MIRA
INFORM REPORT
|
Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SATKUL ENTERPRISES LIMITED |
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Registered Office : |
146, Azad Society Ambawadi, Ahmedabad – 380015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.02.1999 |
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Com. Reg. No.: |
04-035510 |
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CIN No.: [Company
Identification No.] |
U27209GJ1999PLC035510 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS00901F |
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PAN No.: [Permanent
Account No.] |
AADCS0453K |
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Legal Form : |
Closely Held
Public Limited Liability Company |
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Line of Business : |
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RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 44940 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
146, Azad Society Ambawadi, Ahmedabad – 380015, Gujarat, India |
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E-Mail : |
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Website : |
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Corporate Office : |
M-21, New
Madhavpura Market, Shahibaug Road, Ahmedabad – 380004, Gujarat, India |
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Tel. No.: |
91-79-25620552 /
30914735 / 26747130 |
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Fax No.: |
91-79-25620558 |
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E-Mail : |
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Website : |
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Factory 1: |
Plot No 708,
GIDC, N H 8A, Near Bavla, Kerala – 382220, India |
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Tel. No.: |
91-02714-268439 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Mohanjit
Singh Bagga |
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Designation : |
Director |
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Address : |
146, Azad
Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
23.01.1956 |
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Date of Appointment : |
07.07.2004 |
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Name : |
Mr. Satbir
Mohansingh Bagga |
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Designation : |
Director |
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Address : |
146, Azad
Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
21.12.1981 |
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Date of Appointment : |
01.01.2006 |
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Name : |
Mr. Kulbir
Mohansingh Bagga |
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Designation : |
Director |
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Address : |
146, Azad
Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
16.04.1983 |
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Date of Appointment : |
01.05.2001 |
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Name : |
Mr. Jayesh
Pravinchandra Sheth |
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Designation : |
Director |
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Address : |
8 Mahasweta
Kadambari Society, S M Road, Ambawadi, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
01.04.2005 |
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Date of Appointment : |
20.12.2000 |
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Name : |
Mr. Amarjitkaur
Bagga |
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Designation : |
Director |
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Address : |
146, Azad
Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Appointment : |
01.10.2005 |
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|
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Name : |
Ms Manpreetkaur M
Bagga |
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Designation : |
Director |
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Address : |
146, Azad
Society, Ambawadi, Ahmedabad – 380015, Gujarat,India |
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Date of Birth/Age : |
11.06.1986 |
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Date of Appointment : |
01.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr Mohanjitsingh
Suratsingh Bagga |
|
10 |
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Mr Amarjitkaur
Mohanjitsingh Bagga |
|
10 |
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Mr Satbirsingh
Mohanjitsingh Bagga |
|
90010 |
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Mr Kulbirsingh
Mohanjitsingh Bagga |
|
10 |
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Mr Pravinchandra
Ramanlala Sheth |
|
10 |
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Mr Dilipkumar
Taraji Prajapati |
|
10 |
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Ms Harsha G
Sethwala |
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10 |
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Total |
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90070 |
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Category |
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Percentage |
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Directors or
relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
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Products : |
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GENERAL
INFORMATION
|
Bankers : |
S M Road, situated
at 42, Tapovan Society, Near Manek baug Hall, Ahmedabad – 380015, Gujarat,
India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Gaurang and
Associates Chartered
Accountants |
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Address : |
313, Advait, Near
Sandesh Press, Vastrapur, Ahmedabad – 380054, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs 10/- each |
Rs 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
90070 |
Equity Shares |
Rs 10/- each |
Rs 0.901 Million |
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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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|
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1] Share Capital |
0.901 |
0.901 |
0.901 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
10.334 |
6.529 |
5.066 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.235 |
7.430 |
5.967 |
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LOAN FUNDS |
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1] Secured Loans |
9.027 |
4.071 |
5.249 |
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2] Unsecured Loans |
9.878 |
7.309 |
0.491 |
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TOTAL BORROWING |
18.905 |
11.380 |
5.740 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.140 |
18.810 |
11.707 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.958 |
1.131 |
1.355 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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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Inventories |
14.184
|
9.111 |
6.312 |
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Sundry Debtors |
18.234
|
9.914 |
4.830 |
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Cash & Bank Balances |
0.452
|
1.255 |
1.973 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.658
|
0.211 |
0.773 |
|
Total
Current Assets |
33.528
|
20.491 |
