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MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SANGHI BROTHERS (INDORE) PRIVATE LIMITED |
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Registered Office : |
6, Manoramaganj, Indore – 452001, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.04.1950 |
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Com. Reg. No.: |
10-586 |
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CIN No.: [Company
Identification No.] |
U35999MP1950PTC000586 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLS00522E |
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- |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Dealers for Tata Motors. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 970000 |
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Status : |
Good |
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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 fine track. Trade
relations are fair. General financial position is good. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mrs. Poonam |
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Date : |
21.07.2008 |
LOCATIONS
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Registered Office : |
6, Manoramaganj, Indore – 452001, Madhya Pradesh, India |
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Tel. No.: |
91-731-2490361/62/ 265673 |
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Fax No.: |
91-731-2492741 |
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E-Mail : |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
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Branch Office : |
They have 7 to 8 branch off all over (Madhya Pradesh) |
DIRECTORS
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Name : |
Mr. Sharad Kumar Sanghi |
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Designation : |
Managing Director |
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Address : |
25, Palasia, Mani Road, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
29.08.1942 |
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Date of Appointment : |
04.09.1967 |
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Name : |
Mrs. Gitanjali Sanghi |
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Designation : |
Director |
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Address : |
25, Palasia, Mani Road, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
19.11.1949 |
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Date of Appointment : |
24.01.1985 |
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Name : |
Ms. Ragini Sanghi |
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Designation : |
Director |
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Address : |
25, Palasia, Mani Road, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
15.10.1974 |
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Date of Appointment : |
29.08.1996 |
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Name : |
Mr. Shyam Sunder Pandit |
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Designation : |
Director |
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Address : |
51Prince Yashwant Niwas Road, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
23.08.1930 |
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Date of Appointment : |
01.10.1989 |
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Name : |
Ms. Priya Sanghi |
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Designation : |
Director |
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Address : |
25, Palasia, Mani Road, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
22.04.1977 |
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Date of Appointment : |
01.07.1999 |
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Name : |
Mr. Peter Naharwar |
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Designation : |
Director |
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Address : |
8, Vinay Mahal Road, Marine Drive, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
22.03.1936 |
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Date of Appointment : |
06.05.2002 |
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Name : |
Mr. Keshu Bhai Gudka |
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Designation : |
Director |
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Address : |
Flat No.201/202, Rajgharana Apartment, 151, Diamond Colony Indore -
452001, Madhya Pradesh, India |
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Date of Appointment : |
06.05.2002 |
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Name : |
Ms. Jyotsana Sanghi |
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Designation : |
Director |
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Address : |
25, Palasia, Mani Road, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
22.08.1983 |
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Date of Appointment : |
22.07.2005 |
KEY EXECUTIVES
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Name : |
Mr. Raveesh Bafna |
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Designation : |
Company Secretary |
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Address : |
405, Princes Avenue, 2/2 Snehlata, Ganj, Indore – 452001, Madhya
Pradesh, India |
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Date of Birth/Age : |
14.09.1961 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.10.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Mahendra Kumar Sanghi |
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12 |
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Mr. Suresh Kumar Sanghi |
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15 |
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Mr. Suresh Kumar Sanghi (HUF) |
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150 |
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Mr. Sharad Snaghi |
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1598 |
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Mr. Amrit Kumar Sanghi |
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32 |
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Mr. Vijay Kumar Sanghi |
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15 |
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Mrs. Anuradha Jamwal |
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97 |
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Mr. Rajesh Kumar Sanghi |
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124 |
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Mrs. Vidhi Singhania |
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60 |
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Mr. Nitin Kumar Snagho |
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90 |
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Others |
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4877 |
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Total |
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7070 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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93.00 |
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Other top fifty Shareholders (Other than listed above) |
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7.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Dealers for Tata Motors. |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
915 |
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Bankers : |
Siya Ganj Branch, Indore, Madhya Pradesh, India
Kanchan Bagh Branch, Indore – 452001, Madhya Pradesh, India |
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Facilities : |
CC – Rs.350.000 Millions from Central Bank of India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
R. D. Joshi and Company Chartered Accountant |
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Address : |
Shiv Vilas Palace, Rajwada, Indore – 452001, Madhya Pradesh, India |
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Subsidiary
Company: |
Triumph Internationale Congo SPRL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.1000/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10637 |
Equity Shares |
Rs.1000/-
each |
Rs.10.637
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
10.637 |
10.637 |
7.070 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
182.926 |
150.508 |
112.687 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
193.563 |
161.145 |
119.757 |
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LOAN FUNDS |
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1] Secured Loans |
271.891 |
357.130 |
232.657 |
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2] Unsecured Loans |
354.527 |
172.972 |
74.208 |
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TOTAL BORROWING |
626.418 |
530.102 |
306.865 |
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DEFERRED TAX LIABILITIES |
19.997 |
16.125 |
15.093 |
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TOTAL |
839.978 |
707.372 |
441.715 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
214.493 |
185.402 |
193.188 |
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Capital work-in-progress |
0.966 |
0.966 |
0.966 |
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INVESTMENT |
29.254 |
26.154 |
1.260 |
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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 |
382.899
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174.115 |
174.224 |
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Sundry Debtors |
144.621
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157.385 |
67.917 |
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Cash & Bank Balances |
36.288
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48.999 |
22.653 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
159.310
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228.683 |
66.563 |
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Total
Current Assets |
723.118
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609.182 |
331.357 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
105.515
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34.405 |
17.866 |
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Provisions |
22.338
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79.927 |
67.190 |
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Total
Current Liabilities |
127.853
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114.332 |
85.056 |
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Net Current Assets |
595.265
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494.850 |
246.301 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
839.978 |
707.372 |
441.715 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.90
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3.99 |
3.27 |
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Current Ratio (Current Asset/Current Liability) |
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5.66
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5.33 |
3.90 |
LOCAL AGENCY
FURTHER INFORMATION
Form: 8
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Corporate
identity number of the company |
U35999MP1950PTC000586 |
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Name of the
company |
SANGHI BROTHERS INDORE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
6, Manoramaganj, Indore – 452001, Madhya Pradesh, India |
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This form is for |
Creation of charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Central Bank of
India Limited CFB Siyaganj Branch,
MTH Compound Palika Plaza, Indore – 452001, Madhya Pradesh, India |
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Nature of
instrument creating charge |
Memorandum of
Entry Date 06.06.2007 |
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Date of
instrument Creating the charge |
Rs.148.000
Millions |
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Amount secured by
the charge |
Rate of
Interests: As per agreement Terms of
Repayment: As per Agreement Margin: Nil Extent and
Operation of the charge: Collateral security
provided for extending limit to M/s Jyoti Copper Crafts Private Limited to
the extent of Rs.148.000 Millions in favour of Central Bank of India Limited,
CFB Siyaganj Branch, Indore. Equitable
mortgage of Land and construction situated at 6, Manoramaganj, Indore |
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Particulars of
the property charged |
Equitable
Mortgage of Land and Construction situated at 6, Manoramaganj, Indore |
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.42.71 |
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UK Pound |
1 |
Rs.85.11 |
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Euro |
1 |
Rs.67.73 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
66 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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