MIRA INFORM REPORT
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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SAIFI CON-FAB SYSTEM PRIVATE LIMITED |
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Registered Office
: |
Plot No.86-87, Road No.7, Surupur Industrial Area, Ballabgarh, Sohna
Road, Faridbad – 121 004, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.06.2003 |
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Com. Reg. No.: |
05-035133 |
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Capital
Investment / Paid-up Capital : |
Rs.5.200 Millions |
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CIN No.: [Company Identification
No.] |
U34300HR2003PTC035133 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKS04743E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Conveyors, Machinery Parts and Fabrication Job. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 36000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appear huge external borrowings recorded by the company. Profitability appears
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 dealings with some caution.
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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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Khursheed Alam |
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Designation : |
Director |
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Contact No.: |
91-9818783116 |
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Date : |
04.03.2013 |
LOCATIONS
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Registered Office/ Factory : |
Plot No.86-87, Road No.7, Surupur Industrial Area, Ballabgarh, Sohna
Road, Faridbad – 121 004, Haryana, India |
|
Tel. No.: |
91-129-3251597/ 3251597/ 2470786/ 3251585/ 2475156/ 2470026 |
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Mobile No.: |
91-9818783116 (Mr. Khursheed Alam) |
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Fax No.: |
91-129-2445156 |
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E-Mail : |
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Area : |
30000 sq ft |
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Location : |
Rented |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Khursheed Alam |
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Designation : |
Director |
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Address : |
House No.3747, Jawahar Colony, Near Masjid, NIT, Faridabad – 121 005,
Haryana, India |
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Date of Birth/Age : |
06.07.1972 |
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Qualification : |
Graduate |
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Date of Appointment : |
16.06.2003 |
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DIN No.: |
00219257 |
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Name : |
Mr. Hazi Sayeed Alam |
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Designation : |
Director |
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Address : |
House
No.1027/34, Jawahar Colony, Near Masjid, Faridabad – 121 005, Haryana, India |
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Date of Birth/Age : |
01.08.1949 |
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Date of Appointment : |
16.06.2003 |
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DIN No.: |
00219245 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
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Names of Shareholders |
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No. of Shares |
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Khursheed Alam |
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196400 |
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Sayeed Alam |
|
165000 |
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Shamim Alam |
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53600 |
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Mumtaj Alam |
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88900 |
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Shamsad Alam |
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6100 |
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Ashma Parveen |
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2500 |
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Azra Alam |
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2500 |
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Irshad Alam |
|
2500 |
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Shahana Alam |
|
2500 |
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Total |
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520000 |
As on 29.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Conveyors, Machinery Parts and Fabrication Job. |
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Products : |
·
Overhead Conveyors ·
Floor Conveyors ·
Belt Conveyors ·
Chain and Slate Conveyors ·
I- Beam Conveyors ·
Conveyor Chains ·
Conveyor Belts ·
Fasteners Conveyors ·
All type of Material Handing Equipments |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
·
Jyoti Industrial Corporation, Faridabad |
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Customers : |
End Users ·
Godrej Limited, Mumbai |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
Syndicate Bank, 48, Bhadana Bhawan, Neelam Bata
Road, NIT, Faridabad Branch, Faridabad – 121 001, Haryana, India ·
United Bank of India, NIT, Faridabad – 121 006,
Haryana, India ·
ICICI Bank Limited, Faridabad, Haryana, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sulekh Chand Jain and Company Chartered Accountants |
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Address : |
E-5, Nehru Ground, NIT, Faridabad – 121 001, Haryana, India |
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Tel. No.: |
91-129-2413076 |
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Mobile No.: |
91-9811585579 |
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Income-tax
PAN of auditor or auditor's firm : |
ABNPJ6258K |
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Memberships : |
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CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
520000 |
Equity Shares |
Rs.10/- each |
Rs.5.200 Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.200 |
5.000 |
3.000 |
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2] Share Application Money Pending Allotment |
0.000 |
2.000 |
0.000 |
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3] Reserves & Surplus |
3.875 |
1.261 |
0.661 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.075 |
8.261 |
3.661 |
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LOAN FUNDS |
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1] Secured Loans |
24.832 |
16.304 |
16.464 |
