MIRA
INFORM REPORT
|
Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SATHE ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
II A-97 Nehru Nagar, Ghaziabad-201001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.11.1984 |
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Com. Reg. No.: |
20-006860 |
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CIN No.: [Company
Identification No.] |
U29214UP1984PTC006860 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTS00939B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Dealer in all kinds of a earth moving machines,
equipments, spares, appliances, implements and their accessories and
components, mobile or otherwise including hydraulic equipment, cranes and
mining equipment. |
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 21420 |
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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. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
II A-97 Nehru Nagar, Ghaziabad-201001, Uttar Pradesh |
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Email : |
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Factory : |
E-198-199, Industrial Area, Kavinagar, Ghaziabad-201 002, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2700252 / 2701256 / 270281 |
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Mobile No.: |
91-9350420944 |
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Fax No.: |
91-120-2700316 |
DIRECTORS
|
Name : |
Mr. Harvilas Gupta |
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Designation : |
Director |
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Address : |
II-A 97, Nehru Nagar, Ghaziabad-201 001, Uttar Pradesh |
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Date of Birth/Age : |
15.12.1931 |
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Date of Appointment : |
30.11.1984 |
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Name : |
Mrs. Sheela Devi |
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Designation : |
Director |
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Address : |
II-A 97, Nehru Nagar, Ghaziabad-201 001, Uttar Pradesh |
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Date of Birth/Age : |
08.11.1933 |
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Date of Appointment : |
30.11.1984 |
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Name : |
Mr. Rakesh Mohan Gupta |
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Designation : |
Director |
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Address : |
II-A 154A, Nehru Nagar, Ghaziabad-201 001, Uttar Pradesh |
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Date of Birth/Age : |
03.08.1953 |
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Date of Appointment : |
30.11.1984 |
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Name : |
Mr. Yash Nidhi Gupta |
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Designation : |
Director |
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Address : |
II-A, 97, Nehru Nagar, Ghaziabad-201 001, Uttar Pradesh, India |
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Date of Birth/Age : |
02.081969 |
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Date of Appointment : |
20.06.2007 |
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Name : |
Mr. Ruchin Mohan Garg |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Har Vilas Gupta |
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Designation : |
Chairman |
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Name : |
Mr. A Kumar |
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Designation : |
Executive Director |
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Name : |
Mrs. Taruna Kalra |
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Designation : |
Company Secretary |
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Address : |
2M/22 NIT, Faridabad, Haryana, India |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Harvilas Gupta |
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1057 |
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Mr. Satya Prakash Gupta |
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55 |
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Mr. Rakesh Mohan Gupta |
|
740 |
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Smt. Sheela Devi |
|
1395 |
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Sh. Yash Nidhi Gupta |
|
240 |
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Mr. Ashok Kumar Tiwari |
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188 |
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Mr. S.C. Gupta |
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160 |
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Mr. Ramesh Chand Tomer |
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60 |
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Smt. Rekha Gupta |
|
2790 |
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Mr. Rishi Mittal |
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95 |
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Ms. Rekha Garg |
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95 |
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Mr. Ravi Mohan Gupta |
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1500 |
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Mr. Radhey Lal |
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200 |
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Ms. Kamlesh Goel |
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165 |
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Ms. Anjali Mittal |
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100 |
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Ms. Sunita Dayal |
