MIRA INFORM REPORT
|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOFTEX INDUSTRIAL PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
8/1, Lal Bazar Street, Bikaner Building, Room No.9B, Kolkata – 700
001, West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
18.04.2006 |
|
|
|
|
Com. Reg. No.: |
21-108995 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.3.170
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51109WB2006PTC108995 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS17662B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Rubber
Products. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 77000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory a track
record. Profitability of the company appears to be low. However, the networth
of the company is satisfactory. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : |
Mr. Laxmi Narayan Toshniwal |
|
Designation : |
Director |
|
Contact No.: |
91-9339402098 |
|
Date : |
31.05.2013 |
LOCATIONS
|
Registered
Office : |
8/1, Lal Bazar Street, Bikaner Building, Room No.9B, Kolkata – 700
001, West Bengal, India |
|
Tel. No.: |
91-33-22482430 |
|
Mobile No.: |
91-9339402098 (Mr. Laxmi Narayan
Toshiwala) |
|
Fax No.: |
91-33-22312798 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
400 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Administrative
Office : |
Stephen House, Road No.15/1, 1st Floor, 4 BBD Bag (E),
Kolkata – 700 001, West Bengal, India |
|
Tel. No.: |
91-33-65200846/ 30587901/ 02/ 05/ 07/ 22482430 |
|
Fax No.: |
91-33-22312798 |
|
E-mail: |
|
|
Area: |
1600 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Ruchir Complex, Village and P.O.,
Dhulogiri (Near N.H. 6), P.S. Sankrail, District |
|
Area : |
6000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 26.09.2012
|
Name : |
Mr. Laxmi Narayan Toshniwal |
|
Designation : |
Director |
|
Address : |
135A, S.P. Mukherjee Road, Srijan Heritage Heights, 5th Floor,
Kolkata – 700 026, West Bengal, India |
|
Date of Birth/Age : |
05.11.1947 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
18.04.2006 |
|
Election Commission Identity Card No.: |
WB/23/152/609397 |
|
PAN No.: |
ACXPT3634J |
|
DIN No.: |
00642594 |
|
|
|
|
Name : |
Mrs. Urmila Devi Toshniwal |
|
Designation : |
Director |
|
Address : |
135A, S.P. Mukherjee Road, Srijan Heritage Heights, 5th
Floor, Kolkata – 700 026, West Bengal, India |
|
Date of Birth/Age : |
26.09.1956 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
18.04.2006 |
|
Election Commission Identity Card No.: |
WB/23/152/609398 |
|
PAN No.: |
ACXPT3634J |
|
DIN No.: |
01494289 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Laxmi Narayan Toshniwal |
|
75000 |
|
Urmila
Devi Toshniwal |
|
75000 |
|
Laxmi Narayan Toshniwal HUF |
|
76000 |
|
Softex Polymer Products Private Limited,
West Bengal, India |
|
85000 |
|
Sunil Toshniwal HUF |
|
6000 |
|
Total |
|
317000 |
As on 26.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
26.81 |
|
Directors
or relatives of directors |
|
73.19 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer and Exporter of Rubber
Products. |
|
|
|
|
Products : |
·
Inflatable Seals ·
Moulded Rubber Products ·
Solid Rubber Tyres ·
Rubber Conveyor Belts ·
Silicone Rubber Products ·
Vacuum Suction Bags ·
Machine Spare Parts ·
Industrial Supplies ·
Anti Vibration Pads ·
Extruded Profiles ·
Fiberglass Products ·
Hoses ·
PVC Profiles ·
PVC Products ·
Plastic Products |
|
|
|
|
Exports : |
|
|
Products : |
Rubber Products |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Advance |
|
|
|
|
Purchasing : |
Advance |
GENERAL INFORMATION
|
Customers: |
End Users |
|
|
|
|
No. of Employees: |
50 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lahoti Lahoti and Company Chartered Accountants |
|
Address : |
4, Fairlie Place, HMP House, 1st Floor, Room No.113,
Kolkata – 700 001, West Bengal, India |
|
Tel. No.: |
91-33-22621706 |
|
PAN No.: |
AACFL6560A |
|
|
|
|
Memberships : |
CAPEXIL, AIRIA |
CAPITAL STRUCTURE
As on 26.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
317000 |
Equity Shares |
Rs.10/- each |
Rs.3.170
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3.170 |
2.170 |
|
(b) Reserves & Surplus |
|
16.006 |
15.685 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
Long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
0.148 |
1.224 |
|
(c)
Other current liabilities |
|
0.679 |
0.978 |
|
(d)
Short-term provisions |
|
0.374 |
0.244 |
|
TOTAL |
|
20.377 |
20.301 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3.408 |
3.124 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1.093 |
1.093 |
|
(c) Deferred tax assets
(net) |
|
0.067 |
0.050 |
|
(d) Long-term Loan
and Advances |
|
0.639 |
0.615 |
|
(e)
Other Non-current assets |
|
0.049 |
0.015 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.641 |
0.552 |
|
(c)
Trade receivables |
|
6.845 |
10.671 |
|
(d)
Cash and cash equivalents |
|
5.568 |
2.623 |
|
(e)
Short-term loans and advances |
|
1.844 |
1.422 |
|
(f)
Other current assets |
|
0.223 |
0.136 |
|
TOTAL |
|
20.377 |
20.301 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2.170 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
15.464 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
17.634 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17.634 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1.720 |
|
|
Capital work-in-progress |
|
|
0.221 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.029 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.149
|
|
|
Sundry Debtors |
|
|
5.770
|
|
|
Cash & Bank Balances |
|
|
2.818
|
|
|
Other Current Assets |
|
|
0.606
|
|
|
Loans & Advances |
|
|
8.240
|
|
Total
Current Assets |
|
|
17.583 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.406
|
|
|
Other Current Liabilities |
|
|
1.212
|
|
|
Provisions |
|
|
0.327
|
|
Total
Current Liabilities |
|
|
1.945
|
|
|
Net Current Assets |
|
|
15.638
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.026 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17.634 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
|
|
|
|
|
Other Income |
NA |
|
|
|
|
|
TOTAL |
NA |
30.992 |
21.483 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
30.231 |
20.930 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.108 |
0.761 |
0.553 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.643 |
0.430 |
0.332 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.465 |
0.331 |
0.221 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.144 |
0.110 |
0.068 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.321 |
0.221 |
0.153 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
0.655 |
0.434 |
0.281 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
0.976 |
0.655 |
0.434 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.01 |
1.02 |
0.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
0.71 |
0.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.51
|
1.73 |
1.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.42
|
0.02 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.16
|
6.56 |
9.04 |
LOCAL AGENCY FURTHER INFORMATION
|
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 two years |
Yes |
|
12) Profitability for last three 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) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34)
External Agency Rating, if available |
No |
FIXED ASSETS:
Buildings
Building
Plant and
Equipments
-Plant and Machinery
Air Conditioner
Digital Camera
Telecom Equipment
Factory Electric Installations
Electric Meter - Factory
Generator
Inverter
Tools and Equipments
-Continuous Process Plant
Plant and Machinery
Furniture and
Fixtures
Office Equipment
Furniture and Fixture
Vehicles
Motor Car
Motor Bike
Office Equipments
Computer
Laptop
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.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.