MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SARAVANA GLOBAL ENERGY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
04.07.2003 |
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Com. Reg. No.: |
051135 |
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CIN No.: [Company Identification
No.] |
U31300TN2003PLC051135 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES16611A |
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PAN No.: [Permanent Account No.] |
AAHCS3240C |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business
: |
Manufacturer of
Insulators Insulation Materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5761864 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
No. 15, New |
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Tel. No.: |
91-44-28230002 |
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Fax No.: |
91-44-28240459 |
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E-Mail : |
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Factory : |
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Tel. No.: |
91-4142-298922 / 298881 |
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Fax No.: |
91-4142-298880 |
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E-Mail : |
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Head Office : |
Crisil House, 121-122, |
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Tel. No.: |
91-22-66913001-09 |
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Fax No.: |
91-22-66913030 |
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Branch Offices: |
301, Paritosh Usmanpura Ahmedabad – 380013, Tel. No.: 91-79-27550317 / 1533 Fax No.: 91-79-27559863
‘Horizon’ Block –B, 4th Floor, 57, Tel No.: 91-33-22823541 Fax No.: 91-33-22830597 W-101, 1st Floor, Tel No.: 91-80-25580899 / 25594802 / 6708 Fax No.: 91-80-25594801 Tel. No.: 91-11-23721603 / 23320980 / 23736541 Fax No.: 91-11-237215605
Mezzanine Floor, Thapar House 43/44, Tel. No.: 91-44-28546205 / 06/ 28546093 Fax No.: 91-44-28547531
1187/17, Tel. No.: 91-20-25539064 -67 Fax No.: 91-20-25539068 Uma Chambers, 3rd Floor, Banjara Hills, Near Tel. No.: 91-40-23358103 / 8105 Fax No.: 91-40-23357505 |
DIRECTORS
As on : 30.09.2008
|
Name : |
Mr. Padam J. Challani |
|
Designation : |
Chairman and CEO |
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Address : |
23/1, |
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Date of Birth/Age : |
10.01.1955 |
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Date of Appointment : |
04.07.2003 |
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Name : |
Mr. Prakashchand B Mootha |
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Designation : |
Vice Chairman |
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Address : |
46, |
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Date of Birth/Age : |
16.06.1954 |
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Date of Appointment : |
04.07.2003 |
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Name : |
Mr. Ajeeth P Challani |
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Designation : |
Managing Director |
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Address : |
23/1, |
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Date of Birth/Age : |
07.05.1979 |
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Date of Appointment : |
12.01.2004 |
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Name : |
Mr. Abilash Kumar Jain |
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Designation : |
Executive Director |
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Address : |
46, |
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Date of Birth/Age : |
22.05.1979 |
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Date of Appointment : |
10.03.2005 |
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|
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Name : |
Gigi George |
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Designation : |
Director Independent |
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Address : |
S Kgeyes Srnivass Flats Srinivasapuram, Chennai – 600041, |
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Date of Birth/Age : |
17.12.1966 |
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Date of Appointment : |
27.08.2007 |
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Name : |
Mr. Satya Vagiswarn Rangaswami |
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Designation : |
Director Technical |
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Address : |
No.9, Pudu Nagar, Near Selvamuthu Mariamman Koli Vadalur – 607303, |
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Date of Birth/Age : |
10.02.1948 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Bharat Bakshi |
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Designation : |
Nominee Director |
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Address : |
C-6, Meghdoot, 536, Linking Road, Khar, Mumbai – 400052, |
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Date of Birth/Age : |
05.09.1968 |
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Date of Appointment : |
20.02.2008 |
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Name : |
Mr. S.V. Raghavan |
