MIRA INFORM REPORT
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Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
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Name : |
S M I COATED PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
1-B-2, Gundecha Onclave, Kherani Road, Sakinaka, Andheri (East), Mumbai
– 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.04.2003 |
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Com. Reg. No.: |
11-139869 |
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Capital
Investment / Paid-up Capital : |
Rs.19.600 Millions |
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CIN No.: [Company Identification
No.] |
U74999MH2003PTC139869 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM19177E |
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PAN No.: [Permanent Account No.] |
AAHCS411SN |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Lable Stock Solutions. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 600000 |
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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
record. The external borrowing recorded by the company appears to be
increasing over years. However, trade relations are reported as fair. Payments
are reported to be slow but correct.
The company can be considered for business dealings with
slight cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
BB (Long Term Bank Facilities) |
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Rating Explanation |
Inadequate credit quality. It Carry high
Credit Risk. |
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Date |
22.02.2013 |
INFORMATION PARTED BY
|
Name : |
Mr. Sameer Naik |
|
Designation : |
Export Import Department |
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Contact No.: |
91-22-42048000 |
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Date : |
08.05.2013 |
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
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Registered Office : |
1-B-2, Gundecha Onclave, Kherani Road, Sakinaka, Andheri (East),
Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-42048000 |
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Fax No.: |
91-22-28523897 |
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E-Mail : |
contactus@smicoatedproducts.com |
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Website : |
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Area : |
1580 sq ft |
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Factory : |
B-120, MIDC, Industrial Area, Anand Nagar, Ambernath
(East), Thane – 421506, Maharashtra, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Ajay Omprakash Mehta |
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Designation : |
Director |
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Address : |
205-C, Kanmore
Housing Society Limited, 2nd |
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Date of Birth/Age : |
18.10.1961 |
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Qualification : |
B. Sc. |
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Date of Appointment : |
03.04.2003 |
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Voter ID No.: |
MT/08/039/274053 |
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DIN No.: |
00208284 |
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Name : |
Mrs. Swati Ajay Mehta |
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Designation : |
Director |
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Address : |
205-C, Kanmore
Housing Society Limited, 2nd Cross Lane, Lokhandwala Complex, Andheri
(West), Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
14.01.1963 |
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Qualification : |
B. Com. |
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Date of Appointment : |
10.05.2003 |
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Voter ID No.: |
MT/08/039/274054 |
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DIN No.: |
00208327 |
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Name : |
Mr. Rohit Ajay Mehta |
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Designation : |
Director |
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Address : |
101-Tej Mahan Apartment, Nargish Compound, J.B. Nagar, Andheri (East), Mumbai - 400069, Maharashtra, India |
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Date of Birth/Age : |
29.03.1986 |
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Date of Appointment : |
30.03.2009 |
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DIN No.: |
02587850 |
KEY EXECUTIVES
|
Name : |
Mr. Sameer Naik |
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Designation : |
Export Import Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
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No. of Shares |
|
Ajay Omprakash Mehta |
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187000 |
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Shakuntala Omprakash Mehta |
|
2000 |
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Swati Ajay Mehta |
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7000 |
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TOTAL |
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196000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2012
|
Category |
Percentage |
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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 Lable Stock Solutions. |
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Products : |
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Exports : |
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Products : |
Lable Stock Solutions |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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 : |
100 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
U. D. Kachare and
Company Chartered Accountants |
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Address : |
C-6, Saraswati Apartment, Laxmi Nagar, Carter Road No.3,
Borivali (East), Mumbai - 400066, Maharashtra, India |
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Tel. No.: |
91-22-28057040/ 28651947 |
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Fax No.: |
91-22-28651947 |
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E-Mail : |
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PAN.: |
AAHPK2745B |
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Sister Concern : |
Name: S.M. Plastic Address: 1-B-2, Gundecha
Onclave, Kherani Road, Sakinaka, Andheri (East), Mumbai – 400059,
Maharashtra, India Line of
Business: Manufacturer and Exporter of Lable Stock Solutions. |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
196000 |
Equity Shares |
Rs.100/- each |
Rs.19.600 Millions |
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a) Reconciliation of Numbers of Shares share
outstanding as at 1st April 2011/ 1st April 2010 share
outstanding as at 31st March 2012/ 31st March 2011 |
196,000
196,000 |
196,000
196,000 |
b) The
Company does not have any holding company / ultimate Holding Company.
c) The
Company has not issued any bonus shares during the last five years.
d) Equity
Shareholder holding more than 5% equity share along with the number of equity
shares held is as given below:
Name of
Shareholders
Current Year Previous
Year
Mr. Ajay Omprakash Mehta 167,000 167,000
(%) of
shareholding
95.41% 95.41%
e) The
Company has only one class of shares issued and paid up Capital referred to as
equity share having a per value of Rs. 100 per share. Each holder of equity
shares is entitled to one vote per share.
