MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SARAF FINCOM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Saraswati Nilaya No.747/42, 5th Main Road, 4th Cross,
Vijayanagar, Bangalore – 560040, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.06.2000 |
|
|
|
|
Com. Reg. No.: |
08-027281 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7.304 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900KA2000PTC027281 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS11393E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCS6576F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Polymers (woven and non woven fabrics) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 69000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Saraswati Nilaya No.747/42, 5th Main Road, 4th
Cross, Vijayanagar, Bangalore – 560040, Karnataka, India |
|
Tel. No.: |
Not Available |
|
Email : |
|
|
|
|
|
Branches : |
Khasra No. 734, Gurudwara Road, Siraspur, New Delhi – 110042, Delhi,
India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Sunil Agarwal |
|
Designation : |
Director |
|
Address : |
191, Bhagirathi Appartment, Sec 9, Rohini, New Delhi - 110085, Delhi,
India |
|
Date of Birth/Age : |
15.12.1978 |
|
Date of Appointment : |
02.05.2008 |
|
|
|
|
Name : |
Mr. Murli Manohar Saraf |
|
Designation : |
Director |
|
Address : |
Saraswati Nilay No. 747/42, 5th Main Raod, 4th
Cross, Vijayanagar, Bangalore – 560040, Karnataka, India |
|
Date of Birth/Age : |
04.12.1958 |
|
Date of Appointment : |
14.03.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Santosh Saraf |
|
13940 |
|
Murli Manohar Saraf |
|
6100 |
|
Murli Manohar Saraf (HUF) |
|
3000 |
|
Minakshi Saraf |
|
4000 |
|
Ankish Saraf |
|
2000 |
|
Sushila Agarwal |
|
10000 |
|
Manoj Kumar Singh |
|
4000 |
|
Seva Prasad Tripathi |
|
4000 |
|
Dilip Kumar Baid |
|
4000 |
|
Seema Tibrewala |
|
4000 |
|
Ratikanta |
|
4000 |
|
Ramesh Kumar Verma |
|
4000 |
|
Saraswati Saraf |
|
10000 |
|
|
|
|
|
Total |
|
73040 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Polymers (woven and non woven fabrics) |
GENERAL INFORMATION
|
Bankers : |
·
Punjab National Bank ·
HDFC Bank ·
CITI Bank ·
State Bank Of India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
V.K. Kila and Company Chartered Accountant |
|
Address : |
51, 2nd Floor Mandir Wali Gali, Yusuf Sarai, New Delhi – 110016,
Delhi, India |
|
Tel. No.: |
91-11-26167404 / 26160724 |
|
Fax No.: |
91-11-26190184 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs.100/- each |
Rs. 7.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73040 |
Equity Shares |
Rs.100/-
each |
Rs. 7.304
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 |
7.304 |
7.304 |
7.304 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.821 |
8.457 |
8.114 |
|
|
4] (Accumulated Losses) |
0.00 |
0.000 |
0.000 |
|
|
NETWORTH |
17.125 |
15.761 |
15.418 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
9.737 |
2.728 |
0.000 |
|
|
TOTAL BORROWING |
9.737 |
2.728 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.013 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
26.862 |
18.502 |
15.419 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.779 |
0.684 |
0.005 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.838 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.001 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.746
|
10.083 |
5.381 |
|
|
Sundry Debtors |
68.980
|
27.861 |
5.765 |
|
|
Cash & Bank Balances |
0.719
|
0.595 |
0.151 |
|
|
Other Current Assets |
0.006
|
2.631 |
0.000 |
|
|
Loans & Advances |
5.279
|
13.231 |
12.632 |
|
Total
Current Assets |
119.730
|
54.401 |
23.929 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
93.860
|
36.441 |
8.514 |
|
|
Provisions |
0.626
|
0.142 |
0.001 |
|
Total
Current Liabilities |
94.486
|
36.583 |
8.515 |
|
|
Net Current Assets |
25.244
|
17.818 |
15.414 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.862 |
18.502 |
15.419 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TOTAL INCOME |
560.692 |
156.929 |
71.008 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
558.485 |
156.296 |
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
TOTAL |
558.485 |
156.296 |
|
|
|
|
|
|
70.553 |
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.207 |
0.633 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.230 |
0.136 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.977 |
0.497 |
0.455 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.613 |
0.155 |
0.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.364 |
0.342 |
0.313 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.67
|
4.68 |
4.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.24
|
0.21 |
0.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.64
|
0.90 |
1.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.08
|
2.49 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.48 |
2.81 |
LOCAL AGENCY FURTHER INFORMATION
YEAR IN RETROSPECT
During the financial year, the company has earned a net profit of Rs.
1.977 millions after amortization of depreciation but before tax. However the
directors are hopeful to present a good performance in year to come.
NOTE :
The registered office address of the company has been shifted from A/16,
Peenya Industrial Estate, 2nd Stage, Bangalore, Karnataka, India to
Present address w.e.f. 01.04.2009
The registered office address of the company has been shifted from No.
37/12-1, 4th Cross, Archana Complex, Lalbagh Road, Bangalore,
Karnataka, India to Present address w.e.f. 23.03.2009
FORM : 8
|
Corporate identity number of the company |
U72900KA2000PTC027281 |
|
Name of the company |
SARAF FINCOM PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Saraswati Nilaya, No. 747/42, 5th Main
Road, 4th Cross, Vijayanagar, Bangalore – 560040, Karnataka, INDIA |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge holder |
State Bank Of Travancore, Jeevan Tara
Building, Gate No. 4A, 5, Parliament Street, New Delhi – 110001, Delhi, India |
|
Nature of instrument creating charge |
Agreement of Hypothecation Against Goods,
Book-Debts and all other Movable Assets to secure Overdrafts, Demand Loans,
Loans, Cash Credit of Rs. 90.000 millions dated 01-06-2011 |
|
Date of instrument Creating the charge |
01/06/2011 |
|
Amount secured by the charge |
Rs. 90.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 16% Terms
of repayment Nil Margin Goods - 25% Book Debts - 40% Extent
and operation of the charge 100% Other
The Above Charge Is To Secure Overdrafts,
Demand Loans, Loans, Cash Credits Of RS 90.000 millions |
|
Short particulars of the property charged
(Including location of the property) |
First charge on all the borrowers goods,
book-debts and all other movable assets. |
FIXED ASSETS :
·
Computer and Accessories
·
Truck
·
Motor Cycle
·
Water Filter
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.22 |
|
|
1 |
Rs. 72.09 |
|
Euro |
1 |
Rs. 62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
No |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.