MIRA INFORM REPORT
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Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SARJU IMPEX LIMITED |
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Registered
Office : |
Plot No. Z/13, Dahej Sez Limited. (Sez) Survey No.596/P 602/P, 603/P,
604/P, Dahej – Ambhetha, Vagra – 392130, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.04.2008 |
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Com. Reg. No.: |
04-053689 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U27209GJ2008PLC053689 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Exporter, Manufacturer and
Supplier of CNG Cylinder, Oxygen Cylinder, CNG Gas Cylinder. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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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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 moderate track record. Management of the company has failed to file its financial for the
year 2014 with the government department. As per available financial of 2013, profitability of the company seems
to be low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
Not Available
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
31-03-2014.
INFORMATION DECLINED
Management non co-operative (91-261-2533181)
LOCATIONS
|
Registered Office : |
Plot No. Z/13, Dahej Sez Limited. (Sez) Survey No.596/P 602/P, 603/P,
604/P, Dahej – Ambhetha, Vagra – 392130, |
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Tel. No.: |
91-261-2533183 |
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Fax No.: |
91-261-2533183 |
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E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr.Hitesh Laljibhai Patel |
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Designation : |
Director |
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Address : |
52 ,Narayanmuni Nagar Society, Swaminarayan Gurukul, Nani Ved Road,
Surat-395 004, Gujarat, India |
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Date of Birth/Age : |
31.05.1979 |
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Date of Appointment : |
24.04.2008 |
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DIN No.: |
01660527 |
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Name : |
Mr. Shailesh Kumar Dayal Bhai Goti |
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Designation : |
Director |
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Address : |
56 ,Narayanmuni Nagar Society, Nani Ved, Ved Road, Surat-395 004,
Gujarat, India |
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Date of Birth/Age : |
09.10.1984 |
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Date of Appointment : |
24.04.2008 |
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DIN No.: |
00858206 |
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Name : |
Mr. Arjanbhai Nanjibhai Vaghasia |
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Designation : |
Director |
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Address : |
Plot No 23/24, Narayan Muni Nagar Soc., Nani Ved Road, Katargam,
Surat-395 004, Gujarat, India |
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Date of Birth/Age : |
10.05.1963 |
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Date of Appointment : |
26.05.2008 |
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DIN No.: |
02182370 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
46.47 |
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Bodies corporate |
0.38 |
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Directors or relatives of Directors |
23.26 |
|
Other top fifty shareholders |
29.89 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter, Manufacturer and
Supplier of CNG Cylinder , Oxygen Cylinder, CNG Gas Cylinder. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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Name : |
Rajiv N. Shah and Associates Chartered Accountants |
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Address : |
A - 001 Shrinath Darshan M K High School Lane Off Factory Lane,
Borivali – West, Mumbai 400092, Maharashtra India |
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PAN No.: |
AAFPS1156E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
CIN No.: U36912MH2007PTC173674
CIN No.: U40200UP1986PTC008214
CIN No.: U24111GJ2010PTC060726 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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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 |
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|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
74.014 |
72.610 |
72.347 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
124.014 |
122.610 |
122.347 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
251.651 |
150.442 |
122.544 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
14.202 |
|
(c) Other long term
liabilities |
0.668 |
14.943 |
1.949 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
252.319 |
165.385 |
138.695 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
229.047 |
372.915 |
420.261 |
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(b) Trade
payables |
40.122 |
10.934 |
9.723 |
|
(c) Other
current liabilities |
2.773 |
22.986 |
19.821 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
271.942 |
406.835 |
449.805 |
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TOTAL |
648.275 |
694.830 |
710.847 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
398.128 |
372.575 |
374.166 |
