MIRA
INFORM REPORT
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Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SYSTEMATIC INTEL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
111, 1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.03.2000 |
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Com. Reg. No.: |
11-125313 |
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Capital Investment
/ Paid-up Capital : |
Rs.5.500
Millions |
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CIN No.: [Company Identification
No.] |
U25200MH2000PTC125313 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS46157G |
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PAN No.: [Permanent Account No.] |
AAHCS2314K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of Steel Wire and Wire Products. |
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No. of Employees
: |
160 (Approximately) |
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 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.
INFORMATION PARTED BY
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Name : |
Ms. Alpa Saiya |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9819989846 |
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Date : |
04.08.2011 |
LOCATIONS
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Registered Office : |
111, 1st Floor, |
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Tel. No.: |
91-22-25615554 |
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Fax No.: |
91-22-25615554 |
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E-Mail : |
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Website : |
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Corporate Office : |
101, |
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Tel. No.: |
91-22-61563909/ 61563900/ 25615554 |
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Fax No.: |
91-22-25684711 |
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E-Mail : |
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Factory 1 : |
Survey No.269, Village Sayali, Silvassa – 396 230, Dadra and |
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Tel. No.: |
91-260-3096124/ 3095025/ 3295025 |
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Fax No.: |
91-260-2681024 |
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Factory 2 : |
Plot no. 1229, 1230, G.I.D.C., Sarigam, |
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Factory 3 : |
Survey No. 172/P, Kanadi Phatak, |
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Factory 4 : |
Survey No. 174/1/2, Umerqui, Silvassa, Dadra and |
DIRECTORS
As on 28.09.2010
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Name : |
Mr. Sidharath Rajendra Agarwal |
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Designation : |
Director |
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Address : |
Surbhi, A/ 3, |
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Date of Birth/Age : |
10/01/1978 |
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Date of Appointment : |
24/03/2000 |
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Din No.: |
00515410 |
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Name : |
Ms. Udita Subhash Mittal |
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Designation : |
Director |
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Address : |
1202, Marathon Galaxy, L.B.S. Marg, Mulund (West), Mumbai – 400 080, |
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Date of Birth/Age : |
11/03/1981 |
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Date of Appointment : |
24/03/2000 |
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Din No.: |
00515623 |
KEY EXECUTIVES
|
Name : |
Ms. Alpa Saiya |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Gunjan Mittal |
|
4685 |
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Rajendra Agarwal |
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14465 |
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Rashmi Mittal |
|
7540 |
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Satya Agarwal |
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7540 |
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Shruti Agarwal |
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59710 |
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Siddharth Agarwal |
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151856 |
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Subhash Rameshchandra Mittal |
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40 |
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Udita Subhash Mittal |
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23785 |
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Rajendra Jaganprasad Agarwal (HUF) |
|
26250 |
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Subhash Rameshchandra Mittal (HUF) |
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26250 |
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Siddharth Industries, |
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20000 |
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Dhruv Mittal |
|
70629 |
As on 28.09.2010
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Bodies
corporate |
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3.63 |
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Directors
or relatives of directors |
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96.37 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Steel Wire and Wire Products. |
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Exports : |
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Products : |
Steel Wires |
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Countries : |
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Imports : |
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Products : |
Raw Material (Wire Rods) |
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Countries : |
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Terms : |
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Selling : |
L/C / Credit |
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Purchasing : |
L/C / Credit |
GENERAL INFORMATION
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Customers : |
Others |
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No. of Employees : |
160 (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 : |
Ashok V. Ladhani and Company Chartered Accountants |
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Address : |
78/2, Nahar and Seth Industrial Estate, L.B.S. Marg, Bhandup (West),
Mumbai – 400 078, |
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Associates/Subsidiaries : |
Veritas Industries Private Limited, |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
5.500 |
5.500 |
5.500 |
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2] Share Application Money |
3.913 |
3.913 |
3.913 |
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3] Reserves & Surplus |
