MIRA
INFORM REPORT
|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAKAR INDUSTRIES LIMITED [w.e.f.
24.10.2011] |
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Formerly Known
As : |
SAKAR INDUSTRIES PRIVATE LIMITED [19.09.2011] SAKAR FERRO ALLOYS PRIVATE LIMITED |
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Registered
Office : |
H 10, Madhavpura Market, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.07.1996 |
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Com. Reg. No.: |
04-030244 |
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Capital
Investment / Paid-up Capital : |
Rs.13.950
Millions |
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CIN No.: [Company Identification
No.] |
U27100GJ1996PLC030244 |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Aluminium Cubes and Ingots Wire Rods. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 500000 |
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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 to be fair. Business is active. Payments are reported
to be usually correct and as per commitments. The company can be considered for 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
H-10, Madhavpura Market, |
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Tel. No.: |
91-79-25622281/25624681 |
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Fax No.: |
91-79-25620620 |
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E-Mail : |
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Website : |
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Factory : |
140-141, |
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Tel No.: |
91-2764-286177 |
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Fax No.: |
91-2764-286176 |
DIRECTORS
As on 17.09.2011
|
Name : |
Mr. Jatin Mahendra Shah |
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Designation : |
Director |
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Address : |
Khandwala Bunglow, Near Post Office, Hirani Haveli, Dharam Nagar,
Sabarmati, Ahmedabad-380005, Gujarat, India |
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Date of Birth/Age : |
09.12.1983 |
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Date of Appointment : |
10.01.2002 |
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Din No.: |
00182683 |
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Other Directorship:
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Name : |
Mr. Rameshkumar Rikhavchand Shah |
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Designation : |
Director |
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Address : |
Khandwala Bunglow, Near Post Office, Hirani Haveli, Dharam Nagar,
Sabarmati, Ahmedabad-380005, Gujarat, India |
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Date of Birth/Age : |
23.05.1965 |
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Date of Appointment : |
25.09.2009 |
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Din No.: |
00182764 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Vimlaben Rameshkumar Shah |
|
89700 |
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Jatin Mahendrakumar Shah |
|
66490 |
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Reshmi Deepakkumar Shah |
|
45100 |
|
Arfin India Limited, |
|
357000 |
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Arfin Capital Limited, |
|
115000 |
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Pushpa Mahendrakumar Shah |
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55120 |
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Rohan Rameshkumar Shah |
|
5000 |
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Rani Jatin Shah |
|
17000 |
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Shobha Dilip Daga |
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15000 |
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Dilip Daga |
|
7500 |
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Dilip Daga as Karta of Dilip Daga HUF |
|
7500 |
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Ghewarchand Basiram Nahta |
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5000 |
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Sureshbhai Ghewarchand Nahta |
|
10000 |
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Jawerilal Ghewarchand Nahta |
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25000 |
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Sushiladevi Parasmal Nahta |
|
10000 |
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Seemaben Deepchand Shah |
|
95000 |
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Khusboo Mahendrabhai Shah |
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25000 |
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Hardik Rameshbhai Shah |
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135000 |
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Pooja Mahendrabhai Shah |
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110000 |
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Rohan Rameshbhai Shah |
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34000 |
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Manjuben Madanlal Bafna |
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75000 |
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Mayank Madanlal Bafna |
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25000 |
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Mahendra R. Shah |
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29590 |
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Rameshkumar Rikhavchand Shah |
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36000 |
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Total |
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1395000 |
As on 17.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
33.84 |
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Directors
or relatives of directors |
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60.43 |
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Other
top fifty shareholders |
|
5.73 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminium Cubes and Ingots Wire Rods. |
GENERAL INFORMATION
|
Customers : |
·
Sabic ·
Sunbeam Auto Limited ·
Alicon Castalloy Limited ·
JSl Stainless Limited ·
JSW Limited ·
Essar Steel Limited ·
Rico Auto Limited ·
Tisco Limited ·
Shah Alloys Limited |
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No. of Employees : |
Not Available |
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Bankers : |
Axis Bank Limited, Credit Management Centre, 2nd Floor, 3rd
Eye One, Near Panchavati Crossing, C.G. Road, Ahmedabad-380009, Gujarat,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nalin K. Thakkar and Company Chartered Accountants |
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Address : |
602, Samudra Annexe, |
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Pan No.: |
AAKPT0207G |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1395000 |
Equity Shares |
Rs.10/- each |
Rs.13.950
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
13.950 |
12.450 |
11.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
113.224 |
80.970 |
69.102 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
127.174 |
93.420 |
81.052 |
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LOAN FUNDS |
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1] Secured Loans |
382.149 |
171.804 |
18.635 |
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2] Unsecured Loans |
93.564 |
8.812 |
10.493 |
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TOTAL BORROWING |
475.713 |
180.616 |
29.128 |
|
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DEFERRED TAX LIABILITIES |
4.342 |
2.624 |
1.541 |
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TOTAL |
607.229 |
276.660 |
111.721 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
82.764 |
67.878 |
22.881 |
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Capital work-in-progress |
2.273 |
0.000 |
4.167 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
287.944
|
127.587 |
62.955 |
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Sundry Debtors |
401.320
|
198.304 |
58.284 |
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Cash & Bank Balances |
2.906
|
30.006 |
10.061 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.956
|
15.470 |
18.747 |
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Total
Current Assets |
715.126
|
371.367 |
150.047 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
172.255
|
67.596 |
12.881 |
|
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Other Current Liabilities |
1.200
|
85.362 |
51.699 |
|
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Provisions |
19.491
|
9.667 |
0.862 |
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Total
Current Liabilities |
192.946
|
162.625 |
65.442 |
|
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Net Current Assets |
522.180
|
208.742 |
84.605 |
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MISCELLANEOUS EXPENSES |
0.012 |
0.040 |
0.068 |
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TOTAL |
607.229 |
276.660 |
111.721 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
1864.171 |
1023.610 |
791.427 |
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Less |
EXPENSES |
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|
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Office Expenses |
|
|
|
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|
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Administrative Expenses |
1836.110 |
1012.912 |
789.282 |
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Advertising Expenses |
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TOTAL |
1836.110 |
1012.912 |
789.282 |
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PROFIT / (LOSS)
BEFORE TAX |
28.061 |
10.698 |
2.145 |
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Less |
TAX |
9.214 |
3.326 |
0.707 |
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PROFIT / (LOSS)
AFTER TAX |
18.847 |
7.372 |
1.438 |
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Less |
PRIOR PERIOD
ADJUSTMENTS |
0.092 |
0.004 |
0.113 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18.920 |
11.551 |
10.227 |
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BALANCE CARRIED
TO THE B/S |
37.675 |
18.919 |
11.552 |
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|
|
Earnings /
(Loss) Per Share (Rs.) |
13.51 |
6.04 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.01
|
0.72 |
0.18 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
2.44 |
1.24 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.11 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.25
|
3.67 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.71
|
2.28 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
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 |
NOTE:
The registered office of the company has been shifted from
715, Sahajanand Complex,
OPERATIONAL ACTIVITIES AND FINANCIAL ACHIEVEMENTS:
During the year the gross sales of the company
was increase substantially to Rs.1821.389 Millions as compared to the last
year’s gross sales of Rs.1016.200 Millions showing the growth of around 100%.
