MIRA
INFORM REPORT
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Report Date : |
22.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SAVAIR ENERGY LIMITED |
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Formerly Known As : |
ENERGY LOGISTICS PRIVATE LIMITED |
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Registered Office : |
Plot No. A-564, PTC Industrial Area, MIDC, Mahape, Navi Mumbai-400709,
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
22.01.2001 |
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Com. Reg. No.: |
130547 |
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CIN No.: [Company
Identification No.] |
U63011MH2001PLC130547 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME05321B |
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PAN No.: [Permanent
Account No.] |
AAACE8939M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Indian and International Equipments. |
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 210000 |
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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.
ECGC Country Risk Classification List – April 1, 2010
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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 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. A-564, PTC Industrial Area, MIDC, Mahape, Navi Mumbai-400709,
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Tel. No.: |
91-22-27781916/ 17/ 28/ 29/ 30/ 33 |
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Fax No.: |
91-22-27781935 |
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E-Mail : |
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Website : |
DIRECTORS
As on 27.07.2010
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Name : |
Mr. Arvind Hemraj Nagda |
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Designation : |
Director |
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Address : |
201, Jay Sivashakti CHS, |
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Date of Birth/Age : |
27.03.1974 |
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Date of Appointment : |
14.01.2008 |
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Name : |
Mr. Pasupathy Puthuseri Veedu |
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Designation : |
Director |
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Address : |
3, Ashiwini, B-Wing, Apna Gharl Housing Society, Andheri West, Mumbai-400053,
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Date of Birth/Age : |
30.07.1961 |
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Date of Appointment : |
14.01.2008 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
Building No. O, Flat No.1, Everdnagar, Scheme II, Easter Express
Highway, Sion, Mumbai- 400 022, |
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Date of Birth/Age : |
21.05.1960 |
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Date of Appointment : |
22.01.2001 |
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Name : |
Mr. Mathai Manapurah Thomas |
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Designation : |
Director |
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Address : |
NL-6, Building No.18, Room No.101, Phase- II, Sector – 18, Nerul, Navi
Mumbai-400 080, |
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Date of Birth/Age : |
09.11.1948 |
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Date of Appointment : |
01.02.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.07.2010
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Names of Shareholders |
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No. of Shares |
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814450 |
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56250 |
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2500 |
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2500 |
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Mathai Manapurah Thomas |
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100 |
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Arvind Hemraj Nagda |
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100 |
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Pasupathy Puthuseri Veedu |
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100 |
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Harsha Manoj Katira |
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100 |
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Artillegence Bio Innovations Limited, |
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18000 |
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Kapindra Multitrade Private Limited, |
|
50000 |
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RFL International Limited, |
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50000 |
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Terry Towel Industries Limited, |
|
5900 |
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Total |
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1000000 |
As on 27.07.2010
|
Category |
Percentage |
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Bodies corporate |
12.39 |
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Directors or relatives of Directors |
87.61 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Indian and International Equipments. |
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GENERAL INFORMATION
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Customers : |
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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. Arvind Bansal Chartered Accountant |
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Address : |
3036/3091, Bhandup Industrial Estate, L.B.S Marg, Bhandup (West)l,
Mumbai-400078, |
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Tel. No.: |
91-22-40129638/ 39 |
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Fax No.: |
91-22-40129640 |
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E-Mail : |
CAPITAL STRUCTURE
As on 27.07.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.146 |
31.558 |
9.295 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.146 |
41.558 |
14.295 |
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LOAN FUNDS |
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1] Secured Loans |
67.829 |
61.151 |
21.280 |
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2] Unsecured Loans |
42.333 |
15.024 |
7.576 |
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TOTAL BORROWING |
110.162 |
76.175 |
28.856 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
163.308 |
117.733 |
43.151 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
