1. Summary Information
|
|
|
Country |
|
|
Company Name |
SAGARI LEATHERS
PRIVATE LIMITED |
Principal Name 1 |
Prasenjit Kumar
Gupta |
|
Status |
Satisfactory |
Principal Name 2 |
Tara BIndra |
|
|
|
Registration # |
55-022229 |
|
Street Address |
17, Kucha Chaudhry, Opposite State Bank
Building, Chandni Chowk, Delhi – 110006, India |
||
|
Established Date |
14.10.1985 |
SIC Code |
-- |
|
Telephone# |
91-11-22366279 |
Business Style 1 |
Manufacturers of
Leather Uppers |
|
Fax # |
91-11-22266315 |
Business Style 2 |
-- |
|
Homepage |
-- |
Product Name 1 |
-- |
|
# of employees |
600
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 9,996,000 |
Product Name 3 |
-- |
|
Shareholders |
Director and Relatives of directors – 100% |
Banking |
Canara Bank |
|
Public Limited Corp. |
-- |
Business Period |
26 years |
|
IPO |
--- |
International Ins. |
- |
|
Public |
--- |
Rating |
Ba (
54) |
|
Related
Company |
|||
|
Relation
-- |
Country
-- |
Company
Name |
CEO |
|
Related
Party |
Agra |
The Basant Corporation |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
44,898,000 |
Current Liabilities |
104,705,000 |
|
Inventories |
95,435,000 |
Long-term Liabilities |
60,000,000 |
|
Fixed Assets |
118,124,000 |
Other Liabilities |
4,135,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
168,840,000 |
|
Invest& other Assets |
0,000 |
Retained Earnings |
79,621,000 |
|
|
|
Net Worth |
89,617,000 |
|
Total Assets |
258,457,000 |
Total Liab. & Equity |
258,457,000 |
|
Total Assets (Previous Year) |
212,460,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales (Total Income) |
460,449,000 |
Net Profit |
9,198,000 |
|
Sales(Previous yr) (Total Income) |
486,705,000 |
Net Profit(Prev.yr) |
23,205,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAGARI LEATHERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
17, Kucha Chaudhry,
Opposite State Bank Building, Chandni Chowk, Delhi – 110006 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
14.10.1985 |
|
|
|
|
Com. Reg. No.: |
55-022229 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 9.996 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1985PTC022229 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS20907F |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of
Leather Uppers |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 350000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
17, Kucha
Chaudhry, Opposite State Bank Building, Chandni Chowk, Delhi – 110006, India |
|
Tel. No.: |
91-11-22366279/22253069/22360783/22368035/22363931 |
|
Fax No.: |
91-11-22266315/
91-562-2266315 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
|
|
Tel. No.: |
91-11-2369458/2266190 |
|
|
|
|
Factory 2 : |
4/73 B, Gwalior
Road, Baluganj, Agra – 282001, Uttar Pradesh, India |
|
Tel. No.: |
91-562-2463931/
2460035 |
|
Fax No.: |
91-562-2266315 |
DIRECTORS
AS ON 20.08.2011
|
Name : |
Mr. Prasenjit
Kumar Gupta |
|
Designation : |
Director |
|
Address : |
71, Pandav Nagar,
Shahganj, |
|
Date of Birth/Age : |
28.09.1966 |
|
Date of Appointment : |
30.09.2002 |
|
DIN No.: |
00199067 |
|
|
|
|
Name : |
Mrs. Tara Bindra |
|
Designation : |
Director |
|
Address : |
41, Jor Bagh, |
|
Date of Birth/Age : |
11.04.1944 |
|
Date of Appointment : |
08.09.1998 |
|
DIN No.: |
00212975 |
|
|
|
|
Name : |
Ms. Ingrid Maria Gujral |
|
Designation : |
Director |
|
Address : |
Reinhardtallee 9, Wentorfbei-21465, |
|
Date of Birth/Age : |
13.06.1946 |
|
Date of Appointment : |
19.11.2007 |
|
DIN No.: |
01880095 |
|
|
|
|
Name : |
Mr. Oliver Wolf Gujral |
|
Designation : |
Director |
|
Address : |
Sierichstrasse 140, Hamburg-22299, |
|
Date of Birth/Age : |
03.01.1969 |
|
Date of Appointment : |
19.11.2007 |
|
DIN No.: |
01892322 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2011
|
Names of Shareholders |
No. of Shares |
|
Tara Bindra |
38 |
|
Ingrid Maria Gujral |
71117 |
|
Gujral Olivira Wolf |
28800 |
|
Total |
99955 |
AS ON 20.08.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Leather Uppers |
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Canara Bank,
Overseas Branch, Sanjay Place, M G Road, Agra-282002, Uttar Pradesh, India
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. S. Agarwal and
Associates Chartered
Accountants |
|
Address : |
B-6/43, 1st
Floor, Safdarjung Enclave, |
|
Tel. No.: |
91-11-46504901 / 261098863 |
|
Pan No.: |
AAAFB4044R |
|
|
|
|
Related Party : |
·
Impex Assenhandels GMBH, Germany ·
The Basant Corporation, Agra ·
Basant Overseas, Agra |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99955 |
Equity Shares |
Rs.100/-
each |
Rs. 9.996
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 |
|
|
|
|
|
1] Share Capital |
9.996 |
9.995 |
9.995 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
79.621 |
70.422 |
47.217 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
89.617 |
80.417 |
57.212 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
60.000 |
49.734 |
57.351 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
60.000 |
49.734 |
57.351 |
|
|
DEFERRED TAX LIABILITIES |
0.340 |
0.000 |
0.074 |
|
|
|
|
|
|
|
|
TOTAL |
149.957 |
130.151 |
114.637 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
118.124 |
111.298 |
114.656 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.144 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
95.435
|
44.953
|
36.628 |
|
|
Sundry Debtors |
5.979
|
17.153
|
7.399 |
|
|
Cash & Bank Balances |
10.997
|
11.409
|
28.401 |
|
|
Other Current Assets |
25.192
|
24.132
|
7.292 |
|
|
Loans & Advances |
2.730
|
3.371
|
2.457 |
|
Total
Current Assets |
140.333
|
101.018 |
82.177 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
102.459
|
62.787
|
75.605 |
|
|
Other Current Liabilities |
