MIRA
INFORM REPORT
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Report Date : |
30.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAGUN COPPER CONDUCTORS PRIVATE LIMITED |
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Registered Office : |
Plot No. 5 A, IInd Cross, Industrial Estate, Gokul Road, Hubli – 580
030, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.1996 |
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Com. Reg. No.: |
021208 |
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CIN No.: [Company
Identification No.] |
U13209KA1996PTC021208 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS16571C |
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PAN No.: [Permanent
Account No.] |
AACCS5484M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Non –Ferrous Conductors. |
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 56928 |
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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 well established company having satisfactory track. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Bala Krishna Salunke |
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Designation : |
Accounts Manager |
LOCATIONS
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Registered Office / Factory : |
Plot No. 5 A, IInd Cross, Industrial Estate, Gokul Road, Hubli – 580
030, Karnataka, India |
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Tel. No.: |
91-836-2333251/240, 2334278 |
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Mobile No : |
91-9945400991 |
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Fax No.: |
91-836-2333241 |
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E-Mail : |
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Website : |
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Area : |
8190 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Yadav Bhulli Parasnath |
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Designation : |
Chairman |
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Address : |
9 and 11, Shayam Kunj, Pushpak Vihar, Near Water Tank, Gokul Road,
Hubli, Dharwar – 580 030, Karnataka, India |
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Date of Birth/Age : |
01.10.1950 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mrs. Shyamala Parasnath Yadav |
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Designation : |
Executive Director |
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Address : |
9 and 11, Shayam Kunj, Pushpak Vihar, Near Water Tank, Gokul Road,
Hubli, Dharwar – 580 030, Karnataka, India |
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Date of Birth/Age : |
05.08.1956 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Mahendra Yadav |
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Designation : |
Managing Director |
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Address : |
9 and 11, Shayam Kunj, Pushpak Vihar, Near Water Tank, Gokul Road,
Hubli, Dharwar – 580 030, Karnataka, India |
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Date of Birth/Age : |
29.03.1983 |
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Date of Appointment : |
01.04.2002 |
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Name : |
Mr. Prashant Yadav |
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Designation : |
Executive Director |
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Address : |
9 and 11, Shayam Kunj, Pushpak Vihar, Near Water Tank, Gokul Road,
Hubli, Dharwar – 580 030, Karnataka, India |
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Date of Birth/Age : |
03.10.1979 |
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Date of Appointment : |
01.08.2003 |
KEY EXECUTIVES
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Name : |
M/s Sunil Shah and Company |
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Designation : |
Company Secretary |
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Address : |
S – 6, Eureka Centre, Kopplkar Road, Hubli – 580020, Karnataka, India |
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Tel No.: |
91-836-2365869 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
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Names of Shareholders |
No. of Shares |
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Mr. Yadav Bhulli Parasnath |
38922 |
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Mrs. Shyamala Parasnath Yadav |
29394 |
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Mr. Prashant Yadav |
231664 |
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Mr. Mahendra Yadav |
10 |
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Mr. Karan Singh Yadav |
10 |
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Total |
300000 |
Equity Share 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 relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Non –Ferrous Conductors. |
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Products : |
v Fibre Glass Covered Aluminium Conductors. v Nomax Covered Aluminium Conductor. v Cotton Covered Aluminium Conductor. v Mica Covered Aluminium Conductor. |
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Exports : |
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Countries : |
v Belgium v Dubai v Indonesia v Egypt |
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Terms : |
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Selling : |
TT and Advance |
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Purchasing : |
TT and Advance |
GENERAL
INFORMATION
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Suppliers : |
Hindalco Industries Limited Polycom Associates Shree Laxmi Udyog Sterlite Industries India Limited |
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Customers : |
v Wholesalers v Manufacturers v Associated
Powercon Equipment Private Limited v Cromption
Greaves Limited v Ador Powertron
Limited, Pune v Arm Products v EPI Electricals
Private Limited v J B Advani and Company
Private Limited v Nash Robotics
