MIRA INFORM REPORT

 

 

Report No. :

345459

Report Date :

16.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SREERAGAM EXPORTS PRIVATE LIMITED

 

 

Registered Office :

Flat No. B-304, Falcon Residency, Patia, Bhubaneswar – 751024, Orissa

Tel. No.:

91-674-2726511

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.05.2011

 

 

Com. Reg. No.:

15-013579

 

 

Capital Investment / Paid-up Capital :

Rs.5.000 Million

 

 

CIN No.:

[Company Identification No.]

U05000OR2011PTC013579

 

 

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 :

Processor, Trader and Exporter of Sea Food.

 

 

No. of Employees :

300  (Approximately)

 

 

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

 

Maximum Credit Limit :

USD 91000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Even though the subject was incorporated on 5th May 2011, it has commenced its business activities from April 2012.

 

It is an established company engaged in trading exporting and processing of sea food and has satisfactory track.

 

For the financial year ended 2014, the company has reported decent net profit profile and recorded Rs. 20.000 million profit from its business activities.

 

Further, rating also considers company’s acceptable financial risk profile supported by adequate net worth base and low debt balance sheet profile of the company.

.

Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered normal for business dealings at usual trade terms and conditions.

 

 

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 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Mr. Sreejesh Sivasankaran Nair

Designation :

Managing director

Contact No.:

91-9437579092

Date :

15.10.2015

 

 

LOCATIONS

 

Registered Office :

Flat No. B-304, Falcon Residency, Patia, Bhubaneswar – 751024, Orissa, India

Tel. No.:

91-674-2726511

Mobile No.:

91-9437579092 (Mr. Sreejesh Sivasankaran Nair)

Fax No.:

91-674-2726511

E-Mail :

info@sreeragamexpors.com

sbnassociates@rediffmail.com

 

 

Processing Unit / Warehouse :

40, Chandaka Indsutrial Estate, Patia, Bhubaneswar, Orissa, India

 

 

Branch Office :

Located at

 

Kolkata

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Sreejesh Sivasankaran Nair

Designation :

Managing director

Address :

Sreeragam, Olathanni, Neyyattinkara P.O, Trivandrum - 695121, Kerala, India

Date of Birth/Age :

21.07.1986

Date of Appointment :

05.05.2011

DIN No.:

03508418

PAN No.:

CKFPS8120Q

 

 

Name :

Mr. Sreeji Sivasankaran Nair

Designation :

Director

Address :

Sreeragam, Olathanni, Neyyattinkara-Po, Trivandrum - 695121, Kerala, India

Date of Birth/Age :

24.07.1984

Date of Appointment :

05.05.2011

DIN No.:

03508672

PAN No.:

AGKPN0585B

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

Date of cessation

Company/ LLP Status

Defaulting status

1

U05000OR2011PTC013579

SREERAGAM EXPORTS PRIVATE LIMITED

Director

5/5/2011

5/5/2011

-

Active

NO

2

U05001OR2014PLC018155

UTKAL SEAFOOD PARK LIMITED

Director

1/8/2014

1/8/2014

-

Active

NO

 

 

Name :

Mr. Sivasankaran Nair Kuttan Pillai

Designation :

Additional director

Address :

40, Chandaka Industrial Estate, Patia, Bhubaneswar, 751024, Orissa, India

Date of Birth/Age :

14.10.1952

Date of Appointment :

01.04.2014

DIN No.:

02144721

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

Date of cessation

Company/ LLP Status

Defaulting status

1

U05005OR2007PTC009294

SHIVA FROZEN FOOD EXPORTS PRIVATE LIMITED

Managing director

25/04/2007

25/04/2007

-

Active

NO

2

U05000OR2011PTC013579

SREERAGAM EXPORTS PRIVATE LIMITED

Additional director

1/4/2014

1/4/2014

-

Active

NO

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Sreejesh Sivasankaran Nair

250000

50.00

Sreeji Sivasankaran Nair

250000

50.00

Total

500000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Processor, Trader and Exporter of Sea Food.

 

 

Products :

Item Code No.

