MIRA
INFORM REPORT
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Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SAISIDHA SUGAR EQUIPMENTS AND ENGINEERING AND COMPANY PRIVATE LIMITED |
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Registered
Office : |
Plot No. 95, Sector No. 10, PCNTDA, Bhosari, Pune-411026, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.05.1991 |
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Com. Reg. No.: |
11-061899 |
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Capital Investment
/ Paid-up Capital : |
Rs.18.620 Millions |
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CIN No.: [Company Identification
No.] |
U29254PN1991PTC061899 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Sugar Making Machine. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 130000 |
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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 a well 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.
INFORMATION DECLINED
Management Non Co-operative
LOCATIONS
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Registered Office : |
Plot No. 95, Sector No. 10, PCNTDA, Bhosari, Pune-411026, |
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Mobile No: |
9371253201 (Mr. Sanjay N. Bhosale) |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
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Factory : |
Plot No. C- 207, MIDC, Chincholi, Solapur – 413225, |
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Tel. No. : |
91-20-2732491 |
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Mobile No. : |
91-9372615835 (Mr. Vikrant Singh Tomar) 91-9765552810 (Mr. Deepesh Kumar Singh) |
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Area : |
7229 sq. mtr |
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Location : |
Owned |
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Head Office: |
24, 2nd Floor, |
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Tel. No.: |
91-20-66114097 / 27474875 / 27470024 |
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Fax No.: |
91-20-27470024 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Devdatta Nanasaheb Bhosale |
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Designation : |
Chairman |
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Address : |
194/4, S. No. |
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Date of Birth/Age : |
16.03.1965 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.05.1991 |
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DIN No.: |
00909983 |
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Name : |
Mr. Sanjay Nanasaheb Bhosale |
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Designation : |
Managing Director |
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Address : |
194/4, S. No. |
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Date of Birth/Age : |
29.11.1962 |
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Qualification : |
B.E |
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Date of Appointment : |
30.05.1991 |
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DIN No.: |
01459582 |
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Name : |
Mr. Vasudaven Vijeyendran |
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Designation : |
Additional director |
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Address : |
Tirukkoyilur – 605757, Tamilnadu, India |
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Date of Birth/Age : |
27.05.1958 |
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Date of Appointment : |
06.06.2011 |
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DIN No.: |
03545123 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Sanjay Nanasaheb Bhosale |
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32960 |
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Devdatta Nanasaheb Bhosale |
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41600 |
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Sunita Madhav Jagtap |
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51680 |
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Nutan Sanjay Bhosale |
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31880 |
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Sunita Devdatta Bhosale |
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21480 |
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Tarabai Nanasaheb Bhosale |
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6600 |
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Total |
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186200 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 of Sugar Making Machine. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
·
Aim Consulancy ·
Anekant Prakashan ·
Atharv Welding Technologies ·
Deshpande Consultancy ·
Excel Trading Company ·
Hindustan Metal Industries ·
Jyoti Fabricators and Erectors ·
MSPL Gases Limited ·
Prem Engineering Corporation ·
Shree Giriraj Ferromet Private Limited ·
Shree Giriraj Metalex Private Limited ·
Shree Govind Metalex Private Limited ·
Shree Kurmdas Industries ·
Shree Sai Steels ·
Shree Vijaylaxmi Metal and Alloys ·
Aakar
Ads ·
Acmvac
Sales Private Limited ·
Advance
Abrasives |
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Customers : |
·
Deodatta Engineers ·
Indreshwar Sugar Limited ·
Jyoti Sugar Enggineering Private Limited ·
Shree Ganesh K U S M Limited ·
Yeshwant Ssk Limited ·
Sonhira Ssk Limited ·
Thorat Enterprises ·
Anuraj Sugars Limited ·
Copper Sugar Limited ·
J P Mukharjee and Associates ·
The Indian Sugar and Refineries Limited ·
Nira-Bhima SSK Limited |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Raghunath.V. Belhe Chartered Accountant |
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Address : |
1707, Sadashiv Peth, Pune – 411030, |
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PAN.: |
ABGPB8974M |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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186200 |
Equity Shares |
Rs.100/- each |
Rs.18.620 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.620 |
18.620 |
4.655 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.493 |
7.335 |
16.463 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.113 |
25.955 |
21.118 |
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LOAN FUNDS |
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1] Secured Loans |
7.103 |
5.968 |
6.645 |
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2] Unsecured Loans |
10.201 |
14.146 |
10.100 |
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TOTAL BORROWING |
17.304 |
20.114 |
16.745 |
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DEFERRED TAX LIABILITIES |
