MIRA
INFORM REPORT
|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SRIRAM FOAMS PRIVATE LIMITED |
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Registered Office
: |
No. 72, 1st Floor, Mehta Villa, Balaji Nagar, Padikuppam Road, Anna
Nagar [West], Chennai – 600040, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.04.2006 |
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Com. Reg. No.: |
18-059477 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.000 Millions |
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CIN No.: [Company Identification
No.] |
U25209TN2006PTC059477 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES25996F |
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PAN No.: [Permanent Account No.] |
AAJCS8059H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Moulded PU Product and Foams. |
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No. of Employees
: |
65 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
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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 17400 |
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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 company
recorded modest scale of business operation. The profitability 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 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. Muthukumar Pampaiyan |
|
Designation : |
Director |
|
Contact No.: |
91-9841298423 |
|
Date : |
29.04.2013 |
LOCATIONS
|
Registered Office : |
No. 72, 1st Floor, Mehta Villa, Balaji Nagar, Padikuppam Road, Anna
Nagar [West], Chennai – 600040, Tamilnadu, India |
|
Tel. No.: |
91-44-42666618 |
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Mobile No.: |
91-9841298423 [Mr. Pampaiyan Muthukumar] |
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Fax No.: |
91-44-42666615 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft |
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Location : |
Owned |
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Factory : |
SF. 123/2A7, Perumal Koin Street, Periya Mathur, Chennai - 600068,
Tamilnadu, India |
|
Area : |
10000 Sq. ft |
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Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Thirumurthi Arunachalam |
|
Designation : |
Director |
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Address : |
11&12,
Jaswanth Nagar, Mogappair West, Chennai
– 600037, Tamilnadu, India |
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Date of Birth/Age : |
20.05.1969 |
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Date of Appointment : |
10.04.2006 |
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PAN No.: |
AANPT7535N |
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DIN No.: |
01632616 |
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Name : |
Mr. Muthukumar Pampaiyan |
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Designation : |
Director |
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Address : |
Metha Villa, 72,
Balaji Nagar, Padikuppam Road, Anna Nagar, Chennai – 600040, Tamilnadu, India |
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Date of Birth/Age : |
05.07.1971 |
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Date of Appointment : |
10.04.2006 |
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DIN No.: |
01632673 |
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Name : |
Radhika Muthukumar |
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Designation : |
Director |
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Address : |
Metha Villa, 72,
Balaji Nagar, Padikuppam Road, Anna Nagar, Chennai – 600040, Tamilnadu, India |
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Date of Birth/Age : |
30.05.1973 |
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Date of Appointment : |
10.04.2006 |
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DIN No.: |
06422323 |
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Name : |
Malarvizhi Thirumoorthy |
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Designation : |
Director |
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Address : |
11&12,
Jaswanth Nagar, Mogappair West, Chennai
– 600037, Tamilnadu, India |
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Date of Birth/Age : |
26.06.1975 |
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Date of Appointment : |
10.04.2006 |
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DIN No.: |
06422328 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
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No. of Shares |
|
A.Thirumurthi |
|
80000 |
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T. Malarvizhi |
|
20000 |
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P. Muthukumar |
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80000 |
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M. Radhika |
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20000 |
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Total |
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200000 |
AS ON 29.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Moulded PU Product and Foams. |
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Exports : |
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Products : |
Moulded PU Product and Foams |
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Countries : |
Ø Iran Ø Iraq Ø Dubai Ø France Ø Malaysia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Ø Italy Ø China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
65 (Approximately) |
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Bankers : |
Ø HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai -
400013, Maharashtra, India Ø Bank of India,
25 A Redhills High Road, Kolathur, Chennai - 600099, Tamilnadu, India |
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Facilities : |
Cash Credit – Rs. 6.000 Millions / TL – Rs. 4.500 Millions [HDFC Bank Limited]
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sundararajan Associates Chartered Accountants |
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Address : |
7, Vyasarpadi Gangadharan Street, Nungambakkam, Chennai – 600034,
Tamilnadu, India |
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Tel. No.: |
91-44-28261955/ 28234855 |
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Fax No.: |
91-44-42081955 |
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Email : |
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Income-tax
PAN of auditor or auditor's firm : |
AADPS5150J |
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Related Party : |
Ø Purion Distilled
Water Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.340 |
1.542 |
1.011 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.340 |
3.542 |
3.011 |
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LOAN FUNDS |
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1] Secured Loans |
5.499 |
2.928 |
7.017 |
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2] Unsecured Loans |
0.894 |
2.441 |
0.000 |
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TOTAL BORROWING |
6.393 |
5.369 |
