MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAGAR SPRINGS PRIVATE LIMITED |
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Registered
Office : |
104, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.08.1981 |
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Com. Reg. No.: |
04-004574 |
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CIN No.: [Company Identification
No.] |
U31110GJ1981PTC004574 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS01864C |
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PAN No.: [Permanent Account No.] |
AACCS5494F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Helical Coil Springs for Automotive Applications |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Sagar Shah |
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Designation : |
Director |
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Contact No.: |
91-9824397531 |
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Date : |
12.04.2011 |
LOCATIONS
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Registered Office : |
104, Angan Towers, 1st Floor, Near Bhavans School Makarpura
Orad, Vadodara – 390004, Gujarat, India |
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Mobile No.: |
91-9824397531 (Mr. Sagar Shah) |
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E-Mail : |
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Area : |
2000 sq.ft (approximately) |
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Location : |
Owned |
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Factory : |
Halol – |
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Tel. No.: |
91-2676-223904 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Sagar Suryankant Shah |
|
Designation : |
Managing Director |
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Address : |
4, Manisha Bunglow, |
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Date of Appointment : |
24.08.1981 |
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DIN No. : |
00219188 |
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Name : |
Mr. Suryankant Motichand Shah |
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Designation : |
Managing Director |
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Address : |
4, Manisha Bunglow, |
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Date of Appointment : |
24.08.1981 |
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DIN No. : |
00219180 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shah Suryakant Motichand |
|
77500 |
|
Shah Suryakant Motichand HUF |
|
32500 |
|
Shah Kantaben Suryakant |
|
30000 |
|
Shah Sagar Suryakant |
|
110000 |
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Total |
|
250000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Helical Coil Springs for Automotive Applications |
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Products : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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|
Unit |
Actual
Production |
|
It is not pratically feasible to determine installed capacity since
the capacity of the plant depends on size of each unit of spring |
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Nos |
13362671 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs 17.500 millions (Bank of |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Viral K Shah and Associates Chartered Accountant |
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Address : |
104, Antrix Complex, |
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Pan No.: |
AFGPS7070F |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
322.941 |
286.095 |
253.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
325.441 |
288.595 |
255.963 |
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|
LOAN FUNDS |
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1] Secured Loans |
15.502 |
0.000 |
0.000 |
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2] Unsecured Loans |
32.285 |
28.993 |
26.618 |
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TOTAL BORROWING |
47.787 |
28.993 |
26.618 |
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DEFERRED TAX LIABILITIES |
4.904 |
4.670 |
4.506 |
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TOTAL |
378.132 |
322.258 |
287.087 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.607 |
41.752 |
40.487 |
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Capital work-in-progress |
0.307 |
0.000 |
0.000 |
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INVESTMENT |
6.954 |
6.054 |
5.515 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.727
|
29.724 |
25.047 |
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Sundry Debtors |
131.595
|
85.458 |
60.725 |
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Cash & Bank Balances |
147.688
|
130.474 |
121.872 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
79.472
|
53.315 |
75.764 |
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Total
Current Assets |
382.482
|
298.971 |
283.408 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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|
2.237 |
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Other Current Liabilities |
65.218
|
24.519 |
2.409 |
|
|
Provisions |
0.000
|
0.000 |
37.677 |
|
Total
Current Liabilities |
65.218
|
24.519 |
42.323 |
|
|
Net Current Assets |
317.264
|
274.452 |
241.085 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
378.132 |
322.258 |
287.087 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
275.328 |
195.065 |
166.090 |
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Other Income |
22.040 |
19.010 |
15.038 |
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TOTAL (A) |
297.368 |
214.075 |
181.128 |
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Less |
EXPENSES |
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|
|
|
|
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Material Consumed |
177.537 |
123.751 |
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Manufacturing expenses |
22.241 |
15.495 |
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Employees remuneration and benefits |
8.232 |
7.827 |
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Administration expenses |
5.772 |
4.829 |
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Selling and distribution expenses |
11.131 |
6.039 |
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Increase/Decrease in stock |
4.475 |
(4.310) |
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TOTAL (B) |
229.388 |
153.631 |
132.750 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.980 |
60.444 |
48.378 |
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Less |
FINANCIAL
EXPENSES (D) |
2.462 |
2.169 |
2.100 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
65.518 |
58.274 |
46.278 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.522 |
5.889 |
10.153 |
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PROFIT BEFORE
TAX (E-F) (G) |
58.996 |
52.386 |
36.125 |
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Less |
TAX (I) |
19.235 |
16.094 |
12.154 |
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PROFIT AFTER TAX
(G-I) (J) |
39.761 |
36.292 |
23.971 |
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Less |
Prior period
expenses |
0.000 |
0.031 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
184.269 |
155.266 |
137.978 |
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Less |
Short
Provision for taxation |
0.000 |
0.704 |
0.000 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
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|
Transfer to General Reserve |
3.976 |
3.629 |
3.758 |
|
|
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Proposed Dividend |
2.500 |
2.500 |
2.925 |
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|
Tax on Proposed Dividend |
0.415 |
0.425 |
0.000 |
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BALANCE CARRIED TO
THE B/S |
217.139 |
184.269 |
155.266 |
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IMPORTS |
33.626 |
27.733 |
26.915 |
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Earnings Per
Share (Rs.) |
159.05 |
145.17 |
NA |
|
Expected Sales (2010-2011) : Rs. 350.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
13.37
|
16.95 |
13.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
21.43
|
26.86 |
21.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.53
|
15.37 |
11.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.18 |
0.14 |
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|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.19 |
0.27 |
|
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
5.86
|
12.19 |
6.70 |
LOCAL AGENCY FURTHER INFORMATION
The Details of sundry creditors:
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
NA |
NA |
2.237 |
Note:
The Registered Office of the company has been
shifted from 104
Form 8:
|
Corporate identity
number of the company |
U31110GJ1981PTC004574 |
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|
Name of the
company |
SAGAR SPRINGS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
104 |
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This form is for |
Creation of
charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
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||||||
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Nature of
instrument creating charge |
Deed of
hypothecation |
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Date of instrument
Creating the charge |
23.03.2010 |
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Amount secured by
the charge |
Rs. 17.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 10% per annum Terms of Repayment
- repayble in 48 monthly installments Margin - 33% Extent and
Operation of the charge - the charge operates as security for the due
repayment of not only interest but also further interest, additional
interest, penal interest, cost and charges |
||||||
|
Particulars of
the property charged |
Universal Spring
Coiling Machine Wafios Ag |
Fixed assets:
- Air condition
- Air ventilator
- Business assets
- Computers
- Electrical installation
- Factory building
- Fax machine
- Furniture and fixture
- Land
- Office equipment
- Office premises
- Plant and machinery
- Vehicles
- Wind mill
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.