MIRA
INFORM REPORT
|
Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SABARI EXIM PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
KALYEM EXPORTS AND TRADING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Trade Centre, 2nd Floor, No. 114 and 115, Wallajah Road,
Chennai – 600 002, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
23.04.1999 |
|
|
|
|
Com. Reg. No.: |
18-42339 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909TN1999PTC042339 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHES15530E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading and Importing of Scrap Metal and Steel. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 350000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Mr. Bhaskar (Admin Manager) denied business and financial details. He may
part details only if the name of the inavirer is known. Subject is a well established traders having satisfactory track
records. Trade relations arte fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Bhaskar |
|
Designation : |
Admin Manager |
|
Date : |
17.07.2008 |
LOCATIONS
|
Registered Office : |
Trade Centre, 2nd Floor, No. 114 and 115, Wallajah Road,
Chennai – 600 002, Tamilnadu, India |
|
Tel. No.: |
91-44-28593290 / 91 / 92 / 28551054 |
|
Fax No.: |
91-44-2853314 / 28414714 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Shashi Kumar |
|
Designation : |
Director |
|
Address : |
27, Mahalinga Chetty St., Mahalingapuram, Chennai – 600 034,
Tamilnadu, India |
|
Date of Birth/Age : |
30.05.1964 |
|
Date of Appointment : |
23.04.1999 |
|
|
|
|
Name : |
Mrs. Leena Shashi |
|
Designation : |
Director |
|
Address : |
27, Mahalinga Chetty St., Mahalingapuram, Chennai – 600 034,
Tamilnadu, India |
|
Date of Birth/Age : |
28.12.1968 |
|
Date of Appointment : |
23.04.1999 |
|
|
|
|
Name : |
Mr. M. P. V. Nair |
|
Designation : |
Director |
|
Address : |
7, Ramanathan Street, Mahalingapuram, Chennai – 600 034, Tamilnadu,
India |
|
Date of Appointment : |
27.10.1999 |
|
|
|
|
Name : |
Mr. Arun Kumar Saraf |
|
Designation : |
Director |
|
Address : |
16, Ranganathan Avenue, Chennai – 600 010, Tamilnadu, India |
|
Date of Appointment : |
17.08.2001 |
KEY EXECUTIVES
|
Name : |
Mrs. Kalyani Srinivasan |
|
Designation : |
Company Secretary |
|
Address : |
New No. 7, Old No. 29 B, Ram Nagar, 1 Main Road, Nanganallur, Chennai
– 600 061, Tamil Nadu, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
|
Names of Shareholders |
No. of Shares |
|
Shashi Kumar |
999990 |
|
Leena Shashi |
10 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relative of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and Importing of Scrap Metal and Steel. |
GENERAL
INFORMATION
|
No. of Employees : |
30 |
|
|
|
|
Bankers : |
·
The Federal Bank Limited Mount Road Branch, No. 61, Anna Salai,
Chennai – 600 002, Tamilnadu, India ·
Axis Bank
Limited Trishul 3rd Floor, Opp. Samartheshwar Temple, Law Garden
Ellisbridge, Ahmedabad – 380 006, Gujarat, India · Union Bank of India International Finance Branch, Kodambakkam High Road, Chennai – 600 034, Tamilnadu ·
Bank of India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
R. R. More and Company Chartered Accountants |
|
Address : |
No. 356, Mint Street, 2nd Floor, Sowcarpet, Chennai – 600
079, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1400000 |
Equity Shares |
Rs.10/- each |
Rs.14.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1400000 |
Equity Shares |
Rs.10/- each |
Rs.14.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.000 |
12.000 |
11.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
55.325 |
44.307 |
33.943 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
69.325 |
56.307 |
44.943 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
126.050 |
187.618 |
114.501 |
|
|
2] Unsecured Loans |
85.000 |
76.500 |
30.000 |
|
|
TOTAL BORROWING |
211.050 |
264.118 |
144.501 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Share Premium |
36.000 |
18.000 |
9.000 |
|
|
|
|
|
|
|
|
TOTAL |
316.375 |
338.425 |
198.444 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
44.972 |
52.255 |
86.580 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
554.891
|
516.444 |
53.464 |
|
|
Sundry Debtors |
294.474
|
377.890 |
210.915 |
|
|
Cash & Bank Balances |
46.174
|
33.628 |
29.243 |
|
|
Other Current Assets |
0.000
|
1.109 |
0.000 |
|
|
Loans & Advances |
12.276
|
7.641 |
5.331 |
|
Total
Current Assets |
907.815
|
936.712 |
298.953 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
634.739
|
649.408 |
186.117 |
|
|
Provisions |
1.675
|
1.137 |
0.976 |
|
Total
Current Liabilities |
636.414
|
650.545 |
187.093 |
|
|
Net Current Assets |
271.401
|
286.167 |
111.860 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.002 |
0.003 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
316.375 |
338.425 |
198.444 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
NA |
1222.567 |
631.040 |
|
|
Other Income |
NA |
0.000 |
0.000 |
|
|
Total Income |
NA |
1222.567 |
631.040 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
12.694 |
11.501 |
11.313 |
|
|
Provision for Taxation |
1.676 |
1.137 |
0.977 |
|
|
Profit/(Loss) After Tax |
11.018 |
10.364 |
10.336 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
NA |
11.502 |
10.739 |
|
|
Depreciation & Amortization |
NA |
8.601 |
6.863 |
|
|
Other Expenditure |
NA |
1190.963 |
602.125 |
|
Total Expenditure |
NA
|
1211.066 |
619.727 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
0.85 |
1.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.94 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.13
|
1.16 |
2.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.20 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
12.22
|
16.24 |
7.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.44 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
Form NO. 8:-
|
Name of the company |
SABARI EXIM PRIVATE LIMITED |
|||||||||||||||||||||
|
Presented By |
Sabari Exim Private Limited and Union Bank of India Industrial Finance Branch, Chennai – 600 034 |
|||||||||||||||||||||
|
1) Date and description of instrument creating the change |
11.06.2001 a.
