MIRA INFORM REPORT

 

 

Report No. :

337737

Report Date :

24.08.2015

 

IDENTIFICATION DETAILS

 

Name :

SHIVAM SULZ PRIVATE LIMITED

 

 

Registered Office :

G-39, RIICO Extension Area, Bhilwara – 311001, Rajasthan

Tel. No.:

91-1482-260360

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.09.2000

 

 

Com. Reg. No.:

17-016662

 

 

Capital Investment / Paid-up Capital :

Rs.12.000 Million

 

 

CIN No.:

[Company Identification No.]

U17117RJ2000PTC016662

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Importers of textile.

 

 

No. of Employees :

40  (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 74000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a Private Limited Company incorporated on 26 September 2000. It is having a satisfactory track record.

 

It is classified as Indian Non-Government Company and is registered at registrar of companies, Jaipur. Its authorized share capital is Rs. 20.000 Million and its paid up capital is Rs. 19.525 Million.

 

Director of Shivam Sulz Private Limited are Mahendra Joshi and Sunil Joshi.

 

Profitability of the company seems to be low during the FY 2014. However, overall general financial position of the company seems to be decent.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sunil Joshi

Designation :

Director

Contact No.:

91-9414235666

Date :

24.08.2015

 

 

LOCATIONS

 

Registered Office / Factory:

G-39, RIICO Extension Area, Bhilwara – 311001, Rajasthan, India

Tel. No.:

91-1482-260360

Mobile No.:

91-9414235666 (Mr. Sunil Joshi)

Fax No.:

Not Available

E-Mail :

shivamsulz93@gmail.com

Area :

Owned

Location :

Industrial

 

 

Corporate Office / Sales Office:

105 1st Floor, Ambaji Textile Market, Bhilwara – 311001, Rajasthan, India

Area :

Owned

Location :

Commercial 

 

 

DIRECTORS

 

AS ON 15.09.2014

 

Name :

Mr. Mahendra Joshi

Designation :

Director

Address :

5-C-2, R.C. Vyas Colony, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

06.03.1963

Date of Appointment :

02.12.2000

DIN No.:

00098623

 

 

Name :

Mr. Sunil Joshi

Designation :

Director

Address :

7, Main Sector, Shastri Nagar, Bhilwara - 311001, Rajasthan, India

Date of Birth/Age :

05.08.1970

Date of Appointment :

02.12.2000

DIN No.:

00098627

 

 

KEY EXECUTIVE

 

Name :

Sanjay Somani and Associates

Designation :

Company Secretaries

Address :

29, 1ST Floor, Badal Textile Market, Pur Road, Bhilwara-311001, Rajasthan, India

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 15.09.2014

 

SHAREHOLDING DETAIL FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 15.09.2014

 

Category

Percentage

Bodies corporate

2.08

Directors or relatives of Directors

82.09

Other top fifty shareholders

15.83

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importers of textile.

 

 

Products :

Textile

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Machinery

Countries :
  • Japan
  • Dubai

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Rajasthan Spinning and Waving Mills Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End users

 

Reference :

Standard Niwar Mills

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :

Banker Name

Indian Overseas Bank

Branch Address

Akar Tower, Gandhi Nagar, Bhilwara - 311001, Rajasthan, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loans from banks

Indian Overseas Bank

3.328

3.887

Car loan

0.271

0.000

Loan from kotak bank

0.349

0.000

SHORT TERM BORROWING

 

 

Loans repayable on demand

from Indian Overseas Bank (C/C Limit)

8.665

9.518

Total

12.613

13.405

 

NOTE:

 

Nature of Security:

 

a) Term Loan from RIICO is secured against first charge of land and buildings, plant and machinery and structure, errections attached to the earth or permanently  astened to anything attached to the earth for

 

present and future, or to be constructed on the factory situated at G-39, RIICO, Industrial Area extension, Bhilwara and E-61 ,RIICO Ind. Area, Bhilwara and personal guarantee of all the directors of the company.

 

b) First charge on plant and machinery whether fixed or movable and whether attached to the premises or not more particularly described in the schedules as term loan financed by Indian Overseas Bank and second charge (1st charge of RIICO) on company's Land & Building.

