MIRA INFORM REPORT
|
Report Date : |
14.06.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SAIFI
CON – FAB SYSTEM PRIVATE LIMITED |
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Registered Office : |
Plot
No. 3737 – 38, Near |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.06.2003 |
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Com. Reg. No.: |
05-35133 |
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CIN No.: [Company Identification No.] |
U34300HR2003PTC035133 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
RTKS04743E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
of Conveyor System, Conveyors, Machinery Parts and Fabrication Job. |
RATING
& COMMENTS
|
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
3000 |
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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 successor to partnership concern which was established in year 1987. The
company’s estimated annual turnover is of Rs. 15.000 Millions. Trade
relations are fair. Payments are reported as slow but correct. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. A supplementary report may be sent soon. |
LOCATIONS
|
Registered Office/Factory : |
Plot
No. 3737 – 38, Near |
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Tel. No.: |
91-129-2470786/3251597 |
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Fax No.: |
91-129-2470786/3251597 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Khursheed Alam |
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Designation : |
Director
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Address : |
Plot
No. 3737 – 38, Near |
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91-9818370666 |
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Date of Appointment : |
16.06.2003 |
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Name : |
Mr.
Mumtaz Alam |
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Designation : |
Marketing
Manager |
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91-9818783116 |
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Name : |
Mr.
Hazi Sayed Alam |
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Designation : |
Director
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Address : |
Plot
No. 3737 – 38, Near |
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Date of Appointment : |
16.06.2003 |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Hazi Sayeed Alam |
5000 |
|
Mr.
Khursheed Alam |
5000 |
All
the shares are held by Bodies Corporate
BUSINESS
DETAILS
|
Line of Business : |
Manufacturing
of Conveyor System, Conveyors, Machinery Parts and Fabrication Job. |
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Products : |
v
Saifi Trolley and Chain Components v
Material Handling Equipment v
Three Wheel Model Floor Conveyor v
Thickness Separator Conveyor v
Motorised Roller Conveyor |
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Imports from : |
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PRODUCTION
STATUS
|
Particulars |
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Installed
Capacity |
|
-- |
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Unit is
manufacturing conveyor system, Machinery parts and Fabrication job and
Installed capacity depends on customer orders hence cannot be ascertained |
GENERAL
INFORMATION
|
Suppliers : |
v
Asatha Casing v
Arora & Company v
Arvind Industrial Products Corporation v
Bansal Tube Company v
B R Bhatia Traders v
Goodwill Electric Works v
Guru Kripa Engineers v
Jain Tube Corporation v
Kaira Metals v
Kamal Traders v
M K Enterprises v
Poonam International v
Pratap Engineering Industries v
Praveen Trading Company v
Raman Steels v
v
Saifi Systems v
Sangam H/w and Mill Store v
Sanjay Machine Store v
Sapna Enterprises v
Shiv Shankar v
Shiv Springs and Traders v
Shree Krishna Enterprises v
Shri Vaishno Enterprises v
Shyam Sunder Kukreja v
S K Power Engineers v
Soni Ram & Company v
Steel Shaft Industries v
Super Steel v
Surya Power Engineering Company v
Tarun Marketing v
The Professional Courier v
Vijay Power v
Vimdaban Steels v
Wolman Enterprises v
Yasin Fabricators v
Vishal Engineering Works v
S A Welders v
M A Enterprises v
Bharat Traders |
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Customers : |
v
Arya Engineering v
Auto Coat Engineering India Private Limited v
Auto Coat Systems ( v
C Dass Chemicals Private Limited v
Combined Engineering and Prod v
Devanshu Appliances v
Dewas Metal Sec. Limited v
Eicher T Limited v
Emax Engineering Systems Private Limited v
Extreme Machine High Tech Private Limited v
Finishing Systems v
Global Engineers Limited v
Godrej and Boyce Manufacturing Company Limited v
Lear Seating Private Limited v
Orient Paper and Industries Limited v
Phonix India Private Limited v
Purolotar India Limited v
Quality Painters v
Rdevis Engineers Private Limited v
Rockman Cycle Industries Limited v
Sharda Motor Industries Limited v
Shiva Engineering Works v
Shivani Locks Private Limited v
Shree Industries v
Sterling Tools Limited v
Wellspring Universal Limited v
GKB RX Lencs Private Limited v
Dynatech Controls Private Limited v
Airtech Private Limited v
Wheels India Limited v
Sietz Technologies Private Limited |
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No. of Employees : |
5 |
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Bankers : |
Bank
of India Limited, United
Bank of |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
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Name : |
Suresh
Chand Jain & Company Chartered
Accountants |
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Address : |