2.246
|
13.916
|
2.803 |
|
|
Provisions |
3.795
|
5.606
|
3.788 |
|
Total
Current Liabilities |
108.500
|
82.309 |
82.196 |
|
|
Net Current Assets |
31.833
|
18.709
|
(0.019) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
149.957 |
130.151 |
114.637 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
460.449 |
486.705 |
386.952 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
21.877 |
43.505 |
37.778 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.963 |
7.102 |
7.058 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
13.914 |
36.403 |
30.720 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.716 |
13.198 |
10.966 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
9.198 |
23.205 |
19.754 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
70.422 |
47.217 |
36.157 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
8.694 |
|
|
BALANCE CARRIED
TO THE B/S |
79.620 |
70.422 |
47.217 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.02 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.00
|
4.77
|
5.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.38
|
17.15
|
15.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.45
|
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
1.64
|
2.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.23
|
0.99 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
During the year the company has shown a net profit of Rs. 9.198 Millions
as against net profit of Rs. 23.205 Millions for previous year after providing
Deprecation, Income Tax and other expenses. The total turnover of the Company
during the period is Rs. 460.449 Millions against the previous year’s figure of
Rs. 486.705 Millions. Out of the total Turnover of Rs. 460.449 Millions, Rs.
469.495 related to export sales and Rs. 0.964 Million related to Local Sales,
Central Sales, Scrap and Rejection Sales in India. The turnover is decreased by
5.70% over the previous year. The company has always focused on enhancing its
competitive edges in cost leadership, brand strength and innovative product
development to expand its market share and therefore the Directors are hopeful
and confident that the performance of the Company in exports of goods will
improve in the coming years and may be able to put more effective check and
controls on cost of expenses, increase in turnover and be able to earn more
profits in the coming years.
FORM 8
|
Corporate
identity number of the company |
U74899DL1985PTC022229 |
|
Name of the
company |
SAGARI LEATHERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
17, Kucha Chaudhry,
Opposite State Bank Building, Chandni Chowk, Delhi – 110006, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of charge
holder |
Canara Bank,
Overseas Branch, Sanjay Place, M G Road, Agra-282002, Uttar Pradesh, India |
|
Nature of
instrument creating charge |
Supplemental Common Hypothecation Agreement. |
|
Date of
instrument Creating the charge |
23.08.2011 |
|
Amount secured by
the charge |
Rs. 75.058
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest @ 11.25%
per annum with monthly rests or at such other rates as may be notified by the
Bank to the Borrower from time to time. Terms of repayment Repayable on
demand. Margin 15% Extent and operation of the charge The Company's
movable and immovable properties as mentioned hereunder are hypothecated and mortgaged
to secure following credit facilities aggregating Rs.75.058 Millions granted
by the Bank to the Borrower. 1.Packing
Credit - Rs.75.000 Millions 2.Bank
Guarantee - Rs. 5.800 Millions Total - Rs.75.858 Millions |
|
Short particulars
of the property charged (Including location of the property) |
All stocks of
goods such as raw materials, goods in process, finished and manufactured
goods and other items of stock in trade and stores, spars, components,
machinery, vehicles, furniture and fixtures and all other movable goods and
properties of every description of the Borrower wherever situate whether of
the Borrower's factories, places of business, godown or in transit. All the Borrowers
present and future book debts, receivables etc. and Hypothecation of existing
plant and machinery having WDV of Rs. 22.973 Millions. Equitable
mortgage of Company's immovable properties being Kothi No.164 (part) Sy. 334,
Field Marshal Kariappa Road, Agra Cantt, Agra admeasuring area 12426.31 Square
Meters. |
|
Charge
identification number of the charge to be modified |
90329625 |
|
Date of
instrument modifying the charge |
31.01.2011 |
|
Particulars of
the present modification |
The Adhoc Packing
Credit Limit granted on 31.01.2011 has been paid off/adjusted. Further
Packing Credit limit has now been enhanced from Rs.50.000 Millions to
Rs.75.000 Millions and Bank has granted a Bank guarantee of Rs.5.800 Millions
Therefore total amount of charge secured against hypothecation of all stocks,
book debts and plant and machinery etc and equitable mortgage of Company's
immovable properties as per details mentioned in column n. 15 above has now
been enhanced from Rs.50.000 Millions to Rs.75.058 Millions. |
FIXED ASSETS:
- Building
- Weighing Machine
- Fire Equipment
- Type Writer
- Fans And Cooler
- Photostat Machine
- Clock
- Vehicles
- Furniture And Fixture
- Generator
- Temporary Construction
- Calculator
- Plant And Machinery
- Car
- Computer
- Air Conditioner
- Electronic
- Fax Machine
- Refrigerator
- Water Filter
- Intercom
- Cycle
- Air Compressor
- Cellular
- Leather Measurement
Machine
- EPBX And Delivery Van.
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. 50.91 |
|
|
1 |
Rs. 81.21 |
|
Euro |
1 |
Rs. 67.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
51 |
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.