MIRA
INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SAFEX EQUIPMENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No.517, GIDC Industrial Estate, Vatva, Ahemdabad – 382 445,
Gujarat. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
02.02.1990 |
|
|
|
|
Com. Reg. No.: |
04 – 13315 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U23904GJ1990PTC013315 |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Material Handling Equipments. |
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 87885 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments
nothing advance required. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Plot No.517, GIDC Industrial, GIDC Industrial Estate, Phase IV, Vatva,
Ahmedabad – 382 445, Gujarat, India. |
|
Tel. No.: |
91-79-25842836 / 25892376 |
|
Fax No: |
91-79-25833197 |
DIRECTORS
|
Name : |
Shri. Mohan Khemchand Assudani |
|
Designation : |
Director |
|
Address : |
19/402, Satyagrah Chhavni, Satellite, Ahmedabad – 380 015, Gujarat,
India. |
|
Date of Appointment : |
02.02.1990 |
|
|
|
|
Name : |
Smt. Pushpaben Suryakant Bhatia |
|
Designation : |
Director |
|
Address : |
17/323, Satyagrah Chhavni, Satellite, Ahmedabad – 380 015, Gujarat,
India. |
|
Date of Appointment : |
02.02.1990 |
|
|
|
|
Name : |
Shri. Yogesh Ratilal Shah |
|
Designation : |
Director |
|
Address : |
125, Tapovan Society, Near Manekbaug, Ambawadi, Ahmedabad – 380 015,
Gujarat, India. |
|
Date of Appointment : |
02.02.1990 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON (30.09.2008)
|
Names of Shareholders |
No. of Shares |
|
Shri Mohan Khemchand Assudani |
2724 |
|
Smt. Pushpaben Bhatia |
5448 |
|
Shri. Yogesh Ratilal Shah |
5448 |
|
Ms. Sudha Assudani |
2724 |
|
Total |
16344 |
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category
(26.07.2008) |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Material Handling Equipments |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
GENERAL
INFORMATION
|
No. of Employees : |
Around 200 |
|
|
|
|
|
|
Bankers : |
Bank of India, Memnagar Road BR., 22-25 Sahjanand Arcade Building, Near
Helmet Signal, 132 FT. Ring Road, Memnagar, Ahmedabad – 380 009, Gujarat,
India. |
|
|
|
|
|
|
Facilities : |
Particulars |
31.03.2007
(Rs.in Millions) |
|
SECURED LOAN From Bank of India, Memnagar for working capital (secured by hypothecation
created on all the current assets of the company and mortgage / charge on all
the immovable asstes of the company situated at GIDC Vatva due within one
year Rs.0.959 million From ICICI Bank limited (for purchase of Motor Car Secured by hypothecation of the Motor Car |
0.912 0.086 |
|
|
Total |
0.998 |
|
|
UNSECURED LOAN: From Directors, Shareholders and Relatives of Directors |
1.250 |
|
|
Total |
1.250 |
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
|
|
Auditors : |
BCM Associates |
|
|
|
Chartered Accountant |
|
|
Address : |
402/403, Janpath, 4th Floor, Near LIC Building, Opp. Nehru
Bridge End, Ashram Road, Ahmedabad – 380 009, Gujarat, India. |
|
|
Pan No.: |
ABCPM8356Q |
|
|
|
|
|
|
Associates/Subsidiaries : |
NIL |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000 |
Equity Shares |
Rs. 100/- Each |
Rs.2.400
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16344 |
Equity Shares |
Rs. 10/- Each |
Rs.1.634 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.634 |
1.634 |
1.634 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15.943 |
9.837 |
0.239 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
4.990 |
|
|
NETWORTH |
17.577 |
11.471 |
6.863 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.959 |
0.998 |
0.589 |
|
|
2] Unsecured Loans |
0.000 |
1.250 |
1.141 |
|
|
TOTAL BORROWING |
0.959 |
2.248 |
1.730 |
|
|
DEFERRED TAX LIABILITIES |
0.087 |
0.144 |
0.196 |
|
|
|
|
|
|
|
|
TOTAL |
18.623 |
13.863 |
8.789 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.473 |
4.496 |
4.733 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.000 |
3.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.743
|
12.097 |
3.928 |
|
|
Sundry Debtors |
26.233
|
23.264 |
19.168 |
|
|
Cash & Bank Balances |
6.567
|
8.457 |
6.428 |
|
|
Other Current Assets |
0.140
|
0.140 |
0.140 |
|
|
Loans & Advances |
9.944
|
7.406 |
6.208 |
|
Total
Current Assets |
65.627
|
51.364 |
35.872 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
52.362
|
42.227 |
30.201 |
|
|
Provisions |
3.115
|
2.770 |
1.615 |
|
Total
Current Liabilities |
55.477
|
44.997 |
31.816 |
|
|
Net Current Assets |
10.150
|
6.367 |
4.056 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18.623 |
13.863 |
8.789 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
200.127 |
169.781 |
111.527 |
|
Other Income |
5.442 |
8.402 |
4.688 |
|
Total Income |
205.569 |
178.183 |
116.215 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
8.953 |
7.177 |
4.270 |
|
Provision for Taxation |
2.847 |
2.570 |
1.512 |
|
Profit/(Loss) After Tax |
6.106 |
4.607 |
2.758 |
|
|
|
|
|
|
Total Expenditure |
196.616 |
171.006 |
111.945 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
2.97
|
2.58 |
2.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.47
|
4.22 |
3.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.08
|
12.19 |
10.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51
|
0.63 |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.15
|
3.92 |
4.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.14 |
1.12 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Electric Installation
- Office Equipments
- Computers
- Furniture and Fixtures
- Motor Cars
- Cycles
|
This form is for |
Creation of
charge Modification of
charge |
|
Charge identification
number of the modified |
90107591 |
|
Corporate
identity number of the company |
U29304GJ1990PTC013315 |
|
Name of the
company |
SAFEX EQUIPMENTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
3 Kiran Duplex
Opp Ajantacinema, Damubhai Shukla Colony, Vasna, Ahemdabad – 380 007,
Gujarat, India. |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others |
|
Particular of charge
holder |
Bank of India,
memnagar Road BR., 22-25, Sahjanand Arcade Building, Near Helmet Signal, 132
FT. Ring Road, Memnagar, Ahmedabad – 380 009, Gujarat, India. E-Mail: boimem@sancharnet.in |
|
Nature of description
of the instrument creating or modifying the charge |
25-4-07, No
instrument was executed but equitable mortgage was extended by continuing the
oral consent for continuing to hold the title deeds in respect of immovable properties
of the company. |
|
Date of
instrument Creating the charge |
25.04.2007 |
|
Amount secured by
the charge |
Rs.12.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Minimum interest
being at 13.755 p.a. or such other rate as may from time to time be fixed by
the bank. Overdues to be charged interest at 2% over the RBI rate for the
demand loan. Terms of
repayment On Demand Margin 25% in the form of
fixed deposits to be pledged with the bank Extent and
operations of the charge First Charge by
way Equitable Mortgage by way of deposit of title deeds on all immovable
properties more particularly as mentioned in point no.14 below as are or may
at any time be in the possession or
power of the company to secure inland guarantee facility of aggregating to
Rs.10.000 Millions with respective interest rate with quarterly rests or at
such other rates as may be fixed by the bank and notified to the company from
time to time with power to the bank to seize and realize. |
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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|