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Designation : |
Secretary |
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Address : |
3/2, |
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Date of Birth/Age : |
09.04.1960 |
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Date of Appointment : |
01.06.2007 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Padam J Challani |
|
2093875 |
|
D B Prakashchand Jain |
|
1045890 |
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M. Prakashchand Jain |
|
16730 |
|
K. Rajendrakumar Bethala |
|
836715 |
|
R. Ranganathan |
|
4180 |
|
V. Pichumani |
|
4180 |
|
N. Subramanian |
|
4180 |
|
Ajeeth P Challani |
|
2093875 |
|
P. Shobha |
|
2093890 |
|
P. Shobha |
|
2093875 |
|
Mamtha A. Jain |
|
2093875 |
|
J P Swapna |
|
2093875 |
|
Swetha Jain |
|
1045890 |
|
Mukesh Kumar |
|
836715 |
|
Abilash Kumar |
|
836715 |
|
Pramila |
|
836715 |
|
Mamtha A Jain |
|
836715 |
|
Suraj Kumari |
|
836715 |
|
Rajendrakumar Bethala (HUF) |
|
209179 |
|
Pankaj Bethala |
|
418358 |
|
Savitha Bethala |
|
418358 |
|
Prashant Bethala |
|
209175 |
|
NYLM Jacob Ballas |
|
4986288 |
|
Jacob Ballas Capital India Private Limited, |
|
249314 |
|
|
|
|
|
Total |
|
26195277 |
As on : 30.09.2008
|
S. No. |
Category |
Percentage |
|
1 |
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
19.04 |
|
2 |
Directors or
relatives of Directors |
68.78 |
|
3 |
Bodies corporate |
0.95 |
|
4 |
Other top fifty shareholders |
11.23 |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Insulators Insulation Materials. |
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PRODUCTION STATUS
Licensed Capacity, Installed Capacity and Actual Production
|
Class of Goods |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Electrical Porcelain |
Metric |
18000 |
18000 |
6189 |
|
Insulators and its allied Products |
Tones |
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GENERAL INFORMATION
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No. of Employees : |
687 approximately |
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Bankers : |
State Bank of |
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Facilities : |
Note * secured by hypothecation of current assets of the company and
pari passu charge on the following
Note : # secured by exclusive charge by equitable mortgage on the
followings
Note : @ secured by
Note : * secured by first hypothecation charge on plant and machinery,
stocks and book debts.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountant |
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Address : |
TPL House, 2nd Floor No.3, |
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Tel No.: |
91-44-66328400 |
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Fax No.: |
91-44-24311450 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30210000 |
Equity Shares |
Rs.10/- each |
Rs. 302.100Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26195277 |
Equity Shares |
Rs.10/- each |
Rs.261.952Millions |
|
|
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Note :
- Of the above 5010000 shares (previous year 15949675 shares) were
issued as fully paid than cash
- 15949675 shares (previous year 15949675 shares) were issued as fully
paid towards purchase consideration to Jeet Vanijiya Limited, Pursuant to
their merger with Saravana Global Energy Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
261.952 |
261.952 |
209.596 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1178.514 |
1175.391 |
130.657 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1440.466 |
1437.343 |
340.253 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
991.151 |
92.921 |
268.163 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
2.599 |
|
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TOTAL BORROWING |
991.151 |
92.921 |
270.762 |
|
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DEFERRED TAX LIABILITIES |
65.662 |
60.570 |
19.124 |
|
|
|
|
|
|
|
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TOTAL |
2497.279 |
1590.834 |
630.139 |
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|
|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1029.989 |
811.034 |
297.764 |
|
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Capital work-in-progress |
77.642 |
24.629 |
0.000 |
|
|
|
|
|
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INVESTMENT |
113.408 |
220.276 |
9.810 |
|
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DEFERREX TAX ASSETS |
3.644 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
268.157
|
171.388 |
108.487 |
|
|
Sundry Debtors |
377.471
|
406.037 |
310.495 |
|
|
Cash & Bank Balances |
619.845
|
26.005 |
9.164 |
|
|
Other Current Assets |
0.989
|
0.000 |
0.000 |
|
|
Loans & Advances |
78.315
|
73.467 |
42.862 |
|
Total
Current Assets |
1344.777
|
676.897 |
471.008 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
44.550
|
58.600 |
100.011 |
|
|
Other Current Liabilities |
18.728
|
27.520 |
11.571 |
|
|
Provisions |
8.903
|
55.881 |
37.009 |
|
Total
Current Liabilities |
72.181
|
142.002 |
148.591 |
|
|
Net Current Assets |
1272.596
|
534.895 |
322.417 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.148 |
|
|
|
|
|
|
|
|
TOTAL |
2497.279 |
1590.834 |
630.139 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
755.949 |
972.008 |
