MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SEW ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
104, Hanuman Industrial Estate, G D Ambedkar Road, Wadala,
Mumbai-400031, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.03.1998 |
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Com. Reg. No.: |
11-113861 |
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CIN No.: [Company
Identification No.] |
U40100MH1998PTC113861 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38133E |
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PAN No.: [Permanent
Account No.] |
AACCS4827L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Company is engaged in Contractual Work. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 80000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
104, Hanuman Industrial Estate, G D Ambedkar Road, Wadala,
Mumbai-400031, Maharashtra, India |
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Tel. No.: |
91-22-56606818 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Faridaus H Masani |
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Designation : |
Director |
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Address : |
Keki House, 659, Parsi Colony, Dadar, Mumbai-400014, Maharashtra |
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Date of Birth/Age : |
16.05.1957 |
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Date of Appointment : |
06.03.1998 |
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Name : |
Ms. Farida F Masani |
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Designation : |
Director |
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Address : |
Keki House, 659, Parsi Colony, Dadar, Mumbai-400014, Maharashtra |
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Date of Birth/Age : |
29.10.1957 |
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Date of Appointment : |
23.03.1998 |
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Name : |
Ms. Kainaz F Masani |
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Designation : |
Director |
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Address : |
Keki House, 659, Parsi Colony, Dadar, Mumbai-400014, Maharashtra |
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Date of Birth/Age : |
26.01.1983 |
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Date of Appointment : |
10.09.2001 |
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Name : |
Mr. Shehnaz F Masani |
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Designation : |
Director |
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Address : |
Keki House, 659, Parsi Colony, Dadar, Mumbai-400014, Maharashtra |
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Date of Birth/Age : |
24.10.1985 |
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Date of Appointment : |
22.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Firdaus H Masani |
1240 |
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Ms. Farida F Masani |
1250 |
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Mr. Firdaus H Masani and Ms. Farida F Masani |
260310 |
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Ms. Farida F Masani and Mr. Firadaus H Masani |
92890 |
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Ms. Kainaz Masani, Mr. Firdaus Masani and Ms. Farida Masani |
83710 |
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Ms. Shehnaz Masani, Ms. Farida Masani and Ms. Kainaz Masani |
83710 |
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Mr. Bomi N Adanajia |
10 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
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Line of Business : |
Company is engaged in Contractual Work. |
GENERAL INFORMATION
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Suppliers : |
v Chheda
Enterprises v Dhananjay
Industrial Engineeering Private Limited v Huphem
Elecromech Limited v Lintman Products
Private Limited |
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Customers : |
v Millennia
Realtors Private Limited v Neo Pharma
Private Limited v Piramal Holding
Limited v Prime Properties
Limited v Niebolas Piramal |
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No. of Employees : |
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Bankers : |
v Bank of India,
Pune, Mumbai v Bank
of India, Wadala Branch, Mumbai v Kotak
Mahindra Bank v HDFC
Bank v ICICI
Bank |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
A P & Company Chartered Accountants |
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Address : |
512-A, Rewa Chambers, 5th Floor, Sir V Thackersey Marg,
Mumbai-400020, Maharashtra, India |
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Tel. No.: |
91-22-22019953 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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523120 |
Equity Shares |
Rs.10/- each |
Rs.5.231
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.231 |
5.231 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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14.895 |
10.951 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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20.126 |
16.182 |
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LOAN FUNDS |
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1] Secured Loans |
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8.477 |
3.859 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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8.477 |
3.859 |
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DEFERRED TAX LIABILITIES |
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0.161 |
0.235 |
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TOTAL |
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28.764 |
20.276 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.298 |
7.416 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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39.031 |
26.213 |
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Sundry Debtors |
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34.262 |
29.538 |
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Cash & Bank Balances |
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4.832 |
4.767 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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15.138 |
10.125 |
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Total
Current Assets |
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93.263 |
70.643 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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71.818 |
57.810 |
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Provisions |
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Total
Current Liabilities |
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71.818 |
57.810 |
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Net Current Assets |
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21.445 |
12.833 |
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MISCELLANEOUS EXPENSES |
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0.021 |
0.027 |
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TOTAL |
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28.764 |
20.276 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Total Income |
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237.288 |
160.049 |
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Profit/(Loss) Before Tax |
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6.470 |
4.127 |
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Provision for Taxation |
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2.525 |
1.698 |
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Profit/(Loss) After Tax |
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3.945 |
2.429 |
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Total Imports |
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0.072 |
NA |
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Expenditures : |
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Interest |
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0.721 |
0.264 |
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Depreciation & Amortization |
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1.831 |
1.363 |
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Other Expenditure |
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228.265 |
154.295 |
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Total Expenditure |
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230.817 |
155.922 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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1.66 |
1.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.73 |
2.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.43 |
5.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32 |
1.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.99 |
3.81 |
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Current Ratio (Current Asset/Current Liability) |
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1.30 |
1.22 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
SEW
ELECTRICALS PRIVATE LIMITED |
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Presented By |
Mr. F H Masani, Managing
Director |
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1) Date and description of instrument creating the change |
Original deed of hypothecation dated 04.10.1999. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 millions |
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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 |
All book debts of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 14.6% p.a. the borrowing by the company is in the form of Cash credit with a minimum rate of interest@ 14.6% p.a. with quarterly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Wadala Branch Mumbai |
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6) Date and brief description of instrument modifying the charge |
Supplemental to the agreement of hypothecation dated 19.05.2005. |
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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. |
Original charge created on 04.10.1999 for Rs.2.500 millions. Firstly modified for Rs.5.000 millions vide deed of hypothecation dated 05.04.2002. By present modification made on 19.05.2005 by way of supplemental to the agreement of hypothecation on all book debts of the company. The charge is increased from Rs.5.000 millions to Rs.10.000 millions by an additional sanction of Rs.5.000 millions. |
Company’s fixed assets include Computer, Xerox Machine, Plant and
Machinery, Office Equipments, Motor Car, and Furniture and Fixtures.
Director’s Report :
With a view to further improving Debt Equity
ratio, the directors do not recommend any dividend.
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.41.07 |
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UK Pound |
1 |
Rs.81.69 |
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Euro |
1 |
Rs.55.84 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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