|
Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAFEAGE SECURITY PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Office No. 120/121, Swastik Disa Corporate Park,
Opposite Shreyas Cinema, LBS Marg, Ghatkopar (West), Mumbai – 400086,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.06.2005 |
|
|
|
|
Com. Reg. No.: |
11-154039 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28993MH2005PTC154039 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS48807D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS1131N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Pedestals, Lockers, Compactors, Fire Protection
Cabinets etc. |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. Management has failed to file the financials for the period from 2008
to 2010 and the latest financials (i.e 2011 and 2012) are not available. Mr. Rajan Vaswani, the director has provided the general information
and denied to disclose financial details. However, business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and
secured trade terms and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL NSIC Ratings |
|
Rating |
SE3C |
|
Rating Explanation |
Moderate performance capability and low financial strength. |
|
Date |
9th January 2013 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Rajan Vaswani |
|
Designation : |
Director |
|
Contact No.: |
91-9323705376 |
|
Date : |
14.06.2013 |
LOCATIONS
|
Registered Office / Factory : |
1st Floor, Office No. 120/121, Swastik Disa Corporate Park,
Opposite Shreyas Cinema, LBS Marg, Ghatkopar (West), Mumbai – 400086,
Maharashtra, India |
|
Tel. No.: |
91-22-40049400/ 65149855/ 32584834/ 40158060/ 24934041 |
|
Mobile No.: |
91-9323705376 (Mr. Rajan Vaswani) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Kolhapur, Maharashtra, India |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Vasai, Maharashtra, India |
|
Location : |
Rented |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Rajan Tuljaram Vaswani |
|
Designation : |
Director |
|
Address : |
F-27, Venus Partments, Worli Sea Face, Mumbai – 400018, Maharashtra,
India |
|
Date of Appointment : |
04.11.2008 |
|
DIN No.: |
02062436 |
|
|
|
|
Name : |
Mr. Naresh Ganpatlal Panchal |
|
Designation : |
Director |
|
Address : |
1039-E Ward, Rajaram Road, Kolhapur – 416008, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1959 |
|
Date of Appointment : |
05.05.2010 |
|
DIN No.: |
03036971 |
|
|
|
|
Name : |
Mr. Manan Naresh Panchal |
|
Designation : |
Additional Director |
|
Address : |
1039-E Ward, Rajaram Road, Kolhapur – 416008, Maharashtra, India |
|
Date of Birth/Age : |
28.05.1985 |
|
Date of Appointment : |
05.05.2010 |
|
DIN No.: |
03036976 |
|
|
|
|
Name : |
Mrs. Smruti Rajan Vaswani |
|
Designation : |
Director |
|
Address : |
F-27, Venus Partments, Worli Sea Face, Mumbai – 400018, Maharashtra,
India |
|
Date of Appointment : |
17.06.2005 |
|
DIN No.: |
00924568 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rajan Tuljaram Vaswani |
|
25500 |
|
Smruti Rajan Vaswani |
|
14500 |
|
Manan Naresh Panchal |
|
10000 |
|
Naresh Ganpatlal Panchal |
|
25000 |
|
Nayan Naresh Panchal |
|
15000 |
|
Mitesh Naresh Panchal |
|
10000 |
|
|
|
|
|
Total |
|
100000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pedestals, Lockers, Compactors, Fire Protection
Cabinets etc. |
|
|
|
|
Products : |
· Pedestals · Lockers · Compactors · Fire Protection Cabinets · Slot Type Depository Safes · Drawer Type Depository Safes · Fire Resistant Filing Cabinets · Fire Resistant Safes · Computer Data Cabinets |
|
|
|
|
Exports : |
|
|
Products : |
· Pedestals · Lockers · Compactors · Fire Protection Cabinets · Slot Type Depository Safes · Drawer Type Depository Safes · Fire Resistant Filing Cabinets · Fire Resistant Safes ·
Computer Data Cabinets |
|
Countries : |
· USA · Germany · Europe · Canada · Sri Lanka · Bangladesh · Australia · Singapore, etc |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers · Tata Aig Life Insurance Company Limited · HDFC STD Life Insurance Company Limited · Aegon Religare Life Insurance Company Limited · Kotak Mahindra Om Life Ins Company Limited · Life Insurance Corporation · Birla Sunlife Insurance Company Limited · Aditya Birla Retail Limited · Spencer’s Retail Limited · Reliance Retail Limited · Shopper’s Stop Limited · Infinity Retail Limited · Fullerton India Credit Company Limited · Cholamandalam DBS Finance Limited · Edelwise Capital · Mcdonalds · Gitanjali Group · Pan India Food Solutions · Fame India · GIC Housing Finance · Vistar Microfinance · IDBI Fortis Life Insurance Company Limited · GILI India Limited · G. Hastimal Jewellers · Malkesh Jewels · Alysa Jewels · SAI Diamonds · DAMAS · TATA Motors · Rehans Trust · Consulate of Malaysia |
|
|
|
|
No. of Employees : |
70 (Approximately) |
|
|
|
|
Bankers : |
HDFC Bank, Mumbai, Maharashtra, India |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Agarwal Chartered Accountant |
|
|
|
|
Name : |
Jain Ambavat and Associates Chartered Accountant |
|
Address : |
40, Morarji Velji Building, 1st Floor, Dr. M B Velkar
Street, Kalbadevi, Mumbai – 400002, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACCPA7161L |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000
Million |
|
|
|
|
|
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.100 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
2.299 |
0.967 |
|
|
TOTAL BORROWING |
|
2.299 |
0.967 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.399 |
1.067 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.386 |
1.169 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.394
|
0.332 |
|
|
Sundry Debtors |
|
0.138
|
0.104 |
|
|
Cash & Bank Balances |
|
0.346
|
0.021 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
0.444
|
0.495 |
|
Total
Current Assets |
|
2.322
|
0.952 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
1.236
|
0.890 |
|
|
Other Current Liabilities |
|
0.891
|
0.305 |
|
|
Provisions |
|
0.035
|
0.000 |
|
Total
Current Liabilities |
|
2.162
|
1.195 |
|
|
Net Current Assets |
|
0.160
|
(0.243) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.853 |
0.141 |
|
|
|
|
|
|
|
|
TOTAL |
|
2.399 |
1.067 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
3.506 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
3.550 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(0.361) |
(0.044) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.182 |
0.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
(0.543) |
(0.115) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.002 |
0.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
(0.545) |
(0.116) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(54.50) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
NA |
(3.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(14.64) |
(5.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(5.43) |
(1.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
44.61 |
21.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.07 |
0.80 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
two 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 |
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 |
No |
|
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:
Registered office of the company has been
shifted from Office No.211, Swastik Disa Corporate Park, Opposite Shreyas Cinema, LBS
Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India to the present address.
UNSECURED LOAN
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Smruti Vasawani |
2.199 |
0.867 |
|
Tejas Pingulkar |
0.100 |
0.100 |
|
|
|
|
|
Total |
2.299 |
0.967 |
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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.