MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SATKUL
ENTERPRISES LIMITED |
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Registered Office : |
M-21,
New Madhavpura Market, Shahibaug Road, Ahmedabad – 380004, Gujarat, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.02.1999 |
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Com. Reg. No.: |
04-035510 |
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CIN No.: [Company
Identification No.] |
U27209GJ1999PLC035510 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS00901F |
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PAN No.: [Permanent
Account No.] |
AADCS0453K |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Subject
is engaged in the business as manufactures, manufacturer’s representatives, exporters,
importers, agents, consignors, consignee, dealers and distributors of all
classes, kinds, nature and description of welding products including welding
electrodes, welding torches, metal spray, powers fluxes and soldering,
brazing and joining metals and alloys welding heads and accessories, job
manupulators, tube sheet weldings, orbital welders, custom designed equipment and engineering systems, welding
metal and metal fabrication equipment systems and welding accessories and
aids. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
30000 |
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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
|
Registered Office : |
M-21,
New Madhavpura Market, Shahibaug Road, Ahmedabad – 380004, Gujarat, India |
|
Tel. No.: |
91-79-25620552
/ 30914735 / 26747130 |
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Fax No.: |
91-79-25620558 |
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E-Mail : |
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Website : |
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Factory 1: |
Plot
No 708, G I D C, N H 8A, Near Bavla, Kerala – 382220, India |
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Tel.
No.: |
91-02714-268439 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr
Mohanjit Singh Bagga |
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Designation : |
Director |
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Address : |
146,
Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
23.01.1956 |
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Date of Appointment : |
07.07.2004 |
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Name : |
Mr
Satbir Mohansingh Bagga |
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Designation : |
Director |
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Address : |
146,
Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
21.12.1981 |
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Date of Appointment : |
01.01.2006 |
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|
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Name : |
Mr
Kulbir Mohansingh Bagga |
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Designation : |
Director |
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Address : |
146,
Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
16.04.1983 |
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Date of Appointment : |
01.05.2001 |
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|
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Name : |
Mr Jayesh
Pravinchandra Sheth |
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Designation : |
Director |
|
Address : |
8
Mahasweta Kadambari Society, S M Road, Ambawadi, Ahmedabad – 380015, Gujarat,
India |
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Date of Birth/Age : |
01.04.2005 |
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Date of Appointment : |
20.12.2000 |
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|
|
|
Name : |
Mr Amarjitkaur
Bagga |
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Designation : |
Director |
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Address : |
146,
Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Appointment : |
01.10.2005 |
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|
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Name : |
Ms
Manpreetkaur M Bagga |
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Designation : |
Director |
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Address : |
146, Azad
Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
11.06.1986 |
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Date of Appointment : |
01.09.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr
Mohanjitsingh Suratsingh Bagga |
10 |
0.01 |
|
Mr
Amarjitkaur Mohanjitsingh Bagga |
10 |
0.01 |
|
Mr
Satbirsingh Mohanjitsingh Bagga |
90010 |
99.93 |
|
Mr
Kulbirsingh Mohanjitsingh Bagga |
10 |
0.01 |
|
Mr
Pravinchandra Ramanlala Sheth |
10 |
0.01 |
|
Mr
Dilipkumar Taraji Prajapati |
10 |
0.01 |
|
Ms
Harsha G Sethwala |
10 |
0.01 |
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Total |
90070 |
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business as manufactures, manufacturer’s representatives,
exporters, importers, agents, consignors, consignee, dealers and distributors
of all classes, kinds, nature and description of welding products including
welding electrodes, welding torches, metal spray, powers fluxes and
soldering, brazing and joining metals and alloys welding heads and
accessories, job manupulators, tube sheet weldings, orbital welders, custom
designed equipment and engineering
systems, welding metal and metal fabrication equipment systems and welding
accessories and aids. |
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|
Products : |
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GENERAL
INFORMATION
|
Bankers : |
Bank of
Baroda, S M Road, situated at 42, Tapovan Society, Near Manek baug Hall,
Ahmedabad – 380015 |
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Banking Relations : |
Satisfactory |
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Auditors : |
S
Gaurang and Associates Chartered
Accountants |
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Address : |
313, Advait,
Near Sandesh Press, Vastrapur, Ahmedabad – 380054, Gujarat, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity
Shares |
Rs 10/- each |
Rs 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
90,070 |
Equity
Shares |
Rs 10/- each |
Rs 0.901 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
|
0.901 |
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2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
|
