|
Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOVEREIGN TECH ENGINEERING SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
14, Mahinder Chambers, Waman Tukaram Patil Marg, Chembur, Mumbai
-400071, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.04.1986 |
|
|
|
|
Com. Reg. No.: |
11-039496 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.606
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1986PTC039496 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS30231F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Coolant Filtration Systems for Automobile
Industry. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 290000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears drastic dip in profit and sales of the company in 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
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 : |
Ms. Sindhu Shashi |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9930316410 |
|
Date : |
20.12.2013 |
LOCATIONS
|
Registered Office : |
14, Mahinder Chambers, Waman Tukaram Patil Marg, Chembur, Mumbai
-400071, Maharashtra, India |
|
Tel. No.: |
91-22-67973259/ 260 |
|
Mobile No.: |
91-9930316410 (Ms. Sindhu) |
|
Fax No.: |
91-22-67987499 |
|
E-Mail : |
ashishshah@sovereigntech.in |
|
Website : |
|
|
Area : |
2000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
A-515, TTC Industrial Area, MIDC, Mahape, Navi Mumbai, |
|
Tel. No.: |
91-22-56147556/ 57 |
|
Area : |
9000 sq ft |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Sarvanand Madhukar Bhujle |
|
Designation : |
Managing director |
|
Address : |
3rd Floor, 14, Avanti Co-Operative Housing Society, Deonar
Baug, Off S. T. Road, Near Datta Guru Society, Deonar, Mumbai - 400088,
Maharashtra, India |
|
Date of Birth/Age : |
07.03.1955 |
|
Date of Appointment : |
08.04.1986 |
|
DIN No.: |
00302577 |
|
|
|
|
Name : |
Mr. Aditya Sarvanand Bhujle |
|
Designation : |
Director |
|
Address : |
14, Avanti Co-Operative Housing Society Limited, Deonar Baug, Deonar,
Mumbai – 400088, Maharashtra, India |
|
Date of Birth/Age : |
16.03.1988 |
|
Date of Appointment : |
17.03.2006 |
|
DIN No.: |
00302636 |
|
|
|
|
Name : |
Mr. Vimal Madhukar Bhujle |
|
Designation : |
Director |
|
Address : |
Usha Co-Operative Housing Society Limited, Opposite Portuguese Church,
College Lane, Dadar (West), Mumbai - 400028, Maharashtra, India |
|
Date of Birth/Age : |
13.12.1923 |
|
Date of Appointment : |
08.04.1986 |
|
DIN No.: |
00575115 |
|
|
|
|
Name : |
Mr. Anish Sarvanand Bhujle |
|
Designation : |
Director |
|
Address : |
14, Avanti Co-Operative Housing Society Limited, Deonar Baug, Mumbai – 400088, Maharashtra India |
|
Date of Birth/Age : |
13.10.1994 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06450263 |
KEY EXECUTIVES
|
Name : |
Ms. Sindhu Shashi |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Sarvanand Madhukar Bhujle |
|
768290 |
|
Vimal Madhukar Bhujle jointly with Aditya Sarvanand Bhujhe and
Sarvanand Madhukar Bhujle |
|
95850 |
|
Vimal Madhukar Bhujle jointly with Anish Sarvanand Bhujle and
Sarvanand Madhukar Bhujle |
|
95850 |
|
Aditya Sarvanand Bhujhe |
|
5 |
|
Anish Sarvanand Bhujle |
|
5 |
|
|
|
|
|
Total |
|
960000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Vanita Sharma |
|
1 |
|
Sarvanand Madhukar Bhujle |
|
4 |
|
Sindhu Sasi |
|
1 |
|
|
|
|
|
Total |
|
6 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Coolant Filtration Systems for Automobile
Industry. |
|
|
|
|
Exports : |
|
|
Products : |
Coolant Filtration Systems |
|
Countries : |
· Germany Singapore |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Germany USA |
|
|
|
|
Terms : |
|
|
Selling : |
Document against payment |
|
|
|
|
Purchasing : |
Document against payment |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Filter Media |
Sq. Mtr. |
NA |
NA |
268710 |
|
KBF |
No. |
NA |
NA |
198 |
|
Chip Blaster and Sovereign Kambo |
No. |
NA |
NA |
17 |
|
Chip Conveyors |
No. |
NA |
NA |
69 |
|
Lubricants |
Kg |
NA |
NA |
13088 |
Note:
Installed Capacity: The installed capacities
are not precisely ascertainable, given the nature of operation, changes in
product mix and utilisation of manufacturing facilities and hence, have not
been disclosed.
