MIRA
INFORM REPORT
|
Report Date : |
12.01.2010 |
Note : The registered office address of the company has
been shifted from 402, Om Complex, Near Swastikchar, Rasta, C G Road, Ahmedabad
– 380009, Gujarat, India to above address.
IDENTIFICATION DETAILS
|
Name : |
SOFTEL MACHINES LIMITED |
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Registered Office : |
Plot No. 69, Sector 1-A, Gandhidham – 370201, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.05.1992 |
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Com. Reg. No.: |
04-17600 |
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CIN No.: [Company
Identification No.] |
U29190GJ1992PLC017600 |
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IEC No.: |
2095000072 |
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PAN No.: [Permanent
Account No.] |
AAECS2783F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Home Appliances. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Poor Corporate Governance |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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Comments : |
The management has not filed the financials of the company with the
government departments after 2008. As per the available financials of 2008,
there appears huge accumulated losses recorded by the company. Payment terms are not
known. The company can be considered for business dealings on a secured 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. P. P. Krishnakumar |
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Designation : |
G. M. (Operation) |
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Contact No.: |
91-9426217227 |
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Date : |
10.01.2011 |
LOCATIONS
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Registered Office : |
Plot No. 69, Sector No. 1- A, Gandhidham - 370201, |
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Tel. No.: |
91-2836-329679 |
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Tel. No.: |
91-9426217227 |
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Fax No.: |
91-2836-222830 |
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E-Mail : |
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Branch : |
40, Indrapuri Apartment, Mithaklli, Ahmedabad-380009, |
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Tel. No.: |
91-79-26565822 |
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Fax No.: |
91-79-26426147 |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Ploy 15, 16, Survey No. 320, Village Nani Ghirai Kutch, |
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Tel. No.: |
91-2836-329679 |
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Area : |
40000 sq.ft |
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Location : |
Owned |
DIRECTORS
AS ON : 28.08.2008
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Name : |
Mr. Anilkumar V Jain |
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Designation : |
Chairman cum Managing Director |
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Date of Birth/Age : |
51 years |
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Address : |
Plot No. 155, Ward 12-C, Gandhinagar-370201, |
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Qualification : |
BE, MBA |
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Date of Appointment : |
08.02.1995 |
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Name : |
Mrs. Bhairaviben A Jain |
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Designation : |
Director |
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Date of Birth/Age : |
47 years |
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Address : |
Plot No. 155, Ward 12-C, Gandhidham-370201, |
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Qualification : |
Architect |
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Date of Appointment : |
11.05.1992 |
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Name : |
Mrs. Anitaben R Jain |
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Designation : |
Director |
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Date of Birth/Age : |
52 years |
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Address : |
Plot No. 156, Ward 12-C, Gandhidham-370201, |
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Qualification : |
BSC |
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Date of Appointment : |
08.02.1995 |
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Name : |
Mr. Chandrubhai Kalro |
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Designation : |
Director |
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Address : |
P-55, Sector – 10, 7th Main Jivanvima, Bangalore-400075, |
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Date of Appointment : |
01.09.2002 |
SHAREHOLDING PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 28.08.2008
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Home Appliances |
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Products : |
·
Domestic Flour Mill ·
Hand Blender Turbo ·
Hand Blender Sleek With Chutney Maker ·
Juicer ·
Soda Maker ·
ICE Cream Maker ·
Atta Kneader ·
Mixer Grinder ·
Wet and Dry Grinder Royale ·
·
Momerwa- RO Domestic Models ·
Minerawa – Maxflo Models |
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Indirect Exports of : |
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Products : |
Raw Material |
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Countries : |
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Importer of : |
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Products : |
Raw Material and Finished Products |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
Retailers ·
Wholesalers ·
End Users ·
Institution ·
Apollo Tyres ·
·
IOCL ·
BPCL ·
EIL ·
Philips ·
Godrej ·
Prestige ·
IFB ·
Essar ·
Sandesh ·
Femina ·
Asian Sky Shop ·
Intas Pharma ·
Glaxo ·
Plethico ·
Jhonson and Jhonson |
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No. of Employees : |
100 (In office -30 and In factory -70) |
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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 : |
Mr. Satish Chartered Accountant |
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Address : |
214, P and P Plaza, Plot No. 314/ 12B, Near LIC, Gandhidham-370201, |
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Tel. No.: |
91-2836-235541 |
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Mobile No.: |
91-9824229541 |
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E-Mail : |
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Associates / Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1249460 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.495
Millions |
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(Of the above shares 49970 shares allotted
as fully paid up pursuant to a contract without payments being received in
