MIRA
INFORM REPORT
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Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAI FLIPPED COIL LIMITED |
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Registered Office : |
F-10, Revati Tower B/H Sadvichar Parivar Ramdev Nagar, Charrasta Sate Litte,
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 : |
19.02.2003 |
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Com. Reg. No.: |
04-42026 |
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CIN No.: [Company
Identification No.] |
U27104GJ2003PLC042026 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS08182G |
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PAN No.: [Permanent
Account No.] |
AAHCS0475P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Metals and Alluminium Ingert Cubes |
RATING &
COMMENTS
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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 140000 |
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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 meetings its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is satisfactory. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Baldev |
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Designation : |
Accounts Manager |
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Date : |
24.07.2008 |
LOCATIONS
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Registered Office : |
F-10, Revati Tower B/H Sadvichar Parivar Ramdev Nagar, Charrasta Sate
Litte, Ahmedabad – 380015, Gujarat, India
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Tel. No.: |
91-79-40026314/ 2686062 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1: |
75 A/3, Santej Vadsar Road, Santej, District Gandhi Nagar, Gujarat,
India |
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Tel. No.: |
91-79-40026314/315 |
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Fax No.: |
91-79-26860627 |
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Email : |
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Website : |
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Factory 2: |
199/1, Mahalaxmi Industrieal Estate, Lyava, Tal Sanand, District Ahmedabad,
Gujarat, India |
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Factory 3: |
NH63 Hospet Bellary Road, New Reliance Petrol Pump District Bellory,
India |
DIRECTORS
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Name : |
Mr. Kishore Balashanker Purohit |
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Designation : |
Managing Director |
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Address : |
B/2 Ridhi Bunglows, Ramdev Nagar, Char Rasta, Ahmedabad – 380015,
Gujarat, India |
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Date of Birth/Age : |
07.02.1959 |
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Date of Appointment : |
15.07.2007 |
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Mobile : |
91-9825049854 |
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Name : |
Mr. Rakesh Rajpurohit |
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Designation : |
Director |
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Address : |
B-303, Atmajyot Apartment, Near Big Dady Char Rasta, Ahmedabad –
380058, Gujarat, India |
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Date of Appointment : |
27.06.2005 |
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Mobile : |
91-9426080061 |
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Name : |
Mr. Varun Purohit |
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Designation : |
Director |
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Address : |
B/2 Ridhi Bunglows, Ramdev Nagar, Char Rasta, Ahmedabad – 380015,
Gujarat, India |
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Date of Appointment : |
02.03.2005 |
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Date of Ceasing : |
01.04.2005 |
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Mobile : |
91-9426080062 |
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Name : |
Mr. Bhauraram Chhaganlal Garg |
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Designation : |
Director |
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Address : |
C/2, Revit Tower, B/H Sadvichar Parivar, Ramdevnagar, Sarellite Road,
Ahmedabad – 380015, Gujarat, India |
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Date of Appointment : |
02.03.2005 |
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Name : |
Mr. Nandkumar Ramankumar Agarwal |
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Designation : |
Director |
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Address : |
4 Tejendra Park, Virat Nagar, Odhav, Ahmedabad – 382415, Gujarat,
India |
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Date of Appointment : |
05.09.2005 |
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Name : |
Mr. Jitendra Ashokbhai Agarwal |
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Designation : |
Director |
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Address : |
Ahmedabad – 380004, Gujarat, India |
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Date of Appointment : |
05.09.2005 |
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Name : |
Mr. Kailash Chiranjilal Sharma |
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Designation : |
Director |
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Address : |
22/6, Bagichi Raghunath, Sadar Bazar, Delhi, India |
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Date of Appointment : |
05.08.2004 |
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Date of Ceasing : |
28.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Dilsukhram Tejpal Yadav |
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5000 |
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Mr. Bhauraram Chhaganlal Garg |
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5000 |
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Pushpak Finstock Private Limited |
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2000 |
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Total |
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12000 |
(As on 31.05.2008)
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Names of Allotted |
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No. of Shares Allotted |
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Bhavna Investment Private Limited |
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1360 |
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Dhanvidhya Financial and Investments Consultancy Services |
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1000 |
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Prabhavi Investment Private Limited |
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200 |
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Total |
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2560 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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16.67 |
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Directors or relatives of directors |
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83.33 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Metals and Alluminium Ingert Cubes |
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Products : |
Products
Description Non Ferro Alloys Item Code
No 7604.1
