MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SAI MACHINE TOOLS PRIVATE LIMITED |
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Registered Office : |
Plot No. A 23 D Sector A, Industrieal Area, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.04.1989 |
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Com. Reg. No.: |
005207 |
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CIN No.: [Company
Identification No.] |
U28939MP1989PTC005207 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of plastic processing machinery like RPVC single
screw pipe plants, RPVC twin screw pipe plants, plastic plants, wire and
cable coating plants, box strapping plants, mono filament plants and PVC
suction hose pipe plants. |
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 24420 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Trade relations are fair. Business is active. Payments are
reported as usually made as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/Factory : |
Plot No. A 23 D Sector A, Industrieal Area, Sanwer Road, Indore
452003, Madhya Pradesh, India. |
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Tel. No.: |
91-731-2722436, 2720504, 2720521, 4023324. |
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Fax No.: |
91-731-2721831. |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ashok Jaiswal |
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Designation : |
Director |
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Address : |
651, Vijay Syndicate Colony, Annapurna Road, Indore 452009 |
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Date of Birth/Age : |
18.10.1955 |
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Date of Appointment : |
13.04.1989 |
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Name : |
Ms. Vandana Jaiswal |
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Designation : |
Director |
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Date of Birth/Age : |
04.04.1957 |
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Date of Appointment : |
13.04.1989 |
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Name : |
Mr.Vishal Jaiswal |
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Designation : |
Director |
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Date of Birth/Age : |
08.12.1978 |
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Date of Appointment : |
30.03.1998 |
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Name : |
Mr. Ajay Jaiswal |
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Designation : |
Director |
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Address : |
651, Usha Nagar Extn, N T Marg, Indore 452009, Madhya Pradesh, India. |
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Date of Birth/Age : |
15.08.1980 |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of
Shareholders |
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No. of Shares |
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Mr. Ashok Jaiswal |
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13378 |
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Mr. Vishal Jaiswal |
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570 |
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Ms. Vandana Jaiswal |
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106 |
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Mr. Dinesh Khandelwal |
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85 |
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Mr. Dipesh Jaiswal |
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100 |
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Mr. Praveen C jaiswal |
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998 |
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Mr. Laxmichand Jaiswal |
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205 |
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Mr. Shivprasad Jaiswal |
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150 |
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Mr. Rameshchand Ra jha |
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150 |
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Mr. Smt. C S Sharma |
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75 |
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Mr. Raman K Sethiya |
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50 |
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Mr. Prabhu Dayal Jaiswal |
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50 |
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Ms. Rukmani Jaiswal |
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200 |
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Mr. Dilip Jaiswal |
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60 |
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Mr. Dinesh Trivedi |
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68 |
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Mr. Girdharlal Ji |
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72 |
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Mr. Hemraj Balwani |
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68 |
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Mr. Premchand Jaiswal |
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60 |
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Mr. Ramji patel |
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50 |
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Mr. Naveenchand Jaiswal. |
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600 |
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Mr. Chotelal Male |
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50 |
Equity Share Breakup (Percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of plastic processing machinery like RPVC
single screw pipe plants, RPVC twin screw pipe plants, plastic plants, wire and
cable coating plants, box strapping plants, mono filament plants and PVC
suction hose pipe plants. |
GENERAL INFORMATION
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Bankers : |
Punjab National Bank, Sanwer Road Branch, Marimata Chouraha, Indore 452003, Madhya Pradesh,
India. |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Devendra Bansal, Chartered Accountant |
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Address : |
35, Jaora Compound, Indore 452001, Madhya Pradesh-MP |
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Name: |
Anil Kamal Garg and Company, Chartered Accountant |
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Address: |
1st Floor, Kuber Palace, 35, Jaora Compound, Opp. M Y
Hospital, Indore- MP 452001, India. |
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Tel. No.: |
91-731-2704354 / 2700940. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs.100/- Each |
Rs.1.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14814 |
Equity Shares |
Rs.100/-
Each |
Rs.1.481
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 |
1.481 |
1.481 |
1.481 |
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2] Share Application Money |
1.166 |
1.165 |
1.166 |
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3] Reserves & Surplus |
2.237 |
1.882 |
0.976 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.884 |
4.528 |
3.623 |
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LOAN FUNDS |
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1] Secured Loans |
7.814 |
11.329 |
8.570 |
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2] Unsecured Loans |
6.950 |
5.226 |
1.732 |
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TOTAL BORROWING |
14.764 |
16.555 |
10.302 |
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DEFERRED TAX LIABILITIES |
0.526 |
0.461 |
0.472 |
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TOTAL |
20.174 |
21.544 |
14.397 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.324 |
4.813 |
4.299 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.034 |
0.034 |
0.003 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
42.372
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28.592 |
12.174 |
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Sundry Debtors |