70.687 |
46.550 |
25.228 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.100 |
55.963 |
34.641 |
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LOAN FUNDS |
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1] Secured Loans |
59.073 |
41.123 |
18.363 |
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2] Unsecured Loans |
37.704 |
34.138 |
8.974 |
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TOTAL BORROWING |
96.777 |
75.261 |
27.337 |
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DEFERRED TAX LIABILITIES |
2.251 |
0.000 |
0.000 |
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TOTAL |
179.128 |
131.224 |
61.978 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.645 |
48.237 |
35.739 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.213 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.766
|
20.317 |
15.792 |
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Sundry Debtors |
181.037
|
91.456 |
24.186 |
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Cash & Bank Balances |
2.970
|
3.110 |
1.005 |
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Other Current Assets |
0.000
|
0.000 |
15.569 |
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Loans & Advances |
55.149
|
47.797 |
32.000 |
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Total
Current Assets |
273.922
|
162.680 |
88.552 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
138.193
|
74.793 |
54.010 |
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Other Current Liabilities |
10.217
|
2.937 |
4.259 |
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Provisions |
3.318
|
2.064 |
4.171 |
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Total
Current Liabilities |
151.728
|
79.794 |
62.440 |
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Net Current Assets |
122.194
|
82.886 |
26.112 |
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MISCELLANEOUS EXPENSES |
0.076 |
0.101 |
0.127 |
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TOTAL |
179.128 |
131.224 |
61.978 |
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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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NET SALES |
705.752 |
440.773 |
199.788 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
39.748 |
27.678 |
13.037 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.335 |
3.564 |
3.754 |
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PROFIT BEFORE
TAX |
33.413 |
24.114 |
9.283 |
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Less |
TAX |
9.275 |
2.793 |
1.115 |
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PROFIT AFTER TAX
|
24.138 |
21.321 |
8.168 |
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Earnings Per
Share (Rs.) |
43.89 |
38.77 |
14.85 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
1050.000 |
The above information has been parted by Ms. Alpa Saiya.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
4.73
|
5.47 |
4.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.11
|
11.42 |
7.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.43 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.10
|
2.77 |
2.59 |
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Current Ratio (Current Asset/Current Liability) |
|
1.81
|
2.04 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
138.193
|
74.793 |
54.010 |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90145538 |
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Corporate
identity number of the company |
U25200MH2000PTC125313 |
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Name of the
company |
SYSTEMATIC INTEL
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
111, 1st Floor, |
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Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Indian Overseas Bank,
Nariman Point Branch, 'Bakhtawar', Nariman Point, Mumbai – 400 021, |
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Email |
|
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Nature of description
of the instrument creating or modifying the charge |
Letter of
Hypothecation in F-110E. |
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Date of
instrument Creating the charge |
04.11.2011 |
|
Amount secured by
the charge |
Rs.167.800
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 : BPLR + 0.75% p.a. (i.e.)
12.75% p.a. at present. Term Loan I, II
and III: BPLR + 1.25% p.a. (i.e.) 13.25% p.a. at present. LC / LG : Commission as per circular in force. Terms of
Repayment Cash Credit / LC
/ LG: Repayable on Demand. Term Loan I : Repayable in 60 monthly installments of
Rs.0.125 Millions from October' 2005. Term Loan II:
Repayable in 60 monthly installments of Rs.0.150 Million from May' 2009. Term Loan III :
Repayable in 60 monthly installments (First 59 monthly installments of
Rs.0.795 Millions and Last 60th
Installment of Rs.0.720 Million) after 3 months holiday from the date of
first disbursement. Margin Cash Credit : 25% on Stocks; 40% on
Book Debts. Term Loan
III : 25.95% Letter of Credit
(LC) : 15% Letter of
Guarantee (LG) : 15% Extent and
Operation of the charge The charge is to operate
as security, by way of first exclusive charge, for the due repayment of the
revised credit facility of Rs.167.800 Millions together with interests,
additional interests, costs, charges, expenses and all other moneys payable
by the Company to the Bank in terms of sanction. Others Facility Existing Revised [Limit (Rs. in Millions)] ------------ ----------- ------------- CC 40.000 80.000 Term Loan I 2.125 0.200 Term Loan II 9.000 7.700 Term Loan
III Nil 47.400 LC 17.500 30.000 LG 2.000 2.500 ------------- ------------ Total 70.625 167.800 |
|
Short particulars
of the property charged |
I) Hypothecation,
by way of first charge, of all the company's : a) Stocks which are stored / to stored at the
Company's premises or elsewhere. b) Book debts, receivables and all other
claims which may due and owing to the company from time to time. c) Machineries installed / to be installed at
the Company's premises, godowns or any other places. |
|
Date of latest
modification prior to the present modification |
21.07.2009 |
|
Particulars of
the present modification |
The amount
secured by the charge has been enhanced from Rs.70.625 Millions to Rs.167.800 Millions as detailed below : Facility Existing Revised [Limit (Rs. in Millions)] ------------ ----------- ------------- CC 40.000 80.000 Term Loan I 2.125 0.200 Term Loan II 9.000 7.700 Term Loan
III Nil 47.400 LC 17.500 30.000 LG 2.000 2.500 |
TRADE REFERENCES:
- KEC International, Silvassa
- Ador Welding Limited, Silvassa
FIXED ASSETS:
·
Land
·
·
Plant and Machinery
·
Electrical Fitting
·
Computer
·
Tool and Equipment
·
·
Motor Car and Vehicle
·
Air Condition
·
Control Panel
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.44.42 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.63.35 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.