MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SAKAR FERRO ALLOYS PRIVATE LIMITED |
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Registered Office : |
H 10, Madhavpura Market, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
19.07.1996 |
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Com. Reg. No.: |
04-30244 |
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CIN No.: [Company
Identification No.] |
U27100GJ1996PTC030244 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS08728G/AHMS06283E |
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PAN No.: [Permanent
Account No.] |
AADS3756P |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacturer of Aluminium Ingots, Notch Bars, Shots, Zinc
Ingots, Aluminium Alloys. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 320000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealing 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
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Name : |
Mr. Jatin M. Shah |
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Designation : |
Director |
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Contact No.: |
91-9898554414 |
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Date : |
18.04.2011 |
LOCATIONS
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Registered Office : |
H/10, Madhavpura Market, |
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Tel. No.: |
91-79-25622281/25624681 |
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Mobile No.: |
91-9898554414 (Mr. Jatin M. Shah) |
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Fax No.: |
91-79-25620620 |
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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: |
140-141, Taluka Kalol Santej Vadsar Road, Distt Gandhinagar, Gujarat,
India |
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Tel. No.: |
91-2764-286177 |
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Fax No.: |
91-2764-286176 |
DIRECTORS
AS ON 15.09.2010
|
Name : |
Mr. Jatin M. Shah |
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Designation : |
Director |
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Address : |
Khanswala’s Bunglow, Nr. Post Office, Dharam Nagar, Sabarmati,
Ahmedabad- 380 005, |
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Date of Birth/Age : |
09.12.1983 |
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Date of Appointment : |
10.01.2002 |
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Name : |
Mr. Rameshkumar Rikhavchand Shah |
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Designation : |
Director |
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Address : |
Khanswala’s Bunglow, Nr. Post Office, Dharam Nagar, Sabarmati,
Ahmedabad- 380 005, |
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Date of Birth/Age : |
23.05.1965 |
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Date of Appointment : |
25.09.2009 |
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Name : |
Mrs. Vimala Rameshkumar shah |
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Designation : |
Director |
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Address : |
Khanswala’s Bunglow, Nr. Post Office, Dharam Nagar, Sabarmati,
Ahmedabad- 380 005, |
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Date of Birth/Age : |
25.06.1968 |
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Date of Appointment : |
10.01.2002 |
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Date of Ceasing: |
26.09.2009 |
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Name : |
Mrs. Rashmi Dipchand Shah |
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Designation : |
Director |
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Address : |
Khanswala’s Bunglow, Nr. Post Office, Dharam Nagar, Sabarmati, Ahmedabad-
380 005, |
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Date of Birth/Age : |
01.06.1949 |
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Date of Appointment : |
10.01.2002 |
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Date of Ceasing: |
26.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
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Names of Shareholders |
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No. of Shares |
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Vimala Rameshkumar shah |
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55200 |
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Jatin M. Shah |
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40700 |
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Rashmi Deepakkumar Shah |
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45100 |
|
Arfin India Limited, |
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357000 |
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Arfin Capital Limited, |
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115000 |
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Pushpa Mahendrakumar Shah |
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35000 |
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Rohan Rameshkumar shah |
|
5000 |
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Rani Jatin Shah |
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17000 |
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Shobha Dilip Daga |
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15000 |
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Dilip Daga |
|
7500 |
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Dilip Daga as Karta of Dilip Daga (HUF) |
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7500 |
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Ghewarchand Basiram Nahta |
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5000 |
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Sureshbhai Ghewarchand Nahta |
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10000 |
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Jawerilal Ghewarchand Nahta |
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25000 |
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Sushilaben Parasamal Nahta |
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10000 |
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Seemaben Deepchand Shah |
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95000 |
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Khushoo Mahendrabhai Shah |
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25000 |
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Harkik Rameshbhai Shah |
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135000 |
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Pooja Mahendrabhai Shah |
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110000 |
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Rohan Rameshbhai Shah |
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30000 |
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Manjuben Madanlal Bafna |
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75000 |
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Mayank Madanlal Bafna |
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25000 |
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Total |
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1245000 |
AS ON 15.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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37.91 |
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Directors
or relatives of directors |
|
47.63 |
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Other
top fifty shareholders |
|
14.46 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Aluminium Ingots, Notch Bars, Shots, Zinc
Ingots, Aluminium Alloys. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
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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Customers : |
End Users and OEM’s
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No. of Employees : |
50 (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 : |
Nalin K. Thakkar and Company Chartered Accountants |
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Address : |
602, Samudra Annexe, Opposite C. G. Road, Near Hotel Classic Gold,
Navarangpura, Ahmedabad-380006, Gujarat, India |
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Tel. No.: |
91-79-26588528/28568598 |
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Mobile No.: |
91-9825047487 |
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Fax No.: |
91-79-28568598 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 15.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1245000 |
Equity Shares |
Rs.10/- each |
Rs.12.450
Millions |
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1195000 |
Equity Shares |
Rs.10/- each |
Rs.11.950
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.950 |
7.950 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
9.000 |
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3] Reserves & Surplus |
69.102 |
31.777 |
8.847 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
81.052 |
39.727 |
21.847 |
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LOAN FUNDS |
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1] Secured Loans |
18.635 |
52.849 |
31.507 |
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2] Unsecured Loans |
10.493 |
3.060 |
2.021 |
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TOTAL BORROWING |
29.128 |
55.909 |
33.528 |
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DEFERRED TAX LIABILITIES |
1.541 |
1.083 |
0.584 |
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TOTAL |
111.721 |
96.719 |
55.959 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.881 |
20.583 |
11.294 |
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Capital work-in-progress |
4.168 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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 |
62.955
|
56.864 |
65.117 |
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Sundry Debtors |
58.284
|
75.731 |
50.766 |
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Cash & Bank Balances |
10.061
|
9.489 |
5.865 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.746
|
17.709 |
26.787 |
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Total
Current Assets |
150.046
|
159.793 |
148.535 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
Sundry Creditors |
12.881
|
79.887 |
100.649 |
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Other Current Liabilities |
51.699
|
0.393 |
0.000 |
|
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Provisions |
0.862
|
3.443 |
3.249 |
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Total
Current Liabilities |
65.442
|
83.723 |
103.898 |
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Net Current Assets |
84.604
|
76.070 |
44.637 |
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MISCELLANEOUS EXPENSES |
0.068 |
0.066 |
0.028 |
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TOTAL |
111.721 |
96.719 |
55.959 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
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Sales and Other Income |
|
791.427 |
722.983 |
|
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Total |
|
791.427 |
722.983 |
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PROFIT BEFORE
TAX |
|
2.145 |
7.894 |
|
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Less |
TAX |
|
0.707 |
2.433 |
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PROFIT AFTER TAX
|
|
1.438 |
5.461 |
|
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Less |
PRIOR PERIOD
ADJUSTMENTS |
|
0.113 |
0.081 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
10.227 |
4.848 |
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BALANCE CARRIED
TO THE B/S |
|
11.552 |
10.228 |
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Earnings Per
Share (Rs.) |
|
2.40 |
NA |
Sales Turnover (2009-10): Rs.840.000 Millions (Approximately)
Expected Sales (2010-2011): Rs.900.000 Millions.
