1. Summary Information
|
|
|
Country |
|
|
Company Name |
SARGAM
DIECASTINGS PRIVATE LIMITED |
Principal Name 1 |
Mr. Sarathi Arun |
|
Status |
Moderate |
Principal Name 2 |
Mr. Srivatsan Subramaniam |
|
|
|
Registration # |
18 – 66985 |
|
Street Address |
|
||
|
Established Date |
25.03.2008 |
SIC Code |
-- |
|
Telephone# |
91-44-42213333 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-42213399 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Aluminum Dyecasts Commodities |
|
|
# of employees |
200 (Approximately)
|
Product Name 2 |
- |
|
Paid up capital |
50,000,000 |
Product Name 3 |
- |
|
Shareholders |
Bodies
corporate - 40% Directors
or relatives of directors -60% |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
4 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
Subsidiary Company |
Country
|
Company Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
191,952,000 |
Current Liabilities |
140,317,000 |
|
Inventories |
79,478,000 |
Long-term Liabilities |
236,508,000 |
|
Fixed Assets |
137,148,000 |
Other Liabilities |
1,390,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
378,215,000 |
|
Invest& other Assets |
31,982,000 |
Retained Earnings |
0,000 |
|
|
|
Net Worth |
62,345,000 |
|
Total Assets |
440,560,000 |
Total Liab. & Equity |
440,560,000 |
|
Total Assets (Previous Year) |
415,555,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
315,600,000 |
Net Profit |
NA |
|
Sales(Previous yr) |
239,723,000 |
Net Profit(Prev.yr) |
6,434,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SARGAM DIECASTINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2 Ramaparam Road, Manapakkam, Chennai – 600 089, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.03.2008 |
|
|
|
|
Com. Reg. No.: |
18-066985 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29230TN2008PTC066985 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Aluminum Dyecasts Commodities. |
|
|
|
|
No. of Employees
: |
200 (Approximately) (Office-50, Factory-150) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 240000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an establish company having moderate track. There appears
some accumulated losses recorded by the company. However, Trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: [ICRA] BB- |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
December
|
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-44-42213315 |
|
Fax No.: |
91-44-42213399 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Factory : |
3/139, |
|
Tel. No.: |
91-44-42213333 |
|
Fax No.: |
91-44-42213399 |
|
Location : |
Owned |
|
|
|
|
Overseas Office
: |
Tel No: +1 248-577-6050 Fax: +1 248-577-6030 European partner EMDI
S.A Zone Industrielle Z.A.R.E, L-4384 Ehlernage – Tel. ++ 352 / 55 61 25 -1 Fax: ++ 352 / 55 61 25 -21 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Srivatsan Subramaniam |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
25, Desika Road, Mylapore, Chennai – 600 028, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.12.1961 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
25.03.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No: |
01029373 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sarathi Arun |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
189,
St. Marys Road, Chennai 600 018, Tamil Nadu, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.10.1959 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
25.03.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No: |
00069367 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Subramanian Lakshmi Narayanan |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
2026, Sobha Jasmine Apts; Outer Ring Road, Sajapur, Bangalore-560 103, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.05.1962 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.11.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No: |
00019454 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sundaresan K Ramanathan |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
A- 1, Ceebros Sri Saradha Niwas , 213 Srinivasa Avenue Road, R.
A. Puram, Chennai - 600 028 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.02.1967 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.11.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No: |
01988416 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sunkara Sarvesh Krishna |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
1, Third Link Street, R. A. Puram, Chennai - 600 028, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
23.10.1961 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.11.2008 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No: |
01668684 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other directorship:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sargam Metals Private Limited, |
|
2000000 |
|
Sriatsan Subramaniam |
|
1000000 |
|
Vasanthy Srivatsan |
|
1000000 |
|
Sunkara Sarvesh |
|
674392 |
|
Sunkara
Krishna Sarvesh |
|
5000 |
|
Ramanathan
K Sundaresan |
|
320608 |
|
Total |
|
5000000 |
AS on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies
corporate |
40.00 |
|
Directors
or relatives of directors |
60.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Aluminum Dyecasts Commodities. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
|
Licensed
Capacity |
Installed
Capacity |
|
Man Power |
Per Day |
|
250 |
180 |
|
Machine Power |
HP |
|
1000 |
525 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
200 (Office-50, Factory-150) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India, Commercial Branch, 1/65A, G.S.T. Road, Guindy,
Chennai – 600 032, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagannathan and Sargeswaran Chartered Accountant |
|
Address : |
New No. 7 (Old No.35) Luz Avenue, Chennai-600 004, Tamilnadu, India |
|
PAN No : |
AABFJ6143N |
|
|
|
|
Related Party: |
Sargam Metals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
4000000 |
Preferences Shares |
Rs.10/- each |
Rs.40.000 millions |
|
|
Total |
|
Rs.90.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Share |
Rs.10/- Each |
Rs.50.000 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 |
50.000 |
50.000 |
50.000 |
|
|
2] Share Application Money Pending Allotment |
20.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(7.655) |
(16.757) |
(23.192) |
|
|
NETWORTH |
62.345 |
33.243 |
26.808 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
125.498 |
143.212 |
106.121 |
|
|
2] Unsecured Loans |
111.010 |
100.053 |
99.001 |
|
|
TOTAL BORROWING |
236.508 |
243.265 |
205.122 |
|
|
DEFERRED TAX LIABILITIES |
1.181 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
300.034 |
276.508 |
231.930 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
137.148 |
