MIRA
INFORM REPORT
|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANGHVI FORGING AND ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
244/6 and 7, GIDC Estate, Waghodia – 391760, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.03.1989 |
|
|
|
|
Com. Reg. No.: |
04-012015 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 126.922 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28910GJ1989PLC012015 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS2903E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Subject is engaged in the Manufacturing of Forged Flanges and Heavy Forgings Used in Industrial Forging and Precision Machined Components. |
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|
|
|
No. of Employees
: |
Information
declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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. There seems dip in the sales turnover as well as profit of the company
during 2013. However, trade relations are to be fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go slow on
talks over coal supply contracts, uncertainty over cancellation of blocks weigh
on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BB-“ |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
01.04.2014 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4“ |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
01.04.2014 |
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-cooperative. (Tel. No.: 91-2668-263411)
LOCATIONS
|
Registered Office/ Factory 1 : |
244/6 and 7, GIDC Estate, Waghodia – 391760, Gujarat, India |
|
Tel. No.: |
91-2668-264100 |
|
Fax No.: |
91-2668-263411 |
|
E-Mail : |
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|
Website : |
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|
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|
Head Office : |
A/8, Parvati Chamber, Opposite Apsara Cinema, Pratapnagar Road,
Vadodara – 390004, Gujarat, India |
|
Tel. No.: |
91-265-2580644 / 2581658 |
|
Fax No.: |
91-265-2581126 |
|
|
|
|
Factory 2: |
1401, 1402, 1403, GIDC Industrial Estate, Waghodia – 391760, Gujarat,
India |
|
Tel. No.: |
91-2668-264100 |
|
Fax No.: |
91-2668-263411 |
DIRECTORS
As on: 23.09.2013
|
Name : |
Mr. Jayantilal Babulal Sanghvi |
|
Designation : |
Managng director |
|
Address : |
41, Shree Society, Khanderao Road, Bakarawadi, Vadodara – 390004,
Gujarat, India |
|
Date of Birth/Age : |
04.01.1976 |
|
Qualification: |
BBA |
|
Date of Appointment : |
18.01.1997 |
|
DIN No.: |
00291657 |
|
|
|
|
Name : |
Mr. Babulal Sagarmal Sanghvi |
|
Designation : |
Chairman and whole time director |
|
Address : |
41, Shree Society, Khanderao Road, Bakarawadi, Vadodara – 390004, Gujarat,
India |
|
Date of Birth/Age : |
10.04.1951 |
|
Qualification: |
Under Graduate |
|
Date of Appointment : |
02.05.2004 |
|
PAN No.: |
AJFPS4779J |
|
DIN No.: |
00291745 |
|
|
|
|
Name : |
Mr. Naresh Babulal Sanghvi |
|
Designation : |
Whole time director |
|
Address : |
41, Shree Society, Khanderao Road, Bakarawadi, Vadodara – 390004,
Gujarat, India |
|
Date of Birth/Age : |
09.12.1977 |
|
Qualification: |
Under Graduate |
|
Date of Appointment : |
04.01.2000 |
|
PAN No.: |
AGCPS2393G |
|
DIN No.: |
00291869 |
|
|
|
|
Name : |
Mr. Vikram Babulal Sanghvi |
|
Designation : |
Whole time director |
|
Address : |
41, Shree Society, Khanderao Road, Bakarawadi, Vadodara – 390004,
Gujarat, India |
|
Date of Birth/Age : |
20.04.1982 |
|
Qualification: |
BBA, MBA and CFA |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
AOEPS9988K |
|
DIN No.: |
00291940 |
|
|
|
|
Name : |
Mr. Shantaram Yarlagadda |
|
Designation : |
Independent director |
|
Address : |
Plot No. 076,102, Vishnu Peale, Kavuri Hills, Phase-2, Jubilee Hills,
Hyderabad – 500033, Andhra Pradesh, India |
|
Date of Birth/Age : |
20.06.1939 |
|
Qualification: |
Math and Mech Engg |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
03050982 |
|
|
|
|
Name : |
Mr. R. C. Prasad |
|
Designation : |
Independent director |
|
Address : |
Apollo B Wing, Flat No. 1202, G. B. Road, Patlipada, Thane – 400607,
Maharashtra, India |
|
Date of Birth/Age : |
04.03.1949 |
|
Qualification: |
Metallurgical Engg |
|
Date of Appointment : |
15.07.2010 |
|
DIN No.: |
03144923 |
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|
|
|
Name : |
Mr. Baba Pai |
|
Designation : |
Independent director |
|
Address : |
A-4, Tirupati Duplex, ADJ Muktinagar Society, Tandalja Road, Vadodara
– 390020, Gujarat, India |
|
Date of Birth/Age : |
04.02.1954 |
|
Qualification: |
Metallurgical Engg |
|
Date of Appointment : |
15.07.2010 |
|
DIN No.: |
03160657 |
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|
|
|
Name : |
Mr. R. S. Kaushal |
|
Designation : |
Independent director |
|
Address : |
B, 301/302, Dipak Nagar, Fatehgunj, Baroda – 390002, Gujarat, India |
|
Date of Birth/Age : |
28.09.1947 |
|
Qualification: |
Masters in Arts |
|
Date of Appointment : |
15.07.2010 |
|
DIN No.: |
03182544 |
KEY EXECUTIVES
|
Name : |
Mr. Kiran Mohanty |
|
Designation : |
Company Secretary |
|
Address : |
13 and 14, Nandanvan Society, Behind Gaytriqurpa Society, Vadsar Road,
Vadodara, Gujarat, India |
|
Date of Birth/Age : |
10.10.1983 |
|
Date of Appointment : |
02.07.2010 |
|
PAN No.: |
APIPM3591F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.09.2013
SHAREHOLDERS DETAILS FILE ATTACHED.