12.784
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8.763 |
8.851 |
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Cash & Bank Balances |
1.613
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4.349 |
4.260 |
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Other Current Assets |
0.000
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0.237 |
0.092 |
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Loans & Advances |
2.990
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0.740 |
1.125 |
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Total
Current Assets |
59.759
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42.681 |
26.502 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
46.832
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24.958 |
15.914 |
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Provisions |
1.111
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1.026 |
0.493 |
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Total
Current Liabilities |
47.943
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25.984 |
16.407 |
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Net Current Assets |
11.816
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16.697 |
10.095 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.174 |
21.544 |
14.397 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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79.320 |
52.545 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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79.320 |
52.545 |
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Profit/(Loss) Before Tax |
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0.772 |
1.120 |
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Provision for Taxation |
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0.418 |
1.111 |
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Profit/(Loss) After Tax |
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0.354 |
0.009 |
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Earnings in Foreign Currency : |
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Export Earnings |
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20.635 |
3.240 |
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Commission Earnings |
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NA |
NA |
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Other Earnings |
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NA |
NA |
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Total Earnings |
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20.635 |
3.240 |
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Total Expenditure |
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78.548 |
51.425 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.44
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0.01 |
--- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.97
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2.13 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.13
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2.36 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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0.25 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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12.84
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9.39 |
7.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.25
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1.64 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Corporate identity
number of the company |
U28939MP1989PTC005207 |
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Name of the
company |
SAI MACHINE TOOLS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Indore M P Madhya
Pradesh, India 452003. |
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This form is for |
Modification of
Charge |
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Type of charge |
Hypothication Equitable mortgage or mortgage of property by depositing the title deeds. |
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Particular of
charge holder |
Name: Punjab
National Bank Sanwer Road Branch. Address Marimata Chouraha,
Indore 452003, Madhya Pradesh-MP E-Mail: deshmukh@pnb.co.in |
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Amount secured by
the charge |
Rs. 2.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Margin 25%, rate
of intrest 4.10 over RBI rate minimum 16.10 and increased rete 3%. |
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Description of
the property charged indicating whether it is a charged on |
·
Immovable
Properties ·
Plant
and Machinery ·
Stock
in trade ·
Book
debts |
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Particulars of the
property charged |
All Properties as
noted in memoranda of charges dated 29.05.06, situated at 23 D Sector-A,
sanwer Road Industrial Area, Indore. Hypothecation of goods and book debts as
per the hypothecation agreement. |
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Charge
identification number of the charge to be modified |
90205963 |
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Brief description
of the instrument modifying the charge under section 135 |
Agreement of
Hypothication of goods and book debts to secure cash credit facility and
memoranda of charges. |
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Date of instrument
modifying the charge |
29.05.2006 |
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Particulars of
the present modification |
Cash Credit limit
enhanced from Rs. 5.000 Millions to Rs. 9.000 Millions. Packing limit will be
same to 2.500 Millions within this limit. Rate of interest
@12.75% 1.50% over RBI rate. Penal int@2% |
Business Activity and Financial Results:
Summary of Financial Results for the year is
as under:
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Particulars |
31.03.2007 (Rs. In
Millions) |
31.03.2006 (Rs. In
Millions) |
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Income From Operations |
75.194 |
52.545 |
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Miscellaneous Income |
0.501 |
1.225 |
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Profit before Tax |
0.773 |
1.120 |
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Profit after Tax |
0.355 |
0.906 |
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Proposed Dividend |
0.000 |
0.000 |
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Transfer to General Reserve |
0.000 |
0.000 |
Fixed Assets:
·
Land (Leasehold)
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Land at Bhorasala
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Agricultural Land at
Bhorasala
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Agricultural Land at
Alwasa
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Road and Site Development
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Tube Well
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Factory Building
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Plant and Machinery
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Aireconditioner
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Electric Installation
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Office Equipments
Generator
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Furniture and Fixture
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Car
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Motor Cycle
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Cycle
·
Computer
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] 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
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Indian Rupees |
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US Dollar |
1 |
Rs.49.95 |
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UK Pound |
1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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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 |
|
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 |
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