MIRA INFORM REPORT
|
Report No. : |
310000 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAIBHASKAR IRONS LIMITED (w.e.f. 08.12.2011) |
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Formally Known
As : |
SAIBHASKAR IRONS PRIVATE LIMITED |
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Registered
Office : |
P. No. 73, Lane No.5, Road No.72, Prashasan Nagar, Near Andhra Bank,
Jubliee Hills, Hyderabad Telangana – 500086 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.12.2007 |
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Com. Reg. No.: |
01-056809 |
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Capital
Investment / Paid-up Capital : |
Rs. 251.216 Million |
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CIN No.: [Company Identification
No.] |
U27100TG2007PLC056809 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAMCS1675G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Steel Billets, TMT Bars. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 900000 |
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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 a moderate track. Management of the company has failed to file its latest financials with
government department for FY2013-14. As per indirect source (i.e. ICRA), the company has fair profit margin
during FY2014. However, as per available financial of 2013, reserves of the company
is low. Trade relations seems to be fair. Business is active. Payment are
reported to be slow but correct. The company can be considered for business dealings 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 |
|
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 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating “B” |
|
Rating Explanation |
Risk prone credit quality and carries very high credit risk. |
|
Date |
June 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 DENIED BY
|
Name : |
Mr. Suresh |
|
Designation : |
GM Finance |
|
Contact No.: |
91-9299991997 |
|
Date : |
25.02.2015 |
LOCATIONS
|
Registered Office : |
P No.73, Lane No. 5, Road No. 72, Jublee Hills, Hyderabad, Andhra
Pradesh – 500086, India. |
|
Tel. No.: |
91-863-2333311 |
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Fax No.: |
91-863-2333311 |
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E-Mail : |
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Factory : |
S.y. No. 56, Nagarajupalli Village, Martur Mandal, Prakasam
District, India Parakasam |
DIRECTORS
As on 19.06.2013
|
Name : |
Madala Chaitanya |
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Designation : |
Managing Director |
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Address : |
D. No. 3-1-3, 3A, 3rd Lane, Rajendra Nagar, Guntur,522006,
Andhra Pradesh |
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Date of Birth/Age : |
31.01.1984 |
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Date of Appointment : |
01.12.2011 |
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DIN No.: |
01742431 |
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Other Directorship:
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Name : |
Madala Ratnagiri Babu |
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Designation : |
Director |
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Address : |
D. No. 3-1-3, 3A, 3rd Lane, Rajendra Nagar, Guntur,522006,
Andhra Pradesh |
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Date of Birth/Age : |
02.06.1957 |
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Date of Appointment : |
20.12.2007 |
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DIN No.: |
01690676 |
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Other Directorship:
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Name : |
Madala Sakuntala |
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Designation : |
Director |
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Address : |
D. No. 3-1-3, 3A, 3rd Lane, Rajendra Nagar, Guntur,522006,
Andhra Pradesh |
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Date of Birth/Age : |
01.07.1943 |
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Date of Appointment : |
23.06.2012 |
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DIN No.: |
00077044 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Note: Shareholders File Attached
Equity Share Break up (Percentage of Total Equity)
As on 19.06.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
29.43 |
|
Other top fifty shareholders |
70.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Steel Billets, TMT Bars. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
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 : |
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Facilities : |
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Auditors : |
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Name : |
N. Venkata Durga Rao Chartered Accountants |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACSPN0503F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,600,000 |
Equity Shares |
Rs.100/- each |
Rs.260.000 Million |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,512,162 |
Equity Shares |
Rs.100/- each |
Rs. 251.216
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
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|
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I.
