MIRA INFORM REPORT

 

 

Report Date :

03.05.2007

 

IDENTIFICATION DETAILS

 

Name :

SEHGAL WIRE SALES PRIVATE LIMITED

 

 

Registered Office :

A – 3, Puroshottam Building, 29, Tribhuvan Road, Goregaon, Mumbai –

400 004, Maharashtra,

 

 

Country :

India

 

 

Financials (as on) :

31.03.1998

 

 

Date of Incorporation :

23.06.1993

 

 

Com. Reg. No.:

072530

 

 

CIN No.:

[Company Identification No.]

U52335MH1993PTC072530

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS16882F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Stockists, Importer, exporter, distributor and dealer of super enamel copper wires, insulating materials, other electrical cables and wires and dealers in all kinds of wires and cables required in electrical and electronic components.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 2500

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

--

 

 

Comments :

Subject is an old and established company but has not filed its financials with the government departments after 1998.  Nothing much could be said about the company in view of non-availability of financials.  No further details are available.

 

The company can be considered for only business dealings against fully safe and secured trade terms and conditions only.

 

 

LOCATIONS

 

Registered Office :

A – 3, Puroshottam Building, 29, Tribhuvan Road, Goregaon, Mumbai –

400 004, Maharashtra,

Tel. No.:

91 -22-23885452

 

DIRECTORS

 

Name :

Shri. Manmohan Kalyan Sehgal

Designation :

Director

Address :

Flat No. 27, Sea View Palace, 48, Pali Hill Road, Bandra (West), Mumbai –

400 050, India

E-mail:

dharmesh@team-mca.com

 

 

Name :

Smt. Amarjit Manmohan Sehgal

Designation :

Director

Address :

Flat No. 27, Sea View Palace, 48, Pali Hill Road, Bandra (West), Mumbai –

400 050, India

 

 

Name :

Shri. Harbinder Manmohan Sehgal

Designation :

Director

Address :

Flat No. 27, Sea View Palace, 48, Pali Hill Road, Bandra (West), Mumbai –

400 050, India

 

 

Name :

Smt. Harmite Harbinder Sehgal

Designation :

Director

Address :

Flat No. 27, Sea View Palace, 48, Pali Hill Road, Bandra (West), Mumbai –

400 050, India

 

 

Name :

Shri. Prabsharan Manmohan Sehgal

Designation :

Director

Address :

Flat No. 27, Sea View Palace, 48, Pali Hill Road, Bandra (West), Mumbai –

400 050, India

 

 

 

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mrs. Sudesh I. Alagh

 

1

Miss. Gurleon Sehgal

 

1

Shri. Manmohan Kalyan Sehgal

 

2060

Smt. Amarjit Manmohan Sehgal

 

10

Shri. Harbinder Manmohan Sehgal

 

1350

Smt. Harmite Harbinder Sehgal

 

835

Shri. Prabsharan Manmohan Sehgal

 

1490

Total

 

5747

 

BUSINESS DETAILS

 

Line of Business :

Trader, Stockists, Importer, exporter, distributor and dealer of super enamel copper wires, insulating materials, other electrical cables and wires and dealers in all kinds of wires and cables required in electrical and electronic components.

 

 

GENERAL INFORMATION

 

Suppliers :
  • Padma Metal Industries Private Limited
  • Precision Wire India
  • Manoj Metal
  • Shakti Insulated Wire Limited

 

 

Customers :
  • Prayag Electronics Private Limited
  • National Engineering Corporation
  • Laxmi Hydraulics Private limited
  • HMTD Engineering Private Limited
  • Agro Electronics Company Private Limited

 

 

No. of Employees :

About 10

 

 

Bankers :
  • Union Bank of India
  • Shamrao Vithal Co-operative Bank Limited

 

 

Facilities :

Secured Loans from

  • Union Bank of India
  • Citi Bank
  • Standard Chartered Bank

 

Auditors :

 

Name :

N H Karnesh and Associates

Chartered Accountants

Address :

69, Ram Chandra Lane, Malad (West), Mumbai – 400 064, Maharashtra, India

Tel. No.:

91-22-28820042

 

 

Associates/Subsidiaries :

Sehgal Motors

29, Ramdoot, Tribhuvan Road, Girgaon, Mumbai – 400 004

Tel No: 91-22-23885452

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

10000

 Equity Shares

Rs.100.00 each

Rs. 1.000 million

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5727

Equity Shares

Rs.100.00 each

Rs. 0.572 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.1998

31.03.1997

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.573

0.573

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.062

0.085

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

0.635

0.658

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.399

0.353

2] Unsecured Loans

 

1.837

2.207

TOTAL BORROWING

 

2.236

2.560

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

2.871

3.218

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.753

1.003

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.176

0.689

 

Sundry Debtors
 

2.700

3.537

 

Cash & Bank Balances
 

0.135

0.191

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

0.128

0.173

Total Current Assets
 

3.139

4.590

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

1.031

2.386

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

1.031

2.386

Net Current Assets
 

2.109

2.204

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.008

0.010

 

 

 

 

TOTAL

 

2.871

3.218

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.1998

31.03.1997

Sales Turnover

 

23.538

23.553

Other Income

 

0.000

0.000

Total Income

 

23.538

23.553

 

 

 

 

Profit/(Loss) Before Tax

 

(0.008)

0.035

Provision for Taxation

 

(0.015)

0.021

Profit/(Loss) After Tax

 

(0.023)

0.014

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

0.000

0.000

 

Commission Earnings

 

0.000

0.000

 

Other Earnings

 

0.000

0.000

Total Earnings

 

0.000

0.000

 

 

 

 

Imports :

 

0.000

0.000

 

Raw Materials

 

0.000

0.000

 

Stores & Spares

 

0.000

0.000

 

Capital Goods

 

0.000

0.000

 

Others

 

0.000

0.000

Total Imports

 

0.000

0.000

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

0.000

0.000

 

Manufacturing Expenses

 

0.000

0.000

 

Administrative Expenses

 

0.000

0.000

 

Raw Material Consumed

 

0.000

0.000

 

Purchases made for re-sale

 

0.000

0.000

 

Consumption of stores and spares parts

 

0.000

0.000

 

Increase/(Decrease) in Finished Goods

 

0.000

0.000

 

Salaries, Wages, Bonus, etc.

 

0.000

0.000

 

Managerial Remuneration

 

0.000

0.000

 

Payment to Auditors

 

0.000

0.000

 

Interest

 

0.296

0.294

 

Insurance Expenses

 

0.000

0.000

 

Power & Fuel

 

0.000

0.000

 

Depreciation & Amortization

 

0.257

0.244

 

Other Expenditure

 

22.993

22.979

Total Expenditure

 

23.546

23.517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.1998

31.03.1997

PAT / Total Income

(%)
 

(0.0009)

0.0005

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

(0.0003)

0.001

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

(0.002)

0.006

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

(0.013)

0.053

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

5.14

7.52

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

3.04

1.92

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Fixed Assets:

 

·         Office Appliances

·         Vehicles

 

 

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 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. 41.00

UK Pound

1

Rs. 81.80

Euro

1

Rs. 55.58

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

--

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

--

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--RESERVES

1~10

--

--CREDIT LINES

1~10

--

--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

 

12

 

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions