MIRA
INFORM REPORT
|
Report Date : |
21.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
S B AND T DESIGNS LIMITED |
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Registered Office : |
Yusuf Building, 1st Floor, Room No.15, Abdul Rehman Street,
Mumbai – 400003, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.11.2004 |
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Com. Reg. No.: |
149509 |
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CIN No.: [Company
Identification No.] |
U36911MH2004PLC149509 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS47399C |
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PAN No.: [Permanent
Account No.] |
AAICS6223L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Jewellery, Jewellery Articles etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track. Company has
incurred some initial losses as per its first financials of 31.03.2006. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
|
Registered Office : |
Yusuf Building, 1st Floor, Room No.15, Abdul Rehman Street,
Mumbai – 400003, Maharashtra, India |
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Tel. No.: |
91-22-23423878 |
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E-Mail : |
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Head Office : |
Plot No.GJ 03, Seepz++, MIDC, Andheri (East), Mumbai – 400096,
Maharashtra, India |
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Tel. No.: |
91-22-67421444 |
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Fax No.: |
91-22-67421445 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Sethi Surendra Varij |
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Designation : |
Director |
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Address : |
403 Pleasant Palace Apartments, 16 Narayan Dabhalkar Road, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
23.02.1967 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Chainani Kanwal Sanjiv |
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Designation : |
Director |
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Address : |
19/1 Pushpa Vihar, Colaba Post Office, Mumbai – 400005, Maharashtra,
India |
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Date of Birth/Age : |
25.06.1963 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Jain J Abhishek |
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Designation : |
Director |
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Address : |
15 Mandakini Enclave, Alaknanda, New Delhi – 100019, India |
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Date of Birth/Age : |
26.01.1976 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr. Barjatiya Manekchand Sunil |
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Designation : |
Director |
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Address : |
12 Satyam Building, Rungta Lane, Nepeansea Road, Mumbai, Maharashtra,
India |
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Date of Birth/Age : |
30.09.1958 |
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Date of Appointment : |
10.12.2004 |
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Name : |
Mr. Bhargava Prithviraj Ram |
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Designation : |
Director |
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Address : |
5/52, Sadhana Building, B Road, Chrchgate, Mumbai – 400020,
Maharashtra, India |
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Date of Birth/Age : |
29.03.1957 |
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Date of Appointment : |
10.12.2004 |
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Name : |
Mr. Dalwani Mohanlal Suraj |
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Designation : |
Director |
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Address : |
6-B, Premkutir, 177 Marine Drive, Mumbai – 400020, Maharashtra, India |
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Date of Birth/Age : |
24.01.1967 |
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Date of Appointment : |
10.12.2004 |
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Other Directorship Companies : |
S B and T International Limited Director L36911MH1986PLC041237 S B and T Securities Private Limited Director U67120MH1994PTC080362 Systematik Finvest Private Limited Director U67120MH1995PTC086947 SKM Finance Private Limited Director U65990MH1995PTC090185 Krisma Investments Private Limited Director U67120MH2001PTC131066 Hathway Bhawani Cabletel and Datacom Limited Director U65910MH1984PTC034514 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
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No. of Shares |
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Mr. Sethi Surendra Varij |
|
100 |
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Mr. Chainani Kanwal Sanjiv |
|
100 |
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S B and T International Limited |
|
49400 |
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Mr. Sethi Surendra Kumar |
|
100 |
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Mrs. Indra Sethi |
|
100 |
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Mrs. Jyoti Sethi |
|
100 |
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Mr. Vivek Tharaney |
|
100 |
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(As on 31.03.2006)
|
Category |
|
Percentage |
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Bodies Corporate (not mentioned above) |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Jewellery, Jewellery Articles etc. |
GENERAL
INFORMATION
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Bankers : |
Seepz Branch, Andheri (East), Mumbai – 400096, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountant |
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Address : |
42 Free Press House, 4th Floor, 215, Nariman Point, Mumbai
– 400021, Maharashtra, India |
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Holding Company
: |
S B and T International Limited |
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Associates/Subsidiaries : |
S B and T International Limited L36911MH1986PLC041237 S B and T Securities Private Limited U67120MH1994PTC080362 Systematik Finvest Private Limited U67120MH1995PTC086947 SKM Finance Private Limited U65990MH1995PTC090185 Krisma Investments Private Limited U67120MH2001PTC131066 Hathway Bhawani Cabletel and Datacom Limited U65910MH1984PTC034514 |
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Proprietorship Firm : |
SKM Financial Consultancy 40, Onlooker Building, 6th Floor, Sir P M Road, Fort,
Mumbai – 400001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1847223 |
Equity Shares |
Rs.10/- each |
Rs.18.472
Millions |
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|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
18.472 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
51.072 |
|
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3] Reserves & Surplus |
|
0.000 |
0.000 |
|
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4] (Accumulated Losses) |
|
(8.575) |
0.000 |
|
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NETWORTH |
|
9.897 |
51.572 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
171.749 |
0.000 |
|
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2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
171.749 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
|
181.646 |
51.572 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
109.235 |
0.000 |
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Capital work-in-progress |
|
0.000 |
49.975 |
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
148.925 |
0.000 |
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Sundry Debtors |
|
66.103 |
0.000 |
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Cash & Bank Balances |
|
7.409 |
3.219 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
2.569 |
0.118 |
|
Total
Current Assets |
|
225.006 |
3.337 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
152.555 |
2.556 |
|
|
Provisions |
|
0.040 |
0.000 |
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Total
Current Liabilities |
|
152.595 |
2.556 |
|
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Net Current Assets |
|
72.411 |
0.781 |
|
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|
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.816 |
|
|
|
|
|
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|
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TOTAL |
|
181.646 |
51.572 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales Turnover |
|
|
66.232 |
|
|
Other Income |
|
|
0.046 |
|
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Total Income |
|
|
66.278 |
|
|
|
|
|
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Profit/(Loss) Before Tax |
|
|
(8.546) |
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Provision for Taxation |
|
|
0.028 |
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Profit/(Loss) After Tax |
|
|
(8.574) |
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|
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Export Value |
|
|
65.662 |
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Expenditures : |
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|
|
|
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Raw Material Consumed |
|
|
52.644 |
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Purchases made for re-sale |
|
|
0.000 |
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Consumption of stores and spares parts |
|
|
2.831 |
|
|
Increase/(Decrease) in Finished Goods |
|
|
0.000 |
|
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Salaries, Wages, Bonus, etc. |
|
|
0.827 |
|
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Managerial Remuneration |
|
|
0.000 |
|
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Payment to Auditors |
|
|
0.160 |
|
|
Interest |
|
|
3.670 |
|
|
Insurance Expenses |
|
|
0.000 |
|
|
Power & Fuel |
|
|
1.478 |
|
|
Depreciation & Amortization |
|
|
3.975 |
|
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Other Expenditure |
|
|
9.239 |
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Total Expenditure |
|
|
74.824 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
|
(12.94) |
NA |
|
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Net Profit Margin (PBT/Sales) |
(%) |
|
(12.90) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
(2.56) |
NA |
|
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
|
(0.86) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
32.77 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.47 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U36911MH2004PLC149509 |
|
Name of the
Company |
S B AND T DESIGNS LIMITED |
|
Address |
Yusuf Building, 1st Floor, Room No.15, Abdul Rehman Street,
Mumbai – 400003, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Insurance
Policies, Guarantees, Plant and Machinery |
|
Particulars of
the charge holder |
State Bank of India Seepz Branch, Andheri (East), Mumbai – 400096, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Agreement of Hypothecation of Goods and assets Supplemental
Agreement of Loan for overall limit Letter of
regarding grant of individual limits within the overall limit |
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Date of the
instrument creating or modifying the charge |
12.02.2007 |
|
Amount secured by
the charge |
Rs.260.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: For EPC- As per
