MIRA
INFORM REPORT
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Report Date : |
05.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAI MACHINE TOOLS PRIVATE LIMITED |
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Registered Office : |
Plot No. A-23-D, Sector-A, Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
13.04.1989 |
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Com. Reg. No.: |
10-5207 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000
millions |
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CIN No.: [Company
Identification No.] |
U28939MP1989PTC005207 |
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IEC No.: |
1197000160 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLS02358G |
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PAN No.: [Permanent
Account No.] |
AADCS9549L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Plastic Processing Machinery like RPVC Single
Screw Pipe Plants, RPVC Twin Screw Pipe Plants. |
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No. of Employees
: |
70 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 70300 |
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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
|
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
|
Name : |
Mr. Ajay Jaiswal |
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Designation : |
Director |
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Contact No.: |
91-9425058761 |
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Date: |
25.08.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. A-23-D, Sector-A, Industrial Area, |
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Tel. No.: |
91-731-2722436, 2720504, 2720521, 4023324, 4081200-206 |
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Mobile No.: |
91-9425058761 (Mr. Ajay Jaiswal)
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Fax No.: |
91-731-2721831, 4081222 |
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E-Mail : |
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Web Site: |
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Area: |
45000 sq.ft |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Ashok Jaiswal |
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Designation : |
Director |
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Address : |
651, Vijay Syndicate Colony, |
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Date of Birth/Age : |
18.10.1955 |
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Date of Appointment : |
13.04.1989 |
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Name : |
Ms. Vandana Jaiswal |
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Designation : |
Director |
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Address : |
651, Vijay Syndicate Colony, |
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Date of Birth/Age : |
04.04.1957 |
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Date of Appointment : |
13.04.1989 |
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Name : |
Mr. Vishal Jaiswal |
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Designation : |
Director |
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Address : |
651, Vijay Syndicate Colony, |
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Date of Birth/Age : |
08.12.1978 |
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Date of Appointment : |
30.06.1998 |
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Name : |
Mr. Ajay Jaiswal |
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Designation : |
Director |
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Address : |
651, Usha Nagar Extn, N T Marg, |
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Date of Birth/Age : |
15.08.1980 |
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Date of Appointment : |
01.04.2008 |
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Name : |
Mr. Shikha Jaiswal |
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Designation : |
Director |
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Date of Birth/Age : |
28.08.1982 |
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Date of Appointment : |
10.04.2009 |
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Name : |
Mr. Niharika Jaiswal |
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Designation : |
Director |
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Date of Birth/Age : |
11.04.1985 |
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Date of Appointment : |
10.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Ashok Jaiswal |
124 |
|
Vishal Jaiswal |
2556 |
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Vandana Jaiswal |
27300 |
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Dinesh Khandelwal |
85 |
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Dipesh Jaiswal |
100 |
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Praveen C jaiswal |
3184 |
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Laxmichand Jaiswal |
205 |
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Shivprasad Jaiswal |
150 |
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Rameshchand Ra jha |
150 |
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C |
75 |
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Raman K Sethiya |
50 |
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Prabhu Dayal Jaiswal |
50 |
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Rukmani Jaiswal |
200 |
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Dilip Jaiswal |
60 |
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Dinesh Trivedi |
68 |
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Girdharlal Ji |
72 |
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Hemraj Balwani |
68 |
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Premchand Jaiswal |
60 |
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Ramji patel |
50 |
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Naveenchand Jaiswal. |
2138 |
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Chotelal Male |
50 |
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Niharika Jaiswal |
2390 |
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Shika Jaiswal |
2790 |
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Poonam Jaiswal |
2170 |
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Ajay Jaiswal |
5855 |
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Total |
50000 |
EQUITY SHARE BREAKUP (PERCENTAGE OF TOTAL EQUITY)
AS ON 30.09.2010
|
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 Exporter of Plastic Processing Machinery like RPVC
Single Screw Pipe Plants, RPVC Twin Screw Pipe Plants. |
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Products: |
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Exports : |
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Products : |
Plastic Processing Machinery |
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Countries : |
South African Countries |
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Imports : |
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Products : |
PVC Plant |
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Countries : |
Germany |
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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 : |
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No. of Employees : |
70 Approximately |
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Bankers : |