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.18
|
0.75 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.24
|
4.38 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.20 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
3.51 |
6.29 |
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Current Ratio (Current Asset/Current Liability) |
|
2.33
|
1.91 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors
For Goods |
11.232 |
75.996 |
95.639 |
|
Sundry Creditors For
Goods, Hospet Branch |
0.144 |
0.144 |
0.000 |
|
Sundry Creditors
For Expenses |
1.410 |
3.680 |
5.010 |
|
Sundry Creditors
For Capital Goods |
0.095 |
0.067 |
0.000 |
|
Total |
12.881 |
79.887 |
100.649 |
Note: The
registered office of the company has been shifted from 715, Sahajanand Complex,
OPERATIONAL
ACTIVITIES AND FINANCIAL ACHIEVEMENTS:
The manufacturing plant of the Company has been located in
the State of
year. In terms of rupees, the gross sales of the Company have been increased from Rs. 721.686 Millions in the previous year to Rs. 789.531 Millions during the year under report. However the profit before and after tax stood decreased mainly due to fluctuation in raw material cost. The necessary quantitative details as to the consumption of raw materials, sales and purchase etc.
FUTURE OUTLOOK:
The Company has established good reputation among the buyers in respect of its products. The efforts taken by the management over a couple of years in developing a good market for Company’s products such as Aluminum Ingots, shots, alloys, scrap etc. have started to reap its benefits.
Further, during the year 2009 – 10, the Company has taken the required steps for increasing the production capacity and has installed the plant and machineries at the existing factory premises. It will result into expansion of business. Accordingly the directors are hopeful for the better financial growth in the form of increased sales and profitability of the Company.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U27100GJ1996PTC030244 |
|
Name of the
company |
SAKAR FERRO
ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
715, Sahajanand Complex, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Axis Bank
Limited, Credit Management
Centre, 2nd Floor, 3rd Eye One, Near Panchavati Crossing, C. G. Road, Ahmedabad-380009, Gujarat,
India |
|
Email |
|
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Nature of
description of the instrument creating or modifying the charge |
Composite hypothecation
deed (current assets, movables, plant and
machinery) |
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Date of
instrument Creating the charge |
11.12.2009 |
|
Amount secured by
the charge |
Rs.250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For CC and Term
Loan: BPLR - 3.75% i.e. 11.00% p. a. (presently BPRL @ 14.75%) For LC
(Inland/Import): 65% of Bank's standard Schedule of Charges. Terms of
Repayment Cash Credit Repayable
on Demand and Term Loan is repayable in 53 monthly installments of Rs. 0.462
millions each and last installment of Rs.0.463 millions. Repayment to
commence tentatively from July 2010. Margin Cash Credit Limit
: Stocks :25%, Book Debts(not older than 120 days) : 35% Term Loan :
34.21% LC
(Inland/Foreign) : 15% Extent and
Operation of the charge First Charge by
way of Hypothecation on Current Assets , Movables and Plant and Machinery extends to secure the aggregate
credit facility of Rs.250.000 Millions together with interest, cost and
charges etc. |
|
Short particulars
of the property charged |
I)
For
working capital limits: Hypo. of entire current assets of II)
For
Term Loan: First charge over P and M (including other movable fixed assets)
acquired out of term loan. Collateral: Extension of charge over entire
current assets of the co. (Both current and
Future) III)
All
tangible movable, machinery, plant and machinery, fixures, fittings other
installation, cranes, furniture, computers and other accessories lying in
premises or in godowns of borrower. IV)
Hypo.
of all the stock in trade both present and future consisting of stock
including raw material, stock in process, finished goods such as packing
materials, consumable stores and spares etc. V)
All
the present and future book-debts, outstanding monies, receivables claims
bills, contracts, engagements and securities which are due and owing to
borrower in present and future. |
Trade References:
- Shah Alloys Limited
- TISCO Limited
Fixed Assets:
- Land
- Building
- Electrical
Installation
- Plant and
Machinery
- AIR
Conditioner
- Furniture and
Fixture
- Scooters
- Computer and
Printers
- Weighing
Scale
- Trucks
- Telephone
- Bikes
- Lorry
- Motorcar –CMC
- Motorcar- Van
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.44.27 |
|
|
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.