As on: 19.02.2014
|
Names of Allottees |
|
No. of Shares |
|
Babulal S. Sanghvi |
|
150000 |
|
Jayanti B. Sanghvi |
|
150000 |
|
Naresh Sanghvi |
|
150000 |
|
Vikram B. Sanghvi |
|
150000 |
|
|
|
|
|
Total |
|
600000 |
Equity Share Break up (Percentage of Total Equity)
As on: 23.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
5.70 |
|
Bodies corporate |
|
3.15 |
|
Directors or relatives of directors |
|
62.03 |
|
Other top fifty shareholders |
|
29.12 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing of Forged Flanges and Heavy
Forgings Used in Industrial Forging and Precision Machined Components. |
GENERAL INFORMATION
|
No. of Employees : |
Information
declined by management |
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Bankers : |
State Bank of India, Industrial Finance Branch, Marble Arch, Race Course Circle, Baroda - 390007, Gujarat, India |
||||||||||||||||||||||||
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||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Bhandari Chartered Accountants |
|
Address : |
38/101, Guatam Nagar, Race Course, Vadodara – 390007, Gujarat, India |
|
PAN No.: |
AANFS8293E |
|
|
|
|
Subsidiary Company: |
· Sanghvi Middle East (FZE) |
|
|
|
|
Related Party: : |
· Gautam Pipeline Product · Kanak Engineering Works · Gautam Stainless Private Limited |
CAPITAL STRUCTURE
As on: 23.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13292267 |
Equity Shares |
Rs.10/- each |
Rs. 132.922
Millions |
|
|
|
|
|
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12692267 |
Equity Shares |
Rs.10/- each |
Rs. 126.922
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 |
126.922 |
126.922 |
79.920 |
|
(b) Reserves & Surplus |
481.189 |
467.526 |
100.569 |
|
(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) |
608.111 |
594.448 |
180.489 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
250.931 |
228.289 |
61.552 |
|
(b) Deferred tax liabilities (Net) |
21.846 |
17.705 |
17.005 |
|
(c) Other long
term liabilities |
367.564 |
-0.213 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
640.341 |
245.781 |
78.557 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
330.649 |
80.690 |
94.999 |
|
(b)
Trade payables |
38.389 |
18.536 |
166.944 |
|
(c)
Other current liabilities |
272.297 |
390.193 |
4.281 |
|
(d) Short-term
provisions |
4.166 |
10.479 |
21.017 |
|
Total Current
Liabilities (4) |
645.501 |
499.898 |
287.241 |
|
|
|
|
|
|
TOTAL |
1893.953 |
1340.127 |
546.287 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
1454.271 |
123.199 |
111.418 |
|
(ii)
Intangible Assets |
3.777 |
2.419 |
1.616 |
|
(iii)
Capital work-in-progress |
74.424 |
541.499 |
117.608 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
1.446 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
21.921 |
69.359 |
1.155 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
9.745 |
|
Total Non-Current
Assets |
1554.393 |
736.476 |
242.988 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
147.321 |
110.201 |
79.430 |
|
(c)
Trade receivables |
105.612 |
91.645 |
100.678 |
|
(d) Cash
and cash equivalents |
26.888 |
211.071 |
6.121 |
|
(e)
Short-term loans and advances |
59.739 |
190.734 |
116.920 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.150 |
|
Total
Current Assets |
339.560 |
603.651 |
303.299 |
|
|
|
|
|
|
TOTAL |
1893.953 |
1340.127 |
546.287 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
452.255 |
507.312 |
402.156 |
|
|
|
Other Income |
8.666 |
7.928 |
2.738 |
|
|
|
TOTAL (A) |
460.921 |
515.240 |
404.894 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
246.585 |
320.053 |
241.267 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(2.904) |
(25.973) |
(20.524) |
|
|
|
Employees benefits expense |
21.956 |
17.980 |
16.971 |
|
|
|
Other expenses |
121.880 |
112.317 |
84.487 |
|
|
|
TOTAL (B) |
387.517 |
424.377 |
322.201 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
73.404 |
90.863 |
82.693 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.223 |
14.181 |
15.572 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.181 |
76.682 |
67.121 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.271 |
7.117 |
6.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.910 |
69.565 |
60.633 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.247 |
22.002 |
21.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13.663 |
47.563 |
39.348 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
