|
Report Date : |
13.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
TECH SUTRE INDUSTRIES LIMITED (w.e.f. 11.10.2010) |
|
|
|
|
Formerly Known
As : |
SUNLINE EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, 'A' Block Shivsagar Estate, Dr. Annie Besant
Road, Worli, Mumbai – 400018, Maharashtra, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
07.07.2003 |
|
|
|
|
Com. Reg. No.: |
11-141188 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13200MH2003PLC141188 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of
Coffee, Spices, Food Grains, Sugar, Tobacco Products, Coal,
Agriculture Products, Tea etc. |
|
|
|
|
No. of Employees
: |
Information Denied by Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company which was incorporated during July 2003 and has a
moderate track record. The company is yet to commence its commercial activity as per the dated
31st March 2011. The management of the company has failed to file
its financials with the government department since 2011. As per the of 2011, there appeared huge external borrowings recorded
by the company. Payment terms are unknown. The company can be considered for business dealings on a safe and
secured trade terms and conditions. Note : Profit and loss is not available. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
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 DENIED
Management Non Co-operative
|
Contact No.: |
91-22-66619657 |
|
Date : |
10.08.2013 |
LOCATIONS
|
Registered Office : |
6th Floor, 'A' Block Shivsagar Estate, Dr. Annie Besant
Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66619657 / 66619000 |
|
Fax No.: |
91-22-66619090 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on : 15.07.2011
|
Name : |
Mr. Vinay Rohidas Patil |
|
Designation : |
Director |
|
Address : |
302, Puma Complex, |
|
Date of Birth/Age : |
22.03.1972 |
|
Date of Appointment : |
05.01.2005 |
|
DIN No.: |
00522674 |
|
|
|
|
Name : |
Mr. Kunal Rohidas Patil |
|
Designation : |
Director |
|
Address : |
302, Puma Complex, |
|
Date of Birth/Age : |
18.09.1974 |
|
Date of Appointment : |
05.01.2005 |
|
DIN No.: |
00522634 |
|
|
|
|
Name : |
Mr. Amit Anil Jagtap |
|
Designation : |
Director |
|
Address : |
Abhimanshree Society, |
|
Date of Birth/Age : |
03.02.1977 |
|
Date of Appointment : |
15.03.2008 |
|
DIN No.: |
00357982 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 15.07.2011
|
Names of Shareholders |
No. of Shares |
|
Vinay
Rohidas Patil |
150 |
|
Kunal
Rohidas Patil |
100 |
|
Lata
Rohidas Patil |
50 |
|
Ruchi Vinay
Patil |
100 |
|
Smita C. Patil |
50 |
|
Samruddha
International Limited, |
49500 |
|
Amit Jagtap |
50 |
|
Total |
50000 |
As on : 25.07.2011
|
Names of Allotees |
No. of Shares |
|
Vinay Patil |
7440 |
|
Kunal Patil |
4960 |
|
Total |
12400 |
As on : 14.02.2012
|
Names of Allotees |
No. of Shares |
|
Sandesh
Vanijya Private Limited, |
56000 |
|
Aryawart
Vincom Private Limited, |
21500 |
|
Manoj
Thakur |
71500 |
|
Total |
149000 |
Equity Share Break up (Percentage of Total Equity)
As on : 15.07.2011
|
Category |
Percentage |
|
Bodies corporate |
99.00 |
|
Directors or relatives of Directors |
1.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of
Coffee, Spices, Food Grains, Sugar, Tobacco Products, Coal,
Agriculture Products, Tea etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied by Management. |
|||||||||
|
|
|
|||||||||
|
Bankers : |
v State Bank of v Axis Bank
Limited, v The Federal Bank
Limited, |
|||||||||
|
|
|
|||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Auditors : |
|
|
Name : |
M.B. Agrawal and Company Chartered Accountants |
|
Address : |
204, |
|
Tel. No.: |
91-22-40298218 |
|
Fax No.: |
91-22-24363312 |
|
E-Mail : |
|
|
PAN No.: |
AABFM5230D |
CAPITAL STRUCTURE
As on : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
211400 |
Equity Shares |
Rs. 10/- each |
Rs. 2.114 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
14.900 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.508 |
0.508 |
0.508 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.908 |
1.008 |
1.008 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
63.533 |
53.819 |
|
|
2] Unsecured Loans |
149.457 |
28.211 |
15.569 |
|
|
TOTAL BORROWING |
149.457 |
91.744 |
69.388 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
165.365 |
92.752 |
70.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.827 |
3.625 |
3.625 |
|
|
Capital work-in-progress |
80.109 |
59.507 |
52.653 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
2.810
|
0.704 |
0.853 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
59.272
|
19.224 |
13.193 |
|
Total
Current Assets |
62.082
|
19.928 |
14.046 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.492
|
0.399 |
0.724 |
|
|
Other Current Liabilities |
0.309
|
0.123 |
0.692 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
0.801
|
0.522 |
1.416 |
|
|
Net Current Assets |
61.281
|
19.406 |
12.630 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
20.148 |
10.214 |
1.488 |
|
|
|
|
|
|
|
|
TOTAL |
165.365 |
92.752 |
70.396 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
9.40
|
91.02 |
68.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
77.51
|
38.18 |
9.92 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
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 |
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 |
No |
|
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 |
FINANCIAL HIGHLIGHT
:
The company is setting
up a manufacturing unit which is in progress, hence no commercial activities
has begun till now. The financials of your company doesn't show any figure
against profit/loss for the year.
UNSECURED LOANS :
(Rs in Millions)
|
PARTICULARS |
31.03.2012
|
31.03.2011
|
|
From Shareholders |
0.000 |
0.015 |
|
Inter Corporate deposits |
149.457 |
28.196 |
|
Total |
149.457 |
28.211 |
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10347818 |
26/03/2012 * |
240,000,000.00 |
STATE BANK OF |
SME BRANCH, SHIVSAGAR ESTATE, WORLI (SOUTH), |
B37219409 |
* Date of charge modification
FIXED ASSETS :
v Computers
v Land
v Tools and Equipments
v Trade Mark Logo
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. 60.80 |
|
|
1 |
Rs. 94.21 |
|
Euro |
1 |
Rs. 81.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.