MIRA INFORM REPORT
|
Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAMMARTH OVERSEAS AND CREDITS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
802 A, 8th Floor, Al-Karim Trade Centre, Ranigunj,
Secunderabad-500003, Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.08.1997 |
|
|
|
|
Com. Reg. No.: |
01-027671 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65910AP1997PTC027671 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Turbo Ventilator, Ventilator, Air Ventilator, Turbine Ventilator
and Roof Ventilator etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 36000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Financial position
of the company is improving. Trade relations are fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Siddharth |
|
Designation : |
Director |
|
Contact No.: |
91-9440926566 |
|
Date : |
06.04.2011 |
LOCATIONS
|
Registered Office : |
802 A, 8th Floor, Al-Karim Trade Centre, Ranigunj,
Secunderabad-500003, |
|
Tel. No.: |
91-40-27540109 27544571 /23800557 |
|
Mobile No.: |
91-9440926566 (Mr. Siddharth) |
|
Fax No.: |
91-40-27540947 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1500 sq. ft. (Owned) |
|
|
|
|
Factory: |
MCH No. 7-2-1851/A, Fatah Bagh, Sanathnagar, Hyderabad-500018, |
|
Tel. No.: |
91-40-23816371 |
|
Fax No.: |
91-40-23816391 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Prakash Loya |
|
Designation : |
Director |
|
Address : |
8-2-684/3/5L, Road No. 12, Banjara Hills, Hyderabad-500034, |
|
Date of Birth/Age : |
06.04.1952 |
|
Date of Appointment : |
04.08.1997 |
|
|
|
|
Name : |
Mr. Siddharth Loya |
|
Designation : |
Director |
|
Address : |
8-2-684/3/5L, Road No. 12, Banjara Hills, Hyderabad-500034, |
|
Date of Birth/Age : |
04.07.1977 |
|
Date of Appointment : |
02.05.2005 |
|
|
|
|
Name : |
Mr. Sammarth Loya |
|
Designation : |
Director |
|
Address : |
8-2-684/3/5L, Road No. 12, Banjara Hills, Hyderabad-500034, |
|
Date of Birth/Age : |
23.01.1979 |
|
Date of Appointment : |
29.09.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Prakash Loya |
|
297100 |
|
Veena Loya |
|
103600 |
|
Padma Devi Baldawa |
|
30000 |
|
Satyanarayan Shree Prakash Loya HUF |
|
94500 |
|
Vijay Kumar Narendra Gopal Omeswar Baldwa HUF |
|
20000 |
|
Siddharth Loya |
|
50000 |
|
Aditi Loya |
|
50000 |
|
Sammarth Loya |
|
50000 |
|
Shivani Loya |
|
50000 |
|
|
|
|
|
Total |
|
745200 |
AS ON 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Turbo Ventilator, Ventilator, Air Ventilator, Turbine
Ventilator and Roof Ventilator etc. |
GENERAL INFORMATION
|
No. of Employees : |
18 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
State Bank of |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dasa and Shah Chartered Accountant |
|
Address : |
4-3-378/B, 1st Floor, Devka Mahal, Bank Street,
Hyderabad-500095, |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
745200 |
Equity Shares |
Rs.10/- each |
Rs.7.452
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 |
7.452 |
7.452 |
7.452 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.723 |
0.291 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9.175 |
7.743 |
7.452 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.560 |
21.207 |
17.931 |
|
|
2] Unsecured Loans |
1.625 |
1.147 |
0.593 |
|
|
TOTAL BORROWING |
21.185 |
22.354 |
18.524 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30.360 |
30.097 |
25.976 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.363 |
1.744 |
0.941 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.123 |
6.443 |
5.724 |
|
|
DEFERREX TAX ASSETS |
0.151 |
0.761 |
1.022 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6.498
|
5.850 |
11.043 |
|
|
Sundry Debtors |
14.934
|
10.308 |
7.780 |
|
|
Cash & Bank Balances |
1.283
|
2.670 |
0.416 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.768
|
7.439 |
5.351 |
|
Total
Current Assets |
28.483
|
26.267 |
24.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.109
|
1.761 |
|
|
|
Other Current Liabilities |
2.953
|
2.791 |
6.036 |
|
|
Provisions |
0.698
|
0.566 |
0.395 |
|
Total
Current Liabilities |
5.760
|
5.118 |
6.431 |
|
|
Net Current Assets |
22.723
|
21.149 |
18.159 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.130 |
