MIRA INFORM REPORT

 

 

Report No. :

311527

Report Date :

14.03.2015

 

IDENTIFICATION DETAILS

 

Name :

SKANEM INTERLABELS INDUSTRIES NORTH PRIVATE LIMITED

 

 

Registered Office :

110, Ravi Industrial Estate, Off Mahakali, Caves Road, Andheri East, Mumbai – 400093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

13.02.2012

 

 

Com. Reg. No.:

11-226818

 

 

Capital Investment / Paid-up Capital :

Rs. 0.100 Million

 

 

CIN No.:

[Company Identification No.]

U74999MH2012PTC226818

 

 

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 of Prime Labels, Drum Labels, Booklet Labels, Performance Labels, Security/tamper, Evident Labels.

 

 

No. of Employees :

Not Available 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a company with limited operational history having satisfactory track record.

 

The company has reported rise in its turnover and profitability for the year 2013-2014.

 

The financial position of company seems to be sound.

 

Trade relations are fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 31-03-2014.

 

LOCATIONS

 

Registered Office :

110, Ravi Industrial Estate, Off Mahakali, Caves Road, Andheri East, Mumbai – 400093, Maharashtra, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

basermanoj@yahoo.com

 

 

Plant  :

103/1, Hadbast No. 165,  Pargana Dharampur Village, Theda-Lodhi Road, Tehsil Nalagarh, Distrcit Solan - 174 101, Himachall Pradesh, India

 

 

DIRECTORS

 

As on 19.09.2014

 

Name :

Mr. Bhavin Chandrakant Kothari

Designation :

Director

Address :

101,Landmark, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

13.02.2012

DIN No.:

00946108

 

 

Name :

Mr. Gautam Chandrakant Kothari

Designation :

Director

Address :

101,Landmark, Carmichael Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

13.02.2012

DIN No.:

01679050

 

 

Name :

Ole Rugland

Designation :

Director

Address :

Markveien 42, Stavanger, 4020, Norway

Date of Birth/Age :

10.04.1955

Date of Appointment :

15.01.2014

DIN No.:

05190719

 

 

Name :

DAG Mikael Gundersen

Designation :

Director

Address :

Tiurveien 27, 4042 Hafrsfjord, Norway, 4042

Date of Birth/Age :

01.07.1963

Date of Appointment :

15.01.2014

DIN No.:

06414425

 

 

Name :

Ole Kristian Ole Rugland

Designation :

Director

Address :

Dr. Martha Persensgate 37, 4020 Stavanger, Norway, 4020

Date of Birth/Age :

07.04.1983

Date of Appointment :

15.01.2014

DIN No.:

06414447

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 19.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Skanem Interlabels Industries Private Limited, India

9900

99.00

Skanem AS, Norway

100

1.00

Total

10000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 19.09.2014

 

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

1.00

Bodies corporate

99.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Prime Labels, Drum Labels, Booklet Labels, Performance Labels, Security/tamper, Evident Labels.

 

 

Products :
  • Prime Labels
  • Drum Labels
  • Booklet Labels
  • Performance Labels
  • Security/tamper
  • Evident Labels

 

 

Brand Names :

Not Available 

 

 

Agencies Held :

Not Available 

 

 

Exports :

Not Available 

 

 

Imports :

Not Available 

 

 

Terms :

Not Available 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available  

Name of the Person :

Not Available 

Contact No.:

Not Available 

Since How Long Known :

Not Available 

Maximum Limit Dealt :

Not Available 

Experience :

Not Available 

Remark:

Not Available 

 

 

Customers :

Reference :

Not Available 

Name of the Person :

Not Available 

Contact No.:

Not Available 

Since How Long Known :

Not Available 

Maximum Limit Dealt :

Not Available 

Experience :

Not Available 

Remark:

Not Available  

 

 

No. of Employees :

Not Available 

 

 

Bankers :

The Saraswat Co-Operative Bank, SME Vile Parle,Bholanath Co-Operative Housing Society Limited, Subhash Road, Vile Parle (East), Mumbai - 400057,

Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Secured Term Loans from Saraswat Bank

 

 

a) Term Loan No. 299

(Secured by first pari-passu charge against Duty on AVT machine repayable in 60 equal monthly installments commencing from 05th December 2011)

1.324

1.828

b) Term Loan No. 199

(Secured by first pari-passu charge against Furniture repayable in 60 equal monthly installments commencing from 10th November 2010)

0.245

0.425

c) Term Loan No. 318

(Secured by first pari-passu charge against Gidue machine repayable in 60 equal monthly installments commencing from 13th February 2012)

3.382

6.118

d) Term Loan No. 298

(Secured by first pari-passu charge against Duty on AVT Machine repayable in 60 equal monthly installments commencing from 05th December 2011. This Loan has been fully repaid during the year.