73.282 |
67.224 |
47.038 |
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Capital work-in-progress |
10.022 |
0.00 |
0.000 |
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INVESTMENT |
0.013 |
0.013 |
0.013 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.025
|
17.060 |
6.350
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Sundry Debtors |
96.777
|
135.134 |
59.759
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Cash & Bank Balances |
17.179
|
16.817 |
23.102
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Other Current Assets |
1.834
|
1.294 |
0.000
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Loans & Advances |
23.575
|
23.228 |
11.843
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Total
Current Assets |
169.390
|
193.533 |
101.054
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
50.653
|
108.193 |
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Other Current Liabilities |
4.707
|
13.855 |
92.632
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Provisions |
34.069
|
21.049 |
12.410
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Total
Current Liabilities |
89.429
|
143.097 |
105.042
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Net Current Assets |
79.961
|
50.436 |
[3.988]
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MISCELLANEOUS EXPENSES |
0.030 |
0.060 |
0.088 |
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TOTAL |
163.308 |
117.733 |
43.151 |
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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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SALES |
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Income |
283.750 |
288.791 |
261.260 |
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Other Income |
NA |
1.475 |
2.046 |
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TOTAL (A) |
NA |
290.266 |
263.306 |
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Less |
EXPENSES |
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Manufacturing Expenses |
|
230.866 |
187.142 |
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Trading and Other Expenses |
|
14.154 |
8.624 |
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Administrative and Distribution Expense |
NA |
25.694 |
45.520 |
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Selling and Distribution Expense |
|
2.305 |
2.804 |
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Preliminary and pre Operative Expenses
written off |
|
0.030 |
0.030 |
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Increase/(Decrease) in Finished Goods |
|
(10.710) |
0.655 |
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TOTAL (B) |
NA |
262.339 |
244.775 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
16.391 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
9.823 |
6.060 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
12.471 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
2.468 |
1.609 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.060 |
15.636 |
10.862 |
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Less |
TAX (H) |
6.470 |
5.764 |
3.998 |
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PROFIT AFTER TAX
(G-H) (I) |
11.590 |
9.872 |
6.864 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.170 |
9.300 |
2.432 |
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BALANCE CARRIED
TO THE B/S |
30.760 |
19.170 |
9.295 |
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Earnings Per
Share (Rs.) |
11.59 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
3.40 |
2.61
|
|
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Net Profit Margin (PBT/Sales) |
(%) |
6.36
|
5.41 |
4.16
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.44
|
6.00 |
7.33
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.38 |
0.76
|
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Debt Equity Ratio (Total Liability/Networth) |
|
3.76
|
5.28 |
9.37
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Current Ratio (Current Asset/Current Liability) |
|
5.26
|
1.35 |
0.96
|
LOCAL AGENCY FURTHER INFORMATION
Operating Results
and Business:
The company continued to see strong and profitable growth in the financial
year 2009-2010 and bigger successive opportunity in following years by good
performance in the existing areas of business. For the financial year ended 31st
March 2010, their was marginal decrease in aggregate turnover from Rs.288.790
millions to Rs.283.750 millions. However the aggregate income of the company
has increased from Rs.15.640 millions to Rs.18.060 Millions.
The company had received orders worth Rs.1100.000 millions from
prestigious companies/ Institution like ONGC, BARC and Semi Conductors Limited.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U63011MH2001PLC130547 |
|
Name of the
company |
SAVAIR ENERGY LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. A-564, PTC Industrial Area, MIDC, Mahape, Navi Mumbai-400709,
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|
This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Bank of India, Mid Corporate Branch, Bank of India Building, Shivaji
Path, Thane-400 601, Maharasahtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of plant and machinery, stocks
and book debts |
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Date of
instrument Creating the charge |
07.12.2010 |
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Amount secured by
the charge |
Rs.60.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 4.00% above BOI
base rate presently 12.5% pa with monthly rest. Terms of
Repayment In 3 installments
of Rs.20.000 millions each commencing from May'2011 till July'2011 Extent and
Operation of the charge All project
assets and receivables in respect of projects with ONGC (contract no
MR/MH/MM/LSTK/RO/IA - UA COMP/192(R)/08-09/Y150 CO 9002 / PC - 7003 and
contract with semi conductor laboratory (contract no 34689 dtd 25/05/2010) |
|
Short particulars
of the property charged |
All project
assets and receivables in respect of projects with ONGC (contract no
MR/MH/MM/LSTK/RO/IA - UA COMP/192(R)/08-09/Y150 CO 9002 / PC - 7003 and
contract with semi conductor laboratory (contract no 34689 dtd 25/05/2010) |
Fixed Assets:
·
Building
·
Furniture and Fixtures
·
Office Equipments
·
Computer
·
Factory Equipments
·
Motor Vehicles
·
Plot
AS PER WEBSITE
Profile:
Subject is an ISO 9001-2000 certified project-management company focused
on EPC solutions and LSTK contracts. The company has been promoted by
professionals with more than two decades of experience in the field of design,
engineering, piping, process, heavy fabrication, project execution and
industrial automation industries.
