BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
SARGAM
DIECASTINGS PRIVATE LIMITED |
Principal Name 1 |
Mr. Sarathi Arun |
|
Status |
New company |
Principal Name 2 |
Mr. Srivatsan Subramaniam |
|
|
|
Registration # |
18 – 66985 |
|
Street Address |
|
||
|
Established Date |
25.03.2008 |
SIC Code |
-- |
|
Telephone# |
91-44-42213333 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-42213399 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Aluminum Dyecasts Commodities |
|
|
# of employees |
200 |
Product Name 2 |
- |
|
Paid up capital |
50,000,000 |
Product Name 3 |
- |
|
Shareholders |
Directors
or relatives of directors -60% |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
2 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
Subsidiary Company |
Country
|
Company
Name |
Marvel Mactech Private Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
86,062,000 |
Current Liabilities |
139,047,000 |
|
Inventories |
152,110,000 |
Long-term Liabilities |
243,265,000 |
|
Fixed Assets |
166,778,000 |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
382,312,000 |
|
Invest& other Assets |
10,605,000 |
Retained Earnings |
-- |
|
|
|
Net Worth |
33,243,000 |
|
Total Assets |
415,555,000 |
Total Liab. & Equity |
415,555,000 |
|
Total Assets (Previous Year) |
333,748,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
239,723,000 |
Net Profit |
6,434,000 |
|
Sales(Previous yr) |
185,165,000 |
Net Profit(Prev.yr) |
(23,192,000) |
MIRA INFORM
REPORT
|
Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SARGAM DIECASTINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
25.03.2008 |
|
|
|
|
Com. Reg. No.: |
18 – 66985 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29230TN2008PTC066985 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Aluminum Dyecasts Commodities |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 132972 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an establish company having moderate track. There appears
some accumulated losses recorded by the company. 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 |
INFORMATION PARTED BY
|
Name : |
Mr. Rajiv |
|
Designation : |
Manager |
|
Contact No.: |
91-9884025960 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-44-42213315 |
|
Fax No.: |
91-44-42213399 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
3/139, |
|
Tel. No.: |
91-44-42213333 |
|
Fax No.: |
91-44-42213399 |
|
Location : |
Owned |
|
|
|
|
Overseas Office
: |
Tel No: +1 248-577-6050 Fax: +1 248-577-6030 European partner EMDI
S.A Zone Industrielle Z.A.R.E, L-4384 Ehlernage – Tel. ++ 352 / 55 61 25 -1 Fax: ++ 352 / 55 61 25 -21 |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Srivatsan Subramaniam |
|
Designation : |
Managing Director |
|
Address : |
25, Desika Road, Mylapore, Chennai – 600 028, |
|
Date of Birth/Age : |
26.12.1961 |
|
Date of Appointment : |
25.03.2008 |
|
|
|
|
Name : |
Mr. Sarvesh Sunkara |
|
Designation : |
Director |
|
Address : |
1, Third Link Street, R. A. Puram, Chennai - 600 028, |
|
Date of Birth/Age : |
23.10.1961 |
|
Date of Appointment : |
15.11.2008 |
|
|
|
|
Name : |
Mr. Sundaresan K Ramanathan |
|
Designation : |
Director |
|
Address : |
A- 1, Ceebros Sri Saradha Niwas , 213 Srinivasa Avenue Road, R.