|
|
|
|
|
|
|
|
TOTAL |
30.360 |
30.097 |
25.976 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
60.166 |
NA |
48.291 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.962 |
1.396 |
1.927 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.423 |
0.543 |
0.242 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.539 |
0.853 |
1.685 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.430 |
0.171 |
0.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.109 |
0.682 |
1.464 |
|
|
|
|
|
|
|
|
|
Add / Less |
INCOME
TAX OF EARLIER YEARS |
(0.066) |
0.000 |
0.000 |
|
|
|
DEFERRED
TAX |
(0.610) |
(0.261) |
(0.921) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.433 |
0.421 |
0.543 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.83 |
NA |
NA |
|
Expected Sales (2010-2011) : Rs.70.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.51
|
NA |
3.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.51
|
3.05 |
6.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.11 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.94
|
3.55 |
3.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.94
|
5.13 |
3.82 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted from 609,
Operation:
The performances during the year has been satisfactory. The total income
is 60.166 millions with a profit of Rs.2.539 millions. In comparison to last
year to the total income has gone up by about 82.90%. The profit after tax have
increased by 209% over last year.
The company has also imported engineering products and distributed the
same. The response has been encouraging so far. The sofa set sales have also
increased compared to last year. A lot of investment had been made for the
research and development of new sofa designs in order to maintain increasing
volumes. In the furniture segment. Company has focused on maintaining
relatively small portfolio of products and maintaining high volumes for the
same.
Future Outlook:
The company aims also to gain an entry as suppliers for sofa and other
products for other retail giants. It shall continue to put more focus on the
glass furniture segment due to its increasing demand. Company is also aiming to
introduce if possible complementary engineering products in the market. Also it
aims to strengthen the profit margins for the furniture segment after having
now made penetration and achieved a fairly large market base also, the company
has started focusing on energy saving devices including turbo-ventilators.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10028443 |
|
Corporate
identity number of the company |
U65910AP1997PTC027671 |
|
Name of the
company |
SAMMARTH OVERSEAS
AND CREDITS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
802 A, 8th Floor, Al-Karim Trade Centre, Ranigunj,
Secunderabad-500003, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Agreement Of Loan For Increase In The Overall Limit -Supplemental
Agreement Of Hypothecation Of Goods & Assets For Increase In Overall
Limit |
|
Date of
instrument Creating the charge |
03.07.2010 |
|
Amount secured by
the charge |
Rs.30.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50 %(
SBAR=11.75%) Terms of
Repayment Repayable On Demand.
The Facility Santioned Is Available For 24months From The Date Of
Sanctioning(19.06.2010), Subject To Review Every Year.11.50%(SBAR=11.75%) Margin Finished Good:25% Book
Debts/Receivables-30% Leeter Of
Credit-15% Other
Recievables-40 Extent and Operation
of the charge The Credit
Facility Has Been Increased From Rs. 22.500 Millions To 30.000 Millions And The Said Facility Is Secured By
Extention Of Hypothecation Charge On Goods And Assets Of The Company In
Favour Of The Bank. |
|
Short particulars
of the property charged |
Primary Security
On Stocks And Receivables |
|
Particulars of
the present modification |
The Overall Limit
Of Credit Facility Has Been Increased From 22.500 Millions To 30.000 Millions
|
Fixed Assets:
- Air Conditioner
- Computer
- Furniture and Fixtures
- Office Equipments
- Packing Power
- Cycles
- Machine Tools
- Car
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.72.37 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.