2.988 |
2.376 |
1.967 |
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OTHER NON-CURRENT LIABILITIES |
5.851 |
20.566 |
20.565 |
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TOTAL |
58.256 |
69.011 |
60.395 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.564 |
36.736 |
37.597 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.111 |
3.449 |
2.565 |
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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 |
15.156
|
72.018
|
68.991
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Sundry Debtors |
115.136
|
22.203
|
21.212
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Cash & Bank Balances |
0.196
|
0.018
|
5.427
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
43.948
|
22.573
|
46.462
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Total
Current Assets |
174.436
|
116.812
|
142.092
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
95.736
|
61.263
|
80.264
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Other Current Liabilities |
61.488
|
15.498
|
39.452 |
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Provisions |
9.631
|
11.225
|
2.143
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Total
Current Liabilities |
166.855
|
87.986
|
121.859
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Net Current Assets |
7.581
|
28.826
|
20.233
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58.256 |
69.011 |
60.395 |
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PROFIT & LOSS
ACCOUNT
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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 (A) |
461.588 |
186.772 |
134.850 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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TOTAL |
442.345 |
177.893 |
127.679 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
19.243 |
8.879 |
7.171 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.309 |
1.526 |
1.185 |
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PROFIT BEFORE
TAX |
17.934 |
7.353 |
5.986 |
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Less |
TAX |
0.612 |
0.410 |
2.001 |
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PROFIT AFTER TAX
|
17.322 |
6.943 |
3.985 |
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BALANCE CARRIED
TO THE B/S |
17.322 |
6.943 |
3.985 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
3.146 |
5.549 |
39.390 |
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TOTAL EARNINGS |
3.146 |
5.549 |
39.390 |
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Earnings Per
Share (Rs.) |
93.02 |
27.29 |
85.61 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.75
|
3.72
|
2.96
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.19
|
4.79
|
3.32
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Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.28
|
0.28
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Debt Equity Ratio (Total Liability/Networth) |
|
5.73
|
4.18
|
7.54
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Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.33
|
1.02
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors:
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
95.736
|
61.263
|
80.264
|
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Total |
95.736
|
61.263
|
80.264
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Partial Details
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Aim Consulancy |
0.180 |
0.160 |
0.093 |
|
Anekant Prakashan
|
0.051 |
0.080 |
0.020 |
|
Atharv Welding
Technologies |
0.437 |
0.366 |
0.129 |
|
Deshpande
Consultancy |
0.135 |
0.155 |
0.029 |
|
Excel Trading
Company |
0.000 |
0.835 |
1.385 |
|
Hindustan Metal
Industries |
5.794 |
7.150 |
7.650 |
|
Jyoti Fabricators
and Erectors |
0.000 |
1.502 |
0.010 |
|
MSPL Gases
Limited |
0.129 |
0.117 |
0.161 |
|
Prem Engineering
Corporation |
0.000 |
1.010 |
1.218 |
|
Shree Giriraj Ferromet
Private Limited |
4.282 |
3.932 |
0.499 |
|
Shree Giriraj
Metalex Private Limited |
4.020 |
11.102 |
28.476 |
|
Shree Govind
Metalex Private Limited |
3.615 |
1.435 |
2.828 |
|
Shree Kurmdas
Industries |
0.227 |
2.028 |
3.571 |
|
Shree Sai Steels |
5.922 |
12.378 |
5.776 |
|
Shree Vijaylaxmi
Metal and Alloys |
1.692 |
1.692 |
2.119 |
Note: The registered
address of the company 24, 2nd Floor, Highway Tower, Chinchwad, Pune
– 411019, Maharashtra, India has been shifted to the present address w.e.f.
01.02.2011
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10152087 |
|
Corporate identity
number of the company |
U29254PN1991PTC061889 |
|
Name of the
company |
SAISIDHA SUGAR EQUIPMENTS AND ENGINEERING AND COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
24, 2nd Floor, |
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Type of charge |
Movable Property Book debts Stock |
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Particular of
charge holder |
Bank of Email id: sachinshrinivas.b@rediffmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental deed of hypothecation for earmarking of
guarantee limit in cash credit account; Form No. L500 |
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Date of
instrument Creating the charge |
16.03.2009 |
|
Amount secured by
the charge |
Rs.25.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Cash credit 0.50%
over BPLR minimum 13% p.a. With monthly rests Bank guarantee
commission as applicable to financial / performance guarantee- Rs. 180 plus
0.77% per quarter or part thereof with a minimum of 2 quarters plus service
tax as applicable Terms of
Repayment - Cash credit: on
demand, subject to annual review Bank guarantee:
On Demand, subject to annual review Margin Cash Credit: Stocks 25% Book Debts 40% Bank Guarantee:
25% Cash Margin Extent and Operation
of the charge All tangible
assets wherever situated including in the company's premises or in transit or
elsewhere in company's godown or in clients premises |
|
Short particulars
of the property charged |
Stocks, work in
process and finished goods and book debts |
|
Particulars of
the present modification |
Existing cash credit limit of Rs.5.000 millions plus
bank guarantee of Rs.20.000 millions, total charge of Rs.25.000 millions |
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Fax Machine
- Cellular
Phone
- Furniture
- Electrical
Installations
- Office
Equipments
- Tools and
Tackels
- Computer
- Tata Mobile
- 20 Ton EOT
Crane
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.51.15 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.68.22 |
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 |
4 |
|
--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 |
|
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.