MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SAFLOW PRODUCTS PRIVATE LIMITED |
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Registered Office : |
F – 301, Remi Bizcourt, Shah Industrial Estate, Off Veera Desai Road, Andheri
(West), Mumbai – 400053 |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
02.06.1979 |
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Com. Reg. No.: |
11-21363 |
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CIN No.: [Company
Identification No.] |
U26100MH1979PTC021363 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35678G |
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PAN No.: [Permanent
Account No.] |
AAACS8396P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Burning Lances, Manually Operated Slide
Gate System, etc. |
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 42540 |
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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 records. 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 : |
F – 301, Remi Bizcourt, Shah Industrial Estate, Off Veera Desai Road, Andheri
(West), Mumbai – 400053 |
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Tel. No.: |
91-22-56926445/6/7/8 |
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Mobile No.: |
91-9821038793 |
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Fax No.: |
91-22-26732746 |
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E-Mail : |
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Website : |
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Factory 1 : |
J-83, M.I.D.C., Tarapore Industrial Area, Post Office Boisar, District
Thane, |
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Tel. No.: |
91-2525-272836 |
DIRECTORS
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Name : |
Mr. Kailash C. Aggarwal |
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Designation : |
Director |
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Address : |
Cottage No. 2, Nazir Wadi, |
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Date of Birth/Age : |
02.09.1936 |
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Date of Appointment : |
02.06.1982 |
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Name : |
Mr. Sanjay K. Aggarwal |
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Designation : |
Director |
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Address : |
603, Valencia Tower, Raviraj Sundervan Complex, Near Sab TV Building,
Off Andheri Link Road, Mumbai – 400053
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Date of Birth/Age : |
03.047.1960 |
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Date of Appointment : |
15.10.1990 |
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Name : |
Mr. Harish Kailash Aggarwal |
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Designation : |
Director |
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Address : |
Cottage No. 2, Nazir Wadi, |
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Date of Birth/Age : |
29.07.1965 |
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Date of Appointment : |
01.04.1997 |
KEY EXECUTIVES
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Name : |
Nilesh and Shah |
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Designation : |
Company Secretary |
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Address : |
Mumbai-400093 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Kailash C. Aggarwal |
2180 |
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Mrs. Shardadevi K. Aggarwal |
1500 |
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Mr. Harish K. Aggarwal |
6660 |
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Mr. Sanjay K. Aggarwal |
4980 |
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Kailash Aggarwal Sons and HUF |
3640 |
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Sanjay Aggarwal HUF |
1710 |
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Mrs. Savita S.Aggarwal |
400 |
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Mrs. Avani H. Aggarwal |
430 |
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Total |
21500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Burning Lances, Manually Operated Slide
Gate System, etc. |
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Products : |
v
Ceramic Coated Oxygen Lancing Pipe v
Burning/Thermite Cutting Lance Pipe v
Manually Operated Slide Gate System v
Refectory Monolithic |
GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. M. Nissim and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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21500 |
Equity Shares |
Rs. 100/- each |
Rs. 2.150
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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2.150 |
2.150 |
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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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8.485 |
7.929 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.635 |
10.079 |
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LOAN FUNDS |
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1] Secured Loans |
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6.464 |
5.676 |
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2] Unsecured Loans |
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1.839 |
2.042 |
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TOTAL BORROWING |
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8.303 |
7.718 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.478 |
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TOTAL |
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18.938 |
18.275 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.412 |
9.228 |
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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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0.192 |
0.171 |
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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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11.095 |
6.124 |
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Sundry Debtors |
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7.987 |
5.884 |
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Cash & Bank Balances |
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3.037 |
3.868 |
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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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5.331 |
2.474 |
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Total
Current Assets |
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27.450 |
18.350 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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17.116 |
9.474 |
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Total
Current Liabilities |
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17.116 |
9.474 |
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Net Current Assets |
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10.334 |
8.876 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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18.938 |
18.275 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
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50.863 |
64.527 |
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Other Income |
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0.000 |
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Total Income |
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50.863 |
64.527 |
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Profit/(Loss) Before Tax |
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1.319 |
2.300 |
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Provision for Taxation |
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0.519 |
0.866 |
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Profit/(Loss) After Tax |
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0.800 |
1.434 |
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Earnings in Foreign Currency : |
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Total Earnings |
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NA |
43.017 |
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Expenditures : |
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Interest |
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0.512 |
0.510 |
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Depreciation & Amortization |
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0.936 |
0.765 |
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Other Expenditure |
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48.095 |
60.951 |
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Total Expenditure |
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49.543 |
62.226 |
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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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1.57 |
2.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.59 |
3.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.67 |
8.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.60 |
1.70 |
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Current Ratio (Current Asset/Current Liability) |
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1.60 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 2nd June, 1979 at Mumbai in
It was changed to the present name with effect from 15th
April, 2004.
