MIRA INFORM REPORT
|
Report No. : |
333525 |
|
Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUN ACRYLICS PRIVATE LIMITED |
|
|
|
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Registered
Office : |
44/2A, Yashodham, |
|
Tel. No.: |
91-22-28406883 |
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Country : |
India |
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|
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.05.1990 |
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Com. Reg. No.: |
11-056535 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.500 Million |
|
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|
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CIN No.: [Company Identification
No.] |
U25209MH1990PTC056535 |
|
|
|
|
IEC No.: |
0391008251 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS50453E/ MUMS16700F/ MUMS24103C |
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|
|
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PAN No.: [Permanent Account No.] |
AAECS1851P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of switch board cutting machine, laser cutting machines,
acrylic sheet. |
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|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated during the year 1990.
It has a moderate track record. For the financial year 2014, the company has average operational
activity along with an average profit earnings. The rating is constrain on account that the company possess moderate financial
risk profile marked by modest networth position and huge borrowings taken by
the company. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some
cautions. |
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
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. Vinod Boricha |
|
Designation : |
Export-import Incharge |
|
Contact No.: |
91-9987023342 |
|
Date : |
25.07.2015 |
LOCATIONS
|
Registered Office : |
44/2A, Yashodham, Gokuldham Dindoshi Village, Opposite Film, City
Road, Goregaon, Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-28406883 / 84 |
|
Mobile No.: |
91-9322950886 (Mr. Chetan Kothari) |
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Fax No.: |
91-22-28420905 |
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E-Mail : |
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Location : |
Owned |
|
|
|
|
Factory : |
33-35, Achaad Industrial Estate, Taluka Talasari, District Thane,
Maharashtra, India |
|
Tel No.: |
91-2521-230081 |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Naresh Javerilal Mehta |
|
Designation : |
Managing Director |
|
Address : |
44/2A, Yashodham, |
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Date of Birth/Age : |
03.11.1948 |
|
Qualification : |
Graduate |
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Date of Appointment : |
15.05.1990 |
|
DIN No.: |
00185862 |
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|
|
|
Name : |
Mr. Jay Naresh Mehta |
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Designation : |
Director |
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Address : |
44/2A, Yashodham, |
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Date of Birth/Age : |
30.07.1988 |
|
Date of Appointment : |
07.01.2010 |
|
DIN No.: |
02490931 |
|
|
|
|
Name : |
Mr. Jagdish Lalshanker Ojha |
|
Designation : |
Director |
|
Address : |
Rustamji Rejansi B, Building No. 3A, Flat No. 11, Jaywant Sawant Road, Dahisar (West), Mumbai – 400068, Maharashtra, India |
|
Date of Birth/Age : |
16.07.1954 |
|
Date of Appointment : |
25.07.2012 |
|
DIN No.: |
02493388 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Boricha |
|
Designation : |
Export-import Incharge |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Naresh Mehta |
25000 |
10.00 |
|
Mrunal Mehta |
110000 |
44.00 |
|
Jay Mehta |
50000 |
20.00 |
|
Shreeji Polyacrylics Private Limited, India |
5000 |
2.00 |
|
Shree Ganesh Vyapar Udyog, India |
5000 |
2.00 |
|
Naresh JJhaverilal Mehta (HUF) |
55000 |
22.00 |
|
|
|
|
|
Total |
250000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Bodies corporate |
2.00 |
|
Directors or relatives of Directors |
98.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of switch board cutting machine, laser cutting machines,
acrylic sheet. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash, Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
NOTES: 1)
Above
mentioned facility is secured against hypothecation of stocks and book debts
of the company. 2)
The facility
is secured by personal guarantee of Mr. Naresh Mehta, Mrs. Mrunal Mehta, Mr.
