MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SANJAY TOOLS AND ACCESSORIES PRIVATE LIMITED |
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Registered Office : |
Plot No. SP – 106, S Block Off Telco Road, Bhosari , Pune – 411 026,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.03.2003 |
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Com. Reg. No.: |
11-17831 |
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CIN No.: [Company
Identification No.] |
U29222PN2003PTC017831 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES10001F |
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PAN No.: [Permanent
Account No.] |
AAHCS2420A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer and Trader of Industrial Products such as Measuring Instruments and Cutting Tools. |
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 260000 |
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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 meetings its
normal commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
SP -16S Block Off Telco Road, MIDC Bhosari, Pune – 411 026,
Maharashtra, India |
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E-Mail : |
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Website : |
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Corporate Office : |
SP-106, M.I.D.C., Bhosari, 'S' Block, Near Century Enka,
Pune - 411 026. Maharashtra, India. |
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Tel. No.: |
91-20-712 3247 / 712 3248 |
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Fax No.: |
91-20-7125743 |
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E-Mail : |
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Branches : |
Ø Kasarwadi, Pune, Maharashtra, India. Ø Sanivarpeth, Pune, Maharashtra, India. |
DIRECTORS
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Name : |
Mr. Manoj Pandurang Shirodkar |
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Designation : |
Director |
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Address : |
10 Yashdeep , B Apartments, Rambaug Colony, Sadashiv Peth, Pune – 411
030, Maharashtra, India |
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Date of Birth/Age : |
02.07.1965 |
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Qualification : |
B. E. Polymer |
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Experience : |
12 years |
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Date of Appointment : |
28.03.2003 |
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Directorship in other companies:
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CIN of the company: |
U34300PN2004PTC019841 |
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Name of the Company: |
Shirodkar Preci Comp Private Limited |
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Designation: |
Director |
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Name : |
Mr. Sanjay Pandurang Shirdokar |
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Designation : |
Director |
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Address : |
Flat No. 12, NISARG Apartment, Kamla Nehru Park, Near Joshi Hospital ,
Pune – 411 004, Maharashtra, India |
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Date of Birth/Age : |
02.03.1969 |
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Qualification : |
Master in Computer |
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Experience : |
8 years |
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Date of Appointment : |
28.03.2003 |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Trader of Industrial Products such as Measuring Instruments and Cutting Tools. |
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Products : |
· Sandvik Coromant · ROHM · Blaser SWISSLUBE · Dormer · Fisso · HIP · Baker HIP · Baker BMI · 3 M |
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Imports : |
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Products : |
Industrial Products |
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Countries : |
Germany and U.K. |
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Terms : |
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Purchasing : |
L/C, D/P, Clean Credit. |
GENERAL
INFORMATION
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Customers : |
Actual Users. |
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No. of Employee : |
Around 18 |
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Bankers : |
The Saraswat Co-Operative Bank Limited Address: Karve Road, Branch, Pune – 411 004, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D Gabbs and Associates Chartered Accountants |
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Address : |
719/1, Building, No. 1, Block No. 2, Yashwant Nagar, Near Bank Of
Maharashtra, Navi Peth, Pune- 411 030, Maharashtra , India |
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Membership: |
Indo – German Chamber of Commerce. |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2007:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000 |
Equity Shares |
Rs. 100/- each |
Rs. 12.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/-
each |
Rs. 5.000
millions |
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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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.262 |
33.481 |
22.835 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.262 |
38.481 |
27.835 |
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LOAN FUNDS |
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1] Secured Loans |
43.554 |
10.909 |
8.184 |
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2] Unsecured Loans |
24.712 |
25.085 |
19.779 |
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TOTAL BORROWING |
68.266 |
35.994 |
27.963 |
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DEFERRED TAX LIABILITIES |
0.375 |
0.000 |
0.277 |
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TOTAL |
118.903 |
74.475 |
56.075 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.654 |
23.932 |
20.997 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.935 |
0.594 |
0.025 |
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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 |
25.487
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16.041 |
11.251 |
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Sundry Debtors |
57.361
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36.292 |
26.490 |
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Cash & Bank Balances |
16.585
|
9.906 |
8.463 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.550
|
5.691 |
2.917 |
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Total
Current Assets |
106.983
|
67.930 |
49.121 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.008
|
11.874 |
9.710 |
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Provisions |
7.692
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6.224 |
4.452 |
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Total
Current Liabilities |
14.700
|
18.098 |
14.162 |
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Net Current Assets |
92.283
|
49.832 |
34.959 |
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MISCELLANEOUS EXPENSES |
0.031 |
0.117 |
0.094 |
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TOTAL |
118.903 |
74.475 |
56.075 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
205.600 |
154.100 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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205.600 |
154.100 |
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Profit/(Loss) Before Tax |
|
1.998 |
1.675 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.998 |
1.675 |
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Total Expenditure |
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203.602 |
152.425 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.97
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1.09 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.97
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1.09 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.49
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166.67 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.65
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1.41 |
1.51 |
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Current Ratio (Current Asset/Current Liability) |
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7.28
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3.75 |
3.47 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U29222PN2003PT5C017831 |
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Name of the company |
SANJAY TOOLS AND
ACCESSORIES |
|
Address |
Plot No.
