1. Summary Information
|
Country |
India |
||
|
Company Name |
SABARE INTERNATIONAL LIMITED |
Principal Name 1 |
Mr. Swaminathan Susindran |
|
Status |
Moderate |
Principal Name 2 |
Mr. K. V. Ramakrishna |
|
Registration # |
18-51728 |
||
|
Street Address |
SF No. 6/1, Nedungur Village, Near V.S.B. Engineering College,
Karudayampalayam, K. Paramathi, Karur – 639 111, Tamil Nadu, India |
||
|
Established Date |
09.10.2003 |
SIC Code |
-- |
|
Telephone# |
91-4324-232681 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-4324-259635 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Pillow Shells |
|
|
# of employees |
-- |
Product Name 2 |
Pillow Machine |
|
Paid up capital |
Rs.
445,000,000/- |
Product Name 3 |
Made – ups |
|
Shareholders |
Venture Capital -0.01% Directors or relatives of directors – 99.99% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
8 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries
|
Sabare USA INC |
USA |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
514,604,000 |
Current Liabilities |
377,103,000 |
|
Inventories |
210,042,000 |
Long-term Liabilities |
1,117,906,000 |
|
Fixed Assets |
812,350,000 |
Other Liabilities |
40,556,000 |
|
Deferred Assets |
-- |
Total Liabilities |
1,535,565,000 |
|
Invest& other Assets |
893,594,000 |
Retained Earnings |
450,025,000 |
|
|
|
Net Worth |
895,025,000 |
|
Total Assets |
2,430,590,000 |
Total Liab. & Equity |
2,430,.590,000 |
|
Total Assets (Previous Year) |
2,881,265,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
950,017,000 |
Net Profit |
(170,034,000) |
|
Sales(Previous yr) |
1,433,374,000 |
Net Profit(Prev.yr) |
(234,035,000) |
MIRA INFORM REPORT
REVISED REPORT
|
Report Date : |
08.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SABARE INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
SF No. 6/1, Nedungur Village, Near V.S.B. Engineering College,
Karudayampalayam, K. Paramathi, Karur – 639 111, Tamil Nadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
09.10.2003 |
|
|
|
|
Com. Reg. No.: |
18-051728 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17297TN2003PLC051728 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES17309F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of Made-ups and Exporting Home Furnishings. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corproate Office : |
SF No. 6/1, Nedungur Village, Near V.S.B. Engineering College,
Karudayampalayam, K. Paramathi, Karur – 639 111, Tamil Nadu, India |
|
Tel. No.: |
91-4324-232681/ 660000 (10 Lines) |
|
Fax No.: |
91-4324-259635/ 660027/ 660025 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
14, Kamarajapuram East, Karur – 639 002, Tamil Nadu, India |
|
Tel. No.: |
91-4324-232681 |
|
Fax No.: |
91-4324-259635 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory: |
Located At:
|
DIRECTORS
As On : 06.10.2010
|
Name : |
Mr. Swaminathan Susindran |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
No. 60A, Vadivelnagar, L N S Post, Erode Road, Karur – 639002, Tamil
Nadu, India |
|
Date of Birth/Age : |
28.05.1963 |
|
Date of Appointment : |
09.10.2003 |
|
E-Mail: |
|
|
|
|
|
Name : |
Mr. Palanisamy Shanmugasundaram |
|
Designation : |
Director |
|
Address : |
No. 4/178, Green Lands, Near Tansi Covai Road, Karur – 639002, Tamil
Nadu, India |
|
Date of Birth/Age : |
10.08.1948 |
|
Date of Appointment : |
15.10.2003 |
|
E-Mail: |
|
|
|
|
|
Name : |
Mr. K. V. Ramakrishna |
|
Designation : |
Director |
|
Address : |
Flat 1A, Regency A Tower, Edenwoods, Chitalsar Manpada, Thane (West),
Thane – 400601, Maharashtra, India |
|
Date of Birth/Age : |
29.10.1969 |
|
Date of Appointment : |
08.06.2005 |
|
|
|
|
Name : |
Mr. Janat Ghanshyam Bhai Shah |
|
Designation : |
Director |
|
Address : |
419, Faculty Quarters Indian Institute of Management Campus,
Bannerghatta Road, IIMB Post, Mico Layout, Bangalore – 560 076, Karnataka,
India |
|
Date of Birth/Age : |
22.09.1958 |
|
Date of Appointment : |
21.06.2007 |
|
|
|
|
Name : |
Mr. Chinni Krishnan Ranganathan |
|
Designation : |
Director |
|
Address : |
Plot No. 58/5, Door No. 5, Dr. Sheshadri Avenue, Injambakkam, Chennai
- 600 041, Tamil Nadu, India |
|
Date of Birth/Age : |
01.05.1960 |
|
Date of Appointment : |
21.06.2007 |
