|
Report Date : |
09.3.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAI FLEXI BAG PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.12.2007 |
|
|
|
|
Com. Reg. No.: |
18-065760 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.30.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900TN2007PTC065760 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIS04752G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturers of Quality PP Woven Sacks/Jumbo Bags
Products. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD145056 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The latest
financials are not made available with the government department. As per previous years, the profitability of the company appears to be
very low. The External borrowing seems to be huge. However, Trade relations are reported as fair. Business is active.
Payments are unknown. 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
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
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.
LOCATIONS
|
Registered Office/ Factory : |
|
|
Tel. No.: |
91-461-6453345 |
|
Fax No.: |
91-461-2341346 |
|
E-Mail : |
DIRECTORS
AS ON 18.08.2011
|
Name : |
Mr. Chochalingam |
|
Designation : |
Managing Director |
|
Address : |
306, Arunachalam Colony, Vadascry, Nagercoil – 629001, |
|
Date of Birth/Age : |
31.03.1951 |
|
Date of Appointment : |
18.12.2007 |
|
DIN No: |
01111705 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of
the director |
Date of appointment at
current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U27108TN2001PTC046648 |
VALLI STEEL INDUSTRIES
PRIVATE LIMITED |
Managing director |
16-02-01 |
16-02-01 |
- |
Active |
NO |
|
Name : |
Mr. Subhash Ganapathy |
|
Designation : |
Executive Director |
|
Address : |
183-A, Kalaivanar Nagar, Putheri, Nagercoil – 629001, |
|
Date of Birth/Age : |
12.05.1971 |
|
Date of Appointment : |
18.12.2007 |
|
DIN No: |
01803142 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Chochalingam |
|
40000 |
|
Subhash Ganapathy |
|
241000 |
|
Kesava Nalla Perumal Pillai |
|
9000 |
|
Ramesh Prabhu Amaresh Shankar |
|
10000 |
|
Total |
|
300000 |
Equity Share Breakup (Percentage of Total Equity)
As on 18.08.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Quality PP Woven Sacks/Jumbo Bags
Products |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Bags |
MT |
|
1440 |
346 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chockalingam and Company Chartered Accountant |
|
Address : |
|
|
PAN No: |
ABLPC2273M |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs.30.000 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 |
30.000 |
20.000 |
6.000 |
|
|
2] Share Application Money |
6.004 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.260 |
0.208 |
0.120 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
36.264 |
20.208 |
6.120 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
88.636 |
48.807 |
18.880 |
|
|
2] Unsecured Loans |
3.073 |
10.166 |
14.531 |
|
|
TOTAL BORROWING |
91.709 |
58.973 |
33.411 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
127.973 |
79.181 |
39.531 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
75.137 |
59.129 |
25.347 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
48.989
|
11.770
|
5.295 |
|
|
Sundry Debtors |
14.793
|
5.179
|
5.035 |
|
|
Cash & Bank Balances |
1.124
|
0.055
|
1.108 |
|
|
Other Current Assets |
10.465
|
1.794
|
0.430 |
|
|
Loans & Advances |
6.293
|
4.413
|
6.731 |
|
Total
Current Assets |
81.664
|
23.211
|
18.599 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.384
|
2.854
|
|
|
|
Other Current Liabilities |
0.103
|
0.124
|
4.883 |
|
|
Provisions |
1.644
|
0.636
|
0.139 |
|
Total
Current Liabilities |
29.131
|
3.614
|
5.022 |
|
|
Net Current Assets |
52.533
|
19.597
|
13.577 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.303 |
0.455 |
0.607 |
|
|
|
|
|
|
|
|
TOTAL |
127.973 |
79.181 |
39.531 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
Total Income |
NA |
NA |
47.355 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.439 |
3.831 |
-- |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.386 |
3.698 |
-- |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.053 |
0.133 |
0.152 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.045 |
NA |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.053 |
0.088 |
NA |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.208 |
0.120 |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.03
|
0.16
|
0.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.006
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Debt/Networth) |
|
2.53
|
2.92
|
5.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.80
|
6.42
|
3.70 |
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 |
No |
|
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 |
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 |
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE:
The Registered Office of the company has been shifted from 36/5-23C,
Room No.2,
CONTINGENT
LIABILITIES:
The company had the following transactions with related parties:
Remuneration paid to Mr. Satish, Director – Rs.0.600/- Per Year
FORM 8:
|
Corporate identity
number of the company |
U74900TN2007PTC065760 |
|
Name of the
company |
SAI FLEXI BAG
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Muthuswamypuram
Village, S.No.167/1, Ramanachiarpuram, Tuticorin – 628101, Tamil Nadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
THE KARUR VYSYA
BANK LIMITED |
|
Nature of instrument
creating charge |
1.Hypothecation
Agreement for Cash Credit/Overdraft- OCC 2.Packing Credit
Agreement - FX1 3.Agreement for
inland Letter of Credit (For Full Limit) - ILC1 4.Forward
Contract Agreement - FX 17 5.Deed of
Hypothecation of Current Assets - HCA1 6.Letter of
Undertaking for Negotiation of Bills under LC/Purchase, Discount of Bills not
under LC - FX 7 |
|
Date of
instrument Creating the charge |
09/05/2012 |
|
Amount secured by
the charge |
Rs.63.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 1. OCC - Base
Rate Plus 4.50% p.a. Present effective rate is 15.75% p.a. (Floating) 2.
PCL/ILC/FLC/FBN/FBP/Credit Equivalent Limit - ROI and charges as per Bank's
extant guidelines Terms of
Repayment OCC/
PCL/ILC/FLC/FBN/Credit Equivalent Limit - Repayable on Demand. Limits are
tenable for a period of one year from date of sanction. Margin 1. Stock - 25%
Book Debts - 50% 2. PCL - 25% 3. ILC/FLC - 15% 4. FBN - NIL 5. FBP - 10% Others 1.Cover period
for Book Debts - 60 days 2.Cover Period
for PCL - 90 days 3.ILC/FLC (DA)
Usance Period - 90 days 4.FBN (DA) Usance
Period - 90 days |
|
Short particulars
of the property charged |
Hypothecation, as
EXCLUSIVE FIRST CHARGE, of Stock in Trade, Work in Progress, Finished Goods,
Book Debts Hypothecation, as
SECOND CHARGE,of Plant and Machinery (First Charge Holder being TIIC,
Tuticorin); EM, as SECOND
CHARGE, on Company's Immovable Properties |
FIXED ASSETS:
·
Land
·
Building
·
Furniture and Fittings
·
Electrical Equipments
·
Plant and Machinery
·
Computers
·
Office Equipments
·
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 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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.