MIRA INFORM REPORT

 

 

Report Date :

29.01.2013

 

IDENTIFICATION DETAILS

 

Name :

SUCHI FOAMS PRIVATE LIMITED

 

 

Registered Office :

25, Uganda Park Society, Near A-One School, Memnagar - 380052, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

21.03.2005

 

 

Com. Reg. No.:

04-045744

 

 

Capital Investment / Paid-up Capital :

Rs. 11.600 Millions

 

 

CIN No.:

[Company Identification No.]

U17210GJ2005PTC045744

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMS14789F

 

 

PAN No.:

[Permanent Account No.]

AAECM1977D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of  Polyurethane, Sandwich Panels, Door, Windows, Boxes, Polyurethanes Sheet, Pipes, Slabs for erection of cold room, coolers etc.

 

 

No. of Employees :

18 (3 in Office and 15 in Factory) (Approximately)

 

 

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

 

Maximum Credit Limit :

USD 51000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record.

 

Due to some technical errors in the government sites, the latest verified financials are not made available.

 

Mr. Nilesh Patel, from the Accounts Department has provided all the required information to us but financials are not verified.

 

However, trade relations are reported as fair. Business is active. Payment terms 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.

 

 

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. Nilesh Patel

Designation :

Accounts Department

Contact No.:

91-2764-268361

Date :

29.01.2013

 

 

LOCATIONS

 

Registered Office :

25, Uganda Park Society, Near A-One School, Memnagar - 380052, Gujarat, India

Tel. No.:

91-2764-268361

Fax No.:

91-2764-286427

E-Mail :

kamin@suchifoams.com

sales@suchifoams.com

Website :

http://www.suchifoams.com

Location :

Owned

 

 

Factory :

489, Bhagyalaxmi Estate, Opposite Sarthi Pharma, B/H Manpasand Weigh Bridge, Rakanpur-Santej Road, Rakanpur, Kalol, District Gandhinagar – 382721, Gujarat, India

 

 

DIRECTORS

 

AS ON 25.09.2009

 

Name :

Mr. Himanshu Babubhai Amin

Designation :

Director

Address :

C-38, Greenwood Society, Sola Road, Ahmedabad-380061, Gujarat, India

Date of Birth/Age :

08.03.1963

Date of Appointment :

21.03.2005

DIN No.:

01719984

 

 

Name :

Mr. Kamlesh Babubhai Amin

Designation :

Director

Address :

23 Dipak Jyot Society, Opposite Sarvoday  Part - 2, Sola Road, Ahmedabad-3800621, Gujarat, India

Date of Birth/Age :

23.11.1964

Date of Appointment :

21.03.2005

DIN No.:

01724004

 

 

Name :

Mrs. Chetnaben Himanshu Amin

Designation :

Additional Director

Address :

C-38, Greenwood Society, Sola Road, Ahmedabad-380061, Gujarat, India

Date of Birth/Age :

27.12.1962

Date of Appointment :

15.10.2007

DIN No.:

01743055

 

 

KEY EXECUTIVES

 

Name :

Mr. Nilesh Patel

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 25.09.2009

 

Names of Shareholders

 

No. of Shares

 

Himanshu Babubhai Amin

 

450000

Kamlesh Babubhai Amin

 

150000

Chetnaben Himanshu Amin

 

140000

 

 

AS ON 25.09.2009

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

92.00

Others

 

8.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of  Polyurethane, Sandwich Panels, Door, Windows, Boxes, Polyurethanes Sheet, Pipes, Slabs for erection of cold room, coolers etc.

