MIRA INFORM REPORT
|
Report No. : |
327409 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAVAIR ENERGY LIMITED (w.e.f.12.05.2008) |
|
|
|
|
Formerly Known
As : |
SAVAIR ENERGY PRIVATE LIMITED (w.e.f.19.12.2007) ENERGY LOGISTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A-564, PTC Industrial Area, MIDC, Mahape, Navi Mumbai –
400709, Maharashtra |
|
Tel. No.: |
91-22-27781916/ 17/ 28-30 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.01.2001 |
|
|
|
|
Com. Reg. No.: |
11-130547 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 100.000
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63011MH2001PLC130547 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME05321B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE8939M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is an EPC Company engaged in providing turnkey solutions in
compresses air system, chilling plants, fire-fighting systems, oil and gas
storage and distribution systems and water-treatment plants. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 2001. It is
engaged in the business of providing turnkey solutions in compresses air
system, chilling plants, fire-fighting systems, oil and gas storage and
distribution systems and water-treatment plants. It has a satisfactory track
record. For the financial year ended 2014, company has established track
record of business operations backed by sound financial base with top line
growth of 65.4% and profitability margin of 1.2%. Rating also takes into consideration company’s improved financial risk
profile marked by above average networth base and favourable gap between
trade payables to its receivables. Trade relations are reported as fair. Business is active. Payment
terms are usually correct. The company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based = BB- [Upgraded from B+] |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
August 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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Sandeep Fule |
|
Designation : |
Human Resource Department |
|
Contact No.: |
91-22-27781916 |
|
Date : |
15.06.2015 |
LOCATIONS
|
Registered Office : |
Plot No. A-564, PTC Industrial Area, MIDC, Mahape, Navi Mumbai –
400709, Maharashtra, India |
|
Tel. No.: |
91-22-27781916/ 17/ 28-30 |
|
Fax No.: |
91-22-27781935 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. N-3, Additional MIDC Ambernath Anand Nagar,
Ambernath (East), Maharashtra - 421501, Maharashtra, India |
|
Tel. No.: |
91-251-2620123/ 2620128 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Pasupathy Puthuseri Veedu |
|
Designation : |
Director |
|
Address : |
3, Ashwini, B-Wing, Apna Ghar Housing Society, Andheri (West), Mumbai
– 400053, Maharashtra, India |
|
Date of Birth/Age : |
30.07.1961 |
|
Qualification : |
B Tech (Electrical) and PGDBM (MBA) |
|
Date of Appointment : |
14.01.2008 |
|
DIN No.: |
00309045 |
|
|
|
|
Name : |
Mr. Arvind Hemraj Nagda |
|
Designation : |
Director |
|
Address : |
201, Jay Shivshakti CHS, Jawaharlal Nehru Road, Mulund, Mumbai – 400080,
Maharashtra, India |
|
Date of Birth/Age : |
27.03.1974 |
|
Qualification : |
Chartered Accountants |
|
Date of Appointment : |
14.01.2008 |
|
DIN No.: |
00460886 |
|
|
|
|
Name : |
Saji Antony |
|
Designation : |
Director |
|
Address : |
Building. No. O, Flat No. 1, Everardnagar, Scheme II, Eastern Express
Highway, Sion, Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
21.05.1960 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
22.01.2001 |
|
PAN No.: |
AABPA7533K |
|
DIN No.: |
01680638 |
|
|
|
|
Name : |
Mathai Thomas |
|
Designation : |
Director |
|
Address : |
NL-6/18-10, Sector 8, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
09.11.1948 |
|
Qualification : |
Graduation |
|
Date of Appointment : |
01.02.2002 |
|
DIN No.: |
02480410 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Fule |
|
Designation : |
Human Resource Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Saji Antony |
|
9560744 |
|
Jenny Antony |
|
400781 |
|
Kalvin Antony |
|
17813 |
|
Ishita Antony |
|
17813 |
|
Mathai Thomas |
|
713 |
|
Arvind Hemraj Nagda |
|
713 |
|
Pashupathi Puthusaeri Veedu |
|
713 |
|
Harsha Katira |
|
713 |
AS ON 30.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an EPC Company engaged in providing turnkey solutions in compresses