and Automation Private Limited v Jyoti Limited v Power Mould
Engineering Company Private Limited v Voltamp
Transformers Private Limited |
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No. of Employees : |
35 |
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Bankers : |
v HDFC Bank v ICICI Bank v Axis Bank Kalburgi Plaza, #163/20 A, Main Road,
Deshpande Nagar, Hubli – 580029, Karnataka, India v
The Shamrao Vithal Co-Op. Bank Limited Hubli Branch, Satelite Spaceage Complex,
Koppikar Road, Hubli – 580020, Karnataka, India |
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Facilities : |
CC – Rs. 20.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G D Upadhyay and Company, Chartered Accountants |
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Address : |
2nd Floor, Koppikar Road, Eureka Corner, Hubli – 580020,
Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 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 |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.232 |
8.931 |
7.913 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.232 |
11.931 |
10.913 |
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LOAN FUNDS |
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1] Secured Loans |
17.000 |
14.653 |
10.299 |
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2] Unsecured Loans |
9.334 |
6.922 |
5.395 |
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TOTAL BORROWING |
26.334 |
21.575 |
15.694 |
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DEFERRED TAX LIABILITIES |
5.405 |
6.943 |
7.600 |
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TOTAL |
45.971 |
40.449 |
34.207 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.742 |
10.265 |
10.316 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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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 |
6.460
|
6.505 |
3.740 |
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Sundry Debtors |
16.503
|
20.387 |
18.128 |
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Cash & Bank Balances |
2.206
|
2.053 |
1.949 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.280
|
4.587 |
1.932 |
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Total
Current Assets |
38.449
|
33.532 |
25.749 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.589
|
0.505 |
0.194 |
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Provisions |
2.680
|
2.893 |
1.862 |
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Total
Current Liabilities |
3.269
|
3.398 |
2.056 |
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Net Current Assets |
35.180
|
30.134 |
23.693 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.148 |
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TOTAL |
45.971 |
40.449 |
34.207 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
126.062 |
81.436 |
66.866 |
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Other Income |
7.145 |
2.322 |
2.753 |
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Total Income |
133.207 |
83.758 |
69.619 |
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Profit/(Loss) Before Tax |
4.813 |
2.885 |
1.617 |
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Provision for Taxation |
2.171 |
0.927 |
0.475 |
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Profit/(Loss) After Tax |
2.642 |
1.958 |
1.142 |
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Expenditures : |
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Cost of Goods Sold |
114.755 |
69.423 |
56.251 |
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Manufacturing Expenses |
3.804 |
2.624 |
2.195 |
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Administrative Expenses |
1.699 |
1.183 |
2.001 |
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Operating costs |
4.085 |
3.497 |
3.295 |
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Preliminary Expenses W/o |
0.452 |
1.412 |
1.237 |
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Financial Expenses |
2.649 |
1.918 |
2.253 |
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Depreciation & Amortization |
0.950 |
0.816 |
0.770 |
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Total Expenditure |
128.394 |
80.873 |
68.002 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.98
|
2.34 |
1.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.82
|
3.54 |
2.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.61
|
3.44 |
2.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.24 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.23
|
0.28 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
|
11.76
|
9.87 |
12.52 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
SAGUN COPPER
CONDUCTORS PRIVATE LIMITED |
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Presented By |
Mr. Prashant B.
Yadav |
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1) Date and description of instrument creating the change |
03.11.2005 Hypothecation
agreement undertakes for bill purchased, packing credit facility, Indemnity
for export credit. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash credit
limit - Rs. 13.000 millions Export bills
discounting - Rs. 1.500 millions Total limits - Rs. 14.500 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 |
Hypothecation of
raw material goods, book debts and movable assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest on CC
limit 2.75% below PLR and on EPCL and EBD 4.50% below PLR subject to minimum
9.25% and 7.5% p.a. Margin CC – 25% and EPCL and EBD – 10% |
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5) Name and Address and description of the person entitled to the charge. |
Axis Bank, Hubli Branch,
Kalburgi Plaza, 163/20A Main Road, Deshpande Nagar, Hubli – 580 029 |
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6) Date and brief description of instrument modifying the charge |
10.11.2005 EM
Letter |
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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. |
EM of Plot No.
