MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SASCO ENGINEERING INDIA PRIVATE LIMITED |
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Registered Office : |
No. 11, Boopathy
Nagar, Industrial Area, Keelkattalai, Chennai – 600 117, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.12.1992 |
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Com. Reg. No.: |
18-23999 |
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CIN No.: [Company
Identification No.] |
U28920TN1992PTC023999 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES15345B CHES15254B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Fabrication of
Auto Components Sheet Metal and Tubular. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively
small company. Company’s profitability is low. Payments are reported as slow
but correct. The company can
be considered for small business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
No. 11, Boopathy
Nagar, Industrial Area, Keelkattalai, Chennai – 600 117, |
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Tel. No.: |
91-44-22474477 |
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E-Mail: |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. A. Kanakasabapathy |
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Designation : |
Director |
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Address : |
355, Tiruval, Keelkattalai,
Chennai – 600 117, |
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Date of Birth/Age : |
20.02.1959 |
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Date of Appointment : |
09.02.1992 |
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Name : |
Ms. K. Prema |
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Designation : |
Director |
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Address : |
355, Tiruval, Keelkattalai,
Chennai – 600 117, |
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Date of Birth/Age : |
15.03.1957 |
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Date of Appointment : |
09.02.1992 |
KEY EXECUTIVES
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Name : |
B. Prabhakar and Company |
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Designation : |
Company Secretary |
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Address : |
11/6, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. A. Kanakasabapathy |
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92500 |
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Ms. K. Prema |
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92500 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Fabrication of Auto
Components Sheet Metal and Tubular. |
GENERAL INFORMATION
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No. of Employees : |
30/40 |
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Bankers : |
v
HDFC Bank Limited v
Punjab National Bank, Adambakkam Branch, Chennai
– 600 088, v
Indian Bank v
Citibank NA |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Sethuraman Chartered Accountants |
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Address : |
No. 21/2, |
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Associates/Subsidiaries : |
Sasco Silencers Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
1.850 |
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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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1.334 |
2.681 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.334 |
4.531 |
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LOAN FUNDS |
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1] Secured Loans |
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11.257 |
9.295 |
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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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11.257 |
9.295 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.591 |
13.826 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.150 |
1.990 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.500 |
2.000 |
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Sundry Debtors |
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12.194 |
20.773 |
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Cash & Bank Balances |
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0.019 |
0.981 |
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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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1.718 |
1.049 |
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Total
Current Assets |
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19.431 |
24.803 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.658 |
12.967 |
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Provisions |
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1.332 |
0.000 |
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Total
Current Liabilities |
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8.990 |
12.967 |
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Net Current Assets |
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10.441 |
11.836 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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17.591 |
13.826 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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98.795 |
87.303 |
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Other Income |
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0.000 |
0.150 |
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Total Income |
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98.795 |
87.453 |
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Profit/(Loss) Before Tax |
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1.821 |
1.682 |
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Provision for Taxation |
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0.480 |
0.451 |
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Profit/(Loss) After Tax |
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1.341 |
1.231 |
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Expenditures : |
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Total Expenses |
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94.179 |
84.079 |
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Financial Charges |
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2.242 |
1.236 |
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Depreciation |
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0.553 |
0.456 |
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Total Expenditure |
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96.974 |
85.771 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.36 |
1.41 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.84 |
1.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.85 |
6.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.20 |
4.91 |
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Current Ratio (Current Asset/Current Liability) |
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2.16 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Name of the company |
SASCO ENGINEERING INDIA PRIVATE LIMITED |
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Presented By |
Mr. A. Kanaga
Sabapathy |
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1) Date and description of instrument creating the change |
Letter of
hypothecation dated 09.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.500
millions only |
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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 the present
and future stock and book debts, stock in transit, outstanding claims,
moneys, receivables, bills now due or to become due to the borrower company
and all plant and machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The facility
granted to the borrower is in the nature of cash or credit and bank
guarantee. Bank is entitled to
charge interest at such rate as may be determined by the bank. The charge and
hypothecation shall continue to subsist till such time all the borrower dues
have been paid in full. The borrower will at all times maintain a sufficient
value of stock, plant and machinery to provide the margins of security
required by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number (CIN) Foreign company registration number |
U28920TN1992PTC023999 |
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Name of the
Company |
SASCO ENGINEERING INDIA PRIVATE LIMITED |
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Address |
No. 11, Boopathy
Nagar, Industrial Area, Keelkattalai, Chennai – 600 117, |
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This form is for |
Modification of
charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
HDFC Bank Limited HDFC Bank House, Senapati
Bapat Marg, Lower Parel, Mumbai – 400 013, E-Mail: AUDIT_CHE@GSCAINDIA.COM |
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Amount secured by
the charge |
Rs. 24.000
millions |
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Brief description
of the instrument modifying the charge under section 135 |
Supplement Letter
of Hypothecation of Stocks, Book Debts, Plant and Machinery dated 08.09.2006 |
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Date of
Instrument |
08.09.2006 |
Website details attached:
Non
inclusion of amortization charges in the assessable value:
On
scrutiny of assessee, it was found that the assessee has collected the amount
of Rs. 4, 00,000 being the tool development charges through debit notes.
As per valuation rules, to amortization charges are includable in the
assessable value. Field formation is instructed to take action.
M/s. T.S.R Co
15.
Excess clearance of finished goods:
On
Scrutiny of assessee records like packaged Checking Report issued by the State
Weight and Measures Department, it is found that the assessee is clearing 8
grams of Gokul Talcum Powder in excess for the clearance of 70 grams packaged
container and 3.8 grams in the clearance of 140 grams packaged container.
Random
physical inventory on the packaged talcum powder kept ready for dispatch has
been carried out and proved the same. From the above, it is proved that
the assessee has been clearing dutiable goods i.e., excess talcum powder
without payment of duty. The duty on the excess clearance made during the
period 2000-01, 2001-2002 and 2002-2003 has been worked out to Rs. 0.394
Millions
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.36 |
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1 |
Rs. 82.18 |
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Euro |
1 |
Rs. 55.31 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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36 |
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
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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 |
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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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