B-501,
Nehru Ground, Faridabad-121001, Haryana |
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Associates/Subsidiaries : |
Nil |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.100 Million |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 0.100 Million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
0.100 |
0.100 |
0.100 |
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2]
Share Application Money |
0.500 |
0.500 |
0.000 |
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3]
Reserves & Surplus |
0.150 |
0.112 |
0.045 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.750 |
0.712 |
0.145 |
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LOAN
FUNDS |
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1]
Secured Loans |
0.475 |
0.392 |
0.000 |
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2]
Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.475 |
0.392 |
0.000 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.225 |
1.104 |
0.145 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
1.853 |
1.129 |
0.143 |
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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 |
2.279
|
0.835 |
0.068 |
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Sundry
Debtors |
1.447
|
0.352 |
1.331 |
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Cash
& Bank Balances |
0.187
|
0.057 |
0.053 |
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Other
Current Assets |
0.101
|
0.000 |
0.000 |
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Loans
& Advances |
0.000
|
0.011 |
0.011 |
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Total Current
Assets |
4.014
|
1.255 |
1.463 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
4.557
|
1.229 |
1.607 |
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Provisions |
0.085
|
0.051 |
0.000 |
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Total Current
Liabilities |
4.642
|
1.280 |
1.461 |
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Net Current Assets |
(0.628)
|
(0.025) |
0.002 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.225 |
1.104 |
0.145 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales and Other Income |
12.370 |
6.959 |
3.734 |
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Change in Stock |
1.443 |
0.766 |
0.000 |
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Total
Income |
13.813 |
7.725 |
3.734 |
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Profit/(Loss) Before Tax |
0.124 |
0.117 |
0.045 |
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Provision for Taxation |
0.086 |
0.050 |
0.000 |
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Profit/(Loss) After Tax |
0.038 |
0.067 |
0.045 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
0.130 |
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Managerial Remuneration |
0.000 |
0.000 |
0.152 |
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Depreciation & Amortization |
0.372 |
0.096 |
0.019 |
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Financial Charges |
0.109 |
0.015 |
0.000 |
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Other Expenditure |
13.208 |
7.497 |
0.310 |
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Total
Expenditure |
13.689 |
7.608 |
0.611 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
0.28
|
0.87 |
1.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.00
|
1.68 |
1.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.11
|
4.91 |
2.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.16 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.82
|
2.35 |
10.07 |
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Current Ratio (Current Asset/Current Liability) |
|
0.86
|
0.98 |
1.00 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular
for creation or modification of charges
|
Name
of the company |
SAIFI
CON – FAB SYSTEMS PRIVATE LIMITED |
|
Presented By |
Mr.
Khursheed Alam |
|
1)
Date and description of instrument creating the change |
Hypothecation
agreement dated 31.10.2005 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
1.200 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 |
Stocks,
Book Debts, Plant & Machinery and Present & Guarantee of
Director |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
ROI
10% Working Capital |
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5)
Name and Address and description of the person entitled to the charge. |
Bank
of India Limited, |
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6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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 |
|
Name
of the company |
SAIFI
CON – FAB SYSTEMS PRIVATE LIMITED |
|
Presented By |
Mr.
Khursheed Alam |
|
1)
Date and description of instrument creating the change |
Hypothecation
agreement dated 31.10.2005 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
1.200 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 |
Stocks,
Book Debts, Plant & Machinery and Present & Guarantee of
Director |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
ROI
10% Working Capital |
|
5)
Name and Address and description of the person entitled to the charge. |
United
Bank of |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
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 |
Fixed Assets
Computer
Generator Set
Office Equipments
Plant and Machinery
Tools and Dies
Furniture and Fixtures
Motor Car
Mobile Car
Mobile Phone
Motor Cycle
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.40.93 |
|
|
1 |
Rs.80.76 |
|
Euro |
1 |
Rs.54.46 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |