MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOVEREIGN TECH ENGINEERING SERVICES PRIVATE LIMITED |
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Registered Office : |
14, Mahinder Chambers. W. T. Patil Marg, Chembur, Mumbai-400071,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
08.04.1986 |
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Com. Reg. No.: |
11-39496 |
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CIN No.: [Company
Identification No.] |
U24230MH1986PTC039496 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Coolant Filtration Systems |
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 130000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Mr. Ashish Shah, Deputy General Manager (Account/Finance) confirmed
the details. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashish Shah |
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Designation : |
Deputy General Manager (Account / Finance) |
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Date : |
16.05.2008 |
LOCATIONS
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Registered / Corporate Office : |
14, Mahinder Chambers. W. T. Patil Marg, Chembur, Mumbai-400071,
Maharashtra, India |
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Tel. No.: |
91-22-67973259 / 260 |
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Fax No.: |
91-22-67987499 |
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Factory 1 : |
A-515, TTC Industrial Area, MIDC, Mahape, Navi Mumbai, Maharashtra,
India |
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Tel. No.: |
91-22-56147556/57 |
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Area : |
9000 sq ft (Owned) |
DIRECTORS
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Name : |
Mrs. Vimal M. Bhujle. |
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Designation : |
Managing Director |
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Address : |
1 Usha Co-Operative Housing Society, College Lane, Dadar(West),
Mumbai-400028 |
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Date of Birth/Age : |
13.12.1923 |
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Date of Appointment : |
08.04.1986 |
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Name : |
Mr. Sarvanand M Bhujle |
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Designation : |
Director |
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Address : |
14, Avanti Co-Oprative Society, Deonar Baug, Deonar, Mumbai- 400088,
Maharashtra, India |
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Date of Birth/Age : |
07.03.1955 |
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Date of Appointment : |
08.06.1986 |
KEY EXECUTIVES
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Name : |
J. H. Ranade and Associates |
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Designation : |
Company Secretaries |
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Address : |
Thane |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2003
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Shirish R. Joshi |
1 |
16.67% |
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Manohar R. Kulkarni |
1 |
16.67% |
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Rahul M. Kulkarni |
1 |
16.67% |
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Sanjukta Wadhwani |
1 |
16.67% |
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Vanita Sharma |
1 |
16.67% |
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Sindhu sasi |
1 |
16.67% |
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Total |
6 |
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Equity Share Capital Breakup (Percentage of Total Equity)
As on 30.09.2003
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Category |
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Percentage |
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Directors or relatives of Directos |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Coolant Filtration Systems |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (45-60 Days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
35 (office 10, Factory 25) |
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Bankers : |
Bank of India, Dadar (West) Branch, 61, Gokhale Road (South), Near
Protugese Church, Dadar (west), Mumbai-400028, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Gokhale and Sathe Chartered Accountant |
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Address : |
101, Laxmikant A Wing, 214A,
Sitaram Keer Marg, Off T. H. Kataria Marg, Mahim, Mumbai – 400016,
Maharashtra, India |
CAPITAL STRUCTURE
As on 20.07.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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960600 |
Equity Shares |
Rs. 10/- each |
Ra. 9.606
Millions |
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 |
2.406 |
2.406 |
0.806 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.847 |
20.284 |
9.646 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.253 |
22.690 |
10.452 |
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LOAN FUNDS |
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1] Secured Loans |
62.592 |
16.508 |
5.069 |
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2] Unsecured Loans |
4.440 |
1.872 |
1.562 |
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TOTAL BORROWING |
67.032 |
18.380 |
6.631 |
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DEFERRED TAX LIABILITIES |
0.112 |
0.313 |
0.077 |
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TOTAL |
100.397 |
41.383 |
17.160 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
70.428 |
22.405 |
14.525 |
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Capital work-in-progress |