cash) |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2010 |
31.03.2009 |
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Sales Turnover (Approximately) |
|
120.000 |
120.000 |
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Expected Sales (2010-2011) : Rs. 150.000 millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.495 |
12.495 |
12.495 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.534 |
19.534 |
19.534 |
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4] (Accumulated Losses) |
[27.006] |
[28.367] |
[20.253] |
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NETWORTH |
5.023 |
3.661 |
11.776 |
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LOAN FUNDS |
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1] Secured Loans |
56.178 |
54.746 |
65.754 |
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2] Unsecured Loans |
4.223 |
2.247 |
2.040 |
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TOTAL BORROWING |
60.401 |
56.993 |
67.794 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.424 |
60.654 |
79.570 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.386 |
10.973 |
11.748 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.066 |
0.066 |
0.066 |
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DEFERREX TAX ASSETS |
1.386 |
1.386 |
1.386 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
46.354
|
46.065 |
48.113 |
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Sundry Debtors |
23.817
|
31.493 |
36.081 |
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Cash & Bank Balances |
1.222
|
0.804 |
0.417 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.127
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5.684 |
5.714 |
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Total
Current Assets |
79.520
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84.046 |
90.325 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
25.934
|
35.817 |
23.955 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
25.934
|
35.817 |
23.955 |
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Net Current Assets |
53.584
|
48.229 |
66.370 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.424 |
60.654 |
79.570 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2007 |
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Sales Turnover |
44.775 |
25.327 |
12.296 |
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Other Income |
1.908 |
0.639 |
1.166 |
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Total Income |
46.683 |
25.966 |
13.462 |
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Profit/(Loss) Before Tax |
1.361 |
[8.114] |
[10.165] |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
1.361 |
[8.114] |
[10.165] |
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Expenditures : |
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Manufacturing Expenses |
1.763 |
0.995 |
1.228 |
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Administrative Expenses |
1.464 |
1.058 |
9.732 |
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Raw Material Consumed |
5.019 |
5.507 |
6.511 |
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Packing Material Consumed |
0.282 |
0.592 |
0.272 |
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Purchases made for re-sale |
31.117 |
14.784 |
1.344 |
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Excise Duty |
0.103 |
0.720 |
0.581 |
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Employees Remuneration and Benefits |
1.381 |
1.548 |
2.048 |
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Increase/(Decrease) in Finished Goods |
[0.395] |
[1.339] |
0.518 |
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Directors remuneration |
0.900 |
0.462 |
0.462 |
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Interest/ Finance and Bank Charges |
3.058 |
8.953 |
0.000 |
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Preliminary Expenses written off |
0.000 |
0.000 |
0.080 |
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Depreciation & Amortization |
0.589 |
0.783 |
0.841 |
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Prior period adjustment |
0.041 |
0.017 |
0.010 |
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Total Expenditure |
45.322 |
34.080 |
23.627 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.92
|
[31.25] |
[75.51] |
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Net Profit Margin (PBT/Sales) |
(%) |
3.04
|
[32.04] |
[82.67] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.51
|
[8.54] |
[9.96] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
[2.22] |
[0.86] |
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Debt Equity Ratio (Total Liability/Networth) |
|
17.19
|
25.35 |
7.79 |
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Current Ratio (Current Asset/Current Liability) |
|
3.07
|
2.35 |
3.77 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES :
- Reliance
Associates
- Sunpoint
Appliances – Ahmedabad
FORM : 8
Bankers Charges
Report as per Registry
|
Name of the company |
SOFTEL MACHINES LIMITED |
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Presented By |
Sate Bank of
Saurashtra, Gandhidham |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of small Industrial Advance and Hypohtcation Thecation of
movables book debts and other assets date – 12.08.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.600
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 |
All present and
future goods, Book Debts, Movables and other assets of the company including
documents of title to goods and other asset such as outstanding monies,
receivables, claims, silis, invoices, documents, contracts, engagements,
securities, investments and right and the presence and all future machineries
belongin and all in the possession of the company wherever lying, stores or
kept. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurashtra, Gandhidham |
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6) Date and brief description of instrument modifying the charge |
14.08.2001
general agreement (Term Loan) for Small industrial advance. 14.08.2001 – 4
ancilllary Agreement for overdraft
against book debts limit Incrent form Rs.
55.000 millions to 57.500 Millions |
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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. |
The revision in
limits, sanction of new limits and revision in rates as follows:
|
Fixed Assets:
·
Air-Conditioner
·
Building –
·
Computer
·
Electric Installation
·
·
Factory Equipment
·
Fax Machine
·
Free
·
Glow Sign Board
·
Humidity Testing Machines
·
Machinery
·
Mobile Hand Set
·
Moulds and Dies
·
Office Equipments
·
Plant and Machinery
·
Site land Development
·
Tools and Teckles
·
Vehicles
·
Printer
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 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. 45.32 |
|
|
1 |
Rs. 70.54 |
|
Euro |
1 |
Rs. 58.70 |
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.