air system, chilling plants, fire-fighting systems, oil and gas storage and
distribution systems and water-treatment plants. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
-- |
||||
|
|
|
||||
|
Agencies Held : |
-- |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
-- |
||||
|
Countries : |
-- |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
-- |
||||
|
Countries : |
-- |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and End Users
· Reliance Industries Limited · Pipavav Shipyard Limited · Oil and Natural Gas Corporation Limited · Engineers India Limited · Central Drugs Research Institute (CDRI) · GAIL India Limited · Oil India Limited · Petronet LNG ·
Engineering Projects (India) Limited (EPIL) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
Oriental Bank of Commerce Thane (West) Branch, 1B-1C, Laxmi Residency,
Waghle Industrial Estate, Near Checknaka, Thane (West), Thane - 400604,
Maharashtra, India ·
Indian Overseas Bank Arjun Tower, 1st Floor, Gokhale Road, Naupada,,
Thane - 400602, Maharashtra, India ·
Bank of India Mid Corporate Branch, Bank of India Building,
Shivaji Path, Thane - 400601, Maharashtra, India ·
HDFC Bank Limited ·
Kotak Mahindra Bank Limited |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Arvind Bansal and Company Chartered Accountants |
|
Address : |
3036, Bhandup Industrial Estate, L B S Marg,
Mumbai - 400078, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACPB9137H |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 125.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000
Million |
|
|
|
|
|
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
100.000 |
100.000 |
80.000 |
|
(b) Reserves & Surplus |
122.336 |
118.905 |
139.360 |
|
(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) |
222.336 |
218.905 |
219.360 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
154.969 |
123.613 |
162.479 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
154.969 |
123.613 |
162.479 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
162.155 |
182.863 |
161.604 |
|
(b)
Trade payables |
82.871 |
90.735 |
426.302 |
|
(c)
Other current liabilities |
21.548 |
19.043 |
21.344 |
|
(d)
Short-term provisions |
43.354 |
40.188 |
31.020 |
|
Total
Current Liabilities (4) |
309.928 |
332.829 |
640.270 |
|
|
|
|
|
|
TOTAL |
687.233 |
675.347 |
1022.109 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
183.426 |
192.385 |
202.000 |
|
(ii)
Intangible Assets |
0.056 |
0.094 |
0.157 |
|
(iii)
Capital work-in-progress |
9.871 |
9.828 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.013 |
0.013 |
0.013 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
1.604 |
1.595 |
3.291 |
|
(e)
Other Non-current assets |
0.126 |
0.287 |
0.308 |
|
Total
Non-Current Assets |
195.096 |
204.202 |
205.769 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
124.003 |
115.076 |
65.046 |
|
(c)
Trade receivables |
217.758 |
213.861 |
486.687 |
|
(d)
Cash and cash equivalents |
68.036 |
73.283 |
216.295 |
|
(e)
Short-term loans and advances |
82.179 |
68.764 |
48.186 |
|
(f)
Other current assets |
0.161 |
0.161 |
0.126 |
|
Total
Current Assets |
492.137 |
471.145 |
816.340 |
|
|
|
|
|
|
TOTAL |
687.233 |
675.347 |
1022.109 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
508.673 |
253.712 |
830.642 |
|
|
|
Other Income |
5.229 |
57.054 |
10.041 |
|
|
|
TOTAL (A) |
513.902 |
310.766 |
840.683 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8.818 |
46.081 |
655.552 |
|
|
|
Purchases of Stock-in-Trade |
381.891 |
112.338 |
0.000 |
|
|
|
Employees benefits expense |
23.790 |
22.683 |
24.001 |
|
|
|
Other expenses |
35.571 |
66.589 |
63.358 |
|
|
|
TOTAL (B) |
450.070 |
247.691 |
742.911 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
63.832 |
63.075 |
97.772 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.369 |
46.300 |
58.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.463 |
16.775 |
39.392 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.380 |
7.618 |
8.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.083 |
9.157 |
30.548 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.784 |
6.425 |
9.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.299 |
2.732 |
20.771 |
|
|
|
|
|
|
|
|
|
|
IMPORTS (C.I.F.