GENERAL INFORMATION
|
Suppliers : |
Raja Mane Pump, Bangalore |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and Manufacturer · Tata Motors Bajaj Auto |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
Bank of India, 61-A, Gokhale Road (North), Dadar (West), Mumbai
- 400028, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gokhale and Sathe Chartered Accountants |
|
Address : |
302/303, Udyog Mandir No. 17-C Bhagoji Keer Marg, Mahim, Mumbai –
400016, Maharashtra, India |
|
Tel. No.: |
91-22-43484242 |
|
Fax No.: |
91-22-43484241/ 51 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFG4990K |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
995,000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.950 Millions |
|
50 |
Preference Shares |
Rs. 1000/- each |
Rs. 0.050 Million |
|
|
Total |
|
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
960,000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.600 Millions
|
|
6 |
Preference Shares |
Rs. 1000/- each |
Rs. 0.006
Million |
|
|
Total |
|
Rs. 9.606 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.606 |
9.606 |
9.606 |
|
(b) Reserves & Surplus |
64.108 |
61.120 |
51.012 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
73.714 |
70.726 |
60.618 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
41.652 |
34.951 |
33.271 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.857 |
1.427 |
0.000 |
|
(d) long-term
provisions |
1.271 |
0.812 |
0.428 |
|
Total Non-current
Liabilities (3) |
43.780 |
37.190 |
33.699 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
33.706 |
35.689 |
24.089 |
|
(b)
Trade payables |
20.677 |
22.050 |
25.942 |
|
(c) Other
current liabilities |
23.274 |
21.186 |
21.666 |
|
(d) Short-term
provisions |
0.275 |
4.155 |
8.914 |
|
Total Current
Liabilities (4) |
77.932 |
83.080 |
80.611 |
|
|
|
|
|
|
TOTAL |
195.426 |
190.996 |
174.928 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
98.413 |
78.188 |
67.894 |
|
(ii)
Intangible Assets |
3.025 |
3.991 |
5.108 |
|
(iii)
Capital work-in-progress |
17.153 |
21.343 |
25.663 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.606 |
2.668 |
1.976 |
|
(d) Long-term Loan and Advances |
2.988 |
2.017 |
1.173 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
123.185 |
108.207 |
101.814 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
36.920 |
29.192 |
22.049 |
|
(c)
Trade receivables |
31.123 |
43.625 |
42.171 |
|
(d) Cash
and cash equivalents |
0.647 |
6.580 |
4.510 |
|
(e)
Short-term loans and advances |
3.551 |
3.392 |
4.384 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
72.241 |
82.789 |
73.114 |
|
|
|
|
|
|
TOTAL |
195.426 |
190.996 |
174.928 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
124.950 |
153.320 |
126.365 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21.950 |
33.890 |
38.170 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
9.640 |
9.470 |
8.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.310 |
24.420 |
29.760 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
7.090 |
6.750 |
6.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.220 |
17.680 |
23.580 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
2.350 |
7.570 |
12.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.870 |
10.110 |
10.720 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
39.820 |
29.710 |
20.500 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.500 |
|
|
BALANCE CARRIED
TO THE B/S |
42.690 |
39.820 |
29.710 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
4.233 |
4.262 |
4.507 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29.615 |
30.539 |
21.371 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.23 |
11.69 |
12.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.95
|
10.59 |
16.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.25 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.02
|
1.00 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93
|
1.00 |
0.91 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current Maturity
of Long Term Debt |
|
|
|
|
Term Loan Factory II |
0.000 |
0.000 |
0.459 |
|
Term Loan Vashi Premise |
7.307 |
8.550 |
7.700 |
|
Term Loan Factory – Mahape |
3.550 |
1.950 |
1.800 |
|
Term Loan from Chola Mandalam |
1.045 |
0.907 |
0.783 |
|
Vehicles Loan from Bank of India (Alto) |
0.053 |
0.066 |
0.059 |
|
Vehicles Loan from HDFC (Swift) |
0.000 |
0.136 |
0.137 |
|
Vehicles Loan from HDFC (Swift) |
0.000 |
0.000 |
0.137 |
|
|
|
|
|
|
Total |
11.955 |
11.609 |
11.075 |
|
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 |
No |
|
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 |
INDEX OF CHARGES
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Vimal M Bhujle |
5.000 |
4.250 |
|
Sarvanand M Bhujle |
8.697 |
7.547 |
|
Aditya S Bhujhe |
2.255 |
2.255 |
|
Anish S. Bhujhe |
2.155 |
0.000 |
|
|
|
|
|
Total |
18.107 |
14.052 |
CHANGE OF ADDRESS:
BACKGROUND
Subject is a Company
incorporated on 17" January, 2002
with a prime objective of bringing modem yet proven technology,
concepts, products and services to Indian
Metal Cutting Industry at large.
