MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SAISIDHA SUGAR EQUIPMENTS AND ENGINEERING AND COMPANY PRIVATE LIMITED |
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Registered Office : |
Plot No. 95, Sector No. 10, PCNTDA, Bhosari, Pune-411026, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
30.05.1991 |
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Com. Reg. No.: |
11-61899 |
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CIN No.: [Company
Identification No.] |
U29254PN1991PTC061899 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sugar Making Machine. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 100000 |
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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 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
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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
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Name : |
Mr. Sanjay N. Bhosale |
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Designation : |
Director |
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Contact No.: |
9371253201 |
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Date : |
16.04.2011 |
LOCATIONS
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Registered Office : |
Plot No. 95, Sector No. 10, PCNTDA, Bhosari, Pune-411026, |
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Mobile No: |
9371253201 (Mr. Sanjay N. Bhosale 0 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. (Owned) |
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Factory : |
Plot No. C- 207, MIDC, Chincholi, Solapur – 413225, |
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Tel. No. : |
91-20-2732491 |
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Mobile No. : |
91-9372615835 (Mr. Vikrant Singh Tomar) 91-9765552810 (Mr. Deepesh Kumar Singh) |
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Area : |
7229 sq. mtr (Owned) |
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Head Office: |
24, 2nd Floor, |
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Tel. No.: |
91-20-66114097 / 27474875 / 27470024 |
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Fax No.: |
91-20-27470024 |
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E-Mail : |
DIRECTORS
As On 25.09.2010
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Name : |
Mr. Sanjay Nanasaheb Bhosale |
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Designation : |
Managing Director |
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Address : |
194/4, S. No. |
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Date of Birth/Age : |
29.11.1962 |
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Qualification : |
B.E |
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Date of Appointment : |
30.05.1991 |
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DIN No. : |
01459582 |
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Name : |
Mr. Devdatta Nanasaheb Bhosale |
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Designation : |
Chairman |
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Address : |
194/4, S. No. |
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Date of Birth/Age : |
16.03.1965 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.05.1991 |
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DIN No. : |
00909983 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Sanjay Nanasaheb Bhosale |
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32960 |
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Devdatta Nanasaheb Bhosale |
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41600 |
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Sunita Madhav Jagtap |
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51680 |
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Nutan Sanjay Bhosale |
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31880 |
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Sunita D Bhosale |
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21480 |
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Tarabai N Bhosale |
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6600 |
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Total |
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186200 |
As On 25.09.2010
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Equity Share Breakup
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sugar Making Machine. |
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Products : |
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Exports : |
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Products : |
Sugar Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash / Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers,
Retailers, End Users and OEM’s
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Raghunath.V. Belhe Chartered Accountant |
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Address : |
1707, Sadashiv Peth, Pune – 411030, |
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Pan No. : |
ABGPB8974M |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
186200 |
Equity Shares |
Rs.100/- each |
Rs.18.620 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF
FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.620 |
4.655 |
0.466 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.335 |
16.463 |
16.773 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.955 |
21.118 |
17.239 |
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LOAN FUNDS |
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1] Secured Loans |
5.968 |
6.645 |
6.908 |
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2] Unsecured Loans |
14.146 |
10.100 |
1.128 |
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TOTAL BORROWING |
20.114 |
16.745 |
8.036 |
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DEFERRED TAX LIABILITIES |
2.376 |
1.967 |
1.409 |
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OTHER NON-CURRENT LIABILITIES |
20.566 |
20.565 |
0.000 |
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TOTAL |
69.011 |
60.395 |
26.684 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.736 |
37.597 |
27.014 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.449 |
2.565 |
0.000 |
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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 |
72.018
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68.991
|
22.813 |
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Sundry Debtors |
22.203
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21.212
|
57.191 |
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Cash & Bank Balances |
0.018
|
5.427
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(3.152) |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
22.573
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46.462
|
17.557 |
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Total
Current Assets |
116.812
|
142.092
|
94.409 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
61.263
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80.264