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200 |
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Ms. Sunita Agarwal |
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1180 |
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Mr. Madhu Sudan Dayal |
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100 |
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Mr. Rajeev Mohan Gupta |
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180 |
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Smt. Raj Bala |
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150 |
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Mr. Arun Mittal |
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150 |
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Mr. Tarun Mittal |
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100 |
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Mr. Mohit Garg |
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200 |
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Mr. Ram Gopal Singhal |
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100 |
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Mr. Brij Nandan Agarwal |
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180 |
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Mr. Himanshu Garg |
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100 |
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Mr. Ruchin Mohan |
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100 |
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Total |
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11580 |
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(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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70.00 |
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Others |
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30.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Dealers in all kinds of a earth moving machines, equipments, spares, appliances, implements and their accessories and components, mobile or otherwise including hydraulic equipment, cranes and mining equipments. |
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Products : |
For Synthetic Fibre Industry ·
Fluidised Bed Crystallizer Chips Dryer (Import
Substitute Equipments) ·
Single/Multi Pot T.E.G Bath (Import Substitute
Equipments) ·
Fluidised Bed Pack Cleaning System (Import
Substitute Equipments) ·
Inter Floor Tubes (Import Substitute Equipments) ·
Chips Silo & Chips Hopper ·
Chips Blender ·
Diphyl Boiler ·
Spinfinish Preparation and Storage Tanks ·
C.P. Plant & Equipment and S.S.P Dryer For Chemical & Allied Industry ·
Pressure Vessels/Air Receivers ·
Reactors ·
Columns ·
Heat Exchangers ·
Agitator Equipments Storage Tanks ·
Vertical Cone Roof Storage Tanks ·
HSD Tanks ·
LD Tanks ·
Soft Water Tanks Pressure Vessel/Cryogenic Vessels
Under Explosive Act ·
LPG Propane Bullets and Tankers ·
Hydrogen Bullets ·
Cryogenic Vessels (Liquid Tanks) Salt Refining Plant (Capacity of 10/20 MT TPD and above) |
GENERAL
INFORMATION
|
Customers : |
· Bhaba Atomic Research Centre, Mumbai ·
Nakoda Textile Industries Limited., Surat · Jindal Polyester & Steel Limited., Gulaothi (U.P.) ·
Haryana Petrochemicals Limited., Rewari ·
Beximco Synthetics Limited., Bangladesh ·
Jindal Polyester Limited., Nasik ·
Flex Industries, Noida ·
Madras Fertilizers Limited., Chennai ·
DCL Polyester Limited., Nagpur ·
B.H.E.L. Limited., Haridwar ·
Orkay Silk Private. Limited., Mumbai ·
Alps Industries Limited., Ghaziabad ·
JCT Limited, Hoshiarpur ·
Sanvik Engineers India Private Limited., New Delhi ·
Nova Petro Chemicals Limited., Ahmedabad ·
Alps Industries Limited., Indonesia ·
Superfine Syntex Limited., Nigeria ·
Bhilosa Tex-N-Twist
Private Limited., Nepal |
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No. of Employees : |
50 |
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Bankers : |
Oriental Bank Of Commerce Razapur Branch, Shastri Nagar, Ghaziabad-201 102, Uttar Pradesh E-Mail: bm0076@abc.co.in · ICICI Bank · Punjab National
Bank · State Bank of
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sahni Bansal and Associates Chartered Accountants |
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Address : |
37, IInd Floor, Navyug Market, Ghaziabad-201 001, Uttar Pradesh |
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Memberships : |
· Federation of
Indian Chambers of Commerce and Industry (FICCI) · Associated
Chambers of Commerce and Industry of India (ASSOCHAM) · All India
Manufacturer’s Organization (AIMO) |
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Associates/Subsidiaries : |
· Sathe Synthetics
Private Limited · Sathe Petrotex
Private Limited · Sathe Lighting
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.100/-Each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11580 |
Equity Shares |
Rs.100/-
Each |
Rs.1.158
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.158 |
1.158 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.197 |
4.161 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5.355 |
5.319 |
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LOAN FUNDS |
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1] Secured Loans |
|
5.993 |
8.994 |
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2] Unsecured Loans |
|
2.065 |
1.415 |
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TOTAL BORROWING |
|
8.058 |
10.409 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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13.413 |
15.728 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.219 |
4.903 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.538 |
9.660 |
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Sundry Debtors |