690.552 |
|
|
|
Other Income |
30.684 |
16.528 |
4.632 |
|
|
|
TOTAL (A) |
786.633 |
988.536 |
695.184 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
376.629 |
383.177 |
172.970 |
|
|
|
Increase/ Decrease in stock |
(100.971) |
(30.587) |
108.076 |
|
|
|
Personnel expenses |
68.121 |
66.875 |
32.559 |
|
|
|
Operating expenses |
320.201 |
222.113 |
166.304 |
|
|
|
Provision for diminution in value of investments |
5.400 |
7.830 |
0.000 |
|
|
|
TOTAL (B) |
669.380 |
649.408 |
479.909 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
117.253 |
339.128 |
215.275 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.116 |
66.365 |
28.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.137 |
272.763 |
182.269 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
63.421 |
18.620 |
24.332 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.716 |
254.143 |
162.937 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
6.594 |
97.096 |
55.657 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
3.122 |
157.047 |
107.280 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
272.369 |
130.645 |
23.364 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
-- |
(13.097) |
-- |
|
|
|
Tax on Dividend |
-- |
(2.225) |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
275.491 |
272.369 |
130.645 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
23.615 |
-- |
NA |
|
|
TOTAL EARNINGS |
23.615 |
-- |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
25.945 |
14.382 |
NA |
|
|
|
Capital Goods |
76.713 |
158.703 |
NA |
|
|
TOTAL IMPORTS |
100.658 |
173.085 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.12 |
7.29 |
21.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.39
|
15.88 |
15.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.28
|
25.70 |
8.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40
|
17.08 |
21.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.17 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.73
|
0.16 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
18.63
|
4.76 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
Note :
Registered office address of the company has been shifted from No.15,
Nature of
Operations :
Saravana Global Energy Limited “ SEGL or the company” is a Public
Limited Company involves in manufacturer of High Voltage Insulators, Solid Core
Post Insulator, Long rod Insulators, hollow insulators and bushings required
for transmission and Distribution Lines, Power Equipment Manufacturers, Railway
Electrification Projects and Electrical Utilities.
Operations :
Due to severe power cut in Tamil Nadu the company had suffered on the
recovery front as the unit is power intensive one. Coupled with this, due to
economic show down realization per ton had also become lower vis earlier year.
Hence, there was reduction in Turnover from Rs. 1134.800 millions in 2007-2008
to Rs. 832.500 millions during the financial year ended 31st March
2009. This has resulted in lower level of profitability.
Form : 8
|
Corporate identity
number of the company |
U31300TN2003PLC051135 |
|
Name of the
company |
SARAVANA GLOBAL
ENERGY LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification Of
Charge |
|
Type of charge |
Immovable
Property Movable Property Book Debts |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
1. Supplemental
Agreement of Loan for increase in the overall limit. Form C.1-A. 2. Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit. Form C.2-A. 3. Letter
regarding the grant of individual limits within the overall limit. Form.5. 4. EM
Confirmation Letter. |
|
Date of
instrument Creating the charge |
12/04/2010 |
|
Amount secured by
the charge |
Rs. 800.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Cash Credit:
0.75% above SBAR (11.75%) effective rate 12.50% p.a. with monthly rests. Term Loan: As per
the existing Terms and Conditions. Terms of
repayment : Working Capital:
Repayable on Demand. Term Loan: As per
the existing Terms and Conditions. Margin : Cash Credit: Raw
Materials, WIP, Finished Goods : 25% Advance Against Bills
under Collection :
15% Letter of Credit
(WC)
: 10% Bank Guarantee
(WC)
: 10% Extent and
operation of charge : As mentioned in
the Agreement. Others : Facilities
Existing Rs.in.millions Enhanced Rs.in.millions CC (Hypn) 150.000 400.000 CC (Book
Debts) 150.000 (250.000) Term Loan 160.000 Nil Corporate
Loan 15.800 Nil Letter of
Credit 75.000 125.000 PFCE Sub Limit
(BG) - (40.000) Bank
Guarantee 75.000 175.000 Inland Bills 100.000 100.000 |
|
Particulars of
the property charged |
|
|
Date of
instrument modifying the charge |
13/02/2008 |
|
Particulars of
the present modification |
By the present
modification, the overall limit has been enhanced from Rs.725.800 millions to
Rs.800.000 millions and secured by the existing charge on the Current Assets,
Plant & Machineries and the immovable properties belonging to the
Company, more fully described in the "Attachment" to Field No.15 of
this eForm above. |
Fixed Assets :
- Land
- Plant and Machinery
- Computer
- Office Equipment
- Furniture and electrical fittings
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
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 |
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 |
NO |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.