A. Puram, Chennai - 600 028 |
|
Date of Birth/Age : |
19.02.1967 |
|
Date of Appointment : |
15.11.2008 |
|
|
|
|
Name : |
Mr. Narayanan Lakshmana Subramanian |
|
Designation : |
Director |
|
Address : |
2026, Sobha Jasmine Apts; Outer Ring Road, Sajapur, Bangalore-560 103, |
|
Date of Birth/Age : |
10.05.1962 |
|
Date of Appointment : |
15.11.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sargam Metals Private Limited, |
|
2000000 |
|
Sriatsan Subramaniam |
|
1000000 |
|
Vasanthy Srivatsan |
|
1000000 |
|
Sunkara Sarvesh |
|
674392 |
|
Vamsi S |
|
5000 |
|
K R Sundaresan |
|
320608 |
|
Total |
|
5000000 |
AS ON 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
40.00 |
|
Directors
or relatives of directors |
|
60.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Aluminum Dyecasts Commodities |
|
|
|
|
Exports : |
|
|
Products : |
Aluminum Dye Cast Commodities |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
Unit |
|
Licensed
Capacity |
Installed
Capacity |
|
Man Power |
Per Day |
|
250 |
180 |
|
Machine Power |
HP |
|
1000 |
525 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
200 (Office-50, Factory-150) |
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Bankers : |
State Bank of New Link Overseas Finance Limited, Mamatta Complex , 2nd
Floor, 13, |
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Facilities : |
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagannathan and Sargeswaran Chartered Accountant |
|
Address : |
No.35, |
|
|
|
|
Associates/Subsidiaries : |
Marvel Mactech Private Limited CIN No.: U29130TN2007PTC064391 |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Share |
Rs.10/- Each |
Rs.70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs.50.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
50.000 |
50.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(16.757) |
(23.192) |
|
|
NETWORTH |
|
33.243 |
26.808 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
143.212 |
106.121 |
|
|
2] Unsecured Loans |
|
100.053 |
99.001 |
|
|
TOTAL BORROWING |
|
243.265 |
205.122 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
276.508 |
231.930 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
166.778 |
142.058 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
10.000 |
10.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
152.110 |
107.863 |
|
|
Sundry Debtors |
|
59.867 |
30.865 |
|
|
Cash & Bank Balances |
|
4.313 |
5.847 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
21.882 |
32.085 |
|
Total
Current Assets |
|
238.172 |
176.660 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
114.612 |
81.945 |
|
|
Other Current Liabilities |
|
22.692 |
19.873 |
|
|
Provisions |
|
1.743 |
0.000 |
|
Total
Current Liabilities |
|
139.047 |
101.818 |
|
|
Net Current Assets |
|
99.125 |
74.842 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.605 |
5.030 |
|
|
|
|
|
|
|
|
TOTAL |
|
276.508 |
231.930 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
239.723 |
183.503 |
|
|
|
Other Income |
|
2.540 |
1.662 |
|
|
|
TOTAL (A) |
|
242.263 |
185.165 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
|
163.573 |
148.943 |
|
|
|
Salaries and Other Benefits |
|
23.254 |
21.478 |
|
|
|
Administrative Expenses |
|
11.860 |
16.452 |
|
|
|
TOTAL (B) |
|
198.687 |
186.873 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
43.576 |
(1.708) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
23.888 |
8.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
19.688 |
(10.288) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
13.226 |
10.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
6.462 |
(20.375) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
0.028 |
2.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
6.434 |
(23.192) |
|
Expected Sales (2010-2011) : Rs.300.000 millions
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.67 |
(11.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.60 |
(6.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.19 |
(0.76) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
11.50 |
11.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.71 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
Financial
Highlights:
The
year in review was the second year
of independent operations of the company and it unfortunately turned around the performance compared to the
previous year. Thought the
global recession is still Iimping back to normally, the domestic market had made
a smart recovery from the financial crisis. This helped us to make marginal
profits for the current year. In order to cater to the growing needs of the
customers, a unit at Thirumudivakkam had been taken on lease for a period of 10
years renewable at the option of the company. The fruits of this operation will
provide us more cash flows in the years to come as the concentration will be on
labour conversation of the customers materials than on selling of the products.
The company achieved a sales figure of Rs239.700
millions as against projected sales
of Rs.185.100 millions.
Outlook:
The outlook for the company looks extremely good. With more and more Diecasting companies in the
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29230TN2008PTC066985 |
|
Name of the
company |
SARGAM
DIECASTINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Others Hypothecation of
machinery |
|
Particular of
charge holder |
New Link Overseas
Finance Limited, Mamatta Complex, II Floor,13, |
|
Nature of
description of the instrument creating or modifying the charge |
Loan Cum
Hypothecation of Machinery - Generator, Value of The Machine Is Rs.2.880
millions |
|
Date of
instrument Creating the charge |
05.10.2009 |
|
Amount secured by
the charge |
Rs.2.600 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9.50%- Flat Terms of
Repayment Repayable in 40
monthly installments Margin NIL Extent and
Operation of the charge NIL |
|
Short particulars
of the property charged |
3/139, |
TRADE REFERENCES:
·
HP
·
Ford
·
Turbo Energy Limited
Fixed Assets:
·
Computer and Accessories
·
Electrical and Fittings
·
Factory Equipments
·
Office Equipments
·
Plant and Machinery
·
Storage
·
Tools and dies
·
Vehicles
·
Furniture
·
Guest House Property
·
Land and Building
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.