MIRA
INFORM REPORT
|
Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SAGAR FOSSIL FUEL TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
E 2/4 2nd Floor, Opposite State Bank of India, Malviya
Nagar, New Delhi – 110017 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
07.08.2003 |
|
|
|
|
Com. Reg. No.: |
55 – 121692 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999DL2003PTC121692 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS23555A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAHCS3773L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Provides Services Like Energy Saving Oil Well & Tank Cleaning
Services and Power Generation. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are reported as fair.
Business is active. Payments
are however reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
E 2/4 2nd Floor, Opposite State Bank of India, Malviya
Nagar, New Delhi - 110017 |
|
Tel. No.: |
91-11-26675536 |
|
Mobile No.: |
91-9312089190 |
|
Fax No.: |
91-11-26675537 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Major General Baldev Singh Dhillon |
|
Designation : |
Director |
|
Address : |
206, Sagar
Appartments, Plot No-52, Sec-56, Gurgaon 122003 Haryana |
|
Date of Birth/Age : |
04/11/1946 |
|
Date of Appointment : |
08/12/2006 |
|
|
|
|
Name : |
Mr. Shaneel Kumar Jain |
|
Designation : |
Director |
|
Address : |
C-35, 1st Floor, Shivalik, New Delhi 110 017 |
|
Date of Birth/Age : |
18/11/1955 |
|
Date of Appointment : |
07/08/2003 |
|
|
|
|
Name : |
Mr. Alok Shroff |
|
Designation : |
Director |
|
Address : |
C - 301, Navidita Garden, Kondhwa, Pune, Maharashtra |
|
Date of Birth/Age : |
15/12/1957 |
|
Date of Appointment : |
23/11/2004 |
|
|
|
|
Name : |
Mr. Mohan Shukla |
|
Designation : |
691/A-1, Sec-6,Rohini, Delhi - 110 085 |
|
Address : |
Director |
|
Date of Birth/Age : |
05/09/1967 |
|
Date of Appointment : |
23/11/2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr. Shaneel Kumar Jain |
8,940 |
89.40 |
|
Mr. Abdus Samad |
50 |
0.50 |
|
Mr. Mukesh Gupta |
10 |
0.10 |
|
Mr. Alok Shroff |
500 |
5.00 |
|
Mr. Mohan Shukla |
500 |
5.00 |
BUSINESS DETAILS
|
Line of Business : |
Provides
Services Like Energy Saving Oil Well & Tank Cleaning Services and Power Generation. |
GENERAL
INFORMATION
|
Bankers : |
Punjab National
Bank ICICI Bank
Limited State Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sohrabh Jindal & Associates Chartered Accountants |
|
Address : |
Office No.11, 2nd Floor, Sai Business Centre, 2/63, Street
No. 2, Lalita Park, Laxmi Nagar, Vikas Marg, Delhi - 110092 |
|
Tel. No.: |
91-11-22525225, 22461386, 22461544 |
|
Mobile No.: |
91-9810216640 |
|
E-Mail : |
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 |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
4.147 |
2.430 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[2.275] |
[0.994] |
|
|
NETWORTH |
|
1.972 |
1.536 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.050 |
0.000 |
|
|
TOTAL BORROWING |
|
0.050 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.022 |
1.536 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.652 |
0.705 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.600 |
0.600 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.189 |
0.194 |
|
|
Sundry Debtors |
|
0.538 |
0.137 |
|
|
Cash & Bank Balances |
|
0.523 |
0.303 |
|
|
Other Current Assets |
|
0.180 |
0.103 |
|
|
Loans & Advances |
|
0.002 |
0.002 |
|
Total
Current Assets |
|
1.432 |
0.739 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
|
0.692 |
0.548 |
|
Total
Current Liabilities |
|
0.692 |
0.548 |
|
|
Net Current Assets |
|
0.740 |
0.191 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.030 |
0.040 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.022 |
1.536 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
|
1.974 |
0.185 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
1.974 |
0.185 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[1.298] |
