MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
STORSACK INDIA PRIVATE LIMITED |
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Registered
Office : |
103, Atlanta, Nariman Point, Mumbai 400021, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.12.2011 |
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Date of
Incorporation : |
04.12.2003 |
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Com. Reg. No.: |
11-143383 |
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Capital
Investment / Paid-up Capital : |
Rs. 15.000 Millions |
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CIN No.: [Company Identification
No.] |
U25202MH2003PTC143383 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of HDPE/ LDPE Bags. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
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 100000 |
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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 a moderate track record. The
profitability of the company appears to be low. The external borrowing seems
to be huge. However, trade relations are reported to be 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
|
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. Ganesh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66356543 |
|
Date : |
14.02.2013 |
LOCATIONS
|
Registered Office : |
103, Atlanta, Nariman Point, Mumbai 400021, Maharashtra, India |
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Tel. No.: |
91-22-66356543 |
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Fax No.: |
91-22-66356544 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory : |
Plot C6, Murvad, MIDC, Kalyan, Maharashtra, India |
DIRECTORS
AS ON 28.06.2012
|
Name : |
Mr. Sanjay Hasmukh Parekh |
|
Designation : |
Whole Time Director |
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Address : |
112-B, Maker Tower, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|
Date of Appointment : |
04.12.2003 |
|
DIN No.: |
01144198 |
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|
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|
Name : |
Mr. Prashant Jagdish Mavani |
|
Designation : |
Director |
|
Address : |
13, Krishna Niketan, Sion (West), Mumbai-400022, Maharashtra, India |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
00747582 |
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|
|
|
Name : |
Mr. Simon Wildi |
|
Designation : |
Director |
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Address : |
Huegeistrusseg, D 69469, Weiherim, Germany |
|
Date of Appointment : |
01.08.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.06.2012
|
Names of Equity Shareholders |
No. of Shares |
|
Sanjay Hasmukh Parekh |
70000 |
|
Rimpal Parekh |
5000 |
|
Storsack Holding Gmbh, Germany |
425000 |
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TOTAL |
500000 |
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Names of Preference Shareholders |
No. of Shares |
|
Storsack Holding Gmbh, Germany |
1000000 |
|
TOTAL
|
1000000 |
AS ON 28.06.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
85.00 |
|
Bodies corporate |
15.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of HDPE/ LDPE Bags. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Ø UAE Ø Sweden |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Ø Qatar |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
Ø
Axis Bank Limited, Nariman Point Branch, Ground
Floor, Atlanta Building, Nariman Point, Mumbai-400021, Maharashtra, India
(Tel No.: 91-22-22834296) Ø
ICICI Bank Limited Ø
Deutsche Bank Ø
Union Bank of India Ø
HDFC Bank Ø
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
R C Reshamwala and Company Chartered Accountant |
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Address : |
323, Varma Chambers, Mumbai - 400001, Maharashtra, India |
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Tel No.: |
91-22-66355488 |
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Fax No.: |
91-22-22642855 |
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Email : |
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'Income-tax
PAN of auditor or auditor's firm : |
AAFFR7901L |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
1000000 |
5% Redeemable Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
TOTAL |
|
Rs. 20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000
Millions |
|
1000000 |
5% Redeemable Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
TOTAL |
|
Rs. 15.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
10.237 |
9.428 |
10.847 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.237 |
24.428 |
25.847 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
53.178 |
24.828 |
23.245 |
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2] Unsecured Loans |
31.273 |
31.699 |
31.117 |
|
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TOTAL BORROWING |
84.451 |
56.527 |
54.362 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.169 |
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|
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TOTAL |
109.688 |
80.955 |
80.378 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.512 |
5.269 |
9.931 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.004 |
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DEFERREX TAX ASSETS |
0.152 |
