1. Summary Information
|
|
|
Country |
|
|
Company Name |
SOLAS FIRE
SAFETY EQUIPMENT PRIVATE LIMITED |
Principal Name 1 |
Mr. Nagraj Ramesh Shenoy |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Kavita Nagraj Shenoy |
|
|
|
Registration # |
08-30780 |
|
Street Address |
No. 2, 1st
|
||
|
Established Date |
18.07.2002 |
SIC Code |
-- |
|
Telephone# |
91-80-40839396 |
Business Style 1 |
Service Provider |
|
Fax # |
91-80-40839397 |
Business Style 2 |
Trader |
|
Homepage |
Product Name 1 |
Fire Fighting Products |
|
|
# of employees |
-- |
Product Name 2 |
Security Systems |
|
Paid up capital |
Rs.2,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or
relatives of Directors - 99.89% Other top fifty shareholders -
0.11% |
Banking |
Syndicate Bank |
|
Public Limited Corp. |
NO |
Business Period |
9 years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
35,989,000 |
Current Liabilities |
24,901,000 |
|
Inventories |
28,650,000 |
Long-term Liabilities |
38,850,000
|
|
Fixed Assets |
9,635,000 |
Other Liabilities |
0 |
|
Deferred Assets |
208,000 |
Total Liabilities |
63,751,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
8,731,000 |
|
|
|
Net Worth |
10,731,000 |
|
Total Assets |
74,482,000 |
Total Liab. & Equity |
74,482,000 |
|
Total Assets (Previous Year) |
49,374,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
80,569,000 |
Net Profit |
2,331,000 |
|
Sales(Previous yr) |
87,040,000 |
Net Profit(Prev.yr) |
2,273,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOLAS FIRE SAFETY EQUIPMENT PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
No. 2, 1st |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.07.2002 |
|
|
|
|
Com. Reg. No.: |
08-30780 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299KA2002PTC030780 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS12334A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider and Trader of Fire Fighting Products and Security
Systems. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 42000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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/Corporate Office : |
No. 2, 1st |
|
Tel. No.: |
91-80-40839396 |
|
Fax No.: |
91-80-40839397 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located at :
|
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Nagraj Ramesh Shenoy |
|
Designation : |
Managing Director |
|
Address : |
Old # 35, New # 62, 3rd Cross, Ashwathnagar, |
|
Date of Birth/Age : |
20.08.1966 |
|
Date of Appointment : |
18.07.2002 |
|
DIN No. : |
00759009 |
|
|
|
|
Name : |
Mrs. Kavita Nagraj Shenoy |
|
Designation : |
Director |
|
Address : |
Old # 35, New # 62, 3rd Cross, Ashwathnagar, |
|
Date of Birth/Age : |
14.02.1972 |
|
Date of Appointment : |
18.07.2002 |
|
DIN No. : |
00753453 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Nagraj Ramesh Shenoy |
|
149790 |
|
Kavita Nagraj Shenoy |
|
50000 |
|
Gopal Das Thakurdas |
|
10 |
|
Mahesh J |
|
10 |
|
Srivalli R |
|
10 |
|
Jyotsna P. Karlo |
|
10 |
|
Manak Bai |
|
10 |
|
Radhakrishna Das Karlo |
|
10 |
|
Roshni K. Kinger |
|
10 |
|
Manoj Bhatia |
|
10 |
|
Sampathraj Kothari |
|
10 |
|
Kailash |
|
10 |
|
Doulatram Chetandas |
|
10 |
|
Kishandas Jethanand |
|
10 |
|
Kowshalya Doulatram |
|
10 |
|
M.D. Bhatija |
|
10 |
|
Dinesh Bhatia |
|
10 |
|
Rajesh Bhatia |
|
10 |
|
Dinesh |
|
10 |
|
Hemalatha B |
|
10 |
|
Jayantilal Kothari |
|
10 |
|
Ramesh Kumar |
|
10 |
|
Sandeep Talreja |
|
10 |
|
Total |
|
200000 |
As on 29.09.2009
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.89 |
|
Other top fifty shareholders |
0.11 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider and Trader of Fire Fighting Products and Security
Systems. |
||||
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|
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Products : |
|
GENERAL INFORMATION
|
Customers : |
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Bankers : |
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Facilities : |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Padiyar and Associates Charterd Accountant |
|
Address : |
No. 127, 2nd Floor, Shashi Arcade, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/-each |
Rs.2.000
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 |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.731 |
6.400 |
4.127 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.731 |
8.400 |
6.127 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.074 |
19.472 |
12.362 |
|
|
2] Unsecured Loans |
8.776 |
13.429 |
19.799 |
|
|
TOTAL BORROWING |
38.850 |
32.901 |
32.161 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.129 |
|
|
|
|
|
|
|
|
TOTAL |
49.581 |
41.301 |
38.417 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.635 |
4.456 |
1.742 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.208 |
0.088 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
28.650
|
19.156 |
12.049 |
|
|
Sundry Debtors |
30.302
|
19.859 |
28.763 |
|
|
Cash & Bank Balances |
2.224
|
2.004 |
0.095 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.463
|
3.806 |
3.591 |
|
Total
Current Assets |
64.639
|
44.825 |
44.498 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.348
