MIRA
INFORM REPORT
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Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SAFEGEAR PRODUCTS INDIA PRIVATE LIMITED |
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Registered
Office : |
AII/603, Kunal Puram, Opposite Atlas Copco Limited, Dapodi, Pune –
411012, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.08.2005 |
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Com. Reg. No.: |
25-021130 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U25199PN2005PTC021130 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES15211A |
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Legal Form : |
Private Limited Liability of the company |
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Line of Business
: |
Manufacturer and Dealer of Industrial Safety Shoes |
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No. of Employees
: |
30 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1000 |
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Status : |
Small company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. It’s scale of activities are
limited. Trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some caution.
The Profit and loss of the company is not available |
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 (GENERAL DETAILS)
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Name : |
Mr. Digvijaysingh N. Pathania |
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Designation : |
Director |
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Contact No.: |
91-9423093045 |
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Date : |
06.05.2011 |
LOCATIONS
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Registered Office : |
AII/603, Kunal Puram, Opposite Atlas Copco Limited, Dapodi, Pune –
411012, |
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Mobile No.: |
91-9423093045 (Mr. Digvijaisingh N. Pathania) |
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E-Mail : |
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Website : |
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Area : |
1500 sq.ft |
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Location : |
Owned |
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Factory : |
7, WMDC, |
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Tel. No.: |
91-2135-252532 |
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Fax No.: |
91-20-27147024 |
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Location : |
Owned |
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DIRECTORS
As On 30.09.2010
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Name : |
Mr. Digvijaisingh Narendrasingh Pathania |
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Designation : |
Director |
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Address : |
AII/603, Kunal Puram, Opposite Atlas Copco Limited, Dapodi, Pune –
411012, |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
01763716 |
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Name : |
Mrs. Jyoti Digvijai Pathania |
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Designation : |
Director |
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Address : |
AII/603, Kunal Puram, Opposite Atlas Copco Limited, Dapodi, Pune –
411012, |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
02211697 |
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Name : |
Mr. Adish Digvijai Pathania |
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Designation : |
Director |
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Address : |
AII/603, Kunal Puram, Opposite Atlas Copco Limited, Dapodi, Pune –
411012, |
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Date of Appointment : |
10.08.2005 |
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DIN No.: |
01759878 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Digvijai Narender Pathania |
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400 |
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Jyoti Digvijai Pathania |
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400 |
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Adish Digvijai Pathania |
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200 |
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Total |
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1000 |
As On 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Dealer of Industrial Safety Shoes |
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Products : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 0.750 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chandraknat G. Doshi and Company Chartered Accountant |
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Address : |
Office No 12, P J Chembers, Pimpri, Pune – 411018, |
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Tel. No.: |
91-20-27424286/27423086 |
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E-Mail : |
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Website : |
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Pan No.: |
ALRPM3424G |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.323 |
0.037 |
0.012 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.423 |
0.137 |
0.112 |
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LOAN FUNDS |
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1] Secured Loans |
0.451 |
0.482 |
0.260 |
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2] Unsecured Loans |
0.709 |
0.351 |
0.553 |
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TOTAL BORROWING |
1.160 |
0.833 |
0.813 |
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DEFERRED TAX LIABILITIES |
0.083 |
0.000 |
0.000 |
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TOTAL |
1.666 |
0.970 |
0.925 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.929 |
0.284 |
0.311 |
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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 |
0.000 |
0.023 |
0.001 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.314
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0.585 |
0.524 |
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Sundry Debtors |
2.016
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1.527 |
1.368 |
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Cash & Bank Balances |
0.009
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0.031 |
0.030 |
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Other Current Assets |
0.061
|
0.000 |
0.000 |
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Loans & Advances |
0.136
|
0.144 |
0.147 |
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Total
Current Assets |
2.536
|
2.287 |
2.069 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.126 |
1.070 |
0.930 |
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Other Current Liabilities |
0.092
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0.118 |
0.131 |
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Provisions |
0.581
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0.442 |
0.407 |
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Total
Current Liabilities |
1.799
|
1.630 |
1.468 |
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Net Current Assets |
0.737
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0.657 |
0.601 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.012 |
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TOTAL |
1.666 |
0.970 |
0.925 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.99
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17.98 |
20.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.41
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1.40 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
1.126 |
1.070 |
0.930 |
Performance:
During the year, there was marginal decrease in the turnover of the
company compared to last year however directors were confident of improving
performance in spite of tough competition.
Form 8:
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Corporate
identity number of the company |
U25199PN2005PTC021130 |
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Name of the
company |
SAFEGEAR PRODUCTS
INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
AII/603, Kunal Puram,
Opp. Atlas, Copco Limited, Dapodi, Pune, Pune - 411012, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
cash credit
modification |
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Date of instrument
Creating the charge |
13.01.2011 |
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Amount secured by
the charge |
Rs. 0.750 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 5.00% above basic Rate. Terms of Repayment
– Repayable on demand. Sanctioned
limit is available for 36 Months subject to review every 12 Months. Margin - 25% Extent and
Operation of the charge - All assets charged should be fully insured by the
borrower. Statement of stocks / receivables hypothecated to the Bank to be
submitted regularly at monthly intervals. |
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Particulars of
the property charged |
Stock and Book
debts of the Company. |
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Particulars of
the present modification |
Original Charge
(Cash Credit Limit ) was registered for Rs. 0.350 million, which has been now modified to Rs. 0.750 million
as per the letter of arrangement (stamped as an Agreement). |
Fixed Assets:
- Plant and machinery
- Moulds
- Ele Installation
- Furniture
- Office equipment
- Genset
- Temporary shed
- Leasehold land
- Factor shed
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.44.78 |
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|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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 |
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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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.