|
|
|
|
Name : |
Mr. Melpakkam Venkatraman |
|
Designation : |
Director |
|
Address : |
Sabare Garments, 14, Kamarajapuram East, Karur – 639 002, Tamil Nadu,
India |
|
Date of Birth/Age : |
07.03.1952 |
|
Date of Appointment : |
09.10.2003 |
|
|
|
|
Name : |
Mr. Vivek Narayan Joshi |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 22, 2nd Floor, Chapel Road, Raj Flavia Buidling,
Near Lilawati Hospital, Bandra (West), Mumbai – 400 050, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1963 |
|
Date of Appointment : |
29.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 06.10.2010
|
Names of Shareholders |
|
No. of Shares |
|
S. Yasodha |
|
500000 |
|
Swaminathan Susindran |
|
6799000 |
|
Ramasamy Swaminathan |
|
100000 |
|
Melpakkam Venkatraman |
|
100000 |
|
Susindran Suganthi |
|
6250000 |
|
S. Sathya |
|
1000 |
|
S. Lakshmi |
|
750000 |
|
Kotak Mahindra Trusteeship Services Limited A/c India Growth Fund,
India |
|
1000 |
|
Kotak Mahindra Trusteeship Services Limited A/c India Growth Fund,
India |
|
29999000 |
|
Total |
|
44500000 |
AS ON 06.10.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Venture Capital |
|
0.01 |
|
Directors or relatives of directors |
|
99.99 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Made-ups and Exporting Home Furnishings. |
||||
|
|
|
||||
|
Products : |
·
Pillow
Shells ·
Pillow
Machine · Made-Ups ·
Tufted
Mats – Both Pvc Tufted and Rubber Tufted Coir Mats ·
Hand
Loom Woven Mats in Cotton Chenile, Chindi Jute, Coir, etc. ·
Flocked
Mats ·
Scraper
Mats ·
Moulded
Mats in Combination Of Rubber, Coir, Polypropylene, etc. ·
100 %
Rubber Mats ·
Heritage
Collection ·
Area Rugs
and Floor-Covering Made of Natural Fibres like Coir, Jute, Sisal, Seagrass,
Cotton, Wool etc
|
PRODUCTION STATUS (As On : 31.03.2010)
|
Particulars |
Unit |
Utilized Capacity |
Installed
Capacity |
Actual
Production |
|
Floor cocering and Rugs Division |
Sq. Mts. |
1.145 |
19.536 |
NA |
GENERAL INFORMATION
|
Bankers : |
·
Canara Bank
Address: 37,
Facilities: (L/C, P/C) ·
HDFC Bank Limited Address: HDFC Bank House Senapati
Bapat Marg, Mumbai – 400 013, · State Bank of Address: Commercial Branch,
Tiruchirapalli – 620001, Tamil Nadu, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
International Asset Reconstruction Company Private
Limited 709, 7th
Floor, Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Shanmugha Manram, 41 Race Course, Coimbatore – 641 018, Tamil Nadu,
India |
|
Pan No.: |
AACFD3771D |
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
Rs. 10/- each |
Rs. 145.000 millions |
|
1000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.010 million |
|
29999000 |
Convertible Preference Shares |
Rs. 10/- each |
Rs. 299.990 millions |
|
|
Total |
|
Rs. 445.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14500000 |
Equity Shares |
Rs. 10/- each |
Rs. 145.000
millions |
|
1000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.010
million |
|
29999000 |
Convertible Preference Shares |
Rs. 10/- each |
Rs. 299.990
millions |
|
44500000 |
Total |
|
Rs. 445.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
445.000 |
445.000 |
445.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
450.025 |
450.025 |
347.605 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
895.025 |
895.025 |
792.605 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1117.906 |
992.474 |
1090.232 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
17.994 |
|
|
TOTAL BORROWING |
1117.906 |
992.474 |
1108.226 |
|
|
DEFERRED TAX LIABILITIES |
40.556 |
66.224 |
116.541 |
|
|
|
|
|
|
|
|
TOTAL |
2053.487 |
1953.723 |
2017.372 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
812.350 |
894.297 |
1033.606 |
|
|
Capital work-in-progress |
7.600 |
7.855 |
52.828 |
|
|
|
|
|
|
|
|
INVESTMENT |
379.503 |
379.503 |
379.504 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
210.042
|
193.333
|
220.749 |
|
|
Sundry Debtors |
355.885
|
469.964
|
447.777 |
|
|
Cash & Bank Balances |
39.072
|
62.590
|
37.809 |
|
|
Other Current Assets |
46.719
|
13.044
|
28.102 |
|
|
Loans & Advances |
72.928
|
77.418
|
51.837 |
|
Total
Current Assets |
724.646
|
816.349 |
786.274 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
220.867
|
353.348 |
160.427 |
|
|