|
2.498 |
4.323 |
|
|
Other Current Liabilities |
8.192
|
4.210 |
2.204 |
|
|
Provisions |
1.361
|
1.365 |
1.316 |
|
Total
Current Liabilities |
24.901
|
8.073 |
7.843 |
|
|
Net Current Assets |
39.738
|
36.752 |
36.655 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
49.581 |
41.301 |
38.417 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
80.569 |
87.040 |
76.818 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
69.445 |
76.448 |
68.348 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.124 |
10.592 |
8.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.862 |
6.356 |
4.229 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.262 |
4.236 |
4.241 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.223 |
0.810 |
0.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.039 |
3.426 |
3.714 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.708 |
1.153 |
1.301 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2.331 |
2.273 |
2.413 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.65 |
11.37 |
12.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.89
|
2.61 |
3.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.44
|
6.95 |
8.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.41 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.94
|
4.88 |
6.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.60
|
5.55 |
5.67 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U29299KA2002PTC030780 |
|
Name of the
company |
SOLAS FIRE SAFETY EQUIPMENT PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 2, 1st |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10147826 |
|
Type of charge |
Others |
|
Particular of
charge holder |
Syndicate Bank, No. 394, 13th Cross, |
|
Nature of
instrument creating charge |
Omnibus Counter
Guarantee Agreement dated 11.02.2011 |
|
Date of
instrument Creating the charge |
11.02.2011 |
|
Amount secured by
the charge |
Rs.42.200
Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Flat No. 207, 2nd
Floor, |
|
Date of
instrument modifying the charge |
03.02.2010 |
|
Particulars of
the present modification |
Total limit has
been enhanced from existing limit of Rs.37.200 Millions to Rs.42.200 Millions
by creation of additional bank guarantee of Rs.5.000 Millions. |
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from No.6, Sriranga
Nilaya, 3rd Cross, Nehru Nagar,
FUTURE BUSINESS :
2010-2011 being the Ninth year of its operation of the company, the
company has already achieved a turnover (Provisional) of Rs.48.000 Millions up
to August 2010 and has a good order booking position of Rs.97.500 Millions. The
company has tied up with the various companies from
WEBSITE DETAILS
Company Profile :
Subject began
in 1999, With the Philosophy of “Best Systems, Technology and Quality”, over a
period it has grown in its Endeavour and today it is one of the leading companies
in India, providing Fire Protection and Security System, having Head Office at
Bangalore and Branches in all Major Metro/ Cities
Subject started with two engineers to hundreds of employees over a decade, it has put great emphasis on growing and developing its team in their specialized fields with strong belief that the company’s growth depends on its employees as well as being flexible, responsive and adoptive to the changing economic and global conditions.
Subject dictum is consistently maintained “Quality comes first and safety as its priority”
Subject commits itself to deliver better quality products, responsive quick after sale service and technical support to maintain the highest level of customer satisfaction in every aspect round the clock.
Subject has forged alliances with host of global leader in Fire Protection & Security System field. A real Measure of subject’s Reliability, Expertise, Track record and Holistic approach.
Subject has expertise in offering turnkey Fire Protection and Security Systems complying to Indian codes and standards, also it has Global networking which can provide Fire Protection and Security Solution sequence components from reputed Foreign Agencies with International Approvals and Specifications to meet global standards.
SOLAS VISION: To be a leading client’s centric organization, focused on providing outstanding designs, products and services in Fire Protection and Security Systems with most economical solutions.
Subject has expertise
in offering turnkey Fire Protection and Security Solution to the various
clients i.e. IT, Residential / Commercial Complex, Pharma / Bulk Drug Plants,
Banks / Financial Institutions, Hospitals, Educational Institutions,
Manufacturing Industries, Telecommunication Division, Petrochemical, Refinery,
Hotels, etc., throughout Major Metro Cities.
Subject professionalism and integrity has been continues to be the way it chooses to run its business and personal hands- on approach sets us apart in the Marketplace.
FIXED ASSETS :
- Computers
- Mobile Phone
- Office Equipments
- Plant and Machinery
- Tools and Tackles
- Furniture and Fixtures
- Tata Ace Vehicle
- Maruti G. Vitara
- Maruti SX 4
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
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.