Product Description

95079000

Otherfishing Requisites

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Sea Food

Countries :
  • Japan
  • Vietnam
  • China

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

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 :

Wholesalers, Retailers

 

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 :

300  (Approximately)

 

 

Bankers :

Banker Name

Bank of India

Branch Address

Bhubaneswar Branch,

129, Ashok Nagar, Unit-Ii, Janpath, Bhubaneswar - 751009,

Orissa, 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 others

8.724

0.000

Other loans and advances

0.490

0.000

SHORT TERM BORROWING

 

 

Loans repayable on demand from banks

59.942

30.000

Total

69.156

30.000

 

Auditors :

 

Name :

S B N and Associates

Chartered Accountants

Address :

14 and 15, Deendayal Bhawan. 2nd Floor, Janpath Ashok Nagar, Bhubaneswar -

751009, Orissa, India

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

AATFS5506N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.10/- each

Rs. 5.000 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

5.000

5.000

1.800

(b) Reserves & Surplus

27.017

6.977

3.158

(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)

32.017

11.977

4.958

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

15.214

0.000

0.835

(b) Deferred tax liabilities (Net)

0.156

0.051

0.000

(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)

15.370

0.051

0.835

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

59.942

30.000

0.000

(b) Trade payables

69.546

8.829

0.000

(c) Other current liabilities

1.192

0.293

0.000

(d) Short-term provisions

11.616

2.142

0.017

Total Current Liabilities (4)

142.296

41.264

0.017

 

 

 

 

TOTAL

189.683

53.292

5.810

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

18.709

4.997

0.305

(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

1.025

0.017

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.126

0.126

2.704

(e) Other Non-current assets

0.042

0.048

0.054

Total Non-Current Assets

19.902

5.188

3.063

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

96.129

1.013

0.000

(c) Trade receivables

55.578

14.431

0.000

(d) Cash and cash equivalents

8.828

27.485

2.507

(e) Short-term loans and advances

9.246

5.175

0.240

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

169.781

48.104

2.747

 

 

 

 

TOTAL

189.683

53.292

5.810

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

NA

NA

NA

 

Other Income

NA

NA

NA

 

TOTAL

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

30.268

5.544

NA

 

 

 

 

 

Less

TAX

10.228

1.726

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

20.040

3.818

(0.042)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

40.08

NA

NA

 

 

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

(24.847)

3.022

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

16.04

10.41

0.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.95

0.46

0.00

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.35

2.50

0.17

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.19

1.17

161.59

 

 

 

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

1.800

5.000

5.000

Reserves & Surplus

3.158

6.977

27.017

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

4.958

11.977

32.017

 

 

 

 

long-term borrowings

0.835

0.000

15.214

Short term borrowings

0.000

30.000

59.942

Total borrowings

0.835

30.000

75.156

Debt/Equity ratio

0.168

2.505

2.347

 

 

 

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

Yes

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

No

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

 

 

NOTE: Registered office of the company has been shifted from House No. - 16, Phase – II, Trishna Real Estate, Patia, Bhubaneswar – 751024, Orissa, India to the present address w.e.f.21.09.2011

 

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

6.000

0.000

Total

6.000

0.000

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10576478

01/06/2015

27,500,000.00

BANK OF INDIA

BHUBANESWAR BRANCH, 129, ASHOK NAGAR, UNIT- II, J
ANPATH, BHUBANESWAR, ORISSA - 751009, INDIA

C57233488

2

10525381

10/10/2014

2,900,000.00

BANK OF INDIA

BHUBANESWAR BRANCH, 129, ASHOK NAGAR, UNIT- II, J
ANPATH, BHUBANESWAR, ORISSA - 751009, INDIA

C29148053

3

10511420

07/07/2014

635,000.00

BANK OF INDIA

BHUBANESWAR BRANCH, 129, ASHOK NAGAR, UNIT- II, J
ANPATH, BHUBANESWAR, ORISSA - 751009, INDIA

C13947973

4

10488856

24/03/2014

7,500,000.00

BANK OF INDIA

BANK OF INDIA, BHUBANESWAR BRANCH, 129, ASHOK NAG
AR, JANPATH, BHUBANESWAR, ORISSA - 751009, INDIA

C03362894

5

10352776

15/04/2014 *

100,000,000.00

BANK OF INDIA

BANK OF INDIA, BHUBANESWAR BRANCH, 129, ASHOK NAG
AR, JANPATH, BHUBANESWAR, ORISSA - 751009, INDIA

C03364643

 

* 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 records 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.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.74.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--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.