.01.2010 |
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DIN No.: |
02806628 |
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Name : |
Mr. Manish Gopalbhai Patel |
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Designation : |
Director |
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Address : |
303/A, Akilesh apartments, High Tension Line Road, Subhanpura,
Vadodara-390021, Gujarat, India |
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Date of Birth/Age : |
15.01.1973 |
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Date of Appointment : |
19.01.2010 |
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DIN No.: |
02808767 |
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Name : |
Ms. Dimple Harshal Thakar |
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Designation : |
Additional Director |
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Address : |
C-204, Chandra Gupt Flat, Opp-Vrundavan Society, Harni Road,
Karelibaug, Vadodara-390006, Gujarat, India |
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Date of Birth/Age : |
25.12.1982 |
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Date of Appointment : |
28.11.2012 |
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DIN No.: |
05353233 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Manish Gopalbhai Patel |
|
24983 |
|
Paresh Tulsidas Parekh |
|
225000 |
|
Kishorbhai Jayantbhai Patel |
|
1 |
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Jay C. Patel |
|
1 |
|
Dipesh D. Patel |
|
1 |
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Maulik A. Modi |
|
1 |
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Alkesh G. Patel |
|
1 |
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Bhavnaben M. Patel |
|
1 |
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Mahendrabhai Patel |
|
1 |
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Dhavalbhai Patel |
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1 |
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Ashokbhai Baxi |
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1 |
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Gopalbhai Ujamdas Patel |
|
1 |
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Hemantkumar M. Patel |
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1 |
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Himanshu Patel |
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1 |
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Nageshbhai Shah |
|
1 |
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Nimish Patel |
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1 |
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Paulomi Patel |
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1 |
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Ravi R. Patel |
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1 |
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Vasanti Gami |
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1 |
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TOTAL
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250000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Supplier of all type of Waste, Recyclable, Non Usable,
Reusable, Scrap Items. |
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Terms : |
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Selling : |
Cash and Credit [30 Days] |
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Purchasing : |
Cash and Credit [30 Days] |
GENERAL INFORMATION
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Customers : |
Others [Industries] |
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No. of Employees : |
20 (Approximately) |
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Bankers : |
· State Bank of India, Sayaji Ganj, Vadodara-390005, Gujarat, India Tel No.: 91-265-2424380 · IDBI Bank, Race Course Branch, Vadodara, Gujarat, India · IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India · Bank of India · Indus-Ind bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
·
Shriram Transport Finance Limited ·
Tata Finance Limited ·
Sunder Finance |
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Auditors : |
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|
Name : |
Shah and Kadam Chartered Accountant |
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Address : |
301, Sumangal Chamber, Kharivav Road, Dandia Bazar, Vadodara – 390001,
Gujarat, India |
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PAN No: |
AAYFS5501J |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.060 |
0.073 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.560 |
2.573 |
2.500 |
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LOAN FUNDS |
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1] Secured Loans |
18.100 |
10.698 |
1.796 |
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2] Unsecured Loans |
5.347 |
2.934 |
1.660 |
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TOTAL BORROWING |
23.447 |
13.632 |
3.456 |
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DEFERRED TAX LIABILITIES |
0.386 |
0.199 |
0.000 |
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TOTAL |
29.393 |
16.404 |
5.956 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.130 |
8.020 |
1.732 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.101
|
4.812 |
3.730 |
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Sundry Debtors |
11.307
|
7.837 |
0.000 |
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Cash & Bank Balances |
0.108
|
0.069 |
0.858 |
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Other Current Assets |
0.919
|
1.425 |
1.464 |
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Loans & Advances |
4.324
|
2.118 |
0.026 |
|
Total
Current Assets |
21.759
|
16.261 |
6.078 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.325
|
7.637 |
3.789 |
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Other Current Liabilities |
0.147
|
0.223 |
0.050 |
|
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Provisions |
0.024
|
0.017 |
0.000 |
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Total
Current Liabilities |
4.496
|
7.877 |
3.839 |
|
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Net Current Assets |
17.263
|
8.384 |
2.239 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.985 |
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TOTAL |
29.393 |
16.404 |
5.956 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
125.695 |
38.538 |
0.000 |
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Other Income |
0.439 |
0.752 |
0.000 |
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TOTAL (A) |
126.134 |
39.290 |
0.000 |
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|
|
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Less |
EXPENSES |
|
|
|
|
|
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|
Purchases of Stock in Trade |
107.027 |
|
|
|
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Employee Benefits Expenses |
4.274 |
3.183 |
|
|
|
|
Preliminary Expenses Written Off |
0.027 |
0.027 |
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|
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Other Expenses |
6.247 |
5.640 |
0.080 |
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|
Changes in Inventories of Finished Goods, Work in Progress and Stock
in Trade |
(0.289) |
(1.081) |
|
|
|
|
TOTAL (B) |
117.286 |
36.664 |
0.080 |
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|
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|
|
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|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.848 |
2.626 |
(0.080) |
|
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|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
3.336 |
1.569 |
0.006 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.512 |
1.057 |
(0.086) |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.354 |
0.583 |
0.000 |
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4.158 |
0.474 |
(0.086) |
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Less |
TAX (H) |
1.171 |
0.287 |
0.000 |
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
2.987 |
0.187 |
(0.086) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.072 |
(0.086) |
0.000 |
|
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|
|
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|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
0.025 |
0.000 |
|
|
|
Dividend Distribution Tax |
0.000 |
0.004 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3.060 |
0.072 |
(0.086) |
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|
Earnings /
(Loss) Per Share (Rs.) |
12.00 |
0.75 |
-- |
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|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
180.000 |
The above information has been parted by Ms. Dimple Harshal Thakar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.37
|
0.47 |
0.00 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.30
|
1.23 |
0.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.27
|
1.95 |
(1.10) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
0.18 |
(0.03) |
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|
Debt Equity Ratio (Total Debt/Networth) |
|
4.22
|
5.30 |
1.38 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.84
|
2.06 |
1.58 |
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 |
No |
|
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
two 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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
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 |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Loans and Advances From Related Parties |
|
|
|
From Directors |
3.897 |
2.534 |
|
From Relatives of Directors |
1.450 |
0.400 |
|
TOTAL
|
5.347 |
2.934 |
FIXED ASSETS:
· Bailing Machine
· Cell Phone
· Computers
· Electronic Equipment
· Digital Camera
· Furniture and Fixture
· Laptop[
· Refrigerator
· Vehicles Tempo
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 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.54.17 |
|
|
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.