MIRA
INFORM REPORT
|
Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SARAF YARN PRIVATE LIMITED |
|
|
|
|
Registered Office : |
259, Johri Mansion, 1st Floor, Room No.1, Kalbadevi Road, Mumbai – 400
002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
02.02.2001 |
|
|
|
|
Com. Reg. No.: |
11-130709 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17115MH2001PTC130709 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS27636A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCS2664A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Yarn |
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 525000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory track.
Trade relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Dinesh |
|
Designation : |
Finance Manager |
|
Contact No.: |
Mobile no.91-9930528611 |
|
Date : |
09.12.2008 |
LOCATIONS
|
Registered Office/ Factory : |
259, Johri Mansion, 1st Floor, Room No.1, Kalbadevi Road, Mumbai – 400
002, Maharashtra, India |
|
Tel. No.: |
91-22-22415084 |
|
Mobile No.: |
91-9321214903 (Mr. Mahesh Saraf) |
|
Fax No.: |
91-22-22044698 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at: Surat |
DIRECTORS
|
Name : |
Mr. Mahesh Saraf |
|
Designation : |
Director |
|
Address : |
B – 1207, Green Park, Raheja Estate, Kulupwadi Road, Borivli (East),
Mumbai – 400 066, Maharashtra, India |
|
Date of Birth/Age : |
31.01.1968 |
|
Date of Appointment : |
02.02.2001 |
|
|
|
|
Name : |
Mrs. Anju M. Saraf |
|
Designation : |
Director |
|
Address : |
B – 1207, Green Park, Raheja Estate, Kulupwadi Road, Borivli (East),
Mumbai – 400 066, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1972 |
|
Date of Appointment : |
24.03.2003 |
|
|
|
|
Name : |
Mr. Pawan K. Saraf |
|
Designation : |
Director |
|
Address : |
B – 1207, Green Park, Raheja Estate, Kulupwadi Road, Borivli (East),
Mumbai – 400 066, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1973 |
|
Date of Appointment : |
02.02.2001 |
|
|
|
|
Name : |
Mrs. Vinita P. Saraf |
|
Designation : |
Director |
|
Address : |
B – 1207, Green Park, Raheja Estate, Kulupwadi Road, Borivli (East),
Mumbai – 400 066, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1974 |
|
Date of Appointment : |
24.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
No. of Shares |
|
Pramod Saraf |
100 |
|
Mahesh Saraf |
1055000 |
|
Pawan Saraf |
955000 |
|
Kiran Bagaria |
250000 |
|
Anju Saraf |
635000 |
|
Vinita Saraf |
1200000 |
|
Dinesh Bagaria |
350000 |
|
Motilal Halwai |
200000 |
|
Om Prakash Khaitan |
350000 |
|
Avani Biotech Limited |
30000 |
|
Universal Multimedia Limited |
30000 |
As on 29.09.2007
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
7.81 |
|
Directors
or relatives of directors |
|
91.82 |
|
Other
top fifty shareholders |
|
0.37 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarn |
|
|
|
|
Products : |
Yarn |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (depends) |
|
|
|
|
Purchasing : |
Cash and Credit (depends) |
GENERAL
INFORMATION
|
Customers : |
Trader, Manufacturer and Dealers |
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
22 (In office – 18, In branch – 4) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
|
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
Secured Loans :
. Unsecured Loans :
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
VMRS and Company Chartered Accountants |
|
Address : |
202, Sona Chamber, 507/ 509, J.S.S. Road, Mumbai – 400 002,
Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Sandeep Texturisers Private Limited, Silvassa Line of Business: Manufacturer of Yarn Sandeep Spinners, Ahmedabad Line of Business: Manufacturer Ammanarul Spinner Private Limited, Salem Line of Business: Manufacturer Saraf Syntex (Partnership Firm) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5440100 |
Equity Shares |
Rs.10/- each |
Rs.54.401
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover (Estimated) |
|
|
1000.000 |
|
|
|
|
|
Expected Sales (2008-09): Rs.1200.000 millions
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.401 |
54.401 |
54.401 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
50.656 |
47.764 |
44.670 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
105.057 |
102.165 |
99.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
53.670 |
9.350 |
8.440 |
|
|
2] Unsecured Loans |
74.976 |
53.799 |
71.244 |
|
|
TOTAL BORROWING |
128.646 |
63.149 |
79.684 |
|
|
DEFERRED TAX LIABILITIES |
0.108 |
0.055 |
0.046 |
|
|
|
|
|
|
|
|
TOTAL |
233.811 |
165.369 |
178.801 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.208 |
4.627 |
2.828 |
|
|
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 |
151.267
|
123.713 |
112.171 |
|
|
Sundry Debtors |
152.172
|
130.648 |
52.586 |
|
|
Cash & Bank Balances |
2.304
|
3.087 |
0.205 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
84.119
|
30.992 |
73.760 |
|
Total
Current Assets |
389.862
|
288.440 |
238.722 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
160.732
|
125.103 |
61.019 |
|
|
Provisions |
2.527
|
2.595 |
1.730 |
|
Total
Current Liabilities |
163.259
|
127.698 |
62.749 |
|
|
Net Current Assets |
226.603
|
160.742 |
175.973 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
233.811 |
165.369 |
178.801 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
814.738 |
813.128 |
641.604 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
814.738 |
813.128 |
641.604 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
4.685 |
5.061 |
1.620 |
|
|
Provision for Taxation |
1.793 |
1.944 |
0.685 |
|
|
Profit/(Loss) After Tax |
2.892 |
3.117 |
0.935 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
0.403 |
0.140 |
0.081 |
|
|
Other Expenditure |
809.650 |
807.927 |
639.903 |
|
Total Expenditure |
810.053 |
808.067 |
639.984 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.35
|
0.38 |
0.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.58
|
0.62 |
0.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.18
|
1.73 |
0.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.05 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.78
|
1.87 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
2.26 |
3.80 |
LOCAL AGENCY
FURTHER INFORMATION
Note: Registered office of the company has been shifted from Off 216,
Laxmi Niketan, 1st Floor, Room No.1, Kalbadevi Road, Mumbai – 400
002, Maharashtra, India to the present address w.e.f. 01.11.2006.
