|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAJ TEST PLANT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
72/76, Mundhwa, Pune Cantonment, Pune - 411036, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.07.1972 |
|
|
|
|
Com. Reg. No.: |
11-015903 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29199MH1972PTC015903 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES11836G PNES09240A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS4227K |
|
|
|
|
Legal Form : |
Private Limited liability Company |
|
|
|
|
Line of Business
: |
Subject provides comprehensive testing solutions for various
applications in the areas of engine testing, vehicle testing and transmission
testing. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 790000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound and healthy.
Profitability of the company seems to be good. Trade relations are reported as trustworthy. Business is active.
Payments terms are regular and as per commitments. The company can be considered 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
72/76, Mundhwa, Pune Cantonment, Pune - 411036, |
|
Tel. No.: |
91-20-26870882 / 26870282 |
|
Fax No.: |
91-20-26871028 / 26871036 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Vijay Bhalchandra Mainkar |
|
Designation : |
Director |
|
Address : |
Flat No. 4, |
|
Date of Birth/Age : |
22.01.1942 |
|
Date of Appointment : |
04.01.1995 |
|
DIN No.: |
00170719 |
|
|
|
|
Name : |
Mr. Prakash Sarjerao Jagtap |
|
Designation : |
Managing Director |
|
Address : |
45 ST. Patrics Town, Hadapsar, Pune - 411013, |
|
Date of Birth/Age : |
27.12.1945 |
|
Date of Appointment : |
17.07.1972 |
|
DIN No.: |
00656410 |
|
|
|
|
Name : |
Ms. Rujuta Prakash Jagtap |
|
Designation : |
Director |
|
Address : |
45 ST. Patrics Town, Hadapsar, Pune - 411013, |
|
Date of Birth/Age : |
11.10.1980 |
|
Date of Appointment : |
01.10.2006 |
|
DIN No.: |
00861890 |
|
|
|
|
Name : |
Ms. Neelima Prakash Jagtap |
|
Designation : |
Director |
|
Address : |
45 ST. Patrics Town, Hadapsar, Pune - 411013, |
|
Date of Birth/Age : |
07.12.1977 |
|
Date of Appointment : |
30.09.2003 |
|
DIN No.: |
02476383 |
|
|
|
|
Name : |
Mr. Vikrant Prakash Jagtap |
|
Designation : |
Director |
|
Address : |
45, St Patricks Town, Hadapsar, Pune-411013, Maharashtra, India |
|
Date of Birth/Age : |
18.11.1984 |
|
Date of Appointment : |
01.10.2009 |
|
DIN No.: |
02815550 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Prakash Jagtap J/W Neelima and Mangala |
2100 |
|
Prakash Jagtap J/W Mangala and Gauri |
2100 |
|
Prakash Jagtap J/W Mangala and Rujuta |
2100 |
|
Prakash Jagtap J/W Mangala and Vikrant |
12800 |
|
Prakash Jagtap J/W Mangala Jagtap |
14000 |
|
Suresh Sarjerao Jagtap |
1296 |
|
Sunita Suresh JAgtap |
648 |
|
Ramrao Sarjerao Jagtap |
576 |
|
Vikrant Prajkash Jagtap |
3544 |
|
Mangala Prakash Jagtap |
6858 |
|
Gauri Prakash Jagtap |
1326 |
|
Neelima Prakash Jagtap |
1326 |
|
Rujuta Prakash Jagtap |
1326 |
|
TOTAL
|
50000 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides comprehensive testing solutions for various
applications in the areas of engine testing, vehicle testing and transmission
testing. |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Actual
Production |
|
Hydraulic Dynamometers |
17 |
|
Electrical / Eddy Current Dynamometers |
85 |
|
Chassis Dynamometers |
9 |
|
Dyno Car Case |
1 |
|
Control Systems |
3 |
|
Fire Test Bench / Special Test Rig |
3 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Patankar and Associates Chartered Accountant |
|
Address : |
Ameya 4, Anand Baug Co-operative Housing Society, 999, Navi Peth,
Pune-411030, Maharashtra, India |
|
PAN No.: |
AABFP8926B |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
194.524 |
173.999 |
160.749 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
199.524 |
178.999 |
165.749 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
1.145 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
1.145 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.573 |
|
|
|
|
|
|
|
|
TOTAL |
199.524 |
178.999 |
167.467 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.652 |
20.353 |
25.541 |
|
|
Capital work-in-progress |
0.342 |
0.341 |
0.342 |
|
|
|
|
|
|
|
|
INVESTMENT |
33.641 |
37.655 |
20.599 |
|
|
DEFERREX TAX ASSETS |
0.454 |
0.102 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.993
|
33.123 |
41.332 |
|
|
Sundry Debtors |
16.298
|
14.183 |
11.562 |
|
|
Cash & Bank Balances |
136.075
|
112.093 |
113.759 |
|
|
Other Current Assets |
13.298
|
7.725 |
0.314 |
|
|
Loans & Advances |
11.086
|
9.034 |
8.092 |
|
Total
Current Assets |
221.750
|
176.158 |
175.059 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
31.152
|
27.666 |
20.727 |
|
|
Other Current Liabilities |
32.496
|
19.305 |
26.172 |
|
|
Provisions |
11.667
|
8.639 |
7.175 |
|
Total
Current Liabilities |
75.315
|
55.610 |
54.074 |
|
|
Net Current Assets |
146.435
|
120.548 |
120.985 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
199.524 |
178.999 |
167.467 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
166.900 |
138.000 |
105.800 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.111 |
32.228 |
20.672 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
5.387 |
6.295 |
7.939 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
38.724 |
25.933 |
12.733 |
|
|
|
|
|
|
|
|
|
|
TAX |
12.365 |
8.325 |
4.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
26.359 |
17.608 |
8.373 |
|
|
|
|
|
|
|
|
|
|
Opening Balance
in Profit and Loss A/c |
0.374 |
0.123 |
0.047 |
|
|
|
Prior Period Items
|
0.000 |
0.001 |
0.218 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
19.500 |
13.000 |
5.600 |
|
|
|
Dividend |
5.000 |
3.750 |
2.500 |
|
|
|
Tax on Dividend |
0.811 |
0.608 |
0.415 |
|
|
BALANCE CARRIED TO
THE B/S |
1.399 |
0.374 |
0.123 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
28.106 |
21.421 |
23.195 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
NA |
8.988 |
7.811 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
527.18 |
352.16 |
171.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PBT/Sales) |
(%) |
23.20
|
18.79 |
12.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.08
|
13.19 |
6.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.14 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38
|
0.31 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.94
|
3.17 |
3.24 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
RETROSPECTS AND
PROSPECTS
The turnover for the year 2011-2012 was Rs. 166.900 Millions as compared
to Rs. 138.000 Millions for the previous year. Profit before tax has increased from
Rs. 25.900 Millions to Rs. 38.700 Millions, during the financial year 2011-12.
During the year company has made export sales of Rs. 28.100 Millions as
compared to Rs. 21.400 Millions for the previous year. The company during the
first five months of current financial year achieved sales of Rs. 82.300
Millions. The Company expect improvement of the performance in the remaining
period of the year.
FIXED ASSETS
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. 54.27 |
|
|
1 |
Rs. 87.42 |
|
Euro |
1 |
Rs. 70.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
55 |
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.