MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SARAF GLASS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.09.1996 |
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Com. Reg. No.: |
81287 |
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CIN No.: [Company
Identification No.] |
U26101WB1996PTC081287 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of solar tuff toughened glass bend, solar tuff toughened
glass flat, solar glass insulating glass, auto guard laminated glass 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 64512 |
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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 : |
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Tel. No.: |
91-33-22434163, 22424551 |
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Fax No.: |
91-33-22429216 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Magni Ram Saraf |
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Designation : |
Director |
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Address : |
17/2, |
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Date of Appointment : |
12.09.1996 |
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Name : |
Mr Sanjay Kumar Saraf |
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Designation : |
Director |
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Address : |
17/2, |
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Date of Appointment : |
12.09.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Equity
Shares |
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Magni Ram Saraf |
39,500 |
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Mr. Sanjay Kumar Saraf |
8,500 |
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Magni Ram Saraf |
5,14,600 |
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Mr. Sanjay Kumar Saraf |
3,600 |
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Mr. Manish Kumar Saraf |
4,000 |
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Mitu Bansali |
2,500 |
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Mr. Nirmal Kumar Pincha |
4,000 |
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Maheshwari Merchants Private Limites |
8,000 |
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Zigma Electricals Private Limited |
8,000 |
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Avanti Vyapaar Private Limited |
10,000 |
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Bossom Marketing Private Limited |
12,000 |
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Baviscon Suppliers Private Limited |
10,000 |
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Set Square Vinimay Private Limited |
10,000 |
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Hanuman Forging And Engineering Private Limited |
10,000 |
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Gama Gommerce Private Limited |
10,000 |
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Ganon Mercantile Private Limited |
10,000 |
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20,000 |
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Bhutoria Electricals Limited |
10,000 |
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Vivek Barter Private Limited |
10,000 |
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Pingle Commerce Private Limited |
10,000 |
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Shreya Commerce Private Limited |
10,000 |
Equity share breakup (percentage of total equity )
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S. No. |
Category |
Percentage |
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1 |
Bodies corporate (no mentioned above) |
20.00 |
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2 |
Directors or relatives of directors |
78.00 |
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3 |
Other top fifty (50) shareholders (other
than listed above) |
2.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of solar tuff toughened glass bend, solar tuff toughened
glass flat, solar glass insulating glass, auto guard laminated glass etc. |
PRODUCTION STATUS
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Particulars |
Unit |
31.03.2005 Quantity |
31.03.2004 Quantity |
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Insulating glass |
Sq. mtrs. |
4,561.1530 |
2,291.5609 |
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Laminated glass |
Sq. mtrs. |
293.2550 |
NIL |
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Toughned glass |
Sq. mtrs. |
9,750.5920 |
NIL |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Elite Interiors Ganeriwala Glass Centre Hardware Collection Hotel Hindusthan International Indus Promoters Private Limited
Infinity Infotech Parks Limited Kanishka Industries Private
Limited. |
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No. of Employees : |
25 |
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Bankers : |
Punjab National Bank, Kolkata – 700 001 |
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Facilities : |
a)
cash credit account with Punjab National Bank is
secured by hypothecation of stock of finished goods, raw materials and book
debts of the company b)
term loan account with Punjab National Bank is
secured by hypothecation as and by way of first charge on the company’s
entire movable plant and machinery and equipment and other movable fixed
assets purchased / acquired or to be purchased and/ or acquired pertaining to
co’s project and personal guarantee of directors |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. N. Chaubey and company Chartered Accountant |
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Address : |
29, |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,50,000 |
Equity |
Rs. 10/- Each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,24,700 |
Equity |
Rs. 10/- Each |
Rs. 7.247 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.247 |
7.247 |
6.548 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.881 |
8.737 |
4.469 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.128 |
15.984 |
11.017 |
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LOAN FUNDS |
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1] Secured Loans |
18.885 |
12.616 |
0.000 |
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2] Unsecured Loans |
0.022 |
0.022 |
0.039 |
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TOTAL BORROWING |
18.907 |
12.638 |
0.039 |
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DEFERRED TAX LIABILITIES |
0.997 |
1.143 |
0.386 |
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TOTAL |
36.032 |
29.765 |
11.442 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.695 |
16.345 |
5.154 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.716
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15.012 |
2.342 |
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Sundry Debtors |
8.729
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4.028 |
0.996 |
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Cash & Bank Balances |
0.391
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0.331 |
2.275 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
7.120
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3.178 |
2.518 |
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Total
Current Assets |
29.956
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22.549 |
8.131 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.540
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9.457 |
1.883 |
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Provisions |
0.429
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0.155 |
0.000 |
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Total
Current Liabilities |
12.969
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9.612 |
1.883 |
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Net Current Assets |
16.987
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12.937 |
6.248 |
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MISCELLANEOUS EXPENSES |
0.351 |
0.483 |
0.040 |
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TOTAL |
36.032 |
29.765 |
11.442 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
83.422 |
20.217 |
4.107 |
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Other Income |
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Total Income |
83.422
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20.217 |
4.107 |
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Profit/(Loss) Before Tax |
0.0000 |
2.302 |
0.173 |
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Provision for Taxation |
0.000 |
0.072 |
0.023 |
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Profit/(Loss) After Tax |
0.000 |
2.230 |
0.150 |
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Expenditures : |
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Fright charges |
0.000 |
0.022 |
0.045 |
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Excise duty paid |
0.000 |
1.017 |
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Director’s remuneration |
0.000 |
0.192 |
0.192 |
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Raw Material Consumed |
0.000 |
9.747 |
2.130 |
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Operation and establishment expenses |
0.000 |
5.089 |
1.054 |
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Advertisement and publicity |
0.000 |
0.343 |
0.020 |
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Depreciation & Amortization |
0.000 |
1.487 |
0.476 |
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Total Expenditure |
0.000 |
17.915 |
3.934 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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11.03 |
0.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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11.38 |
4.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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5.91 |
1.30 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.14 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.97
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1.31 |
0.17 |
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Current Ratio (Current Asset/Current Liability) |
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2.30
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2.34 |
4.31 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
M/S SARAF GLASS PRIVATE
LIMITED |
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Presented By |
M/s Saraf Glass
Private Limited |
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1) Date and description of instrument creating the change |
The hypothecation
agreement dated 27.07.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 0.325 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 |
On the security
of 2004 model , hah. Load king mini lorry Engine no.
BG44G39108 Chassis no.
MA1GE2BGD43G82687 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs 0.325 millions
is repayable in 36 monthly installments as under:
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5) Name and Address and description of the person entitled to the charge. |
M/s Lakshmi
General Finance Limited, |
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6) Date and brief description of instrument modifying the charge |
NIL |
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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. |
NIL |
Fixed Assets:
Land
Factory building
Plant and machinery
Computer
Television
Typewriter
Office equipments
Fax machine
Air conditioner
Mahindra van
Mobile phone
Motor cycle
Electric installation
Vehicles
Electric installation (W.I.P.)
Building construction (W.I.P.)
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.73 |
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1 |
Rs.80.43 |
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Euro |
1 |
Rs.54.44 |
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 |
YES |
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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
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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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