EQUITY AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
251.216 |
162.916 |
0.200 |
|
(b) Reserves &
Surplus |
4.792 |
(11.129) |
(32.303) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
67.709 |
88.260 |
162.716 |
|
Total Shareholders’ Funds
(1) + (2) |
323.717 |
240.047 |
130.613 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
391.310 |
289.416 |
202.314 |
|
(b) Deferred tax
liabilities (Net) |
7.635 |
0.299 |
1.281 |
|
(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) |
398.945 |
289.715 |
203.595 |
|
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|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
101.163 |
62.156 |
56.272 |
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(b) Trade payables |
164.332 |
131.616 |
52.363 |
|
(c) Other current
liabilities |
52.136 |
9.764 |
2.400 |
|
(d) Short-term provisions |
5.908 |
19.979 |
14.727 |
|
Total Current Liabilities
(4) |
323.539 |
223.515 |
125.762 |
|
|
|
|
|
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TOTAL |
1046.201 |
753.277 |
459.970 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
491.587 |
114.827 |
92.946 |
|
(ii) Intangible Assets |
1.247 |
0.180 |
0.225 |
|
(iii) Capital work-in-progress |
79.273 |
345.431 |
259.769 |
|
(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 |
43.878 |
33.200 |
19.219 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
615.985 |
493.638 |
372.159 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
|
0.000 |
|
(b) Inventories |
250.084 |
110.400 |
60.905 |
|
(c) Trade receivables |
155.342 |
131.100 |
6.364 |
|
(d) Cash and cash
equivalents |
1.800 |
1.140 |
7.843 |
|
(e) Short-term loans and
advances |
22.990 |
16.999 |
12.699 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
430.216 |
259.639 |
87.811 |
|
|
|
|
|
|
TOTAL |
1046.201 |
753.277 |
459.970 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1066.273 |
742.909 |
678.193 |
|
|
Other Income |
4.164 |
1.381 |
0.799 |
|
|
TOTAL (A) |
1070.437 |
744.290 |
678.992 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
984.369 |
595.300 |
498.122 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(139.683) |
(49.495) |
(38.719) |
|
|
Employees benefits
expense |
7.962 |
4.880 |
2.728 |
|
|
Other expenses |
124.752 |
133.359 |
214.706 |
|
|
TOTAL (B) |
977.400 |
684.044 |
676.837 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
93.037 |
60.246 |
2.155 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
28.463 |
22.160 |
16.670 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
64.574 |
38.086 |
(14.515) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.268 |
16.648 |
14.806 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
26.306 |
21.438 |
(29.321) |
|
|
|
|
|
|
|
Less |
TAX (I) |
10.385 |
0.264 |
(0.348) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
15.921 |
21.173 |
(28.973) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.34 |
8.43 |
(11.53) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.49 |
2.85 |
(4.27) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.73 |
8.11 |
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.72 |
5.26 |
(14.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.09 |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.52 |
1.46 |
1.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.16 |
0.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
0.2 |
162.916 |
251.216 |
|
Reserves & Surplus |
(32.303) |
(11.129) |
4.792 |
|
Share Application Money Pending
Allotment |
162.716 |
88.26 |
67.709 |
|
Net
worth |
(32.103) |
151.787 |
256.008 |
|
|
|
|
|
|
long-term borrowings |
202.314 |
289.416 |
391.31 |
|
Short term borrowings |
56.272 |
62.156 |
101.163 |
|
Total
borrowings |
258.586 |
351.572 |
492.473 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
678.193 |
742.909 |
1066.273 |
|
|
|
9.542 |
43.527 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
678.193 |
742.909 |
1066.273 |
|
Profit |
(28.973) |
21.173 |
15.921 |
|
|
(4.27%) |
2.85% |
1.49% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
NOTE: Registered office of the company has been shifted from D. No.3-1-3, 3A 3rd Lane, Rajendranagar, Guntur, 522006, Andhra Pradesh, India to the present address w.e.f. 31.12.2012
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from others |
246.901 |
113.424 |
|
Total |
246.901 |
113.424 |
INDEX
OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10175691 |
03/11/2014
* |
605,000,000.00 |
State
Bank of India |
Industrial
Estate Branch, Amaravathi Road, Guntur |
C39006762 |
FIXED ASSETS
Tangible assets
- Owned and leased assets
- Land
- Buildings
- Office building
- Factory building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer Equipments
- Other Equipments
- Other tangible assets
Intangible assets
- Other intangible assets
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 records 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 records 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.62.20 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.