MIRA
INFORM REPORT
|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
CLASSIC STRIPES PRIVATE LIMITED (w.e.f. 26.03.2010) |
|
|
|
|
Formerly Known
As : |
CLASSIC STRIPES LIMITED (w.e.f.
31.03.2008) CLASSIC STRIPES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
164, Senapti Bapat Marg, Matunga (West), Mumbai – 400016, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.09.1987 |
|
|
|
|
Com. Reg. No.: |
11-044849 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.120.630
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1987PTC044849 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC5076F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Printed Self-Adhesive Poly Vinyl Chloride
(PVC) Stripes. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. Profitability of the company has declined during financial year 2013. However, the rating reflects CSPL’s leadership position in the domestic
automotive decals market supported by established relationships with two
wheeler manufacturers and sound financial risk profile of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
23.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety it carry low credit
risk. |
|
Date |
23.09.2013 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-24303826)
LOCATIONS
|
Registered Office : |
164, Senapti Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra,
India |
|
Tel. No.: |
91-22-24303826/ 24303853/ 8688/ 24328463/ 64 / 24211708/ 24365303/
24389550/ 66793500 |
|
Fax No.: |
91-22-24308688/ 24303826/ 66793600 |
|
E-Mail : |
rahul.muranjan@classicstripes.com
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Astarc House, 76/79 Makwana Lane, Takpada Off Andheri Kurla Road,
Marol, Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Tel. No.: |
91-22-66793500 |
|
Fax No.: |
91-22-66793600 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at: ·
Two Manufacturing Unit at Vasai, Thane,
Maharashtra, India ·
One Manufacturing Unit at Haridwar, Uttaranchal,
India |
DIRECTORS
As on 19.09.2013
|
Name : |
Mr. Kishore Manohar Musale |
|
Designation : |
Managing director |
|
Address : |
Astarc Bunglow,
Survey No. 86, Sant Tukaram Marg, Juhu Tara Road, Juhu, Vile Parle (West),
Mumbai - 400049, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1954 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
30.09.1987 |
|
PAN No.: |
AADPM0375K |
|
DIN No.: |
00144029 |
|
|
|
|
Name : |
Mr. Bruno Seghin |
|
Designation : |
Director |
|
Address : |
Suite 2120,
Pacific Place, 88, Queens Way, Hong Kong, 200000 |
|
Date of Birth/Age : |
07.05.1957 |
|
Qualification : |
MBA |
|
Date of Appointment : |
05.04.2011 |
|
DIN No.: |
00740866 |
|
|
|
|
Name : |
Mr. Ashish Agrawal |
|
Designation : |
Director |
|
Address : |
601, Padma Prabhu
Apartments, 1174/1175, Veer Varkar, Marg, Dadar (West), Mumbai - 400028,
Maharashtra, India |
|
Date of Birth/Age : |
21.06.1977 |
|
Qualification : |
MBA, MS-Computers |
|
Date of Appointment : |
05.04.2011 |
|
DIN No.: |
02421421 |
|
|
|
|
Name : |
Mr. Salil Kishore Musale |
|
Designation : |
Whole-time director |
|
Address : |
Classic Strip
House, 76/79, Makwana Lane, Takpada, off Andheri Kurla Road, Marol Naka,
Andheri (East), Mumbai - 400059, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1983 |
|
Date of Appointment : |
01.07.2012 |
|
DIN No.: |
02698971 |
|
|
|
|
Name : |
Mr. Jesal Nilesh Doshi |
|
Designation : |
Director |
|
Address : |
84, Duru Mahal, Marine Drive, F Road, Mumbai - 400002, Maharashtra,
India |
|
Date of Birth/Age : |
09.01.1984 |
|
Qualification : |
MBA, BE-Electronics |
|
Date of Appointment : |
05.04.2011 |
|
DIN No.: |
02963307 |
|
|
|
|
Name : |
Mr. Sameer Kishore Musale |
|
Designation : |
Director |
|
Address : |
601, 6th Floor, Kubel Isque, 1629, Pali Hill, A/2, Union Park,
Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1985 |
|
Date of Appointment : |
26.04.2013 |
|
DIN No.: |
03525922 |
|
|
|
|
Name : |
Mr. Aditya Arora |
|
Designation : |
Nominee director |
|
Address : |
C-1-401, Purvi Apartment, Sundervan Compound, Andheri (West), Mumbai -
400053, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1980 |
|
Date of Appointment : |
09.07.2012 |
|
DIN No.: |
03528624 |
MAJOR SHAREHOLDERS
As on 19.09.2013
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Kishore Manohar Musale |
3050331 |
25.29 |
|
Chhaya Kishore Musale |
1311301 |
10.87 |
|
Salil Kishore Musale |
750000 |
6.22 |
|
Sameer Kishore Musale |
750000 |
6.22 |
|
