MIRA INFORM REPORT

 

 

Report No. :

346682

Report Date :

26.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SAI ENGINEERS AND MACHINERIES PRIVATE LIMITED

 

 

Registered Office :

Plot No. A-23, MIDC, Industrial Area, Ahmednagar - 414111, Maharashtra

Tel. No.:

91-241-2777282/6610182

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.04.2002

 

 

Com. Reg. No.:

11-016873

 

 

Capital Investment / Paid-up Capital :

Rs. 12.070 Million

 

 

CIN No.:

[Company Identification No.]

U29299PN2002PTC016873

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in manufacturing a wide range of sugar machinery, distillery, cement, sponge iron plants and machineries and also engaged into providing related services.

 

 

No. of Employees :

80 (Approximately)

 

 

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2002 having moderate track.

 

The rating is constrained by continuous declined in the company’s turnover and profit.

 

Further, the borrowings recorded by the company are continuously increasing over years.

 

However, trade relations are reported as fair. Business is active. Payments terms are reported as 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

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 31-03-2015.

 

INFORMATION PARTED BY

 

Name :

Mr. Jagjeet Singh Sodhi

Designation :

Accounts Head

Contact No.:

91-241-2777282

Date :

21.10.2015

 

 

LOCATIONS

 

Registered Office/Factory :

Plot No. A-23, MIDC, Industrial Area, Ahmednagar - 414111, Maharashtra, India

Tel. No.:

91-241-2777282/6610182

Mobile No.:

91-9422220982 (Mr. Ravindra Janardan Patil)

Fax No.:

91-241-2778492

E-Mail :

sailtd@sancharnet.in

pravinfive123@rediffmail.com

Website:

www.saiengineers.com

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mrs. Charumati Ravindra Patil

Designation :

Director

Address :

Raviraj, Savedi, Ahmednagar - 414003, Maharashtra, India

Date of Birth/Age :

10.08.1959

Date of Appointment :

01.04.2002

DIN No.:

01804756

 

 

Name :

Mr. Ravindra Janardan Patil

Designation :

Director

Address :

Raviraj, Savedi, Ahmednagar - 414003, Maharashtra, India

Date of Birth/Age :

01.10.1956

Date of Appointment :

01.04.2002

DIN No.:

01804804

 

 

KEY EXECUTIVES

 

Name :

Mr. Jagjeet Singh Sodhi

Designation :

Accounts Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Ravindra Janardan Patil

 

55680

Charumati Ravindra Patil

 

11020

Arpita Ravindra Patil

 

6000

Rajendra Punjajai Ranshur

 

12000

Amol Ramanlal Katariya

 

12000

Navnath Sitaram Mandage

 

8000

Pravin Balasaheb Achari

 

8000

Jagdish Shankararao Bankar

 

8000

 

 

 

Total

 

120700

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

s

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing a wide range of sugar machinery, distillery, cement, sponge iron plants and machineries and also engaged into providing related services.

 

 

Products/Services :
  • Pressure Vessels
  • Sugar Mill Machines
  • Belt Conveyors
  • Jib Crane
  • Cement Plant And Machinery
  • Bearing Housing
  • Sponge Iron Plants and Machineries
  • Fabricators
  • Fabrication pressure vessels

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Advance Payment and Credit

 

 

Purchasing :

Advance Payment and Credit

 

PRODUCTION STATUS NOT AVAILABLE (As on 31.03.2013)

 

Licensed and Installed capacity (as certified by the management)

 

Item

Unit

31.03.2013

Sugar Machine Parts

MT

700

Industries Fabrication

MT

100

 

Note: Licensed is not stated in view of abolition of industrial licensing for the products manufactured by the company.

 

Particular

Unit

31.03.2013

Production

MT

1717.00

 

 

GENERAL INFORMATION

 

Suppliers :
  • Aaditi Fabricator and Engineers
  • Swami Samarth Engineering
  • Urja Disha
  • Yogeshwar Enterprises
  • S.K. Fabricator
  • S.S. Enterprises

 

Reference :

Anand and Company

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :
  • Aabha Equipments and Machineries Private Limited
  • Ambika Waste Management Private Limited
  • Nira Bhima S.S.K. Limited
  • Praj Industries Limited
  • The Sanjivani Takli SSK Limited
  • Sahakar Maharshi Bhausaheb Thorat SSK Limited

 

Reference :

Shri Vithal S S Karkhana Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

80 (Approximately) 

 

 

Bankers :
  • The Ahmednagar District Central Co-operative Bank Limited
  • State Bank of Hyderabad
  • Bank of India

Bank Name

State Bank of India

Branch

P-11, MIDC Area, Ahmednagar -  414111, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan

 

 

State Bank of India Term Loan - MIDC

(Mortgage of Land Building, Machinery of The company and Personally Guaranteed by director)

5.756

0.000

State Bank of India Vehicle Loan (Mortgage of Vehicle and personally Guaranteed by Director )

4.985

5.735

SHORT TERM BORROWING

 

