MIRA INFORM REPORT

 

 

Report No. :

319344

Report Date :

06.05.2015

 

IDENTIFICATION DETAILS

 

Name :

SUVINO EXPORTS PRIVATE LIMITED [w.e.f.09.07.1999]

 

 

Formerly Known As :

SUVINO SYNTHETICS PRIVATE LIMITED

 

 

Registered Office :

C-702, Marathon Nextgen Innova, Opposite Peninsula Corporate Park, Off Ganpatrao Kadam Marg, Lower Parel (West), Mumbai - 400013, Maharashtra

Tel. No.:

91-22-43228400

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

11.09.1987

 

 

Com. Reg. No.:

11-044642

 

 

Capital Investment / Paid-up Capital :

Rs. 2.500 Million

 

 

CIN No.:

[Company Identification No.]

U17120MH1987PTC044642

 

 

IEC No.:

0392038633

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS35396E

 

 

PAN No.:

[Permanent Account No.]

AAACS7206F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Trader of Synthetics Yarns and Textiles.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

Management has reported modest scale of its operations during FY14.

 

Moreover, the directors are reported as defaulters with State Bank of India, Backbay Reclamation Branch for 354.00 Rupees in lacs as per the information available from Credit Information Bureau (India) Limited. However, trade relations seems to be fair. Business is active. Payment terms are reported as slow but correct.

 

In view of the aforesaid, the company can be considered for business dealings with caution and abide by adequate securities.

 

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

 

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/ Corporate Office :

C-702, Marathon Nextgen Innova, Opposite Peninsula Corporate Park, Off Ganpatrao Kadam Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Tel. No.:

91-22-43228400

Fax No.:

91-22-43228401

E-Mail :

office@suvino.com

avishek@suvino.com

Website :

http://www.suvino.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Avishek Vinod Modi

Designation :

Director

Address :

103, Shubh Apartment, B G Kher Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

24.09.1978

Date of Appointment :

31.10.1997

DIN No.:

00126992

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U17120MH1987PTC044642

SUVINO EXPORTS PRIVATE LIMITED

Director

31-10-1997

31-10-1997

Active

NO

2

U63012MH2001PTC133445

AVI SHIPPING PRIVATE LIMITED

Director

24-09-2001

24-09-2001

Active

NO

 

 

Name :

Mr. Vinod Modi

Designation :

Director

Address :

103, Shubh Apartment, B G Kher Road, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

13.08.1950

Date of Appointment :

11.09.1987

DIN No.:

00127012

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U17120MH1987PTC044642

SUVINO EXPORTS PRIVATE LIMITED

Director

11-09-1987

11-09-1987

Active

NO

2

U17110MH1987PTC045394

SUSHIL DYEING PRIVATE LIMITED

Director

24-11-1987

24-11-1987

Active

NO

3

U17110MH1987SGC045393

PODDAR BLEACHING & DYEING PRIVATE LIMITED

Director

21-09-2002

21-09-2002

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Vinod Modi

9300

37.20

Anirudh Vinod Modi

1250

5.00

Avishek Vinod Modi

14450

57.80

 

 

 

Total

 

25000

100.00

 

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Trader of Synthetics Yarns and Textiles.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Not Available

Countries :

Not Available

 

 

Imports :

 

Products :

Not Available

Countries :

Not Available

 

 

Terms :

 

Selling :

Not Available

 

 

Purchasing :

Not Available

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Available

Name of the Person (Designation):

Not Available

Contact Number:

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 (Designation):

Not Available

Contact Number:

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 :

Bank Name:

Not Available

Branch:

Not Available

Person Name (with Designation):

Not Available

Contact Number:

Not Available

Name of Account Holder:

Not Available

Account Number:

Not Available

Account Since (Date/ Year of A/c Opening):

Not Available

Average Balance Maintained (Optional):

Not Available

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Available

Account Operation:

Not Available

Remarks:

Not Available

 

·         Central Bank of India

Jenabhai Building, Yusuf Meherali Road, Mandvi, Mumbai – 400003, Maharashtra, India

 

·         Bank of India

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans

From Other Parties [Reliance Capital Limited]

14.104

14.734

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

From Bank [Bank of India]

8.420

7.256

 

 

 

Total

 

22.524

21.990

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S C Jalan and Associates

Chartered Accountants

Address :

24, Shree CHSL, 5th Floor, Laxmi Narayan Lane, Matunga, Mumbai – 400019, Maharashtra, India

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

ABEFF0521M

 

 

Related Parties :

Ecolux India Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25,000

Equity Shares

Rs. 100/- each

Rs. 2.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25,000

Equity Shares

Rs. 100/- 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

37.239

36.305

34.916

(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)

39.739

38.805

37.416

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

16.585

16.770

23.192

(b) Deferred tax liabilities (Net)

0.973

0.771

0.581

(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)

17.558

17.541

23.773

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

8.427

7.299

6.202

(b) Trade payables

47.580

50.927

25.104

(c) Other current liabilities

0.570

0.329

0.000

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

56.577

58.555

31.306

 

 

 

 

TOTAL

113.874

114.901

92.495

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

19.196

20.107

21.463

(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

7.121

7.121

3.321

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

26.317

27.228

24.784

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.070

0.070

0.005

(b) Inventories

15.668

26.187

19.268

(c) Trade receivables

37.203

32.107

33.307

(d) Cash and cash equivalents

4.227

1.981

1.508

(e) Short-term loans and advances

30.389

27.328

13.623

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

87.557

87.673

67.711

 

 

 

ss

TOTAL

113.874

114.901

92.495

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                        

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT AFTER TAX

0.934

1.389

1.384

 

 

 

 

 

 

Earnings Per Share (Rs.)

37.36

55.56

55.36

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.63

0.62

0.79

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.55

1.50

2.16

 

 

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

2.500

2.500

2.500

Reserves & Surplus

34.916

36.305

37.239

Net worth

37.416

38.805

39.739

 

 

 

 

Long-term borrowings

23.192

16.770

16.585

Short term borrowings

6.202

7.299

8.427

Total borrowings

29.394

24.069

25.012

Debt/Equity ratio

0.786

0.620

0.629

 

 

 

 

 

 

 

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

No

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10340928

28/06/2014 *

15,000,000.00

BANK OF INDIA

WORLI NAKA BRANCH, PANKAJ MANSION, OPP. PODAR HOSPITAL, DR. A B ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA

C12829099

2

10216848

30/03/2010

15,600,000.00

RELIANCE CAPITAL LIMITED

"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA

A84137504

3

90218286

20/09/1999

13,000,000.00

STATE BANK OF INDIA

BACKBAY RECL. BRANCH, RAHEJA CHAMER; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA

-

4

90217664

19/03/1993

100,000.00

CANARA BANK

KAKAD MARKET, BOMBAY, MAHARASHTRA - 400002, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Loans from Directors

0.917

0.472

Other Loans and advances

1.564

1.564

SHORT TERM BORROWINGS

 

 

Loans and advances from related parties

0.007

0.043

 

 

 

Total

 

2.488

2.079

 

 

FIXED ASSETS:

 

·         Furniture and Fixture

·         Office Equipments

·         Computers

·         Air Conditioners

·         Fire Extinguisher

·         Office Premises

·         Vehicles

 

 

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. 63.52

UK Pound

1

Rs. 95.96

Euro

1

Rs. 70.54

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--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

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

 

--

 

 

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.