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Cash (Buyers Credit) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
22 |
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Bankers : |
304 Prerna Arcade, Near Parimal Garden, Parimal Crossing Road, Office
C. G. Road, Ahmedabad – 380006, Gujarat, India
9th Floor, JMC House, Ambawadi, Ahmedabad – 380006,
Gujarat, India |
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Facilities : |
CC – Rs.6.500 Millions BC – Rs.10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. S. Dasani and Company Chartered Accountant |
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Address : |
288, New Cloth Market, Ahmedabad – 380002, Gujarat, India |
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Associates/Subsidiaries : |
Karnavati Wire Unik Private Limited, Ahmedabad |
CAPITAL STRUCTURE
Authorised Capital :
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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 :
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No. of Shares |
Type |
Value |
Amount |
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20100 |
Equity Shares |
Rs.10/- each |
Rs.0.201
Million |
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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 |
0.201 |
0.120 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.567 |
6.791 |
0.239 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.768 |
6.911 |
0.339 |
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LOAN FUNDS |
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1] Secured Loans |
4.977 |
0.464 |
0.542 |
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2] Unsecured Loans |
2.633 |
0.000 |
6.373 |
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TOTAL BORROWING |
7.610 |
0.464 |
6.915 |
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DEFERRED TAX LIABILITIES |
0.172 |
0.099 |
0.075 |
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Bank Overdraft |
0.000 |
2.171 |
0.000 |
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TOTAL |
35.550 |
9.645 |
7.329 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.300 |
2.600 |
2.134 |
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Capital work-in-progress |
0.654 |
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 |
45.915
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16.591 |
31.648 |
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Sundry Debtors |
73.664
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33.683 |
0.162 |
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Cash & Bank Balances |
1.098
|
0.188 |
7.912 |
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Other Current Assets |
7.918
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1.314 |
2.356 |
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Loans & Advances |
11.905
|
6.152 |
0.000 |
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Total
Current Assets |
140.500
|
57.928 |
42.078 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
108.909
|
50.890 |
36.658 |
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Provisions |
0.000
|
0.000 |
0.229 |
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Total
Current Liabilities |
108.909
|
50.890 |
36.887 |
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Net Current Assets |
31.591
|
7.038 |
5.191 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.007 |
0.004 |
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TOTAL |
35.550 |
9.645 |
7.329 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
360.968 |
159.979 |
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Other Income |
|
4.080 |
3.103 |
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Total Income |
|
365.048 |
163.082 |
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Profit/(Loss) Before Tax |
|
1.164 |
0.657 |
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Provision for Taxation |
|
0.574 |
0.334 |
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Profit/(Loss) After Tax |
|
0.590 |
0.323 |
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Expenditures : |
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Purchases made for re-sale |
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349.903 |
142.998 |
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Consumption of stores and spares parts |
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0.102 |
0.047 |
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Increase/(Decrease) in Finished Goods |
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(29.324) |
(11.615) |
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Salaries, Wages, Bonus, etc. |
|
2.089 |
1.619 |
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Managerial Remuneration |
|
0.180 |
0.085 |
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Payment to Auditors |
|
0.067 |
0.045 |
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Interest |
|
0.541 |
0.097 |
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Insurance Expenses |
|
0.197 |
0.114 |
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Power & Fuel |
|
0.032 |
0.023 |
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Depreciation & Amortization |
|
0.700 |
0.482 |
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Other Expenditure |
|
39.397 |
28.530 |
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Total Expenditure |
|
363.884 |
162.425 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.16
|
0.20 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.32
|
0.41 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.81
|
1.09 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
1.94 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.20
|
7.43 |
129.21 |
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Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.14 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Jindal Steel
- Steel Authority India Limited, Madhya Pradesh
Website Details:
The Drive Force
Subject working with Aluminium is a constant source of inspiration and
innovation. One of the group's promoters has been the pioneer behind
revolutionary use of Aluminium scrap in the country and has over 25years of
experience. Under his leadership, the group has achieved pioneering heights in
every aspect of operations and product development, therefore company has been
able to made profitably expand into area that were thereto unexplored.
The history of company group. The directors of
its group was involved in various activities related to Aluminium De-ox
products since last 25 years like, Trading, Consultancy, Technical Advisor, erection
and commissioning of various projects.
Looking to the increasing demand of Aluminium De-ox Products,
exclusively for the Steel Industry, the Group started its first manufacturing
activity on a moderate scale during 2000. In 2006 the Group started its second
Unit and the third Unit started in 2008. Now the group is fully engaged with
the manufacturing activity of Aluminium De-ox products exclusively for Steel
Industry at its three existing Unit.
Groups total Production Capacity is 25000 MT Per Annum in altogether.
(Aluminium Ingot, Aluminium Shots, Aluminium Cast Granules (Cubes), Aluminium
Sticks, Aluminium Notchbar, Aluminium Wire Road (Flipped Coil etc.).
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 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.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|