MIRA
INFORM REPORT
|
Report No. : |
309440 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SIADOW SYSTEMS PRIVATE LIMITED (w.e.f. 21.01.2012) |
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Formerly Known
As : |
ALUTEC SYSTEMS ( |
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Registered
Office : |
Shop No. 44, Mahavir Varsha CHS Limited, Plot No. 8,9,10, Sector-6,
Ghansoli, Navi Mumbai – 400701, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.07.2004 |
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Com. Reg. No.: |
11-147743 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.206 Millions |
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CIN No.: [Company Identification
No.] |
U28110MH2004PTC147743 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Aluminium Door and Windows and Trader of
Hardware Machinery. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational
risk profile marked by small networth and sharp dip in profitability of the
company during 2014. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Kishori |
|
Designation : |
Accounts Executive |
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Contact No.: |
91-22-27605877 |
|
Date : |
23.02.2015 |
LOCATIONS
|
Registered Office : |
Shop No. 44, Mahavir Varsha CHS Limited, Plot No. 8,9,10, Sector-6, Ghansoli,
Navi Mumbai – 400701, Maharashtra, India |
|
Tel. No. : |
91-22-27605877/ 27605881/ 29204909 |
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Mobile No.: |
91-9821621997 (Mr. Subhashkumar Sahu) |
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Fax No. : |
91-22-27605881 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Godown : |
Building No. 60. Units No.3&4 Indian Corp. Mankoli Naka, Gundawli, Taluka Bhiwandi, District Thane – 421302, Maharashtra, India |
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Workshop : |
182, Unit No.3, Indian Corp. Mankoli Naka, Gundawli, Taluka Bhiwandi, District Thane – 421302, Maharashtra, India |
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Factory : |
Located at · Bhiwandi, Thane, Maharashtra, India |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Sandhyarani Prasad Sahu |
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Designation : |
Director |
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Address : |
201, Shivneri IIT Staff CHS Limited, Kopri Powai, Mumbai – 400076, Maharashtra,
India |
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Date of Birth/Age : |
08.11.1966 |
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Date of Appointment : |
28.07.2004 |
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DIN No. : |
01686324 |
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Name : |
Subhashkumar Sahu |
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Designation : |
Director |
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Address : |
B-76, Multistoreyed BLD IIT, Powai, Mumbai – 400076, Maharashtra,
India |
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Date of Birth/Age : |
05.06.1958 |
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Date of Appointment : |
28.07.2004 |
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DIN No. : |
01726992 |
KEY EXECUTIVES
|
Name : |
Ms. Kishori |
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Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Subhashkumar Sahu |
|
222600 |
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Sandhyarani Sahu |
|
84000 |
|
Kishori Patel |
|
14000 |
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Total |
|
320600 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
95.63 |
|
Others |
4.37 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Aluminium Door and Windows and Trader of
Hardware Machinery. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturers
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No. of Employees : |
10 (Approximately) |
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Bankers : |
HDFC Bank Limited, Powai, Mumbai, Maharashtra, India |
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Facilities : |
NOTE Vehicle loan from HDFC Bank amounting to Rs. 0.079 Million (P.Y. Rs. 0.371 Million) is secured against respective vehicle. It carries interest rate of 11.50% p.a. and is repayable in 36 equal monthly installment amounting to Rs. 0.027 Million each, starting from 7th July, 2011 to 7th June, 2014. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
SGCO and Company Chartered Accountants |
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Address : |
4A, Kaledonia-HDIL, 2nd Floor, Sahar Road, Near Andheri Station, Andheri (East), Mumbai – 400069, Maharashtra, India |
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Tel. No. : |
91-22-66256363 |
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Fax No. : |
91-22-66256364 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AAAFS7106D |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
320,600 |
Equity Shares |
Rs.10/- each |
Rs. 3.206 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 |
3.206 |
2.700 |
2.700 |
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(b) Reserves & Surplus |
5.530 |
4.760 |
4.371 |
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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) |
8.736 |
7.460 |
7.071 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.920 |
0.615 |
0.371 |
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(b) Deferred tax liabilities (Net) |
0.139 |
0.159 |
0.197 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
1.059 |
0.774 |
0.568 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.500 |
0.040 |
0.000 |
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(b) Trade payables |
16.594 |
20.221 |
21.829 |
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(c) Other current
liabilities |
5.711 |
9.262 |
12.651 |
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(d) Short-term provisions |
1.118 |
1.490 |
1.048 |
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Total Current Liabilities (4) |
23.923 |
31.013 |
35.528 |