Punjab National Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name: |
Anil Kamal Garg and Company Chartered Accountant |
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Address: |
1st Floor, |
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Tel. No.: |
91-731-2704354 / 2700940 |
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Associates : |
SMT Machine Fabrics |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- Each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/-
Each |
Rs.5.000
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 |
5.000 |
3.000 |
1.715 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.575 |
5.178 |
4.141 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.575 |
8.178 |
5.856 |
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LOAN FUNDS |
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1] Secured Loans |
14.838 |
14.311 |
6.361 |
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2] Unsecured Loans |
6.836 |
13.012 |
10.523 |
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TOTAL BORROWING |
21.674 |
27.323 |
16.884 |
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DEFERRED TAX LIABILITIES |
1.585 |
0.743 |
0.580 |
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TOTAL |
40.834 |
36.244 |
23.320 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.139 |
11.842 |
9.429 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.034 |
0.035 |
0.034 |
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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 |
32.202
|
31.217
|
31.572
|
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Sundry Debtors |
39.732
|
30.613
|
26.125
|
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Cash & Bank Balances |
0.185
|
4.148
|
0.059
|
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Other Current Assets |
1.736
|
1.659
|
0.956
|
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Loans & Advances |
3.260
|
3.377
|
2.365
|
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Total
Current Assets |
77.115
|
71.014
|
61.077
|
|
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Less : CURRENT LIABILITIES
& PROVISIONS |
|
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|
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Sundry Creditors |
36.938
|
32.438
|
38.408
|
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Current Liabilities |
14.398
|
12.891
|
7.928
|
|
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Provisions |
1.118
|
1.318
|
0.884
|
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Total
Current Liabilities |
52.454
|
46.647
|
47.220
|
|
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Net Current Assets |
24.661
|
24.367
|
13.857
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.834 |
36.244 |
23.320 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
145.893 |
99.746 |
100.663 |
|
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Other Income |
0.000 |
0.000 |
0.623 |
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TOTAL (A) |
145.893 |
99.746 |
101.286 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
|
5.218 |
|
|
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Selling and Distribution Expenses |
|
|
3.960 |
|
|
|
Administrative Expenses |
|
|
2.652 |
|
|
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Increase/ Decrease in Stock |
142.746 |
98.182 |
(11.987) |
|
|
|
Raw Material Consumed |
|
|
95.488 |
|
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|
Salaries, Wages, Bonus, etc. |
|
|
1.631 |
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Other Expenditure |
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|
1.137 |
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TOTAL (B) |
142.746 |
98.182 |
98.099 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.147 |
1.564 |
3.187 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
1.273 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.147 |
1.564 |
1.914 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
0.539 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
3.147 |
1.564 |
1.375 |
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Less |
TAX (H) |
1.452 |
0.527 |
0.403 |
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|
PROFIT AFTER TAX
(G-H) (I) |
1.695 |
1.037 |
0.972 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
31.031 |
26.345 |
41.711 |
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Earnings Per
Share (Rs.) |
33.89 |
34.57 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.16 |
1.03 |
0.96 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.15 |
1.56 |
1.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.37 |
1.88 |
1.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.19 |
0.23 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.30 |
9.13 |
10.95 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
1.52 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate identity
number of the company |
U28939MP1989PTC005207 |
|
Name of the
company |
SAI MACHINE TOOLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. A-23-D, Sector-A, Industrial Area, Sanwer Road, Indore 452
003, Madhya Pradesh |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Punjab National Bank, Email: vyadav@pnb.co.in |
|
Nature of
instrument creating charge |
1. Hypothecation
of Current Assets 2. Hypothecation
of Moveable Assets Forming Part of Fixed/Block Assets 3. Hypothecation
of Goods and Book Debts to Secure Cash Credit Facility |
|
Date of
instrument Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs. 44.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BR+4.5% ON CC OF
RS 300 LAC & ON TERM LOAN OF RS 140 LAC BR+TERM PREMIUM(.50%)+4.5%=14.5
P.A. PRESENTLY Terms of repayment CC IS Repayable On
Demand And Term Loan Is Repayable In 72 Monthly Installment +Interest. Margin For CC Stock 25%
& Book Debt 40% And For Term Loan Minimum 25% Or Deficit In Project
Whichever Is Higher. Extent and operation of the charge First Charge By
Way Of Equitable Mortgage On Factory Land & Building At Plot No 23-D ,
Sector A, Sawer Road, Industrial Area , Indore |
|
Short particulars
of the property charged (Including location of the property) |
First Charge By
Way Of Equitable Mortgage On Factory Land & Building At Plot No 23-D ,
Sector A, Sawer Road, Industrial Area , Indore Equitable
Mortgage On Residential House Situated At 651, Usha Nagar Extension , Indore House At 651/A
Usha Nagar Extension , Indore Industrial
Shed/Plot No 28-B & 32-C Sector A, Industrial Area , Sawer Road , Indore |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
Yes, ashok jaiswal
vandna jaiswal iii)vishal and ajay jaiswal |
|
Date of
instrument modifying the charge |
19.08.2010 |
|
Particulars of
the present modification |
Sanction Of New
Term Loan Of Rs 14.000 millions And Existing CC Of Rs 30.000 millions (With A
Sub Limit Of Packing Credit Of Rs.
1.500 millions, Fobp/Fobnlc/Foubnlc Of Rs 4.500 millions, ILC/FLC Of Rs
15.000 millions ).Total Limit Of Rs. 44.000 millions After This Modification. |
FIXED ASSETS:
·
Land (Leasehold)
·
Land at Bhorasala
·
Agricultural Land at
Bhorasala
·
Agricultural Land at
Alwasa
·
Road and Site Development
·
Tube Well
·
Factory Building
·
Plant and Machinery
·
Aireconditioner
·
Electric Installation
·
Office Equipments
Generator
·
Furniture and Fixture
·
Car
·
Motor Cycle
·
Cycle
·
Computer
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] 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.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.