MIRA
INFORM REPORT
|
Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SATGURU POLYFAB PRIVATE LIMITED |
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Registered Office : |
B-426, 4th Floor, Super Mall, Near Lal Bunglow, C G Road,
Ahmedabad – 380 006, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.11.1997 |
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Com. Reg. No.: |
04-33290 |
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CIN No.: [Company
Identification No.] |
U25200GJ1997PTC033290 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS12868C |
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PAN No.: [Permanent
Account No.] |
AACCS6794C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plastic Agglomerates. |
RATING &
COMMENTS
|
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 91000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. The company has improved its performance and has been successful in
wiping-off all its previous losses during 2006-07. Trade relations are fair.
Business is active. Payments are reported as slow but correct. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Ms. Mansi |
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Designation : |
Accountants |
|
Date : |
09.08.2008 |
LOCATIONS
|
Registered Office : |
B-426, 4th Floor, Super Mall, Near Lal Bunglow, C G Road,
Ahmedabad – 380 006, Gujarat, India |
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Tel. No.: |
91-79-26440027 |
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Fax No.: |
91-79-26462103 |
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E-Mail : |
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Location : |
Owned |
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Head Office : |
Sheeba Building, 2nd Floor, C G Road, Ellisbridge,
Ahmedabad – 380 006, Gujarat, India |
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Tel. No.: |
91-79-6449860 |
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Fax No.: |
91-79-6462103 |
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Factory : |
299 to 303, Sector 2, Kandla, Special Zone, Gandhi Dham, Gujarat,
India |
DIRECTORS
|
Name : |
Mr. Gurcharan Singh Tuteja |
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Designation : |
Director |
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Address : |
C-50, Someshwar Park-3, Ghatlodia, Ahmedabad, Gujarat, India |
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Date of Appointment : |
10.11.1997 |
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Date of Ceasing : |
18.06.2004 |
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Name : |
Mr. Narinder Singh Pasricha |
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Designation : |
Director |
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Address : |
29, Sarthi Row House, Drive in Road, Ahmedabad, Gujarat, India |
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Date of Appointment : |
10.11.1997 |
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Date of Ceasing : |
18.06.2004 |
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Name : |
Mr. Harshadrai Patel |
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Designation : |
Director |
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Address : |
20, Mahadevnagar Society, Navrangpura, Ahmedabad – 9, Gujarat, India |
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Date of Appointment : |
12.11.1997 |
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Date of Ceasing : |
05.02.2005 |
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Name : |
Mr. Rohitbhai Patel |
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Designation : |
Director |
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Address : |
128, Sussex Road, Harrow Middlesex, Ha 14 NB, UK |
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Date of Appointment : |
15.06.2004 |
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Name : |
Mr. Pankaj Patel |
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Designation : |
Director |
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Address : |
A/5, Gautam Apartment, Manek Nagar, Paldi, Ahmedabad – 7, Gujarat,
India |
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Date of Appointment : |
15.06.2004 |
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Date of Ceasing : |
18.09.2004 |
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Name : |
Mr. Kaushik Patel |
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Designation : |
Director |
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Address : |
B/8, Gautam Apartment, Manek Nagar, Paldi, Ahmedabad – 7, Gujarat,
India |
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Date of Appointment : |
15.06.2004 |
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Date of Ceasing : |
03.08.2004 |
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Name : |
Mr. Rajeev Rathi |
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Designation : |
Director |
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Address : |
F/67, Shandilya Flat, Saraspur, Ahmedabad – 18, Gujarat, India |
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Date of Appointment : |
15.06.2004 |
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Date of Ceasing : |
21.02.2005 |
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Name : |
Mr. Nitinbhai Patel |
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Designation : |
Director |
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Address : |
Survoday Bunglow, 39, Tuldi Nagar Socviety, Ghatlodiya Ahmedabad,
Hujarat, Inida |
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Date of Appointment : |
03.02.2005 |
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|
Name : |
Binaben A Patel |
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Designation : |
Director |
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Address : |
1/B, Gulabpark Society, Opp. Gulab Tower, Sola Road, Ghatlodiya,
Ahmedabad, Gujarat, India |
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Date of Appointment : |
01.09.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Bharatkumar P Tank |
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Designation : |
Company Secretary |
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Address : |
801 A, Mahalay Complex, Opp. Hotel President, Swastik Char Rasta, C G
Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
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Tel No. : |
91-79-30025866 |
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Mobile No. : |
91-9426320117 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Harpreet Singh Sethi |
270010 |
|
Harshad R Patel |
465040 |
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Rohitbhai R Patel |
165000 |