 

Loans repayable on demand

 

 

From bank

 

 

State Bank of India - Cash Credit

(Hypothecation of Stock Receivables and mortgage of land, Building, Machinery of the company and Personally guaranteed by director)

30.939

28.561

State Bank of India - SLOC

(Hypothecation of Stock Receivables and mortgage of land, Building, Machinery of the company and Personally guaranteed by director)

4.603

0.000

 

 

 

Total

46.283

34.296

 

Auditors :

 

Name :

H M Kale Associates

Chartered Accountants

Address :

4, Kanchan Apartment, Chaitanya Nagar, Near Professor Colony, Savedi, Ahmednagar - 414003, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAFFH0187G

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Fellow Subsidiaries / Associates: (As on 31.03.2013)
  • Sai Engineers Works 
  • Cosmos Associates Company

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

125000

Equity Shares

Rs.100/- each

Rs. 12.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

120700

Equity Shares

Rs.100/- each

Rs. 12.070 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

12.070

7.070

7.070

(b) Reserves & Surplus

27.399

26.613

21.910

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

4.800

4.800

Total Shareholders’ Funds (1) + (2)

39.469

38.483

33.780

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

16.283

6.913

3.741

(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)

16.283

6.913

3.741

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

35.542

28.561

24.828

(b) Trade payables

15.941

32.037

6.230

(c) Other current liabilities

3.345

1.811

3.554

(d) Short-term provisions

0.364

2.788

3.729

Total Current Liabilities (4)

55.192

65.197

38.341

 

 

 

 

TOTAL

110.944

110.593

75.862

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12.909

15.180

11.240

(ii) Intangible Assets

0.000

0.000

0.000

(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

0.000

0.000

0.000

(e) Other Non-current assets

0.051

0.055

0.055

Total Non-Current Assets

12.960

15.235

11.295

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

72.535

52.600

29.756

(c) Trade receivables

15.646

30.462

28.560

(d) Cash and cash equivalents

1.156

2.151

0.499

(e) Short-term loans and advances

0.359

0.000

 

(f) Other current assets

8.288

10.145

5.752

Total Current Assets

97.984

95.358

64.567

 

 

 

 

TOTAL

110.944

110.593

75.862

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

TURNOVER

100.625

122.479

141.192

 

 

(Due to Market Fluctuation)

 

Less

TOTAL EXPENSES

 N.A

 N.A

 N.A

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1.176

7.477

11.282

 

 

 

 

 

Less

TAX

0.363

2.310

3.486

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

0.813

5.167

7.796

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

6.73

42.80

64.58

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

120.000

 

 

The above information has been parted by Mr. Jagjeet Singh Sodhi (Accounts Head)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

N.A

N.A

N.A

Net cash flow from operating activity

N.A

N.A

N.A

 

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Turnover  )

(%)

0.81

4.22

5.52

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

1.06

6.76

14.87

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.19

0.33

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.31

0.92

0.85

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.78

1.46

1.68

 

 

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

7.070

7.070

12.070

Reserves & Surplus

21.910

26.613

27.399

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

4.800

4.800

0.000

Net worth

33.780

38.483

39.469

 

 

 

 

long-term borrowings

3.741

6.913

16.283

Short term borrowings

24.828

28.561

35.542

Current maturities of long-term debts

0.000

0.000

0.000

Total borrowings

28.569

35.474

51.825

Debt/Equity ratio

0.846

0.922

1.313

 

 

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)

Turnover 

141.192

122.479

100.625

 

 

(13.254)

(17.843)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Turnover 

141.192

122.479

100.625

Profit

7.796

5.167

0.813

 

5.52%

4.22%

0.81%

 

 

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

No

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

Yes

18

Major suppliers

Yes

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 four years

Yes

27

Reasons for variation <> 20%

Yes

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

No

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

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan

 

 

Bajaj Fin serve Lending

(Personally Guaranteed by Director)

3.060

0.000

Loans and advances from related parties

 

 

Charumati Ravindra Patil

1.214

1.178

Ravindra Janardan Patil

0.575

0.000

Arpita Ravindra Patil

0.393

0.000

Patil Bhagyashree

0.300

0.000

 

 

 

Total

5.542

1.178

 

INDEX OF CHARGES:

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10109696

28/10/2013 *

58,500,000.00

STATE BANK OF INDIA

P-11, MIDC AREA, MIDC, AHMEDNAGAR - 414111, MAHARASHTRA, INDIA

B92015254

2

90092145

31/03/2003

12,200,000.00

STATE BANK OF INDIA

M.I.D.C., AHMEDNAGAR  - 414111, MAHARASHTRA, INDIA

-

 

 

FIXED ASSETS

 

  • Land
  • Factory Building
  • Plant and machinery
  • Welding Machine
  • Vehicle
  • Computer
  • Radial Drilling Machine
  • Mercedes Benzs Cars

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.64.88

UK Pound

1

Rs.99.88

Euro

1

Rs.72.06

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

RKI

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

5

--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

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.