13.888 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
1.896
|
0.706 |
3.536 |
|
|
Provisions |
2.450
|
2.106 |
0.000 |
|
Total
Current Liabilities |
4.346
|
2.812 |
3.536 |
|
|
Net Current Assets |
29.182
|
17.679 |
10.352 |
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.140 |
18.810 |
10.707 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
63.870 |
45.110 |
19.836 |
|
|
Other Income |
0.096 |
0.026 |
3.356 |
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Total Income |
63.966 |
45.136 |
23.192 |
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|
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Profit/(Loss) Before Tax |
5.961 |
2.455 |
2.091 |
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Provision for Taxation |
0.000 |
0.993 |
0.842 |
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Profit/(Loss) After Tax |
5.961 |
1.462 |
1.249 |
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Expenditures : |
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Purchases made for re-sale |
38.865 |
29.105 |
12.469 |
|
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Consumption of stores and spares parts |
0.000 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(5.072) |
(2.798) |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
2.251 |
0.789 |
0.293 |
|
|
Managerial Remuneration |
3.000 |
1.500 |
0.255 |
|
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Payment to Auditors |
0.042 |
0.039 |
4.294 |
|
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Interest |
1.409 |
0.694 |
0.833 |
|
|
Insurance Expenses |
0.039 |
0.055 |
2.586 |
|
|
Power & Fuel |
0.069 |
0.063 |
0.151 |
|
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Depreciation & Amortization |
0.309 |
0.360 |
0.217 |
|
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Other Expenditure |
17.093 |
12.874 |
0.000 |
|
Total Expenditure |
58.005 |
42.681 |
21.098 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.32
|
3.24 |
5.38 |
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.33
|
5.44 |
10.54 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.28
|
11.35 |
13.72 |
|
|
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|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53
|
0.33 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
1.91 |
1.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.71
|
7.29 |
3.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
This form is for |
Creation of Mortgage/Charge |
|
Charge
identification number of the charge to be modified |
10032207 |
|
Corporate
identity number of the company |
U27209GJ1999PLC035510 |
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Name of the
company |
SATKUL
ENTERPRISES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
M-21, New
Madhavpura Market, Shahibaug Road, Ahmedabad – 380004, Gujarat, India |
|
Particular of
charge holder |
Bank of Baroda S Mangaldas Road,
Ahmedabad – 380015, Gujarat, India |
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Date of
instrument Creating the charge |
03.11.2006 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
This form is for |
Creation of Charges
|
|
Corporate
identity number of the company |
U27209GJ1999PLC035510 |
|
Name of the
company |
SATKUL
ENTERPRISES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
M-21, New Madhavpura
Market, Shahibaug Road, Ahmedabad – 380004, Gujarat, India |
|
Type of charge |
Book debts and
Others |
|
Particular of
charge holder |
Bank of Baroda S Mangaldas Road,
Ahmedabad – 380015, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
agreements |
|
Date of
instrument Creating the charge |
03.11.2006 |
|
Amount secured by
the charge |
Rs. 5.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50 % OBPLR +
0.50% for Line of Credit Term of Repayment
Repayable on
Demand Margin Stock – 30% and
Book Debts – 50% Extent and
operation of charge Stocks lying in
the godown of the company |
|
Short particulars
of the property charged |
Stocks and Book
Debts |
|
Name of the company |
SATKUL
ENTERPRISES LIMITED |
|
Presented By |
MR MOHANJITSINGH
BAGGA |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement executed on 02.02.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
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
stocks including all kinds of welding consumables both present and future and
book debts. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The facility of
Rs 4.000 Millions is given under Cash Credit Account repayable on demand. Margin on stocks
is @ 30% and Book Debts is @ 50% The cash credit
facility is secured by hypothecation of stocks, including all kinds of
welding consumables, machine lying in the godown of the company and the book
debts. Interest will be
charged on loan @ 12.50 % p.a. on monthly basis. Penal Interest @ 2%
shall be charged for default irregularity |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda S M Road,
situated at 42, Tapovan Society, Near Manek baug Hall, Ahmedabad – 380015 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporate identity
number (CIN) Foreign company registration number |
U27209GJ1999PLC035510 |
|
Name of the
Company |
SATKUL
ENTERPRISES LIMITED |
|
Address |
146, Azad Society Ambawadi, Ahmedabad – 380015, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Movable Property
(not being pledge) |
|
Particulars of
the charge holder |
State Bank of
India Madam Cama Road,
Mumbai – 400021 Specialised
Commercial Branch, Gandhigram, Ahmedabad – 380006, Gujarat, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of Loan
– cum – Hypothecation Dated 06.08.2007 |
|
Date of the instrument
creating or modifying the charge |
06.08.2007 |
|
Amount secured by
the charge |
Rs.0.300 Million |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Term Loan:
Interests at 0.50% above/ below state Bank Advance Rate (SBAR) (SBAR = 12.25%
w e f 09.04.2007 with minimum of 12.25% p.a. rising or falling therewith, on
daily products with monthly rests. Present effective rate: 12.25% p.a.
whatever expedient, interests rate is directly linked to the credit to the
credit risk assessment of the borrower. Terms of
repayment: To be repaid
within a period of 36 months from the date of disbursement in monthly
installments of Rs.0.010 Million First installment commencing from Oct-2007 Margin: 30% of the cost
of car Extent and
operation of the charge: Charge is to the
extent of Rs.0.300 Million plus interest due on it and is on the assets
financed. |
|
Short particulars
of the property charged (including location of the property) |
Motor Car Financed
by Bank under Hypothecation. |
|
Particular of the
present modification |
N.A. |
Profile:
Subject is a pioneer company in offering the best quality products in
welding consumables since 1976. The company uses innovative combination of Quality
and Service in its way to achieve position of par excellence in its path of
progress. Company identifies the services customers value the most and their
relative importance. Companies Goal is to focus from gaining a market share to
a focus on building customer share. Companies group has represented almost all
the reputed brands of India as a Distributor and since 1995 they are
representing various Asian and European companies.
Fixed Assets:
- Motor Cars
- Office
Equipments
- Water
Purifier
- Computer
- Furniture and
Fixtures
- Scooter and
Bike
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.39.98 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.59.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
|