0.537 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
41.125
|
27.285
|
23.036 |
|
|
Sundry Debtors |
50.928
|
44.967
|
47.666 |
|
|
Cash & Bank Balances |
6.729
|
20.629
|
9.276 |
|
|
Other Current Assets |
8.071
|
8.408
|
10.555 |
|
|
Loans & Advances |
39.080
|
37.603
|
31.382 |
|
Total
Current Assets |
145.933
|
138.892 |
121.915 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.492
|
52.190
|
43.413 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
11.422
|
11.558
|
8.144 |
|
Total
Current Liabilities |
42.914
|
63.748 |
51.557 |
|
|
Net Current Assets |
103.019
|
75.144
|
70.358 |
|
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|
|
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|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.085 |
|
|
|
|
|
|
|
|
TOTAL |
109.688 |
80.955 |
80.378 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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SALES |
|
|
|
|
|
|
|
Income |
288.496 |
283.440 |
259.487 |
|
|
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Other Income |
1.829 |
0.630 |
2.281 |
|
|
|
TOTAL |
290.325 |
284.070 |
261.768 |
|
|
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|
|
|
|
Less |
EXPENSES |
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|
Office Expenses |
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Administrative Expenses |
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Financial Expenses |
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Depreciation |
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TOTAL |
288.746 |
283.158 |
259.530 |
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|
PROFIT / (LOSS)
BEFORE TAX |
1.579 |
0.912 |
2.238 |
|
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|
|
|
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Less |
TAX |
0.770 |
2.331 |
0.757 |
|
|
|
|
|
|
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|
PROFIT / (LOSS)
AFTER TAX |
0.809 |
(1.419) |
1.481 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.428 |
10.847 |
8.782 |
|
|
|
|
|
|
|
|
|
Add |
5%
Dividend on Preference Shares |
0.000 |
0.000 |
0.500 |
|
|
|
Dividend
Distribution Tax |
0.000 |
0.000 |
0.084 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
10.237 |
9.428 |
10.847 |
|
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|
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|
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|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
54.462 |
34.004 |
0.000 |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14.581 |
9.397 |
19.415 |
|
|
|
Capital Goods |
0.457 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
15.038 |
9.397 |
19.415 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.16 |
1.82 |
4.48 |
|
|
Particulars |
|
|
31.12.2012 |
|
Sales Turnover (Approximately) |
|
|
278.100 |
|
|
|
|
Due to slowdown
in export market |
Expected Sales (2013): Rs. 270.000 Millions
The above information has been parted by Mr. Ganesh (Accounts Manager)
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
0.28
|
(0.50) |
0.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.55
|
0.32 |
0.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
|
0.63 |
1.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.35
|
2.31 |
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.40
|
2.18 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
Sundry Creditors
|
(Rs. In Millions) |
||
|
For Advance from Customers |
0.307 |
0.093 |
0.165 |
|
For Affiliation Enterprises |
4.628 |
0.961 |
0.359 |
|
For Purchase |
19.183 |
45.303 |
33.251 |
|
For Expense |
3.809 |
5.399 |
8.840 |
|
For Statutory Dues/ Taxes |
3.565 |
0.435 |
0.799 |
|
Total |
31.492 |
52.191 |
43.414 |
|
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
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
14] |
Estimation for coming
financial year |
Yes |
|
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) |
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 |
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.12.2011 |
31.12.2010 |
|
|
(Rs. In Millions) |
|
|
Loan From Storsack Holding GMBH |
31.273 |
31.699 |
|
Total |
31.273 |
31.699 |
FINANCIAL RESULTS
During the year
ended 31St December, 2011, the total sales of the Company amounted
to Rs. 288.496 Millions as against Rs. 283.440 Millions during the previous
year and Other Income amounted to Rs. 1.829 Millions as against Rs. 0.629
Million for the previous year. After deducting total expenditure of Rs 288.746
Millions previous year Rs. 283.558 Millions, the profit after depreciation but
before tax amounted to Rs. 1.579 Millions as against previous year 0.911
Million.
CONTINGENT
LIABILITIES:
(Rs.
in Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
|
Letter of credit issued be bank in favour of various suppliers |
2.666 |
15.424 |
|
Estimated amounts of contracts remaining to be executed on capital
accounts |
0.000 |
0.799 |
|
Dividend on redeemable preferences shares for the year 2008-2011 |
2.340 |
1.755 |
|
Total |
5.006 |
17.978 |
FIXED ASSETS
Ø
Furniture and Fixtures
Ø
Computers
Ø
Office Equipments
Ø
Repaors in Rented
Premises
Ø
Technical Equipments and
Machineries
Ø
Vehicles
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. 53.99 |
|
|
1 |
Rs. 83.72 |
|
Euro |
1 |
Rs. 72.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.