MIRA INFORM REPORT

 

 

Report Date :

08.10.2012

 

IDENTIFICATION DETAILS

 

Name :

SAISIDHA SUGAR EQUIPMENTS AND ENGINEERING AND COMPANY PRIVATE LIMITED

 

 

Registered Office :

Plot No. 95, Sector No. 10, PCNTDA, Bhosari, Pune-411026, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

30.05.1991

 

 

Com. Reg. No.:

11-061899

 

 

Capital Investment / Paid-up Capital :

Rs.18.620 Millions

 

 

CIN No.:

[Company Identification No.]

U29254PN1991PTC061899

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Sugar Plant and Machinery

 

 

No. of Employees :

150 (Approximately) 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (37)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 130000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Reserves appears to be low.

 

The company has recorded impressive growth in its sales during 2011.

 

Trade relations are reported as fair. Business is active. Payments are reported to be slow bur correct.

 

The company can be considered normal for business dealings with slight condition.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

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.

 

INFORMATION PARTED BY

 

Name :

Mr. Sanjay Nanasaheb Bhosale

Designation :

Director

Contact No.:

91-9822022259

Date :

06.10.2012

 

 

LOCATIONS

 

Registered Office :

Plot No. 95, Sector No. 10, PCNTDA, Bhosari, Pune-411026, Maharashtra, India

Tel. No.:

Not Available

Mobile No.:

91-9822022259 (Mr. Sanjay Nanasaheb Bhosale)

Fax No.:

Not Available

E-Mail :

iut@eth.net

info@saisidha.com

Website :

www.saisidha.com

Area :

30000 sq. ft.

Location :

Owned

 

 

Factory :

Plot No. C- 207, MIDC, Chincholi, Solapur – 413225, Maharashtra, India 

Tel. No. :

91-20-2732491

Mobile No. :

91-9372615835 (Mr. Vikrant Singh Tomar)

91-9765552810 (Mr. Deepesh Kumar Singh)

Area :

7229 sq. mtr

Location :

Owned

 

 

Head Office:

24, 2nd Floor, Highway Tower, Chinchwad, Pune – 411019, Maharashtra, India

Tel. No.:

91-20-66114097 / 27474875 / 27470024

Fax No.:

91-20-27470024

E-Mail :

saisidha@vsnl.com

saisidha@yahoo.com

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Devdatta Nanasaheb Bhosale

Designation :

Chairman

Address :

194/4, S. No. Anand Park, PCNTDA Niggi, Pune – 411044, Maharashtra, India

Date of Birth/Age :

16.03.1965

Qualification :

Graduate

Date of Appointment :

30.05.1991

DIN No.:

00909983

 

 

Name :

Mr. Sanjay Nanasaheb Bhosale

Designation :

Managing Director

Address :

194/4, S. No. Anand Park, PCNTDA Niggi, Pune – 411044, Maharashtra, India

Date of Birth/Age :

29.11.1962

Qualification :

B.E

Date of Appointment :

30.05.1991

DIN No.:

01459582

 

 

Name :

Mr. Vasudaven Vijeyendran

Designation :

Additional director

Address :

Tirukkoyilur – 605757, Tamilnadu, Karnataka, India

Date of Birth/Age :

27.05.1958

Date of Appointment :

06.06.2011

DIN No.:

03545123

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

Sanjay Nanasaheb Bhosale

 

32960

Devdatta Nanasaheb Bhosale

 

41600

Sunita Madhav Jagtap

 

51680

Nutan Sanjay Bhosale

 

31880

Sunita Devdatta Bhosale

 

21480

Tarabai Nanasaheb Bhosale

 

6600

Total

 

186200

 

 

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Sugar Plant and Machinery 

 

 

Products :

  • Mill house equipment
  • Cane/material handing equipment
  • Sulphation equipment
  • Boiling house equipment
  • Lime station equipment

 

 

Exports :

 

Products :

Sugar Plant and Machinery 

Countries :

  • Kenya
  • Uganda
  • South Africa
  • Thopia

 

 

Imports :

 

Products :

Raw Material

Countries :

  • Italy
  • South Africa

 

 

Terms :

 

Selling :

Cash / Credit

 

 

Purchasing :

Cash / Credit

 

 

GENERAL INFORMATION

 

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

 

 

Customers :

  • Baburao Patil Age India Limited
  • 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

 

 

No. of Employees :

150 (Approximately) 

 

 

Bankers :

  • Bank of India, Subhash Chowk Branch, Lucky Chowk, Murari Peth, Solapur – 413007, Maharashtra, India
  • Bank of India, Pimpri Branch, Pune, Maharashtra, India
  • Ratnakar Bank
  • Samrath Sah Bank
  • Axis Bank

