MIRA
INFORM REPORT
|
Report Date : |
29.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAGAR SPRINGS PRIVATE LIMITED |
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Registered
Office : |
Halol - |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.08.1981 |
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Com. Reg. No.: |
04-004574 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
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CIN No.: [Company Identification
No.] |
U31110GJ1981PTC004574 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS01864C |
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PAN No.: [Permanent Account No.] |
AACCS5494F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Helical Coil Springs for Automotive Applications. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 satisfactory track record. There seems some dip in the profit of the company however net worth of
the company is satisfactory. General financial position of the company is
normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct.
The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 (91-2676-223904)
LOCATIONS
|
Registered Office : |
104 |
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Tel. No.: |
91-2676-223904/ 220061 / 62 |
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Fax No.: |
91-2676-223904 |
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E-Mail : |
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Factory: |
Halol - |
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Suryankant Motichand Shah |
|
Designation : |
Managing director |
|
Address : |
4, Manisha Bunglow, |
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Date of Appointment : |
24.08.1981 |
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DIN No.: |
00219180 |
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Name : |
Mr. Sagar Suryankant Shah |
|
Designation : |
Managing director |
|
Address : |
4, Manisha Bunglow, |
|
Date of Appointment : |
24.08.1981 |
|
DIN No.: |
00219188 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Shah Suryakant Motichand |
77500 |
31.00 |
|
Shah Suryakant Motichand Huf |
32500 |
13.00 |
|
Shah Kantaben Suryakant |
30000 |
12.00 |
|
Shah Sagar Suryakant |
110000 |
44.00 |
|
Total |
250000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Helical Coil Springs for Automotive Applications. |
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Products : |
Coil Springs |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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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 : |
·
Small Industries Development Bank Of India Land Mark
Building, Race Course, Vadodara - 390007, Gujarat, India |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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Name : |
Viral K. Shah and Associates Chartered Accountants |
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Address : |
Kshitij Level3, Opposite R.C. Patel Estate, Near Akota Garden, Akota, Vadodara
– 390020, Gujarat, India |
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Tel. No.: |
91-265-6589090 / 6569690 |
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PAN No.: |
AFGPS7070F |
CAPITAL STRUCTURE
As on: 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
2.500 |
2.500 |
2.500 |
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(b) Reserves & Surplus |
426.345 |
424.533 |
400.864 |
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(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) |
428.845 |
427.033 |
403.364 |
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(3) Non-Current
Liabilities |
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(a) long-term
borrowings |
62.801 |
6.321 |
16.171 |
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(b) Deferred tax liabilities (Net) |
11.844 |
7.273 |
6.988 |
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(c) Other long term
liabilities |
0.132 |
0.132 |
0.120 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
74.777 |
13.726 |
23.279 |
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(4) Current Liabilities |
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(a)
Short term borrowings |
19.588 |
46.137 |
26.475 |
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(b)
Trade payables |
36.730 |
27.317 |
16.971 |
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(c)
Other current liabilities |
12.620 |
11.700 |
9.264 |
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(d) Short-term
provisions |
2.925 |
2.906 |
2.906 |
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Total Current
Liabilities (4) |
71.863 |
88.060 |
55.616 |
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TOTAL |
575.485 |
528.819 |
482.259 |
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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 |
138.343 |
92.756 |
92.732 |
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(ii)
Intangible Assets |
0.023 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
1.269 |
0.755 |
0.000 |
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(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.462 |
4.112 |
3.462 |
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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 |
14.946 |
23.122 |
20.054 |
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(e) Other
Non-current assets |
16.642 |
16.482 |
16.482 |
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Total Non-Current
Assets |
171.685 |
137.227 |
132.730 |
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(2) Current assets |
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(a)
Current investments |
1.249 |
1.718 |
2.927 |
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(b)
Inventories |
42.092 |
45.330 |
34.718 |
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(c)
Trade receivables |
146.558 |
156.467 |
144.541 |
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(d) Cash
and cash equivalents |
184.068 |
44.037 |
52.421 |
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(e)