|
Name of the company |
SARAF YARN PRIVATE LIMITED |
|
Presented By |
Tamilnad Mercantile Bank Limited, Mandvi Branch, Mumbai |
|
1) Date and description of instrument creating the change |
Agreement for Demand
Cash Credit on the Hypothecation of Movable Properties dated 23.10.2004. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
(Stock) – Rs.4.000 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 |
Hypothecation of
all tangible movable property such as products, stock in trade and goods of
the borrower which now or hereafter from time to time during this security
shall be brought in, stored or be in or about the Premises warehouses or
godowns of the borrowers in Etadkar Compound, Godown No-9, Near Dal Mill,
Opposite J.K. Pertol Pump, Purna Village, Bhiwandi, District Thane,
Maharashtra – 421302 or anywhere else. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1) Interest @ 8%
p.a. above the RBI rate with a minimum of 14% p.a. 2) Penal Interest
Rate @ 2% p.a. 3) Margin – 30% |
|
5) Name and Address and description of the person entitled to the charge. |
Tamilnad Mercantile Bank Limited, Goradia House (First Floor),
101-104, Kazi Syed Street, Mandvi – Post No.3181, Mumbai – 400 003,
Maharashtra, India |
|
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 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80005200 |
|
Corporate
identity number of the company |
U17115MH2001PTC130709 |
|
Name of the
company |
SARAF YARN PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
259, Johri Mansion, 1st Floor, Room No.1, Kalbadevi Road, Mumbai – 400
002, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of India, Backbay Reclamation Branch, Raheja Chamber,
Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: sbi.01593@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
1)
Supplemental
Agreement of Loan for increase in the Overall Limit. 2)
Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the Overall
Limit. 3)
Letter
regarding Grant of Individual Limits within the Overall Limit. All pertaining to
a single charge |
|
Date of
instrument Creating the charge |
11.08.2007 |
|
Amount secured by
the charge |
Rs.82.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As determined by the Bank from time to time. Presently: 12.75% p.a. with
monthly rest. Terms of
Repayment: On demand Margin: As
prescribed by the Bank from time to time. Presently: On R/Ms 25%, Finished
Goods and Book Debts (cover period 60 days) – 40% Extent and
Operation of the charge: First Charge |
|
Short particulars
of the property charged |
All present and future
goods, book debts and all other movable assets including documents of title
to goods, outstanding moneys, receivables, claims, bills, invoices,
documents, contracts, insurance policies, guarantees, engagements,
securities, investments, rights and present and all present and future
machinery belonging to or in possession or under control of the company,
wherever lying, stored and kept (including all such goods, other movable
assets as may be in course of shipments/ transit or delivery). |
|
Date of latest
modification prior to the present modification |
06.06.2006 |
TRADE REFRENCES:
- Reliance Industries, Bombay
- Indorama Synthetic India Limited, Bombay
PERFORMANCE:
The company has performed well during the year.
The company has achieved higher Income from Operations of Rs.814.738 millions
as compared to Rs.813.128 millions during the previous year, but due to
increase in business expenses and higher depreciation, the Net Profit after tax
was lower at Rs.2.892 millions as compared to Rs.3.117 millions during the
previous year.
FIXED ASSETS:
- Factory Land
- Flat at Borivali
- Plant and Machinery
- Computer
- Motor Cycle
- Weighing Scale
- Electrical Installation
- Air Conditioner
- EPBX
- Motor Car
- Office Equipment
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.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
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 |
YES |
|
--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 |
|