MIRA INFORM REPORT

 

 

Report No. :

348490

Report Date :

04.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SATGURU POLYFAB PRIVATE LIMITED

 

 

Registered Office :

Shed No. 299, Sector II, Kandla, Special Economic Zone, Gandhidham – 380230, Gujarat

Tel. No.:

91-2836-253291

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

10.11.1997

 

 

Com. Reg. No.:

04-033290

 

 

Capital Investment / Paid-up Capital :

Rs.114.500 Million

 

 

CIN No.:

[Company Identification No.]

U25200GJ1997PTC033290

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AACCS6794C

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Subject is engaged in manufacturing plastic granules.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

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 was incorporated in the year 1997 and it is engaged in manufacturing plastic granules.

 

For the financial year ended 2014, company possesses above average operational performance and it has achieved profit from its operations during the year under a review. Due to profit, company has able to wipe out some of its accumulated losses.

 

Rating remain constrained on account of company’s moderate financial profile marked by negative reserves along with modest net worth base and moderately leverage balance sheet profile of the company.

 

However, rating weakness is partially offset by established track record of company operations backed by its zero debt balance sheet profile and extensive industry experience of promoter in plastic manufacturing segment.

 

Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealing with some caution.  

 

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

CARE

Rating

Bank Facilities = BBB+ [50]

Rating Explanation

Moderate degree of safety and moderate credit risk. Rating assigned to the facilities of Satguru Polyfab Private Limited. Withdrawn with immediate effect, due to extinguishment of the said facilities and there is no amount outstanding under the facilities as on date.

Date

April, 2014

 

 

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 31-03-2015.

 

 

INFORMATION DENIED

 

MANAGEMENT NON COOPERATIVE (Tel No.91-2836-253291)

 

 

 

 

LOCATIONS

 

Registered Office :

Shed No. 299, Sector II, Kandla, Special Economic Zone, Gandhidham – 380230, Gujarat, India

Tel. No.:

91-2836-253291

Fax No.:

Not Available

E-Mail :

shirin@luckystarinternational.in

 

 

DIRECTORS

 

AS ON 26.09.2014

 

Name :

Sheetal Mohanlal Jain

Designation :

Director

Address :

Apartment, H.G. Road, Gamdevi, Mumbai - 400007,  Maharashtra, India

Date of Birth/Age :

23.08.1977

Date of Appointment :

28.03.2014

DIN No.:

01209277

 

 

Name :

Mohanlalji Shankerlalji Jain

Designation :

Director

Address :

2501, Shivtapi Apartment, H.G.Road, Gamdevi, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

21.03.1954

Date of Appointment :

28.03.2014

DIN No.:

01659886

PAN No.:

AADPJ1766D

 

 

Name :

Chintan Mohanlal Jain

Designation :

Director

Address :

Shivtapi Apartment, Floor No.25, Flat No.2501, Harishchandra Goregaonkar Marg, Gavdevi, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

11.09.1983

Date of Appointment :

29.03.2014

DIN No.:

02256815

 

 

MAJOR SHAREHOLDERS

 

AS ON 26.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Sheetal Mohanlal Jain

5725000

50.00

Mohanlalji Shankerlalji Jain

5725000

50.00

Total

11450000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 26.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DE  TAILS

 

Line of Business :

Subject is engaged in manufacturing plastic granules.

 

 

Products :

·         Plastic Granules

 

                           

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

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 :

Reference :

Not Divulged

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 :

Information declined by the management 

 

 

Bankers :

Banker Name

Indian Bank

Branch Address

Navrang Pura Branch, Navrangpura, Ahmedabad - 380006, Gujarat, 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 BORROWINGS

 

 

Rupee term loans from banks

0.000

52.167

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

0.000

39.615

Total

0.000

91.782

 

Auditors :

 

Name :

Mayur M Shah and Associates

Chartered Accountants

Address :

504 Wal Street 1, Near Gujarat College, Opposite, Orient Club, Ellisbridge, Ahmedabad, Gujarat, India

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

AGDPS3511M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Fellow Subsidiary company;

·         Nanofil Technologies Private Limited, India

·         Malvika Agrotech Private Limited, India

 

 

Other Related Parties :

·         Flexituff International Limited, India

·         Mokshstar International, India

 

 

CAPITAL STRUCTURE

 

AS ON 26.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

Rs.10/- each

Rs.120.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

11450000

Equity Shares

Rs.10/- each

Rs.114.500 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

114.500

114.500

114.500

(b) Reserves & Surplus

(42.343)

(55.809)

(36.342)

(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)

72.157

58.691

78.158

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

52.167

70.568

(b) Deferred tax liabilities (Net)

2.825

15.149

12.425

(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)

2.825

67.316

82.993

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

78.432

38.624

(b) Trade payables

1.244

33.993

158.538

(c) Other current liabilities

0.000

19.325

19.542

(d) Short-term provisions

0.316

0.383

0.651

Total Current Liabilities (4)

1.560

132.133

217.355

 

 

 

 

TOTAL

76.542

258.140

378.506

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

25.815

156.738

168.207

(ii) Intangible Assets

0.000

12.386

14.863

(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

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1.970

1.688

3.747

(e) Other Non-current assets

0.540

0.630

0.720

Total Non-Current Assets

28.325

171.442

187.537

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

33.347

32.588

(c) Trade receivables

2.297

44.161

142.118

(d) Cash and cash equivalents

0.822

5.281

4.760

(e) Short-term loans and advances

45.098

3.909

11.503

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

48.217

86.698

190.969

 

 

 

 

TOTAL

76.542

258.140

378.506

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

107.020

163.026

 

 

 

Other Income

 NA

1.463

 

 

 

TOTAL                                              (A)

NA

164.489

321.556

 

 

 

 

 

Less

TOTAL EXPENSES                                           (B)

NA

149.161

281.484

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

20.809

15.328

40.072

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

14.365

19.398

21.813

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

6.444

(4.070)

18.259

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

5.468

12.507

12.538

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                   (G)     

0.976

(16.577)

5.721

 

 

 

 

 

Less

TAX                                                                  (H)

(12.490)

2.891

4.128

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

13.466

(19.468)

1.593

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.18

1.70

0.14

 

 

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 flows from (used in) operations

(9.720)

(2.929)

(42.960)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Turnover)

(%)

12.58

(11.94)

0.50

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.28

(6.42)

1.51

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.01

(0.28)

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

2.23

1.40

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

30.91

0.66

0.88

 

 

 

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

114.500

114.500

114.500

Reserves & Surplus

(36.342)

(55.809)

(42.343)

Net worth

78.158

58.691

72.157

 

 

 

 

Long-term borrowings

70.568

52.167

0.000

Short term borrowings

38.624

78.432

0.000

Total borrowings

109.192

130.599

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

(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

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

No

8

Designation of contact person

No

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

No

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

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Other loans and advances, others

0.000

38.817

Total

0.000

38.817

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

 

FIXED ASSETS

 

Tangible assets

 

·         Buildings

·         Plant and equipment

·         Furniture and fixtures

·         Vehicles

·         Office equipment

·         Computer Equipments

 

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.65.45

UK Pound

1

Rs.100.96

Euro

1

Rs.72.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

GEET

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

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

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

 

29

 

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.