However, the Company is in process of obtaining satisfaction of charge)

0.000

0.205

e) Term Loan No. 198

(Secured by first pari-passu charge against Slitting Machine repayable in 60 equal monthly installments commencing from 10th November, 2010)

0.428

0.854

f) Term Loan No. 103

(Secured by first pari-passu charge against Anilox roller Harper in 60 equal monthly installments commencing from 20th March, 2010)

0.148

0.308

g) Term loan No. 453

(Secured by first paripassu charge against Nilpeter machine in 72 equal monthly installments commencing from 01st Oct'14)

38.611

0.000

h) Term loan No. 480

(Secured by first paripassu charge against Gidue machine in 60 equal monthly installments commencing from 05th Mar'14)

15.930

0.000

i) Term loan No. 482

(Secured by first paripassu charge on slitting machine perfecto web machine in 72 equal monthly installments commencing from 05th Mar'14)

1.506

0.000

Current maturities of Long term borrowings (All Above term Loans are under Collateral securities of individual machines and personal guarantees of directors at average interest rate of 15.5%)

-12.340

-4.213

Short-term borrowings

 

 

From Banks

Cash Credit

(Secured by a first charge on current Assets of the Company, Raw materials, Stock in progress, Semi finished goods, Finished goods, Consumable, Stores and spares and receivables. In Addition to that there is personal guarantee of directors. The average rate of Interest is 15%)

16.047

11.939

Total

65.281

17.464

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Haribhakti and Company LLP

Chartered Accountants

Address :

42 Free Press House, 215 Nariman Point, Mumbai – 400021, Maharashtra, India

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

AAAFH2010F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding company:

Skanem Interlabels Industries Private Limited [U51900MH1995PTC093706]

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs. 0.100 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

0.100

0.100

0.100

(b) Reserves & Surplus

128.371

88.743

36.277

(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)

128.471

88.843

36.377

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

49.234

5.524

9.122

(b) Deferred tax liabilities (Net)

7.080

2.119

1.451

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.314

0.409

0.167

Total Non-current Liabilities (3)

56.628

8.052

10.740

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

16.047

34.416

43.989

(b) Trade payables

99.698

106.277

62.233

(c) Other current liabilities

19.232

10.193

10.834

(d) Short-term provisions

6.673

6.846

1.007

Total Current Liabilities (4)

141.650

157.732

118.063

 

 

 

 

TOTAL

326.749

254.627

165.180

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

121.740

52.790

54.755

(ii) Intangible Assets

0.127

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

22.184

12.611

3.233

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

144.076

65.426

58.013

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

41.459

27.020

20.149

(c) Trade receivables

126.256

135.683

51.230

(d) Cash and cash equivalents

12.161

23.479

9.609

(e) Short-term loans and advances

2.797

1.968

25.778

(f) Other current assets

0.000

1.051

0.401

Total Current Assets

182.673

189.201

107.167

 

 

 

 

TOTAL

326.749

254.627

165.180

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

393.855

320.968

215.303

 

Other Income

NA

NA

NA

 

TOTAL

NA

NA

NA

 

 

 

 

 

 

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

55.709

62.257

36.360

 

 

 

 

 

 

FINANCIAL EXPENSES

7.064

3.091

4.781

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

48.645

59.166

31.579

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

6.918

4.911

3.621

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

41.727

54.255

27.958

 

 

 

 

 

 

TAX

5.099

1.790

2.451

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

36.628

52.465

20.443

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

3662.80

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

9.30

16.35

9.49

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

14.14

19.40

16.89

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.77

21.31

16.93

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.32

0.61

0.77

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.51

0.45

1.46

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.29

1.20

0.91

 

 

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

0.100

0.100

0.100

Reserves & Surplus

36.277

88.743

128.371

Net worth

36.377

88.843

128.471

 

 

 

 

long-term borrowings

9.122

5.524

49.234

Short term borrowings

43.989

34.416

16.047

Total borrowings

53.111

39.940

65.281

Debt/Equity ratio

1.460

0.450

0.508

 

 

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)

Sales

215.303

320.968

393.855

 

 

49.077

22.708

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

215.303

320.968

393.855

Profit

20.443

52.465

36.628

 

9.49%

16.35%

9.30%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

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

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

FINANCIAL PERFORMANCE

 

During the period the company has made total Net sales of around Rs. 393.855 Million. The directors are continuing working hard towards minimizing the overhead and maximizing the growth and profit of the company in the ensuring years. The directors are hopeful for the better performance in the years to come.

 

OPERATIONS AND FUTURE OUTLOOK

 

The industry has seen an uptrend in the last years and the company has seized on this opportunity. The marketing and sales efforts are being bolstered and efforts are made to minimize the overhead cost of the Company. The director looks all the events in the positive manner and optimistic about the overall growth of the Company in the years to come.

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Short-term borrowings

 

 

From Banks

Buyers Credit

0.000

22.476

Total

0.000

22.476

 

 

FIXED ASSETS

 

Tangibles Assets

 

  • Plant and Machinery
  • Furniture and Fixtures
  • Office Equipment
  • Computer
  • Vehicles

 

Intangible Assets

 

  • Software

 

 

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.62.67

UK Pound

1

Rs.93.16

Euro

1

Rs.66.42

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUC

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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