|
Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAV-EX SEAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
21, 2nd Floor, Mahalaxmi Industrial Estate, Dainik, Shivner
Road, Gandhi Nagar, Lower Parel (West), Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.08.1985 |
|
|
|
|
Com. Reg. No.: |
11-037064 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 0.280
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209MH1985PTC037064 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS21360D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS9454L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Zip Lock Bags. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 127700 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Profit and sales turnover of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of 6.46
% for the month of September. It is up from 6.10 % in August. Growth continues
to be muted with factory output plunging to 0.6 % in August. Onion prices
have risen nearly 300 % from last September. Vegetables cost nearly 90 % more
than they did last year. Wake up to the economic contribution of slum dwellers.
They contribute more than 7.5 % to the country’s gross domestic product,
according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 DECLINED BY
|
Name : |
Ms. Sujata |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66351516 |
|
Date : |
11.11.2013 |
LOCATIONS
|
Registered Office : |
21, 2nd Floor, Mahalaxmi Industrial Estate, Dainik, Shivner
Road, Gandhi Nagar, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66351516 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Pradip Ramanlal Shah |
|
Designation : |
Director |
|
Address : |
4, Guru Krupa,
514/22, |
|
Date of Birth/Age : |
15.01.1941 |
|
Date of Appointment : |
14.07.1993 |
|
DIN No.: |
01960775 |
|
|
|
|
Name : |
Mr. Saunil Bipin Shah |
|
Designation : |
Director |
|
Address : |
4, Guru Krupa,
514/22, |
|
Date of Birth/Age : |
02.12.1959 |
|
Date of Appointment : |
06.08.1985 |
|
DIN No.: |
01960798 |
|
|
|
|
Name : |
Mr. Chhotalal Velji Shah |
|
Designation : |
Whole-time director |
|
Address : |
B-303, Shreeji
Ville, |
|
Date of Birth/Age : |
03.07.1951 |
|
Date of Appointment : |
24.07.2008 |
|
DIN No.: |
00896974 |
KEY EXECUTIVES
|
Name : |
Ms. Sujata |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Saunil Bipin Shah Jointly With Bipin Ramanlal Shah jointly with Sudha
Pradip Shah |
|
1198 |
|
Saunil Bipin Shah Jointly With Smita Shah |
|
10700 |
|
Pradip Ramanlal Shah Jointly With Sudha Shah |
|
6511 |
|
Sudha Pradip Shah Jointly With Pradip Ramanlal Shah |
|
1875 |
|
Chhotalal Velji Shah Jointly With Indu Chhotalal Shah |
|
3923 |
|
Indu Chhotalal Shah Jointly With Chhotalal Velji Shah |
|
100 |
|
Viral Chhotalal Shah Jointly With Rashmi Viral Shah |
|
100 |
|
Sudha Pradip Shah Jointly With Pradip Ramanlal Shah Jointly With
Saunil Bipin Shah |
|
3490 |
|
Rashmi Viral Shah Jointly With Viral Chhotalal Shah |
|
100 |
|
Pradip Ramanlal Shah Jointly With Sudha Shah Jointly With Virendra H.