BUSINESS
Subject is engaged in the business as Manufacturer, Trader and as also
Consultation, Designing and Advisory Services in respect of all sorts of
Toughened Plained, Toughened Bent, Mirrors, Laminated Safety Glasses, Plate
Glasses, Wire Glasses and all other type of Glasses and Turn key Jobs, and for
the purpose to purchase establish or help in establishment of concern of all
kinds for the purpose of manufacturing, procuring or arranging by whatever
means for treating, refining, crushing, manipulating, milling, reconditioning,
manufacturing or preparing for market such articles, commodities services etc.
The company’s fixed assets of important value include
As per website
details
PROFILE
The company operates under the Registered trademark name
"saflow". The promoters have been servicing the metal industry in
The company has its head office in the port city of
The company has been manufacturing saflow LANCE TUBE since the year 1985. The word saflow stands for SAFE FLOW of oxygen through Lance Tube in most economical and effective way.
In the ongoing scenario pipelines are essential. It is the most important medium for the transportation of crude oil, natural gas, petrochemicals and even water. Pipelines have to offer economy for the operator and 100% protection for the environment. Protective Coatings and Cathodic Protection are used to avoid corrosion problems well know to the pipeline corrosion engineers. Such problems lead to high maintenance costs and potential environment damage. In terms of the total expense of a pipeline system, the coating represents only a small percentage of costs. A proper coating ensures a long term operation and prevents pipeline deterioration and service disruption.
To fulfill the requirements of the pipeline industry Kandi Engg. Introduces ready to use pre-coated (powder coated/painted or metal coated) Steel Pipes.
Ceramic Coated for
Oxygen Lancing Pipes
Ceramic Coated Lance Pipes are used for blowing oxygen/ carbon in electric arc furnaces. Saflow Lance Pipe is used by steel mills all over the world for more than 12 yrs.
Applications:
v
Scrap cutting, melting, refining of steel in
electric furnace by Blowing oxygen.
v
To open Nozzle in Tundish and Ladle, for injecting
Lime/Carbon powders/additives for making different grades of Steels like :
Carbon alloy, Special steel, etc.
v
To remove slag adhered to the tapping of converters
and various kinds of ladle, etc.
v
To open iron notch doors on glass furnaces, scrap
cutting etc.
v Both ends threaded
with one coupling and one plastic cap
v Both ends threaded
with one coupling and one plastic cap
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NOMINAL BORE SIZE (mm) |
LENGTH (mm)
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15 (1/2") |
5500 mm |
Pre Coated Tubes
Subject has come out with a new unique concept of pre coated
M. S. Tube. These M. S. Tubes are cost effective, more casting, easy
to handle, good aesthetic appeal.
It is very clumsy & difficult to paint/ coat the M.
S. Tubes after installation & fabrication, pre coated tube take
care of this problem.
Painted/ Coated M. S. Tubes after fabrication/ installation, paints get peeled off faster and results early corrosion of M. S. Tubes. The surface of pre coated M. S. Tube is properly prepared and treated to get better adhesion & hence lasts longer. Because of corrosion & subsequent peeling of coating, Subject has developed & introduced pre coated M. S. Tubes to take care of the problem.
Colour Coated G. I.
Corrugated Sheets
In Costal and hill areas corrosion is taking total of the materials used for structures, such as - M. S. Pipes, beams, angels, channels etc. People are forced to use heavy abestos sheet instead of G. I. Sheet for structures either they have to spend money for painting to save them from corrosion or they are forced to change the sheet and the other structure because they get corroded and start leaking
Subject has come out with the solution to this problem and gives powder
coated structures such as - M. S. Pipes, beams, angels, channels etc. for
Corrosion Resistant. They also provide polyester powder coated G. I. Sheet to
stand corrosion and to increase the life. The advantages of using pre-coated G.
I. Sheets and structures are as
Follows:
v Long Lasting
v Elegant looking
v Colourful
v Cost of painting every year avoided
v Economical
The higher the cost of coated sheet and structures is compensated by above
advantages.
The G. I. Sheet can be supplied in the length of 6ft to 14 ft. in
various thicknesses as per customer requirement. The structures upto 20 ft
long, such as - M. S. Pipes, beams, angels, channels can be supplied pre-coated
in different attractive colours.
Subject specialized in Colour Coated Sheets, Polyester Powder Coated Colour Sheet, Burning Lances, Epoxy Powder Coated Pipes, Thermic Lances and Lance Pipes.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.73 |
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|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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 |
|
50 |
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 |
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