MIRA INFORM REPORT
|
Report No. : |
319785 |
|
Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAI FORGE PRIVATE LIMITED |
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Registered
Office : |
No. 92, Noombal Village, Puliambedu, Poonamalle High Road, Chennai –
600077, Tamilnadu |
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Tel. No.: |
91-44-26792749 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.07.1983 |
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Com. Reg. No.: |
18-010141 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.500 Million |
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CIN No.: [Company Identification
No.] |
U27104TN1983PTC010141 |
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IEC No.: |
0492021945 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHES01659A |
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PAN No.: [Permanent Account No.] |
AAACS3094D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Copper, Brass, Nickel Alloys, Phosphor
Bronze and Nickel Silver Semies. |
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No. of Employees
: |
Not Available |
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RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 195000 |
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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. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
No. 92, Noombal Village, Puliambedu, Poonamalle High Road, Chennai –
600077, Tamilnadu, India |
|
Tel. No.: |
91-44-26792749/ 26792525 |
|
Fax No.: |
91-44-26792579 |
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E-Mail : |
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Website : |
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Head Office/ Factory : |
No. 1 - A, Puliambedu, Numbal, Off Poonamallee High Road, Chennai - 600077, Tamilnadu, India |
|
Tel. No.: |
91-44-26792249 |
|
Fax No.: |
91-44-26792579 |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Arjundas Deepchand Khatri |
|
Designation : |
Managing director |
|
Address : |
No.11, Appa Garden Street,, Kilpauk, Chennai - 600010, Tamilnadu, India |
|
Date of Birth/Age : |
26.09.1937 |
|
Date of Appointment : |
07.07.1983 |
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DIN No.: |
00872093 |
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Name : |
Mr. Vijaykumar Kishinchand Khatri |
|
Designation : |
Whole-time director |
|
Address : |
4D, 1st Main Road, Kilpauk Garden, Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
27.01.1960 |
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Date of Appointment : |
15.07.1983 |
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DIN No.: |
00871905 |
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Name : |
Mr. Kishore Mithoomal Khatri |
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Designation : |
Director |
|
Address : |
223, Jeevandeep Housing Society, 3rd Floor, 6th and 11th Road, Khar, Mumbai - 400053, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1946 |
|
Date of Appointment : |
15.07.1983 |
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DIN No.: |
02492428 |
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|
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|
Name : |
Kaushalya Kishanchand Khatri |
|
Designation : |
Director |
|
Address : |
4D, 1st Main Road, Kilpauk Garden, Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
14.07.1942 |
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Date of Appointment : |
30.09.2003 |
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DIN No.: |
02580892 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Arjundas D. Khatri (Joint Holder Sharadha A Khatri) |
|
12875 |
|
Sharadha A. Khatri (Joint Holder Arjundas D. Khatri) |
|
1870 |
|
Sangeetha A. Khatri (Joint Holder Sudeen Prabhaker) |
|
200 |
|
Soni A. Khatri (Joint Holder Rakesh) |
|
500 |
|
Kamal A. Khatri (Joint Holder Piya K Khatri) |
|
1430 |
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Kishore M. Khatri (Joint Holder Sushila K. Khatri) |
|
7750 |
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Sushila K. Khatri (Joint Holder Kishore M Khatri) |
|
250 |
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Manish K. Khatri ((Joint Holder Nitin K. Khatri) |
|
550 |
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Nitin K. Khatri (Joint Holder Manish K Khatri) |
|
550 |
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Varsha Deepa Rupreja (Joint Holder Kunal D. Rupreja) |
|
250 |
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Bhagwan M. Khatri (Joint Holder Meena B.Khatri) |
|
1400 |
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Meena B. Khatri (Joint Holder Bhagwan M. Khatri) |
|
200 |
|
Reshma B. Khatri (Joint Holder Meena B. Khatri) |
|
300 |
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Vijay K. Khatri (Joint Holder Chandni V. Khatri) |
|
13675 |
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Chandni V. Khatri (Joint Holder Vijay K. Khatri) |
|
200 |
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Varshini Khatri (Joint Holder Vijay K. Khatri) |
|
125 |
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Chandini Khatri (Joint Holder Vijay K. Khatri) |
|
125 |
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Kausalya K. Khatri (Joint Holder Vijay K. Khatri) |
|
1550 |
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Prem K. Khatri (Joint Holder Payal P. Khatri) |
|
850 |
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Payal P. Khatri (Joint Holder Prem K. Khatri) |
|
350 |
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Total |
|
45000 |
AS ON 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
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|
Directors
or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Copper, Brass, Nickel Alloys,