SP -106 S Block , Off Telco Road, Bhosari, Pune – 411 026, Maharashtra, India
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This Form is for |
Modification of charge |
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Type of Charges |
· Book Debts · Movable Property · Floating Charge |
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Particular of the charge holder
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The Saraswat Co-Operative Bank Limited Address: Karve Road, Branch, Pune – 411 004, Maharashtra, India E-Mail: amd_cs@rediffmail.com
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Nature or description of the instrument creating charge |
Deed of hypothecation for additional advances (supplementary deed)
dated 01.09.2006 |
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Date of the instrument creating charge |
01.09.2006 |
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Amount Secure by the charge |
Rs. 21.250 millions |
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Brief of the principal terms and conditions and extent and operation of
the charge |
Rate of Interest : 8.50% with monthly rests, or at such rates as may be prescribed in the
future by the bank from time to time. Terms of repayment: As per Agreement Margin: Hypothecation of stock less Creditors 30% , Debtors (Within 90 days) 30% Extent and operation of the charge: As per Agreement Others As per Agreement |
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Short Particulars of the Property charged |
The borrower doth hereby hypothecates to and in favour of the bank by way
of first charge all tangible movables property and all the outstanding book
debts, Money receivables , claims and approved book debts , due to the
borrowers and bill which are now due and owing or which may at any time
hereafter during the continuance of this security become due and owing to the
borrower in the course of its business. |
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Particulars of the present modification |
Additional Cash credit limit Rs. 15.000 millions to Rs. 21.250
millions |
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Name of the
company |
SANJAY TOOLS
AND ACCESSORIES |
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Presented By |
The Saraswat Co-operative Bank Limited |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of movable property dated 15.04.2004. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.250
millions |
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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 |
The borrowers doth
do hereby hypothecates to and in favour of the bank all the stocks and
debtors tangible Movable property (both present and future ) belonging to the
borrower and lying and being at his place of business at plot No. SP -106,
MIDC Bhosari , Pune – 411 026 or elsewhere and further hereby hypothecate and
charge in favour of the bank by way of first charge all the book debts ,
outstanding , monies receivables , claims and bills which are now due and
owing to the borrower in the course of his business. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Type of facility : Cash credit facility Rate of Interest : as per agreement or at such rate as may from time
to time be fixed by the bank Repayment: On demand |
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5) Name and Address
and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited, Karve Road, Pune |
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6) Date and brief description of instrument
modifying the charge |
Deed of hypothecation
for additional advance (Supplementary Deed) dated 16.04.2005 Equitable
mortgage by deposit of title deeds dated 16.04.2005 (All these
documents create a single charge) |
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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. |
The original
Charge of Rs. 3.250 millions dated 15.04.2005 was duly filed on May 2005. Now the first
modification to the original charge was by way of supplementary, deed for
additional advance hypothecation of book debts, agreement of hypothecation of
movable property and equitable
mortgage by deposit of title deeds dated
1.604.2005, enhancing the cash credit limit by Rs. 3.000 millions making aggregate
limit of Rs. 6.250 millions. The flowing
additional property is also provided as collateral security to secure
aforesaid limits:- All that piece or
parcel of land bearing or know as Plot No. 71/1A/11, Bhosari General Block , in Pimpri Industrial area,
within the village limits for Bhosari and within the jurisdiction of sub –
Registrar Haveli No. V Revenue Taluka Haveli, District, Pune and within the limits of Pimpri Chinchwad Corporation
admeasuring about 721.20 Sq.mtrs together with all easementary rights annexed to the said land and together with building / structures
constructed and / or to be
constructed and with existing and future FSI available to the said land. |
TRADE REFERENCES:-
Ø Sandvik Asia Limited., Pune, Maharashtra.
Ø Carrcorp India Limited., Pune, Maharashtra.
Ø Domer Tools, U.K.
Ø Rohm, Germany.
Ø Titex, Germany and India.
Ø Sandvik Group, India.
WEBSITE DETAILS;
Company
profile:
A
Trusted name in Industries as Total Solutions Provider. Subject was established
in 1993
An
Organization working with latest Technology to provide most effective services
to Customers.
Representing
very successfully, well established and reputed brands in metal working
industry such as Sandvik Coromant, Titex Plus, Blaser SWISSLUBE, Dormer, Fisso,
3M, Rohm, Baker Gauges.
Fully
Automated, Paperless back office activities with Online Invoicing, Inventory
and Enquiry facilities to offer most efficient response to customer demands.
A
financially stable, growth oriented professionally managed organization working
with Passion towards excellence in the field of Industrial Sales and Marketing.
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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
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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 |
|
--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 |
|