Short-term loans and advances |
20.847 |
132.512 |
107.951 |
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(f)
Other current assets |
8.986 |
11.528 |
6.971 |
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Total
Current Assets |
403.800 |
391.592 |
349.529 |
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TOTAL |
575.485 |
528.819 |
482.259 |
PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Revenue from operations (Gross) |
395.098 |
394.967 |
354.949 |
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Other Income |
14.862 |
17.701 |
23.709 |
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TOTAL (A) |
409.960 |
412.668 |
378.658 |
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Less |
EXPENSES |
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Cost of Raw material consumed |
251.851 |
254.097 |
222.244 |
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Changes in inventories of finished goods and work in progress and
scrap |
(0.924) |
(2.202) |
0.814 |
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Employee benefit expenses |
12.440 |
13.722 |
12.177 |
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Other expenses |
103.562 |
91.895 |
74.972 |
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Prior Period expenses |
0.041 |
0.017 |
0.000 |
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TOTAL (B) |
366.970 |
357.529 |
310.207 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
42.990 |
55.139 |
68.451 |
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Less |
FINANCIAL
EXPENSES (D) |
7.095 |
4.277 |
4.202 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.895 |
50.862 |
64.249 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.783 |
13.702 |
12.023 |
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PROFIT BEFORE
TAX (E-F) (G) |
19.112 |
37.160 |
52.226 |
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Less |
TAX (H) |
14.376 |
10.586 |
15.521 |
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PROFIT AFTER TAX
(G-H) (I) |
4.736 |
26.574 |
36.705 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
307.697 |
286.686 |
256.557 |
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Less |
APPROPRIATIONS |
|
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|
Transfer to General Reserve |
0.473 |
2.657 |
3.670 |
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Dividend |
2.500 |
2.500 |
2.500 |
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|
Tax on Dividend |
0.424 |
0.406 |
0.406 |
|
|
BALANCE CARRIED
TO THE B/S |
309.036 |
307.697 |
286.686 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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|
Export Earnings |
1.727 |
1.267 |
N.A |
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TOTAL EARNINGS |
1.727 |
1.267 |
N.A |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
36.157 |
84.858 |
74.871 |
|
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Capital Goods |
56.967 |
11.942 |
25.132 |
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|
TOTAL IMPORTS |
93.124 |
96.800 |
100.003 |
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Earnings Per
Share (Rs.) |
18.95 |
106.30 |
146.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.20 |
6.73 |
10.34 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
10.88 |
13.96 |
19.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.33 |
7.09 |
10.91 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.09 |
0.13 |
|
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Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.12 |
0.11 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
5.62 |
4.45 |
6.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2.500 |
2.500 |
2.500 |
|
Reserves & Surplus |
400.864 |
424.533 |
426.345 |
|
Net
worth |
403.364 |
427.033 |
428.845 |
|
|
|
|
|
|
long-term borrowings |
16.171 |
6.321 |
62.801 |
|
Short term borrowings |
26.475 |
46.137 |
19.588 |
|
Total
borrowings |
42.646 |
52.458 |
82.389 |
|
Debt/Equity
ratio |
0.106 |
0.123 |
0.192 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
354.949 |
394.967 |
395.098 |
|
|
|
11.274 |
0.033 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
354.949 |
394.967 |
395.098 |
|
Profit |
36.705 |
26.574 |
4.736 |
|
|
10.34% |
6.73% |
1.20% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current
maturities of long-term debt |
9.503 |
7.194 |
5.649 |
|
Total |
9.503 |
7.194 |
5.649 |
|
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 three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
Yes |
|
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 |
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
|
Other loans and advances deposits from director |
28.853 |
0.000 |
|
|
|
|
|
Short term
borrowings |
|
|
|
From directors |
19.588 |
46.137 |
|
Total |
48.441 |
46.137 |
Note:
The registered office of the company has been shifted from 104, Chandrakala
Tower, 1st Floor, Indira Gandhi Marg, Near Bhavans School, Baroda –
390 004, Gujarat to the present address w.e.f. 01.03.2010.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10424387 |
18/03/2013 |
20,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B74663287 |
|
2 |
10380180 |
27/09/2012 |
60,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B59542308 |
|
3 |
10363482 |
29/06/2012 |
30,000,000.00 |
CITIBANK N. A. |
Pelican, 2nd Floor, Opp Race Course Tower,, Gotri Road, Baroda,
Gujarat - 390007, INDIA |
B42806109 |
|
4 |
10208249 |
23/03/2010 |
17,500,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
LAND MARK BUILDING, RACE COURSE, VADODARA, Gujarat - 390007, INDIA |
A81391229 |
FIXED ASSETS:
v Air Conditioner
v Air Ventilator
v Business Assets
v Computers
v Electrical Installation
v
v Fax Machine
v Furniture and Fixtures
v Land
v
v Office Equipment
v Office Premises
v Plant and Machinery
v Vehicles
v
Windmill
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 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. 63.63 |
|
|
1 |
Rs. 98.97 |
|
Euro |
1 |
Rs. 77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.