MIRA
INFORM REPORT
|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SARAF FAB TRADE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1410, 1st Floor, Faiz Ganj, Azad Market, Delhi – 110006 |
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|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.10.2005 |
|
|
|
|
Com. Reg. No.: |
55-142205 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 16.340 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL2005PTC142205 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Wholesale and Suppliers of HDPE Dana and PVC Dana. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having moderate track record. Reserves
of the company appear to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 |
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 : |
1410, 1st
Floor, Faiz Ganj, Azad Market, Delhi – 110006, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Ms. Neha Agarwal |
|
Designation : |
Director |
|
Address : |
3/285, Vidhyadhar Nagar, Jaipur – 302012, Rajasthan, India |
|
Date of Birth/Age : |
27.12.1985 |
|
Date of Appointment : |
31.08.2011 |
|
DIN No.: |
03467644 |
|
|
|
|
Name : |
Mr. Dinesh Agarwal |
|
Designation : |
Director |
|
Address : |
B-202, Road No. Vki Area, Jaipur – 302013, Rajasthan, India |
|
Date of Birth/Age : |
14.04.1982 |
|
Date of Appointment : |
16.08.2011 |
|
DIN No.: |
02736724 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Shipra Agrawal |
|
9000 |
|
Rupesh Garg |
|
1000 |
|
Saraswati Saraf |
|
4000 |
|
Saurabh Saraf |
|
30000 |
|
Durga Prashad |
|
16000 |
|
Preeti Agarwal |
|
24000 |
|
Ankish Saraf |
|
30000 |
|
Piyush Saraf |
|
20000 |
|
Northstar Vaniya Private Limited, India |
|
500000 |
|
Due Polymers Private Limited |
|
500000 |
|
Scren Polymers Private Limited |
|
485000 |
|
Dinesh Agarwal |
|
7500 |
|
Neha Agarwal |
|
7500 |
|
Total |
|
1634000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
90.88 |
|
Directors or relatives of Directors |
9.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Wholesale and Suppliers of HDPE Dana and PVC Dana. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
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||||||||||||
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Bankers : |
· State Bank of Travancore, Ashok Marg, C-Scheme, Jaipur - 302001, Rajasthan, India · IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manish Borad and Company Chartered Accountant |
|
Address : |
208, Saraogi Mansion, M.I Road, Jaipur – 302001, Rajasthan, India |
|
PAN.: |
ABVPB3454H |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1634000 |
Equity Shares |
Rs.10/- each |
Rs. 16.340
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.340 |
16.340 |
1.340 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9.897 |
7.473 |
6.414 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
26.237 |
23.813 |
7.754 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.608 |
19.933 |
0.000 |
|
|
2] Unsecured Loans |
8.742 |
24.478 |
34.322 |
|
|
TOTAL BORROWING |
21.350 |
44.411 |
34.322 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
47.587 |
68.224 |
42.076 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.472 |
0.532 |
0.125 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
82.911
|
79.700 |
22.074 |
|
|
Sundry Debtors |
61.513
|
31.634 |
35.194 |
|
|
Cash & Bank Balances |
8.139
|
12.110 |
2.855 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8.285
|
14.887 |
17.984 |
|
Total
Current Assets |
160.848
|
138.331 |
78.107 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
110.743
|
69.185 |
25.878 |
|
|
Other Current Liabilities |
2.877
|
1.454 |
9.919 |
|
|
Provisions |
0.113
|
0.000 |
0.378 |
|
Total
Current Liabilities |
113.733
|
70.639 |
36.175 |
|
|
Net Current Assets |
47.115
|
67.692 |
41.932 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.019 |
|
|
|
|
|
|
|
|
TOTAL |
47.587 |
68.224 |
42.076 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
367.347 |
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
650.697 |
367.347 |
259.745 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
647.214 |
365.654 |
258.557 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
647.214 |
365.654 |
258.557 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3.483 |
1.693 |
1.188 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.100 |
0.525 |
0.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2.383 |
1.168 |
0.828 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.46 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.37
|
0.32 |
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.16
|
1.22 |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.07 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.81
|
1.86 |
4.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.96 |
2.16 |
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 |
No |
|
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 |
FINANCIALS RESULTS
The Profit and Loss Account Shows a Net Profit
amounting to Rs. 2.383 Millions
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U74899DL2005PTC142205 |
|
Name of the
company |
SARAF FABTRADE
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1410, 1st Floor, Faiz Ganj, Azad Market, Delhi – 110006, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10267744 |
|
Type of charge |
· Immovable property ·
Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of Travancore, Ashok Marg, C-Scheme, Jaipur - 302001, Rajasthan, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement for increase in overall working capital limit Declaration cum
affidavit Sanction letter |
|
Date of
instrument Creating the charge |
01.12.2012 |
|
Amount secured by
the charge |
Rs. 70.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit LIMIT
- 4.25% above SBT Base Rate, effective rate is 14.50% p.a. on monthly rests.
penal interest @ 1% p.a. will be charged for entire quarter/period for the
defaults as per agreement. Terms of Repayment On Demand Margin As Per Agreement. Extent and Operation of the charge Fund based cash credit limit Rs. 20.000 Millions Non fund based LC ILC/FLC/buyer credit limit Rs. 50.000 Millions. Total limit Rs. 70.000 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Primary: hypothecation of stocks like raw materials, packing materials, consumable spares and stores, stock in process, finished goods, good in transit and other current assets of the company pari passu charge on entire current assets of the company both present and future. Collateral Security: Equitable Mortgage of 275 Sq. Mtrs. of residential building at 6/77, Vidhyadhar Nagar, Jaipur in the name of Smt. Jai Shree Agarwal and lien on FDR worth Rs. 7.500 Millions. |
|
Particulars of
the present modification |
Non Fund based LC
ILC/FLC/Buyer Credit Limit enhanced from Rs. 30.000 Millions to Rs. 50.000
Millions. Fund Based Cash Credit Limit is Rs. 20.000 Millions. Total Limit is
Rs. 70.000 Millions. Rate of Interest:
4.25% above SBT base rate effective rate is 14.50% p.a. on monthly rests. Extra Collateral
Security: lien on FDR worth Rs. 7.500 Millions. |
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Unsecured Loan |
8.742 |
24.478 |
|
Total |
8.742 |
24.478 |
FIXED ASSETS
· Plant and Machinery
· Office Equipments
· Computer Equipments
· Motor Vehicles
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 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 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. 54.63 |
|
|
1 |
Rs. 83.70 |
|
Euro |
1 |
Rs. 71.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.