MIRA
INFORM REPORT
|
Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SATHYADEEP ENGINEERING COMPANY LIMITED |
|
|
|
|
Registered Office : |
Flat No. 102, Gupta Plaza, Plot No. 13, Site No. 37 and 38 Local
Shopping Centre, Kalkaji, New Delhi – 110 019 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
01.07.1985 |
|
|
|
|
Com. Reg. No.: |
21378 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900DL1985PLC021378 |
|
|
|
|
IEC No.: |
0597008051 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
DELS24854E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS7577S |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Wire Machinery, Welded Wire Mesh, Wire Drawing and Wire Drawing and Ribbing Plants, Wire Straightening Cutting Machines. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. I S Sharma |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9810253963 |
LOCATIONS
|
Registered Office : |
Flat No. 102, Gupta Plaza, Plot No. 13, Site No. 37 and 38 Local
Shopping Centre, Kalkaji, New Delhi – 110 019, India |
|
Tel. No.: |
91-11-26488191 |
|
Fax No.: |
91-11-26488192 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
D-16 and 312, Sector – 63, Noida – 201 301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2403295/96 |
|
Mobile No.: |
91-9810253963 / 9891068696 |
|
Fax No.: |
91-120-2403297 |
|
Area : |
11000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Ishwar Singh Sharma |
|
Designation : |
Director |
|
Address : |
D-20, 1st Floor, Kalkaji, New Delhi – 110 019, Delhi, India |
|
Date of Birth : |
20.01.1948 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Experience : |
40 years |
|
Date of Appointment : |
01.07.1985 |
|
|
|
|
Name : |
Mrs. Usha Sharma |
|
Designation : |
Director |
|
Address : |
D-20, 1st Floor, Kalkaji, New Delhi – 110 019, Delhi, India |
|
Date of Birth : |
20.01.1954 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
01.07.1985 |
|
|
|
|
Name : |
Mr. Aditya Sharma |
|
Designation : |
Director |
|
Address : |
D-20, 1st Floor, Kalkaji, New Delhi – 110 019, Delhi, India |
|
Date of Birth : |
12.03.1980 |
|
Qualification : |
B.E. ( Mech ) |
|
Experience : |
5 Years |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mr. Shyam Sunder |
|
Designation : |
Director |
|
Address : |
I-5 Lajpat Nagar III, New Delhi – 110 024, India |
|
Date of Birth : |
16.06.1944 |
|
Date of Appointment : |
01.07.1985 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Shyam Sunder |
17430 |
|
Ishwar Singh Sharma |
18525 |
|
Pooja Bhalla |
1230 |
|
Usha Sharma |
6000 |
|
Abhishek Mankad |
705 |
|
Rekha Sharma |
175 |
|
Madhu Sharma |
75 |
|
Sunita Rani |
5305 |
|
Shashi Sharma |
75 |
|
|
|
|
Total |
49520 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Wire Machinery, Welded Wire Mesh, Wire Drawing and Wire Drawing and Ribbing Plants, Wire Straightening Cutting Machines. |
|
|
|
|
Products : |
· Welded Wire Mesh Plants · Wire Drawing and Ribbing Plants · Welded Wire Fabric ( Concrete Mesh ) Lines · Industrial Grating Lines · Wire Straightening and Cutting Machines. |
|
|
|
|
Brand Names : |
Sathyadeep |
|
|
|
|
Exports : |
|
|
Products : |
·
Wire Rolling and Ribbing Plants ·
Welded Wire Mesh Plants ·
Wire Straightening and Cutting of Machinery |
|
Countries : |
·
Abu Dhabi ·
Kenya ·
Saudi Arabia ·
South Africa ·
Mauritius ·
Nigeria ·
Ghana ·
Algeria ·
Nairobi ·
UAE |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Cash |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (60 days ) |
GENERAL
INFORMATION
|
Customers : |
·
Traders ·
Manufacturers ·
Wholesalers ·
Retailers ·
End Users |
|
|
|
|
No. of Employees : |
35 (In Office 10 and In Factory 25) |
|
|
|
|
Bankers : |
The Jammu and Kashmir Bank Limited Noida Branch, Uttar Pradesh, India |
|
|
|
|
Facilities : |
Foreign Exchange |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Arun K Agarwal and Associates Chartered Accountants |
|
Address 1 : |
607, Vishwa Sadan, 9, District Centre, Janak Puri, New Delhi – 110
058, India |
|
Tel. No.: |
91-120-25502611 |
|
Address 2 : |
210, Southex Plaza – I, 389, Masjid Moth, South Extn, PT – II, New
Delhi – 110 049, India |
|
|
|
|
|
|
|
Associates/Subsidiaries : |
Master Greetings Private Limited, Noida, Uttar Pradesh, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49500 |
Equity Shares |
Rs.100/- each |
Rs.4.950 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
||
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.950 |
4.950 |
4.950 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.441 |
|
|
3] Reserves & Surplus |
0.962 |
0.520 |
0.214 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.912 |
5.470 |
5.605 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.528 |
3.285 |
8.628 |
|
|
2] Unsecured Loans |
0.150 |
0.142 |
0.119 |
|
|
TOTAL BORROWING |
3.678 |
3.427 |
8.747 |
|
|
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
0.029 |
0.052 |
0.112 |
|
|
|
|
|
|
|
|
TOTAL |
9.619 |
8.949 |
14.464 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.845 |
10.290 |
9.999 |
|
|
Capital work-in-progress |
1.301 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.001
|
1.291
|
14.822 |
|
|
Sundry Debtors |
4.516
|
20.201
|
1.917 |
|
|
Cash & Bank Balances |
0.062
|
1.172
|
2.092 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2.880
|
1.515
|
1.559 |
|
Total Current
Assets |
14.459 |
24.179
|
20.390 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
19.986
|
25.520
|
13.298 |
|
|
Provisions |
0.000
|
0.000
|
2.627 |
|
Total Current
Liabilities |
19.986 |
25.520
|
15.925 |