SAVAIR has been associated with leading Indian and international
equipments manufacturers in various fields to offer solutions in EPC and LSTK
contracts to the valued customers.
Commitment
Subject Is fully committed to their customers; and fulfills its commitment
in terms of quality, technology, life cycle cost, delivery period,
implementation plans and after sales support. They have been very successful in
honoring all the commitment to all the customers for execution of projects
within the stipulated period.
Capability and
Activities
The activities are focused on EPC and LSTK projects for the customers
spread across various industrial segments. They carry out all the activities of
the entire life cycle of EPC / LSTK projects, which include Design, Engineering,
Procurement, Manufacturing, Supply, Erection, Comissioning of Process Units,
Tank Farms, Utility Plants, Skidded Packages, etc.
Growth and Finance
The company has track record of excellent growth from the very beginning
in terms of turnover, equipment sale and clientele. As on date they already
have turnover of 265 million for the FY 2007-08. A team of 45 dedicated person
are working for the same. In the last one-year alone they have generated more
than 500 live energy saving project enquiries for optimizers through the energy
studies and sales promotion activities. They are planning for a growth in the
tune of 400 to 1000 millions of turnover in the coming two to three years with
adding skidding solutions and chiller division. With new activity of Turnkey
services internationally they expect a phenomenal growth in the coming years.
The company has a sound financial background and complete support of
nationalized banks for future expansion and execution of big projects.
The commitment to
environment:
Contribution toward CDM (clean
development mechanism) by energy conservation
Energy Audits are the first initiative to analyze and evaluate the
Energy efficiency and Performance of the system. It directly helps to recommend
methods and means to save energy and improve energy efficiency. Re-engineering,
optimization, automation and retro fitting the existing equipments with proven
energy efficient equipments achieve energy conservation. Besides these, it is
equally essential to train the technical team for maintaining the system at
high efficiency level consistently through monitoring and upkeep in sound
condition. To confirm continued performance and consistent saving, they also
carry out post installation audit on regular basis even after implementation.
The bigger picture is that while these activities save large amount of
energy and reduce production cost, they directly contribute to reduction of
carbon emission (CO2) to the environment. This helps CDM process.
They, at subject, derive tremendous satisfaction and feel proud for the
contribution which they have already made for THE BETTERMENT of the world
environment improvement by implementing various energy saving projects.
They shall be in a position to ensure implementation in specified time
frame and establish the savings besides stabilizing production processes. They
shall ensure the consistency in saving by monitoring, training people and post
auditing the plant on regular basis.
EPC Services
They offer Engineering, Procurement, Construction services for building
plants to part of utility. They have been promoted by professionals with more
than two decades of experience in the field of Design, Engineering, Project
Execution, Instrumentation and Industrial Automation industries.
The EPC services today makes a very big part of the company's revenues
and they intend to fully leverage the rich experience in variety of fields.
They have capability to take up projects practically in all engineering
disciplines, not only basic disciplines like Mechanical, Electrical or Civil
engineering, but also more complex branches like Petrochemical or Power
industry. Having technical or commercial capability is just one aspect out of
several criteria to become a successful EPC contractor - crunch the schedule,
staff-in and staff-out the project at right time with right type of manpower,
etc. etc. We are glad to boast that they have successfully executed the
projects that seemed impossible to the competitors.
Today they are equipped to offer EPC services in the following fields:
·
Gas / Air Compressor Systems
·
Piping of Steam / Gas / Air / Water
·
Steam Generator (Boiler)
·
Steam Turbine
·
Fuel handling system
·
Ash handling system
·
Cooling tower and Process Cooling Systems
·
Chilling Plants
·
Fire Fighting Systems
·
DM water plant
·
Sewage treatment plant
·
Diesel Generator / Gas Generator Package
·
ESP
·
Electrical switchyards and distribution systems
·
Heat exchangers
·
Pressure vessels and Storage Tanks
·
Waste heat recovery systems
·
Instrumentation and Automation
·
Civil and Structural engineering
·
Heavy engineering fabrication
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.45.05 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.63.81 |
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.