MIRA INFORM REPORT
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Report No. : |
319228 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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SATGURU POLYFAB PRIVATE LIMITED |
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Registered
Office : |
Shed No. 299, Sector II, Kandla, Special Economic Zone, Gandhidham -
380230, Gujarat |
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Tel. No.: |
91-2836-252312 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.11.1997 |
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Com. Reg. No.: |
04-033290 |
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Capital
Investment / Paid-up Capital : |
Rs. 114.500 Million |
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CIN No.: [Company Identification
No.] |
U25200GJ1997PTC033290 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS12868C |
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PAN No.: [Permanent Account No.] |
AACCS6794C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Raw Materials. |
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No. of Employees
: |
110 (Approximately) |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Not Available |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of some accumulated losses incurred
by the company. However, company has achieved profit during FY2014 which has
reduced some part of its accumulated losses. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Dinesh |
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Designation : |
Accountant |
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Contact No.: |
91-22-22439999 |
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Date : |
24.04.2015 |
LOCATIONS
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Registered Office/ Factory 1 : |
Shed No. 299, Sector II, Kandla, Special Economic Zone, Gandhidham -
380230, Gujarat, India |
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Tel. No.: |
91-2836-252312 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory 2 : |
Shed No. 300, 302 and 303, Sector II, Kandla, Special Economic
Zone, Gandhidham – 380230, Gujarat, India |
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Branch Office : |
Located at: · Kalbadevi, Mumbai, Maharashtra, India |
DIRECTORS
AS ON 26.09.2014
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Name : |
Sheetal Mohanlal Jain |
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Designation : |
Director |
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Address : |
2501, Shivtapi Apartment, H.G. Road, Gamdevi, Mumbai - 400007, Maharashtra, India |
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Date of Birth/Age : |
23.08.1977 |
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Date of Appointment : |
28.03.2014 |
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PAN No.: |
AADPJ1872E |
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DIN No.: |
01209277 |
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Name : |
Mr. Mohanlalji Shankerlalji Jain |
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Designation : |
Director |
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Address : |
2501 Shiv Tapi Appartments, Harishchandra Goregaonkar Marg Gamdevi, Mumbai - 400007, Maharashtra, India |
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Date of Birth/Age : |
21.03.1954 |
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Date of Appointment : |
28.03.2014 |
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PAN No.: |
AADPJ1766D |
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DIN No.: |
01659886 |
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Name : |
Mr. Chintan Mohanlal Jain |
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Designation : |
Director |
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Address : |
Shivtapi Apartment, Floor No.25, Flat No.2501, Harishchandra Goregaonkar Marg, Gavdevi, Mumbai - 400007, Maharashtra, India |
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Date of Birth/Age : |
11.09.1983 |
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Date of Appointment : |
29.03.2014 |
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DIN No.: |
02256815 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Sheetal Mohanlal Jain |
5725000 |
50.00 |
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Mohanlalji Shankerlalji Jain |
5725000 |
50.00 |
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Total |
11450000 |
100.00 |
AS ON 26.09.2014
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Equity Share Breakup |
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 of Plastic Raw Materials. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
-- |
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Countries : |
-- |
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Imports : |
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Products : |
Scrap |
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Countries : |
· Italy · America |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
110 (Approximately) |
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Bankers : |
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State Bank of Travancore Indira Complex, Navlakha, Indore - 452001, Madhya
Pradesh, India ·
Indian Bank Navrang Pura Branch, Navrangpura, Ahmedabad -
380006, Gujarat, India ·
ICICI Bank Limited Kalbadevi, Mumbai, Maharashtra, India ·
State Bank of Patiala |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mayur M Shah and Associates Chartered Accountants |
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Address : |
504 Wal Street 1, Near Gujarat College, Opposite
Orient Club, Ellisbridge, Ahmedabad, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
AGDPS3511M |
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Other Related
Parties : |
·
Flexituff International Limited · Mokshstar International |
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Fellow Subsidiary company : |
·
Nanofil Technologies Private Limited · Malvika Agrotech Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11,450,000 |
Equity Shares |
Rs. 10/- each |
Rs. 114.500 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
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SOURCES OF
FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
114.500 |
114.500 |
114.500 |
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(b) Reserves & Surplus |
(42.343) |
(55.810) |
(36.342) |
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(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
72.157 |
58.690 |
78.158 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
0.000 |
52.168 |
70.568 |
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(b) Deferred tax liabilities (Net) |
2.825 |
15.149 |
12.425 |
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(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
2.825 |
67.317 |
82.993 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
0.000 |
78.432 |
38.624 |
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(b)
Trade payables |
1.244 |
33.993 |
158.538 |
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(c)
Other current liabilities |
0.000 |
19.325 |
19.542 |
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(d)
Short-term provisions |
0.317 |
0.383 |
0.651 |
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Total
Current Liabilities (4) |
1.561 |
132.133 |
217.355 |
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TOTAL |
76.543 |
258.140 |
378.506 |
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II.