 

 

Exports :

 

Products :

Finished Goods

Countries :

Ø  Sri Lanka

 

 

Imports :

 

Products :

Raw Material

Countries :

Ø  Italy

Ø  China

Ø  South Korea

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

Others

 

·         Alvin Coredrills Private Limited

·         Blue Star Limited, Chennai

·         Carrier Air Conditioner and Refrigerator Limited, Ahmedabad

·         Coastal Corporation Limited

·         Combined Foods (Private) Limited

·         Cream Pack (Private) Limited

·         Cryo Scientific Systems (Private) Limited

·         Deepkiran Foods Private Limited

·         I.D.M.C. Limited

·         ISA Dairy Products Limited

·         Kaushik Marketing

·         Keshwani Agency

·         Kuber Traders

·         Landmark Agrotech Private Limited

·         Meramax Private Limited

·         Motherson Private Limited

 

 

No. of Employees :

18 (3 in Office and 15 in Factory) (Approximately)

 

 

Bankers :

Ø  Progressive Merchentile Co –Operative Bank Limited, Progressive Bank Bhavan, 670/1, Motialal Hirabhai Market, Station Road, Ahmedabad-380002, Gujarat, India

Ø  Small Industrial Development Bank of India, Navjivan Amrit Jayanti Bhavan, 1st Floor, P.B. No. 10, Navjivan P.O. Ahmedabad-3800014, Gujarat, India

Ø  HDFC Bank Limited

Ø  State Bank of Saurashtra

Ø  State Bank of India

 

 

Facilities :

 

Secured Loans

31.03.2009

31.03.2008

 

 

(Rs. In Millions)

State Bank of Saurashtra (FD OD A/C)

1.582

1.885

SIDBI Term Loan

22.149

23.849

HDFC Car Loan

1.203

0.000

Total

24.934

25.734

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mukesh O Parikh and Company

Chartered Accountants

Address :

406, Panorama Complex, Near Gujarat Vidyapith, Navjivan Press, Income Tax, Ahmdeabad-380014, Gujarat, India

Tel. No.:

91-79-27545352

Mobile No.:

91-9227204545

E-Mail :

mukeshoarikh@yahoo.com

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,200,000

Equity Shares

Rs. 10/- each

Rs. 12.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,160,000

Equity Shares

Rs. 10/- each

Rs. 11.600 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

11.600

11.600

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1.175

0.000

0.000

4] (Accumulated Losses)

0.000

(0.605)

(0.004)

NETWORTH

12.775

10.995

0.096

LOAN FUNDS

 

 

 

1] Secured Loans

24.934

25.734

2.434

2] Unsecured Loans

14.035

8.525

1.700

TOTAL BORROWING

38.969

34.259

4.134

DEFERRED TAX LIABILITIES

0.983

0.000

0.000

 

 

 

 

TOTAL

52.727

45.254

4.230

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

34.309

32.523

1.815

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.116

DEFERRED TAX ASSETS

0.000

0.084

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3.381

4.017

0.000

 

Sundry Debtors
11.672

1.916

2.310

 

Cash & Bank Balances
0.124

0.222

0.040

 

Other Current Assets
0.124

0.011

0.002

 

Loans & Advances
9.831

10.069

0.016

Total Current Assets
25.132

16.235

2.368

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

Other Current Liabilities
7.044

4.682

0.085

 

Provisions
0.589

0.126

0.000

Total Current Liabilities
7.633

4.808

0.085

Net Current Assets
17.499

11.427

2.283

 

 

 

 

MISCELLANEOUS EXPENSES

0.919

1.220

0.016

 

 

 

 

TOTAL

52.727

45.254

4.230

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2009

31.03.2008

 

SALES

 

 

 

Income

 

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

 

102.972

2.549

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                     (B)

 

100.124

3.235

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

 

2.848

(0.686)

 

 

 

 

 

Less

TAX                                                                  (H)

 

1.068

0.003

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

 

1.780

(0.689)

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

1.54

--

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

103.600

 

 

 

 

 

Expected Sales (2012-2013): Rs. 84.500 Millions

 

The above information has been parted by Mr. Nilesh Patel (Accounts Department)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)
1.73

(27.30)

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.79

(1.41)

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22

(0.06)

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.63

3.55

43.95

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.29

3.38

27.86

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

SUNDRY CREDITORS DETAILS:

 

Particulars

31.03.2009

31.03.2008

 

31.03.2007

 

(Rs. In Millions)

Sundry Creditors

N.A.

N.A.

N.A.

 

 

 

 

 

 

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 two years

Yes

12]

Profitability for last two 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

No

17]

Major suppliers

No

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

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

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 53.89

UK Pound

1

Rs. 84.93

Euro

1

Rs. 72.51

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--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

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.