|
0.807 |
8.249 |
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Cash & Bank Balances |
|
0.092 |
1.072 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
0.946 |
1.528 |
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Total
Current Assets |
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15.383 |
20.509 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.189 |
9.684 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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6.189 |
9.684 |
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Net Current Assets |
|
9.194 |
10.825 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
13.413 |
15.728 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
27.602 |
15.743 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
27.602 |
15.743 |
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Profit/(Loss) Before Tax |
|
0.154 |
0.112 |
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Provision for Taxation |
|
0.118 |
0.11 |
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Profit/(Loss) After Tax |
|
0.036 |
0.002 |
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Export Value |
|
2.485 |
8.468 |
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Import Value |
|
0.000 |
0.183 |
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Expenditures : |
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Financial Charges |
|
0.655 |
0.720 |
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Depreciation & Amortization |
|
1.003 |
1.240 |
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Other Expenditure |
|
25.790 |
13.670 |
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Total Expenditure |
|
27.448 |
15.631 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
0.13 |
0.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.56 |
0.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.78 |
0.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.15 |
1.82 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.48 |
1.11 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
SATHE ENGINEERING
COMPANY PRIVATE LIMITED |
|
Presented By |
Shri. H V Gupta
(Director) |
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1) Date and description of instrument creating the change |
Hypothecation of
Assets Agreement dated : 11.08.1997 Hypothecation of
Books Debts Agreement dated : 11.08.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.000 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 |
v
Hypothecation
of Finished Goods and Raw material including the processing fabrication and
machineries: v
Hypothecation
of plant machinery v
Equitable
mortrage of property at E 199, Kavi Nagar, Industrial Estate, Ghaziabad. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
v
Interest
3.6% Overland Above v
Margin 12.5% |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank Of
Commerce Razapur Branch,
Ghaziabad. |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90274794 |
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Corporate
identity number of the company |
U29214UP1984PTC006860 |
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Name of the
company |
SATHE ENGINEERING
COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
II A-97, Nehru
Nagar, Ghaziabad-201 001, Uttar Pradesh, India |
|
Type of charge |
v
Immovable
Party v
Any Interest
in Immovable Property v
Book Debts v
Movable
Property v
Floating
charge v
Others v
Hypothecation
of Entire Fixed Assets of Company |
|
Particular of
charge holder |
v
Oriental
Bank of Commerce Razapur Branch,
Shastri Nagar, Ghaziabad-201 102, Uttar Pradesh |
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Nature of
description of the instrument creating or modifying the charge |
|
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Date of
instrument Creating the charge |
28.12.2007 |
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Amount secured by
the charge |
Rs.16.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
repayment
Margin
Extent operation
of the charge
Others NIL |
|
Short particulars
of the property charged |
v
Standing in
the name of company and situated at E-198, Kavi Nagar, Industrial Area,
Ghaziabad, Uttar Pradesh v
Standing in
the name of Sh. Rakesh Mohan and situated at E-199. Kavi Nagar, Industrial
Area, Ghaziabad, Uttar Pradesh ·
Hypothecation
of stocks and spares related to fabrication of plant and machinery and
equipments and receivables ·
Hypothecation
of entire existing and future fixed assets of the company. |
|
Date of latest
modification prior to the present modification |
15.03.2005 |
|
Particulars of
the present modification |
-Total existing
financial facilities of Rs.11.000 Millions consisting of
v
Cash Credit
(Hypothecation and Book Debt.) Limit of Rs.11.000 Millions (Including Adhoc
Limit of Rs.5.000 Millions) v
Bank
Guarantee limit of Rs.5.000 Millions -
Interest @
PLR-0.5% Per Annum -
Margin : v
Cash Credit
Limit: 25% Agst. Stocks and Receivables v
Bank
Guarantee Limit: 15% Cash Margin |
Business:
Subjects operations have been approved by several organizations that include the following:
- Lloyds
Register of Industrial Services
- Chief
Controller of Explosive
- National
Fertilizer Limited.
- Oil
India Limited.
- Ministry
of Defence R & D Interim Test Range
- Small
Industries Services Institute
- Ministry
of SSI & ARI, Government. of India
- Tata
Consultancy Limited.
- Secon
Engg. Quality Services Private Limited.
- G.R.
Consultants
- Chemtex
Engineering of India Limited.
- Thapar
Chemtex Consultants Limited.
- Dalal
Consultants & Engineers Limited
- Diverse
Enterprises Private. Limited.
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.42.86 |
|
UK Pound |
1 |
Rs.83.58 |
|
Euro |
1 |
Rs.66.17 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|