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(ii)
Intangible Assets |
0.750 |
0.977 |
1.085 |
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(iii)
Capital work-in-progress |
0.000 |
49.361 |
31.834 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.015 |
0.015 |
0.015 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
1.028 |
10.975 |
10.640 |
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(e) Other
Non-current assets |
4.477 |
0.033 |
0.003 |
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Total Non-Current
Assets |
404.398 |
433.936 |
417.743 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
136.097 |
191.096 |
259.751 |
|
(c) Trade
receivables |
91.896 |
42.962 |
7.670 |
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(d) Cash
and cash equivalents |
14.648 |
20.520 |
24.366 |
|
(e)
Short-term loans and advances |
0.983 |
3.866 |
0.976 |
|
(f) Other
current assets |
0.253 |
2.450 |
0.341 |
|
Total
Current Assets |
243.877 |
260.894 |
293.104 |
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TOTAL |
648.275 |
694.830 |
710.847 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
311.571 |
299.969 |
40.056 |
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Other Income |
2.782 |
16.321 |
5.717 |
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TOTAL (A) |
314.353 |
316.290 |
45.773 |
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Less |
EXPENSES |
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Cost of Materials Consumed |
191.454 |
132.495 |
132.911 |
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Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
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Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
8.270 |
42.063 |
(144.576) |
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Employees benefits expense |
9.753 |
14.854 |
7.569 |
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Other expenses |
43.604 |
58.050 |
30.365 |
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TOTAL (B) |
253.081 |
247.462 |
26.269 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
61.272 |
68.828 |
19.504 |
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Less |
FINANCIAL
EXPENSES (D) |
41.153 |
52.079 |
24.307 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.119 |
16.749 |
(4.803) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.715 |
16.486 |
8.063 |
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PROFIT/
LOSS BEFORE TAX (E-F) (G) |
1.404 |
0.263 |
(12.866) |
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Less |
TAX (H) |
0.000 |
0.000 |
14.149 |
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PROFIT / LOSS
AFTER TAX (G-H) (I) |
1.404 |
0.263 |
(27.015) |
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EARNINGS IN FOREIGN
CURRENCY |
|
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Export Earnings |
215.868 |
78.178 |
3.425 |
|
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TOTAL EARNINGS |
215.868 |
78.178 |
3.425 |
|
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|
Earnings Per
Share (Rs.) |
0.28 |
0.05 |
(5.40) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.45 |
0.09 |
(67.44) |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
19.67 |
22.95 |
48.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.22 |
0.04 |
(1.89) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.00 |
(0.11) |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
3.88 |
4.27 |
4.44 |
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|
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.90 |
0.64 |
0.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
72.347 |
72.610 |
74.014 |
|
Net
worth |
122.347 |
122.610 |
124.014 |
|
|
|
|
|
|
long-term borrowings |
122.544 |
150.442 |
251.651 |
|
Short term borrowings |
420.261 |
372.915 |
229.047 |
|
Total
borrowings |
542.805 |
523.357 |
480.698 |
|
Debt/Equity
ratio |
4.437 |
4.268 |
3.876 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40.056 |
299.969 |
311.571 |
|
|
|
648.874 |
3.868 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40.056 |
299.969 |
311.571 |
|
Profit |
(27.015) |
0.263 |
1.404 |
|
|
(67.44%) |
0.09% |
0.45% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT NOT AVAILABLE
|
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 |
Yes |
|
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 |
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 Plot No. 2/13,
Dahej Sez Limited. (Sez) Survey No.596/P 602/P, 603/P, 604/P, Dahej – Ambhetha,
Vagra – 392130, Gujarat, India to the present address w.e.f.09.07.2009
UNSECURED
LOAN
(Rs.
In Millions)
|
UNSECURED LOAN |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long Term
Borrowing |
|
|
|
Loans and advances from directors |
139.100 |
80.800 |
|
Short Term
Borrowing |
|
|
|
Loans repayable on demand from banks |
229.047 |
372.915 |
|
Total |
368.147 |
453.715 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10225905 |
12/05/2010 |
744,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE
COURSE CIRCLE, VADODARA, Gujarat - |
A87629945 |
|
2 |
10159940 |
23/04/2010 * |
744,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE
COURSE CIRCLE, VADODARA, Gujarat - |
A85150902 |
* Date of charge modification
FIXED ASSETS
·
Land
·
·
·
Plant and Machinery
·
Storage Racks and Bags
·
Furniture and Fixture
·
Office Equipments
·
Computers
·
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.63.17 |
|
|
1 |
Rs.98.85 |
|
Euro |
1 |
Rs.77.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.