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2] Unsecured Loans |
0.688 |
0.000 |
1.703 |
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TOTAL BORROWING |
25.520 |
16.304 |
18.167 |
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DEFERRED TAX LIABILITIES |
0.806 |
0.208 |
0.099 |
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TOTAL |
35.401 |
24.773 |
21.927 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.679 |
16.288 |
7.492 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.933
|
10.218
|
10.750 |
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Sundry Debtors |
7.371
|
8.040
|
4.322 |
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Cash & Bank Balances |
0.450
|
0.094
|
0.896 |
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Other Current Assets |
0.042
|
0.175
|
0.000 |
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Loans & Advances |
10.652
|
5.948
|
7.262 |
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Total
Current Assets |
31.448
|
24.475
|
23.230 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.816
|
5.046
|
4.668 |
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Other Current Liabilities |
9.690
|
10.806
|
4.010 |
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Provisions |
0.220
|
0.138
|
0.117 |
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Total
Current Liabilities |
16.726
|
15.990
|
8.795 |
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Net Current Assets |
14.722
|
8.485
|
14.435 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
35.401 |
24.773 |
21.927 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Revenue from operations |
66.916 |
45.995 |
36.227 |
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Other Income |
0.312 |
0.232 |
0.090 |
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TOTAL (A) |
67.228 |
46.227 |
36.317 |
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Less |
EXPENSES |
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Cost of materials consumed |
45.462 |
32.119 |
32.721 |
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Employee Benefit Expenses |
4.177 |
3.355 |
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Other Expenses |
9.435 |
4.988 |
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TOTAL (B) |
59.074 |
40.462 |
32.721 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.154 |
5.765 |
3.596 |
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Less |
FINANCIAL
EXPENSES (D) |
3.572 |
2.684 |
1.901 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.582 |
3.081 |
1.695 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.170 |
2.205 |
1.323 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.412 |
0.876 |
0.372 |
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Less |
TAX (H) |
0.598 |
0.276 |
0.120 |
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PROFIT AFTER TAX
(G-H) (I) |
0.814 |
0.600 |
0.252 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1.261 |
0.661 |
0.409 |
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BALANCE CARRIED
TO THE B/S |
NA |
1.261 |
0.661 |
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Earnings Per
Share (Rs.) |
1.58 |
3.20 |
1.33 |
|
Expected Sales (2012-2013): Rs.70.000 millions
The above information has been parted by Mr. Khursheed Alam
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.21 |
1.30
|
0.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.11 |
1.90
|
1.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.71 |
2.15
|
1.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.11
|
0.10 |
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Debt Equity Ratio (Total Debt/Networth) |
|
2.81 |
1.97
|
4.96 |
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Current Ratio (Current Asset/Current Liability) |
|
1.88 |
1.53
|
2.64 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
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22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
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31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
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33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
|
Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
From Other (Shareholder) |
|
|
|
Irshad Alam |
0.200 |
0.000 |
|
Mumtaz Alam |
0.400 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Khursheed Alam |
0.088 |
0.000 |
|
Total |
0.688 |
0.000 |
Note:
The registered office of the company has been shifted from Plot No.3737/38, Nangla Road, Near Masjid,
Jawahar Colony, NIT Faridabad – 121 005, Haryana, India to present address
w.e.f. 05.10.2009.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U34300HR2003PTC035133 |
|
Name of the
company |
SAIFI CON-FAB
SYSTEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.86-87, Road No.7, Sururpur Industrial Area, Ballabgarh, Sohna
Road, Faridabad – 121 004, Haryana, India E-Mail: kundanlakhani99@yahoo.in
|
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
10071913 |
|
Type of charge |
|
|
Particular of
charge holder |
Syndiacate Bank, 48, Neelam
Bata Road, Faridabad – 121 001, Haryana, India E-Mail: priyangarg@gmail.com |
|
Nature of
instrument creating charge |
Sanctioned
letter, power of attorney for collection of bills, book debts and other receivables,
charge and hypothecation of book debts agreement, composite hypothecation
agreement. |
|
Date of
instrument Creating the charge |
07.03.2012 |
|
Amount secured by
the charge |
Rs.12.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
@ BR+2.50 i.e.13.25% at present. Terms of
Repayment Repayable on
demand. Margin 20% On stocks and
on debtors. Extent and
Operation of the charge Hypothecation of
stock and book debts. Existing Urem of industrial property at Plot No.86/87,
Gali No.7, Sarurpur Industrial Area, Sohna Road, Faridabad in the name of sh.
Hazi Sayed Alam. Personal guarantee of sh. Hazi Sayed Alam, Sh. Khurshid
Alam, Sh. Mumtaz Alam, Sh Shamim Alam, sh Shamshad Alam. Extension of the
charge of all current and fixed assets (present and future) in the name of
the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Plot No.86/87,
Gali No.7, Sarurpur Industrial Area, Sohna Road, Faridabad In The Name Of Sh.
Hazi Sayed Alam. |
|
Particulars of
the present modification |
Limit enhanced
from Rs.9.000 millions to Rs.12.500 millions (Sodh Rs.12.500 millions). |
TRADE REFERENCES:
·
Godrej Limited, Mumbai
·
Jyoti Industrial Corporation, Faridabad
FIXED ASSETS:
·
Computer
·
Furniture and Fixtures
·
Generator Set
·
Motor Car
·
Office Equipments
·
Motor Cycle
·
Plant and Machinery
·
Mobile Phone
·
Tools and Dies
·
Cycle
·
Weighing Scale
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.54.28 |
|
|
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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 |
|
- |
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.