Shah |
|
1 |
|
Chhotalal Velji Shah Jointly With Chimanlal V. Shah Jointly With Kanta
C Shah |
|
1 |
|
Chhotalal Velji Shah Jointly With Jayantilal Shah Jointly With Manjula
Shah |
|
1 |
|
|
|
|
|
Total |
|
28000 |
AS ON 29.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Zip Lock Bags. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
The Shamrao Vithal Co-operative Bank Limited, H-2,
Anandashram, Shamrao Vithal Marg, Mumbai - 400007, |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Narendra Bhat Chartered Accountant |
|
Address : |
2, 2nd Floor, Azgar Manzil, 49, Janmabhoomi Marg, Mumbai – 400001,
|
|
Tel. No.: |
91-22-66954731 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIPB6824H |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700,000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.000 Millions |
|
5,000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.500 Million |
|
|
Total |
|
Rs. 7.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.280
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.280 |
0.280 |
0.280 |
|
(b) Reserves & Surplus |
31.656 |
26.736 |
25.151 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
31.936 |
27.016 |
25.431 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15.096 |
13.391 |
11.821 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
15.096 |
13.391 |
11.821 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
19.824 |
8.233 |
16.366 |
|
(b)
Trade payables |
5.602 |
6.165 |
2.693 |
|
(c)
Other current liabilities |
3.650 |
1.106 |
0.161 |
|
(d) Short-term
provisions |
0.691 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
29.767 |
15.504 |
19.220 |
|
|
|
|
|
|
TOTAL |
76.799 |
55.911 |
56.472 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
21.749 |
19.724 |
21.399 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.230 |
0.230 |
0.230 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.219 |
1.136 |
0.634 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
23.198 |
21.090 |
22.263 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
28.792 |
17.502 |
21.874 |
|
(c)
Trade receivables |
20.949 |
13.878 |
9.238 |
|
(d) Cash
and cash equivalents |
0.404 |
0.802 |
0.303 |
|
(e) Short-term
loans and advances |
3.377 |
2.587 |
2.727 |
|
(f)
Other current assets |
0.079 |
0.052 |
0.067 |
|
Total
Current Assets |
53.601 |
34.821 |
34.209 |
|
|
|
|
|
|
TOTAL |
76.799 |
55.911 |
56.472 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
REVENUE |
155.600 |
133.300 |
143.800 |
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.586 |
2.870 |
2.085 |
|
|
|
|
|
|
|
Less |
TAX |
1.665 |
1.285 |
1.025 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.921 |
1.585 |
1.060 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
175.75 |
56.61 |
37.86 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.74
|
5.26 |
3.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.11 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.09
|
0.80 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
2.25 |
1.78 |
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 |
Yes |
|
8] |
No. of employees |
No |
|
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 |
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 |
-- |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10445913 |
03/08/2013 |
32,000,000.00 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
H-2, ANANDASHRAM,
SHAMRAO VITHAL MARG, MUMBAI - 400007, |
B83498071 |
|
2 |
10159692 |
13/05/2011 * |
32,000,000.00 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
H-2, ANANDASHRAM,
SHAMRAO VITHAL MARG, MUMBAI - 400007, |
B15128697 |
|
3 |
90235150 |
13/05/2011 * |
21,200,000.00 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
H-2, ANANDASHRAM,
SHAMRAO VITHAL MARG, MUMBAI - 400007, |
B15203482 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
From Shareholders |
15.096 |
13.391 |
|
|
|
|
|
Total |
15.096 |
13.391 |
Note:
The Registered office of the company has been
shifted from 37/4,
BUSINESS ACTIVITY
The working during the year resulted in revenue of Rs.
155.600 Millions against Rs. 133.300 Millions in the previous year registering
an increase of 17% over last year in spite of the difficult market conditions.
The Profit before Tax and exceptional item amounted to Rs.6.586 Millions
against Rs. 2.870 Millions in the previous year. The Profit after Tax amounted
to Rs.4.921 Millions against Rs. 1.585 Millions in the previous year. Strict
cost control and better material management helped in increasing the profit for
the year. The market condition in 2013-14 has turned difficult due to
depreciating rupee and all round increase in the cost of various raw material
and other overheads. In the circumstances, there is general slowdown in the
Indian economy and it is likely to impact the working of the Company as well.
With a view to conserve resources and meet the increasing business requirement
the Directors do not recommend any dividend for the year.
FIXED ASSETS:
· Building
Machinery
Crates
Electrical
Fittings
Fire
Extinguisher
Vehicles
Office
Equipment
Computer
Furniture
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. 63.30 |
|
|
1 |
Rs. 101.36 |
|
Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.