MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREEJI SURFACE COATINGS PRIVATE LIMITED |
|
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Registered
Office : |
802, Corporate House, Near Dinesh Hall, Ashram Road, Ahmedabad – 380009,
Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 (Summarised Balance Sheet ) |
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Date of
Incorporation : |
25.11.1999 |
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|
|
|
Com. Reg. No.: |
04-036925 |
|
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Capital
Investment / Paid-up Capital : |
Rs.3.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117GJ1999PTC036925 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS11484E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS8482P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing the Two Pack PU (Aliphatic and Aromatci)
Paints, One Pack PU Paints, Two Pack Epoxy Paints, Two Pack Polyester Putty, Fast
Drying Paints, Synthetic Paints, N.C. Black Paints, Thinners, Clear Lacquer
etc |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 15000 |
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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 moderate track recorded.
Profitability of the company appears to be low. 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 dealing in 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
802, Corporate House, Near Dinesh Hall, Ashram Road, Ahmedabad –
380009, Gujarat, India |
|
Tel. No.: |
91-79-27546778/27546228 |
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Fax No.: |
91-79-27546362 |
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E-Mail : |
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Website : |
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Factory: |
Plot No. 824/D, Near
Standard Flex Factory, Kothari Char Rasta, Santej, Tal. Kalol, Dist.
Gandhinagar-382 721, Gujarat, India |
|
Tel. No.: |
91-2764-286126 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Kamlesh Kumar Rameshchandra Patel |
|
Designation : |
Director |
|
Address : |
37/B, Purnima Apartment, Navrangpura, Ahmedabad – 380009, Gujarat,
India |
|
Date of Birth/Age : |
25.05.1963 |
|
Date of Appointment : |
25.11.1999 |
|
DIN No.: |
01925078 |
|
|
|
|
Name : |
Mr. Dwarka Prasad Poornanand Kuksal |
|
Designation : |
Director |
|
Address : |
35, Dharti Bunglows, Digvijaynagar, Ahmedabad – 31470, Gujarat, India |
|
Date of Birth/Age : |
02.12.1960 |
|
Date of Appointment : |
03.02.2008 |
|
DIN No.: |
02599989 |
|
|
|
|
Name : |
Mr. Nirav Yogendra Patel |
|
Designation : |
Director |
|
Address : |
2/AA, Vithal Patel Colony, Naranpura, Ahmedabad – 380014, Gujarat,
India |
|
Date of Birth/Age : |
29.05.1972 |
|
Date of Appointment : |
01.07.2006 |
|
DIN No.: |
00507065 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Rajendra Patel |
|
42500 |
|
Minaxi Patel |
|
7500 |
|
Kamlesh Patel |
|
297500 |
|
Sandhya Patel |
|
7500 |
|
Ranjanben Suthar |
|
5000 |
|
Kamlesh Suthar |
|
15000 |
|
|
|
|
|
Total |
|
375000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing the Two Pack PU (Aliphatic and Aromatci)
Paints, One Pack PU Paints, Two Pack Epoxy Paints, Two Pack Polyester Putty, Fast
Drying Paints, Synthetic Paints, N.C. Black Paints, Thinners, Clear Lacquer
etc |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Axis Bank Limited, Vejalpur Branch, G-02, F-02, Samaan
Prahladnagar, Satellite, Ahmedabad – 380051, Gujarat, India ·
Oriental Bank of Commerce, Hotel Meghdoot
Building, Station Raod, Ahmedabad – 380002, Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
A.L Thakkar and Company Chartered Accountants |
|
Address : |
Kashmira Chambers, B/H Old High Court, Navrangpura, Ahmedabad –
380009, Gujarat, India |
|
Tel. No.: |
91-79-26587802/26580524/26408439/26401519 |
|
Fax No.: |
91-79-26585132 |
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E-Mail : |
|
|
PAN.: |
AAFFA6141D |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000 |
Equity Shares |
Rs.10/- each |
Rs.3.750
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARISED BALANCE
SHEET
|
PARTICULAR |
31.03.2011 R. In Millions |
|
Share Capital |
3.750 |
|
Reserve and
Surplus |
5.216 |
|
Secured Loans |
20.235 |
|
Unsecured Loans |
0.891 |
|
Net Fixed Assets |
9.372 |
|
Net Current
Assets |
20.912 |
|
Miscellaneous
Expenditure |
0.061 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.000 |
3.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
3.465 |
2.829 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6.465 |
5.829 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
15.256 |
11.092 |
|
|
2] Unsecured Loans |
|
1.925 |
2.084 |
|
|
TOTAL BORROWING |
|
17.181 |
13.176 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
23.646 |
19.005 |
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
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|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
9.767 |
8.252 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3.142 |
3.761 |
|
|
Sundry Debtors |
|
24.766 |
15.540 |
|
|
Cash & Bank Balances |
|
1.289 |
3.309 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
3.175 |
2.767 |
|
Total
Current Assets |
|
32.372 |
25.377 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
16.951 |
13.714 |
|
|
Other Current Liabilities |
|
1.547 |
0.933 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
18.498 |
14.647 |
|
|
Net Current Assets |
|
13.874 |
10.730 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.005 |
0.023 |
|
|
|
|
|
|
|
|
TOTAL |
|
23.646 |
19.005 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
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TOTAL |
|
|
91.426 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
|
|
90.425 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
1.001 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
1.001 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
2.67 |
|
%2007-Mar-2013_files/image001.gif){kind=small}
%2007-Mar-2013_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.09
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
NA
|
5.52 |
4.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.75 |
1.73 |
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 |
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 one year |
Yes |
|
12) Profitability for last one year |
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 |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24117GJ1999PTC036925 |
|
Name of the company |
SHREEJI SURFACE
COATINGS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
802, Corporate
House, Near Dinesh Hall, Ashram Road, Ahmedabad – 380009, Gujarat, India Email: ca.sanjivshah@yahoo.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the
charge to be modified |
10186680 |
|
Type of charge |
Immovable
property |
|
Particular of charge holder |
Axis Bank Limited, Vejalpur Branch, G-02, F-02, Samaan Prahladnagar, Satellite,
Ahmedabad – 380051, Gujarat, India |
|
Nature of instrument creating charge |
Memorandum of
entry [ fresh deposit, extention and telease of equitable mortgage] |
|
Date of instrument Creating the charge |
20.12.2011 |
|
Amount secured by the charge |
Rs.45.661
Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 14.00% Terms of Repayment On demand except for term loan payable in 60/84 monthly installments. Margin Stock : 25% Book debts : 35% [not older than 90 days] Term loan : 33.33% Extent and Operation of the charge Equitable mortgage by deposit of title deeds of : 1. Land situated at block no. 824, santej, tal. Kalol, dist.
Gandhinagar. 2. Office situated at 802, corporate house, ashram road, ahmedabad |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
1. Land situated at block no. 824, santej, tal. Kalol, dist.
Gandhinagar. 2. Office
situated at 802, corporate house, ashram road, ahmedabad |
|
Date of instrument modifying the charge |
29.09.2010 |
|
Particulars of the present modification |
Originally the
charge was for Rs. 29.139 Millions. The limits have since been enhanced/
additionally sanctioned resulting in to enhancement of limits to Rs. 45.661
Millions. |
FIXED ASSETS
·
Freehold Land
·
Factory Building
·
Plant and Machinery
·
Laboratory Equipment
·
Electric Fittings
·
Furniture and Fixtures
·
Motor Car
·
Computer
·
Scooter
·
Weighing Scale
·
Air Conditioner
·
Telephone Instrument
·
Cooler
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.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.