166.778 |
142.058 |
|
|
Capital work-in-progress |
30.217 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
10.000 |
10.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
79.478
|
152.110 |
107.863 |
|
|
Sundry Debtors |
70.255
|
59.867 |
30.865 |
|
|
Cash & Bank Balances |
2.824
|
4.313 |
5.847 |
|
|
Other Current Assets |
92.859
|
0.000 |
0.000 |
|
|
Loans & Advances |
26.014
|
21.882 |
32.085 |
|
Total
Current Assets |
271.430
|
238.172 |
176.660 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
126.484
|
114.612 |
81.945 |
|
|
Other Current Liabilities |
13.833
|
22.692 |
19.873 |
|
|
Provisions |
0.209
|
1.743 |
0.000 |
|
Total
Current Liabilities |
140.526
|
139.047 |
101.818 |
|
|
Net Current Assets |
130.904
|
99.125 |
74.842 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.765 |
0.605 |
5.030 |
|
|
|
|
|
|
|
|
TOTAL |
300.034 |
276.508 |
231.930 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
315.600 |
239.723 |
183.503 |
|
|
|
Other Income |
NA |
2.540 |
1.662 |
|
|
|
TOTAL (A) |
NA |
242.263 |
185.165 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
|
163.573 |
148.943 |
|
|
|
Salaries and Other Benefits |
|
23.254 |
21.478 |
|
|
|
Administrative Expenses |
|
11.860 |
16.452 |
|
|
|
TOTAL (B) |
|
198.687 |
186.873 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
43.576 |
(1.708) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
23.888 |
8.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
19.688 |
(10.288) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
13.226 |
10.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.900 |
6.462 |
(20.375) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
0.028 |
2.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
6.434 |
(23.192) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.29 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
2.65 |
(12.52) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.82
|
2.67 |
(11.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.16
|
1.60 |
(6.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.19 |
(0.76) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.05
|
11.50 |
11.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
1.71 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
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 |
Financial Highlights:
The year in review was the third year of
independent operations of the company and it has made a 40% increase in
turnover compared to the previous year. Though the global recession is still limping
back to normalcy, the domestic markets had made a smart recovery from the
financial crisis. This helped us to make marginal profits for the current year.
Exports also picked up compared to the previous years and expect to do still
better in the coming years.
Discussion of Operations:
The company had registered the highest
turnover of Rs 315.600 millions during the financial year 2010-11. The company
had bagged an order from Nemak Aluminum Castings India Private Limited for machining
of Cylinder Head and Cylinder Blocks. The value of the order is around Rs
1000.000 millions spread over a period of 5 years. This machining process calls
for an investment of Rs 220.000 millions in plant and machinery (as the
existing machines cannot do the machining required of the above products) and
is partially funded by the customer himself. A new factory shed of 50000 sq
ft., each for Foundry and Machine shop is being constructed at Cheyyar, on the
company’s leased premises from SIPCOT. The new factory will accommodate the
existing facilities at Thoraipakkam and Perungudi also. The commercial
production from this unit is expected to happen during January, 2012. The
existing Banker, State Bank of India had enhanced the limits and provided term
loans for the building, plant and machineries.
Outlook:
The outlook for the company looks extremely
good. With more and more Diecasting companies in the USA and EUROPE shutting
down and many companies looking to outsource procurement of castings their company
is well placed to gain significantly from this as the necessary investments and
systems have already been put in place. They expect the domestic market to pick
up by middle of next year which will also improve their sales. For all the
orders received during the year deliveries will commence in the second half of
next year which should add significantly to their top line. The company expects
to substantially improve its exports during the next year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29230TN2008PTC066985
|
|
Name of the
company |
SARGAM
DIECASTINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10139315 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, 1/65A, G.S.T. Road, Guindy,
Chennai – 600 032, Tamilnadu, India |
|
Nature of
instrument creating charge |
Letter of
Confirmation for creation of Mortgage by deposit of Title Deeds |
|
Date of
instrument Creating the charge |
16.02.2012 |
|
Amount secured by
the charge |
Rs. 459.900
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the
existing Terms and Conditions Terms of Repayment As per the
existing Terms and Conditions. Margin As per the
existing Terms and Conditions. Extent and Operation of the charge As mentioned in
the EM Confirmation Letter |
|
Short particulars
of the property charged |
Equitable
Mortgage over the immovable property belonging to the Company, situated at
Chellaperumbulimedu Village, Cheyyar Taluk, Thiruvannamalai District Other
existing securities remain same. |
|
Date of latest
modification prior to the present modification |
10.08.2011 |
|
Particulars of
the present modification |
By the present modification,
the existing overall limit to an extent of Rs.459.900 millions remain same
and additionally been secured by the immovable property belonging to the
Company, situated at Chellaperumbulimedu Village, Cheyyar Taluk,
Thiruvannamalai District, Other
existing securities remain same. |
Contingent Liability:-
a. Export commitment of Rs 32.778 millions
over a balance period of 7 years
b. Export commitment of Rs 26.200 millions
over a balance period of 6 years.
Export earnings during the year 2010-11
recorded 20% increase over 2009-10 and this trend is going to substantially
improve during the years ahead. Hence the Company is confident of fulfilling
its export obligations. In view of this contingent liability would not become
actual liabilities.
Fixed Assets:
·
Computer and Accessories
·
Electrical and Fittings
·
Factory Equipments
·
Office Equipments
·
Plant and Machinery
·
Storage
·
Tools and dies
·
Vehicles
·
Furniture
·
Guest House Property
·
Land and Building
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.54.34 |
|
|
1 |
Rs.87.91 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.