|
84.924 |
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Other Current Liabilities |
15.498
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39.452 |
3.225 |
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Provisions |
11.225
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2.143
|
6.590 |
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Total
Current Liabilities |
87.986
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121.859
|
94.739 |
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Net Current Assets |
28.826
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20.233
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(0.330) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.011 |
60.395 |
26.684 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Total Income |
186.824 |
134.850 |
208.738 |
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Less |
EXPENSES |
177.945 |
127.679 |
198.683 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.879 |
7.171 |
10.055 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.526 |
1.185 |
1.071 |
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PROFIT BEFORE
TAX |
7.353 |
5.986 |
8.984 |
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Less |
TAX |
2.272 |
2.001 |
2.837 |
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PROFIT AFTER TAX
|
5.081 |
3.985 |
6.147 |
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BALANCE CARRIED
TO THE B/S |
5.081 |
3.985 |
6.147 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
39.390 |
0.977 |
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TOTAL EARNINGS |
NA |
39.390 |
0.977 |
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Earnings Per
Share (Rs.) |
27.29 |
85.61 |
NA |
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Expected Sales (2010-2011): Rs. 250.000 Millions
Expected Sales (2011-2012): Rs.300.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.72
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2.96
|
2.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
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3.32
|
7.21 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.28
|
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.18
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7.54
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6.15 |
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.02
|
1.00 |
LOCAL AGENCY FURTHER INFORMATION
Partial Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Aim Consulancy |
0.160 |
0.093 |
0.089 |
|
Anekant Prakashan
|
0.080 |
0.020 |
0.015 |
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Atharv Welding
Technologies |
0.366 |
0.129 |
0.024 |
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Deshpande Consultancy
|
0.155 |
0.029 |
0.003 |
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Excel Trading
Company |
0.835 |
1.385 |
2.785 |
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|
7.150 |
7.650 |
8.250 |
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Jyoti Fabricators
and Erectors |
1.502 |
0.010 |
0.115 |
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MSPL Gases
Limited |
0.117 |
0.161 |
0.110 |
|
Prem Engineering
Corporation |
1.010 |
1.218 |
1.066 |
Note: During the year authorized capital of the
company is increased to Rs. 5.000 Millions and allotted additional shares of
Rs. 4.190 Millions.
Bankers Charges
Report as per Registry
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Name of the company
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SAISIDHA SUGAR EQUIPMENTS AND ENGINEERING AND COMPANY PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
04.08.2004 Oral Assent for
limited companies |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Details of property: All that piece or
parcel of land known as plot No. C 207 in chincholi industrial area within
the village limits of chincholi mohol (district and registration district)
solapur containing by admeasurements 5032 sq. mtrs or there about and bounded
as follows. Boundaries: on or
towards the north by road. On or towards the
south by plot no. C – 208 and C – 206. on or towards the east by plot no. C –
163. on or towards the west by plot no. C – 208. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facility: cheque
purchase Rs. 1.000 millions Bank guarantee
Rs. 2.500 millions Maximum aggregate
amount under the CC (stock and book debts) and the cheque purchase all taken
together shall not at any point of time exceed an amount of Rs. 5.000
millions. Company created
an equitable mortgage over the immovable properties of the company comprising
land and buildings machinery and plant, structures and fixtures and fittings
erected or installed thereon both present and future situated at plot no. C –
207, chincholi MIDC, ponna road, Solapur. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10152087 |
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Corporate
identity number of the company |
U29254PN1991PTC061889 |
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Name of the
company |
SAISIDHA SUGAR EQUIPMENTS AND ENGINEERING AND COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
24, 2nd Floor, |
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Type of charge |
Movable Property Book debts Stock |
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Particular of
charge holder |
Bank of e-mail id: sachinshrinivas.b@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
SUPPLEMENTAL DEED OF HYPOTHECATION FOR EARMARKING OF
GUARANTEE LIMIT IN CASH CREDIT ACCOUNT; FORM NO. L500 |
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Date of instrument
Creating the charge |
16.03.2009 |
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Amount secured by
the charge |
Rs. 25.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Cash credit 0.50%
over bplr minimum 13% p.a. With monthly rests Bank guarantee
commission as applicable to financial / performance guarantee- rs. 180 plus
0.77% per quarter or part thereof with a minimum of 2 quarters plus service
tax as applicable Terms of
Repayment - Cash credit: on
demand, subject to annual review Bank guarantee:
On Demand, subject to annual review Margin CASH CREDIT: STOCKS 25% BOOK DEBTS 40% BANK GUARANTEE:
25% CASH MARJIN Extent and
Operation of the charge All tangible
assets wherever situated including in the company's premises or in transit or
elsewhere in company's godown or in clients premises |
|
Short particulars
of the property charged |
Stocks, work in
process and finished goods and book debts |
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Particulars of
the present modification |
Existing cash credit limit of Rs. 5.000 millions
plus bank guarantee of Rs. 20.000 millions, total charge of Rs. 25.000
millions |
Trade References:
- Gem Sugar Limited
- Shri Chamundeshwari Sugar Limited
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Fax Machine
- Cellular
Phone
- Furniture
- Electrical
Installations
- Office
Equipments
- Tools and
Tackels
- Computer
- Tata Mobile
- 20 Ton EOT
Crane
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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.