 

Financial Institute:

Rajasthan State Industrial Development and Investment Corporation Limited, Udyog Bhavan, Tilak Marg, Jaipur, Rajasthan, India

 

 

Auditors :

 

Name :

R. L. Birla and Company

Chartered Accountant

Address :

112, Ambaji Textile Market, Ajmer Road, Bhilwara – 311001, Rajasthan, India

Mobile No.:

91-9829349883/9460298262

PAN N Income-tax PAN of auditor or auditor's firm :

AAMFR4884K

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AFTER 15.09.2014

 

Authorised Capital : Rs. 20.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 19.525 Million

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1200000

Equity Shares

Rs.10/- each

Rs. 12.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1200000

Equity Shares

Rs.10/- each

Rs. 12.000 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

12.000

9.500

9.500

(b) Reserves & Surplus

13.867

11.075

10.639

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.210

0.000

Total Shareholders’ Funds (1) + (2)

25.867

20.785

20.139

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

10.066

10.863

19.733

(b) Deferred tax liabilities (Net)

0.909

0.958

1.232

(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)

10.975

11.821

20.965

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

8.665

9.518

10.872

(b) Trade payables

16.061

8.558

8.588

(c) Other current liabilities

3.498

4.627

6.398

(d) Short-term provisions

0.057

0.079

0.040

Total Current Liabilities (4)

28.281

22.782

25.898

 

 

 

 

TOTAL

65.123

55.388

67.002

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

26.396

27.443

36.687

(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

0.003

1.003

1.003

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.823

0.808

0.559

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

27.222

29.254

38.249

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6.111

6.150

11.224

(c) Trade receivables

29.524

17.719

15.129

(d) Cash and cash equivalents

0.300

0.292

0.655

(e) Short-term loans and advances

1.966

1.973

1.745

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

37.901

26.134

28.753

 

 

 

 

TOTAL

65.123

55.388

67.002

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Turnover

90.899

65.460

45.057

 

Job Weaving Receipt

16.089

16.678

26.343

 

 

 

 

 

Less

EXPENSES

NA 

NA 

NA 

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

3.628

4.827

5.905

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

3.327

4.626

5.692

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

0.301

0.201

0.213

 

 

 

 

 

Less

TAX

0.009

(0.236)

(0.128)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

0.292

0.437

0.341

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.24

NA

NA

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

100.000

 

The above information has been parted by Mr. Sunil Joshi

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

2.818

3.805

5.275

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

0.46

0.37

0.32

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

0.01

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.83

1.16

1.78

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.34

1.15

1.11

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

9.500

9.500

12.000

Reserves & Surplus

10.639

11.075

13.867

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.210

0.000

Net worth

20.139

20.785

25.867

 

 

 

 

long-term borrowings

19.733

10.863

10.066

Short term borrowings

10.872

9.518

8.665

Current maturities of long-term debts

5.275

3.805

2.818

Total borrowings

35.880

24.186

21.549

Debt/Equity ratio

1.782

1.164

0.833

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

45.057

65.460

90.899

 

 

45.283

38.862

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover

45.057

65.460

90.899

Profit

0.341

0.437

0.292

 

0.76%

0.67%

0.32%

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

GENERAL REVIEW:

 

The company have earned Profit a sum of Rs. 3.628 Million before Depreciation a Decrease of Rs.1.199 Million as compared to previous year. The Reason of Decrease in Profit due to Tuff competition and Competitive rates in market. The job Charges receipt are also decreased by Rs 0.589 Million. However the turnover is increased by Rs. 25.440 Million. The Company is establishing its own marketing and the Director are hopeful that working result of coming years will br more better in coming year.

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loans from banks

HDFC Bank Limited

0.217

0.509

Loans from directors, members and relatives

5.901

6.467

Total

6.118

6.976

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10550319

12/02/2015

43,200,000.00

RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTM
ENT CORPORATION LTD

UDYOG BHAWAN TILAK MARG,, JAIPUR, RAJASTHAN - 3020
05, INDIA

C44213171

2

10255371

27/10/2010

8,000,000.00

INDIAN OVERSEASE BANK

AKAR TOWER, GANDHI NAGAR, BHILWARA, RAJASTHAN - 3
11001, INDIA

B01664465

3

90073346

20/04/2015 *

20,000,000.00

INDIAN OVERSEAS BANK

1-5, AAKAR TOWER, OLD RTO ROAD, GANDHI NAGAR, BHI
LWARA, RAJASTHAN - 311001, INDIA

C52047305

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible Assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

45

 

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

 

--

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.