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 |
19.600 |
19.600 |
19.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
130.704 |
108.675 |
88.978 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
150.304 |
128.275 |
108.578 |
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LOAN FUNDS |
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1] Secured Loans |
221.894 |
203.510 |
173.116 |
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2] Unsecured Loans |
8.560 |
8.706 |
8.665 |
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TOTAL BORROWING |
230.454 |
212.216 |
181.781 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.273 |
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TOTAL |
380.758 |
340.491 |
290.632 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.796 |
75.012 |
76.668 |
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Capital work-in-progress |
19.515 |
0.000 |
4.945 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.380 |
0.073 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
131.028
|
112.778
|
82.953
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Sundry Debtors |
240.790
|
236.773
|
229.280
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Cash & Bank Balances |
2.116
|
9.878
|
2.282
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Other Current Assets |
0.012
|
0.338
|
44.390
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Loans & Advances |
18.928
|
43.578
|
1.449
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Total
Current Assets |
392.874
|
403.345
|
360.354 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
92.743
|
124.490
|
128.535
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Other Current Liabilities |
3.646
|
10.433
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Provisions |
3.418
|
3.016
|
22.800
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Total
Current Liabilities |
99.807
|
137.939
|
25.816
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Net Current Assets |
293.067
|
265.406
|
209.019
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
380.758 |
340.491 |
290.632 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
823.109 |
789.267 |
651.053 |
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Other Income |
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TOTAL |
823.109 |
789.267 |
651.053 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
NA |
NA |
619.092 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
NA |
31.961 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
10.938 |
12.755 |
10.823 |
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PROFIT BEFORE
TAX |
22.028 |
19.697 |
21.138 |
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Less |
TAX |
10.930 |
10.200 |
7.387 |
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PROFIT AFTER TAX
|
11.098 |
9.497 |
13.751 |
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EARNINGS IN FOREIGN
CURRENCY |
397.730 |
401.916 |
257.606 |
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IMPORTS |
349.519 |
301.874 |
202.558 |
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Earnings Per
Share (Rs.) |
56.62 |
48.45 |
70.16 |
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Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
1000.000 |
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Expected Sales (2013-2014): Rs.1200.000 Millions
The above information has been parted by Mr. Sameer Naik
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
1.35
|
1.21
|
2.11
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.78
|
3.92
|
4.84
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.15
|
0.19
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Debt Equity Ratio (Total Debt/Networth) |
|
1.53
|
1.65
|
1.67
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Current Ratio (Current Asset/Current Liability) |
|
3.93
|
2.64
|
2.38
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
Creditor for Goods, Services and Expense |
92.743
|
124.490
|
128.535
|
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Total |
92.743
|
124.490
|
128.535
|
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Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
Yes |
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5] |
Type of Business |
Yes |
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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
four 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 |
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 |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Loans and
Advances From Related Parties (Unsecured) |
0.200 |
0.000 |
|
Loans from
Directors |
8.360 |
8.706 |
|
|
|
|
|
Total |
8.560 |
8.706 |
FINANCIAL RESULT
During the financial year ended 31st March, 2012, the Company has earned gross revenue of Rs. 823.109 Millions. The Company has earned net profit of Rs. 22.028 Millions after making provision of current years tax of Rs. 10.930 Millions and depreciation of Rs. 10.938 Millions, The Company is utilizing its available resources to optimum level to increase the volume.
The Company has transferred an amount of Rs. 5.000 Millions to General Reserves.
FORM 8
|
Corporate identity
number of the company |
U74999MH2003PTC139869 |
|
Name of the
company |
S M I COATED
PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1-B-2, Gundecha Onclave, Kherani Road, Sakinaka, Andheri (East),
Mumbai – 400059, Maharashtra, India Email: smind1@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10392226 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Baroda |
|
Nature of
instrument creating charge |
Memorandum of
deposit of title deeds |
|
Date of instrument
Creating the charge |
11.02.2013 |
|
Amount secured by
the charge |
Rs.83.990
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 4.00% over Base
Rate, i.e. 14.50% p.a. with monthly rests subject to change in Base Rate and
Credit Rating from time to time [Concession of 1.00 % in applicable ROI
allowed by ZOCC (GMZ)] Extent and
Operation of the charge First Charge over property situated at Plot No.B-120 in Addl. Ambernath Industrial Area, within the village limits of Jambivli and within limits of Ambernath Taluka and Registration Sub-District Ulhasnagar, District and Registration District Thane. Exclusive Charge on all tangible movable machinery, plant and cranes, boats and vehicles of borrower together with spares, tools and accessories and furniture, fixture and fitting and office equipment and second charge on current assets book debts, securities ,stocks, etc Others Personal guarantees
of Mr. Ajay Om Mehta, Mrs. Swati Ajay Mehta and Mr. Rohit Ajay Mehta |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Charge over
property at Plot No.B-120 in Addl. Ambernath Ind Area, within village limits
of Jambivali and limits of Ambernath Taluka and Regd. Sub-District
Ulhasnagar, District and Regd. District Thane First Charge on
all tangible movable machinery, plant, cranes, boats, crafts and vehicles
with spares, tools and accessories and other movables, furniture, fixture and
fittings and office equipments present and future. Second Charge on Current
Assets -stocks and book-debts etc. as the first charge is with Citi Bank N.
A. and Slandered Chartered Bank |
Fixed Assets:
Ø Air Conditioner
Ø Computers
Ø Electrical
Installation
Ø Electrical Stacker
Ø Factory Equipments
Ø Fire Hydrants
Ø Land
Ø Machinery
Ø Office Equipments
Ø Vehicle
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.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.