5A, Gokul Industrial Estate, Hubli – 580 029 |
Form 8
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80004177 |
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Corporate
identity number of the company |
U13209KA1996PTC021208 |
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Name of the
company |
SAGUN COPPER
CONDUCTORS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No. 5 A, IInd Cross, Industrial Estate, Gokul Road, Hubli – 580
030, Karnataka, India |
|
Type of charge |
v
Immovable
property v
Book debts v
Movable
property (not being pledge) v
Floating
charge |
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Particular of
charge holder |
Name : Axis Bank
Limited Address : Hubli
Branch, Deshpande Nagar, City : Hubli State : Karnataka ISO country code
: IN Pin code : 580029 e-mail ID : rjraman3@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
hypothecation of current assets; Deed of hypothecation of machinery and other
movable fixed assets and memorandum of entry (All the above pertain to the
same charge). |
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Date of
instrument Creating the charge |
28.06.2007 |
|
Amount secured by
the charge |
Rs. 20.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate: WCL – At
3.00% below BPLR 15.00% with a minimum of 12.00% p.a. rising or falling
therewith, on daily products with monthly rests. Pre. Eff. Rate 12.00% p.a.
Penal Int for non compliance of terms of sanction: Max 2% p.a. over the
normal rate. Wherever expedient, INTT. Rate is directly linked to CRA of the
borrower. Terms of
repayment Working capital
facility repayable on demand. Margin Stocks / Book
debts – 25% Extent operation
of the charge Exclusive first
charge on the assets of the company and to the full extent. Others Cash credit limit
– Rs. 20.000 millions Cont. from COL.
No. 14 E Stocks / Book
debts – 25% EQUI. Mortgage of
immovable property of industrial land with building thereon. Land measuring
East-west 105 ft. North – South 78 ft. Overall measuring 8190 Sq.ft. Bearing
Plot No. N-5, Situated at R. S. No.9, Old Block No. 172, Extension City Sy.
No. 4782, Municipal Ward No. 12, Industrial Estate, Gokul Road, Hubli |
|
Short particulars
of the property charged |
Hypothecation of
present and future all of the borrowers stocks of raw materials, Semi
finished and finished goods; Stock in trade, Copper wire, Varnish, Copper
Conductors, Book debts, bills, Claims, Receivables, Outstandings monies,
Furnitures, Fixtures, Securities, Contracts, Plant and Machinaries, Other
movable assets Etc wherever situate, held or EQUI. Mortgage of immovable
property – CONT. COL. No. 12 (e) |
|
Date of latest
modification prior to the present modification |
17.05.2006 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased from Rs. 17.000 millions to Rs. 20.000
millions securities of current assets. Movable fixed assets, other movables
and immovable properties already obtained and detailed on COL No 14 herein
above continues to be available for the enhanced limit also. All other terms
and conditions remain unchanged. |
Suppliers
v Major O.E.M's of Transformers
v Motors
v Rotating
Electrical Machines
v Alternators
v UPS
Quality
Quality Assurance is central to the company policy and our Quality Management System is in compliance to the requirements of ISO 9001-2000 standards.
Facilities
v Hardness Test
v Elongation
v Corner Radius
v Resistivity
v Conductivity
v Break-Down Voltage (BDV)
v Insulation Thickness
v Adherence
v Heat Shock
v BDV at elevated Temp
v Flexibility
v Cure Test
v Solvent Test
v Thermal Endurance
v Springiness
v Heat Ageing
v Abrasion Tester
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. 42.77 |
|
UK Pound |
1 |
Rs. 84.33 |
|
Euro |
1 |
Rs. 66.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--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 |
|