The increase in turnover is also reflected in the increased profit before and
after tax as shown above. The company’s is exploring all opportunities for
business growth. The company has already opened the sales depot/branches at
FUTURE OUTLOOK:
The company has established good reputation
among the buyers in respect of its products. The company is in process of establishing
branches/sales depot at different locations. As stated earlier the branches
were opened at
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10194139 |
|
Corporate
identity number of the company |
U27100GJ1996PTC030244 |
|
Name of the
company |
SAKAR FERRO
ALLOYS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
H-10, Madhavpura Market, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Others |
|
Particular of
charge holder |
Axis Bank Limited, Credit Management Centre, 2nd Floor, 3rd
Eye One, Near Panchavati Crossing, C.G. Road, Ahmedabad-380009, Gujarat,
India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
- Supplemental
deed of hypothecation. - Supplemental of
simple mortgage. |
|
Date of
instrument Creating the charge |
30.11.2010 |
|
Amount secured by
the charge |
Rs.398.558
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For CC and Term
Loan: BPLR - 3.75% i.e. 11.00% p. a. (presently BPRL @ 14.75%) For LC
(Inland/Import): 65% of Bank's standard Schedule of Charges. Terms of Repayment
Cash Credit
Repayable on Demand and Term Loan is repayable in 53 monthly installments of
Rs.0.463 Million each and last installment of Rs.0.464 Million Repayment to
commence tentatively from July 2010. Margin Cash Credit Limit
: Stocks :25%, Book Debts(not older than 120 days) : 35% Term Loan :
34.21% LC
(Inland/Foreign) : 15% Extent and
Operation of the charge The Charge by way
of Hypothecation on Current Assets, Movables, Plant and Machinery and
Equitable Mortgage on immovable properties being non agricultural freehold
land as prescribed in instrument of charge attached herewith extends to
secure the aggregate credit facility of Rs.398.500 Millions together with
interest, cost and charges etc. Others As per documents
executed in favour of bank from time to time by borrower company. |
|
Short particulars
of the property charged |
NA freehold land
adm. about 3814.38 sq. mtrs. and NA land adm. about 430 sq. mtrs. located at block no.140 of old RS
No. 113, 134 and 136 of Vill. Santej, Tal. Kalol with construction standing
thereon Non agri.
freehold land adm. about 2378 sq.mtrs. of Block No. 141 along with
construction standing thereon situate, lying and being at Mouje: Santej,
Taluka: Kalol in the registration district of G'nagar. All the present
and future book-debts, outstanding monies, receivables claims bills,
contracts, engagements and securities which are due and owing to borrower in
present and future. For working
capital limits: Hypo. of entire current assets of Collateral:
Extension of charge over P and M (including other movable fixed assets)
acquired out of term loan. For Term Loan:
First charge over P and M (including other movable fixed assets) acquired out
of term loan. Collateral:
Extension of charge over entire current assets of the co. (Both current and
Future) All tangible
movable, machinery, plant and machinery, fixtures, fittings other
installation, cranes, furniture, computers and other accessories lying in
premises or in godown’s of borrower. Hypothecation of
all the stock in trade both present and future consisting of stock including
raw material, stock in process, finished goods such as packing materials,
consumable stores and spares etc. |
|
Particulars of
the present modification |
The Original
Limit secured by Hypothecation and Mortgage is enhanced from Rs. 250.000
Millions to 398.500 Millions and charge on book debts and movable and
immovable assets as stated in C.C.: Rs.145.000
Millions, Term Loan: Rs.23.558 Millions and L.C. Rs. 230.000 Millions with
sub limit as under: WCDL in FCNR
Rs.75.000 Millions and LER Rs. 10.000 Millions (sub limit of CC), Buyers
Credit Rs. 230.000 Millions and BG Limit Rs. 10.000 Millions (sub limit of
LC) |
FIXED ASSETS:
·
Land
·
Building
·
Electric Installation
·
Air Conditioner
·
Furniture and Fixtures
·
Scooters
·
Computer and Printers
·
Trucks
·
Loading Tempo
·
Motor Car
·
Bikes
·
Plant and Machinery
·
Furniture and Fixtures
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.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.