Jai Mehta & Mr. Chetan V Kothari 3)
The
facility is additionally secured by equitable mortgage of : - First Charge on Factory Land and Building situated
at Plot No.33,34,35, Survey no. 66 Village Achhad Talasari, District - Hypothecation of Plant & Machinery owned by
the - Fixed Deposits of Rs.1.000 million of the
corporation bank is offered as collaterally security towards the facility. - First Charge on Factory Land and Building
situated at Plot No.33,34,35, Survey no. 66 Village Achhad Talasari, District
Thane owned by Shree Ganesh Vyapar Udyog - Charge on Plant and Machinery and other movable
assets owned by Shree Ganesh Vyapar Udyog |
|
Auditors : |
|
|
Name : |
Lakhani and Company Chartered Accountant |
|
Address : |
Hemsharsaka, 19 Gola Lane, Fort, Mumbai – 400001, Maharashtra, India |
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Tel No.: |
91-22-22666660/ 1/ 2 |
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Fax No.: |
91-22-22666644 |
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Email : |
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Pan No.: |
AAAFL1302L |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Concern in which directors are
interested : |
Shree Ganesh Vyapar Udyog |
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Associate Concern : |
Shreeji Polyacrylics Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Million |
|
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|
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 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 |
2.500 |
2.500 |
2.500 |
|
(b) Reserves & Surplus |
1.548 |
1.164 |
1.104 |
|
(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) |
4.048 |
3.664 |
3.604 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17.658 |
9.732 |
14.143 |
|
(b) Deferred tax liabilities (Net) |
0.057 |
0.094 |
0.110 |
|
(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) |
17.715 |
9.826 |
14.253 |
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
12.560 |
12.558 |
12.211 |
|
(b) Trade
payables |
26.246 |
12.131 |
6.788 |
|
(c) Other current
liabilities |
7.452 |
4.448 |
2.498 |
|
(d) Short-term
provisions |
0.251 |
0.043 |
0.095 |
|
Total Current
Liabilities (4) |
46.509 |
29.180 |
21.592 |
|
|
|
|
|
|
TOTAL |
68.272 |
42.670 |
39.449 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1.898 |
2.148 |
1.821 |
|
(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 |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.246 |
2.084 |
0.437 |
|
(e) Other Non-current
assets |
0.003 |
0.003 |
0.003 |
|
Total Non-Current
Assets |
2.172 |
4.260 |
2.286 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
26.929 |
10.916 |
7.861 |
|
(c) Trade receivables |
28.873 |
21.471 |
18.809 |
|
(d) Cash
and cash equivalents |
1.467 |
1.544 |
2.119 |
|
(e)
Short-term loans and advances |
8.456 |
4.222 |
8.301 |
|
(f) Other
current assets |
0.375 |
0.257 |
0.073 |
|
Total
Current Assets |
66.100 |
38.410 |
37.163 |
|
|
|
|
|
|
TOTAL |
68.272 |
42.670 |
39.449 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES TURNOVER (APPROXIMATELY) |
400.000 |
250.000 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
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|
|
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|
|
|
PROFIT/(LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
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|
|
|
PROFIT/(LOSS)
AFTER TAX |
0.384 |
0.060 |
0.174 |
|
|
|
|
|
|
|
|
IMPORTS PURCHASE
OF GOODS |
18.338 |
21.373 |
19.527 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.53 |
0.24 |
0.70 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
600.000 |
The above information has been parted by Mr. Vinod
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
7.46 |
6.08 |
7.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.32 |
1.72 |
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 |
2.500 |
2.500 |
2.500 |
|
Reserves & Surplus |
1.104 |
1.164 |
1.548 |
|
Net
worth |
3.604 |
3.664 |
4.048 |
|
|
|
|
|
|
long-term borrowings |
14.143 |
9.732 |
17.658 |
|
Short term borrowings |
12.211 |
12.558 |
12.560 |
|
Total
borrowings |
26.354 |
22.290 |
30.218 |
|
Debt/Equity
ratio |
7.312 |
6.084 |
7.465 |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
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 three 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 |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Deferred Sales Tax Loan |
6.922 |
6.922 |
|
Loans and Advances from
related parties |
|
|
|
Directors |
8.280 |
1.698 |
|
Shareholder |
1.680 |
0.336 |
|
From deceased director (expired on 28.07.2012) |
0.776 |
0.776 |
|
|
|
|
|
Total |
17.658 |
9.732 |
NOTES:
Deferred Sales Tax Loan is interest free and repayable after nine years from the date of intimation as and when provided by the department. The company has during the financial year 2012-2013 received an intimation from the department for the repayment of Rs.0.610 million. Accordingly the said amount is classified under Current Liabilities as "Current Deferred Payment Liabilities".
Terms of Repayment
The above loans are repayable on
demand after a period of one year from the date of balance sheet
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10356440 |
06/09/2011 |
13,000,000.00 |
Corporation Bank |
Pratiksha
Apartments, S. V. Road, Opposite Filmistan |
B35545896 |
|
2 |
10098386 |
31/01/2008 |
2,500,000.00 |
Corporation Bank |
Pratiksha
Apartments, S. V. Road, Opposite Filmistan |
A36333714 |
|
3 |
10018941 |
27/06/2011 * |
13,000,000.00 |
Corporation Bank |
Pratiksha
Apartments, S. V. Road, Opposite Filmistan |
B18679357 |
*Date of modification Charges
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
·
weight
Scale
·
Invertor
·
Scooter
· Tempo
· Office Equipments
· Electronic Installations
· Computers
· Fire Safety Equipment
· Air Conditioner
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.63.89 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
28 |
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.