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TOTAL |
33.718 |
39.247 |
43.167 |
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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 |
4.548 |
5.203 |
6.017 |
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(ii) Intangible Assets |
0.019 |
0.031 |
0.052 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
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 |
0.000 |
0.000 |
0.000 |
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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 |
0.658 |
1.589 |
1.278 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
5.225 |
6.823 |
7.347 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
16.761 |
17.329 |
16.919 |
|
(c) Trade receivables |
9.504 |
12.597 |
15.007 |
|
(d) Cash and cash
equivalents |
0.719 |
0.480 |
0.369 |
|
(e) Short-term loans and
advances |
1.509 |
2.018 |
3.525 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
28.493 |
32.424 |
35.820 |
|
|
|
|
|
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TOTAL |
33.718 |
39.247 |
43.167 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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|
SALES |
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Income |
46.412 |
66.841 |
78.401 |
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Other Income |
1.621 |
0.003 |
0.002 |
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TOTAL (A) |
48.033 |
66.844 |
78.403 |
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Less |
EXPENSES |
|
|
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|
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|
Cost of Materials Consumed |
8.890 |
5.764 |
14.052 |
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Purchases of Stock-in-Trade |
24.739 |
46.003 |
42.780 |
|
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|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1.137 |
(1.922) |
3.373 |
|
|
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Employees benefits expense |
3.629 |
4.956 |
4.339 |
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Other expenses |
8.598 |
10.325 |
11.280 |
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TOTAL (B) |
46.993 |
65.126 |
75.824 |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
1.040 |
1.718 |
2.579 |
|
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|
Less |
FINANCIAL
EXPENSES (D) |
0.308 |
0.274 |
0.132 |
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.732 |
1.444 |
2.447 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.708 |
0.871 |
0.946 |
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PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
0.024 |
0.573 |
1.501 |
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Less |
TAX (H) |
0.013 |
0.184 |
0.493 |
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PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
0.011 |
0.389 |
1.008 |
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EARNINGS IN
FOREIGN CURRENCY |
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Earnings in Foreign Currencies (Including Reimbursement of Exp.) |
0.332 |
0.224 |
0.502 |
|
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TOTAL EARNINGS |
0.332 |
0.224 |
0.502 |
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IMPORTS |
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|
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|
Finished Goods |
14.240 |
21.052 |
23.274 |
|
|
|
Capitl Goods |
0.000 |
0.000 |
0.000 |
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TOTAL IMPORTS |
14.240 |
21.052 |
23.274 |
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|
|
|
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|
Earnings /
(Loss) Per Share (Rs.) |
0.04 |
1.44 |
4.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
0.02 |
0.58 |
1.29 |
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|
Operating Profit Margin |
(%) |
2.24 |
2.57 |
3.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.07 |
1.46 |
3.48 |
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.08 |
0.21 |
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
0.16 |
0.09 |
0.05 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.05 |
1.01 |
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 |
2.700 |
2.700 |
3.206 |
|
Reserves & Surplus |
4.371 |
4.760 |
5.530 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
7.071 |
7.460 |
8.736 |
|
|
|
|
|
|
long-term borrowings |
0.371 |
0.615 |
0.920 |
|
Short term borrowings |
0.000 |
0.040 |
0.500 |
|
Total borrowings |
0.371 |
0.655 |
1.420 |
|
Debt/Equity ratio |
0.052 |
0.088 |
0.163 |
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 |
78.401 |
66.841 |
46.412 |
|
|
|
(14.745) |
(30.564) |
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 |
78.401 |
66.841 |
46.412 |
|
Profit |
1.008 |
0.389 |
0.011 |
|
|
1.29% |
0.58% |
0.02% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four 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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
|
|
|
|
Loan from HDFC Bank Limited (Business Loan) |
1.366 |
0.841 |
|
Less: Current
maturities of long term debt |
(0.446) |
(0.305) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from director |
0.500 |
0.040 |
|
Total |
1.420 |
0.576 |
|
|
|
|
|
Note : Loan From HDFC Bank
Limited (Business Loan) Loan From HDFC Bank Limited (Business Loan) amounting to Rs.1.366 Millions (PY Rs.0.841 Million).It is repayable in 36 equal monthly installment amounting to Rs. 0.053 Million- each, starting from 4th December, 2012 to 4th December, 2015. |
||
CHANGE OF ADDRESS
The registered office of the company has been shifted from 201, Shivneri IIT Staff Co-operative Housing Society Limited, Kopri, Powai, Mumbai – 400076, Maharashtra, India to the present address w.e.f. 02.06.2010.
FIXED ASSETS
Tangible Assets
· Building
Furniture
and Fixture
Air
Conditioner
Computers
Machines
Machines
Die
Office
Equipments
Technical
Know How
Motor
Car
Intangible Assets
· Computer Software
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.62.28 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.