ASSETS |
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(1) Non-current assets |
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(a)
Fixed Assets |
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(i)
Tangible assets |
25.815 |
156.738 |
168.207 |
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(ii)
Intangible Assets |
0.000 |
12.386 |
14.863 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan
and Advances |
1.970 |
1.688 |
3.747 |
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(e)
Other Non-current assets |
0.540 |
0.630 |
0.720 |
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Total
Non-Current Assets |
28.325 |
171.442 |
187.537 |
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(2) Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
0.000 |
33.347 |
32.588 |
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(c)
Trade receivables |
2.297 |
44.161 |
142.118 |
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(d)
Cash and cash equivalents |
0.822 |
5.281 |
4.760 |
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(e)
Short-term loans and advances |
45.099 |
3.909 |
11.503 |
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(f)
Other current assets |
0.000 |
0.000 |
0.000 |
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Total
Current Assets |
48.218 |
86.698 |
190.969 |
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TOTAL |
76.543 |
258.140 |
378.506 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
107.020 |
163.026 |
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Other Income |
NA |
1.463 |
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TOTAL (A) |
NA |
164.489 |
321.556 |
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Less |
EXPENSES |
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TOTAL
(B) |
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149.161 |
281.483 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(Including Financial Expenses) |
15.328 |
40.073 |
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Less |
FINANCIAL
EXPENSES (D) |
|
19.398 |
21.813 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.444 |
(4.070) |
18.260 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.468 |
12.507 |
12.538 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
0.976 |
(16.577) |
5.722 |
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Less |
TAX (H) |
(12.490) |
2.891 |
4.129 |
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
13.466 |
(19.468) |
1.593 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(58.129) |
(38.661) |
(40.254) |
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BALANCE CARRIED
TO THE B/S |
(44.663) |
(58.129) |
(38.661) |
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Earnings/ (Loss)
Per Share (Rs.) |
1.18 |
(1.70) |
0.14 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
12.58 |
(11.94) |
NA
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Operating Profit Margin (PBDIT/Sales) |
(%) |
NA
|
9.40 |
NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.28 |
(6.42) |
1.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.28) |
0.07 |
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Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
2.23 |
1.40 |
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Current Ratio (Current Asset/Current Liability) |
|
30.89 |
0.66 |
0.88 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
114.500 |
114.500 |
114.500 |
|
Reserves & Surplus |
(36.342) |
(55.810) |
(42.343) |
|
Net
worth |
78.158 |
58.690 |
72.157 |
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|
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Long-term borrowings |
70.568 |
52.168 |
0.000 |
|
Short term borrowings |
38.624 |
78.432 |
0.000 |
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Total
borrowings |
109.192 |
130.600 |
0.000 |
|
Debt/Equity ratio |
1.397 |
2.225 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
163.026 |
107.020 |
|
|
|
(34.354) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
163.026 |
107.020 |
|
Profit/ (Loss) |
(19.468) |
13.466 |
|
|
(11.94%) |
12.58% |
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 |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
38.817 |
|
|
|
|
|
Total |
0.000 |
38.817 |
FIXED ASSETS:
·
Buildings
·
Plant and equipment
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
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. 63.61 |
|
|
1 |
Rs. 96.56 |
|
Euro |
1 |
Rs. 69.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
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.