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Total |
900050 |
List of Allotment (As on 25.01.2007)
|
Names of Allottees |
No. of Shares |
|
Arvindbhai Patel |
7000 |
|
Ishwarbhai Patel |
6000 |
|
Nitin Patel |
6000 |
|
Nanubhai Ptal |
3000 |
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Total |
22000 |
List of Allotment (As on 31.03.2008)
|
Names of Allottees |
No. of Shares |
|
Ishwarbhai Patel |
77950 |
|
Total |
77950 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic Agglomerates. |
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Imports : |
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Countries : |
·
Spain ·
Netherland |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
T/T |
GENERAL
INFORMATION
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Customers : |
Traders |
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No. of Employees : |
16 (In office 6 and In Factory 10) |
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Bankers : |
·
Indian Bank Navrang Pura Branch, Navrangpura,
Ahmedabad – 380 006, Gujarat, India ·
State Bank of India ·
Punjab National Bank ·
HSBC Bank ·
Oriental Bank of Commerce |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mayur M Shah and Associates Chartered Accountants |
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Address : |
602, Loha Bhavan, Old High Court Lane, Income Tax, Naveangpura,
Ahmedabad – 380 009, Gujarat, India |
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Associates/Subsidiaries : |
Multi Trading Impex Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
922050 |
Equity Shares |
Rs.10/- each |
Rs.9.221
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.221 |
9.001 |
9.001 |
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2] Share Application Money |
7.491 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.437 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.783) |
(1.903) |
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NETWORTH |
18.149 |
8.218 |
7.098 |
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LOAN FUNDS |
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1] Secured Loans |
5.470 |
2.669 |
1.668 |
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2] Unsecured Loans |
1.151 |
0.829 |
1.925 |
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TOTAL BORROWING |
6.621 |
3.498 |
3.593 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.770 |
11.716 |
10.691 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.110 |
4.758 |
5.234 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.008 |
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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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|
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Inventories |
7.821
|
3.816 |
4.243 |
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Sundry Debtors |
44.354
|
31.527 |
32.475 |
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Cash & Bank Balances |
3.408
|
4.874 |
1.145 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.939
|
2.401 |
2.697 |
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Total
Current Assets |
56.522
|
42.618 |
40.560 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
35.371
|
34.472 |
33.471 |
|
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Provisions |
1.491
|
1.194 |
1.652 |
|
Total
Current Liabilities |
36.862
|
35.666 |
35.123 |
|
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Net Current Assets |
19.660
|
6.952 |
5.437 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.012 |
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TOTAL |
24.770 |
11.716 |
10.691 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
110.645 |
39.781 |
23.786 |
|
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
110.646 |
39.781 |
23.786 |
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|
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Profit/(Loss) Before Tax |
1.340 |
1.120 |
(2.112) |
|
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
1.340 |
1.120 |
(2.112) |
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Earnings in Foreign Currency : |
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FOB Value |
70.446 |
21.789 |
15.911 |
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Total Earnings |
70.446 |
21.789 |
15.911 |
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Imports : |
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CIF Value |
25.712 |
5.996 |
12.197 |
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Total Imports |
25.712 |
5.996 |
12.197 |
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Expenditures : |
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|
Increase/(Decrease) in Finished Goods |
(0.609) |
1.306 |
(0.623) |
|
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Depreciation & Amortization |
0.715 |
0.759 |
0.949 |
|
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Other Expenditure |
109.200 |
36.596 |
25.572 |
|
Total Expenditure |
109.306 |
38.661 |
25.898 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.21
|
2.82 |
(8.88) |
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Net Profit Margin (PBT/Sales) |
(%) |
1.21
|
2.82 |
(8.88) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.17
|
2.36 |
(4.61) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.14 |
(0.30) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.40
|
4.77 |
5.45 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.53
|
1.19 |
1.15 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 2nd
Floor, Sheeba Building, C G Road, Ahmedabad – 380 009, Gujarat, India to the
present address with the effect from 28.08.2006.
Form No. 8
|
Corporate identity
number of the company |
U25200GJ1997PTC033290 |
|
Name of the
company |
SATGURU POLYFAB PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
B-426, 4th Floor, Super Mall, Near Lal Bunglow, C G Road,
Ahmedabad – 380 006, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Indian Bank Navrang Pura Branch, Navrangpura, Ahmedabad – 380 006, Gujarat, India |
|
Nature of
instrument creating charge |
Hypothecation,
Equitable Mortgage. |
|
Date of
instrument Creating the charge |
13.03.2008 |
|
Amount secured by
the charge |
Rs.2.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 14.50% ·
Terms of
repayment 12 Months ·
Magin 25% ·
Extent and
operation of the charge 1.
Hypothecation
of Machinery, Stock and Book Debts (Upto 90 Days) 2.
Extention of
equitable mortgage of property situated at 39, Sarvoday Bunglows, Thaltej,
Ahmedabad. |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
39, Sarvoday
Bunglows, Off Tulsi Park Co. Op. Housing Society Limited, Thaltej, Ahmedabad. |
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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|