Other Current Liabilities |
92.031
|
67.122
|
15.418 |
|
|
Provisions |
64.205
|
60.266
|
58.995 |
|
Total
Current Liabilities |
377.103
|
480.736
|
234.840 |
|
|
Net Current Assets |
347.543
|
335.613
|
551.434 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
506.491 |
336.455 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2053.487 |
1953.723 |
2017.372 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
950.017 |
1433.374 |
1443.409 |
|
|
|
Export Incentives |
46.085 |
45.918 |
72.935 |
|
|
|
Other Income |
21.814 |
9.747 |
33.250 |
|
|
|
TOTAL (A) |
1017.916 |
1489.039 |
1549.594 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
784.409 |
1167.293 |
1215.811 |
|
|
|
Manufacturing and Other Direct Costs |
98.632 |
79.832 |
113.072 |
|
|
|
Administrative and Selling Expenses |
151.221 |
175.152 |
193.389 |
|
|
|
Exceptional Item |
0.000 |
147.808 |
0.000 |
|
|
|
Prior Period Items |
0.000 |
(0.321) |
(0.216) |
|
|
|
TOTAL (B) |
1034.262 |
1569.764 |
1522.056 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(16.346) |
(80.725) |
27.538 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
124.134 |
122.332 |
90.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(140.480) |
(203.057) |
(62.601) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.221 |
71.570 |
56.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(195.701) |
(274.627) |
(119.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(25.667) |
(40.592) |
9.916 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(170.034) |
(234.035) |
(128.916) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(336.455) |
(102.420) |
26.496 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(506.489) |
(336.455) |
(102.420) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
676.502 |
1116.563 |
1245.913 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
10.259 |
12.073 |
51.556 |
|
|
|
Raw Materials |
263.471 |
494.920 |
0.000 |
|
|
TOTAL IMPORTS |
273.730 |
506.993 |
51.556 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.73) |
(16.14) |
(8.89) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(16.70)
|
(15.72)
|
(8.32) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(20.60)
|
(19.16)
|
(8.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.73)
|
(16.05)
|
(6.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22)
|
(0.49)
|
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.72
|
2.61
|
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.70
|
3.35 |
LOCAL AGENCY FURTHER INFORMATION
Notes:-
The Registered Office
of the company has been shifted from No. 14, Kanmarajapuram East, Karur – 639
002, Tamil Nadu, India to the present address w.e.f. 01.10.2006
REVIEW OF CURRENT
YEAR OPERATIONS:
During the year the company has achieved sales revenue of Rs. 950.017 millions
as against the previous year sales revenue of Rs. 1433.374 millions. During the
year the company earned export incentive of Rs. 46.084 millions as against of
Rs. 45.918 millions of previous year. During the year the company has made a
loss of Rs. 170.034 millions as against a loss of Rs. 234.035 millions in the
previous year. The company has suffered loss during the year because of the
sudden deprecation in rupee, the economic recession in USA and huge increase in
raw material cost.
FORM 8
|
Corporate
identity number of the company |
U17297TN2003PLC051728 |
|
Name of the
company |
SABARE
INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
SF No. 6/1, Nedungur Village, Near V.S.B. Engineering College,
Karudayampalayam, K. Paramathi, Karur – 639 111, Tamil Nadu, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge |
|
Particular of
charge holder |
International
Asset Reconstruction Company Private Limited 709, 7th Floor, Ansal Bhawan, 16, Kasturba Gandhi Marg, New
Delhi-110001, India |
|
Nature of
instrument creating charge |
1.
Agreement for restructuring of debt dated 11/01/11 between International
Asset Reconstruction Company Private Limited in its capacity as Trustee of
IARF 1 Trust - Scheme1 (IARC Trust) and Sabare International Limited (SIL) 2.
Agreement for hypothecation dated 11.01.2011 for current assets, book debts
etc. - both present and future, entered into between IARC Trust and SIL. 3.