82.056 |
130.244 |
54.322 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
539.695 |
280.444 |
1.564 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.08 |
3.99 |
5.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.96 |
9.23 |
9.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.18 |
13.71 |
15.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.04 |
8.71 |
14.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.12 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.96 |
0.52 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.53 |
1.21 |
1.06 |
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 |
79.920 |
126.922 |
126.922 |
|
Reserves & Surplus |
100.569 |
467.526 |
481.189 |
|
Net worth |
180.489 |
594.448 |
608.111 |
|
|
|
|
|
|
long-term borrowings |
61.552 |
228.289 |
250.931 |
|
Short term borrowings |
94.999 |
80.690 |
330.649 |
|
Total borrowings |
156.551 |
308.979 |
581.580 |
|
Debt/Equity ratio |
0.867 |
0.520 |
0.956 |
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 |
402.156 |
507.312 |
452.255 |
|
|
|
26.148 |
(10.853) |
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 |
402.156 |
507.312 |
452.255 |
|
Profit |
39.348 |
47.563 |
13.663 |
|
|
9.78% |
9.38% |
3.02% |
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] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
7.000 |
7.000 |
|
Loans and advances from related parties |
30.346 |
9.151 |
|
|
|
|
|
Total |
37.346 |
16.151 |
FINANCIAL AND
OPERATIONAL PERFORMANCE
The last fiscal proved to be a challenging year for the Company. The major challenge for the Company in 2012-13 was to start the production at the new plant, which would quadruple the capacity in one go and would help to establish the Company as one of the major players in the industry. The Company successfully commissioned the plant during the year. On one hand this meant great achievement for the Company however on the other hand broad sectoral downtrends and huge finance costs and depreciation cost for setting up the new plant impacted the revenue of the Company. The Company has achieved a turnover of Rs. 452.256 millions and a net profit of 13.663 millions for the financial year ended March 31, 2013 as against a turnover of Rs. 507.311 millions and a net profit of Rs. 47.562 millions respectively during the previous year, representing a decline by 10.85% in turnover y-o-y and a decline in net profit by 71.27% y-o-y.
Depreciation and amortisation charge was increased from Rs. 7.117 millions to Rs. 19.272 millions on account of the capitalisation of the new project cost during the financial year 2012-13.
Interest charge was increased from Rs. 14.182 millions to Rs. 35.223 millions due to the repayment of loan obtained in relation to the new project.
The raw material consumed in manufacturing declined from Rs. 320.054 millions to Rs. 246.585 millions, marking a decrease by 22.96.14%.Total sales has witnessed a reduction by 10.54% whereas raw material consumption has witnessed a reduction by 22.96%.
Employee benefit expenses have increased from Rs 21.888 millions to Rs. 29.095 millions, marking an increase of 32.93%. It signifies that the Company has boosted its human resources and invested in bringing experienced professionals in the organisation.
The decline in performance of the Company during the fiscal 2012-13 was not in line with the broad sectoral trends; which only indicates that the extent of their decline will be less than the sectoral decline and the rebound will be sharper than the sectoral revival in the years to come.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10511697 |
03/07/2014 |
1,094,800,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA |
C14143374 |
|
2 |
10478795 |
18/02/2014 |
1,094,800,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, BARODA, Gujarat - 390007, INDIA |
B96854245 |
|
3 |
10303386 |
31/07/2014 * |
1,653,300,000.00 |
STATE BANK OF INDIA - LEAD BANK |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA |
C17834961 |
|
4 |
10272554 |
29/03/2014 * |
1,653,300,000.00 |
STATE BANK OF INDIA |
STATE BANK OF INDIA, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA |
C02137065 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
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. 60.84 |
|
|
1 |
Rs. 98.72 |
|
Euro |
1 |
Rs. 78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--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.