|
|
Net Current
Assets |
(5.527) |
(1.341)
|
4.465 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9.619 |
8.949 |
14.464 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
28.513 |
66.035 |
38.922 |
|
|
Other Income |
0.303 |
0.614 |
0.000 |
|
|
Total Income |
28.816 |
66.649 |
38.922 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.289 |
4.693 |
2.373 |
|
|
Provision for Taxation |
0.845 |
1.565 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.444 |
3.128 |
2.373 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Sales of goods manufactured |
16.514 |
62.927 |
0.000 |
|
Total Earnings |
16.514 |
62.927 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
24.516 |
34.267 |
28.357 |
|
|
Consumption of stores and spares parts |
0.869 |
1.611 |
2.626 |
|
|
Increase/(Decrease) in Finished Goods |
(5.410) |
9.526 |
(3.795) |
|
|
Salaries, Wages, Bonus, etc. |
2.150 |
1.937 |
1.507 |
|
|
Managerial Remuneration |
0.900 |
0.720 |
0.720 |
|
|
Payment to Auditors |
0.034 |
0.034 |
0.019 |
|
|
Interest |
0.393 |
0.771 |
0.624 |
|
|
Insurance Expenses |
0.104 |
0.210 |
0.111 |
|
|
Power & Fuel |
0.329 |
0.395 |
0.000 |
|
|
Depreciation & Amortization |
1.617 |
1.119 |
0.772 |
|
|
Other Expenditure |
2.025 |
11.366 |
5.608 |
|
Total Expenditure |
27.527 |
61.956 |
36.549 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.54
|
4.69 |
6.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.52
|
7.11 |
6.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.55
|
13.62 |
7.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.86 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.00
|
5.29 |
4.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72
|
0.95 |
1.28 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered Address of the company has been shifted from T-21, 2nd
Floor, Okhla Industrial Area, Phase II, New Delhi – 110 020, India to the
present address w.e.f. 01.08.2006
Trade References
·
United Wire Products, Nigeria
·
Alpha Omega Enterprises, Delhi
·
B S Private Limited
K Pone Industrial Area, Near Kingdom
Transport Service, Tema, Ghana
·
Dammam Wire Mesh Coating and Wire Factory
P O Box 1586, Dammam – 31441, KSA
·
Cicon Epoxy and Steel Cutting
Plot LLC, P O Box 660, Abu Dhabi, UAE, Tel
No. 00971-25500050
WEBSITE DETAILS
ATTACHED:
Profile
Incorporated in 1985, Subject is a leading manufacturer and exporter of
Quality Welded Wire Mesh Plants, accessories and special purpose wire
machinery. At Sathyadeep they strive to imbibe the latest techniques so as to
achieve maximum production, accuracy and high quality. Customer satisfaction is
their key driving force and their continuous adherence to it has helped them
earn the trust and admiration of their esteemed customers. They have also
earned a name for themselves in the international market as quality producers
of a variety of machines and their products are in great demand in Middle East
and African countries.
Their products range includes Welded Wire Mesh Plants, Welded Wire Fabric
(Concrete Mesh) Lines, Industrial Grating Lines, Wire Drawing & Ribbing
Plants and Wire Straightening Cutting Machine. They also offers various SECO
MODELS for the production of Quality Welded Wire Mesh Fabric for concrete
reinforcement and many other domestic, industrial and general applications.
They ensure that these plants are tailor made in accordance with customer
specifications.
From beginning to the end their expert engineers design and supervise all
construction and assembling of the machines. Their machines are "no
compromise" world class machines designed to yield high quality,
repeatability, and reliability of operation. Their main motive is to deliver
the best quality product to their customers and to continuously work to improve
that quality. We consider quality to be best defined as the value of their
product to their customers.
Systematic cost management and process optimization has enabled them to deliver
fast, flexible and efficient services to their customers. Through years of
development, the subject has grown into an all-round enterprise, integrating
scientific research, production and management together. They have excellent
equipments, perfect craftsmanship and scientific inspection skill. Every
product is strictly inspected according to its international standard. They
sincerely look forward towards establishing good and long term business
relationship with all their clients.
» Their products stand out for their strength and durability
» Their machinery is sturdy and has low wear and tear.
» Low maintenance cost of the machines.
» They customize their products as per their customers'
need and deliver within the time frame provided by them.
» They stand for values like consistency, uniformity, accuracy to specified
tolerances, and reliable delivery.
Products :
They introduce themselves as manufacturers and exporters of :
» Welded Wire Mesh Plants
» Welded Wire Fabric (Concrete Mesh) Lines
» Industrial Grating Lines
» Wire Drawing and Ribbing Plants
» Wire Straightening and Cutting-off Machines
Their Endeavour :
To incorporate the latest techniques so as
to achieve maximum production, accuracy and high quality.
Sturdy, easy to operate, low wear and tear,
low maintenance cost.
Exported many
complete Concrete Mesh Lines, Welded Wire Mesh Lines, Wire Drawing and Ribbing
Plants and Wire Straightening and Cutting-off Machines to Middle East and
African Countries.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press
reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|