Phosphor Bronze and Nickel Silver Semies. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Not Available |
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Countries : |
Not Available |
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Imports : |
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Products : |
Not Available |
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Countries : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS (AS ON 31.03.2013)
|
PARTICULARS |
PRODUCTION (IN
TONS) |
|
Licensed Capacity |
850 |
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Installed Capacity |
850 |
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Actual Production |
355 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
The South Indian Bank Limited Kellys Branch, Prince
Towers, No.94, Purasawalkam High Road, Chennai - 600010, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Venkatram and Company Chartered Accountants |
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Address : |
No.218, T.T.K. Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
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Income-tax
PAN of auditor or auditor's firm : |
AABFS8836R |
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Related Party : |
Sharpwire Industries (India) Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
45,000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45,000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.500 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
4.500 |
4.500 |
4.500 |
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(b) Reserves & Surplus |
63.755 |
69.927 |
69.597 |
|
(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) |
68.255 |
74.427 |
74.097 |
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(3)
Non-Current Liabilities |
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(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.319 |
0.384 |
0.325 |
|
(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) |
0.319 |
0.384 |
0.325 |
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(4) Current Liabilities |
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|
(a)
Short term borrowings |
16.108 |
13.444 |
0.000 |
|
(b)
Trade payables |
0.140 |
0.444 |
0.102 |
|
(c)
Other current liabilities |
8.430 |
1.872 |
3.715 |
|
(d)
Short-term provisions |
0.934 |
2.647 |
11.169 |
|
Total
Current Liabilities (4) |
25.612 |
18.407 |
14.986 |
|
|
|
|
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TOTAL |
94.186 |
93.218 |
89.408 |
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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 |
10.761 |
11.672 |
11.322 |
|
(ii)
Intangible Assets |
0.015 |
0.015 |
0.015 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.856 |
0.856 |
3.087 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
11.632 |
12.543 |
14.424 |
|
|
|
|
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(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
37.521 |
38.868 |
40.507 |
|
(c)
Trade receivables |
36.852 |
32.386 |
27.807 |
|
(d)
Cash and cash equivalents |
6.587 |
4.440 |
2.500 |
|
(e)
Short-term loans and advances |
0.473 |
4.516 |
2.872 |
|
(f)
Other current assets |
1.121 |
0.465 |
1.298 |
|
Total
Current Assets |
82.554 |
80.675 |
74.984 |
|
|
|
|
|
|
TOTAL |
94.186 |
93.218 |
89.408 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
215.898 |
208.598 |
|
|
|
|
Other Income |
1.435 |
1.957 |
|
|
|
|
TOTAL |
217.333 |
210.555 |
NA
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
210.854 |
205.980 |
NA
|
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PROFIT BEFORE
TAX |
6.479 |
4.575 |
6.120 |
|
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Less |
TAX |
2.122 |
1.630 |
1.785 |
|
|
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|
|
|
|
|
PROFIT AFTER TAX
|
4.357 |
2.945 |
4.335 |
|
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
45.815 |
45.780 |
52.975 |
|
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|
|
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|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.440 |
0.295 |
1.000 |
|
|
|
Interim Dividend |
9.000 |
2.250 |
9.000 |
|
|
|
Tax on Dividend |
1.529 |
0.365 |
1.530 |
|
|
BALANCE CARRIED
TO THE B/S |
39.203 |
45.815 |
45.780 |
|
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|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings [FOB Basis] |
25.545 |
22.519 |
9.836 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
96.82 |
65.45 |
96.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.02 |
1.41 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.88 |
4.91 |
6.85 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.06 |
0.08 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24 |
0.18 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.22 |
4.38 |
5.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
4.500 |
4.500 |
4.500 |
|
Reserves & Surplus |
69.597 |
69.927 |
63.755 |
|
Net
worth |
74.097 |
74.427 |
68.255 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
13.444 |
16.108 |
|
Total
borrowings |
0.000 |
13.444 |
16.108 |
|
Debt/Equity ratio |
0.000 |
0.181 |
0.236 |
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 |
No |
|
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 |
10419345 |
10/03/2014 * |
30,000,000.00 |
THE SOUTH INDIAN
BANK LIMITED |
KELLYS BRANCH,
NO.94, PURASAWALKAM HIGH ROAD, CHENNAI, TAMILNADU - 600010, INDIA |
C04113163 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
From Directors |
6.050 |
0.000 |
|
|
|
|
|
Total |
6.050 |
0.000 |
FIXED ASSETS:
· Land
· Building
· Furniture and Fixture
· Electrical Equipments
· Plant and Machinery
· Laboratory equipments
· Tools and Dies
· Office equipments
· Vehicles
· Computer
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. 63.61 |
|
|
1 |
Rs. 96.56 |
|
Euro |
1 |
Rs. 69.18 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.