MIRA
INFORM REPORT
|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BST SAYONA AUTOMATIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
801, Sri Krishna Complex, New Link Road, Opposite Laxmi Industrial Estate,
Andheri (West), Mumbai-400053, Maharashtra |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
05.01.1993 |
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|
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|
Com. Reg. No.: |
11-070303 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.5.233
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1993PTC070303 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer of Automation System.
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 470700 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record.
The company is performing well. No external borrowings recorded by the
company during current year. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealing 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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.
LOCATIONS
|
Registered Office : |
801, Sri Krishna Complex, New Link Road, Opposite Laxmi Industrial
Estate, Andheri (West), Mumbai-400053, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Factory : |
2302/1, GIDC, Phase IV, Vitthal Udyog Nagar, Vallabh Vidyanagar,
Anand-388121, Gujarat, India |
|
Tel No.: |
91-2692-329414 |
|
Fax No.: |
91-2692-235348 |
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|
|
|
Branch Office : |
Located At: ·
New Delhi ·
Bangalore ·
Chennai ·
Kolkata ·
Hyderabad ·
Mumbai |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Tapan Thakorbhai Patel |
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|
Designation : |
Managing Director |
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|
Address : |
Samaratha Aangan, 2210-11, Building I – B, Oshiwara, Andheri (West),
Mumbai-400053, Maharashtra, India |
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|
Date of Birth/Age : |
18.11.1960 |
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Date of Appointment : |
05.01.1993 |
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Din No.: |
01106412 |
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Other Directorship:
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|
Name : |
Siegfried Karl Koepp |
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|
Designation : |
Director |
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|
Address : |
AM Geyersberg 4 A, Muhltal, Germany |
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Date of Birth/Age : |
15.01.1956 |
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Date of Appointment : |
21.04.1999 |
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Din No.: |
02232167 |
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Other Directorship:
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|
Name : |
Percy Tilo Dengler |
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|
Designation : |
Director |
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|
Address : |
Breitfeldweg 27, Krombach, Germany |
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Date of Birth/Age : |
27.07.1965 |
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Date of Appointment : |
30.09.2011 |
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Din No.: |
02926726 |
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KEY EXECUTIVES
|
Name : |
Neville Darayush Contractor |
|
Designation : |
Secretary |
|
Address : |
Flat No. 5, Narielval Building, 1st Floor, MMC Road, Mahim
(West), Mumbai-400016, Maharashtra, India |
|
Date of Birth/Age : |
08.03.1962 |
|
Date of Appointment : |
26.03.2002 |
|
Pan No.: |
AABPC0274F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tapan Thakorbhai Patel |
|
199880 |
|
Uma Tapan Patel |
|
56520 |
|
BST International GmbH, Germany |
|
266865 |
|
|
|
|
|
TOTAL
|
|
523265 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
|
Directors
or relatives of directors |
|
49.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automation System. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Oriental Bank of Commerce, Bandra Branch, Ground Floor, Mahatma Gandhi
Seva, Mandir Trust Building, SV Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ruparel and Bavadiya Chartered Accountants |
|
Address : |
5th Floor, Samir Building, Kothi Char Rasta,
Vadodara-390001, Gujarat, India |
|
PAN No: |
AAIFR1930J |
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|
|
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Holding Company : |
BST International GmbH |
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Ultimate Holding Company: |
EMG Automations GmbH |
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Subsidiaries : |
·
BST Procontrol GmbH ·
BST International Shanghai Company Limited |
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|
|
|
Substantial Interest : |
EMG Automation India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
523265 |
Equity Shares |
Rs.10/- each
|
Rs.5.233
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.233 |
5.233 |
5.233 |
|
(b) Reserves & Surplus |
112.450 |
102.232 |
88.662 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
117.683 |
107.465 |
93.895 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
4.509 |
5.705 |
2.186 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
4.509 |
5.705 |
2.186 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
1.583 |
6.078 |
|
(b)
Trade payables |
39.545 |
17.120 |
20.153 |
|
(c)
Other current liabilities |
7.777 |
9.855 |
5.757 |
|
(d) Short-term
provisions |
4.268 |
5.713 |
4.561 |
|
Total Current
Liabilities (4) |
51.590 |
34.271 |
36.549 |
|
|
|
|
|
|
TOTAL |
173.782 |
147.441 |
132.630 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
59.491 |
34.084 |
17.796 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.570 |
1.570 |
1.570 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.034 |
0.961 |
0.123 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
62.095 |
36.615 |
19.489 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
36.161 |
31.912 |
37.594 |
|
(c)
Trade receivables |
32.127 |
22.031 |
21.449 |
|
(d) Cash
and cash equivalents |
36.044 |
46.908 |
43.857 |
|
(e)
Short-term loans and advances |
4.723 |
7.717 |
10.241 |
|
(f)
Other current assets |
2.632 |
2.258 |
0.000 |
|
Total
Current Assets |
111.687 |
110.826 |
113.141 |
|
|
|
|
|
|
TOTAL |
173.782 |
147.441 |
132.630 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
209.860 |
177.351 |
|
|
|
|
Other Income |
NA |
NA |
|
|
|
|
TOTAL |
NA |
NA |
156.567 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
133.996 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
NA |
NA |
22.571 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
6.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
11.739 |
17.097 |
15.918 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports of Goods |
84.234 |
18.399 |
11.915 |
|
|
|
Commission Income |
0.448 |
0.173 |
1.485 |
|
|
|
Service Charges |
0.191 |
0.545 |
0.345 |
|
|
|
Others |
0.635 |
0.605 |
0.000 |
|
|
TOTAL EARNINGS |
85.508 |
19.722 |
13.745 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials and Components |
115.743 |
67.950 |
79.463 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
22.43 |
32.67 |
30.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA
|
NA |
10.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
17.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.01 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
3.23 |
3.10 |
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 |
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10020379 |
03/08/2007 * |
13,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
BANDRA BRANCH
GROUND FLOOR, MAHATMA GANDHI SEVA, |
A26391672 |
|
2 |
90159261 |
15/02/2005 |
1,900,000.00 |
ORIENTAL BANK OF
COMMERCE |
M.G. SEVA MANDIR
TRUST BLDG., S.V. ROAD; BANDRA (WEST), MUMBAI - 400050, MAHARASHTRA, INDIA |
- |
|
3 |
90155494 |
14/02/2005 |
1,900,000.00 |
ORIENTAL BANK OF
COMMERCE |
M.G. SEVA MANDIR
TRUST BLDG., S.V. ROAD; BANDRA (WEST), MUMBAI - 400050, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
NOTE:
The registered office of the company has been shifted from 805, Sri Krishna, New Link Road, Opposite Laxmi Industrial Estate, Andheri (West), Mumbai-400053, Maharashtra, India to the present address w.e.f.01.02.2013.
FINANCIAL RESULTS:
During the year of
operation, turnover was Rs.209.860 Millions and there was Profit after Tax of
Rs.11.739 Millions.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.