Sovereign Tech works
closely and exclusively with
various overseas Companies as their collaborator and exclusive business partner to provide a basket of products including
High Performance cooling lubricants, Filter system, Filter media, Low and Medium Pressure pumps, High pressure variable
volume coolant delivery system and Nozzles
under the concept of "Fluid
Advantech".
PERFORMANCE OF THE COMPANY
The overall political
situation did result in adverse balance of exchange position for their country
affecting investments sentiment, steep devaluation of their currency and strong
negative economic climate. The Comments of the experts, if by any means is an
economic indicator to go with than the situation during Global melt down
(2008-09) seem far more trivial as compared to the prevailing economic
situation in their country.
This Negative market
sentiment during this year has had a serious impact on the Company's sales and
growth plans resulting in dip in sales as evident. During the said year, the
company registered a Net sales of MINR 124.95 showing a dip of about 18%
compared to 2orr''12 at MINR 153.32.
The fall in sale was
witnessed in all Products including Consumables. Thus indicating that not only
the investment plans at the Customer ends were on hold but, even their present
lines were running at very low capacity considering the fall in the market
demand.
It is pertinent to
note that despite this challenging economic situation, the company has
maintained its track record of registering Profit even during difficult times.
This is perceived quite positively by all their stakeholders and the Credit
Rating Agency and thus calls for sincere word of appreciation to Team Sovereign
Tech.
EXPANSION AND FUTURE PROJECTS
As a progressive
measure, despite challenging times, the Company undertook the construction of
the new factory premises at A-515/L, Mahape, Navi Mumbai during this year. The
"Building completion certificate" was received in time from MIDC and
the full-fledged Production activity has since commenced. Incidentally, the new
factory premise is built as per the 'Lead guidelines' as a 'Green Manufacturing
facility' perhaps first of its kind in city of Mumbai.
They new factory is
helping us in efficiently undertaking the fabrication and related manufacturing
activity especially for 'Jorgensen conveyors' giving they the advantage of
quality and timely delivery. Their prime objective of having a dedicated conveyor
manufacturing facility as envisaged is well met with this new factory premises
in place. With the infrastructure that it provides, they are also able to
undertake and execute the medium and large size Central Systems which until
date was outsourced. Again on account of this in-house manufacturing of
Jorgensen conveyors' and Central systems, they are sure to accomplish economy
and competitive edge.
In the last quarter
of this financial year, Mr. Aditya s Bhujle joined the company as a full time
Director and they welcome him to Team Sovereign Tech.
With his illustrious
Academic background from reputed US institutions such as California Institute
of Technology (Caltech) during undergraduate studies and subsequently at
Massachusetts Institute of Technology (MLR) for Masters, Aditya brings in
considerable knowledge and exposure into Team Sovereign Tech.
CONTINGENT
LIABILITIES [AS ON 31.03.2013]:
i.
Estimated amount of Contracts remaining to be
executed on Capital Account and not provided for is Rs. 0.320 Million (Previous year Rs. 6.799 Millions).
ii.
The Company has contingent liability of Rs. 0.589
Million (Previous Year Rs. 0.394 Million) in respect of performance / advance
bank guarantees issued by Bank of India, Dadar (West) Branch, for and on behalf
of the Company.
iii.
The Company is member of the Small Scale
Entrepreneurs Association T.T.C which has challenged the right of the Navi
Mumbai Municipal Corporation (NMMC) to collect property taxes and cess from
industrial units located in MIDC Industrial Area on the ground of
administrative jurisdiction. The Mumbai High Court has given the judgement in
favour of Navi Mumbai Municipal Corporation on 8h July 2010. Small Scale
Entrepreneurs Association had filed a Special Writ Petition in Supreme Court in
August 2010. Considering the above facts, the Company has provided &paid
Property tax and Cess starting from 1st
April 2010. The Company has also provided for Property tax of Rs. 1.909
Millions and Cess of Rs. 2.573 Millions for the period prior to April 2010.
TRADE REFERENCES
· Raja Mane Pump, Bangalore
Tata
Motors
Bajaj
Auto
FIXED ASSETS:
· Leasehold Land
Factory
Building
Guest
House
Machinery
Electrical
Fitting
Tools
and Equipments
Office
Equipments
Air
Conditioner
Furniture
and Fixtures
Computers
Motor
Car
Bicycle
Computer
Software
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. 62.24 |
|
|
1 |
Rs. 101.81 |
|
Euro |
1 |
Rs. 84.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.