[1.594] |
|
Provision for Taxation |
|
0.000 |
[0.600] |
|
Profit/(Loss) After Tax |
|
[1.298] |
[0.994] |
|
|
|
|
|
|
Total Expenditure |
|
3.082 |
1.589 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
[65.75] |
[537.30] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[65.75] |
[861.62] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[47.83] |
[47.70] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[65.82] |
[64.71] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.03 |
-- |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.07 |
1.35 |
|
|
|
|
|
|
|
Quick Ratio |
|
|
1.80 |
0.99 |
|
|
|
|
|
|
|
Current Liabilities / Net worth |
|
|
0.35 |
0.36 |
|
|
|
|
|
|
|
Fixed Asset / Net worth |
|
|
0.33 |
0.46 |
|
|
|
|
|
|
|
Average Collection Days |
|
|
99.48 |
270.30 |
|
|
|
|
|
|
|
Account Receivables Turnover |
|
|
3.67 |
1.35 |
|
|
|
|
|
|
|
Inventory Turnover |
|
|
10.44 |
0.95 |
|
|
|
|
|
|
|
Asset Turnover |
|
|
3.03 |
0.26 |
LOCAL AGENCY
FURTHER INFORMATION
Their xbee product does not contain any chemicals, emulsifiers & surfactants,
which improves fuel efficiency and removes carbon build up from pistons, rings
valves and combus.
WEBSITE DETAILS
Sagar Group of Companies, in existence since 1998, amalgamated and converted to a private limited company in the year 2003 is one of the leading players in the field of Energy Saving, Oil Well & Tank Cleaning Services and Power Generation. The Company's activities involve international trading in Life Saving Drugs, IT Technologies, SKO, MTO, Emulsifiers and Additives.
The Company today represents some of the world's latest technologies and products in the environmental sector and has to its credit being the manufacturing and marketing representatives of Solpower Corporation, USA for their Xbee brand of natural enzyme based fuel enhancer and ITW Tank & Well Cleaning Services Limited, Canada for the Indian Subcontinent. The Company also handles the entire Indian business scene of Z-Medica, USA for their latest and most innovative invention of the century' QuikClot' and On Site Gas Systems Limited, USA for their gas generators.
After seeing the most encouraging results of the field trials on Xbee in India spanning over 30 months, the company is now aggressively going in for marketing the same through a well defined channel of Selling Agents, Distributors and Retailers. To handle complete manufacturing, the Company has put up a state of the art blending unit in technical collaboration with Solpower Corporation, USA in industrial area of Bahadurgarh (Haryana), India.
The company is on the verge of finalizing strategic alliance with some of the leading oil companies in the subcontinent for designing of their premium Fuel with Xbee.
To name some of the leading satisfied users of Xbee, the Company has on record the testimonials of Mirza Tanners Limited, Hindustan National Glass & Industries Limited, Shiva Paper Mills Limited, Delton Cables Limited, Diwan Rubbers Limited.
Mr. S.K.Jain, Chairman and M.D. of the company looks after all the international business and corporate financing.
About Products
Xbee does not contain any Chemicals, Metals,
Salts, ALcohols, Toxic Biocides, Emulsifiers & Surfactants
Xbee Improves fuel economy by 5% to 15%
Xbee Improves fuel efficiency upto 10%
Xbee Removes Corbon build up from pistons, rings valves and
combustions chamber
Xbee Reduces Exhaust stack temperature by 8% to 10%
Xbee Reduces coolant temperature by 8 to 10 degrees
Xbee Fuel is purged of water, sludge and biological growth
Xbee Checks premature ageing of fuel
Xbee Enzymes formula is registered with the Environmental
Protection Agency of USA as substantially similar to bulk fuel
Xbee Reduces blow by gases upto 70%
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.44.27 |
|
UK Pound |
1 |
Rs.85.54 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
30 |
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 |
|