MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SARDA STARCH PRIVATE LIMITED |
|
|
|
|
Registered Office : |
14/16, Ovalwadi, Vithalwadi, Bajaj Chamber, 2nd
Floor, Kalbadevi Raod, Mumbai – 400002,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
22.09.1997 |
|
|
|
|
Com. Reg. No.: |
11-110793 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U20049MH1997PTC110793 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
JDHS06796G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECS1249L |
|
|
|
|
Legal Form : |
Private Limited Liability company |
|
|
|
|
Line of Business : |
Engaged in the business of construction and erection and
installation of plant and machinery for providing guar gum starch |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
In absence of latest business and financial details, it would be difficult to assess company’s financials status and performance. The company’s payments are slow and delayed. It can be considered for your proposed business dealings
on safe and secured trade terms and conditions, only. |
LOCATIONS
|
Registered Office : |
14/16, Ovalwadi, Vithalwadi, Bajaj Chamber, 2nd
Floor, Kalbadevi Raod, Mumbai – 400002,
Maharashtra, India |
|
Tel. No.: |
91-22-22067155 / 223267 |
|
Mobile No.: |
|
|
Fax No.: |
91-22-22067304 |
|
E-Mail : |
|
|
Website : |
|
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Pankaj Kumar Sarda |
|
Designation : |
Director |
|
Address : |
14/16, Ovalwadi, Vithalwadi, Bajaj Chamber, 2nd Floor, Kalbadevi Raod, Mumbai – 400002, Maharashtra, India |
|
Date of Appointment : |
22.09.1997 |
|
|
|
|
Name : |
Mr. Giridharilal Sarda |
|
Designation : |
Director |
|
Address : |
14/16, Ovalwadi, Vithalwadi, Bajaj Chamber, 2nd Floor, Kalbadevi Raod, Mumbai – 400002, Maharashtra, India |
|
|
|
|
Name : |
Mr. Suresh Kumar Sarda |
|
Designation : |
Director |
|
Address : |
301, Harishchandra , Raheja Township, Malad (East), Mumbai – 400097 |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
14/09/2001 |
|
|
|
|
Name : |
Mr. Dilip Sarda |
|
Designation : |
Director |
|
Address : |
301, Harishchandra , Raheja Township, Malad (East), Mumbai – 400097 |
|
Date of Appointment : |
14/09/2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Pankaj Kumar Sarda |
|
25000 |
|
Giridharilal Sarda |
|
44500 |
|
Giridharilal Sarda Representing Sarda Gums and Chemicals |
|
500 |
|
Suresh Sarda |
|
10000 |
|
Dilip Sarda |
|
10000 |
|
Total |
|
90000 |
BUSINESS DETAILS
|
Line of Business : |
Engaged in the business of construction and erection and
installation of plant and machinery for providing guar gum starch |
GENERAL
INFORMATION
|
Suppliers : |
Ř Manhoa Metal Supply Company Ř Parakh Cement Agency Ř Raj Machinery Store Ř Krishna
Electric Store |
|
|
|
|
Bankers : |
Ř Central Bank of India, Pali Ř State
Bank of Bikanar Jaipur , Mumbai |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
A.R. Agarwal and Associates Chartered Accountants |
|
Address : |
Room No. 21, 1st Floor, 66, Chandanwadi, Marine
Lines, Mumbai – 400 002 |
|
Tel. No.: |
91-22-22000489 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10 each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
90000 |
Equity Shares |
Rs. 10 each |
Rs. 0.900 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
No subsequent
financials could be available.
Management remained non-cooperative during current investigation.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.900 |
0.900 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.900 |
0.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
4.733 |
3.322 |
|
|
TOTAL BORROWING |
|
4.733 |
3.321 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
5.633 |
4.221 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.107 |
3.666 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.200 |
0.018 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.089 |
0.033 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.081 |
0.072 |
|
Total
Current Assets |
|
0.370 |
0.123 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.174 |
0.149 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.174 |
0.149 |
|
|
Net Current Assets |
|
0.196 |
(0.026) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.009 |
0.008 |
|
|
Preliminary Expenses |
|
1.321 |
0.573 |
|
|
|
|
|
|
|
|
TOTAL |
|
5.633 |
4.221 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales Turnover |
|
|
5.817 |
|
|
Total Income |
|
|
5.817 |
|
|
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
|
0.632 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
|
0.659 |
|
|
Other Expenditure |
|
|
4.526 |
|
Total Expenditure |
|
|
5.185 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
10.86
|
|
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
N.A.
|
0.19 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
N.A
|
2.12 |
0.82 |
LOCAL AGENCY FURTHER
INFORMATION
The company was already started the work of construction and erection and installation of plant and machinery for providing guar gum starch. No production activity was carried out during the year as the project is still under commencement period.
As there were no commercial activities during the year profit and loss account has not been prepaid.
During the year there was no commercial production as the project is under construction. The pre-operative expenses will be capitalized and apportioned among fixed assets on commissioning of the plant. Hence the profit and loss has not been prepaid for the period.
Fixed Assets
Godown Building, Machinery, Leased Land and Shed, Furniture and Fixtures, Generator, Electrical, Installation.
Bankers Charges
Report as per Registry
|
Name of the company |
SARDA STARCH PRIVATE LIMITED |
|
Presented By |
SARDA STARCH
PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Equitable mortgage
created by deposit of the title deeds dated 25.10.2005 hence no instrument is
executed |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 52.500
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Immovable
property Plot No. F-55/2, Industrial Area, 2nd Phase, Pali
Rajasthan |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Credit facility
of Rs. 52.500 Millions given to sister concern Sarda Gums and Chemicals [Firm] |
|
5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Documentation
Department, M G Road, Fort,
Mumbai |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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 records 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.42.30 |
|
UK Pound |
1 |
Rs.84.11 |
|
Euro |
1 |
Rs.57.33 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
-- |
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|