Hypothecation
(Goods) Agreement b.
Hypothecation
(Book Debts) Agreement Both dated
11.06.2001 and relate to the same charge |
|||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.115.000
millions
Together with
interest, costs, charges and other expenses debited to the said account from
time to time. |
|||||||||||||||||||||
|
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 |
|
|||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at 6%
over the Union Bank of India Prime Lending Rate with a minimum of 17.75% p.a. |
|||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Egmore Branch,
Chennai – 600 008 Transferred to
Union Bank of India Industrial
Finance Branch, 12, Riaz Garden, kodambakkam High Road, Nungambakkam, Chennai
– 600 034 |
|||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
18.04.2005 Agreement for
ceding pf pari passu charge with Bank of India. |
|||||||||||||||||||||
|
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. |
By the agreement
for ceding of pari-passu charge mentioned above, Union Bank of India had
agreed with Bank of India, Chennai Corporate Banking Branch, Tarapore Towers
4th Floor, 828, Anna Salai, Chennai that overall the Company’s
current assets via raw materials,
stock in trade, stores/spares, finished gopds consumables, receivables and
other current assets and also over the collateral security of Immovable
properties owned by the directors/guarantors/associate group companies, both
present and future more specifically mentioned below for security the credit
facilities granted to the company, the charges created/to be created by the
Company in our respective favour shall rank pari-passu first charge without any
preference or priority of one over the other of them for all purpose and
intents, including any loan, bridge loan, interim disbursements, temporary
sanction/enhancements of credit limits together with interest and all other
monies payable to the bank as mentioned below under their respective loan
agreements, letter of sanction, memorandum of terms and conditions as amended
from time to time.
|
|
Corporate
identity number of the company |
U51909TN1999PTC042339 |
|
Name of the
company |
SABARI EXIM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Trade Centre, 2nd Floor, No. 114 and 115, Wallajah Road,
Chennai – 600 002, Tamil Nadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Axis Bank Limited Trishul 3rd
Floor, Opp. Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380
006, Gujarat, India |
|
Nature of
instrument creating charge |
1.
Loan
Agreement 2.
Agreement
for Hypothecation of Current Assets and Movables (Composite). |
|
Date of
instrument Creating the charge |
28.07.2007 |
|
Amount secured by
the charge |
Rs.17.500
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest Interest at 14% p.a. (PLR – 1.00%) payable monthly. ·
Terms of
repayment Working Capital : On demand ·
Margin As stiputed by the Bank from time to time. |
News
WTC scrap not toxic, says study
S. Gopikrishna
Warrier
CHENNAI, Feb. 26
THE investigations
carried out by SGS India Pvt Ltd on the samples of steel scrap from the World
Trade Center (WTC) wreckage show no toxic contamination.
According to a copy
of the report, made available to Business Line by scrap importer Sabari
Exim Pvt Ltd, the separate analysis was carried out for samples from the heavy
melting scrap and shredded scrap dumps. Mercury was below detectable limits,
and there was no trace of dioxins, furans, polychloro biphenyl and asbestos.
The private
investigation by SGS was commissioned by the importer after the environmental
group, Greenpeace India, and a few trade unions and human rights organisations
had cautioned about the use of steel scrap from the WTC site.
According to the
SGS report, samples had been drawn from the importer's yard in Chennai. They
are from the consignment unloaded from m.v. Borzna.
The buyer for the
consignment has been identified as PEC Ltd, New Delhi, and the consignment was
sold on the high sea basis to Sabari Exim. The supplier has been identified as
Naporanon Iron and Metal Co, Newark, also known as Metal Management Inc of the
US.
The material
inspected includes 25,780 tonnes of heavy melting scrap and 4,995 tonnes of
shredded scrap.
The detection
limit for the various toxic substances, as stated by SGS, is 0.15 parts per
million for mercury, and one ppm for dioxins, furans and polychloro biphenyls.
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.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|