CSPL Holding Private Limited, Mauritius |
6100883 |
50.58 |
|
CSPL Holding Private Limited, Mauritius (Class A Shares) |
100000 |
0.83 |
|
Total |
12062515 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 19.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
51.40 |
|
Directors or relatives of Directors |
48.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed Self Adhesive Poly Vinyl Chloride
(PVC) Stripes. |
GENERAL INFORMATION
|
Customers : |
·
Hero Motocorp ·
Bajaj Auto ·
Suzuki ·
Yamaha Motors ·
Tata Motors ·
Mahindra and Mahindra · Maruti Suzuki · Hyundai Motors · General Motors · Toyota · John Deere · Swaraj · Sonalika ·
Godrej ·
Pricol ·
Tech Mahindra ·
Escorts |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information denied by management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Citi Bank N. A., First International Financial Centre, 9th Floor, Plot No.C-54, C-55, G-Block, BKC, Bandra, Mumbai - 400051, Maharashtra, India · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · Axis Bank Limited, CBB, Axis House, Grd Flr, Wadia Intl. Centre, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R B C and CO LLP Chartered Accountants |
|
Address : |
22 Camac Street, Block C 3rd Floor, Kolkata – 700016, West Bengal, India |
|
PAN No.: |
ABSFS4151F |
|
|
|
|
Holding company : |
· CSPL Holding Private Limited |
|
|
|
|
Subsidiary company
: |
· Classic Stripes Inc. · Pt. Classic Stripes Indonesia · Modagrafics Inc. |
|
|
|
|
Other Related Parties |
· Durabuild Technologies Private Limited CIN No.: U28933MH2004PTC148152 · Sabre Helmets Private Limited CIN No.: U36993MH2009PTC195096 · Classic Retail Imaging Solutions Private Limited CIN No.: U36998MH2010PTC211398 · Astarc Power Private Limited CIN No.: U11100MH2007PTC176853 · Classic Installation and Logistics Private Limited CIN No.: U93030MH2011PTC223529 · Pro-Tech Sports And Safety Products Private Limited · Astarc Mining Private Limited |
CAPITAL STRUCTURE
As on 19.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12062515 |
Equity Shares |
Rs.10/- each |
Rs.120.630 Millions |
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 |
120.630 |
120.630 |
120.625 |
|
(b) Reserves & Surplus |
1593.590 |
1235.900 |
646.052 |
|
(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) |
1714.220 |
1356.530 |
766.677 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
396.810 |
596.750 |
752.118 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
5.540 |
1.980 |
1.522 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
402.350 |
598.730 |
753.640 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
111.510 |
29.950 |
182.134 |
|
(b) Trade payables |
346.370 |
318.460 |
535.321 |
|
(c) Other current
liabilities |
179.690 |
244.000 |
329.951 |
|
(d) Short-term provisions |
30.130 |
20.140 |
106.081 |
|
Total Current Liabilities (4) |
667.700 |
612.550 |
1153.487 |
|
|
|
|
|
|
TOTAL |
2784.270 |
2567.810 |
2673.804 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
984.820 |
1098.660 |
1106.679 |
|
(ii) Intangible Assets |
26.310 |
26.340 |
135.935 |
|
(iii) Capital
work-in-progress |
0.240 |
0.000 |
43.668 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
85.200 |
1.440 |
1.435 |
|
(c) Deferred tax assets (net) |
131.960 |
77.620 |
53.506 |
|
(d) Long-term Loan and Advances |
495.210 |
165.550 |
70.846 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
26.022 |
|
Total Non-Current Assets |
1723.740 |
1369.610 |
1438.091 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
512.990 |
390.200 |
441.793 |
|
(c) Trade receivables |
397.740 |
635.230 |
461.581 |
|
(d) Cash and cash
equivalents |
18.260 |
100.950 |
113.023 |
|
(e) Short-term loans and
advances |
82.050 |
70.370 |
116.745 |
|
(f) Other current assets |
49.490 |
1.450 |
102.571 |
|
Total Current Assets |
1060.530 |
1198.200 |
1235.713 |
|
|
|
|
|
|
TOTAL |
2784.270 |
2567.810 |
2673.804 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
3088.620 |
3601.910 |
3202.230 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
828.750 |
1189.650 |
NA |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
276.490 |
294.520 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
444.980 |
654.720 |
162.200 |
|
|
|
|
|
|
|
|
|
|
TAX |
87.290 |
64.870 |
85.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
357.690 |
589.850 |
76.700 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ADJUSTMENT |
0.000 |
0.000 |
0.030 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1080.630 |
490.780 |
434.110 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1438.320 |
1080.630 |
490.780 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods ( F.O.B Value) |
132.890 |
58.460 |
64.472 |
|
|
TOTAL EARNINGS |
132.890 |
58.460 |
64.472 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
826.311 |
|
|
|
Traded Goods |
NA |
NA |
86.456 |
|
|
|
Capital Goods |
NA |
NA |
119.684 |
|
|
TOTAL IMPORTS |
NA |
NA |
1032.451 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
29.65 |
48.90 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
14.41 |
18.18 |
5.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.34 |
26.31 |
6.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.48 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.46 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.96 |
1.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
120.625 |
120.630 |
120.630 |
|
Reserves & Surplus |
646.052 |
1235.900 |
1593.590 |
|
Net
worth |
766.677 |
1356.530 |
1714.220 |
|
|
|
|
|
|
long-term borrowings |
752.118 |
596.750 |
396.810 |
|
Short term borrowings |
182.134 |
29.950 |
111.510 |
|
Total
borrowings |
934.252 |
626.700 |
508.320 |
|
Debt/Equity
ratio |
1.219 |
0.462 |
0.297 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
3,202.230 |
3,601.910 |
3,088.620 |
|
|
|
12.481 |
(14.250) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
3,202.230 |
3,601.910 |
3,088.620 |
|
Profit |
76.700 |
589.850 |
357.690 |
|
|
2.40% |
16.38% |
11.58% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
s.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
139.780 |
155.370 |
NA |
|
Total |
139.780 |
155.370 |
NA |
|
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
LITIGATION DETAILS
|
Case Details |
||||||
|
Bench:- Bombay |
||||||
|
Lodging No. : |
RPAL/45/2012 |
Failing Date:- |
05/06/2012 |
|||
|
Main Matter |
||||||
|
Lodging No. : |
CEXAL/194/2008 |
Reg No.: |
CEXA/148/2010 |
|||
|
|
||||||
|
Petitioner:- |
THE UNION OF INDIA THRU THE COMMISSIONER OF CENTRAL EXCISE, THANE II,
MUMBAI |
Respondent:- |
CLASSIC STRIPES PRIVATE LIMITED, THANE |
|||
|
Petn.Adv:- |
JITENDRA B. MISHRA |
|
|
|||
|
District:- |
MUMBAI |
|||||
|
|
||||||
|
Bench:- |
SINGLE |
Category:- |
REVIEW(APPEAL) |
|||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|||
|
Last Date:- |
31/01/2013 |
|
||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|||||
|
|
|
|||||
|
Act. : |
Central Excise and Salt Act |
|||||
CORPORATE
INFORMATION:
The company is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacturing of printed self-adhesive Poly Vinyl Chloride (PVC) Stripes.
OPERATIONS:
The net sales /turnover of the Company have decreased from Rs.3601.910 Millions to Rs.3088.620 Millions recording a decrease of 14.25% over the previous year due to general recessionary trend in the economy, especially in the automotive sector and closing of Retail Engineering Division (Signage).
Net Profit before Tax is Rs.384.350 millions for the current year as compared to Rs.654.720 millions for previous year. Reasons for fall in the same are reduction of gross margin due to loss of sales and one-time expense like celebrating Silver Jubilee event on occasion of completing 25 years of existence.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10458609 |
06/11/2013 |
200,000,000.00 |
Citibank N. A. |
First International
Financial Centre, 9th Floor,, |
B88925177 |
|
2 |
10403937 |
31/05/2013 * |
610,200,000.00 |
Axis Bank Limited |
Cbb, Axis House,
Grd Flr, Wadia Intl. Centre, Pan |
B76923168 |
|
3 |
10368272 |
31/05/2013 * |
168,000,000.00 |
CITIBANK N. A. |
Trent House, 2nd Floor, C-60,, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India |
B78134608 |
|
4 |
10366020 |
31/05/2013 * |
448,000,000.00 |
Export Import Bank of India |
Centre One
Building, Floor 21, World Trade Centre |
B77050243 |
|
5 |
10068914 |
31/05/2013 * |
150,000,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B77831550 |
|
6 |
80054535 |
03/06/2009 * |
45,000,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
A64446669 |
*Date of modification Charges
FIXED ASSETS:
· Land – Freehold
· Factory Building
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Air conditioner
· Electrical Installation
· Office Equipment
· Computer
· Motor Car
· Motor Cycle
·
Cycle
·
Computer Software
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.60.43 |
|
|
1 |
Rs.97.25 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.