BASIS) |
0.480 |
4.265 |
379.925 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.63 |
0.27 |
2.60 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.24 |
1.08 |
2.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.55 |
24.86 |
11.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34 |
1.38 |
2.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.04 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.43 |
1.40 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59 |
1.42 |
1.27 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
80.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
139.360 |
118.905 |
122.336 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
219.360 |
218.905 |
222.336 |
|
|
|
|
|
|
Long-term borrowings |
162.479 |
123.613 |
154.969 |
|
Short term borrowings |
161.604 |
182.863 |
162.155 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
324.083 |
306.476 |
317.124 |
|
Debt/Equity ratio |
1.477 |
1.400 |
1.426 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
830.642 |
253.712 |
508.673 |
|
|
|
-69.456 |
100.492 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
830.642 |
253.712 |
508.673 |
|
Profit |
20.771 |
2.732 |
6.299 |
|
|
2.50% |
1.08% |
1.24% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10458228 |
29/10/2013 |
12,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
THANE (WEST)
BRANCH, 1B-1C, LAXMI RESIDENCY, WAGHLE INDL. ESTATE, NEAR CHECKNAKA, THANE
(W), THANE, MAHARASHTRA - 400604, INDIA |
B88792411 |
|
2 |
10456431 |
30/09/2013 |
2,500,000.00 |
INDIAN OVERSEAS
BANK |
ARJUN TOWER, FIRST
FLOOR, GOKHALE ROAD, NAUPADA, |
B88104872 |
|
3 |
10423882 |
28/10/2013 * |
25,000,000.00 |
INDIAN OVERSEAS
BANK |
ARJUN TOWER, FIRST
FLOOR, GOKHALE ROAD, NAUPADA, |
B89764898 |
|
4 |
10350171 |
16/03/2012 |
830,000.00 |
ORIENTAL BANK OF
COMMERCE |
THANE BRANCH,
1B-1C, LAXMI RESIDENCY, WAGLE INDUSTRIAL ESTATE, NEAR CHECK NAKA,, THANE,
MAHARASHTRA - 400604, INDIA |
B37728227 |
|
5 |
10332659 |
12/12/2011 |
15,000,000.00 |
INDIAN OVERSEAS
BANK |
THANE BRANCH, ARJUN
TOWER, 1ST FLOOR, GOKHALE ROAD, NAUPADA, THANE, MAHARASHTRA - 400602, INDIA |
B30860464 |
|
6 |
10239196 |
21/10/2014 * |
680,000,000.00 |
INDIAN OVERSEAS
BANK |
THANE BRANCH, ARJUN
TOWER, 1ST FLOOR, GOKHALE ROAD, NAUPADA, THANE (W), THANE, MAHARASHTRA -
400602, INDIA |
C31286289 |
|
7 |
90144583 |
13/04/2010 * |
261,239,000.00 |
INDIAN OVERSEAS
BANK |
ARJUN TOWER,1ST FLOOR,
GOKHALE ROAD, NAUPADA, THANE (W), THANE, MAHARASHTRA - 400602, INDIA |
A85351260 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
0.314 |
|
Term loans from others |
0.000 |
1.395 |
|
Loans and advances from related parties |
18.312 |
14.972 |
|
Other loans and advances |
134.375 |
105.215 |
|
SHORT TERM BORROWINGS |
|
|
|
Term loans from others |
2.036 |
5.792 |
|
|
|
|
|
Total |
154.723 |
127.688 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from Building No O,
Flat No 1, Everadnagar Eastern Ext. Highway, Sion East, Mumbai - 400022,
Maharashtra, India to the present address w.e.f.05.01.2007.
OPERATING RESULTS AND BUSINESS
In
the last financial year 2013-14, the Indian economy was in conflicting demand
of managing growth and price stability. Despite challenging macroeconomic
environment in 2013-14 it has been extremely satisfactory year for the company,
which has truly demonstrated a sterling performance at a time when GDP growth
rate has slowed down on year to year basis in last two years. The turnover of
the company increased by 65%. This financial year 2013-14, the company has
achieved both in turnover and execution.
The
company s objective in the last two years has been to achieve sustainable
growth in turnover and also scale up the company’s operation. The company have
achieved this steady growth trajectory across fall business segments, thereby
further enhancing their execution capability, which emphasizes on value
addition and superior, consistent and high quality service. In the Financial
Year 2013-14 the company got work order of Rs 986.300 Million from ONGC Limited
(Rs 693.000 Million) and RGPPL (293.300 Million) as major projects. Apart from
that the company got regular small orders from different clients. This project
once executed over stipulated period of time will also give intangible benefits
to the company like technical qualification which helps to bid for big
projects.
The
company has become a true packaging company where it can integrate its manpower
service along with material to give a world class EPC solution. The company
executed skid and packaging orders at the plant at Ambernath, where the company
have started manufacturing skids, packages, assembling products. The factory
itself has become a self sufficient profit centre for the company. The company
plan to increase the activities in the plant and have created separate team for
the same from taking orders till its execution.
The
company have received great support from its banker Indian Overseas Bank, Thane
and oriental Bank of Commerce, Thane. On the basis of good performance in the
Financial Year and having enough order on board the lead banker Indian Overseas
Bank did enhanced the working capital facility by 45% on year on year basis.
The existing banks have been extremely supportive to them.
The
success is attributable to the quality of the manpower that the company is
having. Its starts with stringent selection procedure, on job training and
assignment of work. The company has started hiring people with background of
actual work execution experience. The outcome of this year is only due the
company’s quality manpower.
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
Contingent
liabilities not provided for in respect of:
Guarantees given by the Bankers on behalf of the Company Rs.232.411
Million (Rs.240.593 Million)
Claims/ Demands
against the Company not acknowledged as Debts:
Income Tax Demand of Rs.13.984 Million (including interest and penalty)
in respect of earlier assessment years is under dispute and for which appeals
have been preferred by the company. However the Company has paid Rs.0.500
Million under protest.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
·
Other equipments
·
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. 64.09 |
|
|
1 |
Rs. 99.57 |
|
Euro |
1 |
Rs. 71.84 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
41 |
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.