7.017 |
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DEFERRED TAX LIABILITIES |
0.148 |
0.045 |
0.000 |
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TOTAL |
10.881 |
8.956 |
10.028 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.588 |
6.413 |
6.071 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
1.621
|
1.111 |
1.150
|
|
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Sundry Debtors |
9.243
|
4.734 |
7.835
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Cash & Bank Balances |
0.294
|
0.037 |
0.057
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
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Loans & Advances |
2.911
|
2.243 |
1.634
|
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Total
Current Assets |
14.069
|
8.125 |
10.676 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
6.099
|
3.303 |
5.495
|
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Other Current Liabilities |
2.735
|
0.967 |
0.511
|
|
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Provisions |
1.942
|
1.312 |
0.716
|
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Total
Current Liabilities |
10.776
|
5.582 |
6.722
|
|
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Net Current Assets |
3.293
|
2.543 |
3.954
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
10.881 |
8.956 |
10.028 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
|
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Revenue from operations (Net) |
52.900 |
41.610 |
27.880 |
|
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Other Income |
0.015 |
0.071 |
0.131 |
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|
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TOTAL (A) |
52.915 |
41.681 |
28.011 |
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Less |
EXPENSES |
|
|
|
|
|
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Cost of Material consumed |
37.999 |
28.554 |
|
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|
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Purchase of stock-in-trade |
0.470 |
0.456 |
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|
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Changes in inventories of finished goods |
0.023 |
0.037 |
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|
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Employee benefit expenses |
7.145 |
5.232 |
|
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Other expenses |
3.832 |
4.756 |
|
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TOTAL (B) |
49.469 |
39.035 |
25.807 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.446 |
2.646 |
2.204 |
|
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|
Less |
FINANCIAL
EXPENSES (D) |
1.047 |
0.953 |
0.873 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.399 |
1.693 |
1.331 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.203 |
0.921 |
0.832 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1.196 |
0.772 |
0.499 |
|
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|
|
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|
|
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|
Less |
TAX (H) |
0.398 |
0.241 |
0.138 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
0.798 |
0.531 |
0.361 |
|
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|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
3.99 |
2.66 |
1.80 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
60.000 |
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|
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|
|
Expected Sales (2013-2014): Rs. 120.000 Millions
The above information has been parted by Mr. Pampaiyan Muthukumar
[Managing Director]
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.51
|
1.27 |
1.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.26
|
1.86 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.52
|
5.31 |
2.98 |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.22 |
0.17 |
|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47
|
1.52 |
2.33 |
|
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|
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.46 |
1.59 |
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 |
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
three years |
Yes |
|
12] |
Profitability for last
three 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 |
Yes |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
From Other Parties |
0.894 |
0.133 |
|
From Related Parties |
0.000 |
2.308 |
|
Total |
0.894 |
2.441 |
Note:
The registered office of the company has been shifted from W-101, 3rd
Floor, II Avenue, Anna Nagar, Chennai - 600040, Tamilnadu, India to the present
w.e.f.07.01.2013
BACKGROUND:
Subject was incorporated on 10 April, 2006 as a Private Limited Company
under the Provisions of Companies Act. The Company is engaged in the business
of manufacturing Moulded PU Foams, Elastomer and other types of Industrial PU.
OPERATIONS:
The company earned a profit of Rs. 1.196 millions against Rs. 0.770
million in the previous year. Liability for income tax (including deferred tax)
is estimated at Rs. 0.399 million leaving a distributable profit of Rs. 0.798
million (previous year – Rs. 0.531 million)
The company is hopeful of increasing the sales and net profit further in
view of strengthening into new premises which is larger in capacity and cheaper
in cost.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U25209TN2006PTC059477 |
|
Name of the
company |
SRIRAM FOAMS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 72, 1st Floor, Mehta Villa, Balaji Nagar, Padikuppam Road, Anna Nagar
[West], Chennai – 600040, Tamilnadu, India Email: sriramfoams@rediffmail.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai -
400013, Maharashtra, India Email: Ranjith.Fernando@hdfcbank.com
CIN No.:
L65920MH1994PLC080618 |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation. |
|
Date of
instrument Creating the charge |
22.01.2013 |
|
Amount secured by
the charge |
Rs. 9.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of Repayment Working capital
facility shall be repayable on demand. Term Loan shall
be repayable in suitable instalments. Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by
way of First Charge on Stocks, Book Debts, Plant and Machinery and Vehicles
and other fixed Assets of the company
to secure for the repayment of Rs. 9.000 Millions together with
interest, costs, charges, expenses and other moneys due and payable by the
Company to the Bank. |
|
Short particulars
of the property charged |
Stock-in-trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties, now All the Debts,
that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts,
guarantees, and rights which are now The movable plant
and machinery, vehicles and other fixed assets, which may now or at any time
hereafter belong to the Borrower or come to the Borrower's |
FIXED ASSETS:
Ø Land
Ø Factory Building
Ø Computer
Ø Furniture
Ø Office equipment
Ø Vehicles
Ø Electrical fittings
Ø Plant and machinery
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. 53.95 |
|
|
1 |
Rs. 83.81 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.