Memorandum of equitable mortgage dated 11.01.2011 for deposit of title deeds
of immovable property of SIL, with IARC Trust |
|
Date of
instrument Creating the charge |
11.01.2011 |
|
Amount secured by
the charge |
Rs. 227.700 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest @14% p.a. Terms of repayment Term
loan of Rs. 1075 L will be repaid with moratorium period of 6 months on int.
repayment and 12 months on principal repayment (quarterly installment) from
27.09.2010. Funded Interest Term Loan with int. to be repaid in 6 monthly
installment from Apr 2011. Zero coupon term loan of Rs. 49.160 million will
be repaid in Sept 2012 - 37 L, Mar 2013 – 51 L, Sept 2013 - 204L (including
stamp duty), Mar 2014 - 74 L, Sept 2014, Mar 2015 and Sept 2015 - 77 L each. Extent and
operation of the charge All present
and future goods, current assets, book debts and all other movable assets of
Panipat unit of the Co. as per RP Agreement and Hypo. Agreement date
11.01.2011. all
right, title, int, benefits, claims and demands whatsoever w.r.t. the Panipat
Unit of the Company including insurance proceeds and investments in TRA A/c
as per Hypo. agrt dt 11.01.2011 immovable
properties of SIL at village Alipur Khalsa, Tehsil Gharaunda, Dist. Karnal,
Haryana and more particularly described in MOE date 11.01.2011. |
|
Short particulars
of the property charged (Including location of the property) |
All
present and future goods, current assets, book debts and all other movable
assets of Panipat unit of the Co. as per RP Agreement and Hypo. Agreement
date 11.01.2011. all
right, title, int, benefits, claims and demands whatsoever w.r.t. the Panipat
Unit of the Company including insurance proceeds and investments in TRA A/c
as per Hypo. agrt dt 11.01.2011 immovable properties of SIL at village Alipur Khalsa,
Tehsil Gharaunda, Dist. Karnal, Haryana and more particularly described in
MOE date 11.01.2011. |
|
Charge
identification number of the charge to be modified |
10072346 |
|
Particulars of
the present modification |
The loan
of Rs. 227.700 millions of Sabare International Limited acquired by IARC
acting in its capacity as Trustee of IARF-1 Trust - Scheme 1, from HDFC Bank,
has been restructured as per terms and conditions of Restructuring Package
Agreement, Agreement of Hypothecation and Memorandum of Equitable Mortgage,
all dated 11.01.2011. |
CONTINGENT
LIABILITIES:
|
Particulars |
As
on 31.03.2010 (Rs.
in million) |
|
a) Estimated liability to ESI department against a notice of demand disputed
by the company |
0.132 |
|
b) The Company has received
a notice of demand from the Income Tax department for which the company has
obtained a stay from the High Court of Judicature at |
2.923 |
FIXED ASSETS:
· Land – Freehold
· Buildings
· Plant and Machinery
·
Furniture and Fixture
·
Electrical Fittings
· Office Equipments
· Electrical Equipments,
· Computers,
· Computer Software
·
Vehicles
·
Capital Work-in-progress
WEB SIDE DETAILS
PROFILE
Subject made its foray into the home
textiles segment in 1991, with headquarters at Karur, South India. With humble
beginnings, the company has charted a path of unprecedented dimensions to cater
to a discerning export market. Today, it has spanned the global arena with
presence in India, USA, United Kingdom, Europe, China, Canada and Sri Lanka.
Sabare’s phenomenal growth in the last 15 years is a testimony to a company’s
sheer passion and vision to excel beyond imagination
With the perfect orchestration of Raw
material souring, Contemporary Manufacturing facility, Prudent Quality
practices, Value Added Product Design and Development, Exemplifying Supply and
Logistics Capabilities and the delighted customers, Sabare is a emerging entity
to be reckoned in its mission of Adoring homes the world over.
GLOBAL PRESENCE:
Subject has transcended boundaries to establish a presence virtually across the globe by mapping its product portfolio.
Sabare in
The main factory is located in Karur, the hub of home textiles. It is the
seat for subject offerings like Table and Kitchen Linen, Window Curtains, Bed
Linen and Decorative Pillows. Value-added products and product development are
done at Noida while Floor Coverings are made at Alleppey and Panipat.
Sabare
Subject operations in the
Sabare
Subject’s Chinese presence has greatly enabled the company to widen its
product portfolio. Currently, the Chinese operations are marked by a representative
office at
Management:
Subject is headed by a visionary management that has been instrumental in steering the company forward. Mr. S. Susindran, Chairman and CEO, with qualifications in Chartered Accountancy and Law, chose to pursue his passion for textiles instead, and established subject. He is ably supported by the experience and expertise of the other members of the Management. With Professional Management practices and the empowered work force, subject forges in its vision to be a Reliable Partner for the Home Textile products.
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.44.22 |
|
|
1 |
Rs.71.97 |
|
Euro |
1 |
Rs.63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.