 

 

Facilities :

CC Rs.15.000 Millions and B.G. Rs.75.000 Millions (From Bank of India)

 

Secured Loans

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

BOI CC 6090

(Secured by hypothecation of Land and Building, Stock, Plant and Machinery and Debts)

2.118

5.968

BOI A/c 491

(Secured by Hypothecation of fixed deposit)

2.851

0.000

BOI A/c 127

(Secured by Hypothecation against Vehicle I 10)

0.279

0.000

BOI A/c 110

(Secured by Hypothecation against Vehicle Innvo and Swift)

0.750

0.000

Axis Bank Loan

(Secured by Hypothecation against Vehicle Fourtuner)

1.105

0.000

Total

7.103

5.968

 

 

 

Unsecured Loans

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Nexlink Private Limited

0.016

0.016

Solutions Integrated Services

0.050

0.050

Shri Kurumdas Industries

0.000

3.000

Easy Mercantile Private Limited

0.000

5.540

Ryan International

0.000

5.540

Samyak Jewels Private Limited

10.135

0.000

Total

10.201

14.146

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Raghunath.V. Belhe

Chartered Accountant

Address :

1707, Sadashiv Peth, Pune – 411030, Maharashtra, India

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

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

186200

Equity Shares

Rs.100/- each

Rs.18.620 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

18.620

18.620

4.655

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

13.493

7.335

16.463

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

32.113

25.955

21.118

LOAN FUNDS

 

 

 

1] Secured Loans

7.103

5.968

6.645

2] Unsecured Loans

10.201

14.146

10.100

TOTAL BORROWING

17.304

20.114

16.745

DEFERRED TAX LIABILITIES

2.988

2.376

1.967

OTHER NON-CURRENT LIABILITIES

5.851

20.566

20.565

 

 

 

 

TOTAL

58.256

69.011

60.395

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

44.564

36.736

37.597

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

6.111

3.449

2.565

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

15.156
72.018
68.991

 

Sundry Debtors

115.136
22.203
21.212

 

Cash & Bank Balances

0.196
0.018
5.427

 

Other Current Assets

0.000
0.000
0.000

 

Loans & Advances

43.948
22.573
46.462

Total Current Assets

174.436
116.812
142.092

Less : CURRENT LIABILITIES & PROVISIONS

 
 

 

 

Sundry Creditors

95.736
61.263
80.264

 

Other Current Liabilities

61.488
15.498

39.452

 

Provisions

9.631
11.225
2.143

Total Current Liabilities

166.855
87.986
121.859

Net Current Assets

7.581
28.826
20.233

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

58.256

69.011

60.395

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

461.588

186.772

134.850

 

 

Other Income

 

 

 

 

 

TOTAL                        

461.588

186.772

134.850

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

442.345

177.893

127.679

 

 

Advertising Expenses

 

 

 

 

 

Financial Expenses

 

 

 

 

 

TOTAL                                    

442.345

177.893

127.679

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

19.243

8.879

7.171

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

1.309

1.526

1.185

 

 

 

 

 

 

PROFIT BEFORE TAX

17.934

7.353

5.986

 

 

 

 

 

Less

TAX                                                                 

0.612

0.410

2.001

 

 

 

 

 

 

PROFIT AFTER TAX

17.322

6.943

3.985

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

17.322

6.943

3.985

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

3.146

5.549

39.390

 

TOTAL EARNINGS

3.146

5.549

39.390

 

 

 

 

 

 

Earnings Per Share (Rs.)

93.02

27.29

85.61

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

430.000

 

Expected Sales (2012-13) : Rs.1000.000 Millions (Get more orders)

 

The above information has been parted by Mr. Sanjay Nanasaheb Bhosale

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

3.75
3.72
2.96

 

 

 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)

8.19
4.79
3.32

 

 

 
 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.56
0.28
0.28

 

 

 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 

5.73
4.18
7.54

 

 

 
 

 

Current Ratio

(Current Asset/Current Liability)

 

1.05
1.33
1.02

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS:

(Rs. in Millions)

Particulars

31.03.2011

31.03.2010

31.03.2009

Sundry Creditors

95.736
61.263
80.264

Total

95.736
61.263
80.264

 

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

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

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

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

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

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

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

 

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

 

 

TRADE REFERENCES

  • Baburao Patil Age India Limited
  • Premium Energy Transmission Limited

 

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, India Prisons Service, Interpol, etc.

 

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.51.62

UK Pound

1

Rs.83.57

Euro

1

Rs.67.17

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

NTH

 

 


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--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

 

37

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.