|
6.529 |
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
7.430 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
|
4.071 |
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2] Unsecured Loans |
|
|
7.309 |
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TOTAL BORROWING |
|
|
11.380 |
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DEFERRED TAX LIABILITIES |
|
|
0.000 |
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TOTAL |
|
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18.810 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
1.131 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
|
9.111 |
|
Sundry Debtors |
|
|
9.914 |
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Cash & Bank Balances |
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|
1.255 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
|
|
0.211 |
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Total Current Assets |
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|
20.491 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
|
0.706 |
|
Provisions |
|
|
2.106 |
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Total Current Liabilities |
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|
2.812 |
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Net Current Assets |
|
|
17.679 |
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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TOTAL |
|
|
18.810 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
Sales Turnover [including other
income] |
|
|
45.136 |
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|
|
|
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Profit/(Loss)
Before Tax |
|
|
2.455 |
|
Provision
for Taxation |
|
|
0.993 |
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Profit/(Loss)
After Tax |
|
|
1.462 |
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Export Value |
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|
---- |
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Import Value |
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|
NA |
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Total
Expenditure |
|
|
42.681 |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
|
|
|
3.23 |
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Net
Profit Margin (PBT/Sales) |
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|
5.43 |
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Return
on Total Assets (PBT/Total
Assets} |
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|
11.35 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.33 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.91 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.15 |
LOCAL AGENCY
FURTHER INFORMATION
SATKUL ENTERPRISES LIMITED, is a pioneer company in offering
the best quality products in welding consumables since 1976. The company uses
innovative combination of Quality and Service in its way to achieve position of
par excellence in its path of progress. Company identifies the services
customers value the most and their relative importance. Companies Goal is to
focus from gaining a market share to a focus on building customer share.
Companies group has represented almost all the reputed brands of India as a
Distributor and since 1995 we are representing various Asian & European
companies.
Fixed Assets
- Motor Cars
- Office Equipments
- Water Purifier
- Computer
- Furniture and Fixtures
- Scooter and Bike
|
This
form is for |
Creation
of Mortgage/Charge |
|
Charge
identification number of the charge to be modified |
10032207 |
|
Corporate
identity number of the company |
U27209GJ1999PLC035510 |
|
Name
of the company |
SATKUL
ENTERPRISES LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
M-21,
New Madhavpura Market, Shahibaug Road, Ahmedabad – 380004, Gujarat, India |
|
Particular
of charge holder |
Bank
of Baroda S
Mangaldas Road, Ahmedabad – 380015, Gujarat, India |
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Date
of instrument Creating the charge |
03.11.2006 |
|
Amount
secured by the charge |
Rs.
5.000 Millions |
|
This
form is for |
Creation
of Charges |
|
Corporate
identity number of the company |
U27209GJ1999PLC035510 |
|
Name
of the company |
SATKUL
ENTERPRISES LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
M-21,
New Madhavpura Market, Shahibaug Road, Ahmedabad – 380004, Gujarat, India |
|
Type
of charge |
Book
debts and Others |
|
Particular
of charge holder |
Bank
of Baroda S
Mangaldas Road, Ahmedabad – 380015, Gujarat, India |
|
Nature
of description of the instrument creating or modifying the charge |
|
|
Date
of instrument Creating the charge |
03.11.2006 |
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Amount
secured by the charge |
Rs.
5.000 Millions |
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Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate
of Interest 0.50 %
OBPLR + 0.50% for Line of Credit Term
of Repayment Repayable
on Demand Margin
Stock –
30% and Book Debts – 50% Extent
and operation of charge Stocks
lying in the godown of the company |
|
Short
particulars of the property charged |
|
|
Name of the company |
SATKUL
ENTERPRISES LIMITED |
|
Presented By |
MR MOHANJITSINGH BAGGA |
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1) Date and description of instrument creating the change |
Hypothecation
agreement executed on 02.02.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
4.000 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 |
Hypothecation
of stocks including all kinds of welding consumables both present and future
and book debts. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The
facility of Rs 4.000 Millions is given under Cash Credit Account repayable on
demand. Margin
on stocks is @ 30% and Book Debts is @ 50% The
cash credit facility is secured by hypothecation of stocks, including all
kinds of welding consumables, machine lying in the godown of the company and
the book debts. Interest
will be charged on loan @ 12.50 % p.a. on monthly basis. Penal Interest
@ 2% shall be charged for default irregularity |
|
5) Name and Address and description of the person entitled to the charge. |
Bank
of Baroda, S M Road, situated at 42, Tapovan Society, Near Manek baug Hall,
Ahmedabad – 380015 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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.44.18 |
|
UK
Pound |
1 |
Rs.86.36 |
|
Euro |
1 |
Rs.57.54 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>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 |
|