8.400 |
2.064 |
0.180 |
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INVESTMENT |
8.403 |
4.000 |
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 |
10.292
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8.365 |
5.256 |
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Sundry Debtors |
20.658
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13.785 |
9.218 |
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Cash & Bank Balances |
0.280
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1.317 |
1.023 |
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Other Current Assets |
0.215
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0.165 |
0.158 |
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Loans & Advances |
1.790
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1.580 |
1.057 |
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Total
Current Assets |
33.235
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25.212 |
16.712 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.794
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11.614 |
13.216 |
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Provisions |
0.275
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0.684 |
1.041 |
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Total
Current Liabilities |
20.069
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12.298 |
14.257 |
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Net Current Assets |
13.166
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12.914 |
2.455 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
100.397 |
41.383 |
17.160 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover (estimated) |
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120.000 |
Expected Sales (2008-09) : Rs. 160 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.62
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1.35 |
1.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.66
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2.05 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Makino India
Limited, Bangalore
- Tata Maker’s
Limited, Pune
- Ashok Leela
And Limited, Pune
- Bharat Forge
Limited, Pune
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90227060 |
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Corporate
identity number of the company |
U24230MH1986PTC039496 |
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Name of the
company |
SOVEREIGN TECH
ENGINEERING SERVICES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
14, Mahinder
Chamberswaman Tukaram Patel Marg, Chembur, Mumbai – 400071, Maharashtra,
India |
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Type of charge |
Immovable
Property Others |
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Particular of charge
holder |
Bank of India,
Dadar West Branch 61, Gokhale Road, (north), Dadar (West), Mumbai- 400028,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
continuing oral assent. |
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Date of instrument
Creating the charge |
15.11.2007 |
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Amount secured by
the charge |
Rs. 40.980
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest This being collateral
security, terms and conditions governed by primary security agreements and
accordingly: Cash credit Limit Rs. 240.000 Millions: 0.25% below BPLR Minimum
13% p.a. Bank Guarantee Rs. 2.500 Millions Commission as applicable. Term
Loan : Rs. 144.800 Millions: 0.25% below BPLR Minimum 13% p.a. with monthly
rests. Terms of Repayment Cash Credit on
demand. Term Loans as per Term Loan Agreements. Margin This being
collateral security, terms and conditions governed by primary security
agreements and accordingly: 25%on raw
materials, finished goods 40% on book debts
outstanding upto 2-3 months 40% for the
purpose of Term Loan against mortgage. Extent and Operation of the charge Existing Charge of
Mortgage covering Term Loan also now cover Cash Credit limit of Rs. 240.000
Millions (enhanced) and Bank Guarantee Limit of Rs. 2.500 Millions. Security
to cover principle, interests, costs charges expenses etc. Others Bank’s right as
to Lien and set off. Assignment and securitization of Debt etc. as stipulated
in the Agreement. |
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Short particulars
of the property charged |
Immovable
properties comprising land and buildings and other structures now or
hereafter to be erected and fixed machineries, plant, fixtures and fittings
now or herrfter to be eredted or installed thereon at plot no. A-515, TTC
Industrial Area, MIDC, Mahape Navi Mumbai. |
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Date of latest
modification prior to the present modification |
12.08.2006 |
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Particulars of
the present modification |
Facilities
secured by mortgage created on 13.05.2004 and later modified on 29.04.2006
and 12.08.2006. Now increased (from Rs. 28.480 Millions) to Rs. 40.980
Millions thus: Cash Credit Rs. 240.000 Millions (increased from Rs. 130.000 Millions)
Term Loan Rs. 14.480 Millions and Guarantee rs. 2.500 Millions (increased
from Rs. 1.000 Millions) Thus Securing Aggregate Revised Limits of Rs. 40.980
Millions. |
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 |
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US Dollar |
1 |
Rs. 42.64 |
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UK Pound |
1 |
Rs. 83.00 |
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Euro |
1 |
Rs. 66.00 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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