RBI Guidelines. (Present effective rates are as follows – 2.75% below SBAR
i.e. min. 8.25% p.a. upto 180 days. 1.50% below SBAR i.e. min. 9.50% beyond
180 days and 270 days. Cash Credit
rate beyond 270 days. Note – In case of Non- execution of the export order,
Cash Credit interests will be recovered at the rate prevailing. Terms of
repayment: As per demand for
the Bank Margin: Raw Materials –
10% Stock-in-process
– 10% Finished Goods –
10% Book Debts/
Receivables – 25% Extent and
operation of the charge: As per Sanctioned
Letter No.AGM/SEZ/06/1100 Others: All the terms and
conditions in the Agreement (s) shall in all other respect remain in full
force and binding on the borrower in respect of the aforesaid credit
facilities. |
|
Short particulars
of the property charged (including location of the property) |
All present and
future goods book debts and all other movable assets of the borrower
including documents of the title to the goods, outstanding moneys,
receivables by way of cash assistance and/or cash incentives under the cash
incentives scheme or any other scheme claims by way of refund of customs/
excise duties under the Duty Drawback Credit scheme or any other scheme,
bills, invoices, documents. |
|
Particular of the
present modification |
Now by the
present and second modification by which the overall limit of Rs.260.000
Millions to Rs.270.000 Millions consisting of following additional facilities EPC/PCFC –
Rs.100.000 Millions PSC/EBR –
Rs.90.000 Millions Term Loan –
Rs.70.000 Millions L/C – Rs.5.000
Millions BG – Rs.5.000
Millions |
|
Name of the company |
S B AND T DESIGNS LIMITED |
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Presented By |
State Bank of India Seepz Branch, Andheri (East), Mumbai – 400096 |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets Agreement of Loan
for Overall Limit Letter Regarding
the grant of Individual Limits within the Overall Limit All the Agreement
are dated December 23, 2005 and executed for creating the single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.260.000
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 |
All present and
future goods book debts and all other movable assets of the borrower
including documents of the title to the goods, outstanding moneys,
receivables by way of cash assistance and/or cash incentives under the cash
incentives scheme or any other scheme claims by way of refund of customs/
excise duties under the Duty Drawback Credit scheme or any other scheme,
bills, invoices, documents, contracts, insurance policies, guarantees,
engagements, securities, investments and rights and the present machinery
listed in schedule hereunto and all future machinery belonging to or in the
possession or under the control of borrower wherever lying stored and kept
and whether in the possession of the borrower or of the Bank or of any third
party whether in India or elsewhere thought the would (including all such
goods, other movable assets as may be in course of shipment transit or
delivery) (hereinafter referred to as “the said goods and assets). Shall
stand hypothecated to the Bank by way of first charge (subject, howere , to
any charge in favour of any third party which may have been notified by the
borrower and accepted by the bank as having priority over its own charge) as
security for payment and discharge by the borrower to the bank on demand of
the sum of Rs.260.000 Millions and all other moneys at any time payable by
the borrower to the bank under the or in respect of all some or any of the
aforesaid credit facilities granted or to be granted to the borrower and also
as security for the payment and discharge of all indebtedness whatsoever or
liability of the borrower to the Bank in respect of any liability undertaken
by the bank under any letter of credit opened or guarantee or indemnity
issued by the Bank for the borrower or otherwise in respect of any account at
any office of the bank (whether in India or elsewhere or whether accrued,
accruing or contingent and whether solely or jointly with others) any bills
of exchange, promissory notes or instrument at any time on it stocks of
Construction material, Consumables, Stores, Spares, Book debts receivable and
movable construction equipment, and other assets for the due repayable by the company to the Bank of the amount
that may be paid by the consortium Member Bank under the said credit
facilities, together with payments of interest compound interest, additional
interest, by way of liquidated damage ( in case of default), Legal costs,
charges, expenses and all other monies payable by the company to the bank in
terms of the said agreements for hypothecation will not operate such goods,
book debts and other movable assets shall be deemed as not having been
hypothecated to the bank as stated hereinbefore. |
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|
4) Gist of the terms and conditions and extent and operation of the charge. |
For EPC/PCFC –
3.75% below SBAR min 6.50% p.a. with monthly rests upto 180 days, 2.10% below
SBAR min 8.15% beyond 180 days upto 365 days. For PSC/EBR –
upto 365 days 3.75% below SBAR i.e. 6.50%, Overdue period upto 6 month SBAR
1.85%, Beyond 6 months SBAR plus 2.50% For Term Loan –
At SBAR min. 10.25% p.a. with monthly rests.
Raw Materials –
10% Stock-in-process
– 10% Finished Goods –
10% Any others
(Specify) BG and LC – 10%
The Term Loan of
Rs.70.000 Millions will be repayable in 54 monthly installments commencing
from 1st April 2006 as below.
|
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Seepz Branch, New Banking Building, Andheri (East), Mumbai – 400096,
Maharashtra, India |
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|
6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
|